Document:

MURPHY
OIL USA, INC.

AND
EACH OF THE GUARANTORS PARTY HERETO

 

3.750%
Senior Notes Due 2031

 

________________________

 

INDENTURE

 

Dated
as of January 29, 2021

________________________

 

 

UMB
BANK, N.A.

as Trustee, Registrar and Paying Agent

 

 

 

 

 

 

 

     

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	Article 1
	Definitions and Incorporation by Reference
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	35
	SECTION 1.03.	[Reserved]	35
	SECTION 1.04.	Rules of Construction	35
	Article 2
	The Securities
	SECTION 2.01.	Form and Dating	36
	SECTION 2.02.	Execution and Authentication	36
	SECTION 2.03.	Registrar and Paying Agent	37
	SECTION 2.04.	Paying Agent To Hold Money in Trust	37
	SECTION 2.05.	Securityholder Lists	38
	SECTION 2.06.	Transfer and Exchange	38
	SECTION 2.07.	Replacement Securities	38
	SECTION 2.08.	Outstanding Securities	38
	SECTION 2.09.	Temporary Securities	39
	SECTION 2.10.	Cancellation	39
	SECTION 2.11.	Defaulted Interest	39
	SECTION 2.12.	CUSIP Numbers, ISINs, etc	39
	SECTION 2.13.	Issuance of Additional Securities	40
	Article 3
	Redemption
	SECTION 3.01.	Notices to Trustee	40
	SECTION 3.02.	Selection of Securities to Be Redeemed	40
	SECTION 3.03.	Notice of Redemption	41
	SECTION 3.04.	Effect of Notice of Redemption	42
	SECTION 3.05.	Deposit of Redemption Price	42
	SECTION 3.06.	Securities Redeemed in Part	42
	Article 4
	Covenants
	SECTION 4.01.	Payment of Securities	42
	SECTION 4.02.	SEC Reports	43

 

     

     

    

 

	SECTION 4.03.	Limitation on Indebtedness	44
	SECTION 4.04.	Limitation on Restricted Payments	48
	SECTION 4.05.	Limitation on Restrictions on Distributions from Restricted Subsidiaries	53
	SECTION 4.06.	Limitation on Sales of Assets and Subsidiary Stock	55
	SECTION 4.07.	Limitation on Affiliate Transactions	58
	SECTION 4.08.	Change of Control	59
	SECTION 4.09.	Limitation on Liens	61
	SECTION 4.10.	Future Subsidiary Guarantors	62
	SECTION 4.11.	Suspension of Covenants	62
	SECTION 4.12.	Compliance Certificate	63
	Article 5
	Successor Company
	SECTION 5.01.	When Company May Merge or Transfer Assets	63
	Article 6
	Defaults and Remedies
	SECTION 6.01.	Events of Default	66
	SECTION 6.02.	Acceleration	69
	SECTION 6.03.	Other Remedies	70
	SECTION 6.04.	Waiver of Past Defaults	70
	SECTION 6.05.	Control by Majority	70
	SECTION 6.06.	Limitation on Suits	70
	SECTION 6.07.	Rights of Holders to Receive Payment	71
	SECTION 6.08.	Collection Suit by Trustee	71
	SECTION 6.09.	Trustee May File Proofs of Claim	71
	SECTION 6.10.	Priorities	71
	SECTION 6.11.	Undertaking for Costs	72
	SECTION 6.12.	Waiver of Stay or Extension Laws	72
	Article 7
	Trustee
	SECTION 7.01.	Duties of Trustee	72
	SECTION 7.02.	Rights of Trustee	73
	SECTION 7.03.	Individual Rights of Trustee	75
	SECTION 7.04.	Trustee’s Disclaimer	75
	SECTION 7.05.	Notice of Defaults	75
	SECTION 7.06.	Reports by Trustee to Holders	75
	SECTION 7.07.	Compensation and Indemnity	75
	SECTION 7.08.	Replacement of Trustee	76

 

     

     

    

 

	SECTION 7.09.	Successor Trustee by Merger	77
	SECTION 7.10.	Eligibility; Disqualification	77
	SECTION 7.11.	Collection of Claims Against Company	77
	Article 8
	Discharge of Indenture; Defeasance
	SECTION 8.01.	Discharge of Liability on Securities; Defeasance	78
	SECTION 8.02.	Conditions to Defeasance	79
	SECTION 8.03.	Application of Trust Money	80
	SECTION 8.04.	Repayment to Company	80
	SECTION 8.05.	Indemnity for Government Obligations	80
	SECTION 8.06.	Reinstatement	80
	Article 9
	Amendments
	SECTION 9.01.	Without Consent of Holders	81
	SECTION 9.02.	With Consent of Holders	82
	SECTION 9.03.	[Reserved]	83
	SECTION 9.04.	Revocation and Effect of Consents and Waivers	83
	SECTION 9.05.	Notation on or Exchange of Securities	83
	SECTION 9.06.	Trustee To Sign Amendments	83
	SECTION 9.07.	Payment for Consent	84
	Article 10
	Guarantees
	SECTION 10.01.	Guarantees	84
	SECTION 10.02.	Limitation on Liability	85
	SECTION 10.03.	Successors and Assigns	86
	SECTION 10.04.	No Waiver	86
	SECTION 10.05.	Modification	86
	SECTION 10.06.	Release of Subsidiary Guarantor	86
	SECTION 10.07.	Contribution	87
	Article 11
	Miscellaneous
	SECTION 11.01.	Concerning the Trust Indenture Act	87
	SECTION 11.02.	Notices	87
	SECTION 11.03.	[Reserved]	88
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	88
	SECTION 11.05.	Statements Required in Certificate or Opinion	88

 

     

     

    

 

	SECTION 11.06.	When Securities Disregarded	89
	SECTION 11.07.	Rules by Trustee, Paying Agent and Registrar	89
	SECTION 11.08.	Legal Holidays	89
	SECTION 11.09.	Governing Law	89
	SECTION 11.10.	No Recourse Against Others	89
	SECTION 11.11.	Successors	89
	SECTION 11.12.	Multiple Originals	90
	SECTION 11.13.	Table of Contents; Headings	90
	SECTION 11.14.	Waiver of Jury Trial	90
	SECTION 11.15.	Force Majeure	90
	SECTION 11.16.	U.S.A. Patriot Act	90
	SECTION 11.17.	Electronic Signatures	90
	 	 	 
	APPENDIX
A	Provisions Relating to the Securities	 
	 	 	 
	EXHIBIT
A	Form of Initial Security	 

   

 

     

     

    

INDENTURE dated as of January 29, 2021, among MURPHY OIL USA, INC., a Delaware corporation (the
“Company”), MURPHY USA INC., a Delaware corporation (“Holdings”), each SUBSIDIARY GUARANTOR
from time to time a party hereto and UMB BANK, N.A., a national banking association, as trustee (the “Trustee”).

 

Each party
agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Initial Securities
and the Additional Securities (collectively, the “Securities”):

 

Article
1

Definitions and Incorporation by Reference

 

SECTION 1.01.                   
Definitions.

 

“2027
Notes” means the Company’s $300,000,000 aggregate principal amount of 5.625% Senior Notes due 2027 issued on April
25, 2017.

 

“2029
Notes” means the Company’s $500,000,000 aggregate principal amount of 4.750% Senior Notes due 2029 issued on September
13, 2019.

 

“Additional
Assets” means:

 

		(1)	any property, plant or equipment
                                         used in a Related Business;

 

		(2)	the Capital Stock of a Person that
                                         becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock
                                         by Holdings, the Company or another Restricted Subsidiary; or

 

		(3)	Capital Stock constituting a minority
                                         interest in any Person that at such time is a Restricted Subsidiary;

 

provided, however,
that any such Restricted Subsidiary described in clause (2) or (3) above is primarily engaged in a Related Business.

 

“Additional
Securities” means Securities issued under this Indenture after the Issue Date and in compliance with Section 2.13 and
4.03, it being understood that any Securities issued in exchange for or replacement of any Initial Security issued on the Issue
Date shall not be an Additional Security.

 

“Adjusted
Treasury Rate” means, with respect to any redemption date, (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the caption

 

     

    2 

    

 

“Treasury
Constant Maturities”, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three (3) months
before or after February 15, 2026, yields for the two published maturities most closely corresponding to the Comparable Treasury
Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight
line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the
week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such redemption date, in each case calculated on the third Business Day immediately preceding the redemption date, plus
0.50%.

 

“Affiliate”
of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified Person. For the 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. For purposes of Section 4.04, 4.06 and 4.07 only, “Affiliate” shall also mean any beneficial
owner of Capital Stock representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of Holdings
or of rights or warrants to purchase such Capital Stock (whether or not currently exercisable) and any Person who would be an
Affiliate of any such beneficial owner pursuant to the first sentence hereof.

 

“Applicable
Premium” means with respect to a Security at any redemption date the excess of (if any) (A) the present value at
such redemption date of (1) the redemption price of such Security on February 15, 2026 (such redemption price being described
in the second paragraph of Section 5 of the Securities, exclusive of any accrued interest) plus (2) all required remaining
scheduled interest payments due on such Security through February 15, 2026 (but excluding accrued and unpaid interest to the redemption
date), computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the principal amount of such Security
on such redemption date.

 

“Asset
Disposition” means any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or
dispositions) by Holdings, the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation
or similar transaction (each referred to for the purposes of this definition as a “disposition”), of:

 

(1)              
any shares of Capital Stock of the Company or a Restricted Subsidiary (other than directors’ qualifying shares or
shares required by applicable law to be held by a Person other than Holdings, the Company or a Restricted Subsidiary);

 

(2)              
all or substantially all the assets of any division or line of business of Holdings, the Company or any Restricted Subsidiary;
or

 

     

    3 

    

 

(3)              
any other assets of Holdings, the Company or any Restricted Subsidiary outside of the ordinary course of business of Holdings,
the Company or such Restricted Subsidiary

 

other than, in the case of clauses
(1), (2) and (3) above, (A) a disposition by (x) a Restricted Subsidiary or the Company to Holdings, (y) a Restricted
Subsidiary or Holdings to the Company or (z) a Restricted Subsidiary, the Company or Holdings to a Restricted Subsidiary,
(B) for purposes of Section 4.06 only, (i) a disposition that constitutes a Restricted Payment (or would constitute
a Restricted Payment but for the exclusions from the definition thereof) and that is not prohibited by Section 4.04 and (ii)
a disposition of all or substantially all the assets of Holdings in accordance with Section 5.01, (C) a disposition of assets
with a Fair Market Value of less than $10,000,000; provided, however, that for purposes of this clause (C), Fair
Market Value may be determined by any Officer authorized by Holdings to do so, (D) a disposition of cash or Temporary Cash Investments,
(E) the granting, creation or perfection of a Lien not prohibited by Section 4.09 (but not the sale or other disposition of the
property subject to such Lien), (F) the disposition of products, services, inventory, equipment, real property and accounts receivable
or other assets in the ordinary course of business, including in connection with the compromise, settlement or collection thereof,
(G) sales in the ordinary course of business of immaterial assets, (H) the disposition of damaged, obsolete, worn out, uneconomical
or surplus property, equipment or assets, (I) licenses and sublicenses by Holdings, the Company or any Restricted Subsidiary of
software or intellectual property in the ordinary course of business, (J) any surrender or waiver of contract rights or the settlement,
release, recovery one or surrender of contract, tort or other claims of any kind, (K) transfers of property subject to casualty
or condemnation proceedings, (L) the voluntary termination of Hedging Obligations, (M) the trade or exchange by Holdings, the
Company or any Restricted Subsidiary of any asset for any other asset or assets; provided that the Fair Market Value of
the asset or assets received by Holdings, the Company or such Restricted Subsidiary in such trade or exchange (including any cash
or Temporary Cash Investments) is reasonably equivalent to the Fair Market Value of the asset or assets disposed of by Holdings,
the Company or such Restricted Subsidiary pursuant to such trade or exchange; provided further, that if any cash or Temporary
Cash Investments are used in such trade or exchange to achieve an exchange of equivalent value, that the amount of such cash and/or
Temporary Cash Investments shall be deemed proceeds of an “Asset Disposition”, (N) any disposition in connection with
a Sale/Leaseback Transaction permitted under Section 4.03 and 4.09 or (O) any disposition of the Ethanol Assets or any disposition
of shares of Capital Stock of the Ethanol Subsidiary; provided that the Ethanol Subsidiary owns no assets other than the
Ethanol Assets.

 

“Attributable
Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted
at a rate implicit in such transaction, compounded annually) of the total obligations of the lessee for rental payments (other
than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, assessments, utilities, operating
and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included
in such Sale/Leaseback Transaction (including any period for which

 

     

    4 

    

 

such
lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease
Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital
Lease Obligation”.

 

“Average
Life” means, as of the date of determination, with respect to any Indebtedness, the quotient obtained by dividing
(1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled
principal payment of or redemption or similar payment with respect to such Indebtedness multiplied by the amount of such payment
by (2) the sum of all such payments.

 

“Board
of Directors” means the board of directors of Holdings or any committee thereof duly authorized to act on behalf of
such board.

 

“Business
Day” means each day which is not a Legal Holiday.

 

“Capital
Lease Obligation” means an obligation that is required to be classified and accounted for as a capital lease for financial
reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized
amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment
of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee
without payment of a penalty. For purposes of Section 4.09, a Capital Lease Obligation shall be deemed to be secured by a Lien
on the property being leased.

 

“Capital
Stock” of any Person means any and all shares, interests (including partnership interests), rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred
Stock, but excluding any debt securities convertible into such equity.

 

“Change
of Control” means the occurrence of any of the following events:

 

(1)              
any “person” (as such term is used in Sections 13(d)(3) of the Exchange Act) is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
total voting power of the Voting Stock of Holdings; provided that the consummation of any such transaction resulting in
such person owning more than 50% of the total voting power of the Voting Stock of Holdings shall not be considered a Change of
Control if (a) Holdings becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) immediately
following such transaction, (x) the direct or indirect holders of the Voting Stock of the holding company are substantially
the same as the holders of Holdings’ Voting Stock immediately prior to such transaction or (y) no person is the beneficial
owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company;

 

     

    5 

    

 

(2)              
the adoption by the Board of Directors of a plan relating to the liquidation or dissolution of Holdings;

 

(3)              
the merger or consolidation of Holdings with or into another Person or the merger of another Person with or into Holdings,
or the sale of all or substantially all the assets of Holdings (determined on a consolidated basis) to another Person other than
a transaction following which (A) in the case of a merger or consolidation transaction, holders of securities that represented
100% of the Voting Stock of Holdings immediately prior to such transaction (or other securities into which such securities are
converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power
of the Voting Stock of the surviving Person or any direct or indirect parent company of the surviving Person in such merger or
consolidation transaction immediately after such transaction and (B) in the case of the sale of all or substantially all
the assets of Holdings, each transferee becomes an obligor or a Guarantor in respect of the Securities; or

 

(4)              
the Company ceases to be a Subsidiary of Holdings.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained herein, each other obligor on the indenture securities.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable
to the remaining term of the Securities from the redemption date to February 15, 2026, that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a maturity
most nearly equal to February 15, 2026.

 

“Comparable
Treasury Price” means, with respect to any redemption date, if clause (ii) of the Adjusted Treasury Rate is applicable,
the average of three, or such lesser number as is obtained by the Trustee, Reference Treasury Dealer Quotations for such redemption
date.

 

“Consolidated
Coverage Ratio” as of any date of determination means the ratio of

 

(1)              
the aggregate amount of EBITDA for the period of the most recent four (4) full consecutive fiscal quarters for which internal
consolidated financial statements of Holdings are available to

 

(2)              
Consolidated Interest Expense for such four (4) fiscal quarters;

 

provided, however,
that:

 

     

    6 

    

 

(A)       if
Holdings, the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains
outstanding or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness,
or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma
basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period;

 

(B)       if
Holdings, the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness
since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged (in each
case other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid
and has not been replaced) on the date of the transaction giving rise to the need to calculate the Consolidated Coverage Ratio,
EBITDA and Consolidated Interest Expense for such period shall be calculated on a pro forma basis as if such discharge
had occurred on the first day of such period;

 

(C)       if
since the beginning of such period Holdings, the Company or any Restricted Subsidiary shall have made any Asset Disposition, EBITDA
for such period shall be reduced by an amount equal to EBITDA (if positive) directly attributable to the assets which are the
subject of such Asset Disposition for such period, or increased by an amount equal to EBITDA (if negative), directly attributable
thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated
Interest Expense directly attributable to any Indebtedness of Holdings, the Company or any Restricted Subsidiary repaid, repurchased,
defeased or otherwise discharged with respect to Holdings, the Company and the continuing Restricted Subsidiaries in connection
with such Asset Disposition for such period (or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest
Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent Holdings, the Company
and the continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale);

 

(D)       if
since the beginning of such period Holdings, the Company or any Restricted Subsidiary (by merger or otherwise) shall have made
an Investment in the Company or any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition
of assets, including any acquisition of assets occurring in connection with a transaction requiring a calculation to be made hereunder,
which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense for such
period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such
Investment or acquisition had occurred on the first day of such period; and

 

     

    7 

    

 

(E)       if
since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into Holdings,
the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition, any Investment
or acquisition of assets that would have required an adjustment pursuant to clause (C) or (D) above if made by Holdings,
the Company or a Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated
after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition had occurred on the first
day of such period.

 

For purposes of this definition,
(i) whenever pro forma effect is to be given to an acquisition of assets, the amount of income or earnings relating
thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred in connection therewith, the
pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of Holdings and
(ii) whenever pro forma effect is to be given to a transaction, the pro forma calculations may include cost
savings and all other operating expense reductions resulting from such transaction that have been realized or are, in the good
faith judgment of a responsible financial or accounting Officer of Holdings, expected to be realized within twelve (12) months
of such transaction. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest
on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for
the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement
has a remaining term in excess of twelve (12) months). If any Indebtedness is incurred under a revolving credit facility
and is being given pro forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance
of such Indebtedness for the four (4) fiscal quarters subject to the pro forma calculation.

 

“Consolidated
Current Liabilities” of such Person as of the date of determination means the aggregate amount of liabilities of such
Person and its consolidated Restricted Subsidiaries which may properly be classified as current liabilities under GAAP (including
taxes accrued as estimated), on a consolidated basis, after eliminating:

 

(1)              
all intercompany items between any of such Person and any Restricted Subsidiary of such Person; and

 

(2)              
all current maturities of long-term Indebtedness, all as determined in accordance with GAAP consistently applied.

 

“Consolidated
Interest Expense” means, for any period, the total interest expense of Holdings, the Company and the consolidated Restricted
Subsidiaries (other than non-cash interest expense attributable to convertible indebtedness under Accounting Practices Bulletin
14-1 or any successor provision), plus, to the extent not included in such total interest expense, and to the extent incurred
by Holdings, the Company or the Restricted Subsidiaries, without duplication,

 

     

    8 

    

 

(1)              
interest expense attributable to Capital Lease Obligations, the interest portion of rent expense associated with Attributable
Debt in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance
with GAAP, and the interest component of any deferred payment obligations;

 

(2)              
amortization of debt discount (including the amortization of original issue discount resulting from the issuance of Indebtedness
at less than par) and debt issuance cost; provided, however, that any amortization of bond premium shall be credited
to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced Consolidated
Interest Expense;

 

(3)              
capitalized interest;

 

(4)              
non-cash interest expense; provided, however, that any non-cash interest expense or income attributable to
the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP shall be
excluded from the calculation of Consolidated Interest Expense;

 

(5)              
commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing;

 

(6)              
net payments pursuant to Hedging Obligations;

 

(7)              
all dividends accrued in respect of all Disqualified Stock of Holdings and all Preferred Stock of the Company or any Restricted
Subsidiary, in each case, held by Persons other than Holdings, the Company or a Restricted Subsidiary (other than such dividends
payable solely in Capital Stock (other than Disqualified Stock) of Holdings);

 

(8)              
interest accruing on any Indebtedness of any other Person to the extent such Indebtedness is Guaranteed by (or secured
by a Lien on the assets of) Holdings, the Company or any Restricted Subsidiary; and

 

(9)              
the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are used
by such plan or trust to pay interest or fees to any Person (other than Holdings, the Company or a Restricted Subsidiary) in connection
with Indebtedness Incurred by such plan or trust.

 

“Consolidated
Leverage Ratio” as of any date of determination means the ratio of (1) the aggregate amount of Indebtedness of
Holdings, the Company and the Restricted Subsidiaries as of such date of determination to (2) EBITDA for the most recent four
(4) full consecutive fiscal quarters for which internal consolidated financial statements of Holdings are available, in each
case with such pro forma adjustments to Indebtedness and EBITDA as are consistent with the pro forma adjustment
provisions set forth in the definition of Consolidated Coverage Ratio.

 

     

    9 

    

 

“Consolidated
Net Income” means, for any period, the net income of Holdings and its consolidated Subsidiaries; provided, however,
that there shall not be included in such Consolidated Net Income:

 

(1)            any net income of any Person (other than Holdings) if such Person is not the Company or a Restricted Subsidiary, except
that

 

(A)            
subject to the exclusion contained in clause (4) below, Holdings’ equity in the net income of any such Person
for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually paid by such Person
during such period to Holdings, the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case
of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (3) below); and

 

(B)             
Holdings’ or the Company’s equity in a net loss of any such Person for such period shall be included in determining
such Consolidated Net Income up to the aggregate amount of cash actually funded by Holdings or the Company, as the case may be,
during such period to such Person;

 

(2)            any net income (or loss) of any Person acquired by Holdings or a Subsidiary of Holdings in a pooling of interests transaction
(or any transaction accounted for in a manner similar to a pooling of interests) for any period prior to the date of such acquisition,
to the extent such net income is not paid in cash as a dividend or other distribution to Holdings, the Company or a Restricted
Subsidiary (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations in clause (3)
below);

 

(3)            any net income of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or indirectly,
on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to Holdings
or the Company, except that

 

(A)            
subject to the exclusion contained in clause (4) below, Holdings’ equity in the net income of any such Restricted
Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually paid
by such Restricted Subsidiary during such period to Holdings, the Company or another Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation
contained in this clause); and

 

(B)             
Holdings’ equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining
such Consolidated Net Income;

 

     

    10 

    

 

(4)            any gain (or loss) realized upon the sale or other disposition of any assets of Holdings, its consolidated Subsidiaries
or any other Person (including pursuant to any sale-and-leaseback arrangement) which are not sold or otherwise disposed of in
the ordinary course of business and any gain (or loss) realized upon the sale or other disposition of any Capital Stock of any
Person;

 

(5)            extraordinary gains or losses;

 

(6)            income and losses attributable to discontinued operations;

 

(7)            any non-cash compensation expense realized for grants of performance shares, stock options or other rights to officers,
directors and employees of Holdings, the Company or any Restricted Subsidiary shall be excluded; provided that such shares,
options or other rights can be redeemed at the option of the holder only for Qualified Capital Stock of Holdings, the Company
or any Restricted Subsidiary;

 

(8)            the cumulative effect of a change in accounting principles;

 

(9)            any net after-tax gain (or loss) attributable to the early retirement or conversion of Indebtedness;

 

(10)         
unrealized gains and losses with respect to Hedging Obligations, including without limitation, those resulting from the
application of FASB ASC Topic 815; and

 

(11)         
non-cash interest expenses attributable to the equity component of convertible debt, including under FASB ASC Topic 470,

 

in each case, for such period.
Notwithstanding the foregoing, for the purposes of Section 4.04 only, there shall be excluded from Consolidated Net Income any
repurchases, repayments or redemptions of Investments, proceeds realized on the sale of Investments or return of capital to Holdings,
the Company or a Restricted Subsidiary to the extent such repurchases, repayments, redemptions, proceeds or returns increase the
amount of Restricted Payments permitted under such Section pursuant to Section 4.04(a)(3)(D) or (E).

 

“Consolidated
Net Tangible Assets” of a Person as of any date of determination, means the total amount of assets (less accumulated
depreciation and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items)
which would appear on a consolidated balance sheet of such Person and its consolidated Restricted Subsidiaries, determined on
a consolidated basis in accordance with GAAP, and after giving effect to purchase accounting and after deducting therefrom Consolidated
Current Liabilities and, to the extent otherwise included, the amounts of unamortized debt discount and expenses and other unamortized
deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization or developmental
expenses and other intangible items.

 

     

    11 

    

 

“Consolidated
Secured Indebtedness” means, as of any date of determination, an amount equal to the Consolidated Total Indebtedness
as of such date that is then secured by Liens on property or assets of Holdings, the Company or any Restricted Subsidiary plus,
the aggregate additional Indebtedness that Holdings, the Company or any Restricted Subsidiary may Incur as of such date pursuant
to Section 4.03(b)(1) for which a financial institution has committed, or is otherwise obligated, to provide.

 

“Consolidated
Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Secured Indebtedness
to (b) the aggregate amount of EBITDA for the most recently ended four full consecutive fiscal quarters for which internal
consolidated financial statements of Holdings are available, in each case with such pro forma adjustments to Consolidated
Secured Indebtedness and EBITDA as are consistent with the pro forma adjustment provisions set forth in the definition
of Consolidated Coverage Ratio; provided, however, that for purposes of the calculation of the Consolidated Secured
Leverage Ratio, in connection with the Incurrence of any Lien pursuant to clause (26) of the definition of “Permitted
Liens”, Holdings, the Company or the Restricted Subsidiaries may elect, pursuant to an Officer’s Certificate delivered
to the Trustee, to treat all or any portion of the commitment under any Indebtedness which is to be secured by such Lien as being
Incurred at such time and any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of
this calculation, to be an Incurrence at such subsequent time.

 

“Consolidated
Total Indebtedness” means, as of any date of determination, an amount equal to the aggregate amount of all outstanding
Indebtedness of Holdings, the Company and the Restricted Subsidiaries on a consolidated basis.

 

“Credit
Facilities” means one or more debt facilities (including the Senior Credit Agreement), commercial paper facilities,
securities purchase agreement, indenture or similar agreement, in each case, with banks or other institutional lenders or investors
providing for revolving loans, term loans, receivables financing (including through the sale of receivables to lenders or to special
purpose entities formed to borrow from lenders against such receivables), letters of credit or the issuance of securities, including
any related notes, guarantees, collateral documents, instruments and agreement executed in connection therewith, and, in each
case, as amended, restated, replaced (whether upon or after termination or otherwise), refinanced, supplemented, modified or otherwise
changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time
to time.

 

“Currency
Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement with respect to currency
values.

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Derivative
Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or delivery of
cash or other assets to which

 

     

    12 

    

 

such
Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment
in the Securities (other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person),
the value or cash flows of which (or any material portion thereof) are materially affected by the value or performance of the
Securities or the creditworthiness of the Company or any one or more of the Guarantors (the “Performance References”).

 

“Designated
Non-cash Consideration” means the Fair Market Value of non-cash consideration received by Holdings, the Company or one
of the Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-cash Consideration
pursuant to an Officer’s Certificate setting forth the basis of such valuation, less the amount of Temporary Cash Investments
received in connection with a subsequent sale of such Designated Non-cash Consideration.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable at the option of the holder thereof) or upon the happening of any event:

 

(1)              
matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified
Stock) pursuant to a sinking fund obligation or otherwise;

 

(2)              
is convertible or exchangeable at the option of the holder thereof for Indebtedness or Disqualified Stock; or

 

(3)              
is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in part,

 

in each case on or prior to the
first anniversary after the Stated Maturity of the Securities; provided, however, that any Capital Stock that would
not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase
or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior
to the first anniversary after the Stated Maturity of the Securities shall not constitute Disqualified Stock if: (A) the “asset
sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders
of such Capital Stock than the terms applicable to the Securities under Sections 4.06 and 4.08 of this Indenture and (B)
any such requirement only becomes operative after compliance with such terms applicable to the Securities, including the purchase
of any Securities tendered pursuant thereto.

 

“DTC”
means The Depository Trust Company.

 

“EBITDA”
for any period means the sum of Consolidated Net Income, plus the following to the extent deducted in calculating such
Consolidated Net Income:

 

(1)              
all provisions for taxes based on the income or profits of Holdings, the Company and the consolidated Restricted Subsidiaries;
plus

 

     

    13 

    

 

(2)              
Consolidated Interest Expense; plus

 

(3)              
depreciation and amortization expense of Holdings, the Company and the consolidated Restricted Subsidiaries (including
amortization of intangibles but excluding amortization expense attributable to a prepaid item that was paid in cash in a prior
period); plus

 

(4)              
any losses attributable to early extinguishment of Indebtedness or under any Hedging Obligation, and any unrealized losses
attributable to the application of “mark to market” accounting in respect of Hedging Obligations; plus

 

(5)              
an amount equal to any extraordinary loss plus any net loss realized by Holdings, the Company and the consolidated Restricted
Subsidiaries in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol Assets or any disposition
of the shares of Capital Stock of the Ethanol Subsidiary; plus

 

(6)              
all impairments and other non-cash charges or expenses of Holdings, the Company and the consolidated Restricted Subsidiaries
(excluding any such impairment and other non-cash charges and expenses to the extent representing an accrual of or reserve for
cash expenditures in any future period); less

 

(7)              
all non-cash items of income of Holdings, the Company and the consolidated Restricted Subsidiaries (other than accruals
of revenue by Holdings, the Company and the consolidated Restricted Subsidiaries in the ordinary course of business); less

 

(8)              
any gains attributable to early extinguishment of Indebtedness or under any Hedging Obligation, and any unrealized gains
attributable to the application of “mark to market” accounting in respect of Hedging Obligations; less

 

(9)              
an amount equal to any extraordinary gain plus any net gain realized by Holdings, the Company and the consolidated Restricted
Subsidiaries in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol Assets or any disposition
of the shares of Capital Stock of the Ethanol Subsidiary,

 

in each case for such period.
Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the depreciation and amortization
and non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent
(and in the same proportion, including by reason of minority interests) that the net income or loss of such Restricted Subsidiary
was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination
to be dividended or otherwise contributed or distributed to Holdings by such Restricted Subsidiary without prior approval (that
has not been obtained), pursuant to the terms of its charter and all agreements, instruments,

 

     

    14 

    

 

judgments,
decrees, orders, statutes, rules and governmental regulations applicable to such Restricted Subsidiary or its stockholders.

 

“Ethanol
Assets” means any and all real and personal, tangible and intangible assets and properties, including cash, securities,
accounts and contract rights primarily related to the operations of the Ethanol Subsidiary.

 

“Ethanol
Subsidiary” means Hankinson Holding, LLC.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length,
free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure
or compulsion to complete the transaction. Fair Market Value shall be determined in good faith by the Board of Directors, whose
determination shall be conclusive and evidenced by a resolution of such Board of Directors; provided, however, that
for purposes of Section 4.04(a)(3)(B), if the Fair Market Value of the property or assets in question is so determined to be in
excess of $50,000,000, such determination must be confirmed by an Independent Qualified Party.

 

“Fitch”
means Fitch Ratings Inc. and any successor to its rating agency business.

 

“Foreign
Subsidiary” means any Restricted Subsidiary of Holdings that is not organized under the laws of the United States of
America or any State thereof or the District of Columbia.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the Measurement Date, including
those set forth in:

 

(1)              
the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants;

 

(2)              
statements and pronouncements of the Financial Accounting Standards Board;

 

(3)              
such other statements by such other entity as approved by a significant segment of the accounting profession; and

 

(4)              
the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial
statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions
and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC,

 

     

    15 

    

 

except with
respect to any reports or financial information required to be delivered pursuant to the covenant set forth under Section 4.02,
which shall be prepared in accordance with GAAP as in effect on the date thereof.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any Person
and any obligation, direct or indirect, contingent or otherwise, of such Person

 

(1)              
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether
arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services,
to take-or-pay or to maintain financial statement conditions or otherwise); or

 

(2)              
entered into for the purpose of assuring in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part);

 

provided,
however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary
course of business. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Guarantor”
means Holdings and any Subsidiary Guarantor.

 

“Hedging
Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement
or similar agreements or arrangements relating to commodity prices.

 

“Holder”
or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books.

 

“Incur”
means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness of
a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The term “Incurrence”
when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.03:

 

(1)              
amortization of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security;

 

(2)              
the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment
of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same
terms;

 

     

    16 

    

 

(3)              
the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of redemption
or the making of a mandatory offer to purchase such Indebtedness;

 

(4)              
changes in the principal amount of any Indebtedness that is denominated in a currency other than U.S. dollars solely as
a result of fluctuations in exchange rates or currency values; and

 

(5)              
the reclassification of any outstanding Capital Stock as Indebtedness due to a change in accounting principles so long
as such Capital Stock was issued prior to, and not in contemplation of, such accounting change

 

shall not be deemed to be the
Incurrence of Indebtedness.

 

“Indebtedness”
means, with respect to any Person on any date of determination (without duplication):

 

(1)              
the principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced
by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including,
in each case, any premium on such indebtedness to the extent such premium has become due and payable;

 

(2)              
all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale/Leaseback Transactions entered
into by such Person;

 

(3)              
all obligations of such Person issued or assumed as the deferred purchase price of property and all conditional sale obligations
of such Person, in either case due more than six months after such property is acquired or such sale is completed, and all obligations
of such Person under any title retention agreement relating to property acquired by such Person (but excluding (A) accounts
payable or other liabilities to trade creditors arising in the ordinary course of business, (B) deferred compensation payable
to directors, officers or employees of Holdings, the Company or any other Restricted Subsidiary and (C) any purchase price
adjustment or earnout incurred in connection with an acquisition, except to the extent that the amount payable pursuant to such
purchase price adjustment or earnout is, or becomes, reasonably determinable);

 

(4)              
all obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance
or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations
described in clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth
Business Day following payment on the letter of credit);

 

(5)              
the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified
Stock of such

 

     

    17 

    

 

Person
or, with respect to any Preferred Stock of any Subsidiary of such Person (but excluding, in each case, any accrued dividends);

 

(6)              
all Guarantees by such Person of (A) obligations of the type referred to in clauses (1) through (5) or (B) dividends
of other Persons;

 

(7)              
all obligations of the type referred to in clauses (1) through (6) of other Persons secured by any Lien on any property
or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed
to be the lesser of the Fair Market Value of such property or assets and the amount of the obligation so secured; and

 

(8)              
to the extent not otherwise included in this definition, Hedging Obligations of such Person.

 

Notwithstanding the foregoing,
in connection with the purchase by Holdings, the Company or any Restricted Subsidiary of any business, the term “Indebtedness”
shall exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined
by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided,
however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment
thereafter becomes fixed and determined, the amount is paid within thirty (30) days thereafter.

 

The amount
of Indebtedness of any Person at any date shall be the outstanding balance at such date of all obligations as described above;
provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time
shall be the accreted value thereof at such time.

 

The amount
of any Preferred Stock that has a fixed redemption, repayment or repurchase price shall be calculated in accordance with the terms
of such Preferred Stock as if such Preferred Stock were redeemed, repaid or repurchased on any date on which the amount of such
Preferred Stock is to be determined pursuant to this Indenture; provided, however, that if such Preferred Stock
could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase
price shall be calculated as of the first date thereafter on which such Preferred Stock could be required to be so redeemed, repaid
or repurchased. If any Preferred Stock does not have a fixed redemption, repayment or repurchase price, the amount of such Preferred
Stock shall be its maximum liquidation value.

 

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

 

“Independent
Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing selected by
the Company; provided, however, that such firm is not an Affiliate of Holdings.

 

     

    18 

    

 

“Initial
Securities” means $500,000,000 aggregate principal amount of 3.750% Senior Notes Due 2031 issued on the Issue Date.

 

“Interest
Rate Agreement” means any interest rate swap agreement, interest rate cap agreement or other financial agreement or
arrangement with respect to exposure to interest rates.

 

“Investment”
in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business
that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of
Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or
any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness
or other similar instruments issued by such Person. If Holdings, the Company or any Restricted Subsidiary issues, sells or otherwise
disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person
is no longer a Restricted Subsidiary, any Investment by Holdings, the Company or any Restricted Subsidiary in such Person remaining
after giving effect thereto shall be deemed to be a new Investment at such time. The acquisition by Holdings, the Company or any
Restricted Subsidiary of a Person that holds an Investment in a third Person shall be deemed to be an Investment by Holdings,
the Company or such Restricted Subsidiary in such third Person at such time. Except as otherwise provided for herein, the amount
of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes
in value.

 

For purposes
of the definition of “Unrestricted Subsidiary”, the definition of “Restricted Payment” and Section 4.04,
“Investment” shall include:

 

(1)              
the portion (proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value of the net assets
of any Subsidiary of Holdings at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however,
that upon a redesignation of such Subsidiary as a Restricted Subsidiary Holdings shall be deemed to continue to have a permanent
“Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (A) Holdings’ “Investment”
in such Subsidiary at the time of such redesignation less (B) the portion (proportionate to Holdings’ equity interest
in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and

 

(2)              
any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of
such transfer, in each case as determined in good faith by the Board of Directors.

 

“Investment
Grade Rating” means a rating equal to or higher than (1) Baa3 (or the equivalent) by Moody’s, (2) BBB- (or the
equivalent) by Standard and Poor’s or (3) BBB- (or the equivalent) by Fitch, or an equivalent rating by any other Rating
Agency.

 

     

    19 

    

 

“Issue
Date” means January 29, 2021.

 

“Legal
Holiday” means a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State
of New York.

 

“Lien”
means any mortgage or deed of trust, charge, pledge, lien, security interest, hypothecation, or other encumbrance upon or with
respect to any property of any kind (including any conditional sale, capital lease, other title retention agreement or any leases
in the nature thereof) real or personal, moveable or immovable, now owned or hereafter acquired; provided, however,
that in no event shall an operating lease be deemed to constitute a Lien. A Person shall be deemed to own subject to a Lien any
property which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital
Lease Obligation or other title retention agreement.

 

“Long
Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, or the payment or delivery
obligations under which generally decrease, with positive changes to the Performance References or (ii) the value of which generally
decreases, or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

 

“Measurement
Date” means April 25, 2017, the issue date of the 2027 Notes.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Net
Available Cash” from an Asset Disposition means cash payments and the Fair Market Value of any Temporary Cash Investments
received therefrom (including any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or otherwise and proceeds from the sale or other disposition of any securities (other than Temporary Cash Investments)
received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption
by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other non-cash
form), in each case net of:

 

(1)              
all legal, accounting and investment banking fees, title and recording tax expenses, commissions and other fees and expenses
incurred (including any relocation expenses incurred as a result thereof and any related severance and associated costs), and
all Federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of
such Asset Disposition;

 

(2)              
all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with
the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or
in order to obtain a necessary consent to such Asset

 

     

    20 

    

 

Disposition,
or by applicable law, be repaid out of the proceeds from such Asset Disposition;

 

(3)              
all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result
of such Asset Disposition;

 

(4)              
the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities
associated with the property or other assets disposed in such Asset Disposition and retained by Holdings, the Company or any Restricted
Subsidiary after such Asset Disposition; and

 

(5)              
any portion of the purchase price from an Asset Disposition placed in escrow, whether as a reserve for adjustment of the
purchase price, for satisfaction of indemnities in respect of such Asset Disposition or otherwise in connection with that Asset
Disposition; provided, however, that upon the termination of that escrow, Net Available Cash shall be increased
by any portion of funds in the escrow that are released to Holdings, the Company or any Restricted Subsidiary.

 

“Net
Cash Proceeds”, with respect to any issuance or sale of Capital Stock or Indebtedness, means the cash proceeds of such
issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts
or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of
taxes paid or payable as a result thereof.

 

“Net
Short” means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its
Short Derivative Instruments exceeds the sum of the (x) the value of its Securities plus (y) the value of its Long Derivative
Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure
to Pay or Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives
Definitions, as supplemented by the 2019 Narrowly Tailored Credit Event Supplement) to have occurred with respect to the Company
or any Guarantor immediately prior to such date of determination.

 

“Obligations”
means, with respect to any Indebtedness, all obligations for principal, premium, interest, penalties, fees, indemnifications,
reimbursements and other amounts payable pursuant to the documentation governing such Indebtedness.

 

“Offering
Memorandum” means the offering memorandum dated January 21, 2021, related to the offer and sale of the Initial Securities.

 

“Officer”
means the Chairman of the Board of Directors, the President, any Vice President, the Treasurer or any Assistant Treasurer, the
Secretary or any Assistant Secretary of Holdings. “Officer” of the Company or any other Guarantor has a correlative
meaning.

 

     

    21 

    

 

“Officer’s
Certificate” means a certificate signed by one Officer.

 

“Opinion
of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to Holdings or the Company (or if such opinion of counsel is in relation to a transaction of any
other Guarantor or the Company, counsel to such other Guarantor or the Company).

 

“Performance
References” has the meaning set forth for such term in the definition of Derivative Instrument.

 

“Permitted
Investment” means an Investment by Holdings, the Company or any Restricted Subsidiary in:

 

(1)              
Holdings, the Company, a Restricted Subsidiary or a Person that shall, upon the making of such Investment, become a Restricted
Subsidiary;

 

(2)              
another Person if, as a result of such Investment, such other Person is merged or consolidated with or into, or transfers
or conveys all or substantially all its assets to, Holdings, the Company or a Restricted Subsidiary;

 

(3)              
cash and Temporary Cash Investments;

 

(4)              
receivables owing to Holdings, the Company or any Restricted Subsidiary if created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade
terms may include such concessionary trade terms as Holdings, the Company or any such Restricted Subsidiary deems reasonable under
the circumstances;

 

(5)              
payroll, commission, travel, relocation and similar advances to cover matters that are expected at the time of such advances
ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

 

(6)              
loans or advances to directors and employees made in the ordinary course of business consistent with past practices of
Holdings, the Company or such Restricted Subsidiary (including, without limitation, loans and advances the net proceeds of which
are used solely to purchase Capital Stock of Holdings in connection with restricted stock or employee stock purchase plans, or
to exercise stock received pursuant thereto on other incentive plans in a principal amount not to exceed the aggregate exercise
or purchase price), or loans to refinance principal and accrued interest on any such loans;

 

(7)              
Investments received (a) in settlement of debts created in the ordinary course of business and owing to Holdings,
the Company or any Restricted Subsidiary, (b) in satisfaction of judgments or (c) in compromise or resolution of litigation,
arbitration or other disputes;

 

     

    22 

    

 

(8)              
any Person to the extent such Investment represents the non-cash portion of the consideration received for (a) an
Asset Disposition as permitted pursuant Section 4.06 or (b) a disposition of assets not constituting an Asset Disposition
(including, for the avoidance of doubt, any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of
the Ethanol Subsidiary);

 

(9)              
any Person where such Investment was acquired by Holdings, the Company or any Restricted Subsidiary (a) in connection
with an acquisition, merger, amalgamation or consolidation with or into Holdings, the Company or a Restricted Subsidiary in a
transaction that is not prohibited by this Indenture to the extent that such Investment was not made in contemplation of such
acquisition, merger, amalgamation or consolidation, (b) in exchange for any other Investment or accounts receivable held
by Holdings, the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of the Company of such other Investment or accounts receivable or (c) as a result of a foreclosure by
Holdings, the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

 

(10)          
any Person to the extent such Investments consist of advances, deposits and prepayment for purchases of any assets, prepaid
expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other
similar deposits made in the ordinary course of business by Holdings, the Company or any Restricted Subsidiary;

 

(11)          
any Person in exchange for Qualified Capital Stock of Holdings;

 

(12)          
any Person to the extent such Investments consist of Hedging Obligations;

 

(13)          
Guarantees of Indebtedness otherwise permitted under Section 4.03 or Guarantees by Holdings, the Company or any Restricted
Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness,
in each case entered into by Holdings, the Company or a Restricted Subsidiary in the ordinary course of business;

 

(14)          
any Person to the extent such Investment exists on, or any Investment pursuant to a binding agreement that exists on, the
Issue Date, and any extension, modification or renewal of any such Investments, but only to the extent not involving additional
advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the
accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant
to the terms of such Investment as in effect on the Issue Date or as otherwise contemplated pursuant to a binding agreement that
exists on the Issue Date);

 

     

    23 

    

 

(15)          
any Person to the extent such Investments result solely from the receipt by Holdings, the Company or a Restricted Subsidiary
from any of its Subsidiaries of a dividend or other Restricted Payment in the form of Capital Stock, evidences of Indebtedness
or other securities (but not any additions thereto made after the date of receipt thereof); and

 

(16)          
any Persons to the extent such Investments, when taken together with all other Investments made pursuant to this clause (16)
and outstanding on the date such Investment is made, do not exceed the greater of (A) $150,000,000 and (B) 6.5% of Consolidated
Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Investment.

 

For purposes
of this definition, in the event that a proposed Investment (or portion thereof) meets the criteria of more than one of the categories
of Permitted Investments described in clauses (1) through (16) above, Holdings shall be entitled to classify (but not reclassify)
such Investment (or portion thereof) in one or more of such categories set forth above).

 

“Permitted
Liens” means, with respect to any Person:

 

(1)              
pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States
government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes
or import duties or for the payment of rent, in each case Incurred in the ordinary course of business;

 

(2)              
Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmens’, repairmens’
and other like Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens
arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal
or other proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to banker’s
Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository
institution; provided, however, that (A) such deposit account is not a dedicated cash collateral account and
is not subject to restrictions against access by Holdings in excess of those set forth by regulations promulgated by the Federal
Reserve Board and (B) such deposit account is not intended by Holdings, the Company or any Restricted Subsidiary to provide
collateral to the depository institution;

 

(3)              
Liens for taxes, assessments or governmental charges not yet subject to penalties for non-payment or which are being contested
in good faith by appropriate proceedings;

 

     

    24 

    

 

(4)              
Liens in favor of issuers of surety bonds or letters of credit issued pursuant to the request of and for the account of
such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute
Indebtedness;

 

(5)              
Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s
obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

(6)              
leases or licenses with respect to the assets or properties of Holdings, the Company or any Restricted Subsidiary, so long
as such leases or licenses do not, individually or in the aggregate, interfere in any material respect with the ordinary course
of the business of Holdings, the Company or any Restricted Subsidiary;

 

(7)              
filing of Uniform Commercial Code financing statements (or similar filings under applicable law) regarding operating leases;

 

(8)              
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use
of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which
were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person;

 

(9)              
judgment Liens in respect of judgments that do not constitute an Event of Default;

 

(10)          
Liens securing Indebtedness Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions
to, property, plant or equipment of such Person, including Permitted Indebtedness Incurred under Section 4.03(b)(11), provided,
however, that the Lien may not extend to any other property owned by such Person or any of its Restricted Subsidiaries
at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto, improvements thereon, accessions
thereto, proceeds or replacements in respect thereof);

 

(11)          
Liens to secure Permitted Indebtedness Incurred under Section 4.03(b)(1);

 

(12)          
Liens on assets of any Foreign Subsidiary to secure Indebtedness permitted by Section 4.03(b)(13);

 

(13)          
Liens existing on the Issue Date;

 

     

    25 

    

 

(14)          
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods;

 

(15)          
Liens on property or shares of Capital Stock of another Person at the time such other Person becomes a Subsidiary of such
Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized
to consummate, the transaction or series of transactions pursuant to which such Person becomes such a Subsidiary); provided,
however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries
(other than assets and property affixed or appurtenant thereto, improvements thereon, accessions thereto, proceeds thereof or
replacements in respect thereof);

 

(16)          
Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by
means of a merger or consolidation with or into such Person or a Subsidiary of such Person (other than a Lien Incurred in connection
with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions
pursuant to which such Person or any of its Subsidiaries acquired such property); provided, however, that the Liens
may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property
affixed or appurtenant thereto, improvements thereon, accessions thereto, proceeds thereof or replacements in respect thereof);

 

(17)          
Liens securing Indebtedness or other obligations of a Subsidiary of such Person owing to such Person or a Wholly Owned
Subsidiary of such Person;

 

(18)          
Liens securing Hedging Obligations so long as such Hedging Obligations are permitted to be Incurred under this Indenture;

 

(19)          
Liens in favor of Holdings, the Company or any Subsidiary Guarantor;

 

(20)          
Liens created for the benefit of (or to secure) the Securities (or the Guarantees of the Securities) or payment obligations
to the Trustee in respect thereof;

 

(21)          
Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any
Lien referred to in the foregoing clause (10), (13), (15) or (16); provided, however, that (A) such new
Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to
which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds
or distributions thereof) and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness

 

     

    26 

    

 

described
under clause (10), (13), (15) or (16) at the time the original Lien became a Permitted Lien and (ii) an amount necessary
to pay any fees and expenses, including premiums, related to such Refinancing;

 

(22)          
Liens Incurred to secure cash management services in the ordinary course of business;

 

(23)          
Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements limiting the disposition
of such assets pending the closing of the transactions contemplated thereby;

 

(24)          
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(25)          
Liens on any cash earnest money deposits, escrow arrangements or similar arrangements made by Holdings, the Company or
any Restricted Subsidiary in connection with any letter of intent or purchase agreement;

 

(26)          
other Liens securing Indebtedness; provided, however, that at the time of incurrence after giving pro
forma effect thereto, the Consolidated Secured Leverage Ratio would be no greater than 1.5 to 1.0;

 

(27)          
Liens with respect to obligations that are at any one time outstanding not to exceed the greater of (i) $95,000,000
and (ii) 4% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of
the date of such Incurrence; and

 

(28)          
Liens incurred in connection with a Sale/Leaseback Transaction Incurred pursuant to Section 4.03(b)(14) of this Indenture.

 

Notwithstanding the foregoing,
“Permitted Liens” shall not include any Lien described in clause (10), (15) or (16) above to the extent such
Lien applies to any Additional Assets acquired directly or indirectly from Net Available Cash pursuant to Section 4.06. For purposes
of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization, government or any agency or political subdivision thereof or any other entity.

 

“Preferred
Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

 

     

    27 

    

 

“principal”
of a Security means the principal of the Security plus the premium, if any, payable on the Security which is due or overdue or
is to become due at the relevant time.

 

“Purchase
Money Indebtedness” means Indebtedness (including Capital Lease Obligations) (1) consisting of the deferred purchase
price of property, conditional sale obligations, obligations under any title retention agreement, other purchase money obligations
and obligations in respect of industrial revenue bonds or similar Indebtedness, in each case where the maturity of such Indebtedness
does not exceed the anticipated useful life of the asset being financed, and (2) (i) Incurred to finance the acquisition
by Holdings, the Company or a Restricted Subsidiary of such asset, including additions and improvements or (ii) assumed in
connection with the acquisition of any fixed or capital assets; provided, however, that any Lien arising in connection
with any such Indebtedness shall be limited to the specific asset being financed or, in the case of real property or fixtures,
including additions and improvements, the real property on which such asset is attached; provided further, however,
that such Indebtedness is Incurred no later than 180 days after such acquisition of such assets.

 

“Qualified
Capital Stock” of a Person means Capital Stock of such Person other than Disqualified Stock; provided, however,
that such Capital Stock shall not be deemed Qualified Capital Stock to the extent sold to a Subsidiary of such Person or financed,
directly or indirectly, using funds (1) borrowed from such Person or any Subsidiary of such Person or (2) contributed,
extended, guaranteed or advanced by such Person or any Subsidiary of such Person (including, in respect of any employee stock
ownership or benefit plan). Unless otherwise specified, Qualified Capital Stock refers to Qualified Capital Stock of Holdings.

 

“Qualified
Equity Offering” means any public or private issuance and sale of Holdings’ common stock by Holdings; provided,
however, that the cash proceeds therefrom equal to not less than 100% of the aggregate principal amount of any Securities
to be redeemed are received by the Company as a contribution to its common equity capital. Notwithstanding the foregoing, the
term “Qualified Equity Offering” shall not include:

 

		(1)	any issuance and sale with respect
                                         to common stock registered on Form S-4 or Form S-8; or

 

		(2)	any issuance and sale to
any Subsidiary of Holdings.

 

“Quotation
Agent” means the Reference Treasury Dealer selected by the Company after consultation with Holdings.

 

“Rating
Agencies” means Standard & Poor’s, Moody’s and Fitch or if any of Standard & Poor’s, Moody’s
or Fitch shall not make a rating on the Securities publicly available, a nationally recognized statistical rating agency or agencies,
as the case may be, selected by Holdings which shall be substituted for Standard & Poor’s, Moody’s or Fitch, as
the case may be. 

 

     

    28 

    

 

“Reference
Treasury Dealer” means RBC Capital Markets, LLC and its successors and assigns and two other nationally recognized investment
banking firms selected by Holdings that are primary U.S. Government securities dealers.

 

“Reference
Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage
of its principal amount, quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day immediately preceding such redemption date.

 

“Refinance”
means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue
other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall
have correlative meanings.

 

“Refinancing
Indebtedness” means Indebtedness that Refinances any Indebtedness of Holdings, the Company or any Restricted Subsidiary
existing on the Issue Date or Incurred in compliance with this Indenture, including Indebtedness that Refinances Refinancing Indebtedness;
provided, however, that:

 

(1)              
such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being Refinanced;

 

(2)              
such Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to
or greater than the Average Life of the Indebtedness being Refinanced;

 

(3)              
such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue discount, an aggregate
issue price) that is equal to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate
accreted value) then outstanding (plus accrued and unpaid interest and any related fees and expenses in connection with such Refinancing,
including any premium and defeasance costs) under the Indebtedness being Refinanced; and

 

(4)              
if the Indebtedness being Refinanced is subordinated in right of payment to the Securities, such Refinancing Indebtedness
is subordinated in right of payment to the Securities at least to the same extent as the Indebtedness being Refinanced;

 

provided further, however,
that Refinancing Indebtedness shall not include (A) Indebtedness of a Subsidiary that Refinances Indebtedness of the Company
or Holdings or (B) Indebtedness of Holdings, the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted
Subsidiary.

 

     

    29 

    

 

“Related
Business” means any business in which Holdings, the Company or any of the Restricted Subsidiaries was engaged on the
Issue Date and any business related ancillary or complementary to such business.

 

“Restricted
Payment” with respect to any Person means:

 

(1)              
the declaration or payment of any dividends or any other distributions of any sort in respect of its Capital Stock (including
any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect
holders of its Capital Stock (other than (A) dividends or distributions payable solely in its Capital Stock (other than Disqualified
Stock), (B) dividends or distributions payable solely to Holdings, the Company or a Restricted Subsidiary and (C) pro
rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to minority stockholders
(or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation));

 

(2)              
the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Capital Stock of Holdings
held by any Person (other than by the Company or a Restricted Subsidiary) or of any Capital Stock of the Company or a Restricted
Subsidiary held by any Affiliate of Holdings (other than by the Company or a Restricted Subsidiary), including in connection with
any merger or consolidation and including the exercise of any option to exchange any Capital Stock (other than into Capital Stock
of Holdings that is not Disqualified Stock);

 

(3)              
the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value, prior to scheduled maturity,
scheduled repayment or scheduled sinking fund payment of any Subordinated Obligations of Holdings, the Company or any Subsidiary
Guarantor (other than (A) from Holdings, the Company or any Restricted Subsidiary or (B) the purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Subordinated Obligations purchased in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case due within one (1) year of the date of such purchase, repurchase,
redemption, defeasance or other acquisition or retirement); or

 

(4)              
the making of any Investment (other than a Permitted Investment) in any Person.

 

The amount
of any Restricted Payment if made otherwise than in cash shall be Fair Market Value of the assets subject thereto.

 

“Restricted
Subsidiary” means any Subsidiary of Holdings that is not an Unrestricted Subsidiary, provided that the Company
shall not be considered a Restricted Subsidiary or an Unrestricted Subsidiary.

 

     

    30 

    

 

“Sale/Leaseback
Transaction” means an arrangement relating to property owned by Holdings, the Company or a Restricted Subsidiary on
the Issue Date or thereafter acquired by Holdings, the Company or a Restricted Subsidiary whereby Holdings, the Company or a Restricted
Subsidiary transfers such property to a Person and Holdings, the Company or a Restricted Subsidiary leases it from such Person.

 

“Screened
Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any
other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between
it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing
of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such Holder
or any other Affiliate of such Holder that is acting in concert with such Holder in connection with its investment in the Securities,
and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such
Holder that is acting in concert with such Holders in connection with its investment in the Securities.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

“Senior
Credit Agreement” means the credit agreement entered into on January 29, 2021, among the Company, as borrower, Holdings,
as guarantor, the borrowing subsidiaries party thereto and JPMorgan Chase Bank, N.A., as administrative agent with respect to
the senior secured revolving credit facility and collateral agent, and Royal Bank of Canada, as administrative agent with respect
to the term facility, providing for a senior secured revolving credit facility and term facility, as amended and restated, replaced
(whether before, upon or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or
in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time.

 

“Senior
Indebtedness” means with respect to any Person:

 

(1)              
Indebtedness of such Person, whether outstanding on the Issue Date or thereafter Incurred; and

 

(2)              
all other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of
Indebtedness described in clause (1) above,

 

unless, in the case of clauses (1)
and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such
Indebtedness or other Obligations are subordinate in right of payment to the Securities or the Guarantee of such Person, as the
case may be; provided, however, that Senior Indebtedness shall not include:

 

(A)            
any obligation of such Person to Holdings, the Company or any Subsidiary of Holdings;

 

     

    31 

    

 

(B)             
any liability for Federal, state, local or other taxes owed or owing by such Person;

 

(C)             
any accounts payable or other liability to trade creditors arising in the ordinary course of business;

 

(D)            
any Capital Stock;

 

(E)             
any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness
or other Obligation of such Person;

 

(F)             
that portion of any Indebtedness which at the time of Incurrence is Incurred in violation of this Indenture;

 

(G)            
 any Indebtedness, which, when Incurred and without respect to any election under Section 111(b) of Title 11, United
States Code, is without recourse to such Person;

 

(H)            
any Indebtedness of or amounts owed by such Person for compensation to employees or for services rendered to another Person;
and

 

(I)               
Indebtedness of such Person to a Subsidiary or any other Affiliate or any such Affiliate’s Subsidiaries.

 

“Short
Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, or the payment or delivery
obligations under which generally increase, with positive changes to the Performance References or (ii) the value of which generally
increases, or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a significant subsidiary of Holdings within the meaning of
Rule 1-02 of Regulation S-X promulgated by the SEC.

 

“Spin-Off
Documents” means the Separation and Distribution Agreement, the Transition Services Agreement, the Tax Matters Agreement,
the Employee Matters Agreement, the Trademark License Agreement, the Lease Agreement for 200 Peach Street, El Dorado, Arkansas,
the Hangar Rental Agreement, the Aircraft Maintenance Labor Pooling Agreement and the Airplane Interchange Agreement, each between
Murphy Oil Corporation and Holdings dated August 30, 2013 and each as filed as an exhibit to Holdings’ Current Report on
Form 8-K filed on September 5, 2013, together with any other agreements, instruments or other documents entered into in connection
with any of the foregoing.

 

     

    32 

    

 

“Standard
& Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and any successor to its rating agency business.

 

“Stated
Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final
payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding
any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency
unless such contingency has occurred).

 

“Subordinated
Obligation” means, with respect to a Person, any Indebtedness of such Person (whether outstanding on the Issue Date
or thereafter Incurred) which is subordinate or junior in right of payment to the Securities or a Guarantee of the Securities
of such Person, as the case may be, pursuant to a written agreement to that effect.

 

“Subsidiary”
means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of
the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (1) such
Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person.

 

“Subsidiary
Guarantee” means a Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the Securities.

 

“Subsidiary
Guarantor” means each Subsidiary of Holdings that executes this Indenture as a guarantor and each other Subsidiary of
Holdings that thereafter guarantees the Securities pursuant to the terms of this Indenture.

 

“Temporary
Cash Investments” means any of the following:

 

(1)              
any investment in direct obligations of the United States of America or any agency thereof or obligations guaranteed by
the United States of America or any agency thereof;

 

(2)              
investments in demand and time deposit accounts, certificates of deposit and money market deposits maturing within one
year of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States
of America, any State thereof or any foreign country recognized by the United States of America, and which bank or trust company
has capital, surplus and undivided profits aggregating in excess of $50,000,000 (or the foreign currency equivalent thereof) and
has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized
statistical rating organization (as defined in Section 3(a)(62) of the Exchange Act) or any money-market fund sponsored by
a registered broker dealer or mutual fund distributor;

 

     

    33 

    

 

(3)              
repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types described
in clause (1) above entered into with a bank meeting the qualifications described in clause (2) above;

 

(4)              
investments in commercial paper, maturing not more than 364 days after the date of acquisition, issued by a corporation
(other than an Affiliate of Holdings) organized and in existence under the laws of the United States of America or any foreign
country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-1”
(or higher) according to Moody’s or “A-1” (or higher) according to Standard & Poor’s;

 

(5)              
investments in securities with maturities of 24 months or less from the date of acquisition issued or fully guaranteed
by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof,
and rated at least “A” by Standard & Poor’s or “A” by Moody’s;

 

(6)              
investments in money market funds that invest substantially all their assets in securities of the types described in clauses (1)
through (5) above; and

 

(7)              
to the extent held by a Foreign Subsidiary, other short-term Investment utilized by such Foreign Subsidiary in accordance
with normal investment practices for cash management in Investments of a type analogous to those described in clauses (1)
through (6) of this definition.

 

“TIA”
means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of this
Indenture.

 

“Trustee”
means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

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

 

“Uniform
Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

 

“Unrestricted
Subsidiary” means:

 

(1)              
the Ethanol Subsidiary;

 

     

    34 

    

 

(2)              
any Subsidiary of Holdings (other than the Company) that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors in the manner provided below; and

 

(3)              
any Subsidiary of an Unrestricted Subsidiary.

 

The Board of
Directors may designate any Subsidiary of Holdings other than the Company (including any newly acquired or newly formed Subsidiary
(or any Person becoming a Subsidiary through merger or consolidation or Investment therein)) to be an Unrestricted Subsidiary
unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or holds any Lien on any property
of, Holdings or any other Subsidiary of Holdings that is not a Subsidiary of the Subsidiary to be so designated; provided,
however, that either (A) the Subsidiary to be so designated has total assets of $1,000 or less or (B) if such
Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.04.

 

If at any time
Holdings or the Company delivers a written notice to the Trustee designating any Unrestricted Subsidiaries to be a Restricted
Subsidiary, any such Subsidiary shall cease to be an Unrestricted Subsidiary immediately upon the Trustee’s receipt of such
notice.

 

“U.S.
Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for
determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into
U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall
Street Journal in the “Exchange Rates” column under the heading “Currency Trading” (or comparable
source, if The Wall Street Journal ceases to publish these rates) on the date two (2) Business Days prior to such
determination.

 

Except as described
under 4.03, whenever it is necessary to determine whether the Company or any of the Guarantors has complied with any covenant
in this Indenture or a Default has occurred and an amount is expressed in a currency other than U.S. dollars, such amount shall
be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially determined in such currency.

 

“U.S.
Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations)
of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and
credit of the United States of America is pledged and which are not callable at the Company’s option.

 

“Voting
Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or Trustee thereof.

 

     

    35 

    

 

“Wholly
Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors’ qualifying
shares) is owned directly or indirectly by Holdings or one or more other Wholly Owned Subsidiaries.

 

SECTION 1.02.                   
Other Definitions.

 

	Term	Defined
in

Section

	“Affiliate Transaction”	4.07(a)
	“Appendix” 	2.01
	“Asset Sale Offer” 	4.06(b)
	“Asset Sale Offer Amount” 	4.06(c)(2)
	“Asset Sale Offer Period” 	4.06(c)(2)
	“Bankruptcy Law”	6.01
	“Change of Control Offer”	4.08(b)
	“covenant defeasance option”	8.01(b)
	“Coverage Indebtedness”	4.03(a)
	“Custodian”	6.01
	“Event of Default”	6.01
	“Guaranteed Obligations” 	10.01
	“Initial Lien”	4.09
	“legal defeasance option”	8.01(b)
	“Notice of Default” 	6.01
	“Paying Agent”	2.03
	“Permitted Indebtedness”	4.03(b)
	“Purchase Date”	4.06(c)(1)
	“Registrar”	2.03
	“Reversion Date” 	4.11(b)
	“Successor Holdings” 	5.01(a)(1)
	“Successor Company”	5.01(b)(1)
	“Suspended Covenants” 	4.11(a)
	“Suspension Date” 	4.11(a)
	“Suspension Period” 	4.11(b)

 

Additional
defined terms are as defined in the Appendix.

 

 

SECTION 1.03.                   
[Reserved].

 

SECTION 1.04.                   
Rules of Construction. Unless the context otherwise requires:

 

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

 

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

 

(3)              
“or” is not exclusive;

 

     

    36 

    

 

(4)              
“including” means including without limitation;

 

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

 

(6)              
unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness;

 

(7)              
secured Indebtedness shall not be deemed to be subordinate or junior to any other secured Indebtedness merely because it
has a junior priority with respect to the same collateral;

 

(8)              
the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount thereof
that would be shown on a balance sheet of the Company dated such date prepared in accordance with GAAP;

 

(9)              
the principal amount of any Preferred Stock shall be (A) the maximum liquidation value of such Preferred Stock or
(B) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater;
and

 

(10)          
all references to the date the Securities were originally issued shall refer to the date the Issue Date.

 

Article
2

The Securities

 

SECTION 2.01.                   
Form and Dating. Provisions relating to the Securities are set forth in the Appendix attached hereto as Appendix
A (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial
Securities and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto,
which is hereby incorporated in, and expressly made a part of, this Indenture. The Securities may have notations, legends (including,
for the avoidance of doubt, transfer restriction legends) or endorsements required by law, stock exchange rule, agreements to
which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable
to the Company). Each Security shall be dated the date of its authentication. The terms of the Securities set forth in the Appendix
and Exhibit A are part of the terms of this Indenture. However, to the extent any provision of any Security conflicts with
the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 

SECTION 2.02.                   
Execution and Authentication. One Officer shall sign the Securities for the Company by manual or facsimile signature.

 

     

    37 

    

 

If an Officer
whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security
shall be valid nevertheless.

 

A Security
shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security.
The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

On the Issue
Date, the Trustee shall authenticate and deliver $500,000,000 of 3.750% Senior Notes Due 2031 and, at any time and from time to
time thereafter, the Trustee shall authenticate and deliver Securities for original issue in an aggregate principal amount specified
in such order, in each case upon a written order of the Company signed by an Officer of the Company. Such order shall specify
the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated
and, in the case of an issuance of Additional Securities pursuant to Section 2.13 after the Issue Date, shall certify that such
issuance is in compliance with Section 4.03.

 

The Trustee
may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by the
terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same
rights as any Registrar, Paying Agent or agent for service of notices and demands.

 

SECTION 2.03.                   
Registrar and Paying Agent. The Company shall maintain an office or agency where Securities may be presented for
registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be
presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Securities and of their
transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying
Agent” includes any additional paying agent.

 

The Company
shall enter into an appropriate agency agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture.
The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee
of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act
as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Wholly Owned Subsidiary
incorporated or organized within The United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent.

 

The Company
initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities.

 

SECTION 2.04.                   
Paying Agent To Hold Money in Trust. Prior to each due date of the principal and interest on any Security, the Company
shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so

 

     

    38 

    

 

becoming
due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold
in trust for the benefit of Securityholders or the Trustee all money held by the Paying Agent for the payment of principal of
or interest on the Securities and shall notify the Trustee of any default by the Company in making any such payment. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust
fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money
delivered to the Trustee.

 

SECTION 2.05.                   
Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish
to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of Securityholders.

 

SECTION 2.06.                   
Transfer and Exchange. The Securities shall be issued in registered form and shall be transferable only upon the
surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request
to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture are met.
When Securities are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount
of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.

 

SECTION 2.07.                   
Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims
that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement
Security if the Company notifies the Trustee in writing the requirements of Section 8-405 of the Uniform Commercial Code
are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company,
such Holder shall furnish indemnity sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee,
the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is replaced. The
Company and the Trustee may charge the Holder for their expenses in replacing a Security.

 

Every replacement
Security is an additional Obligation of the Company.

 

SECTION 2.08.                   
Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject
to Section 11.06, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

     

    39 

    

 

If a Security
is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory
to them that the replaced Security is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code).

 

If the Paying
Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient
to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or
maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest
on them ceases to accrue.

 

SECTION 2.09.                   
Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but
may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities.

 

SECTION 2.10.                   
Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and
the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.
The Trustee and no one else shall cancel and dispose of (subject to the record retention requirements of the Exchange Act) all
Securities surrendered for registration of transfer, exchange, payment or cancellation in accordance with its customary procedures
and deliver a certificate of such disposition to the Company upon written request unless the Company directs the Trustee to deliver
canceled Securities to the Company. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered
to the Trustee for cancellation.

 

SECTION 2.11.                   
Defaulted Interest. If the Company defaults in a payment of interest on the Securities, the Company shall pay defaulted
interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted
interest to the persons who are Securityholders on a subsequent special record date. The Company shall fix or cause to be fixed
any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Securityholder
a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

 

SECTION 2.12.                   
CUSIP Numbers, ISINs, etc.  The Company in issuing the Securities may use “CUSIP” numbers,
ISINs and “Common Code” numbers (in each case if then generally in use) and, if so, the Trustee shall use “CUSIP”
numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be

 

     

    40 

    

 

affected
by any defect in or omission of such numbers. The Company shall advise the Trustee in writing of any change in any “CUSIP”
numbers, ISINs or “Common Code” numbers applicable to the Securities.

 

SECTION 2.13.                   
Issuance of Additional Securities. After the Issue Date, the Company shall be entitled, subject to its compliance
with Section 4.03, to issue Additional Securities under this Indenture, which Securities shall have identical terms as the
Initial Securities issued on the Issue Date, other than with respect to the date of issuance and issue price. All the Securities
issued under this Indenture shall be treated as a single class for all purposes of this Indenture including waivers, amendments,
redemptions and offers to purchase, provided, however, that in the event that any Additional Securities are not
fungible with the Securities for Federal income tax purposes, such nonfungible Additional Securities shall be issued with a separate
CUSIP or ISIN number so that they are distinguishable from the Securities.

 

With respect
to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officer’s Certificate,
a copy of each which shall be delivered to the Trustee, the following information:

 

(1)              
the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this Indenture
and the provision of Section 4.03 that the Company is relying on to issue such Additional Securities; and

 

(2)              
the issue price, the issue date and the CUSIP number of such Additional Securities.

 

Article
3

Redemption

 

SECTION 3.01.                   
Notices to Trustee. If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities, it
shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and the paragraph
of the Securities or the Section of this Indenture pursuant to which the redemption shall occur.

 

SECTION 3.02.                   
Selection of Securities to Be Redeemed. If fewer than all the Securities are to be redeemed, the Trustee shall select
the Securities to be redeemed pro rata to the extent practicable or by lot in accordance with DTC procedures, to the extent
applicable. The Trustee shall make the selection from outstanding Securities not previously called for redemption. At the written
request of the Company, the Trustee may select for redemption portions of the principal of Securities that have denominations
larger than $2,000. Securities and portions of them the Trustee selects shall be in principal amounts of $2,000 or any greater
integral multiple of $1,000 thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to

 

     

    41 

    

 

portions
of Securities called for redemption. The Trustee shall notify the Company promptly of the Securities or portions of Securities
to be redeemed.

 

SECTION 3.03.                   
Notice of Redemption. At least 15 days but not more than 60 days before a date for redemption of Securities,
the Company shall deliver electronically or, at the Company’s option, mail a notice of redemption by first-class mail to
each Holder of Securities to be redeemed at such Holder’s registered address, except that redemption notices may be mailed
more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of this Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent failure
to give notice, to any Holder selected for redemption shall not impair or affect the validity of the redemption of any other Security
redeemed in accordance with provisions of this Indenture.

 

The Company
shall give each notice to the Trustee provided for in this Section at least 5 Business Days before a notice of redemption is required
to be delivered pursuant to this Section 3.03 unless the Trustee consents to a shorter period. Such notice shall be accompanied
by an Officer’s Certificate and an Opinion of Counsel from the Company to the effect that such redemption shall comply with
the conditions herein.

 

Notice of any
redemption of the Securities in connection with a transaction (including a Qualified Equity Offering, an Incurrence of Indebtedness,
a Change of Control or other transaction) may, at the Company’s discretion, be given prior to the completion thereof and
any redemption or notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent,
including completion of a related transaction or otherwise. If such redemption or purchase is so subject to satisfaction of one
or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Company’s
discretion, the redemption date may be delayed until such time (including more than sixty (60) days after the date the notice
of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied
(or waived), or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied (or waived) by the redemption date, or by the redemption date as so delayed. In addition, the Company
may provide in such notice that payment of the redemption price and performance of the Company’s obligations with respect
to such redemption may be performed by another Person.

 

Subject to
the immediately preceding paragraph, the notice shall identify the Securities to be redeemed and shall state:

 

(1)              
the redemption date;

 

(2)              
the redemption price;

 

(3)              
the name and address of the Paying Agent;

 

(4)              
that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

     

    42 

    

 

(5)              
if fewer than all the outstanding Securities are to be redeemed, the identification and principal amounts of the particular
Securities to be redeemed;

 

(6)              
that, unless the Company defaults in making such redemption payment, interest on Securities (or portion thereof) called
for redemption ceases to accrue on and after the redemption date;

 

(7)              
the paragraph of the Securities or Section of this Indenture pursuant to which the Securities called for redemption are
being redeemed;

 

(8)              
the “CUSIP” number, ISIN or “Common Code” number, if any, printed on the Securities being redeemed;
and

 

(9)              
that no representation is made as to the correctness or accuracy of the “CUSIP” number, ISIN, or “Common
Code” number, if any, listed in such notice or printed on the Securities.

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such
event, the Company shall provide the Trustee with the form of notice required to be delivered by this Section.

 

SECTION 3.04.                   
Effect of Notice of Redemption. Once notice of redemption is mailed, Securities called for redemption become due
and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price stated in the notice, plus accrued interest to the redemption date (subject to
the right of Holders of record on the relevant record date to receive interest due on the related interest payment date), and
such Securities shall be canceled by the Trustee. Failure to give notice or any defect in the notice to any Holder shall not affect
the validity of the notice to any other Holder.

 

SECTION 3.05.                   
Deposit of Redemption Price. On or prior to the redemption date, the Company shall deposit with the Paying Agent
(or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption
price of and accrued interest on all Securities to be redeemed on that date other than Securities or portions of Securities called
for redemption which have been delivered by the Company to the Trustee for cancellation.

 

SECTION 3.06.                   
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and
the Trustee shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal amount to the
unredeemed portion of the Security surrendered.

 

Article
4

Covenants

 

SECTION 4.01.                   
Payment of Securities. The Company shall promptly pay the principal of and interest on the Securities on the dates
and in the manner

 

     

    43 

    

 

provided
in the Securities and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee
or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due.

 

The Company
shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful.

 

SECTION 4.02.                   
SEC Reports. Whether or not Holdings is subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, Holdings shall file with the SEC subject to the immediately succeeding paragraph and provide the Trustee and Securityholders
(or cause the Trustee to provide the Securityholders) with such annual and other reports as are specified in Sections 13
and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such reports to be so filed and provided
at the times specified for the filings of such reports under such Sections (after giving effect to all applicable extensions and
cure periods) and prepared in all material respects in accordance with the rules of regulations applicable to such reports.

 

If, at any
time, Holdings is not subject to the periodic reporting requirements of the Exchange Act for any reason, Holdings shall nevertheless
continue filing the reports specified in the preceding sentence with the SEC within the time periods specified above unless the
SEC shall not accept such a filing. Holdings shall not take any action for the purpose of causing the SEC not to accept such filings.
If, notwithstanding the foregoing, the SEC shall not accept such filings for any reason, Holdings shall post the reports specified
in the preceding sentence on its website within the time periods that would apply if Holdings were required to file those reports
with the SEC.

 

At any time
that any of Holdings’ Subsidiaries are Unrestricted Subsidiaries, then the quarterly and annual financial information required
by the preceding paragraph shall include a reasonably detailed presentation, either on the face of the financial statements or
in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”,
of the financial condition and results of operations of Holdings, the Company and the Restricted Subsidiaries separate from the
financial condition and results of operations of such Unrestricted Subsidiaries.

 

In addition,
at any time when Holdings is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, Holdings
shall furnish to the Holders of the Securities and to prospective investors, upon the requests of such Holders, any information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Securities are not freely transferable
under the Securities Act.

 

The Trustee
shall have no responsibility to determine whether any filings pursuant to this Section have occurred.

 

     

    44 

    

 

Delivery of
such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates).

 

SECTION 4.03.                   
Limitation on Indebtedness. (a)  Holdings shall not, and shall not permit the Company or any Restricted
Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that Holdings, the Company and
the Restricted Subsidiaries shall be entitled to Incur Indebtedness if, on the date of such Incurrence and after giving effect
thereto on a pro forma basis (including a pro forma application of the net proceeds therefrom), the Consolidated
Coverage Ratio exceeds 2.0 to 1.0 (any such Indebtedness Incurred pursuant to this clause (a) being herein referred to as
“Coverage Indebtedness”); provided further, that the amount of Indebtedness that may be Incurred pursuant
to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed $300,000,000 at any one time outstanding.

 

(b)              
Notwithstanding the foregoing paragraph (a), Holdings, the Company and the Restricted Subsidiaries shall be entitled
to Incur any or all of the following Indebtedness (any such Indebtedness Incurred pursuant to this clause (b) being herein
referred to as “Permitted Indebtedness”):

 

(1)              
Indebtedness Incurred by Holdings, the Company and any Restricted Subsidiary pursuant to any Credit Facility; provided,
however, that, after giving effect to any such Incurrence, the aggregate principal amount of all Indebtedness Incurred
under this clause (1) and then outstanding does not exceed the greater of (i) $1,150,000,000 and (ii) the sum of
$585,000,000 and 25% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined on
the date of such Incurrence; provided further, that the amount of Indebtedness that may be Incurred pursuant to the foregoing
by Restricted Subsidiaries that are not Guarantors shall not exceed $150,000,000 at any one time outstanding under this clause (1);

 

(2)              
Indebtedness owed to and held by Holdings, the Company or a Restricted Subsidiary; provided, however, that
(A) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be
a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to Holdings, the Company or a Restricted Subsidiary)
shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon, (B) if the Company
is the obligor on such Indebtedness, such Indebtedness shall be expressly subordinated to the prior payment in full of all obligations
with respect to the Securities and (C) if a Guarantor is the obligor on such Indebtedness, such Indebtedness shall be expressly
subordinated to the prior payment in full of all obligations of such Guarantor with respect to its Guarantee;

 

     

    45 

    

 

(3)              
the Securities (other than any Additional Securities);

 

(4)              
Indebtedness outstanding on the Issue Date (other than Indebtedness described in clause (1), (2) or (3) of this Section 4.03(b));

 

(5)              
Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date on which such Restricted Subsidiary
was acquired by Holdings (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds or
credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became
a Subsidiary or was acquired by Holdings); provided, however, that on the date of such acquisition and after giving
pro forma effect thereto, Holdings would have been entitled to Incur at least $1.00 of Coverage Indebtedness pursuant to
Section 4.03(a);

 

(6)              
Refinancing Indebtedness in respect of any Coverage Indebtedness or any Permitted Indebtedness Incurred pursuant to clauses
(3), (4) or (5) of this Section 4.03(b) or this clause (6);

 

(7)              
Hedging Obligations incurred in the ordinary course of business and not for the purpose of speculation;

 

(8)              
Obligations in respect of workers’ compensation claims, public liability insurance, unemployment insurance, property,
casualty or liability insurance, self-insurance obligations, bankers’ acceptances, or customs, completion, advance payment,
performance, bid, performance, appeal and surety bonds, completion guarantees and other similar obligations provided by Holdings,
the Company or any Restricted Subsidiary in the ordinary course of business, including guarantees or obligations with respect
to letters of credit supporting the foregoing;

 

(9)              
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within 10 Business Days of its Incurrence;

 

(10)          
the Guarantee by Holdings, the Company or any Subsidiary Guarantor of Indebtedness of Holdings, the Company or any Subsidiary
Guarantor that was permitted to be Incurred by another provision of this covenant; provided, however, that if the
Indebtedness being guaranteed is subordinated to or pari passu with the Securities, then the Guarantee thereof Incurred
pursuant to this clause (10) shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness
being Guaranteed;

 

(11)
       Purchase Money Indebtedness (i) Incurred to finance the acquisition, construction,
development, design, installation or improvement by Holdings, the Company or a Restricted Subsidiary of assets or (ii) assumed
in connection with the acquisition of any fixed or capital assets, and any Refinancing

 

     

    46 

    

 

Indebtedness
Incurred to Refinance such Indebtedness, in an aggregate principal amount which, when added together with the amount of Indebtedness
Incurred pursuant to this clause (11) and then outstanding, does not exceed the greater of (A) $150,000,000 and (B) 6.5%
of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such
Incurrence;

 

(12)       Indebtedness
Incurred by Holdings, the Company or any Restricted Subsidiary in an aggregate principal amount which, when taken together with
all other Indebtedness of Holdings, the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence and
incurred pursuant to this clause (12) does not exceed the greater of (A) $95,000,000 and (B) 4% of the Consolidated
Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined at the date of such Incurrence;

 

(13)       Indebtedness
Incurred by Foreign Subsidiaries of Holdings in an aggregate principal amount at any time outstanding pursuant to this clause (13)
not to exceed the greater of (A) $150,000,000 and (B) 6.5% of Consolidated Net Tangible Assets of the Foreign Subsidiaries
determined as of the date of such Incurrence;

 

(14)       Attributable
Debt of Holdings, the Company or any Restricted Subsidiary Incurred in connection with any Sale/Leaseback Transaction which, when
taken together with all other Attributable Debt of Holdings, the Company and the Restricted Subsidiaries outstanding on the date
of such Incurrence and incurred pursuant to this clause (14), does not exceed the greater of (A) $35,000,000 and (B) 1.5%
of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined at the date of such Incurrence;

 

(15)       any
obligation arising from agreements of Holdings, the Company or any Restricted Subsidiary providing for indemnification, adjustment
of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the sale, disposition
or acquisition of any business, assets, Indebtedness or Capital Stock of Holdings, the Company or a Restricted Subsidiary in a
transaction not prohibited by this Indenture;

 

(16)       Indebtedness
of Holdings, the Company or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay
obligations contained in ordinary course supply arrangements;

 

(17)       Indebtedness
of Holdings, the Company or any Restricted Subsidiary in respect of any agreement or other arrangement governing the provision
of treasury or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated
clearinghouse, zero balance accounts, returned check concentration, controlled disbursement,

 

     

    47 

    

 

lockbox,
account reconciliation and reporting and trade finance services and other cash management services;

 

(18)       Indebtedness
due to any landlord in connection with the financing by such landlord of leasehold improvements; and

 

(19)       Indebtedness
consisting of obligations under deferred compensation arrangements, non-competition agreements or similar arrangements.

 

(c)              
Notwithstanding the foregoing, neither Holdings, the Company nor any Subsidiary Guarantor may Incur any Indebtedness pursuant
to Section 4.03(b) if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations of Holdings,
the Company or any Subsidiary Guarantor unless such Indebtedness shall be subordinated to the Securities or the applicable Guarantee
to at least the same extent as such Subordinated Obligations.

 

(d)              
For purposes of determining compliance with this Section 4.03, (1) in the event that an item of Indebtedness
(or any portion thereof) meets the criteria of more than one of the types of Indebtedness described above, Holdings, in its sole
discretion, shall classify such item of Indebtedness (or any portion thereof) at the time of Incurrence and shall only be required
to include the amount and type of such Indebtedness in one of the clauses of paragraph (b) above, (2) Holdings shall be entitled
to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in the clauses of paragraph
(b) above and, in that connection, Holdings shall be entitled to treat a portion of such Indebtedness as Coverage Indebtedness
and the balance of such Indebtedness as an item or items of Permitted Indebtedness, (3) any Permitted Indebtedness originally
classified as Incurred pursuant to one of the clauses in paragraph (b) above (other than pursuant to clause (1) of paragraph
(b) above) may later be reclassified by Holdings in whole or in part such that it shall be deemed as having been Incurred as Coverage
Indebtedness pursuant to paragraph (a) above or as Permitted Indebtedness pursuant to another clause in paragraph (b)
above, as applicable, to the extent that such reclassified Indebtedness could be Incurred pursuant thereto at the time of such
reclassification, (4) the accrual of interest or Preferred Stock dividends, the accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of
Preferred Stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Preferred Stock or Disqualified
Stock in the form of additional shares of the same class of Preferred Stock or Disqualified Stock shall not be deemed to be an
Incurrence of Indebtedness or an issuance of Preferred Stock or Disqualified Stock and (5) the reclassification of any lease or
other liability of Holdings, the Company or any of the Restricted Subsidiaries as Indebtedness due to a change in accounting principles
after the Issue Date shall not be deemed to be an Incurrence of Indebtedness.

 

(e)              
For purposes of determining compliance with any U.S. dollar denominated restriction on the Incurrence of Indebtedness where
the Indebtedness

 

     

    48 

    

 

Incurred
is denominated in a different currency, the amount of such Indebtedness shall be the U.S. Dollar Equivalent determined on the
date of the Incurrence of such Indebtedness; provided, however, that if any such Indebtedness denominated in a different
currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal, premium, if any, and interest
payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars shall be as provided in such Currency
Agreement. The principal amount of any Refinancing Indebtedness Incurred in the same currency as the Indebtedness being Refinanced
shall be the U.S. Dollar Equivalent of the Indebtedness Refinanced, except to the extent that (1) such U.S. Dollar Equivalent
was determined based on a Currency Agreement, in which case the Refinancing Indebtedness shall be determined in accordance with
the preceding sentence, and (2) the principal amount of the Refinancing Indebtedness exceeds the principal amount of the
Indebtedness being Refinanced, in which case the U.S. Dollar Equivalent of such excess shall be determined on the date such Refinancing
Indebtedness is Incurred. Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that Holdings,
the Company or any of the Restricted Subsidiaries may incur pursuant to this Section 4.03 shall not be deemed to be exceeded solely
as a result of fluctuations in exchange rates or currency values.

 

SECTION 4.04.                   
Limitation on Restricted Payments. (a) Holdings shall not, and shall not permit the Company or any Restricted
Subsidiary, directly or indirectly, to make a Restricted Payment if at the time such Restricted Payment is made:

 

(1)            a Default shall have occurred and be continuing (or would result therefrom);

 

(2)            Holdings is not entitled to Incur an additional $1.00 of Coverage Indebtedness pursuant to Section 4.03(a); or

 

(3)            the aggregate amount of such Restricted Payment and all other Restricted Payments since the Issue Date would exceed the
sum of (without duplication):

 

(A)            
50% of the Consolidated Net Income accrued during the period (treated as one accounting period) from July 1, 2019 to the
end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which consolidated financial statements
of Holdings are available (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); plus

 

(B)             
 100% of the aggregate Net Cash Proceeds or Fair Market Value of any asset (other than cash) received by Holdings either
(x) from the issuance or sale of its Qualified Capital Stock subsequent to the Issue Date or (y) as a contribution in
respect of its Qualified Capital Stock from its shareholders subsequent to the Issue Date, but excluding in each case any Net
Cash Proceeds that are used to redeem Securities in accordance with the third paragraph under Section 5 of the Securities; plus

 

     

    49 

    

 

(C)             
the amount by which the principal amount of consolidated Indebtedness of Holdings (other than Indebtedness owing to a Subsidiary)
is reduced upon the conversion or exchange subsequent to the Issue Date of any consolidated Indebtedness of Holdings convertible
or exchangeable for Qualified Capital Stock of Holdings (less the amount of any cash, or the fair value of any other property,
distributed by Holdings upon such conversion or exchange); provided, however, that the foregoing amount shall not
exceed the Net Cash Proceeds received by Holdings, the Company or any Restricted Subsidiary from the sale of such Indebtedness
(excluding Net Cash Proceeds from sales to a Subsidiary of Holdings or to an employee stock ownership plan or a trust established
by Holdings or any of its Subsidiaries for the benefit of their employees); plus

 

(D)            
except as included in clause (E) below, an amount equal to the sum of (x) the aggregate amount of cash and the
Fair Market Value of any asset other than cash received by Holdings, the Company or any Restricted Subsidiary subsequent to the
Issue Date with respect to Investments (other than Permitted Investments) made by Holdings, the Company or any Restricted Subsidiary
in any Person (other than Holdings, the Company or any Restricted Subsidiary) and resulting from repurchases, repayments or redemptions
of such Investments by such Person, and any proceeds realized on the sale of any such Investment, and (y) in the event that
Holdings redesignates an Unrestricted Subsidiary to be a Restricted Subsidiary, the portion (proportionate to Holdings’
equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time such
Unrestricted Subsidiary is designated a Restricted Subsidiary (other than to the extent Holdings’ Investment in such Unrestricted
Subsidiary constituted a Permitted Investment); provided, however, that the foregoing sum shall not exceed, in the
case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made
(and treated as a Restricted Payment) by Holdings, the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary;
plus

 

(E)             
50% of (x) any dividends received in cash by Holdings, the Company or a Restricted Subsidiary after the Issue Date
from an Unrestricted Subsidiary or (y) the net proceeds from the sale or other disposition of the Capital Stock of an Unrestricted
Subsidiary received in cash by Holdings, the Company or a Restricted Subsidiary after the Issue Date, in each case, to the extent
that such dividends or proceeds were not otherwise included in Consolidated Net Income for such period.

 

(b)           The provisions of Section 4.04(a) shall not prohibit:

 

(1)           any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent sale of, or made by exchange for,
Qualified Capital Stock of Holdings or a substantially concurrent cash capital contribution received by

 

     

    50 

    

 

Holdings
from its shareholders with respect to its Qualified Capital Stock, with a sale, exchange or contribution being deemed substantially
concurrent if such Restricted Payment occurs not more than 120 days after such sale, exchange or contribution; provided,
however, that (A) such Restricted Payment shall be excluded in the calculation of the amount of Restricted Payments
and (B) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted
Payment) shall be excluded from the calculation of amounts under Section 4.04(a)(3)(B);

 

(2)           any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Obligations
of Holdings, the Company or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent
Incurrence of, Indebtedness of such Person which is permitted to be Incurred pursuant to Section 4.03, with an Incurrence being
deemed substantially concurrent if such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value
occurs not more than 120 days after such Incurrence; provided, however, that such purchase, repurchase, redemption,
defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments;

 

(3)           the payment of any dividend, distribution or redemption of any Capital Stock or Subordinated Indebtedness within sixty
(60) days after the date of declaration thereof or call for redemption if, at such date of declaration or call for redemption,
such payment or redemption was permitted by the provisions of Section 4.04(a) (the declaration of such payment shall be deemed
a Restricted Payment under Section 4.04(a) as of the date of declaration and the payment itself shall be deemed to have been paid
on such date of declaration and shall not also be deemed a Restricted Payment under Section 4.04(a)); provided, however,
that any Restricted Payment made in reliance on this clause (3) shall reduce the amount available for Restricted Payments
pursuant to Section 4.04(a)(3) only once;

 

(4)            the purchase, redemption or other acquisition or retirement for value of shares of Capital Stock of Holdings or any of
its Subsidiaries from officers, former officers, employees, former employees, directors or former directors of Holdings or any
of its Subsidiaries (or permitted transferees of such officers, former officers, employees, former employees, directors or former
directors), pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) under which
such individuals purchase or sell or are granted the option to purchase or sell, shares of such Capital Stock; provided,
however, that the aggregate amount of such Restricted Payments (excluding amounts representing cancelation of Indebtedness)
shall not exceed $15,000,000 in any calendar year, with any portion of such $15,000,000 amount that is unused in any calendar
year to be carried forward to the next successive calendar year and added to such amount for that successive year, plus,
to the extent not previously applied or included, the Net Cash Proceeds received by Holdings from sales of Qualified Capital Stock
of Holdings to employees or

 

     

    51 

    

 

directors
of Holdings or any of its Subsidiaries (to the extent such Net Cash Proceeds have not otherwise been applied to the payment of
Restricted Payments by virtue of Section 4.04(a)(3)); provided further, however, that such Restricted Payments shall
be excluded in the calculation of the amount of Restricted Payments;

 

(5)            the declaration and payments of dividends on Disqualified Stock or any Preferred Stock of any Restricted Subsidiary issued
pursuant to Section 4.03; provided, however, that, at the time of payment of such dividend, no Default shall have
occurred and be continuing (or result therefrom); provided further, however, that such dividends shall be excluded
in the calculation of the amount of Restricted Payments;

 

(6)            repurchases, redemptions or other acquisitions or retirement for value of Capital Stock (a) deemed to occur upon exercise,
conversion or exchange of stock options, warrants or other rights to acquire Capital Stock, if such Capital Stock represents a
portion of the exercise price of such options, warrants or other rights or (b) made in lieu of withholding taxes in connection
with any such exercise, conversion or exchange; provided, however, that such Restricted Payments shall be excluded
in the calculation of the amount of Restricted Payments;

 

(7)            cash payments in lieu of the issuance of fractional shares in connection with the exercise, conversion or exchange of warrants,
options or other securities convertible into or exchangeable for Capital Stock of Holdings; provided, however, that
such payments shall be excluded in the calculation of the amount of Restricted Payments;

 

(8)            if no Default shall have occurred and be continuing, the payment, purchase, redemption, defeasance or other acquisition
or retirement of Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor, in each case, (a) in the
event of a Change of Control, at a purchase price not greater than 101% of the principal amount of such Subordinated Obligations
or (b) in the event of an Asset Sale, at a purchase price not greater than 100% of the principal amount of such Subordinated
Obligations, plus, in either case, any accrued and unpaid interest thereon; provided, however, that prior to such
payment, purchase, redemption, defeasance or other acquisition or retirement, the Company (or a third party to the extent permitted
by this Indenture) has made a Change of Control Offer or an Asset Sale Offer, as applicable, with respect to the Securities as
a result of such Change of Control or Asset Sale, and has repurchased all Securities validly tendered and not withdrawn in connection
with such Change of Control Offer or Asset Sale Offer; provided further, however, that such payments, purchases,
redemptions, defeasances or other acquisitions or retirements shall be included in the calculation of the amount of Restricted
Payments;

 

     

    52 

    

 

(9)            payments of intercompany subordinated Permitted Indebtedness the Incurrence of which was permitted under Section 4.03(b)(2);
provided, however, that no Event of Default has occurred and is continuing or would otherwise result therefrom;
provided further, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments;

 

(10)          so long as no Default or Event of Default has occurred and is continuing or shall result therefrom, other Restricted Payments
in an aggregate amount not to exceed the greater of (i) $95,000,000 and (ii) 4% of Consolidated Net Tangible Assets of Holdings,
the Company and the Restricted Subsidiaries determined as of the date of such Restricted Payment, provided, however,
that such payments shall be excluded in the calculation of the amount of Restricted Payments;

 

(11)          dividends or distributions in an aggregate amount per annum not to exceed 6% of the net cash proceeds received by or contributed
to the capital of Holdings in connection with any Qualified Equity Offering following the Issue Date, provided, however,
that such payments shall be included in the calculation of the amount of Restricted Payments;

 

(12)          so long as no Default or Event of Default has occurred and is continuing or shall result therefrom, other Restricted Payments
if, immediately after giving effect to such Restricted Payment (including the Incurrence of any Indebtedness to finance such payment)
as if it had occurred at the beginning of the most recently ended four (4) full consecutive fiscal quarters for which internal
consolidated financial statements of Holdings are available, the Consolidated Leverage Ratio would not be greater than 3.0 to
1.0, provided, however, that such payments shall be included in the calculation of the amount of Restricted Payments;
and

 

(13)          transactions pursuant to the Spin-Off Documents or any amendment, modification or supplement thereto or replacement thereof,
as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced is not materially more
disadvantageous to Holdings, the Company and the Restricted Subsidiaries, taken as a whole, than the terms of such agreement or
arrangement prior to such amendment, modification, supplement or replacement, provided, however, that such payments
shall be excluded in the calculation of the amount of Restricted Payments.

 

For purposes
of determining compliance with this Section 4.04, if a Restricted Payment meets the criteria of more than one of the categories
of Restricted Payments described in the clauses (1) through (10) and (13) of Section 4.04(b), the Company shall be permitted
to divide or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such Restricted Payment
in any manner that complies with this Section 4.04.

 

     

    53 

    

 

SECTION 4.05.                   
Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Company shall not, and Holdings shall
not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance
or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital
Stock to the Company or a Restricted Subsidiary or pay any Indebtedness owed to the Company or any Restricted Subsidiary, (b) make
any loans or advances to the Company or any Restricted Subsidiary or (c) transfer any of its property or assets to the Company
or any Restricted Subsidiary, except:

 

(1)            with respect to clauses (a), (b) and (c),

 

(A)            
any encumbrance or restriction pursuant to an agreement in effect at or entered into on or prior to the Issue Date, including
the Senior Credit Agreement;

 

(B)             
any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness
Incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by Holdings (other
than Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate,
the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary
or was acquired by Holdings) and outstanding on such date;

 

(C)             
any encumbrance or restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an
agreement referred to in Section 4.05(1)(A) or (B) or this clause (C) or contained in any amendment to an agreement
referred to in Section 4.05(1)(A) or (B) or this clause (C); provided, however, that the encumbrances
and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment are not materially
less favorable, taken as a whole, to the Company (as determined by the Company in its reasonable and good faith judgment) than
encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreements;

 

(D)            
any encumbrance or restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for
the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing
of such sale or disposition;

 

(E)             
any encumbrance or restriction pursuant to an agreement or instrument relating to any property or assets acquired after
the Issue Date, so long as such encumbrance or restriction relates only to the property or assets so acquired and is not created
in anticipation of such acquisition;

 

     

    54 

    

 

(F)             
any encumbrance or restriction pursuant to applicable law, rule, regulation or order;

 

(G)            
restrictions on cash, cash equivalents, Temporary Cash Investments or other deposits or net worth imposed under contracts
entered into the ordinary course of business, including such restrictions imposed by customers, suppliers, landlords or insurance,
surety or bonding companies;

 

(H)            
any encumbrance or restriction with respect to a Foreign Subsidiary entered into in the ordinary course of business or
pursuant to the terms of Indebtedness that was Incurred by such Foreign Subsidiary in compliance with the terms of this Indenture;

 

(I)               
provisions contained in any license, permit or other accreditation with a regulatory authority entered into the ordinary
course of business;

 

(J)               
provisions in agreements or instruments which prohibits the payment or making of dividends or other distributions other
than on a pro rata basis;

 

(K)            
customary provisions in organizational documents, joint venture agreements and other similar agreements (in each case relating
solely to the respective joint venture or similar entity or the equity interests therein) entered into (i) in the ordinary
course of business or (ii) with the approval of the Board of Directors; and

 

(L)             
any encumbrance or restrictions existing under or by reason of any agreements governing other Indebtedness permitted to
be incurred under Section 4.03 and any amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings of those agreements; provided that the restrictions therein are not materially more restrictive, taken
as a whole, than those permitted in (y) this Indenture, the Securities and the Guarantees or (z) agreements governing
Indebtedness outstanding on the Issue Date, in each case as determined by the Company in its reasonable and good faith judgment.

 

(2)            with respect to clause (c) only,

 

(A)            
any encumbrance or restriction consisting of customary nonassignment provisions in leases governing leasehold interests
to the extent such provisions restrict the transfer of the lease or the property leased thereunder; and

 

(B)             
any encumbrance or restriction contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary

 

     

    55 

    

 

to
the extent such encumbrance or restriction restricts the transfer of the property subject to such security agreements or mortgages.

 

SECTION 4.06.                   
Limitation on Sales of Assets and Subsidiary Stock. (a)  Holdings shall not, and shall not permit the
Company or any Restricted Subsidiary to, directly or indirectly, consummate any Asset Disposition unless (1) Holdings, the
Company or such Restricted Subsidiary receives consideration at the time of such Asset Disposition at least equal to the Fair
Market Value (including as to the value of all non-cash consideration) of the shares and assets subject to such Asset Disposition;
(2) at least 75% of the consideration thereof received by Holdings, the Company or such Restricted Subsidiary is in the form of
cash or Temporary Cash Investments; and (3) an amount equal to 100% of the Net Available Cash from such Asset Disposition
is applied by Holdings (or the Company or such Restricted Subsidiary, as the case may be) (A) first, to the extent
Holdings elects, within 365 days of the receipt of such Net Available Cash, (i) to reduce the outstanding principal amount
of Permitted Indebtedness Incurred pursuant to Section 4.03(b)(1); (ii) to reduce the outstanding principal amount of any other
Senior Indebtedness of Holdings, the Company or any Subsidiary Guarantor; provided, however, that the Company shall
equally and ratably reduce the principal amount of Securities outstanding, through open-market purchases (to the extent such purchases
are at or above 100% of the principal amount thereof) or through redemption, or shall offer (in accordance with the procedures
set forth below in Section 4.06(b)) to all Holders to purchase their Securities at 100% of the principal amount thereof, plus
accrued but unpaid interest, if any, in an aggregate principal amount which, if the offer were accepted, would result in such
reduction; or (iii) to reduce Indebtedness of a Restricted Subsidiary that is not a Guarantor; in each case other than Indebtedness
owed to Holdings or an Affiliate of Holdings; (B) second, to the extent of the balance of such Net Available Cash
after application in accordance with clause (A), to the extent Holdings elects, to acquire Additional Assets or make any
other capital expenditures in respect of a Related Business within 365 days of the receipt of such Net Available Cash; and
(C) third, to the extent of the balance of such Net Available Cash after application in accordance with clauses (A)
and (B), to make an offer to the Holders of the Securities (and to holders of other Senior Indebtedness of the Company designated
by the Company) to purchase Securities (and such other Senior Indebtedness of the Company) pursuant to and subject to the conditions
contained in this Indenture; provided, however, that in connection with any prepayment, repayment or purchase of
Indebtedness pursuant to clause (A) or (C) above, Holdings, the Company or such Restricted Subsidiary shall cause the related
loan commitment (if any) to be reduced in an amount equal to the principal amount so prepaid, repaid or purchased.

 

The requirement
of Section 4.06(a)(3)(B) shall be deemed to be satisfied if a bona fide binding contract committing to make the investment, acquisition
or expenditure referred to therein is entered into by Holdings, the Company or any of its Restricted Subsidiaries within the time
period specified in Section 4.06(a)(3)(A) and such Net Available Cash is subsequently applied in accordance with such contract
within 180 days following the date such agreement is entered into.

 

     

    56 

    

 

Notwithstanding
the foregoing provisions of this Section 4.06, Holdings, the Company and the Restricted Subsidiaries shall not be required
to apply any Net Available Cash in accordance with this Section 4.06 except to the extent that the aggregate Net Available Cash
from all Asset Dispositions which is not applied in accordance with this Section 4.06 exceeds $25,000,000. Pending application
of Net Available Cash pursuant to this Section 4.06, such Net Available Cash shall be invested in Temporary Cash Investments or
applied to temporarily reduce revolving credit Indebtedness.

 

For the purposes
of Section 4.06(a)(2), the following are deemed to be cash or Temporary Cash Investments: (i) the assumption or discharge
of Indebtedness of Holdings (other than obligations in respect of Disqualified Stock of Holdings), the Company or any Restricted
Subsidiary (other than obligations in respect of Disqualified Stock or Preferred Stock of the Company or a Restricted Subsidiary
that is a Subsidiary Guarantor) and the release of Holdings, the Company or such Restricted Subsidiary from all liability on such
Indebtedness in connection with such Asset Disposition; (ii) any securities received by Holdings, the Company or any Restricted
Subsidiary from the transferee that are converted by Holdings, the Company or such Restricted Subsidiary into cash within ninety
(90) days after such Asset Disposition, to the extent of the cash received in that conversion; and (iii) any Designated Non-cash
Consideration received by Holdings, the Company or any Restricted Subsidiary in such Asset Disposition having an aggregate Fair
Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (3) that is
at that time outstanding, not to exceed the greater of (1) $95,000,000 and (2) 4% of Consolidated Net Tangible Assets
of Holdings, the Company and the Restricted Subsidiaries at the time of the receipt of such Designated Non-cash Consideration
(with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without
giving effect to subsequent changes in value).

 

(b)              
In the event of an Asset Disposition that requires the purchase of Securities (and other Senior Indebtedness) pursuant
to Section 4.06(a)(3)(C) (or following which, the Company elects to purchase the Securities pursuant Section 4.06(a)(3)(A)(ii)
above), the Company shall purchase Securities tendered pursuant to an offer (an “Asset Sale Offer”) by the
Company for the Securities (and such other Senior Indebtedness) at a purchase price of 100% of their principal amount without
premium, plus accrued but unpaid interest in accordance with the procedures (including prorating in the event of oversubscription)
set forth in this Indenture. If the aggregate purchase price of the securities tendered exceeds the Net Available Cash allotted
to their purchase, the Company shall select the securities to be purchased on a pro rata basis but in round denominations,
which in the case of the Securities shall be minimum denominations of $2,000 principal amount or any greater integral multiple
of $1,000 thereof. The Company shall not be required to make such an Asset Sale Offer pursuant to this Section 4.06 if the Net
Available Cash available therefor is less than $50,000,000 (which lesser amount shall be carried forward for purposes of determining
whether such an Asset Sale Offer is required with respect to the Net Available Cash from any subsequent Asset Disposition). Upon
completion of such an Asset Sale Offer, Net Available Cash shall be reset at zero.

 

     

    57 

    

 

(c)              
 (1)  Promptly, and in any event within 10 days after the Company becomes obligated to make an Asset
Sale Offer, the Company shall deliver to the Trustee and shall deliver electronically or, at the Company’s option, mail
by first-class mail to each Holder, a written notice stating that the Holder may elect to have his Securities purchased by the
Company either in whole or in part (subject to prorating as described in Section 4.06(b) in the event the Asset Sale Offer is
oversubscribed) in denominations of $2,000 of principal amount or any greater integral multiple of $1,000 thereof, at the applicable
purchase price. The notice shall specify a purchase date not less than 15 days nor more than 60 days after the date of such notice
(the “Purchase Date”) and shall contain such information concerning the business of the Company which the Company
in good faith believes shall enable such Holders to make an informed decision.

 

(2)              
Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided below,
the Company shall deliver to the Trustee an Officer’s Certificate as to (A) the amount of the Asset Sale Offer (the
“Asset Sale Offer Amount”), including information as to any other Senior Indebtedness included in the Asset
Sale Offer, (B) the allocation of the Net Available Cash from the Asset Dispositions pursuant to which such Asset Sale Offer
is being made and (C) the compliance of such allocation with the provisions of Section 4.06(a) and (b). On such date,
the Company shall also irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust) in Temporary Cash Investments, maturing on the last day prior to the Purchase Date or on the
Purchase Date if funds are immediately available by open of business, an amount equal to the Asset Sale Offer Amount to be held
for payment in accordance with the provisions of this Section. If the Asset Sale Offer includes other Senior Indebtedness, the
deposit described in the preceding sentence may be made with any other paying agent pursuant to arrangements satisfactory to the
Trustee. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Asset Sale Offer Period”),
the Company shall deliver to the Trustee for cancellation the Securities or portions thereof which have been properly tendered
to and are to be accepted by the Company. The Trustee shall, on the Purchase Date, mail or deliver payment (or cause the delivery
of payment) to each tendering Holder in the amount of the purchase price. In the event that the aggregate purchase price of the
Securities delivered by the Company to the Trustee is less than the Asset Sale Offer Amount applicable to the Securities, the
Trustee shall deliver the excess to the Company immediately after the expiration of the Asset Sale Offer Period for application
in accordance with this Section 4.06.

 

(3)              
Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly
completed, to the Company at the address specified in the notice at least three Business Days prior to the Purchase Date. Holders
shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the
Purchase Date, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which
was delivered for purchase by the Holder

 

     

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and
a statement that such Holder is withdrawing his election to have such Security purchased. Holders whose Securities are purchased
only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered.

 

(4)              
At the time the Company delivers Securities to the Trustee which are to be accepted for purchase, the Company shall also
deliver an Officer’s Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance
with the terms of this Section. A Security shall be deemed to have been accepted for purchase at the time the Trustee, directly
or through an agent, mails or delivers payment therefor to the surrendering Holder.

 

(d)              
The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any
other securities laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.06. To the extent
that the provisions of any securities laws or regulations conflict with provisions of this Section 4.06, the Company shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section
4.06 by virtue of its compliance with such securities laws or regulations.

 

SECTION 4.07.                   
Limitation on Affiliate Transactions. (a)  Holdings shall not, and shall not permit the Company or any
Restricted Subsidiary to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any
property, employee compensation arrangements or the rendering of any service) with, or for the benefit of, any Affiliate of Holdings,
the Company or any Restricted Subsidiary (an “Affiliate Transaction”) involving aggregate payments or consideration
in excess of $10,000,000, unless (1) the terms of the Affiliate Transaction, taken as a whole, are no less favorable to Holdings,
the Company or such Restricted Subsidiary than those that could reasonably be expected to have been obtained at the time of the
Affiliate Transaction in comparable arm’s-length dealings with a Person who is not an Affiliate of Holdings, the Company
or such Restricted Subsidiary; and (2) Holdings delivers to the Trustee (A) if such Affiliate Transaction involves an amount
in excess of $25,000,000 but not greater than $50,000,000, an Officer’s Certificate certifying that such Affiliate Transaction
or series of Affiliate Transactions complies with this Section 4.07 and (B) if such Affiliate Transaction involves an amount in
excess of $50,000,000, a resolution of the Board of Directors of Holdings set forth in an Officer’s Certificate certifying
that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.07 and that such Affiliate
Transaction or series of related Affiliate Transactions has been approved by a majority of the disinterested members of the Board
of Directors, if any. For purposes of Section 4.07(a)(2)(B), any Affiliate Transaction shall be deemed to have satisfied the requirements
thereof if (x) such Affiliate Transaction is approved by a majority of the disinterested members of the Board of Directors
or (y) in the event there are no disinterested members, a letter from an accounting, appraisal or investment banking firm
of national standing is provided stating that such transaction is fair to Holdings, the Company or such Restricted Subsidiary
from a financial point of view or that such Affiliate Transaction meets the requirements of Section 4.07(a)(1).

 

     

    59 

    

 

(b)              
The provisions of Section 4.07(a) shall not prohibit (1) (A) any Permitted Investment or (B) any Investment
(other than a Permitted Investment) or other Restricted Payment, in each case permitted to be made pursuant to Section 4.04;
(2) any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar arrangement
entered into by Holdings, the Company or any Restricted Subsidiary in the ordinary course of business, and any issuance of securities,
or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, any such agreement, plan
or arrangement; (3) loans or advances to employees in the ordinary course of business in accordance with the past practices
of Holdings, the Company or any Restricted Subsidiary, but in any event not to exceed $2,500,000 in the aggregate outstanding
at any one time; (4) the payment of reasonable fees, compensation and payments in respect of indemnities to directors, officers,
employees or consultants of Holdings, the Company and the Restricted Subsidiaries; (5) any transaction with Holdings, the
Company, a Restricted Subsidiary or joint venture or similar entity which would constitute an Affiliate Transaction solely because
Holdings, the Company or a Restricted Subsidiary owns an equity interest in or otherwise controls the Company, such Restricted
Subsidiary, joint venture or similar entity; (6) the issuance or sale of any Capital Stock (other than Disqualified Stock) of
Holdings or the issuance or sale of any Capital Stock of the Company or any Restricted Subsidiary (or any Person that thereby
becomes a Restricted Subsidiary) to Holdings, the Company or any Restricted Subsidiary; (7) transactions with customers, clients,
vendors, suppliers or other purchasers or sellers of goods or services, in each case in the ordinary course of business (including
pursuant to joint venture agreements); (8) any transaction on arm’s-length terms with any non-Affiliate of Holdings that
becomes an Affiliate of Holdings as a result of such transactions; (9) any transactions between Holdings, the Company or any Restricted
Subsidiary, on one hand, and any Person, on the other hand, a director of which is also a director of Holdings, the Company or
a Restricted Subsidiary, and such director is the sole cause for such Person to be deemed an Affiliate of Holdings, the Company
and/or a Restricted Subsidiary; provided that such director abstains from voting as a director of Holdings, the Company
or the Restricted Subsidiary, as applicable, in connection with the approval of the transaction; and (10) other agreements or
arrangements in effect on the Issue Date or any amendment, modification or supplement thereto or replacement thereof, as long
as such agreement or arrangement, as so amended, modified, supplemented or replaced is not materially more disadvantageous to
Holdings, the Company and the Restricted Subsidiaries, taken as a whole, than the agreement or arrangement in existence on the
Issue Date.

 

SECTION 4.08.                   
Change of Control. (a)  Upon the occurrence of a Change of Control, each Holder shall have the right to
require that the Company repurchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal
amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date):

 

(b)              
Within thirty (30) days following any Change of Control, except to the extent the Company has previously or concurrently
exercised its right to redeem the

 

     

    60 

    

 

Securities
by delivery of a notice of redemption as described under Section 5 of the Securities, the Company shall cause a notice to be delivered
electronically or, at its option, mailed by first-class mail to each Holder with a copy to the Trustee (the “Change of
Control Offer”) stating:

 

(1)              
that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s
Securities at a purchase price in cash equal to 101% of the principal thereof on the date of purchase, plus accrued and
unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive
interest on the relevant interest payment date);

 

(2)              
the circumstances and relevant facts regarding such Change of Control;

 

(3)              
the purchase date (which shall be no earlier than thirty (30) days nor later than sixty (60) days from the date
such notice is mailed or delivered); and

 

(4)              
the instructions, as determined by the Company, consistent with this Section 4.08, that a Holder must follow in order to
have its Securities purchased.

 

(c)              
The Company shall not be required to make a Change of Control Offer following a Change of Control if (i) a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Company and purchases all Securities validly tendered and not withdrawn
under such Change of Control Offer or (ii) a notice of redemption for all outstanding Securities has been given previous to, or
concurrently with, the Change of Control pursuant to this Indenture as described under Section 5 of the Securities, unless and
until there is a default in payment of the applicable redemption price.

 

(d)              
Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly
completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders
shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the
purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount
of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to
have such Security purchased.

 

(e)              
On the purchase date, all Securities purchased by the Company under this Section shall be delivered by the Company to the
Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the
Holders entitled thereto.

 

     

    61 

    

 

(f)               
If holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw
such Securities in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the
Company as described above, purchases all of the Securities validly tendered and not withdrawn by such holders, the Company or
such third party will have the right, upon not less than fifteen (15) nor more than sixty (60) days’ prior notice, given
not more than thirty (30) days following such purchase pursuant to the Change of Control Offer described above, to redeem all
Securities that remain outstanding following such purchase at a purchase price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but excluding the date of redemption (subject to the right of holders on the relevant
record date to receive interest due on the relevant interest payment date).

 

(g)              
If the terms of the Senior Credit Agreement prohibit the Company from making a Change of Control Offer or from purchasing
the Securities pursuant thereto, prior to the delivery or mailing of the notice to Securityholders described in the preceding
paragraph, but in any event within thirty (30) days following any Change of Control, the Company covenants to:

 

(1) repay in full all
Indebtedness outstanding under the Senior Credit Agreement or offer to repay in full all such Indebtedness and repay the Indebtedness
of each lender who has accepted such offer; or

 

(2) obtain the requisite
consent under the Senior Credit Agreement to permit the purchase of the Securities as described above.

 

The Company
must first comply with this Section 4.08(g) before it shall be required to purchase Securities in the event of a Change of Control,
provided, however, that the Company’s failure to comply with this Section 4.08(g) or to make a Change of Control
Offer because of any such failure shall constitute a default described in Section 6.01(5) (and not under Section 6.01(2)).

 

(h)              
A Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(i)                
The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws or regulations in connection with the repurchase of Securities as a result of a Change of Control. To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached the Company’s
obligations under this Section by virtue of the Company’s compliance with such securities laws or regulations.

 

SECTION 4.09.                   
Limitation on Liens.  Holdings shall not, and shall not permit the Company or any Restricted Subsidiary
to, directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever
on any of its

 

     

    62 

    

 

properties
(including Capital Stock of the Company or a Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, securing
any Indebtedness, other than Permitted Liens, without effectively providing that the Securities and the Guarantees shall be secured
equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured.

 

Any such Lien
thereby created in favor of the Securities or any Guarantee shall be automatically and unconditionally released and discharged
upon (i) the release and discharge of each Initial Lien to which it relates, (ii) in the case of such Lien in favor
of any Subsidiary Guarantor, upon the termination and discharge of such Subsidiary Guarantee in accordance with the terms of this
Indenture or (iii) any sale, exchange or transfer to any Person not an Affiliate of Holdings of the property or assets secured
by such Initial Lien.

 

With respect
to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness,
such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any
Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest or fees, any
accretion of accreted value, any amortization of original issue discount, any payment of interest in the form of additional Indebtedness
containing the same terms or in the form of Qualified Capital Stock of Holdings, any payment of dividends on Preferred Stock in
the form of additional shares of Preferred Stock of the same class or any accretion of original issue discount or liquidation
preference and any increase in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate
of currencies or increases in the value of property securing Indebtedness.

 

SECTION 4.10.                   
Future Subsidiary Guarantors. Holdings shall cause each domestic Wholly Owned Subsidiary that Guarantees Indebtedness
under the Senior Credit Agreement to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary
shall Guarantee payment of the Securities on the same terms and conditions as those set forth in Article 10 of this Indenture
and applicable to the other Subsidiary Guarantors.

 

SECTION 4.11.                   
Suspension of Covenants. (a) Following the first day (the “Suspension Date”) that: (i) the Securities
have an Investment Grade Rating from any two of the three Rating Agencies and (ii) no Default has occurred and is continuing under
this Indenture, Holdings, the Company and the Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06,
4.07, 4.10, 5.01(a)(3) and 5.01(b)(3) (collectively, the “Suspended Covenants”) and the then-existing Subsidiary
Guarantees will be suspended as of the Suspension Date.

 

(b)       In
the event that Holdings, the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period
of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) two of the three Rating
Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Securities below an Investment Grade Rating,
then Holdings, the

 

     

    63 

    

 

Company
and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events and
the Subsidiary Guarantees will be reinstated. The period of time between the Suspension Date and the Reversion Date is referred
to in this Indenture as the “Suspension Period”. Notwithstanding that the Suspended Covenants may be reinstated,
no Default shall be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during the Suspension
Period.

 

(c)       On
the Reversion Date, all Indebtedness Incurred during the Suspension Period shall be classified to have been Incurred pursuant
to Sections 4.03(a) or 4.03(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion
Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To
the extent such Indebtedness would not be so permitted to be Incurred pursuant to Sections 4.03(a) or 4.03(b), such Indebtedness
shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(4). Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 shall be made as though
Section 4.04 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made
during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.04(a) and
the provisions specified in Sections 4.04(a)(3)(A)-(E) will increase the amount available to be made under Section 4.04(a). For
purposes of determining compliance with Section 4.06(a), the amount of Net Available Cash from all Asset Dispositions not applied
in accordance with the covenant shall be deemed to be reset to zero.

 

SECTION 4.12.                   
Compliance Certificate. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year
of the Company, an Officer’s Certificate stating that in the course of the performance by such Officer of his or her duties
he or she would normally have knowledge of any Default and whether or not such Officer knows of any Default that occurred during
such period. If so, the certificate shall describe the Default, its status and what action the Company is taking or proposes to
take with respect thereto.

 

Article
5

Successor Company

 

SECTION 5.01.                   
When Company May Merge or Transfer Assets. (a)  Holdings shall not consolidate with or merge with or into,
or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all or substantially all
its assets to, any Person, unless:

 

(1)              
Holdings shall be the surviving corporation or the resulting, surviving or transferee Person (“Successor Holdings”)
shall be a Person organized and existing under the laws of the United States of America, any State thereof or the District of
Columbia and Successor Holdings (if not Holdings) shall expressly

 

     

    64 

    

 

assume,
by an indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all
the obligations of Holdings under its Guarantee of the Securities and this Indenture;

 

(2)              
immediately after giving pro forma effect to such transaction (and treating any Indebtedness which becomes an obligation
of Successor Holdings or any Subsidiary as a result of such transaction as having been Incurred by Successor Holdings or such
Subsidiary at the time of such transaction), no Default shall have occurred and be continuing;

 

(3)              
immediately after giving pro forma effect to such transaction, Successor Holdings would (a) be able to Incur
an additional $1.00 of Coverage Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio
greater than the Consolidated Coverage Ratio immediately prior to such transaction and without giving pro forma effect
thereto; and

 

(4)              
Holdings shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.

 

(b)              
The Company shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series
of related transactions, directly or indirectly, all or substantially all of its assets in one or a series of related transactions
to, any Person, unless:

 

(1)              
the surviving corporation or the resulting, surviving or transferee Person (the “Successor Company”)
shall be a corporation, limited liability corporation or limited partnership organized and existing under the laws of the United
States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly
assume, by an indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee,
all the obligations of the Company under the Securities and this Indenture; and if the Successor Company shall be a limited liability
corporation or limited partnership, a Wholly Owned Subsidiary of the Successor Company that is a corporation organized and existing
under the laws of the United States of America, any State thereof or the District of Columbia shall expressly assume, on a joint
and several basis with the Successor Company, by an indenture supplemental thereto, executed and delivered to the Trustee, in
form reasonably satisfactory to the Trustee, all the obligations of the Successor Company under the Securities and this Indenture;

 

(2)              
immediately after giving pro forma effect to such transaction (and treating any Indebtedness which becomes an obligation
of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by the Successor Company or
such Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

 

     

    65 

    

 

(3)              
immediately after giving pro forma effect to such transaction, Holdings would (a) be able to Incur an additional
$1.00 of Coverage Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio greater than the
Consolidated Coverage Ratio immediately prior to such transaction and without giving pro forma effect thereto; and

 

(4)              
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.

 

For purposes
of this Section 5.01, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all
of the properties and assets of one or more Subsidiaries of Holdings or the Company, which properties and assets, if held by Holdings
or the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of Holdings
or the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets
of Holdings or the Company, as applicable.

 

For the avoidance
of doubt, any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of the Ethanol Subsidiary shall
not constitute the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties
and assets of Holdings, the Company or the Restricted Subsidiaries.

 

Successor Holdings
or the Successor Company shall be the successor to Holdings or the Company, as applicable, and shall succeed to, and be substituted
for, and may exercise every right and power of, Holdings or the Company, as applicable, under this Indenture and the predecessor
Holdings or the Company, as applicable, except in the case of a lease, shall be released from the obligation to pay the principal
of and interest on the Securities and Guarantees, as applicable.

 

For all purposes
of this Indenture, Subsidiaries of Successor Holdings shall, upon any transaction subject to this covenant, become Restricted
Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture.

 

(c)              
Holdings shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease,
in one transaction or a series of transactions, directly or indirectly, all or substantially all of its assets to any Person unless:
(1) except in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another Person (other than
to Holdings or an Affiliate of Holdings), whether through a merger, consolidation or sale of Capital Stock or assets or (y) that,
as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary, in both cases, if in connection
therewith Holdings provides an Officer’s Certificate to the Trustee to the effect that Holdings shall comply with its obligations
under Section 4.06 in respect of such disposition, the resulting, surviving or transferee Person (if not such Subsidiary) shall
be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws
of the United States of

 

     

    66 

    

 

America,
any State thereof or the District of Columbia, and such Person shall expressly assume, by a supplemental indenture, in a form
satisfactory to the Trustee, all the obligations of such Subsidiary, if any, under its Subsidiary Guarantee; (2) immediately
after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes
an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued by such Person
at the time of such transaction), no Default shall have occurred and be continuing; and (3) Holdings delivers to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental
indenture, if any, complies with this Indenture.

 

Notwithstanding
this Section 5.01(c), (1) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties
and assets to Holdings, the Company or any Subsidiary Guarantor and (2) Holdings or the Company may merge with an Affiliate incorporated
solely for the purpose of reincorporating Holdings or the Company in a jurisdiction within the United States of America, any State
thereof or the District of Columbia.

 

Article
6

Defaults and Remedies

 

SECTION 6.01.                   
Events of Default. Each of the following is an “Event of Default”:

 

(1)              
a default in the payment of interest on the Securities when due, continued for thirty (30) days;

 

(2)              
a default in the payment of principal of any Security when due at its Stated Maturity, upon optional redemption, upon required
purchase, upon declaration of acceleration or otherwise;

 

(3)              
the failure by Holdings or the Company to comply with its obligations under Section 5.01;

 

(4)              
the failure by Holdings to comply for one hundred eighty (180) days after the notice specified below with any
of its obligations under Section 4.02;

 

(5)              
the failure by Holdings, the Company or any Subsidiary Guarantor to comply for sixty (60) days after the notice specified
below with any of its other agreements contained in the Securities or this Indenture (other than those referred to in clause (1),
(2), (3) or (4) above);

 

(6)              
Indebtedness of Holdings, the Company or any Significant Subsidiary is (x) not paid within any applicable grace period
after final maturity or (y) is accelerated by the holders thereof prior to its Stated Maturity because of a default and,
in either case (x) or (y), the total amount of such Indebtedness

 

     

    67 

    

 

unpaid
or accelerated exceeds $50,000,000; provided that if, prior to any acceleration of the Securities, (i) any such default
is cured or waived, (ii) any such acceleration is rescinded or (iii) such Indebtedness is repaid, within a period of
thirty (30) days from the earlier of continuation of such default beyond any applicable grace or cure period or the
occurrence of such acceleration, as the case may be, any such Event of Default under this Indenture (but not any acceleration
of the Securities) shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree;

 

(7)             Holdings, the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)            
commences a voluntary case;

 

(B)             
consents to the entry of an order for relief against it in an involuntary case;

 

(C)             
consents to the appointment of a Custodian of it or for any substantial part of its property; or

 

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

 

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

 

(8)            a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)            
is for relief against Holdings, the Company or any Significant Subsidiary in an involuntary case;

 

(B)             
appoints a Custodian of Holdings, the Company or any Significant Subsidiary or for any substantial part of its property;
or

 

(C)             
orders the winding up or liquidation of Holdings, the Company or any Significant Subsidiary;

 

or
any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days;

 

(9)            any judgment or decree for the payment of money in excess of $50,000,000 or its foreign currency equivalent is entered
against Holdings, the Company or any Significant Subsidiary, remains outstanding for a period of sixty (60) consecutive days following
the entry of such judgment or decree and is not discharged, waived or the execution thereof stayed, and is not adequately covered
by insurance or indemnities which have been cash collateralized;

 

     

    68 

    

 

(10)          any Guarantee ceases to be in full force and effect or any Guarantor denies or disaffirms
its obligations under its Guarantee (in each case other than as permitted in accordance with the terms of this Indenture);
or

 

(11)          the Company ceases to be a Subsidiary of Holdings.

 

The foregoing
shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body.

 

The term “Bankruptcy
Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy
Law.

 

A Default under
clauses (4), (5) and (9) shall not constitute an Event of Default until the Trustee or the Holders of at least 25% in principal
amount of the outstanding Securities notify Holdings of the Default and Holdings does not cure such Default within the time specified,
as applicable, after receipt of such notice. Such notice must specify the Default, demand that it be remediated and state that
such notice is a “Notice of Default”. A Notice of Default may not be given with respect to any action taken,
and reported publicly or to the Trustee and Holders, more than two years prior to such Notice of Default. Any Notice of Default,
notice of acceleration or instruction to the Trustee to provide a Notice of Default, notice of acceleration or take any other
action (a “Securityholder Direction”) provided by any one or more Holders (each, a “Directing Holder”)
must be accompanied by a written representation from each such Holder delivered to the Company and the Trustee that such Holder
is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that
are not) Net Short (a “Position Representation”), which representation, in the case of a Securityholder Direction
relating to delivery of a notice of Default (a “Default Direction”) shall be deemed a continuing representation until
the resulting Event of Default is cured or otherwise ceases to exist or the Securities are accelerated. In addition, each Directing
Holder must, at the time of providing a Securityholder Direction, covenant to provide the Company with such other information
as the company may reasonably request from time to time in order to verify the accuracy of such Securityholder’s Position
Representation within five Business Days of request therefor (a “Verification Covenant”). In any case in which the
Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the
beneficial owner of the Securities in lieu of DTC or its nominee.

 

If, following
the delivery of a Securityholder Direction, but prior to acceleration of the Securities, the Company determines in good faith
that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation
and provides to the Trustee an Officer’s Certificate stating that the Company has filed papers with a court of competent
jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position

 

     

    69 

    

 

Representation,
and seeking to invalidate any Event of Default that resulted from the applicable Securityholder Direction, the cure period with
respect to such Event of Default shall be automatically stayed pending a final and non-appealable determination of a court of
competent jurisdiction on such matter. If, following the delivery of a Securityholder Direction, but prior to acceleration of
the Securities, the Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy
its Verification Covenant, the cure period with respect to any Event of Default that resulted from the applicable Securityholder
Direction shall be automatically stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation
shall result in such Holder’s participation in such Securityholder Direction being disregarded; and, if, without the participation
of such Holder, the percentage of Securities held by the remaining Holders that provided such Securityholder Direction would have
been insufficient to validly provide such Securityholder Direction, such Securityholder Direction shall be void ab initio, with
the effect that such Event of Default shall be deemed never to have occurred.

 

Any Default
for the failure to deliver any report within the time periods prescribed in Section 4.02 or to deliver any notice or certificate
pursuant to any other provision of this Indenture shall be deemed to be cured upon the subsequent delivery of any such report,
notice or certificate, even though such delivery is not within the prescribed period specified.

 

The Company
shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer’s Certificate
of any event which with the giving of notice or the lapse of time would become an Event of Default, its status and what action
the Company is taking or proposes to take with respect thereto.

 

SECTION 6.02.                   
Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(7) or (8)) occurs
and is continuing, the Trustee by notice to the Company or the Holders of at least 25% in principal amount of the outstanding
Securities by notice to the Company and the Trustee may declare the principal of and accrued but unpaid interest on all the Securities
to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event
of Default specified in Section 6.01(7) or (8) occurs and is continuing, the principal of and interest on all the Securities shall
ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or
any Securityholders. The Holders of a majority in principal amount of the outstanding Securities by notice to the Trustee may
rescind any such acceleration with respect to the Securities and its consequences (including any payment Default that directly
resulted from such acceleration) if the rescission would not conflict with any judgment or decree and if all existing Events of
Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration.
No such rescission shall affect any subsequent Default or impair any right consequent thereto.

 

Any time period
in this Indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent
jurisdiction.

 

     

    70 

    

 

SECTION 6.03.                   
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities
or this Indenture.

 

The Trustee
may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall
not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. All available remedies are cumulative.

 

SECTION 6.04.                   
Waiver of Past Defaults. The Holders of a majority in principal amount of the Securities by notice to the Trustee
may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on
a Security (b) a Default arising from the failure to redeem or purchase any Security when required pursuant to this Indenture
or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Securityholder
affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or
impair any consequent right.

 

SECTION 6.05.                   
Control by Majority. The Holders of a majority in principal amount of the outstanding Securities may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or,
subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Securityholders or would involve
the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled
to receive indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking
such action.

 

SECTION 6.06.                   
Limitation on Suits. Except to enforce the right to receive payment of principal, premium (if any) or interest when
due, no Securityholder may pursue any remedy with respect to this Indenture or the Securities unless:

 

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

 

(2)              
Holders of at least 25% in principal amount of the outstanding Securities have made a written request to the Trustee to
pursue the remedy;

 

(3)              
such Holder or Holders have offered to the Trustee security or indemnity satisfactory to it against any loss, liability,
claim or expense;

 

(4)              
the Trustee has not complied with such request within sixty (60) days after the receipt thereof and the offer of security
or indemnity; and

 

     

    71 

    

 

(5)              
Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent
with such request within such 60-day period.

 

A Securityholder
may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over another
Securityholder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use
by a Securityholder is unduly prejudicial to such other Securityholders). In the event that the definitive Securities are not
issued to any beneficial owner promptly after the Registrar has received a request from the Holder of a Global Security to issue
such definitive Securities to such beneficial owner of its nominee, the Company expressly agrees and acknowledges, with respect
to the right of any Holder to pursue a remedy pursuant to this Indenture, the right of such beneficial holder of Securities to
pursue such remedy with respect to the portion of the Global Security that represents such beneficial holder’s Securities
as if such definitive Securities had been issued.

 

SECTION 6.07.                   
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed
in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder.

 

SECTION 6.08.                   
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing,
the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then
due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.

 

SECTION 6.09.                   
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee and the Securityholders allowed in any judicial proceedings
relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf
of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any
such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.07.

 

SECTION 6.10.                   
Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money
or property in the following order:

 

     

    72 

    

 

FIRST:to
the Trustee for amounts due under Section 7.07 of this Indenture;

 

SECOND:to
Securityholders for amounts due and unpaid on the Securities for principal and interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and

 

THIRD:
to the Company.

 

The Trustee
may fix a record date and payment date for any payment to Securityholders pursuant to this Section.

 

SECTION 6.11.                   
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any
party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee,
a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Securities.

 

SECTION 6.12.                   
Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder,
delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such
power as though no such law had been enacted.

 

Article
7

Trustee

 

SECTION 7.01.                   
Duties of Trustee. (a)  If an Event of Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent
Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

 

(b)              
Except during the continuance of an Event of Default:

 

     

    73 

    

 

(1)              
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)              
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their
face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein).

 

(c)              
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
wilful misconduct, except that:

 

(1)              
this paragraph does not limit the effect of paragraph (b) of this Section;

 

(2)              
the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved in
a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and

 

(3)              
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05.

 

(d)              
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c)
of this Section.

 

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

 

(f)               
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)              
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(h)              
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section.

 

SECTION 7.02.                   
Rights of Trustee. (a)  The Trustee may rely and shall be protected in acting or refraining from acting
upon any document believed by it to

 

     

    74 

    

 

be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated
in the document.

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel.
The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate
or Opinion of Counsel.

 

(c)              
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

(d)              
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful
misconduct or negligence.

 

(e)              
The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect
to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)               
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action.

 

(g)              
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder.

 

(h)              
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(i)                
The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture.

 

(j)                
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture, the Securities
or the Subsidiary Guarantees at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities which may be incurred therein or thereby.

 

(k)              
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and will
be held un-invested.

 

     

    75 

    

 

SECTION 7.03.                   
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.
Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply
with Sections 7.10 and 7.11.

 

SECTION 7.04.                   
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from
the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in
connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication.

 

SECTION 7.05.                   
Notice of Defaults. The Trustee shall not be deemed to have actual knowledge of any Default or Event of Default
unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of a Default or Event of Default is
received by the Trustee at its corporate trust office. If a Default occurs, is continuing and is actually known to the Trustee
as provided in the immediately preceding sentence, the Trustee shall mail to each Securityholder notice of the Default within
ninety (90) days after it occurs. Except in the case of a Default in the payment of principal of or interest on any Security,
the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is not
opposed to the interests of the Securityholders.

 

SECTION 7.06.                   
Reports by Trustee to Holders. As promptly as practicable after May 15 in each year, beginning with the first May
15 after the Issue Date, the Trustee shall mail to each Securityholder a brief report dated as of May 15 that complies with
TIA § 313(a). The Trustee shall also comply with TIA § 313(b).

 

A copy of each
report at the time of its mailing to Securityholders shall be filed with each stock exchange (if any) on which the Securities
are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and
of any delisting thereof.

 

SECTION 7.07.                   
Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation for its services
as mutually agreed to in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or
made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents and counsel. The Company shall indemnify the
Trustee against any and all loss, liability, claim or expense (including attorneys’ fees and expenses) incurred by it in
connection with the administration of this trust and the performance of its duties or exercise of its rights hereunder and the
enforcement of this Indenture (including this Section 7.07). The Trustee shall notify the Company promptly of any claim for which
it

 

     

    76 

    

 

may
seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The
Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such
counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee
through the Trustee’s own willful misconduct, negligence or bad faith.

 

To secure the
Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or property
held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities.

 

The Company’s
payment obligations pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal of the
Trustee. When the Trustee incurs expenses after the occurrence of an Event of Default specified in Section 6.01(7) or (8)
with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.

 

SECTION 7.08.                   
Replacement of Trustee. The Trustee may resign at any time by so notifying the Company. The Holders of a majority
in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee.
The Company shall remove the Trustee if:

 

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

 

(2)              
the Trustee is adjudged bankrupt or insolvent;

 

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

 

(4)              
the Trustee otherwise becomes incapable of acting.

 

If the Trustee
resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in
such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Securityholders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for
in Section 7.07.

 

If a successor
Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders
of 10% in principal

 

     

    77 

    

 

amount
of the Securities may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

If the Trustee
fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

 

Notwithstanding
the replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee.

 

SECTION 7.09.                   
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

 

In case at
the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may
adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in case
at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities
either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee
shall have.

 

SECTION 7.10.                   
Eligibility; Disqualification. There shall at all times be a Trustee hereunder which shall be a corporation, national
association or other type of legal entity organized and doing business under the laws of the United States or of any State or
Territory thereof or of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers,
(b) is subject to supervision or examination by Federal, State, Territorial or District of Columbia authority, (c) shall have
at all times a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of
condition and (d) shall not be the Company or any person directly or indirectly controlling, controlled by or under common control
with the Company.

 

SECTION 7.11.                   
Collection of Claims Against Company. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship
listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

     

    78 

    

 

Article
8

Discharge of Indenture; Defeasance

 

SECTION 8.01.                   
Discharge of Liability on Securities; Defeasance. (a)  When (1) the Company delivers to the Trustee
all outstanding Securities (other than Securities replaced pursuant to Section 2.07) for cancelation or (2) all outstanding
Securities have become due and payable, whether at maturity or on a redemption date as a result of the mailing of a notice of
redemption pursuant to Article 3 hereof and, in the case of clause (2), the Company irrevocably deposits with the Trustee
funds sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such
redemption date (other than Securities replaced pursuant to Section 2.07), and if in either case the Company pays all other sums
payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee
shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officer’s Certificate
and an Opinion of Counsel in compliance with Section 8.02 and at the cost and expense of the Company.

 

(b)              
Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (1) all its obligations under the Securities
and this Indenture (“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03,
4.04, 4.05, 4.06, 4.07, 4.08, 4.09 and 4.10 and the operation of Sections 6.01(6), 6.01(7), 6.01(8) and 6.01(9) (but, in
the case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) and the limitations contained in Section 5.01(a)(3)
and 5.01(b)(3) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding
its prior exercise of its covenant defeasance option.

 

If the Company
exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default with respect
thereto. If the Company exercises its covenant defeasance option, payment of the Securities may not be accelerated because of
an Event of Default specified in Section 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8) or 6.01(9) (but, in the case of Sections 6.01(7)
and (8), with respect only to Significant Subsidiaries) or because of the failure of the Company to comply with Section 5.01(a)(3)
or 5.01(b)(3). If the Company exercises its legal defeasance option or its covenant defeasance option, each Subsidiary Guarantor,
if any, shall be released from all its obligations with respect to its Subsidiary Guarantee.

 

Upon satisfaction
of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of
those obligations that the Company terminates.

 

(c)              
Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07,
2.08, 7.07 and 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s
obligations in Sections 7.07, 8.04 and 8.05 shall survive.

 

     

    79 

    

 

SECTION 8.02.                   
Conditions to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option
only if:

 

(1)              
the Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations (the sufficiency of
any such U.S. Government Obligations shall be certified by an Officer’s Certificate) for the payment of principal of and
interest on the Securities to maturity or redemption, as the case may be;

 

(2)              
the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing
their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government
Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient
to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be;

 

(3)              
123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(7)
or (8) with respect to Holdings or the Company occurs which is continuing at the end of the period;

 

(4)              
the deposit does not constitute a default under any other agreement binding on the Company;

 

(5)              
the Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does
not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940;

 

(6)              
in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since
the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of Securities will not recognize income, gain
or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such defeasance had not occurred;

 

(7)              
in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to
the effect that the beneficial owners of Securities will not recognize income, gain or loss for Federal income tax purposes as
a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such covenant defeasance had not occurred; and

 

     

    80 

    

 

(8)              
the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of the Securities as contemplated by this Article 8 have been complied with.

 

Before or after
a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date in
accordance with Article 3.

 

SECTION 8.03.                   
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited
with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

 

SECTION 8.04.                   
Repayment to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon request any
excess money or securities held by them at any time.

 

Subject to
any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by
them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled
to the money must look to the Company for payment as general creditors.

 

SECTION 8.05.                   
Indemnity for Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received
on such U.S. Government Obligations.

 

SECTION 8.06.                   
Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the Company’s and each Guarantor’s obligations
under this Indenture, each Guarantee and the Securities shall be revived and reinstated as though no deposit had occurred pursuant
to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment
of interest on or principal of any Securities because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by
the Trustee or Paying Agent.

 

     

    81 

    

 

Article
9

Amendments

 

SECTION 9.01.                   
Without Consent of Holders. The Company, the Guarantors and the Trustee
may amend this Indenture or the Securities without notice to, or consent of, any Securityholder:

 

(1)              
to cure any ambiguity, omission, defect or inconsistency;

 

(2)              
to provide for the assumption by a successor corporation of the obligations of Holdings, the Company or any Subsidiary
Guarantor under this Indenture pursuant to Article 5;

 

(3)              
to provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the
uncertificated Securities are issued in registered form for United States federal income tax purposes;

 

(4)              
to add Guarantees with respect to the Securities, including any Subsidiary Guarantee, or to secure the Securities; provided
that any amendment or supplemental indenture evidencing any such additional Subsidiary Guarantee may be executed by the relevant
Subsidiary Guarantor and the Trustee and shall not be required to be executed by any other Person;

 

(5)              
to add to the covenants of Holdings, the Company or any Subsidiary Guarantor for the benefit of the Holders or to surrender
any right or power conferred upon Holdings, the Company or any Subsidiary Guarantor;

 

(6)              
to make any change that does not adversely affect the rights of any Holder of the Securities;

 

(7)              
to comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture
under the TIA;

 

(8)              
to conform the text of this Indenture, the Securities or any Guarantee to any provision of the “Description of the
Notes” in the Offering Memorandum to the extent that such provision in such “Description of the Notes” was intended
to be a verbatim recitation of a provision of this Indenture, the Securities or such Guarantee; or

 

(9)              
to make any amendment to the provisions of this Indenture relating to the transfer and legending of Securities; provided,
however, that (a) compliance with this Indenture as so amended would not result in Securities being transferred in
violation of the Securities Act or any other applicable securities law and (b) such amendment does not materially and adversely
affect the rights of Holders to transfer Securities.

 

     

    82 

    

 

After an amendment
under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The
failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section.

 

SECTION 9.02.                   
With Consent of Holders. The Company, the Guarantors and the Trustee may
amend this Indenture or the Securities (including the obligations of the Company to make a Change of Control Offer pursuant to
Section 4.08 of this Indenture) with the written consent of the Holders of at least a majority in principal amount of the Securities
then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities) and any past default
or compliance with any provisions may also be waived with the consent of the Holders of at least a majority in principal amount
of the Securities then outstanding. However, without the consent of each Securityholder affected thereby, an amendment or waiver
may not:

 

(1)              
reduce the principal amount of Securities whose Holders must consent to an amendment;

 

(2)              
reduce the rate of or extend the time for payment of interest on any Security;

 

(3)              
reduce the principal of or change the Stated Maturity of any Security;

 

(4)              
change the provisions applicable to the redemption of any Security contained in Article 3 of this Indenture or Section 5
of the Securities (other than changes in Sections 3.02, 3.03 and 3.06 of this Indenture);

 

(5)              
make any Security payable in money other than that stated in the Security;

 

(6)              
impair the right of any Holder of the Securities to receive payment of principal of and interest on such Holder’s
Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such
Holder’s Securities;

 

(7)              
make any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02;

 

(8)              
make any changes in the ranking or priority of any Security that would adversely affect the Securityholders; or

 

(9)              
make any change in, or release other than in accordance with this Indenture, any Guarantee that would adversely affect
the Securityholders.

 

It shall not
be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent approves the substance of the proposed amendment.

 

     

    83 

    

 

After an amendment
under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The
failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section.

 

SECTION 9.03.                   
[Reserved].

 

SECTION 9.04.                   
Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall
bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent
Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective,
it shall bind every Securityholder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by
the Company, any applicable Guarantor and Trustee.

 

The Company
may, but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record
date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons continue to be Holders after such record date.

 

SECTION 9.05.                   
Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require
the Securityholder to deliver the Security to the Trustee. The Trustee may place an appropriate notation on the Security regarding
the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange
for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make
the appropriate notation or to issue a new Security shall not affect the validity of such amendment.

 

SECTION 9.06.                   
Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not
sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive,
and (subject to Section 7.01) shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion
of Counsel stating that such amendment is authorized or permitted by this Indenture. No Opinion of Counsel will be required by
the immediately preceding sentence for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture.

 

     

    84 

    

 

SECTION 9.07.                   
Payment for Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or
cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any
consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is
offered to all Holders and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement.

 

Article
10

Guarantees

 

SECTION 10.01.               
Guarantees. Each Guarantor hereby unconditionally and irrevocably guarantees, jointly and severally, on a senior
unsecured basis, to each Holder and to the Trustee and its successors and assigns (a) the full and punctual payment of principal
of and interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary
obligations of the Company under this Indenture and the Securities and (b) the full and punctual performance within applicable
grace periods of all other obligations of the Company under this Indenture and the Securities (all the foregoing being hereinafter
collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations
may be extended or renewed, in whole or in part, without notice or further assent from such Guarantor and that such Guarantor
shall remain bound under this Article 10 notwithstanding any extension or renewal of any Obligation.

 

Each Guarantor
waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives
notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations.
The obligations of each Guarantor hereunder shall not be affected by (1) the failure of any Holder or the Trustee to assert
any claim or demand or to enforce any right or remedy against the Company or any other Person (including any Guarantor) under
this Indenture, the Securities or any other agreement or otherwise; (2) any extension or renewal of any thereof; (3) any
rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other
agreement; (4) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them;
(5) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed
Obligations; or (6) except as set forth in Section 10.06, any change in the ownership of a Guarantor.

 

Each Guarantor
further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee
of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment
of the Guaranteed Obligations.

 

Except as expressly
set forth in Sections 4.11, 8.01(b), 10.02 and 10.06, the obligations of each Guarantor hereunder shall not be subject to
any reduction,

 

     

    85 

    

 

limitation,
impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall
not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality
or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations
of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee
to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver
or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations,
or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent
vary the risk of such Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity.

 

Each Guarantor
further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of principal of or interest on any Obligation is rescinded or must otherwise be restored by any Holder or
the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

 

In furtherance
of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any
Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Obligation when and as
the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any
other Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or
cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (A) the unpaid amount of such Guaranteed
Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law)
and (C) all other monetary Guaranteed Obligations of the Company to the Holders and the Trustee.

 

Each Guarantor
agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the
Guaranteed Obligations hereby may be accelerated as provided in Article 6 for the purposes of such Guarantor’s Guarantee
herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations
guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in
Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor
for the purposes of this Section.

 

Each Guarantor
also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee
or any Holder in enforcing any rights under this Section.

 

SECTION 10.02.               
Limitation on Liability. Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that
it is the intention of all such parties that the Guarantee of each such Guarantor (a) not constitute a fraudulent transfer

 

     

    86 

    

 

or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
foreign, Federal or state law to the extent applicable to any such Guarantee, and (b) not result in a distribution to shareholders
not permitted under the applicable foreign or state law. Any term or provision of this Indenture to the contrary notwithstanding,
the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum
amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 

SECTION 10.03.               
Successors and Assigns. This Article 10 shall be binding upon each Guarantor and its successors and assigns and
shall enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment
of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Securities
shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 10.04.               
No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude
any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the affected Guarantors and
the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits
which either may have under this Article 10 at law, in equity, by statute or otherwise.

 

SECTION 10.05.               
Modification. Subject to Article 9, no modification, amendment or waiver of any provision of this Article 10, nor
the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and
signed by the affected Guarantors and the Trustee, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other
or further notice or demand in the same, similar or other circumstances.

 

SECTION 10.06.               
Release of Subsidiary Guarantor. A Subsidiary Guarantor shall be released from its obligations under this Article
10 (other than any obligation that may have arisen previously under Section 10.07) upon the earliest to occur of:

 

(1)              
the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary to the extent permitted by this Indenture,

 

(2)              
at such time as such Subsidiary Guarantor ceases to guarantee any Indebtedness of the Company under the Senior Credit Agreement,
except as a result of payment under such Guarantee,

 

     

    87 

    

 

(3)              
the sale or other disposition (including by way of consolidation or merger) of such Subsidiary Guarantor in compliance
with all of the terms of this Indenture, following which such Subsidiary Guarantor is no longer a Subsidiary,

 

(4)              
defeasance of the Securities pursuant to Article 8, or

 

(5)              
the full satisfaction of the Company’s obligations under this Indenture.

 

At the request
of the Company, the Trustee shall execute and deliver an appropriate instrument evidencing such release.

 

SECTION 10.07.               
Contribution. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of
all Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s
pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined
in accordance with GAAP.

 

Article
11

Miscellaneous

 

SECTION 11.01.               
Concerning the Trust Indenture Act. The Trust Indenture Act shall not be applicable to, and shall not govern, this
Indenture and the Securities except where explicitly noted.

 

SECTION 11.02.               
Notices. Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed
as follows:

 

if to Holdings, the Company
or any Subsidiary Guarantor:

 

Murphy USA Inc.

200 Peach Street

El Dorado, Arkansas 71730

Attention: General Counsel

Facsimile: 870-881-6893

 

with a copy to:

 

Davis Polk &Wardwell
LLP

450 Lexington Avenue

New York, New York 10017

Attention: Joseph Hall

Facsimile: 212-701-5565

 

 

     

    88 

    

 

if to the Trustee:

 

Anthony Hawkins

UMB Bank, N.A.

928 Grand Blvd, 12th
Floor

Kansas City, MO 64106

816.860.3014 Office

816.860.3029 Facsimile

816.304.1659 Mobile

anthony.hawkins@umb.com

 

Holdings, the
Company, any Subsidiary Guarantor or the Trustee by notice to the other may designate additional or different addresses for subsequent
notices or communications.

 

Any notice
or communication mailed to a Securityholder shall be mailed to the Securityholder at the Securityholder’s address as it
appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

 

Failure to
mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee
receives it.

 

SECTION 11.03.               
[Reserved].

 

SECTION 11.04.               
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee
to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)              
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and

 

     

    89 

    

 

(2)              
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

 

SECTION 11.05.               
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant
or condition provided for in this Indenture shall include:

 

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

 

(2)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;

 

(3)              
a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)              
a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 

SECTION 11.06.               
When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Securities which the Trustee knows are so owned shall be so disregarded. Also, subject to the foregoing, only Securities
outstanding at the time shall be considered in any such determination.

 

SECTION 11.07.               
Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
Securityholders. The Registrar and the Paying Agent may make reasonable rules for their functions.

 

SECTION 11.08.               
Legal Holidays. If an interest payment date is a Legal Holiday, payment shall be made on the next succeeding day
that is not a Legal Holiday with the same force and effect as if made on such date, and the interest which accrues for the period
from such interest payment date to such next day that is not a Legal Holiday will be payable on the next succeeding interest payment
date. If a regular record date is a Legal Holiday, the record date shall not be affected.

 

SECTION 11.09.               
Governing Law. This Indenture and the Securities shall be governed by, and construed in accordance with, the laws
of the State of New York.

 

SECTION 11.10.               
No Recourse Against Others. A director, officer, employee or stockholder, as such, of Holdings, the Company or any
Subsidiary Guarantor shall not have any liability for any obligations of Holdings, the Company or any Subsidiary Guarantor under
the Securities or this Indenture or of such Guarantor under its Guarantee or this Indenture for any claim based on, in respect
of or by reason of such obligations or their creation. By accepting a Security, each Securityholder shall waive and release all
such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

 

SECTION 11.11.               
Successors. All agreements of Holdings, the Company and the Subsidiary Guarantors in this Indenture and the Securities
shall bind

 

     

    90 

    

 

their
respective successors. All agreements of the Trustee in this Indenture shall bind its successors.

 

SECTION 11.12.               
Multiple Originals. This Indenture may be executed in two or more counterparts, each of which shall be deemed to
be an original and all of which together shall constitute one and the same agreement. The exchange of copies of this Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as
to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes.

 

SECTION 11.13.               
Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall
not modify or restrict any of the terms or provisions hereof.

 

SECTION 11.14.               
Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 11.15.               
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

SECTION 11.16.               
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it
may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

SECTION 11.17.               
Electronic Signatures. For the avoidance of doubt, for all purposes of this Indenture and any document to be signed
or delivered in connection with or pursuant to this Indenture (except where a manual signature is expressly required by the terms
of this Indenture), the words “execution,” “signed,” “signature,” “delivery” and
words of like import shall be deemed to include electronic signatures or deliveries or the keeping of records in electronic form,
as the case may be,

 

     

    91 

    

 

each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery or
the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct to conduct the transactions
contemplated hereunder by electronic means.

 

[Remainder
of Page Intentionally Left Blank]

 

     

     

    

 

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

 

 

	 	MURPHY OIL USA, INC.
	 	 
	 	 
	 	By:	/s/ John A. Moore
	 	 	Name:	John A. Moore
	 	 	Title:	Senior Vice President and General Counsel

 

 

	 	MURPHY USA INC.
	 	 
	 	 
	 	By:	/s/ John A. Moore
	 	 	Name:	John A. Moore
	 	 	Title:	Senior Vice President and General Counsel

 

 

 

[Signature
Page of the Indenture]

 

     

     

    

THE SUBSIDIARY GUARANTORS:

 

 

	 	864 HOLDINGS, INC.

864 BEVERAGE, INC.

EL DORADO PROPERTIES LLC

MURPHY OIL TRADING COMPANY (EASTERN)

SPUR OIL CORPORATION

SUPERIOR CRUDE TRADING COMPANY

	 	 	 
	 	By	/s/ John A. Moore
	 	 	Name:	John A. Moore
	 	 	Title:	Senior Vice President and General Counsel

 

 

	 	MURPHY USA NJ, INC.
	 	 	 	 
	 	 	 	 
	 	By	/s/ R. Andrew Clyde
	 	 	Name:	R. Andrew Clyde
	 	 	Title:	President and Chief Executive Officer

 

 

[Signature
Page of the Indenture]

 

     

     

    

 

	 	UMB BANK, N.A., as Trustee, Registrar and Paying Agent
	 	 	 	 
	 	By	/s/ Anthony Hawkins
	 	 	Name:	Anthony Hawkins
	 	 	Title:	Vice President

 

                                                                                                      

 

[Signature
Page of the Indenture]

 

     

     

    

 

Appendix A

 

PROVISIONS
RELATING TO SECURITIES

 

1.1             
Definitions.

 

Capitalized
terms used in this Appendix and not otherwise defined shall have the meanings provided in the Indenture. For the purposes of this
Appendix, the following terms shall have the meanings indicated below:

 

“Definitive
Security” means a certificated Initial Security or Additional Security (bearing the Restricted Security legend if the
transfer of such Security is restricted by applicable law) that does not include the Global Securities legend.

 

“Depositary”
means The Depository Trust Company, its nominees and their respective successors.

 

“Global
Securities Legend” means the legend set forth under that caption in Exhibit A to the Indenture.

 

“Securities
Custodian” means the custodian with respect to a Global Security (as appointed by the Depositary) or any successor person
thereto, who shall initially be the Trustee.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Resale
Restriction Termination Date” means, in the case of Transfer Restricted Securities sold in reliance on Rule 144A,
the expiration of the applicable holding period with respect to such Securities set forth in Rule 144(d)(i) of the Securities
Act and, in the case of Transfer Restricted Securities sold in reliance on Regulation S, 40 days after the later of the original
issue date of such Securities and the date on which such Securities (or Additional Securities) (or any predecessor of such Securities)
were first offered to persons other than distributors (as defined in Rule 902 of Regulation S) in reliance on Regulation S.

 

“Transfer
Restricted Securities” means Initial Securities or Additional Securities that bear or are required to bear the transfer
restrictions legend set forth in Section 2.3(d)(i) hereof.

 

“Unrestricted
Securities” means any Securities that are not Transfer Restricted Securities.

 

1.2             
Other Definitions.

 

	Term
	Defined in Section:

	“Permanent
    Regulation S Global Security”	2.1(b)
	“Regulation
    S”	2.1(a)
	“Regulation
    S Global Security”	2.1(b)
	“Restricted
    Global Security”	2.1(a)
	“Restricted
    Period”	2.1(b)
	“Rule
    144A”	2.1(a)
	“Rule
    144A Global Security”	2.1(a)
	“Temporary
    Regulation S Global Security”	2.1(a)

 

     

    2 

    

 

2.             

 

2.1            The Securities.

 

(a)              
Form and Dating. Initial Securities offered and sold to QIBs in reliance on Rule 144A under the Securities
Act (“Rule 144A”) shall be issued initially in the form of one or more permanent Global Securities in definitive,
fully registered form (“Rule 144A Global Securities”), and Securities offered and sold in reliance on Regulation
S under the Securities Act (“Regulation S”) shall be issued initially in the form of one or more temporary
Global Securities in fully registered form (“Temporary Regulation S Global Securities”), in each case, without
interest coupons and with the Global Securities legend set forth in Exhibit A and the Restricted Securities legend set
forth in Section 2.3(d) hereof (each security, unless and until becoming an Unrestricted Security, a “Restricted
Global Security”), which shall be deposited on behalf of the holders of the Securities represented thereby with the
Trustee, as Securities Custodian and registered in the name of Cede & Co., as nominee of the Depositary, duly executed by
the Company and authenticated by the Trustee as hereinafter provided. Additional Securities offered and sold to QIBs in reliance
on Rule 144A shall be issued initially in the form of one or more permanent Rule 144A Global Securities, and Additional Securities
offered and sold in reliance on Regulation S shall be issued initially in the form of one or more Temporary Regulation S Global
Securities or Permanent Regulation S Global Securities, in each case, without interest coupons and with the Global Securities
legend set forth in Exhibit A and the Transfer Restricted Securities legend set forth in Section 2.3(d) hereof, which
shall be deposited on behalf of the holders of the Securities represented thereby with the Securities Custodian, and registered
in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as
hereinafter provided.

 

(b)              
Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Security deposited with or on behalf
of the Depositary.

 

The Company
shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver initially one or more
Global Securities that (a) shall be registered in the name of the Depositary for such Global Security or Global Securities
or the nominee of such Depositary and (b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instructions or held by the Trustee as Securities Custodian. Separate Global Securities shall be issued to represent Rule 144A
Global Securities and Regulation S Global Securities so long as required by law or the Depositary.

 

Except as
set forth in this Section 2.1(b), beneficial interests in a Temporary Regulation S Global Security will not be exchangeable
for interests in a Rule 144A Global Security, a permanent global security (the “Permanent Regulation S Global
Security” and, together with the Temporary Regulation S Global Securities, the

 

     

    3 

    

 

“Regulation
S Global Security”) or any other Security prior to the expiration of the period through and including the 40th day after
the later of the commencement of the offering of the Initial Security or Additional Security represented by such Temporary Regulation S
Global Security and the closing of such offering (such period, the “Restricted Period”) and then, after the
expiration of the Restricted Period, may be exchanged for interests in a Rule 144A Global Security or the Permanent Regulation
S Global Security only upon certification in form reasonably satisfactory to the Company that beneficial ownership interests in
such Temporary Regulation S Global Security are owned either by non-U.S. persons or U.S. persons who purchased such interests
in a transaction that did not require registration under the Securities Act.

 

Prior to
the expiration of the Restricted Period, beneficial interests in a Temporary Regulation S Global Security may be exchanged for
beneficial interests in the Rule 144A Global Security only if (i) such exchange occurs in connection with a transfer of the Securities
pursuant to Rule 144A, (ii) the transferor first delivers to the Trustee a written certificate to the effect that the beneficial
interest in the Temporary Regulation S Global Security is being transferred to a Person who the transferor reasonably believes
to be a QIB and is purchasing for its own account or the account of a QIB, in each case in a transaction meeting the requirements
of Rule 144A, and (iii) the transfer is in accordance with all applicable securities laws of the states of the United States and
other jurisdictions. After the expiration of the Restricted Period, such certification requirements shall not apply to such transfers
of beneficial interests in a Restricted Global Security representing Regulation S Global Securities.

 

Beneficial
interests in a Rule 144A Global Security that is a Transfer Restricted Security may be transferred to a Person who takes delivery
in the form of an interest in the Regulation S Global Security, whether before or after the expiration of the Restricted Period,
only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being made in accordance
with Rule 903 or 904 of Regulation S or Rule 144 (if available).

 

The aggregate
principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depositary or its nominee as provided herein and in this Indenture.

 

(c)              
Definitive Securities. Except as provided in Section 2.3 or 2.4 hereof, owners of beneficial interests in Restricted
Global Securities shall not be entitled to receive Definitive Securities. Definitive Securities shall be exchangeable for beneficial
interests in Global Securities only as provided in Section 2.3 hereof.

 

2.2            [Reserved].

 

2.3            Transfer and Exchange.

 

(a)              
Transfer and Exchange of Global Securities.   The transfer and exchange of Global Securities or beneficial
interests therein shall be effected through the Depositary, in accordance with this Indenture (including applicable restrictions
on

 

     

    4 

    

 

transfer
set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security
shall deliver to the Registrar a written order given in accordance with the Depositary’s procedures containing information
regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The Registrar
shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified in such
instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial
interest in the Global Security being transferred.

 

(i)              
Notwithstanding any other provisions of this Appendix, a Global Security may not be transferred as a whole except by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 

(ii)             
In the event that a Restricted Global Security is exchanged for Definitive Securities pursuant to Section 2.4 hereof, such
Securities may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this
Section 2.3 (including the certification requirements set forth on the reverse of the Transfer Restricted Securities intended
to ensure that such transfers comply with Rule 144A or Regulation S or another applicable exemption under the Securities
Act, as the case may be) and such other procedures as may from time to time be adopted by the Company.

 

(b)              
Transfer and Exchange of Definitive Securities. When Definitive Securities are presented to the Registrar with a
request (x) to register the transfer of such Definitive Securities or (y) to exchange such Definitive Securities for an equal
principal amount of Definitive Securities of other authorized denominations, the Registrar shall register the transfer or make
the exchange as requested if its requirements for such transaction are met; provided, however, that the Definitive
Securities surrendered for transfer or exchange:

 

(i)              
shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company
and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and

 

(ii)             
if such Definitive Securities are required to bear a Restricted Securities legend, they are being transferred or exchanged
pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(c) hereof or pursuant to clause (A),
(B) or (C) below, and are accompanied by the following additional information and documents, as applicable:

 

     

    5 

    

 

(A)            
if such Definitive Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder,
without transfer, a certification from such Holder to that effect; or

 

(B)             
if such Definitive Securities are being transferred to the Company or any Subsidiary of the Company, a certification to
that effect; or

 

(C)             
if such Definitive Securities are being transferred (x) pursuant to an exemption from registration in accordance with Rule
144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements
of the Securities Act: (I) a certification to that effect and (II) if the Company so requests, an opinion of counsel or other
evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(d)(i)
hereof.

 

(c)            Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security. A Definitive Security
may not be exchanged for a beneficial interest in a Rule 144A Global Security or a Permanent Regulation S Global Security
except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Security, duly endorsed
or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with:

 

(i)                
certification that such Definitive Security is either (A) being transferred to a QIB in accordance with Rule 144A,
or (B) being transferred after expiration of the Restricted Period by a Person who initially purchased such Security in reliance
on Regulation S to a buyer who elects to hold its interest in such Security in the form of a beneficial interest in the Permanent
Regulation S Global Security; and

 

(ii)             
written instructions directing the Trustee to make, or directing the Securities Custodian to make, an adjustment on its
books and records with respect to such Rule 144A Global Security (in the case of a transfer pursuant to clause (c)(i)(A))
or Permanent Regulation S Global Security (in the case of a transfer pursuant to clause (c)(i)(B)) to reflect an increase
in the aggregate principal amount of the Securities represented by the Rule 144A Global Security or Permanent Regulation S
Global Security, as applicable, such instructions to contain information regarding the Depositary account to be credited with
such increase,

 

then the Trustee shall cancel
such Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing instructions
and procedures existing between the Depositary and the Securities Custodian, the aggregate principal amount of Securities represented
by the Rule 144A Global Security or Permanent Regulation S

 

     

    6 

    

 

Global
Security, as applicable, to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall
credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A
Global Security or Permanent Regulation S Global Security, as applicable, equal to the principal amount of the Definitive Security
so canceled. If no Rule 144A Global Securities or Permanent Regulation S Global Securities, as applicable, are then outstanding,
the Company shall issue and the Trustee shall authenticate, upon receipt of a written order signed in the name of the Company
by an officer of the Company, a new Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, in
the appropriate principal amount.

 

(d)            Legend.

 

(i)                
Except as permitted by the following subclauses (ii) and (iii), each Security certificate evidencing the Restricted Global
Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the
following form:

 

For each Rule
144A Global Security:

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

 

		1)	REPRESENTS
                                         THAT

 

		A.	IT
                                         AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
                                         (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
                                         INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR

 

		B.	IT
                                         IS NOT A UNITED STATES PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
                                         ACT) AND

 

		2)	AGREES
                                         FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
                                         THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES
                                         ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY

 

		A.	TO
                                         MURPHY OIL USA, INC., ITS PARENT OR ANY OF ITS SUBSIDIARIES,

 

     

    7 

    

 

		B.	PURSUANT
                                         TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT,

 

		C.	TO
                                         A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
                                         RULE 144A UNDER THE SECURITIES ACT,

 

		D.	IN
                                         AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES
                                         ACT OR

 

		E.	PURSUANT
                                         TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
                                         OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR
TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE
FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH (2)(E) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR
OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

NO
REPRESENTATION OR WARRANTY IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.

 

For each
Regulation S Global Security:

 

THIS SECURITY
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.
THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER OF THIS SECURITY FROM IT OF THE FOREGOING RESALE RESTRICTIONS.

 

Each Temporary Regulation S Global
Security shall also bear the following legend:

 

     

    8 

    

 

THE RIGHTS
ATTACHING TO THIS TEMPORARY REGULATION S GLOBAL SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING (I) THE EXCHANGE
OF BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL
SECURITY OR RULE 144A GLOBAL SECURITY AND (II) THE TRANSFER OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
SECURITY, ARE AS SPECIFIED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

Each Definitive Security shall
also bear the following additional legend:

 

IN CONNECTION
WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

(ii)             
The Company, acting in its discretion, may remove the Restricted Securities legend set forth in clause (d)(i) above
from any Transfer Restricted Security at any time on or after the Resale Restriction Termination Date applicable to such Transfer
Restricted Security. Without limiting the generality of the preceding sentence, the Company may effect such removal by issuing
and delivering, in exchange for such Transfer Restricted Security, an Unrestricted Security without such legend, registered to
the same Holder and in an equal principal amount, and upon receipt by the Trustee of a written order signed in the name of the
Company by an officer of the Company stating that the Resale Restriction Termination Date applicable to such Transfer Restricted
Security has occurred and requesting the authentication and delivery of an Unrestricted Security in exchange therefor given at
least three Business Days in advance of the proposed date of exchange specified therein (which shall be no earlier than such Resale
Restriction Termination Date), the Trustee shall authenticate and deliver such Unrestricted Security to the Depositary or pursuant
to such Depositary’s instructions or hold such Security as Securities Custodian and shall request the Depositary to, or,
if the Trustee is Securities Custorian of such Transfer Restricted Security, shall itself, surrender such Transfer Restricted
Security in exchange for such Unrestricted Security without such legend and thereupon cancel such Transfer Restricted Security
so surrendered, all as directed in such order.

 

For purposes of this Section 2.3(d)(ii),
all provisions relating to the removal of the legend set forth in clause (d)(i) above shall relate, if the Resale Restriction
Termination Date has occurred only with respect to a portion of the Securities evidenced by a Transfer Restricted Security, to
such portion of the Securities so evidenced as to which the Resale Restriction Termination Date has occurred.

 

     

    9 

    

 

Each holder of any Securities
evidenced by any Restricted Global Security, by its acceptance thereof, (A) authorizes and consents to, (B) appoints
the Company as its agent for the sole purpose of delivering such electronic messages, executing and delivering such instruments
and taking such other actions, on such holder’s behalf, as the Depositary or the Trustee may require to effect and (C) upon
the request of the Company, agrees to deliver such electronic messages, execute and deliver such instruments and take such other
actions as the Depositary or the Trustee may require, or as shall otherwise be necessary to effect, the removal of the legend
set forth in Section 2.3(d)(i) hereof (including by means of the exchange of all or the portion of such Restricted Global
Security evidencing such Security for a certificate evidencing such Security that does not bear such legend) at any time after
the Resale Restriction Termination Date.

 

(iii)           
Upon any sale or transfer of a Transfer Restricted Security pursuant to Rule 144 under the Securities Act, the Registrar
shall permit the transferee thereof to exchange such Transfer Restricted Security for a Security that does not bear the legend
set forth in clause (d)(i) above and rescind any restriction on the transfer of such Transfer Restricted Security, if the
transferor thereof certifies in writing to the Registrar that, and if the Company or the Trustee so request, delivers an opinion
of counsel to the effect that, such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set
forth on the reverse of the Security).

 

(e)            Restrictions on Transfer of Temporary Regulation S Global Securities. During the Restricted Period, beneficial ownership
interests in Temporary Regulation S Global Securities may only be sold, pledged or transferred in accordance with the Applicable
Procedures of the Depositary and only (i) to the Company, (ii) in an offshore transaction in accordance with Regulation S
(other than a transaction resulting in an exchange for an interest in a Permanent Regulation S Global Security) or (iii) pursuant
to an effective registration statement under the Securities Act, in each case, in accordance with any applicable securities laws
of any state of the United States.

 

(f)             Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a Global Security have
either been exchanged for Definitive Securities, redeemed, purchased or canceled, such Global Security shall be returned to the
Company for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest
in a Global Security is exchanged for Definitive Securities, redeemed, purchased or canceled, the principal amount of Securities
represented by such Global Security shall be reduced and an adjustment shall be made on the books and records of the Trustee (if
it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities
Custodian, to reflect such reduction.

 

(g)            No Obligation of the Trustee. The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer
of any interest in any Security (including any transfers between or among Depositary participants, members or beneficial owners
in any Global Security) other than to require

 

     

    10 

    

 

delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof. The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a
participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee
or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to the delivery
to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of
redemption or repurchase) or the payment of any amount, under or with respect to such Securities. All notices and communications
to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to the registered
Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of beneficial owners in any
Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary.
The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its
members, participants and any beneficial owners.

 

2.4            Definitive Securities.

 

(a)              
A Global Security deposited with the Depositary or with the Trustee as Securities Custodian pursuant to Section 2.1 hereof
shall be transferred to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal
to the principal amount of such Global Security, in exchange for such Global Security, only in the circumstances described in
Section 2.06 of this Indenture and only if such transfer complies with Section 2.3 and (i) the Depositary notifies the Company
that it is unwilling or unable to continue as a Depositary for such Global Security or if at any time the Depositary ceases to
be a “clearing agency” registered under the Exchange Act, and, in either case, a successor depositary is not appointed
by the Company within 90 days of such notice or after the Company becomes aware of such event, (ii) an Event of Default has occurred
and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance
of certificated Securities under the Indenture hereof.

 

(b)              
Any Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered
by the Depositary or the Securities Custodian located at its corporate trust office to be so transferred, in whole or from time
to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global
Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security
transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations equal to $2,000
or an integral multiple of $1,000 in excess thereof, and registered in such names as the Depositary shall direct. Any Definitive
Security delivered in exchange for an interest in a Global Security shall, except as otherwise provided by Section 2.3
hereof, bear the Restricted Securities legend and Definitive Securities legend.

 

     

    11 

    

 

In no event
shall beneficial interests in the Temporary Regulation S Global Security be transferred or exchanged for Definitive Securities
prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required
pursuant to Rule 903(b)(3)(ii)(B) of Regulation S under the Securities Act.

 

     

     

    

 

[FORM
OF FACE OF INITIAL SECURITY]

[Global Securities Legend]

 

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

 

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

 

[Rule 144A
Restricted Securities Legend]

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

 

		1)	REPRESENTS
                                         THAT

 

		A.	IT
                                         AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
                                         (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE
                                         INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR

 

		B.	IT
                                         IS NOT A UNITED STATES PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
                                         ACT) AND

 

     

    2 

    

 

		2)	AGREES
                                         FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
                                         THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES
                                         ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY

 

		A.	TO
                                         MURPHY OIL USA, INC., ITS PARENT OR ANY OF ITS SUBSIDIARIES,

 

		B.	PURSUANT
                                         TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT,

 

		C.	TO
                                         A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
                                         RULE 144A UNDER THE SECURITIES ACT,

 

		D.	IN
                                         AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES
                                         ACT OR

 

		E.	PURSUANT
                                         TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
                                         OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR
TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE
FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH (2)(E) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR
OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

NO
REPRESENTATION OR WARRANTY IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.

 

[Regulation
S Restricted Security Legend]

 

THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE

 

     

    3 

    

 

ACCOUNT
OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE
SECURITIES ACT. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE FOREGOING RESALE RESTRICTIONS.

 

[Temporary
Regulation S Global Security Legend]

 

THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE FOREGOING RESALE RESTRICTIONS.

 

THE
RIGHTS ATTACHING TO THIS TEMPORARY REGULATION S GLOBAL SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING (I) THE
EXCHANGE OF BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY FOR INTERESTS IN THE PERMANENT REGULATION S
GLOBAL SECURITY OR RULE 144A GLOBAL SECURITY AND (II) THE TRANSFER OF INTERESTS IN THIS TEMPORARY REGULATION S
GLOBAL SECURITY, ARE AS SPECIFIED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Definitive
Securities Legend]

 

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION
AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

     

    4 

    

	No. __________	 	$ _________

 

 

CUSIP
No. _____________2

 

ISIN
No. _____________3

 

3.750%
Senior Notes Due 2031

 

Murphy Oil
USA, Inc., a Delaware corporation, promises to pay              ,
or registered assigns, the principal sum listed on the Schedule of Increases or Decreases in Global Security attached hereto on
February 15, 2031.

 

Interest Payment
Dates: February 15 and August 15.

 

Record Dates:
February 1 and August 1.

 

Additional
provisions of this Security are set forth on the other side of this Security.

 

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

 

	 	MURPHY
    OIL USA, INC.
	 	 
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

 

		Dated:	

 

	UMB BANK, N.A.	 
	as Trustee, acknowledges
    

    that this is one of

    the Securities referred

    to in the Indenture.	 
	By	 
	 	 	 
	 	Authorized Signatory	 

 

_____________________

 

2 144A – 626738AF5

Reg S – U61734AB2

 

3 144A – US626738AF53

Reg S – USU61734AB21

 

     

    5 

    

 

[FORM
OF REVERSE SIDE OF INITIAL SECURITY]

 

3.750%
Senior Notes Due 2031

 

1. Interest

 

(a) Murphy
Oil USA, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred
to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at
the rate per annum shown above. The Company shall pay interest semiannually in arrears on February 15 and August 15 of each year.
Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for, from January 29, 2021 until the principal hereof is due. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months.

 

2. Method of Payment

 

The Company
shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business
on the February 1 or August 1 next preceding the interest payment date even if Securities are canceled after the record date and
on or before the interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The
Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment
is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security
(including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts
specified by The Depository Trust Company or any successor depositary. The Company will make all payments in respect of a certificated
Security (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of
the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Securities may also be made by wire transfer to a U.S. dollar account maintained by the payee
with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or
the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date
for payment (or such other date as the Trustee may accept).

 

3. Paying Agent and Registrar

 

Initially,
UMB Bank, N.A., a national banking association, the initial Trustee under the Indenture, shall act as Paying Agent and Registrar.
The Company may appoint and change any Paying Agent or Registrar with written notice. The Company or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 

     

    6 

    

4. Indenture

 

The Company
issued the Securities under an Indenture dated as of January 29, 2021 (the “Indenture”), among the Company,
the Guarantors and the Trustee. The terms of the Securities include those stated in the Indenture. Terms defined in the Indenture
and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions
of the Indenture, and Holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions.

 

The Securities
are senior unsecured obligations of the Company. This Security is one of Initial Securities referred to in the Indenture. The
Securities include the Initial Securities and any Additional Securities issued pursuant to the Indenture. The Initial Securities
and any Additional Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations
on the ability of Holdings, the Company and the Restricted Subsidiaries to, among other things, make certain Investments and other
Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment
of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted
Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens or make asset sales. The Indenture
also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any other Person
or convey, transfer or lease all or substantially all its property. These limitations are subject to suspension during a Suspension
Period.

 

To guarantee
the due and punctual payment of the principal of or interest on the Securities and all other amounts payable by the Company under
the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Securities and the Indenture, the Guarantors have jointly and severally unconditionally guaranteed
the Guaranteed Obligations on a senior basis pursuant to the terms of the Indenture, subject to the release provisions in the
Indenture in respect of Subsidiary Guarantors, including those applicable during a Suspension Period.

 

5. Optional Redemption

 

Except as set
forth in the following paragraphs of this Section 5, the Securities shall not be redeemable at the option of the Company prior
to February 15, 2026.

 

On or after
February 15, 2026, all or a portion of the Securities shall be redeemable at the option of the Company, at the following redemption
prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed
during the 12-month period commencing on February 15 of the years set forth below:

 

     

    7 

    

 

	Year	Redemption

    Price
	2026	101.875%
	2027	101.250%
	2028	100.625%
	2029 and thereafter	100.000%
	 

 

In addition,
at any time prior to February 15, 2024, the Company may at its option on one or more occasions redeem Securities (which includes
Additional Securities, if any) in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the Securities
(calculated after giving effect to the issuance of Additional Securities, if any) originally issued at a redemption price (expressed
as a percentage of principal amount) equal to 103.750%, plus accrued and unpaid interest thereon to the redemption date (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date),
with the Net Cash Proceeds from one or more Qualified Equity Offerings; provided, however, that (1) at least 60%
of such aggregate principal amount of the Securities (calculated after giving effect to the issuance of Additional Securities,
if any) remains outstanding immediately after the occurrence of each such redemption (other than Securities held, directly or
indirectly, by the Company or its Affiliates); and (2) each such redemption occurs within ninety (90) days after the date of the
related Qualified Equity Offering.

 

Prior to February
15, 2026, the Company may at its option redeem all or a portion of the Securities at a redemption price equal to 100% of the principal
amount of the Securities, plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject
to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

6. Mandatory Redemption or
Sinking Fund

 

The Securities
are not subject to any mandatory redemption or sinking fund.

 

7. Notice of Redemption

 

Notices of
redemption shall be provided in accordance with the provisions of the Indenture.

 

8. Repurchase of Securities
at the Option of Holders upon Change of Control and Asset Dispositions

 

Upon the occurrence
of a Change of Control, each Holder of Securities will have the right, subject to certain conditions specified in the Indenture,
to require that the Company repurchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal
amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of repurchase (subject to
the right of Holders of record on the

 

     

    8 

    

 

relevant
record date to receive interest due on the relevant interest payment date) as provided in, and subject to the terms of, the Indenture.

 

In accordance
with Section 4.06 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence of certain
asset sales or dispositions.

 

9. Denominations; Transfer;
Exchange

 

The Securities
are in registered form without coupons in denominations of $2,000 or any greater integral multiple of $1,000 thereof. A Holder
may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee
may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required
by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for
redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer
or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed.

 

10. Persons Deemed Owners

 

Except as provided
in paragraph 2 hereof, the registered Holder of this Security may be treated as the owner of it for all purposes.

 

11. Unclaimed Money

 

Subject to
any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by
them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money
must look to the Company for payment as general creditors.

 

12. Discharge and Defeasance

 

Subject to
certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations (the sufficiency of any such U.S. Government Obligations
shall be certified by an Officer’s Certificate) for the payment of principal of, and interest on, the Securities to redemption
or maturity, as the case may be.

 

13. Amendment, Waiver

 

Subject to
certain exceptions set forth in the Indenture, (i) the Company, the Guarantors and the Trustee may amend the Indenture or
the Securities with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities
then outstanding and (ii) any past default or compliance with any provisions may be waived with the written consent of the
Holders of at least a majority in principal

 

     

    9 

    

 

amount
of the Securities then outstanding. Subject to certain exceptions set forth in the Indenture, without notice to, or the consent
of, any Holder, the Company, the Guarantors and the Trustee may amend the Indenture or the Securities (i) to cure any ambiguity,
omission, defect or inconsistency; (ii) to provide for the assumption by a successor corporation of the obligations of Holdings,
the Company or any Subsidiary Guarantor under this Indenture pursuant to Article 5; (iii) to provide for uncertificated Securities
in addition to or in place of certificated Securities; (iv) to add Guarantees with respect to the Securities or to secure
the Securities; (v) to add to the covenants or to surrender any right or power conferred upon Holdings, the Company or any
Subsidiary Guarantor; (vi) to make any change that does not adversely affect the rights of any Holder; (vii) to conform the
text of the Indenture, the Securities or any Guarantee to any provision of the “Description of the Notes” in the Offering
Memorandum to the extent that such provision in such “Description of the Notes” was intended to be a verbatim recitation
of a provision of the Indenture, the Securities or such Guarantee; or (viii) to make any amendment to the provisions of the Indenture
relating to the transfer and legending of Securities.

 

14. Defaults and Remedies

 

If an Event
of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization) and
is continuing, the Trustee by notice to the Company or the Holders of at least 25% in principal amount of the outstanding Securities
by notice to the Company and the Trustee may declare the principal of and accrued but unpaid interest on all the Securities to
be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization occurs and is
continuing, the principal of and interest on all the Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a
majority in principal amount of the outstanding Securities by notice to the Trustee may rescind any such acceleration with respect
to the Securities and its consequences (including any payment Default that directly resulted from such acceleration). No such
rescission will affect any subsequent Default or impair any right consequent thereto.

 

Any time period
in the Indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction.

 

If an Event
of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the
Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity
or security against any loss, liability, claim or expense and certain other conditions are complied with. Except to enforce the
right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to
the Indenture or the Securities unless (i) such Holder has previously given to the Trustee written notice stating that an
Event of Default is continuing, (ii) Holders of at least 25% in principal amount of the outstanding Securities have made
a written request to the Trustee to pursue the remedy, (iii) such Holder or Holders have offered to the Trustee security
or indemnity satisfactory to it against any loss, liability, claim or expense, (iv) the Trustee has not complied with such
request within sixty (60) days after

 

     

    10 

    

 

the
receipt thereof and the offer of security or indemnity and (v) Holders of a majority in principal amount of the outstanding
Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the
Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability.
Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such action.

 

15. Trustee Dealings with
the Company

 

The Trustee
under the Indenture in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal
with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates
with the same rights it would have if it were not Trustee.

 

16. No Recourse Against Others

 

A director,
officer, employee or stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability for
any obligations of Holdings, the Company or any Subsidiary Guarantor under the Securities or the Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases
all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

17. Authentication

 

This Security
shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security.

 

18. Abbreviations

 

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

 

19. Governing Law

 

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

 

20. CUSIP and ISIN Numbers

 

     

    11 

    

 

The Company
has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP and ISIN numbers in
notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon.

 

The Company
will furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has
in it the text of this Security.

 

     

    12 

    

 

ASSIGNMENT
FORM

 

To assign this Security, fill
in the form below:

 

I or we assign and transfer this
Security to

 

 

 

 

 

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

 

 

(Insert
assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint _____________
agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

Date: ____________________ Your
Signature: _________________________________

 

 

Sign exactly as your name appears on the other side of this Security. Signature must be guaranteed by a participant in a recognized
signature guaranty medallion program or other signature guarantor acceptable to the Trustee.

 

	[Include the following only if the Transfer Restricted Securities legend is included hereon]
	 
	In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the applicable holding period with respect to the Securities set forth in Rule 144(d)(i) of the Securities Act (or, in the case of Regulation S Securities, prior to the expiration of the Restricted Period), the undersigned confirms that such Securities are being transferred in accordance with their terms:
	 
	CHECK ONE BOX BELOW
	 
	(1)	☐ 	to the Company or a Subsidiary of the Company; or
	 	 	 
	(2)	☐ 	pursuant to a registration statement that has been declared effective under the 

 

     

    13 

    

 

	 	 	Securities Act of 1933; or
	 	 	 
	(3)	☐ 	for so long as the Securities are eligible for resale pursuant to Rule 144A, to a person who the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that is purchasing for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or 
	 	 	 
	(4)	☐ 	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or 
	 	 	 
	(5)	☐ 	pursuant to another exemption from registration under the Securities Act of 1933 (other than Regulation S under the Securities Act of 1933).

 

Unless
one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name
of any person other than the registered holder thereof; provided, however, that if box (4) or (5) is checked,
the Company and the Trustee shall be entitled to require, prior to registering any such transfer of the Securities, such legal
opinions, certifications and other information as each of the Company and the Trustee has reasonably requested to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act of 1933.
  

	 	 
	Signature	 

 

     

    14 

    

 

TO BE COMPLETED BY PURCHASER
IF (3) ABOVE IS CHECKED.

 

The undersigned represents and
warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company and any Subsidiary Guarantors as the undersigned has requested pursuant
to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

 

	Dated:	 	 	 
	 	 	 	Notice:  To be executed by an executive officer

 

 

     

    15 

    

 

[TO BE ATTACHED
TO GLOBAL SECURITIES]

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

The initial
principal amount of this Global Security is $[ ]. The following increases or decreases in this Global Security have been made:

 

	Date
of Exchange
	Amount
of decrease in Principal Amount of this Global Security
	Amount
of increase in Principal Amount of this Global Security
	Principal
amount of this Global Security following such decrease or increase
	Signature
of authorized signatory of Trustee or Securities Custodian

	 	 	 	 	 

 

     

    16 

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Disposition) or 4.08 (Change
of Control) of the Indenture, check the box:

 

Asset
Disposition o Change of Control o

 

If
you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.06 or 4.08 of the
Indenture, state the amount ($2,000 or any greater integral multiple of $1,000 thereof):

 

$

 

Date: _____________________
Your Signature: ______________________________

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

 

Signature
Guarantee:____________________________________________________

Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor
acceptable to the TrusteeEXHIBIT 10.1

 

 

EXECUTION VERSION 

 

	 

                                                                                               CREDIT
                                         AGREEMENT

                                         dated as of January 29, 2021,

         

        among

         

        MURPHY
USA INC.,

        MURPHY
OIL USA, INC.,

        The
LENDERS Party Hereto,

        JPMORGAN
        CHASE BANK, N.A.,

        as Revolving Administrative Agent and Collateral Agent,

        and

        ROYAL BANK OF CANADA,

        as Term Administrative Agent

         

        RBC
CAPITAL MARKETS1,

JPMORGAN CHASE BANK, N.A.,

BOFA SECURITIES, INC.,

        REGIONS
CAPITAL MARKETS, A DIVISION OF REGIONS BANK,

        WELLS
FARGO SECURITIES, LLC,

        FIFTH
THIRD BANK, NATIONAL ASSOCIATION,

        TRUIST
SECURITIES, INC.,

        HANCOCK
WHITNEY INVESTMENT SERVICES, INC.,

        PNC
CAPITAL MARKETS LLC

and 

        UMB
        BANK, N.A.,

        as Joint Lead Arrangers and Joint Bookrunners

        for the Term Facility Provided for Herein,

         

        JPMORGAN
        CHASE BANK, N.A.,

        RBC CAPITAL MARKETS,

        BOFA SECURITIES, INC.,

        REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS BANK

        and

        WELLS FARGO SECURITIES, LLC,

        as Joint Lead Arrangers and Joint Bookrunners

        for the Revolving Credit Facility Provided for Herein,

         

        

        JPMORGAN CHASE BANK, N.A.,

         

        and

        RBC CAPITAL MARKETS,

        as Syndication Agents

         

        and

         

        JPMORGAN
        CHASE BANK, N.A.,

        and

        RBC CAPITAL MARKETS,

        as Documentation Agents

         

____________________

1
RBC Capital Markets is a brand name for the capital markets business of Royal Bank of Canada and its affiliates.

 

     

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	ARTICLE I
	Definitions
	SECTION 1.01.	Defined
    Terms	1
	SECTION
    1.02.	Classification
    of Loans and Borrowings	58
	SECTION
    1.03.	Terms
    Generally	58
	SECTION
    1.04.	Accounting
    Terms; GAAP; Pro Forma Calculations	59
	SECTION
    1.05.	Letter
    of Credit Amounts	60
	SECTION
    1.06.	Status
    of Obligations	60
	SECTION
    1.07.	Cashless
    Rollovers	60
	SECTION
    1.08.	Excluded
    Swap Obligations	60
	SECTION
    1.09.	Interest
    Rates; LIBOR Notification	61
	SECTION
    1.10.	Divisions	62
	SECTION
    1.11.	Certain
    Calculations	62
	SECTION
    1.12.	Limited
    Condition Transactions	63
	ARTICLE II
	The Credits
	SECTION 2.01.	Commitments	64
	SECTION
    2.02.	Loans
    and Borrowings	64
	SECTION
    2.03.	Requests
    for Borrowings	65
	SECTION
    2.04.	[Reserved]	66
	SECTION
    2.05.	Letters
    of Credit	66
	SECTION
    2.06.	Funding
    of Borrowings	73
	SECTION
    2.07.	Interest
    Elections	73
	SECTION
    2.08.	Termination
    and Reduction of Commitments	75
	SECTION
    2.09.	Repayment of
    Loans; Evidence of Debt	76
	SECTION
    2.10.	Amortization
    of Term Loans	76
	SECTION
    2.11.	Prepayment
    of Loans	77
	SECTION
    2.12.	Fees	81
	SECTION
    2.13.	Interest	83
	SECTION
    2.14.	Alternate
    Rate of Interest	83
	SECTION
    2.15.	Increased
    Costs	86
	SECTION
    2.16.	Break
    Funding Payments	87
	SECTION
    2.17.	Taxes	88
	SECTION
    2.18.	Payments
    Generally; Pro Rata Treatment; Sharing of Setoffs	92
	SECTION
    2.19.	Mitigation
    Obligations; Replacement of Lenders	95
	SECTION
    2.20.	Defaulting
    Lenders	96
	SECTION
    2.21.	Incremental
    Commitments	98
	SECTION
    2.22.	Extension
    Offers	102

 

    i 

     

    

 

	SECTION
    2.23.	Refinancing
    Facilities	103
	SECTION
    2.24.	Loan
    Repurchases	106
	ARTICLE III
	Representations and Warranties
	SECTION 3.01.	Organization;
    Powers	108
	SECTION
    3.02.	Authorization;
    Enforceability	108
	SECTION
    3.03.	Governmental
    Approvals; Absence of Conflicts	109
	SECTION
    3.04.	Financial
    Condition; No Material Adverse Change	109
	SECTION
    3.05.	Properties	110
	SECTION
    3.06.	Litigation
    and Environmental Matters	110
	SECTION
    3.07.	Compliance
    with Laws and Agreements; Anti-Corruption Laws and Sanctions	111
	SECTION
    3.08.	Investment
    Company Status	111
	SECTION
    3.09.	Taxes	111
	SECTION
    3.10.	ERISA	111
	SECTION
    3.11.	Subsidiaries
    and Joint Ventures; Disqualified Equity Interests	111
	SECTION
    3.12.	Insurance	112
	SECTION
    3.13.	Solvency	112
	SECTION
    3.14.	Disclosure	112
	SECTION
    3.15.	Collateral
    Matters	113
	SECTION
    3.16.	Federal
    Reserve Regulations	114
	ARTICLE IV
	Conditions
	SECTION 4.01.	Effective
    Date	114
	SECTION
    4.02.	Each
    Credit Event	116
	ARTICLE V
	Affirmative Covenants
	SECTION 5.01.	Financial
    Statements and Other Information	116
	SECTION
    5.02.	Notices
    of Material Events	119
	SECTION
    5.03.	Additional
    Subsidiaries	120
	SECTION
    5.04.	Information
    Regarding Collateral	120
	SECTION
    5.05.	Existence;
    Conduct of Business	120
	SECTION
    5.06.	Payment
    of Obligations and Taxes	121
	SECTION
    5.07.	Maintenance
    of Properties	121
	SECTION
    5.08.	Insurance	121
	SECTION
    5.09.	Books
    and Records; Inspection Rights	121
	SECTION
    5.10.	Compliance
    with Laws	122
	SECTION
    5.11.	Use
    of Proceeds and Letters of Credit	122

 

    ii 

     

    

 

	SECTION
    5.12.	Further
    Assurances	122
	SECTION
    5.13.	Trademark
    License Agreement	122
	ARTICLE VI
	Negative Covenants
	SECTION 6.01.	Indebtedness;
    Certain Equity Securities	123
	SECTION
    6.02.	Liens	125
	SECTION
    6.03.	Fundamental
    Changes; Business Activities	127
	SECTION
    6.04.	Investments,
    Loans, Advances, Guarantees and Acquisitions	128
	SECTION
    6.05.	Asset
    Sales	130
	SECTION
    6.06.	Sale/Leaseback
    Transactions	133
	SECTION
    6.07.	Hedging
    Agreements	133
	SECTION
    6.08.	Restricted
    Payments; Certain Payments of Indebtedness	133
	SECTION
    6.09.	Transactions
    with Affiliates	135
	SECTION
    6.10.	Restrictive
    Agreements	135
	SECTION
    6.11.	Total
    Leverage Ratio	136
	SECTION
    6.12.	Secured
    Net Leverage Ratio	136
	SECTION
    6.13.	Fiscal
    Year	137
	SECTION
    6.14.	Anti-Corruption
    Laws	137
	ARTICLE VII
	Events of Default
	 
	ARTICLE VIII
	The Administrative Agents
	 
	ARTICLE IX
	Miscellaneous
	SECTION 9.01.	Notices	149
	SECTION
    9.02.	Waivers;
    Amendments	151
	SECTION
    9.03.	Expenses;
    Limitation of Liability; Indemnity, Etc	156
	SECTION
    9.04.	Successors
    and Assigns	158
	SECTION
    9.05.	Survival	163
	SECTION
    9.06.	Counterparts;
    Integration; Effectiveness; Electronic Execution	164
	SECTION
    9.07.	Severability	166
	SECTION
    9.08.	Right
    of Setoff	166
	SECTION
    9.09.	Governing
    Law; Jurisdiction; Consent to Service of Process	166
	SECTION
    9.10.	WAIVER
    OF JURY TRIAL	167
	SECTION
    9.11.	Headings	167
	SECTION
    9.12.	Confidentiality	167
	SECTION
    9.13.	Interest
    Rate Limitation	168

 

    iii 

     

    

 

	SECTION
    9.14.	Release
    of Liens and Guarantees	168
	SECTION
    9.15.	Certain
    Notices	169
	SECTION
    9.16.	No
    Fiduciary Relationship	170
	SECTION
    9.17.	Non-Public
    Information	170
	SECTION
    9.18.	Judgment
    Currency	171
	SECTION
    9.19.	Permitted
    Intercreditor Agreement	171
	SECTION
    9.20.	Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	172
	SECTION
    9.21.	Acknowledgment
    Regarding Any Supported QFCs	174
	 	 	 

 

 

    iv 

     

    

SCHEDULES:

 

	Schedule 1.01	—	Existing Letters of Credit
	Schedule 2.01	—	Commitments
	Schedule 2.05	––	Initial LC Commitments
	Schedule 3.11	—	Subsidiaries and Joint Ventures
	Schedule 3.12	—	Insurance
	Schedule 6.01	—	Existing Indebtedness
	Schedule 6.01(j)	—	Letters of Credit
	Schedule 6.02	—	Existing Liens
	Schedule 6.04	—	Existing Investments
	Schedule 6.10	—	Existing Restrictions
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	Exhibit A	—	Form of Assignment and Assumption
	Exhibit B	—	Form of Auction Procedures
	Exhibit C	—	Form of Borrowing Request
	Exhibit D	—	Form of Guarantee and Collateral Agreement
	Exhibit E	—	Form of Compliance Certificate
	Exhibit F	—	Form of Interest Election Request
	Exhibit G	—	Form of Perfection Certificate
	Exhibit H	—	Form of Supplemental Perfection Certificate
	Exhibit I-1	—	Form of U.S. Tax Certificate for Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes
	Exhibit I-2	—	Form of U.S. Tax Certificate for Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes
	Exhibit I-3	—	Form of U.S. Tax Certificate for Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes
	Exhibit I-4	—	Form of U.S. Tax Certificate for Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes

 

 

    v 

     

    

CREDIT
AGREEMENT dated as of January 29, 2021, among MURPHY USA INC., MURPHY OIL USA, INC., the LENDERS from time to time party hereto,
JPMORGAN CHASE BANK, N.A., as Revolving Administrative Agent and Collateral Agent, and ROYAL BANK OF CANADA, as Term Administrative
Agent.

 

WHEREAS,
Murphy USA, Murphy USA NJ, Inc. (“Merger Sub”), Quick Chek Corporation, a New Jersey corporation (the “Target”)
and Fortis Advisors LLC, a Delaware limited liability company, as shareholder representative, have entered into the Agreement
and Plan of Merger dated as of December 12, 2020 (together with all schedules, exhibits, attachments and annexes thereto, the
“Merger Agreement”), pursuant to which Murphy USA will acquire the Target (the “Acquisition”)
pursuant to the merger of Merger Sub with and into the Target, with the Target surviving as a wholly-owned direct or indirect
subsidiary of the Company.

 

WHEREAS,
in connection with the Acquisition, the Company has requested the Lenders to extend credit as set forth here.

 

WHEREAS,
the Lenders and Issuing Banks are willing to extend credit to the Company on the terms and subject to the conditions set forth
herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE
I

Definitions

 

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

 

“ABR”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest
at a rate determined by reference to the Alternate Base Rate.

 

“Acquisition”
has the meaning assigned to such term in the recitals hereto.

 

“Adjusted
LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the
Statutory Reserve Rate.

 

“Administrative
Agents” means, collectively, the Revolving Administrative Agent and the Term Administrative Agent.

 

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

 

     

     

    

 

“Affiliate”
means, with respect to a specified Person, another Person that directly or indirectly Controls or is Controlled by or is under
common Control with the Person specified; provided that for purposes of Section 6.09, the term “Affiliate”
also means any Person that is a director or an executive officer of the Person specified, any Person that directly or indirectly
beneficially owns Equity Interests in the Person specified representing 10% or more of the aggregate ordinary voting power or
the aggregate equity value represented by the issued and outstanding Equity Interests in the Person specified and any Person that
would be an Affiliate of any such beneficial owner pursuant to this definition (but without giving effect to this proviso).

 

“Aggregate
Revolving Commitment” means, at any time, the sum of the Revolving Commitments of all the Revolving Lenders at such
time.

 

“Agreement”
means this Credit Agreement, as it may from time to time be amended, restated, supplemented or otherwise modified.

 

“Aggregate
Revolving Exposure” means, at any time, the sum of the Revolving Exposures of all the Revolving Lenders at such time.

 

“All-in
Yield” means, as to any Loans (or other Indebtedness, if applicable), the yield thereon to Lenders (or other lenders,
as applicable) providing such Loans (or other Indebtedness, if applicable) in the primary syndication thereof, as reasonably determined
by the applicable Administrative Agent in consultation with the Company, taking into account (a) interest rate margins, (b) interest
rate floors (subject to the proviso set forth below), (c) any amendment to the relevant interest rate margins and interest rate
floors prior to the applicable date of determination and (d) original issue discount and upfront or similar fees (based on an
assumed four-year average life to maturity), but excluding (i) any arrangement, commitment, structuring, underwriting and/or amendment,
fees (regardless of whether any such fees are paid to or shared in whole or in part with any lender) and (ii) any other fees that,
in each case, are not payable to all relevant lenders generally; provided, however, that (A) to the extent that
the Adjusted LIBO Rate (for a period of three months) or Alternate Base Rate (in each case without giving effect to any floor
specified in the definition thereof) is less than any floor applicable to the loans in respect of which the All-in Yield is being
calculated on the date on which the All-in Yield is determined, the amount of the resulting difference will be deemed added to
the interest rate margin applicable to the relevant Indebtedness for purposes of calculating the All-in Yield and (B) to the extent
that the Adjusted LIBO Rate (for a period of three months) or Alternate Base Rate (in each case without giving effect to any floor
specified in the definition thereof) is greater than any applicable floor on the date on which the All-in Yield
is determined, the floor will be disregarded in calculating the All-in Yield.

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus 1⁄2 of 1.00% per annum and (c) the Adjusted LIBO Rate on such day (or if such
day is not a Business Day, the immediately preceding Business Day) for a deposit in dollars with a maturity of one month plus
1.00% per annum. For purposes of clause (c) above, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or,
in the event the LIBO Screen Rate is not available for such maturity of one month, the Interpolated Screen Rate) at approximately

 

    2 

     

    

 

11:00 a.m.,
London time, on such day for deposits in dollars with a maturity of one month; provided that (i) with respect to the Tranche
B Term Loans, if such rate shall be less than 1.50%, such rate shall be deemed to be 1.50% and (ii) with respect to the Revolving
Loans, if such rate shall be less than zero, such rate shall be deemed to be zero. If the Alternate Base Rate is being used as
an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been
determined pursuant to Section 2.14(b)), then for purposes of clause (c) above the Adjusted LIBO Rate shall be deemed to be zero.
Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.

 

“Ancillary
Document” has the meaning set forth in Section 9.06(b).

 

“Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act of 1977 and all other laws, rules and regulations of any
jurisdiction applicable to Murphy USA, the Company or any of the other Subsidiaries from time to time concerning or relating to
bribery or corruption.

 

“Applicable
Creditor” has the meaning set forth in Section 9.18(b).

 

“Applicable
Percentage” means, at any time, with respect to any Revolving Lender, the percentage of the Aggregate Revolving Commitment
represented by such Lender’s Revolving Commitment at such time. If all the Revolving Commitments have terminated or expired,
the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to
any assignments.

 

“Applicable
Revolving Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Loan that is a Revolving Loan and with
respect to the commitment fees payable with respect to the Revolving Commitments, the applicable rate per annum set forth below
under the caption “ABR Spread”, “Eurocurrency Spread” or “Commitment Fee Rate”, as the case
may be, based upon the Total Leverage Ratio as of the end of the fiscal quarter of Murphy USA then most recently ended for which
consolidated financial statements have been delivered pursuant to Section 5.01(a) or 5.01(b); provided that until any change
in the Applicable Revolving Rate as set forth below following the delivery of the consolidated financial statements pursuant to
Section 5.01(a) or 5.01(b) as of and for the first fiscal quarter ended after the Effective Date, the Applicable Revolving Rate
shall be the rates per annum set forth in Category 2:

 

	Category	Total
    Leverage Ratio	Eurocurrency

    Spread	ABR

    Spread	Commitment
    Fee Rate
	1	Less than
    2.00 to 1.00	1.75%	0.75%	0.25%
	2	Greater
    than or equal to 2.00 to 1.00, but less than 3.00 to 1.00	2.00%	1.00%	0.375%
	3	Greater
    than or equal to 3.00 to 1.00	2.25%	1.25%	0.50%

 

    3 

     

    

 

For
purposes of the foregoing, each change in the Applicable Revolving Rate resulting from a change in the Total Leverage Ratio shall
be effective during the period commencing on and including the Business Day following the date of delivery to the Administrative
Agents pursuant to Section 5.01(a) or 5.01(b) of the consolidated financial statements indicating such change and ending on the
date immediately preceding the effective date of the next such change. Notwithstanding the foregoing, the Applicable Revolving
Rate shall be based on the rates per annum set forth in Category 3 (i) at any time that an Event of Default has occurred and is
continuing if the Majority in Interest of the Revolving Lenders shall so elect or (ii) if Murphy USA and the Company fail to deliver
the consolidated financial statements required to be delivered pursuant to Section 5.01(a) or 5.01(b) or any Compliance Certificate
required to be delivered pursuant hereto, in each case within the time periods specified herein for such delivery, during the
period commencing on and including the day of the occurrence of a Default resulting from such failure and until the delivery thereof.

 

“Applicable
Term Rate” means, for any day, (a) with respect to any ABR Loan or Eurocurrency Loan of a Class of Term Loans established
pursuant to Section 2.21, 2.22 or 2.23, the rate per annum specified therefor in the applicable Incremental Facility Agreement,
Extension Agreement or Refinancing Facility Agreement and (b) with respect to any ABR Loan or Eurocurrency Loan that is a Tranche
B Term Loan, (x) 0.75% per annum for ABR Loans and (y) 1.75% per annum for Eurocurrency Loans.

 

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed
by (a) a Lender, (b) an Affiliate of a Lender or (c) a Person or an Affiliate of a Person that administers or manages a Lender.

 

“Arranger”
means (a) in respect of the revolving facility provided for herein, each of JPMorgan Chase Bank, N.A., RBC Capital Markets, BofA
Securities, Inc., Regions Capital Markets, a division of Regions Bank, and Wells Fargo Securities, LLC in its capacity as a joint
lead arranger and joint bookrunner therefor and (b) in respect of the term loan facility provided for herein, each of RBC Capital
Markets, JPMorgan Chase Bank, N.A., BofA Securities, Inc., Regions Capital Markets, a division of Regions Bank, Wells Fargo Securities,
LLC, Fifth Third Bank, National Association, Truist Securities, Inc., Hancock Whitney Investment Services, Inc., PNC Capital Markets
LLC and UMB Bank, N.A., in its capacity as a joint lead arranger and joint book runner therefor.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee, with the consent
of any Person whose consent is required by Section 9.04, and accepted by the applicable Administrative Agent, in the form
of Exhibit A or any other form approved by the applicable Administrative Agent.

 

“Attributable
Indebtedness” when used with respect to any Sale/Leaseback Transaction means (a) in the case of a Sale/Leaseback Transaction
accounted for as a Capital Lease Obligation, the amount thereof determined in accordance with GAAP and (b) in the case

 

    4 

     

    

 

of
any other Sale/Leaseback Transaction, the present value (discounted at a rate equivalent to the interest rate implicit in the
lease, compounded on a semiannual basis) of the total obligations of the lessee for rental payments, after excluding all amounts
required to be paid on account of maintenance and repairs, insurance, taxes, utilities and other similar expenses payable by the
lessee pursuant to the terms of the lease, during the remaining term of the lease or until the earliest date on which the lessee
may terminate such lease without penalty or upon payment of a penalty (in which case the rental payments shall include such penalty).

 

“Auction
Manager” shall have the meaning assigned to such term in Section 2.24(a).

 

“Auction
Procedures” means the auction procedures with respect to Purchase Offers set forth in Exhibit
B hereto.

 

“Available
Amount” means, as of any date of determination (the “Available Amount Reference Time”), a cumulative
amount equal to:

 

(a)
the sum (without duplication) of:

 

(i)
the greater of (x) $240,000,000 and (y) 10.0% of Consolidated Net Tangible Assets as of such date (the “Available Amount
Starter Basket”); plus

 

(ii)
50% of Consolidated Net Income (which shall not be less than zero) for the period from the first day of the first fiscal quarter
of Murphy USA following the Effective Date to and including the last day of the most recently ended fiscal quarter of Murphy USA
for which financial statements have been delivered pursuant to Section 5.01(a) or (b) prior to the Available Amount Reference
Time; plus

 

(iii)
the amount of any capital contribution to, or the proceeds of any issuance of Equity Interests (other than Disqualified Equity
Interests) of, Murphy USA (other than any amount received from the Company or any Subsidiary) after the Effective Date and prior
to the Available Amount Reference Time; plus

 

(iv)
the aggregate principal amount of any Indebtedness or Disqualified Equity Interests of Murphy USA, the Company or any Restricted
Subsidiary issued after the Effective Date (other than Indebtedness or Disqualified Equity Interests issued to Murphy USA, the
Company or any other Subsidiary), which has been converted into or exchanged for Equity Interests of Murphy USA, the Company or
any Restricted Subsidiary that do not constitute Disqualified Equity Interests, together with the fair market value of any cash
equivalents and the fair market value (as reasonably determined in good faith by Murphy USA and the Company) of any assets received
by Murphy USA, the Company or any Restricted Subsidiary upon such exchange or conversion, in each case, during the period from
and including the day immediately following the Effective Date through and including the Available Amount Reference Time; plus

 

(v)
Retained Asset Sale Proceeds; plus

 

    5 

     

    

 

(vi)
the amount of any Declined Prepayment Amount; minus

 

(b)
an amount equal to the sum of:

 

(i)
Investments made pursuant to Section 6.04(q); plus

 

(ii)
Restricted Payments made pursuant to Section 6.08(a)(viii); plus

 

(iii)
Restricted Debt Payments made pursuant to Section 6.08(b)(v);

 

in
each case, after the Effective Date and prior to the Available Amount Reference Time or contemporaneously therewith.

 

“Available
Amount Reference Time” has the meaning assigned to such term in the definition of “Available Amount”.

 

“Available
Amount Starter Basket” has the meaning assigned to such term in the definition of “Available Amount.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor
for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be
used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause
(f) of Section 2.14.

 

“Banking
Services” means cash management, treasury management and related services provided to Murphy USA, the Company or any
other Restricted Subsidiary, including treasury, depository, foreign exchange, return items, overdraft, controlled disbursement,
cash sweeps, zero balance arrangements, merchant processing services, e-payables, electronic funds transfer, interstate depository
network and automated clearinghouse transfer (including the Automated Clearing House processing of electronic funds transfers
through the direct Federal Reserve Fedline system) services and credit cards, credit card processing services, debit cards, stored
value cards and commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”)
arrangements.

 

“Banking
Services Bank” means any Person that is an Administrative Agent or a Lender, or an Affiliate of an Administrative Agent
or any Lender, at the time it enters into or becomes party to an agreement in respect of any Banking Services (or, in the case
of any such agreements in effect on the Effective Date, is an Administrative Agent or a Lender, or an Affiliate of an Administrative
Agent or any Lender, on the Effective Date).

 

“Banking
Services Obligations” means any and all obligations of Murphy USA, the Company or any other Restricted Subsidiary, whether
absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions
and modifications thereof and substitutions therefor) owed to a Banking Services Bank in connection with Banking Services provided
by such Banking Services Bank.

 

    6 

     

    

 

“Bankruptcy
Event” means, with respect to any Person, that such Person has become the subject of a voluntary or involuntary bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination
of the Revolving Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence
in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership
interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority; provided, however,
that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the
United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any agreements made by such Person.

 

“Benchmark”
means, initially, the LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate or the
then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of Section 2.14.

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined
by the Administrative Agents for the applicable Benchmark Replacement Date:

 

(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agents and the Company as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agents in their reasonable discretion; provided,
further, that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence
of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice,  on the applicable Benchmark Replacement Date the
“Benchmark Replacement” shall

 

    7 

     

    

 

revert
to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause
(1) of this definition (subject to the first proviso above).

 

If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth
in the order below that can be determined by the Administrative Agents:

 

(a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
the applicable Corresponding Tenor;

 

(b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor;
and

 

(2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agents and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement
Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for dollar-denominated syndicated credit facilities;

 

provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes
such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agents in their reasonable discretion.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including

 

    8 

     

    

 

changes
to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical,
administrative or operational matters) that the applicable Administrative Agent decides in its reasonable discretion may be appropriate
to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the such
Administrative Agent in a manner substantially consistent with market practice (or, if such Administrative Agent] decides that
adoption of any portion of such market practice is not administratively feasible or if such Administrative Agent determines that
no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as such
Administrative Agent decides is reasonably necessary in connection with the administration of the applicable Class or Classes
of Commitments and Loans under this Agreement and the other Loan Documents).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors
of such Benchmark (or such component thereof);

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein;

 

(3)
in the case of a Term SOFR Transition Event, the date that is thirty days after the date a Term SOFR Notice is provided to the
Lenders and the Company pursuant to Section 2.14(c); or

 

(4)
in the case of an Early Opt-in Election, the sixth Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agents have not received, by 5:00 p.m. (New York City time) on the fifth Business
Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early
Opt-in Election from Lenders comprising the Required Lenders.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier
than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior
to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred
in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth
therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation
thereof).

 

    9 

     

    

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction
over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or
will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available
Tenor of such Benchmark (or such component thereof); or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are no longer representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark
if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.14.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial
Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit
Plan” means (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b)
a “plan” as defined in and subject to Section 4975 of the Code

 

    10 

     

    

 

or
(c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section
4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“BHC
Act Affiliate” means, with respect to any Person, an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. § 1841(k)) of such Person.

 

“Board
of Governors” means the Board of Governors of the Federal Reserve System of the United States of America.

 

“Borrowing”
means Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurocurrency Loans, as
to which a single Interest Period is in effect.

 

“Borrowing
Request” means a request by the Company for a Borrowing in accordance with Section 2.03, which shall be in the form
of Exhibit C or any other form approved by the applicable Administrative Agent.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed; provided that, when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

 

“Capital
Expenditures” means, for any period, the additions to property, plant and equipment and other capital expenditures of
Murphy USA and its consolidated Restricted Subsidiaries that are (or should be) set forth in a consolidated statement of cash
flows of Murphy USA and its consolidated Restricted Subsidiaries for such period prepared in accordance with GAAP, excluding (a)
any such expenditures made to restore, replace or rebuild assets to the condition of such assets immediately prior to any casualty
or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, such assets
to the extent of insurance proceeds, condemnation awards or damage recovery proceeds relating to any such casualty, damage, taking,
condemnation or similar proceeding and (b) any such expenditures constituting Permitted Acquisitions or any other acquisition
of all the Equity Interests in, or all or substantially all the assets of (or the assets constituting a business unit, division,
product line or line of business of), any Person.

 

“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP; the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP, and the final maturity of such obligations shall be
the date of the last payment of such amounts due under such lease (or other arrangement) prior to the first date on which such
lease (or other arrangement) may be terminated by the lessee without payment of a premium or a penalty. For purposes of Section
6.02, a Capital Lease Obligation shall be deemed to be secured

 

    11 

     

    

 

by
a Lien on the property being leased and such property shall be deemed to be owned by the lessee.

 

“CFC”
means (a) each Person that is a “controlled foreign corporation” for purposes of the Code and (b) each subsidiary
of any such controlled foreign corporation.

 

“Change
in Control” means (a) the acquisition of ownership by any Person other than Murphy USA or any of its wholly-owned Subsidiaries
of any Equity Interest in the Company; (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder) other than any Person that is
included in the definition of Murphy Family, of Equity Interests in Murphy USA representing more than 50% of either the aggregate
ordinary voting power or the aggregate equity value represented by the issued and outstanding Equity Interests in Murphy USA;
(c) persons who were (i) directors of Murphy USA on the Effective Date, (ii) nominated or appointed by the board of directors
of Murphy USA or (iii) approved as director candidates prior to their election by the board of directors of Murphy USA, ceasing
to occupy a majority of the seats (excluding vacant seats) on the board of directors of Murphy USA; or (d) the occurrence of a
“change of control” (or a similar event) as defined in the documentation governing any Material Indebtedness.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any rule, regulation, treaty or other law, (b) any change in any rule, regulation, treaty or other law or in the
administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance
of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided
that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each
case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, promulgated or issued.

 

“Charges”
has the meaning set forth in Section 9.13.

 

“Class”,
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are Revolving Loans or Tranche B Term Loans, (b) any Commitment, refers to whether such Commitment is a Revolving Commitment
or a Tranche B Term Commitment and (c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular
Class. Additional Classes of Loans, Borrowings, Commitments and Lenders may be established pursuant to Sections 2.21, 2.22 and
2.23.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

    12 

     

    

 

“Collateral”
means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted pursuant
to the Security Documents as security for the Secured Obligations.

 

“Collateral
Agent” means JPMorgan Chase Bank, N.A., as collateral agent for the Lenders and the other Secured Parties, and its successors
in such capacity as provided in Article VIII.

 

“Collateral
Agreement” means the Guarantee and Collateral Agreement substantially in the form of Exhibit D, to be dated as of the
Effective Date, among Murphy USA, the Company, the other Loan Parties and the Collateral Agent, together with all supplements
thereto.

 

“Collateral
and Guarantee Requirement” means, at any time, the requirement that:

 

(a)
the Collateral Agent shall have received from Murphy USA, the Company and each other Designated Subsidiary either (i) a counterpart
of the Collateral Agreement duly executed and delivered on behalf of such Person or (ii) in the case of any Person that becomes
a Designated Subsidiary after the Effective Date (including by ceasing to be an Excluded Subsidiary),
a supplement to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Person,
together with documents and opinions of the type referred to in paragraphs (b) and (c) of Section 4.01 with respect to such Designated
Subsidiary;

 

(b)
all Equity Interests in the Company or any other Subsidiary owned by or on behalf of any Loan
Party shall have been pledged pursuant to the Collateral Agreement (provided that the Loan Parties shall not be required
to pledge more than 66% of the outstanding voting Equity Interests in any CFC or FSHCO) and the Collateral Agent shall, to the
extent required by the Collateral Agreement, have received certificates or other instruments representing all such Equity Interests,
together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank; and

 

(c)
all documents and instruments, including Uniform Commercial Code financing statements, required
by applicable law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended
to be created by the Security Documents and perfect such Liens to the extent required by, and with the priority required by, the
Security Documents, shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration
or recording.

 

The
foregoing definition shall not require the creation or perfection of pledges of or security interests in, or the obtaining of
legal opinions or other deliverables with respect to, any particular assets of the Loan Parties, or the provision of Guarantees
by any Restricted Subsidiary, if and for so long as the Collateral Agent, in consultation with the Administrative Agents, Murphy
USA and the Company, determines that the cost of creating or perfecting such pledges or security interests in such assets, or
obtaining such legal opinions or other deliverables in respect of such assets, or providing such Guarantees (taking into account
any adverse tax

 

    13 

     

    

 

consequences
to Murphy USA and the Restricted Subsidiaries), shall be excessive in view of the benefits to be obtained by the Lenders therefrom,
it being understood that no Loan Party shall be required to grant any security interest in any liquor license. The Collateral
Agent may grant extensions of time for the creation and perfection of security interests in or the obtaining of legal opinions
or other deliverables with respect to particular assets or the provision of any Guarantee by any Restricted Subsidiary (including
extensions beyond the Effective Date or in connection with assets acquired, or Subsidiaries formed or acquired, after the Effective
Date) where it determines that such action cannot be accomplished without undue effort or expense by the time or times at which
it would otherwise be required to be accomplished by this Agreement or the Security Documents.

 

“Commitment”
means a Revolving Commitment, a Tranche B Term Commitment or any combination thereof (as the context requires). Additional Classes
of Commitments may be established pursuant to Sections 2.21, 2.22 and 2.23.

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Loan Party pursuant to any Loan Document or the transactions contemplated therein that is distributed to any Administrative Agent,
any Lender or any Issuing Bank by means of electronic communications pursuant to Section 9.01, including through an Electronic
Platform.

 

“Company”
means Murphy Oil USA, Inc., a Delaware corporation.

 

“Compliance
Certificate” means a Compliance Certificate in the form of Exhibit E or any other form approved by the Administrative
Agents.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Consolidated
Cash Interest Expense” means, for any period, the excess of (a) the sum, without duplication, of (i) the interest expense
(including imputed interest expense in respect of Capital Lease Obligations) of Murphy USA and its consolidated Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP, (ii) any interest or other financing costs becoming
payable during such period in respect of Indebtedness of Murphy USA or its consolidated Restricted Subsidiaries to the extent
such interest or other financing costs shall have been capitalized rather than included in consolidated interest expense for such
period in accordance with GAAP, (iii) any cash payments made during such period in respect of obligations referred to in clause
(b)(ii) below that were amortized or accrued in a previous period and (iv) any cash dividends paid during such period in respect
of Disqualified Equity Interests in Murphy USA, minus (b) to the extent included in the sum of the amounts described in
clause (a) for such period, the sum of (i) noncash amounts attributable to amortization or write-off of capitalized interest or
other financing costs paid in a previous period, (ii) noncash amounts attributable to amortization of debt discounts or accrued
interest payable in kind for such period and (iii) noncash amounts attributable to pay-in-kind interest or other noncash interest
expense (including as a result of purchase accounting). For purposes of

 

    14 

     

    

 

calculating
Consolidated Cash Interest Expense for any period, if during such period Murphy USA, the Company or any other Restricted Subsidiary
shall have consummated a Material Acquisition or a Material Disposition, shall have incurred any Indebtedness in connection therewith
or shall have incurred any other Material Indebtedness (other than Revolving Loans), Consolidated Cash Interest Expense for such
period shall be calculated after giving pro forma effect thereto in accordance with Section 1.04.

 

“Consolidated
EBITDA” means, for any period, Consolidated Net Income for such period, plus

 

(a)
without duplication and to the extent deducted in determining such Consolidated Net Income, the
sum of

 

(i)
consolidated interest expense for such period (including imputed interest expense in respect of
Capital Lease Obligations), 

 

(ii)
consolidated income tax expense for such period, 

 

(iii)
all amounts attributable to depreciation for such period and amortization of intangible assets
for such period,

 

(iv)
any extraordinary loss for such period,

 

(v)
any noncash expenses for such period resulting from the grant of stock options or other equity-based
incentives to any director, officer or employee of Murphy USA, the Company or any other Restricted Subsidiary pursuant to a written
plan or agreement approved by the board of directors of Murphy USA, 

 

(vi)
any losses for such period attributable to early extinguishment of Indebtedness or obligations
under any Hedging Agreement, 

 

(vii)
any unrealized losses for such period attributable to the application of “mark to market”
accounting in respect of Hedging Agreements,

 

(viii)
the cumulative effect for such period of a change in accounting principles and

 

(ix)
any other noncash charge (including any impairment charge or asset write-off related to intangible
assets (including goodwill), long-lived assets, and investments in debt and equity securities pursuant to GAAP, but excluding
any additions to bad debt reserves or bad debt expense, any noncash charge that results from the write-down or write-off of inventory,
any noncash charge that results from the write-down or write-off of accounts receivable or that is in respect of any other item
that was included in Consolidated Net Income in a prior period and any noncash charge to the extent it represents an accrual of
or a reserve for cash expenditures in any future period); minus

 

    15 

     

    

 

(b)
without duplication and to the extent included in determining such Consolidated Net Income, 

 

(i)
any extraordinary gains for such period, all determined on a consolidated basis in accordance
with GAAP,

 

(ii)
any gains for such period attributable to the early extinguishment of Indebtedness or obligations
under any Hedging Agreement,

 

(iii)
any unrealized gains for such period attributable to the application of “mark to market”
accounting in respect of Hedging Agreements, 

 

(iv)
noncash items of income for such period (excluding any noncash items of income (A) in respect
of which cash was received in a prior period or will be received in a future period or (B) that represents the reversal of any
accrual made in a prior period for anticipated cash charges, but only to the extent such accrual reduced Consolidated EBITDA for
such prior period) and 

 

(v)
the cumulative effect for such period of a change in accounting principles;

 

provided,
further, that Consolidated EBITDA shall be calculated so as to exclude the effect of any gain or loss that represents after-tax
gains or losses attributable to any sale, transfer or other disposition of assets by Murphy USA or any of its consolidated Restricted
Subsidiaries, other than dispositions of inventory and other dispositions in the ordinary course of business. All amounts added
back in computing Consolidated EBITDA for any period pursuant to clause (a) above, and all amounts subtracted in computing Consolidated
EBITDA pursuant to clause (b) above, to the extent such amounts are, in the reasonable judgment of a Financial Officer of Murphy
USA, attributable to any Restricted Subsidiary that is not wholly owned by Murphy USA, shall be reduced by the portion thereof
that is attributable to the noncontrolling interest in such Restricted Subsidiary. For purposes of calculating Consolidated EBITDA
for any period, if during such period Murphy USA, the Company or any other Restricted Subsidiary shall have consummated a Material
Acquisition or a Material Disposition, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto
in accordance with Section 1.04(b).

 

“Consolidated
Fixed Charge Coverage Ratio” means, for any Test Period, the ratio for Murphy USA and its consolidated Restricted Subsidiaries
of (a) Consolidated EBITDA for such Test Period to (b) Consolidated Fixed Charges for such Test Period.

 

“Consolidated
Fixed Charges” means, for any period, the sum, without duplication, of (a) Consolidated Cash Interest Expense for such
period, (b) the aggregate amount of scheduled principal payments made during such period in respect of Long-Term Indebtedness
of Murphy USA and its consolidated Restricted Subsidiaries (other than payments made by Murphy USA or any Restricted Subsidiary
to Murphy USA or a Restricted Subsidiary), (c) the aggregate amount of principal payments (other than scheduled principal payments)
made during such period in respect of Long-Term Indebtedness of Murphy USA and its consolidated

 

    16 

     

    

 

Restricted
Subsidiaries (other than payments made by Murphy USA or any Restricted Subsidiary to Murphy USA or a Restricted Subsidiary), but
only to the extent that such payments reduced any scheduled principal payments that would have become due within one year after
the date of the applicable payment, (d) the aggregate amount of (i) principal payments on Capital Lease Obligations, determined
in accordance with GAAP, and (ii) principal payments on other Indebtedness of the type described in Section 6.01(f), in each
case made by Murphy USA and the Restricted Subsidiaries during such period, (e) Capital Expenditures for such period (except to
the extent attributable to the incurrence of Capital Lease Obligations or otherwise financed by incurring purchase money Long-Term
Indebtedness), (f) the aggregate amount of income taxes paid in cash by Murphy USA and the Restricted Subsidiaries during such
period, (g) cash contributions to Plans in respect of minimum ERISA funding requirements for such period and (h) the aggregate
amount of Restricted Payments made by Murphy USA and the Restricted Subsidiaries during such period (other than (i) Restricted
Payments made to Murphy USA or a Restricted Subsidiary, (ii) Restricted Payments made solely in additional Equity Interests otherwise
permitted hereunder and (iii) Restricted Payments made in reliance on clause (iii) or (iv) of Section 6.08(a)). For purposes
of calculating Consolidated Fixed Charges for any period, if during such period Murphy USA, the Company or any other Restricted
Subsidiary shall have consummated a Material Acquisition or a Material Disposition, shall have incurred any shall have incurred
any Indebtedness in connection therewith or shall have incurred any other Material Indebtedness (other than Revolving Loans),
Consolidated Fixed Charges for such period shall be calculated after giving pro forma effect thereto in accordance with Section
1.04(b).

 

“Consolidated
Net Income” means, for any period, the net income or loss of Murphy USA and its consolidated Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a)
the income of any Person (other than Murphy USA) that is not a consolidated Restricted Subsidiary except to the extent of the
amount of cash dividends or similar cash distributions actually paid by such Person to Murphy USA, the Company or, subject to
clauses (b) and (c) below, any other consolidated Restricted Subsidiary during such period; provided that the amount of
any cash dividends or similar cash distributions paid by any Unrestricted Subsidiary to Murphy USA, the Company or any other consolidated
Restricted Subsidiary shall be included, without duplication and subject to clauses (b) and (c) below, in the calculation of Consolidated
Net Income for such period solely to the extent such cash dividends or similar cash distributions are paid from the net income
of such Unrestricted Subsidiary (and not as a return of capital or any other similar investment), (b) the income of any consolidated
Restricted Subsidiary (other than a Subsidiary Loan Party) to the extent that, on the date of determination, the declaration or
payment of cash dividends or similar cash distributions by such Restricted Subsidiary is not permitted without any prior approval
of any Governmental Authority that has not been obtained or is not permitted by the operation of the terms of the organizational
documents of such Restricted Subsidiary, any agreement or other instrument binding upon Murphy USA or any Restricted Subsidiary
or any law applicable to Murphy USA or any Restricted Subsidiary, unless such restrictions with respect to the payment of cash
dividends and other similar cash distributions have been legally and effectively waived, and (c) the income or loss of, and
any amounts referred to in clause (a) above paid to, any consolidated Restricted Subsidiary that is not wholly owned by Murphy
USA to the extent such income or loss or such amounts are attributable to the noncontrolling interest in such consolidated Restricted
Subsidiary.

 

    17 

     

    

 

“Consolidated
Net Tangible Assets” means, as of any date of determination, the total amount of assets (less accumulated depreciation
and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) which would
appear on a consolidated balance sheet of Murphy USA and its consolidated Restricted Subsidiaries, determined on a consolidated
basis in accordance with GAAP, and after giving effect to purchase accounting and after deducting therefrom Current Liabilities
and, to the extent otherwise included, the amounts of unamortized debt discount and expenses and other unamortized deferred charges,
goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization
or developmental expenses and other intangible items.

 

“Consolidated
Working Capital” means, with respect to Murphy USA and its Restricted Subsidiaries on a consolidated basis at any date
of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided
that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Current Assets
or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable,
between current and noncurrent or (b) the effects of purchase accounting.

 

“Contract
Consideration” has the meaning set forth in Section 2.11(c).

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies, or
the dismissal or appointment of the management, of a Person, whether through the ability to exercise voting power, by contract
or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest
payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Entity” means (a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b), (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b) or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning set forth in Section 9.21(b).

 

“Credit
Party” means each Administrative Agent, each Issuing Bank and each Lender.

 

“Current
Assets” means, with respect to Murphy USA and the Restricted Subsidiaries on a consolidated basis at any date of determination,
the sum of all assets (other than cash or cash equivalents) that would, in accordance with GAAP, be classified on a consolidated
balance sheet of Murphy USA and its Restricted Subsidiaries as current assets at such date of determination, other than amounts
related to current or deferred Taxes based on income or profits.

 

    18 

     

    

 

“Current
Liabilities” means, with respect to the Murphy USA and the Restricted Subsidiaries on a consolidated basis at any date
of determination, the aggregate amount of liabilities which may properly be classified as current liabilities under GAAP (other
than for purposes of calculations of Consolidated Working Capital, including Taxes accrued as estimated) on a consolidated basis,
after eliminating (a) all intercompany items between Murphy USA and any Restricted Subsidiary and (b) all current maturities of
long-term Indebtedness, all as determined in accordance with GAAP consistently applied.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
by the Administrative Agents in accordance with the conventions for this rate selected or recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agents decide
that any such convention is not administratively feasible for each of them, then the Administrative Agents may establish another
convention in their reasonable discretion.

 

“Declined
Prepayment Amount” shall have the meaning assigned to such term in Section 2.11(i).

 

“Declining
Term Lender” shall have the meaning assigned to such term in Section 2.11(i).

 

“Default”
means any event or condition that constitutes, or upon notice, lapse of time or both would constitute, an Event of Default.

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“Defaulting
Lender” means any Revolving Lender that (a) has failed, within two Business Days of the date required to be funded or
paid, (i) to fund any portion of its Loans, (ii) to fund any portion of its participations in Letters of Credit or (iii) to pay
to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender
notifies the Revolving Administrative Agent in writing that such failure is the result of such Lender’s good faith determination
that a condition precedent to funding (specifically identified in such writing, including, if applicable, by reference to a specific
Default) has not been satisfied, (b) has notified Murphy USA, the Company or any Credit Party in writing, or has made a public
statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Lender’s good-faith determination
that a condition precedent (specifically identified in such writing, including, if applicable, by reference to a specific Default)
to funding a Loan cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed,
within three Business Days after request by a Credit Party made in good faith to provide a certification in writing from an authorized
officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective
Loans and participations in then outstanding Letters of Credit; provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon such Credit

 

    19 

     

    

 

Party’s
receipt of such certification in form and substance satisfactory to it and the Revolving Administrative Agent, (d) has become
the subject of a Bankruptcy Event or (e) has become the subject of a Bail-In Action.

 

“Designated
Non-Cash Consideration” means the fair market value of non-cash consideration received by Murphy USA, the Company or
the other Restricted Subsidiaries in connection with any Disposition that is so designated as Designated Non-Cash Consideration
pursuant to a certificate of a Financial Officer of Murphy USA, setting forth such valuation, less the amount of cash or cash
equivalents received in connection with a subsequent disposition of such Designated Non-Cash Consideration.

 

“Designated
Subsidiary” means each Domestic Subsidiary that is not an Excluded Subsidiary.

 

“Disposition”
or “Dispose” means the sale, lease, sublease, assignment, transfer or other disposition of any property, business
or asset of any Person.

 

“Disposition
Prepayment Event” has the meaning set forth in Section 2.11(d).

 

“Disqualified
Equity Interest” means, with respect to any Person, any Equity Interest in such Person that by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the
holder thereof), or upon the happening of any event or condition:

 

(a)
matures or is mandatorily redeemable (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant
to a sinking fund obligation or otherwise;

 

(b)
is convertible or exchangeable, either mandatorily or at the option of the holder thereof, for
Indebtedness or Equity Interests (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity
Interests and cash in lieu of fractional shares of such Equity Interests); or

 

(c)
is redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified
Equity Interests and cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by Murphy USA
or any Subsidiary, in whole or in part, at the option of the holder thereof;

 

in
each case, on or prior to the date 180 days after the latest Maturity Date (determined as of the date of issuance thereof); provided,
however, that (i) an Equity Interest in any Person that would not constitute a Disqualified Equity Interest but for terms
thereof giving holders thereof the right to require such Person to redeem or purchase such Equity Interest upon the occurrence
of an “asset sale” or a “change of control” (or similar event, however denominated) shall not constitute
a Disqualified Equity Interest if any such requirement becomes operative only after repayment in full of all the Loans and all
other Loan Document Obligations that are accrued and payable,
the cancellation or expiration of all Letters of Credit and the termination or expiration of the

 

    20 

     

    

 

Commitments
and (ii) an Equity Interest in any Person that is issued to any employee or to any plan for the benefit of employees or by any
such plan to such employees shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased
by such Person or any of its subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of
such employee’s termination, death or disability.

 

“Disqualified
Lender” means competitors of the Company or any of its Subsidiaries identified in writing from time to time to the Administrative
Agents and affiliates of such entities that are readily identifiable as affiliates solely on the basis of their names or that
are identified to the Administrative Agents from time to time in writing by the Company, in each case, other than bona fide fixed
income investors, debt funds, investment vehicles or lending entities that are primarily engaged in, or that advise investors,
funds, investment vehicles or other lending entities that are engaged in making, purchasing, holding or otherwise investing in
commercial loans, bonds or similar extensions of credit or securities in the ordinary course and with respect to which a Disqualified
Lender does not, directly or indirectly, possess the power to direct or cause the direction of the investment policies of such
entity; provided that any additional designation permitted by the foregoing shall not become effective until three (3)
Business Days following delivery to the Administrative Agents by email; provided, further, that in no event shall
any notice given pursuant to this definition apply to retroactively disqualify any Person who previously acquired and continues
to hold, any Loans, Commitments or participations prior to the receipt of such notice.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic
Subsidiary” means any Restricted Subsidiary incorporated or organized under the laws of the United States of America,
any State thereof or the District of Columbia.

 

“Documentation
Agents” means the Persons named as such on the cover page of this Agreement.

 

“Early
Opt-in Election” means, if the then-current Benchmark is the LIBO Rate, the occurrence of:

 

(1)
a notification by the Administrative Agents to (or the request by the Company to the Administrative Agents to notify) each of
the other parties hereto that at least five currently outstanding dollar-denominated syndicated credit facilities at such time
contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate
based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available
for review); and

 

(2)
the joint election by the Administrative Agents and the Company to trigger a fallback from LIBO Rate and the provision by the
Administrative Agents of written notice of such election to the Lenders.

 

    21 

     

    

 

“Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section
9.02).

 

“Electronic
Platform” means Intralinks®, ClearPar®, DebtDomain, SyndTrak and any other electronic platform chosen by any
Administrative Agent to be its electronic transmission system.

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person, other than,
except as permitted under Section 9.04(e), Murphy USA, the Company, any other Subsidiary or any other Affiliate of Murphy USA;
provided that “Eligible Assignee” shall not include any Disqualified Lender or any natural person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person).

 

“Environmental
Law” means all applicable rules, regulations, codes, ordinances, judgments, orders, decrees, directives and other laws,
and all injunctions or binding agreements, issued, promulgated or entered into by or with any Governmental Authority and relating
in any way to the environment, to preservation or reclamation of natural resources, to the management, Release or threatened Release
of, or human exposure to, any explosive, radioactive, hazardous or toxic substance, waste or other pollutant, including petroleum
or petroleum distillates.

 

“Environmental
Liability” means any liability, obligation, loss, claim, action, order or cost, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties and indemnities), to the extent directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials to the extent arising from or relating to any Environmental Law, (c) human
exposure to any Hazardous Materials, (d) the presence, Release or threatened Release of any Hazardous Materials or (e) any
contract, binding agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests, beneficial interests or other
ownership interests, whether voting or nonvoting, in, or interests in the income or profits of, a Person, and any warrants, options
or other rights entitling the holder thereof to purchase or acquire any of the foregoing (other than, prior to the date of conversion,
Indebtedness that is convertible into any such Equity Interests).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with Murphy USA or any Subsidiary,
is treated as a single employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 302 of
ERISA and

 

    22 

     

    

 

Section 412
of the Code, is treated as a single employer under Section 414(m) or 414(o) of the Code.

 

“ERISA
Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) any failure
by any Plan to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of
ERISA) applicable to such Plan, in each case whether or not waived, (c) the filing pursuant to Section 412(c) of the
Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding standard with respect to any Plan,
(d) a determination that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4)
of ERISA or Section 430(i)(4) of the Code), (e) the incurrence by Murphy USA or any of its ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan, (f) the receipt by Murphy USA or any of its ERISA
Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint
a trustee to administer any Plan, (g) the incurrence by Murphy USA or any of its ERISA Affiliates of any liability with respect
to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or (h) the receipt by Murphy USA or any of its
ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from Murphy USA or any of its ERISA Affiliates of any
notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent, within the meaning of Title IV of ERISA or in endangered or critical status, within the meaning of Section 432
of the Code and Section 305 of ERISA.

 

“Eurocurrency”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Eurocurrency
Borrowing” has the meaning set forth in Section 1.02.

 

“Eurocurrency
Loan” has the meaning set forth in Section 1.02.

 

“Eurocurrency
Revolving Borrowing” has the meaning set forth in Section 1.02.

 

“Eurocurrency
Revolving Loan” has the meaning set forth in Section 1.02.

 

“Events
of Default” has the meaning set forth in Article VII.

 

“Excess
Cash Flow” means, for any Excess Cash Flow Period, an amount (if positive) equal to (without duplication):

 

(a)
Consolidated Net Income for such Excess Cash Flow Period; plus

 

(b)
an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income (provided,
in each case, that if any non-cash charge represents an accrual or reserve for cash items in any future period, the cash payment
in respect thereof in such future period shall be subtracted from Excess Cash Flow for such Excess Cash Flow Period in such future
period); plus

 

    23 

     

    

 

(c)
the decreases, if any, in Consolidated Working Capital from the first day to the last day of such Excess Cash Flow Period, but
excluding any such decrease in Consolidated Working Capital arising from (i) the acquisition or Disposition of any Person by Murphy
USA, the Company or any Restricted Subsidiary or any Unrestricted Subsidiary designation, (ii) the reclassification during such
period of current assets to long term assets or current liabilities to long term liabilities, (iii) the application of acquisition
method, purchase and/or recapitalization accounting and/or (iv) the effect of any fluctuation in the amount of accrued and contingent
obligations under any Hedging Agreement; plus

 

(d)
an amount equal to the aggregate net non-cash loss on Dispositions by the Murphy USA and its Restricted Subsidiaries during such
Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at such
Consolidated Net Income; minus

 

(e)
an amount equal to the amount of all non-cash gains for such Excess Cash Flow Period included in arriving at such Consolidated
Net Income; minus

 

(f)
the aggregate amount of all principal payments of Indebtedness of Murphy USA, the Company and the Restricted Subsidiaries (including
(A) the principal component of payments in respect of Capitalized Lease Obligations, (B) the amount of any scheduled repayment
of Term Loans, any mandatory prepayment of Term Loans from any Asset Sale and other prepayments of Term Loans and (C) prepayments
of Revolving Facility Loans to the extent such prepayments of Revolving Facility Loans are accompanied by a permanent and concurrent
commitment reduction thereunder but excluding in all cases any such payment that is deducted in calculating the amount of any
Excess Cash Flow payment in accordance with Section 2.11(c)); provided, that deductions for voluntary prepayments pursuant
to this clause (f) shall not apply to the extent such voluntary prepayment is financed with the proceeds of Long-Term Indebtedness
(other than under any revolving Indebtedness); minus

 

(g)
the amount of Restricted Payments during such period (on a consolidated basis) by Murphy USA and the Restricted Subsidiaries (or
committed during such period to be used for such purposes within the succeeding twelve month period, subject to reversal of such
deduction if any such committed amount is not actually expended within such twelve-month period) made in compliance with Section
6.08(a) (other than 6.08(a)(i), 6.08(a)(ii), 6.08(a)(iii) and 6.08(a)(iv)) to the extent such Restricted Payments were financed
with internally generated cash flow of Murphy USA and the Restricted Subsidiaries; minus

 

(k)
an amount equal to the aggregate net non-cash gain on Dispositions by Murphy USA and its Restricted Subsidiaries during such Excess
Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated
Net Income; minus

 

(l)
increases in Consolidated Working Capital from the first day to the last day of such Excess Cash Flow Period but excluding any
such increase in Consolidated Working Capital arising from (i) the acquisition or Disposition of any Person by Murphy USA or any
Restricted Subsidiary or any Unrestricted Subsidiary designation, (ii) the reclassification during such period

 

    24 

     

    

 

of
current assets to long term assets or current liabilities to long-term liabilities, (iii) the application of acquisition method,
purchase and/or recapitalization accounting and (iv) the effect of any fluctuation in the amount of accrued and contingent obligations
under any Hedging Agreement; minus

 

(m)
cash payments by Murphy USA and the Restricted Subsidiaries during such Excess Cash Flow Period in respect of purchase price holdbacks,
earn out obligations, or long-term liabilities of Murphy USA and the Restricted Subsidiaries other than Indebtedness to the extent
such payments are not expensed during such Excess Cash Flow Period or are not deducted in arriving at such Consolidated Net Income
to the extent financed with internally generated cash flow of Murphy USA or any Restricted Subsidiaries; minus

 

(n)
the aggregate amount of expenditures actually made by Murphy USA or any Restricted Subsidiary in cash during such Excess Cash
Flow Period (including expenditures for the payment of financing fees and cash restructuring charges) to the extent that such
expenditures are not expensed during such Excess Cash Flow Period or are not deducted in arriving at such Consolidated Net Income,
to the extent that such expenditure was financed with internally generated cash flow of Murphy USA or any Restricted Subsidiaries;
minus

 

(o)
the amount of Taxes (including penalties and interest) paid in cash and/or Tax reserves set aside or payable (without duplication)
in such Excess Cash Flow Period to the extent they exceed the amount of Tax expense deducted in arriving at such Consolidated
Net Income for such Excess Cash Flow Period; minus

 

(q)
cash expenditures in respect of Hedging Agreements during such Excess Cash Flow Period to the extent not deducted in arriving
at such Consolidated Net Income; minus

 

(r)
any cash payments that are made during such Excess Cash Flow Period and have the effect of reducing an accrued liability that
was not accrued during such period; minus

 

(s)
to the extent not deducted in determining Consolidated Net Income for such period, any amounts paid by the Restricted Subsidiaries
during such period that are reimbursable by the seller, or other unrelated third party, in connection with a Permitted Acquisition
or other permitted Investments (and provided that once so reimbursed, such amounts shall increase Excess Cash Flow for the period
in which received); minus

 

(t)
the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Company and any Restricted Subsidiary
during such period that are required to be made in connection with any prepayment or satisfaction and discharge of Indebtedness;
minus

 

(u)
the amount of cash payments made in respect of pensions and other postemployment benefits in such period to the extent not deducted
in arriving at such Consolidated Net Income; minus

 

(v)
the amount of cash equivalents subject to cash collateral or other deposit arrangements made with respect to Letters of Credit
or Hedging Agreements; provided, that if

 

    25 

     

    

 

such
cash equivalents cease to be subject to those arrangements, such amount shall be added back to Excess Cash Flow for the subsequent
Excess Cash Flow Period when such arrangements cease.

 

For
purposes of this definition of “Excess Cash Flow,” (i) “deducted in arriving at such Consolidated Net Income”
shall mean deducted in calculating the net income (loss) of Murphy USA and the Restricted Subsidiaries and not thereafter excluded
pursuant to the definition of Consolidated Net Income, (ii) “included in arriving at such Consolidated Net Income”
shall mean included in calculating the net income (loss) of Murphy USA and the Restricted Subsidiaries and not thereafter excluded
pursuant to the definition of Consolidated Net Income and (iii) amounts shall be deducted from, or added to, Consolidated Net
Income without duplication.

 

“Excess
Cash Flow Period” means each fiscal year of Murphy USA, commencing with the fiscal year of Murphy USA ending December
31, 2021.

 

“Exchange
Act” means the United States Securities Exchange Act of 1934.

 

“Excluded
Subsidiary” means (a) any CFC, (b) any FSHCO, (c) any Unrestricted Subsidiary, (d) any Immaterial Subsidiary, (e) any
Subsidiary that is not a wholly-owned Subsidiary, (f) Hankinson Holding, LLC, a Delaware limited liability company, so long as
it has no material assets or liabilities and conducts no operations and (g) 591 Beverage, Inc. a Nebraska corporation, so long
as it has no material assets or liabilities and conducts no operations; provided that no Subsidiary that (i) is the Company,
(ii) Guarantees the Senior Notes, any Incremental Equivalent Debt or any other Material Indebtedness
of Murphy USA, the Company or any Domestic Subsidiary that is not itself an Excluded Subsidiary or (iii) is an obligor (including
pursuant to a Guarantee) under any Incremental Equivalent Debt shall, in either case, be an Excluded Subsidiary.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof), or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Company under Section 2.19) or (ii) such Lender changes its lending office, except in each case
to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender's assignor
immediately before such Lender acquired the applicable interest in such Loan or Commitment or to such Lender immediately before
it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d)
any withholding Taxes imposed under FATCA.

 

    26 

     

    

 

“Existing
Credit Agreement” means the Credit Agreement dated as of August 30, 2013, as amended and restated as of August
27, 2019 and as in effect immediately prior to the Effective Date, among Murphy USA, the Company, the borrowing subsidiaries party
thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.

 

“Existing
Letter of Credit” means each letter of credit previously issued for the account of the Company or any other Subsidiary
that (a) is outstanding on the Effective Date and (b) is listed on Schedule 1.01.

 

“Existing
Revolving Borrowings” has the meaning set forth in Section 2.21(e).

 

“Extended
Commitments” has the meaning set forth in the definition of Extended Permitted Amendment.

 

“Extending
Loans” has the meaning set forth in the definition of Extended Permitted Amendment.

 

“Extending
Lenders” has the meaning set forth in Section 2.22(a).

 

“Extension
Agreement” means an Extension Agreement, in form and substance reasonably satisfactory to the applicable Administrative
Agent, among Murphy USA, the Company, the applicable Administrative Agent, one or more Extending Lenders and each other Person,
if any, required to be a party thereto pursuant to Section 2.22(b), effecting an Extension Permitted Amendment and such other
amendments hereto and to the other Loan Documents as are contemplated by Section 2.22.

 

“Extension
Offer” has the meaning set forth in Section 2.22(a).

 

“Extension
Permitted Amendment” means an amendment to this Agreement and the other Loan Documents, effected in connection with
an Extension Offer pursuant to Section 2.22, providing for an extension of the Maturity Date applicable to the Extending Lenders’
Loans and/or Commitments of the applicable Extension Request Class (such Loans or Commitments being referred to as the “Extended
Loans” or “Extended Commitments”, as applicable) and, in connection therewith, (a) an increase or
decrease in the rate of interest accruing on such Extended Loans, (b) in the case of Extended Loans that are Term Loans of any
Class, a modification of the scheduled amortization applicable thereto, provided that the weighted average life to maturity
of such Extended Loans shall be no shorter than the remaining weighted average life to maturity (determined at the time of such
Extension Offer) of the Term Loans of such Class, (c) a modification of voluntary or mandatory prepayments applicable thereto
(including prepayment premiums and other restrictions thereon), provided that in the case of Extended Loans that are Term
Loans, such requirements may provide that such Extended Loans may participate in any mandatory prepayments on a pro rata basis
(or on a basis that is less than a pro rata basis) with the Loans of the applicable Extension Request Class, but may not provide
for prepayment requirements that are more favorable than those applicable to the Loans of the applicable Extension Request Class,
(d) an increase in the fees payable to, or the inclusion of new fees to be payable to, the Extending Lenders in respect of such
Extension Offer or their

 

    27 

     

    

 

Extended
Loans or Extended Commitments and/or (e) an addition of any affirmative or negative covenants applicable to Murphy USA, the Company
and the other Subsidiaries, provided that any such additional covenant with which Murphy USA, the Company and the other
Subsidiaries shall be required to comply prior to the latest Maturity Date in effect immediately prior to such Extension Permitted
Amendment for the benefit of the Extending Lenders providing such Extended Loans or Extended Commitments shall also be for the
benefit of all other Lenders (other than (x) any financial covenant added for the benefit of any Revolving Commitments that are
extended, which need to apply to any then-outstanding Term Loans, (y) any covenant reflecting market terms and conditions (as
determined by the Company in good faith) at the time of such extension or (z) any other covenant acceptable to the applicable
Administrative Agent).

 

“Extension
Request Class” has the meaning set forth in Section 2.22(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any intergovernmental agreements entered into in connection therewith,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.

 

“Federal
Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
by depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time,
and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that, if such
rate shall be less than zero, such rate shall be deemed to be zero.

 

“Financial
Covenants” means the financial covenants of Murphy USA and the Company set forth in Section 6.11 and Section 6.12.

 

“Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or
controller of such Person; provided that, when such term is used in reference to any document executed by, or a certification
of, a Financial Officer, the secretary or assistant secretary of such Person shall have delivered an incumbency certificate to
the Administrative Agents as to the authority of such individual.

 

“First
Lien Net Leverage Ratio” means, on any date, the ratio of (a) Total Net Indebtedness as of such date that is secured
by a first priority Lien on any asset or property of Murphy USA, the Company or any other Restricted Subsidiary to (b) Consolidated
EBITDA for the period of four consecutive fiscal quarters of Murphy USA ended on or most recently prior to such date. For the
avoidance of doubt, all Attributable Indebtedness in respect of Sale/Leaseback Transactions shall be included in clause (a) above.

 

“Fixed
Amounts” has the meaning assigned to such term in Section 1.11.

 

“Fixed
Incremental Amount” means, at any time, the sum of:

 

    28 

     

    

 

(a)
the greater of (i) $774,000,000 and (ii) 100.0% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended
period of four consecutive fiscal quarters of Murphy USA that have been delivered pursuant to Section 5.04(a) or (b); plus

 

(b)
(i) the amount of any voluntary prepayment of Term Loans and of any voluntary prepayment of Revolving Loans to the extent accompanied
by a corresponding permanent reduction of the Revolving Commitments (including pari passu secured Incremental Term Loans
and Incremental Revolving Loans) and the amount of any voluntary prepayments of Incremental Equivalent Debt that is secured on
a pari passu basis with the Loan Document Obligations, and (ii) the aggregate principal amount of any of the foregoing
assigned to and canceled, or otherwise repurchased and retired, by Murphy USA, the Company or any other Restricted Subsidiary
(limited, in the case of any such assignment or purchases made at a discount to par value, to the actual purchase price paid in
cash), so long as, in each case, such prepayment, assignment and/or purchase was not funded with the proceeds of any Long-Term
Indebtedness other than Indebtedness under any revolving credit facility (this clause (b), the “Voluntary Prepayment
Incremental Amount”); minus

 

(c)
the aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt incurred, established or issued
in reliance on the Fixed Incremental Amount.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the LIBO Rate.

 

“Foreign
Lender” means a Lender that is not a U.S. Person.

 

“Foreign
Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary.

 

“FSHCO”
means each Domestic Restricted Subsidiary substantially all of the assets of which consist of voting Equity Interests in CFCs.

 

“GAAP”
means, subject to Section 1.04(a), generally accepted accounting principles in the United States of America, applied in accordance
with the consistency requirements thereof.

 

“Governmental
Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings
with, and reports to, Governmental Authorities.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

 

    29 

     

    

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase
(or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof,
(c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor
so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or other obligation; provided that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount,
as of any date of determination, of any Guarantee shall be the principal amount outstanding on such date of the Indebtedness or
other obligation guaranteed thereby (or, in the case of (i) any Guarantee the terms of which limit the monetary exposure of the
guarantor or (ii) any Guarantee of an obligation that does not have a principal amount, the maximum monetary exposure as of such
date of the guarantor under such Guarantee (as determined, in the case of clause (i), pursuant to such terms or, in the case of
clause (ii), reasonably and in good faith by the chief financial officer of Murphy USA)).

 

“Hazardous
Materials” means all explosive, radioactive, hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“Hedging
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction, or any option or
similar agreement, involving, or settled by reference to, one or more rates, currencies, commodities, prices of equity or debt
securities or instruments, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value,
or any similar transaction or combination of the foregoing transactions; provided that no phantom stock or similar plan
providing for payments only on account of services provided by current or former directors, officers, employees or consultants
of Murphy USA, the Company or the other Subsidiaries shall be a Hedging Agreement.

 

“Immaterial
Subsidiary” means each Subsidiary which, as of the most recently ended Test Period, contributed 5.0% or less of Consolidated
EBITDA for such period; provided that, if, as of the most recently ended Test Period, the aggregate amount of Consolidated EBITDA
attributable to all Subsidiaries that are Immaterial Subsidiaries exceeds 10% of Consolidated EBITDA for any such period, the
Company shall designate sufficient Subsidiaries to eliminate such excess, and such designated Subsidiaries shall no longer constitute
Immaterial Subsidiaries under this Agreement (or, if the Company has failed to make such designation, then one or more of such
Restricted Subsidiaries shall cease to constitute Immaterial Subsidiaries in descending order based on the amounts of their Consolidated
EBITDA until such excess shall have been eliminated).

 

    30 

     

    

 

“Immediate
Family” of a natural person means such natural person’s spouse, children, siblings, parents, mother-in-law and
father-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law.

 

“Incremental
Amount” means, at any time, the sum of:

 

(a)
the Fixed Incremental Amount; plus

 

(b)
an unlimited amount (such amount, the “Ratio Incremental Amount”) so long as, immediately after giving effect
to the relevant Incremental Facility or Incremental Equivalent Debt:

 

(i)
in the case of any Incremental Facility or Incremental Equivalent Debt secured by Liens on the Collateral ranking pari passu
with the Liens securing the Loan Document Obligations (without regard to control of remedies), on a pro forma basis after
giving effect to such Incremental Facility or Incremental Equivalent Debt and the use of the proceeds thereof and any acquisition
or other transaction consummated in connection therewith, the First Lien Net Leverage Ratio does not exceed (x) 3.75 to 1.00 or
(y) solely in the case of any such Incremental Facility or Incremental Equivalent Debt being incurred to finance a Permitted Acquisition
or other Investment permitted hereunder, the First Lien Net Leverage Ratio as of the last day of the most recently ended Test
Period;

 

(ii)
in the case of any Incremental Facility or Incremental Equivalent Debt secured by Liens on the Collateral ranking junior to the
Liens securing the Loan Obligations, on a pro forma basis after giving effect to such Incremental Facility or Incremental Equivalent
Debt and the use of the proceeds thereof and any acquisition or other transaction consummated in connection therewith, the Secured
Net Leverage Ratio does not exceed (x) 3.75 to 1.00 or (y) solely in the case of any such Incremental Facility or Incremental
Equivalent Debt being incurred to finance a Permitted Acquisition or other Investment permitted hereunder, the Secured Net Leverage
Ratio as of the last day of the most recently ended Test Period; or

 

(iii)
in the case of any Incremental Facility or Incremental Equivalent Debt that is unsecured, on a pro forma basis after giving effect
to such Incremental Facility or Incremental Equivalent Debt and the use of the proceeds thereof and any acquisition or other transaction
consummated in connection therewith, either (A) the Total Net Leverage Ratio does not exceed either (x) 4.50 to 1.00 or (y) solely
in the case of any such Incremental Facility or Incremental Equivalent Debt being incurred to finance a Permitted Acquisition
or other Investment permitted hereunder, the Total Net Leverage Ratio as of the most recently ended Test Period or (B) the Fixed
Charge Coverage Ratio is no less than either (x) 2.00 to 1.00 or (y) solely in the case of any such Incremental Facility or Incremental
Equivalent Debt being incurred to finance a Permitted Acquisition or other Investment permitted hereunder, the Fixed Charge Coverage
Ratio as of the most recently ended Test Period;

 

provided
that (x) the Company may elect to use clause (b) above prior to clause (a) above regardless of whether there is capacity under
clause (a) above, and if clause (a) above, on the one hand, and clause (b) above, on the other hand, are available and the Company
does

 

    31 

     

    

 

not
make an election, the Company will be deemed to have elected clause (b) above to the extent compliant therewith and (y) the Company
may elect to use capacity under clause (a) above on the same date that the Company uses capacity under clause (b) above, by first
calculating the capacity under clause (b)(i), (b)(ii) or (b)(iii), as applicable, without regard to the use of any capacity under
clause (a) above). For purposes of any determination under this definition, the calculation of compliance with the First Lien
Net Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio and the Fixed Charge Coverage Ratio (and the
relevant component definitions thereof) for purposes of incurring any Indebtedness hereunder, (A) shall be made without netting
the proceeds of such Indebtedness and (B) in the case of an incurrence of Incremental Revolving Facility Commitments, shall be
made assuming that such then incurred Incremental Revolving Facility Commitments are fully drawn.

 

“Incremental
Commitment” means an Incremental Term Loan Commitment or an Incremental Revolving Commitment.

 

“Incremental
Equivalent Debt” has the meaning assigned to such term in Section 1.12.

 

“Incremental
Facility Agreement” means an Incremental Facility Agreement, in form and substance reasonably satisfactory to the applicable
Administrative Agent, among Murphy USA, the Company, the applicable Administrative Agent and one or more Incremental Revolving
Lenders and/or Incremental Term Lenders, establishing Incremental Commitments and effecting such other amendments hereto and to
the other Loan Documents as are contemplated by Section 2.21.

 

“Incremental
Equivalent Debt” has the meaning assigned to such term in Section 6.01(n).

 

“Incremental
Facility” means Incremental Commitments and the Incremental Loans made thereunder.

 

“Incremental
Loan” means an Incremental Term Loan or an Incremental Revolving Loan.

 

“Incremental
Revolving Commitment” means the commitment of any Lender, established pursuant to an Incremental Facility Agreement
and Section 2.21, to make Revolving Loans to the Company and to acquire participations in Letters of Credit.

 

“Incremental
Revolving Lender” means a Lender with an Incremental Revolving Facility Commitment or an outstanding Incremental Revolving
Loan.

 

“Incremental
Revolving Loan” means Revolving Loans made by one or more Revolving Lenders to the Company pursuant to an Incremental
Revolving Commitment.

 

“Incremental
Term Lender” means a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

 

    32 

     

    

 

“Incremental
Term Loan Commitment” means the commitment of any Lender, established pursuant to Section 2.21, to make Incremental
Term Loans to the Company.

 

“Incremental
Term Loans” means, to the extent permitted by Section 2.21 and provided for in the relevant Incremental Facility Agreement,
additional Tranche B Term Loans or Other Incremental Term Loans.

 

“Incurrence-Based
Amounts” has the meaning assigned to such term in Section 1.11.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired
by such Person (excluding trade accounts payable incurred in the ordinary course of business), (d) all obligations of such
Person in respect of the deferred purchase price of property or services (excluding (i) current accounts payable incurred
in the ordinary course of business, (ii) deferred compensation payable to directors, officers or employees of Murphy USA, the
Company or any other Restricted Subsidiary and (iii) any purchase price adjustment or earnout incurred in connection with an acquisition,
except to the extent that the amount payable pursuant to such purchase price adjustment or earnout is, or becomes, reasonably
determinable), (e) all Capital Lease Obligations of such Person and all Attributable Indebtedness of such Person in respect
of any Sale/Leaseback Transaction, (f) the maximum aggregate amount of all letters of credit and letters of guaranty in respect
of which such Person is an account party, (g) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances, (h) all Disqualified Equity Interests in such Person, valued, as of the date of determination, at the greater of
(i) the maximum aggregate amount that would be payable upon maturity, redemption, repayment or repurchase thereof (or of Disqualified
Equity Interests or Indebtedness into which such Disqualified Equity Interests are convertible or exchangeable) and (ii) the maximum
liquidation preference of such Disqualified Equity Interests, (i) all Indebtedness of others secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired
by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person, and (j) all Guarantees by
such Person of Indebtedness of others. The Indebtedness of any Person shall include the Indebtedness of any other Person (including
any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such other Person, except to the extent the terms of such Indebtedness provide
that such Person is not liable therefor.

 

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

 

“Indemnitee”
has the meaning set forth in Section 9.03(b).

 

“Information”
has the meaning set forth in Section 9.12.

 

    33 

     

    

 

“Inside
Maturity Basket” means at any time an amount equal to (a) (i) prior to the delivery of the financial statements of Murphy
USA pursuant to Section 5.01(a) for the fiscal year ending December 31, 2021, the greater of (x) $250,000,000 and (y) 32.5% of
Consolidated EBITDA calculated on a pro forma basis for the most recently ended period of four consecutive fiscal quarters of
Murphy USA that have been delivered pursuant to Section 5.01(a), and (ii) at any time thereafter, the greater of (x) $250,000,000
and (y) 50.0% of Consolidated EBITDA calculated on a pro forma basis for the most recently ended period of four consecutive fiscal
quarters of Murphy USA that have been delivered pursuant to Section 5.01(a), minus (b) the aggregate principal amount of
all Incremental Facilities, Incremental Equivalent Debt and Refinancing Term Commitments incurred, established or issued that
do not otherwise comply with any restrictions in this Agreement with respect to maturity or weighted average life to maturity
and in reliance on the Inside Maturity Basket.

 

“Interest
Election Request” means a request by the Company to convert or continue a Revolving Borrowing or Term Borrowing in accordance
with Section 2.07, which shall be in the form of Exhibit F or any other form approved by the applicable Administrative Agent.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the first Business Day following the last day of each March,
June, September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to
the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three
months’ duration, such day or days prior to the last day of such Interest Period as shall occur at intervals of three months’
duration after the first day of such Interest Period.

 

“Interest
Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the
Company may elect; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period that commences
on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing.

 

“Interpolated
Screen Rate” means, with respect to any period, a rate per annum that results from interpolating on a linear basis between
(a) the applicable LIBO Screen Rate for the longest maturity for which a LIBO Screen Rate is available that is shorter than such
period and (b) the applicable LIBO Screen Rate for the shortest maturity for which a LIBO Screen Rate is available that is longer
than such period, in each case, as of the time the Interpolated Screen Rate is required to be determined in accordance with the
other provisions hereof.

 

    34 

     

    

 

“Investment”
means, with respect to a specified Person, any Equity Interests, evidences of Indebtedness or other securities (including any
option, warrant or other right to acquire any of the foregoing) of, or any capital contribution or loans or advances (other than
advances made in the ordinary course of business that would be recorded as accounts receivable on the balance sheet of the specified
Person prepared in accordance with GAAP) to, Guarantees of any Indebtedness or other obligations of, or any other investment (including
any investment in the form of transfer of property for consideration that is less than the fair value thereof (as determined reasonably
and in good faith by the chief financial officer of Murphy USA)) in, any other Person that are held or made by the specified Person.
The amount, as of any date of determination, of (a) any Investment in the form of a loan or an advance shall be the principal
amount thereof outstanding on such date, without any adjustment for write-downs or write-offs (including as a result of forgiveness
of any portion thereof) with respect to such loan or advance after the date thereof, (b) any Investment in the form of a Guarantee
shall be determined in accordance with the definition of the term “Guarantee”, (c) any Investment in the form of a
purchase or other acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any Person shall
be the fair value (as determined reasonably and in good faith by the chief financial officer of Murphy USA) of the consideration
therefor (including any Indebtedness assumed in connection therewith), plus the fair value (as so determined) of all additions,
as of such date of determination, thereto, and minus the amount, as of such date of determination, of any portion of such Investment
repaid to the investor in cash as a repayment of principal or a return of capital, as the case may be, but without any other adjustment
for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the time
of such Investment, (d) any Investment (other than any Investment referred to in clause (a), (b) or (c) above) in the form of
a transfer of Equity Interests or other property by the investor to the investee, including any such transfer in the form of a
capital contribution, shall be the fair value (as determined reasonably and in good faith by the chief financial officer of Murphy
USA) of such Equity Interests or other property as of the time of such transfer (less, in the case of any investment in the form
of transfer of property for consideration that is less than the fair value thereof, the fair value (as so determined) of such
consideration as of the time of the transfer), minus the amount, as of such date of determination, of any portion of such Investment
repaid to the investor in cash as a return of capital, but without any other adjustment for increases or decreases in value of,
or write-ups, write-downs or write-offs with respect to, such Investment after the time of such transfer, and (e) any Investment
(other than any Investment referred to in clause (a), (b), (c) or (d) above) in any Person resulting from the issuance by such
Person of its Equity Interests to the investor shall be the fair value (as determined reasonably and in good faith by the chief
financial officer of Murphy USA) of such Equity Interests at the time of the issuance thereof.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISDA
CDS Definitions” has the meaning set forth in Section 9.02(e).

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate

 

    35 

     

    

 

derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing
Bank” means (a) each Person listed as having an LC Commitment on Schedule 2.05, (b) solely in respect of any Existing
Letter of Credit, the Person that is the issuer thereof and (c) each Revolving Lender that shall have become an Issuing Bank
hereunder as provided in Section 2.05(j) (other than any Person that shall have ceased to be an Issuing Bank as provided in Section
2.05(k)), each in its capacity as an issuer of Letters of Credit hereunder. Each Issuing Bank may, in its discretion, arrange
for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank”
shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing
Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.05 with respect to such Letters of Credit).

 

“Judgment
Currency” has the meaning set forth in Section 9.18(b).

 

“Junior
Indebtedness” has the meaning set forth in Section 6.08(b).

 

“Latest
Maturity Date” means, at any date of determination, the latest Maturity Date then in effect on such date of determination.

 

“LCT
Election” has the meaning assigned to such term in Section 1.12.

 

“LCT
Test Date” has the meaning assigned to such term in Section 1.12.

 

“LC
Commitment” means, with respect to any Issuing Bank, the maximum permitted amount of the LC Exposure that may be attributable
to Letters of Credit issued by such Issuing Bank. The initial amount of each Issuing Bank’s LC Commitment is set forth on
Schedule 2.05 or, in the case of any Issuing Bank that becomes
an “Issuing Bank” hereunder pursuant to Section 2.05(j), in the applicable
written agreement referred to in such Section, or, in each case, such other maximum permitted amount with respect to any Issuing
Bank as may have been agreed in writing (and notified in writing to the Revolving Administrative Agent) by such Issuing Bank and
the Company.

 

“LC
Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC
Exposure” means, at any time, the sum of (a) the aggregate amount of all Letters of Credit remaining available for drawing
at such time and (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company
at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time,
adjusted to give effect to any reallocation under Section 2.20 of the LC Exposures of Defaulting Lenders in effect at such time.
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary
Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the
applicable time) or Rule 3.13 or Rule 3.14 of

 

    36 

     

    

 

the
International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as
may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been
presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn”
in the amount so remaining available to be paid, and the obligations of the Company and each Lender shall remain in full force
and effect until the applicable Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements
under any circumstances with respect to any Letter of Credit.

 

“Lender
Parent” means, with respect to any Lender, any Person in respect of which such Lender is a subsidiary.

 

“Lender
Presentation” means, collectively, the Lender Presentations dated January 2021, relating to the credit facilities provided
for herein.

 

“Lender
Related Person” has the meaning set forth in Section 9.03(d).

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption, an Incremental Facility Agreement or a Refinancing Facility Agreement, other than any such Person that shall have
ceased to be a party hereto pursuant to an Assignment and Assumption.

 

“Letter
of Credit” means any letter of credit issued pursuant to this Agreement and any Existing Letter of Credit, other than
any such letter of credit that shall have ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section
9.05.

 

“Liabilities”
means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“LIBO
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that (a) if no LIBO
Screen Rate shall be available at such time for such Interest Period but LIBO Screen Rates shall be available for maturities both
longer and shorter than such Interest Period, then the “LIBO Rate” for such Interest Period shall be Interpolated
Screen Rate at such time and (b) (i) with respect to the Tranche B Term Loans, if the LIBO Rate, determined as set forth above,
shall be less than 0.50%, such rate shall be deemed to be 0.50% and (ii) with respect to the Revolving Facility, if the LIBO Rate,
determined as set forth above, shall be less than zero, such rate shall be deemed to be zero.

 

“LIBO
Screen Rate” means, for any date and time, with respect to any Eurocurrency Borrowing for any Interest Period, or with
respect to any determination of the Alternate Base Rate pursuant to clause (c) of the definition thereof, the London interbank
offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such
rate) for deposits in dollars (for delivery on the first day of such Interest Period) for a period equal in length to such Interest
Period as displayed on the Reuters

 

    37 

     

    

 

screen
page that displays such rate (currently page LIBOR01 or LIBOR02) or, in the event such rate does not appear on a page of the Reuters
screen, on the appropriate page of such other information service that publishes such rate from time to time as shall be selected
by the applicable Administrative Agent from time to time in its reasonable discretion.

 

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

 

“Limited
Condition Transaction” means (i) any Permitted Acquisition or other Investment, including by means of a merger, amalgamation
or consolidation, by Murphy USA, the Company or one or more of the other Restricted Subsidiaries, the consummation of which is
not conditioned upon the availability of, or on obtaining, third party financing, (ii) any Restricted Payment subject to an irrevocable
declaration by the board of directors of Murphy USA, the consummation of which is not conditioned upon the availability of, or
on obtaining, third party financing and/or (iii) any repayment or redemption of Indebtedness of Murphy USA, the Company or any
of the other Restricted Subsidiaries, the consummation of which is not conditioned upon the availability of,
or on obtaining, third party financing.

 

“Loan
Document Obligations” has the meaning set forth in the Collateral Agreement.

 

“Loan
Documents” means this Agreement, the Incremental Facility Agreements, the Extension Agreements, the Refinancing Facility
Agreements, the Collateral Agreement, the other Security Documents and, except for purposes of Section 9.02, any agreements between
the Company and any Issuing Bank regarding such Issuing Bank’s LC Commitment or the respective rights and obligations between
the Company and such Issuing Bank in connection with the issuance of Letters of Credit, any agreement designating an additional
Issuing Bank as contemplated by Section 2.05(j), any promissory notes delivered pursuant to Section 2.09(c) and
any other document executed by a Loan Party and any Administrative Agent that contains a provision stating that it is a Loan Document
as herein defined.

 

“Loan
Parties” means Murphy USA, the Company and each other Subsidiary Loan Party.

 

“Loans”
means the loans made by the Lenders to the Company pursuant to this Agreement.

 

“Long-Term
Indebtedness” means any Indebtedness that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term
liability.

 

“Majority
in Interest”, when used in reference to Lenders of any Class and subject to Section 2.20 means, at any time, (a) in
the case of the Revolving Lenders, Lenders having

 

    38 

     

    

 

Revolving
Exposures and unused Revolving Commitments representing more than 50% of the sum of the Aggregate Revolving Exposure and the unused
Aggregate Revolving Commitment at such time and (b) in the case of the Term Lenders of any Class, Lenders holding Term Commitments
and outstanding Term Loans of such Class representing more than 50% of all Term Commitments and outstanding Term Loans of such
Class at such time.

 

“Material
Acquisition” means any acquisition, or a series of related acquisitions, of (a) Equity Interests in any Person if, after
giving effect thereto, such Person will become a Restricted Subsidiary or (b) assets comprising all or substantially all the assets
of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) any Person;
provided that the aggregate consideration therefor (including Indebtedness assumed in connection therewith, all obligations
in respect of deferred purchase price (including obligations under any purchase price adjustment but excluding earnout or similar
payments) and all other consideration payable in connection therewith (including payment obligations in respect of noncompetition
agreements or other arrangements representing acquisition consideration)) exceeds $25,000,000.

 

“Material
Adverse Effect” means an event or condition that has had, or could reasonably be expected to have, in a material adverse
effect on (a) the business, assets, liabilities, operations or condition (financial or otherwise) of Murphy USA, the Company
and the other Subsidiaries, taken as a whole, (b) the ability of the Loan Parties to perform their obligations under the
Loan Documents or (c) the rights of or benefits available to the Lenders under the Loan Documents.

 

“Material
Disposition” means any sale, transfer or other disposition, or a series of related sales, transfers or other dispositions,
of (a) all or substantially all the issued and outstanding Equity Interests in any Person that are owned by Murphy USA, the Company
or any other Restricted Subsidiary or (b) assets comprising all or substantially all the assets of (or all or substantially all
the assets constituting a business unit, division, product line or line of business of) any Person; provided that the aggregate
consideration therefor (including Indebtedness assumed by the transferee in connection therewith, all obligations in respect of
deferred purchase price (including obligations under any purchase price adjustment but excluding earnout or similar payments)
and all other consideration payable in connection therewith (including payment obligations in respect of noncompetition agreements
or other arrangements representing acquisition consideration)) exceeds $25,000,000.

 

“Material
Indebtedness” means Indebtedness (other than the Loans, Letters of Credit and Guarantees under the Loan Documents),
or obligations in respect of one or more Hedging Agreements, of any one or more of Murphy USA, the Company and the other Restricted
Subsidiaries in an aggregate principal amount of $50,000,000 or more. For purposes of determining Material Indebtedness, the “principal
amount” of the obligations of Murphy USA, the Company or any other Restricted Subsidiary in respect of any Hedging Agreement
at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Murphy USA, the Company or such
other Restricted Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

 

    39 

     

    

 

“Maturity
Date” means, as the context requires, the Revolving Maturity Date, the Tranche B Term Maturity Date or the maturity
date set forth in the applicable Incremental Facility Agreement, Extension Agreement or Refinancing Facility Agreement for any
Class of Loans established pursuant to Section 2.21, 2.22 or 2.23.

 

“Maximum
Rate” has the meaning set forth in Section 9.13.

 

“Merger
Agreement” has the meaning set forth in the recitals hereto.

 

“Merger
Sub” has the meaning set forth in recitals hereto.

 

“MFN
Provision” shall have the meaning assigned to such term in Section 2.21(b)(v).

 

“MNPI”
means material information concerning Murphy USA, the Company, any other Subsidiary or any Affiliate of any of the foregoing or
their securities that has not been disseminated in a manner making it available to investors generally, within the meaning of
Regulation FD under the Securities Act and the Exchange Act. For purposes of this definition, “material information”
means information concerning Murphy USA, the Company, the other Subsidiaries or any Affiliate of any of the foregoing, or any
of their securities, that could reasonably be expected to be material for purposes of the United States federal and state securities
laws and, where applicable, foreign securities laws.

 

“Moody’s”
means Moody’s Investors Service, Inc., and any successor to its rating agency business.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Murphy
Family” means (a) (i) the estate and descendants of the late C.H. Murphy, Jr., (ii) the siblings of the late C.H. Murphy,
Jr. and their respective estates and descendants, (iii) the respective Immediate Family of, Immediate Family of descendants of
and descendants of Immediate Family of, any individual included in clause (a)(i) or (a)(ii), (iv) any trust established for the
benefit of any of the foregoing or any charitable trust or foundation established by any of the foregoing, and the respective
trustees, fiduciaries and beneficiaries of any such trust or foundation acting in such capacity, and (v) any corporation, limited
partnership, limited liability company or other entity Controlled by any of the foregoing, including the C.H. Murphy Family Investments
Limited Partnership to the extent so Controlled; and (b) any successor (other than by assignment or transfer) of any of the foregoing
set forth in clause (a)(i), (a)(ii), (a)(iii) or (a)(iv).

 

“Murphy
Oil” means Murphy Oil Corporation, a Delaware corporation.

 

“Murphy
USA” means Murphy USA Inc., a Delaware corporation.

 

“Net
Proceeds” means, with respect to any event, (a) the cash (which term, for purposes of this definition, shall include
cash equivalents) proceeds (including, in the case of any

 

    40 

     

    

 

casualty,
condemnation or similar proceeding, insurance, condemnation or similar proceeds) received in respect of such event, including
any cash received in respect of any noncash proceeds, but only as and when received, net of (b) the sum, without duplication,
of (i) all reasonable fees and out-of-pocket expenses paid in connection with such event by Murphy USA and the Restricted Subsidiaries
to Persons that are not Affiliates of Murphy USA or any Restricted Subsidiary, (ii) in the case of a Disposition (including pursuant
to a Sale/Leaseback Transaction or a casualty or a condemnation or similar proceeding) of an asset, the amount of all payments
required to be made by Murphy USA and the Restricted Subsidiaries as a result of such event to repay Indebtedness secured by such
asset (other than any Loans and any Incremental Equivalent Debt or other Indebtedness secured by a similar “all assets”
Lien) and (iii) the amount of all taxes paid (or reasonably estimated to be payable) by Murphy USA and the Restricted Subsidiaries,
and the amount of any reserves established by Murphy USA and the Restricted Subsidiaries in accordance with GAAP to fund purchase
price adjustment, indemnification and similar contingent liabilities (other than any earnout obligations) reasonably estimated
to be payable, in each case during the year that such event occurred or the next succeeding year and that are directly attributable
to the occurrence of such event (as determined reasonably and in good faith by the chief financial officer of Murphy USA). For
purposes of this definition, in the event any contingent liability reserve established with respect to any event as described
in clause (b)(iii) above shall be reduced, the amount of such reduction shall, except to the extent such reduction is made as
a result of a payment having been made in respect of the contingent liabilities with respect to which such reserve has been established,
be deemed to be receipt, on the date of such reduction, of cash proceeds in respect of such event.

 

“Net
Short Lender” has the meaning set forth in Section 9.02(e).

 

“New
Senior Notes” means the 3.750% Senior notes due 2031 in an aggregate principal amount of $500,000,000 issued by the
Company under the Indenture dated as of January 29, 2021, between the Company, Murphy USA Inc., certain guarantors party thereto
and UMB Bank, N.A., as trustee.

 

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

 

“NYFRB”
means the Federal Reserve Bank of New York.

 

“NYFRB’s
Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“NYFRB
Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight
Bank Funding Rate in effect on such day (or for any day that is not a Business Day, on the immediately preceding Business Day);
provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate”
means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the applicable
Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that
if any of the aforesaid rates as so determined shall be less than zero, such rate shall be deemed to be zero.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

    41 

     

    

 

“Other
Applicable Indebtedness” has the meaning assigned to such term in Section 2.11(c).

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Taxes (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

“Other
Incremental Term Loans” has the meaning assigned to such term in Section 2.21(a).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19(b)).

 

“Other
Term Loans” means, collectively, (a) Other Incremental Term Loans, (b) Extended Term
Loans and (c) Refinancing Term Loans.

 

“Overnight
Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB
as set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as
an overnight bank funding rate.

 

“Participant
Register” has the meaning set forth in Section 9.04(c)(ii).

 

“Participants”
has the meaning set forth in Section 9.04(c)(i).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Perfection
Certificate” means a certificate in the form of Exhibit G or any other form approved by the Collateral Agent.

 

“Permitted
Acquisition” means the purchase or other acquisition by Murphy USA or any Restricted Subsidiary in a transaction or
series of transactions of Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets
constituting a business unit, division, product line or line of business of), any Person; provided that (i) such purchase
or acquisition was not preceded by, or consummated pursuant to, an unsolicited tender offer or

 

    42 

     

    

 

proxy
contest initiated by or on behalf of Murphy USA, the Company or any other Subsidiary, (ii) all transactions related thereto
are consummated in accordance with applicable law, (iii) the business of such Person, or such assets, as the case may be, constitute
a business permitted under Section 6.03(b) (iv) with respect to each such purchase or other acquisition, all actions required
to be taken with respect to each newly created or acquired Restricted Subsidiary or assets in order to satisfy the requirements
set forth in the definition of the term “Collateral and Guarantee Requirement” shall have been taken (or arrangements
for the taking of such actions satisfactory to the Collateral Agent shall have been made), (v) subject to Section 1.12, at the
time of and immediately after giving effect to any such purchase or other acquisition, no Default shall have occurred and be continuing,
(vi) after giving effect to such purchase or other acquisition, and any related incurrence of
Indebtedness, on a pro forma basis in accordance with Section 1.04(b), Murphy USA and the Company shall, subject to Section
1.12, be in compliance with the Financial Covenants (after giving effect to any applicable Secured
Net Leverage Increase Election and any applicable Total Leverage Increase Election) calculated as of the end of or for the period
of four consecutive fiscal quarters of Murphy USA then most recently ended for which the financial statements have been delivered
pursuant to Section 5.01(a) or 5.01(b) (or prior to the first such delivery, as of or for such period ended on the last fiscal
quarter included in the financial statements referred to in Section 3.04(a)), (vii) the aggregate amount of cash and non-cash
consideration paid by or on behalf of Murphy USA and its Restricted Subsidiaries for all such purchases or other acquisitions
of any Person that does not become a Loan Party (including by way of merger) or of assets that are not acquired by a Loan Party,
together with the aggregate amount of Investments by the Loan Parties in, and loans and advances by the Loan Parties to, and Guarantees
by the Loan Parties of Indebtedness and other obligations of, Restricted Subsidiaries that are not Loan Parties made pursuant
to Section 6.04(d), (e) and (f), as applicable, shall not exceed the greater of (x) $160,000,000 and (y) 6.75% of Consolidated
Net Tangible Assets and (viii) Murphy USA and the Company shall have delivered to the Administrative Agents a certificate of a
Financial Officer of Murphy USA or the Company, in form and substance reasonably satisfactory to the Administrative Agents, certifying
that all the requirements set forth in this definition have been satisfied with respect to such purchase or other acquisition,
together with reasonably detailed calculations demonstrating satisfaction of the requirement set forth in clause (vi) above.

 

“Permitted
Encumbrances” means:

 

(a)
Liens imposed by law for Taxes that are not yet due or are being contested in compliance with
Sections 3.09 and 5.06;

 

(b)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
and other like Liens imposed by law (other than any Lien imposed pursuant to Section 430(k) of the Code or Section 303(k) of ERISA
or a violation of Section 436 of the Code), arising in the ordinary course of business and securing obligations that are not overdue
by more than 30 days or are being contested in compliance with Section 5.06;

 

(c)
pledges and deposits made (i) in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws and (ii) in respect of letters of credit, bank guarantees
or similar instruments

 

    43 

     

    

 

issued
for the account of Murphy USA or any Restricted Subsidiary in the ordinary course of business supporting obligations of the type
set forth in clause (i) above;

 

(d)
pledges and deposits made (i) to secure the performance of bids, trade contracts (other than for
payment of Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature, in each case in the ordinary course of business and (ii) in respect of letters of
credit, bank guarantees or similar instruments issued for the account of Murphy USA or any Restricted Subsidiary in the ordinary
course of business supporting obligations of the type set forth in clause (i) above;

 

(e)
judgment liens in respect of judgments that do not constitute an Event of Default under clause
(l)of Article VII; 

 

(f)
easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed
by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract
from the value of the affected property or interfere with the ordinary conduct of business of Murphy USA or any Restricted Subsidiary;

 

(g)
banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or
other funds maintained with depository institutions and securities accounts and other financial assets maintained with a securities
intermediary; provided that such deposit accounts or funds and securities accounts or other financial assets are not established
or deposited for the purpose of providing collateral for any Indebtedness and are not subject to restrictions on access by Murphy
USA or any Restricted Subsidiary in excess of those required by applicable banking regulations; 

 

(h)
Liens arising by virtue of Uniform Commercial Code financing statement filings (or similar filings
under applicable law) regarding operating leases entered into by Murphy USA and the Restricted Subsidiaries in the ordinary course
of business;

 

(i)
Liens representing any interest or title of a licensor, lessor or sublicensor or sublessor, or
a licensee, lessee or sublicensee or sublessee, in the property subject to any lease (other than Capital Lease Obligations), license
or sublicense or concession agreement permitted by this Agreement;

 

(j)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods; 

 

(k)
Liens that are contractual rights of set-off; and

 

(l)
Liens constituting non-exclusive licenses and sublicenses (including licenses and sublicenses
of Intellectual Property) granted to third parties in the ordinary course of business;

 

    44 

     

    

 

provided
that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness, other than Liens referred
to in clauses (c) and (d) above securing letters of credit, bank guarantees or similar instruments.

 

“Permitted
First Lien Intercreditor Agreement” means, with respect to any Liens on Collateral that are intended to be pari passu
to any Lien securing the Loan Document Obligations, one or more intercreditor agreements in form and substance reasonably
satisfactory to the Administrative Agents, Murphy USA and the Company.

 

“Permitted
Intercreditor Agreement” means a Permitted First Lien Intercreditor Agreement or a Permitted Junior Lien Intercreditor
Agreement, as applicable.

 

“Permitted
Investments” means:

 

(a)
direct obligations of, or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States of America (or any agency thereof to the extent such obligations are backed by the full faith
and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;

 

(b)
investments in commercial paper maturing within 270 days from the date of acquisition thereof
and having, at the date of acquisition thereof, the highest credit rating obtainable from S&P or Moody’s;

 

(c)
investments in certificates of deposit, banker’s acceptances and demand or time deposits,
in each case maturing within 180 days from the date of acquisition thereof, issued or guaranteed by or placed with, and money
market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United
States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than (i) is
at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (ii)
has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000;

 

(d)
fully collateralized repurchase agreements with a term of not more than 30 days for securities
described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c)
above;

 

(e)
money market funds that (i) comply with the criteria set forth in Rule 2a-7 under the
Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets
of at least $5,000,000,000; and

 

(f)
in the case of any Foreign Subsidiary, other short-term investments that are analogous to the
foregoing, are of comparable credit quality and are customarily used by companies in the jurisdiction of such Foreign Subsidiary
for cash management purposes.

 

“Permitted
Junior Intercreditor Agreement” means, with respect to any Liens on Collateral that are intended to be junior to any
Liens securing the Loan Document Obligations,

 

    45 

     

    

 

one
or more intercreditor agreements, each of which shall be in form and substance reasonably satisfactory to the Administrative Agents,
Murphy USA and the Company.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any “employee pension benefit plan”, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan),
that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and
in respect of which Murphy USA or any of its ERISA Affiliates is (or, if such plan were terminated, would under Section 4069
of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Prepayment
Event” means:

 

(a)
any Disposition (including pursuant to a Sale/Leaseback Transaction or by way of merger or consolidation)
of any asset of Murphy USA, the Company or any other Restricted Subsidiary, including any sale or issuance to a Person other than
Murphy USA, the Company or any other Restricted Subsidiary of Equity Interests in any Subsidiary, other than (i) Dispositions
described in clauses (a) through (f) of Section 6.05 and (ii) other Dispositions resulting in aggregate Net Proceeds not exceeding
$25,000,000 during any fiscal year of Murphy USA; 

 

(b)
any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation
or similar proceeding of, any asset of Murphy USA, the Company or any other Restricted Subsidiary resulting in aggregate Net Proceeds
of $25,000,000 or more during any fiscal year of Murphy USA; or

 

(c)
the incurrence by Murphy USA, the Company or any other Restricted Subsidiary of any Indebtedness,
other than any Indebtedness permitted to be incurred by Section 6.01.

 

“Prime
Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the
United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by
the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime
loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the applicable
Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the applicable Administrative Agent);
provided that if such rate shall be less than zero, such rate shall be deemed to be zero. Each change in the Prime Rate
shall be effective from and including the date such change is publicly announced or quoted as being effective.

 

“Private
Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that are not Public Side
Lender Representatives.

 

“Proceeding”
means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding
in any jurisdiction.

 

“Projections”
has the meaning set forth in Section 3.04(d).

 

    46 

     

    

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“Public
Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that do not wish to receive
MNPI.

 

“Purchase
Offer” shall have the meaning assigned to such term in Section 2.24(a).

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. § 5390(c)(8)(D).

 

“QFC
Credit Support” has the meaning set forth in Section 9.21.

 

“Ratio
Incremental Amount” has the meaning assigned to such term in the definition of “Incremental Amount”.

 

“Recipient”
means any Administrative Agent, any Lender and any Issuing Bank, or any combination thereof (as the context requires).

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBO Rate, 11:00
a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is
not the LIBO Rate, the time determined by the Administrative Agents in their reasonable discretion.

 

“Refinancing”
means the repayment in full of all principal, premium, if any, interest, fees and other amounts due or outstanding in respect
of (a) certain third-party Indebtedness of the Target and its subsidiaries for borrowed money (as set forth in the Merger Agreement)
and (b) the Existing Credit Agreement and, in each case, the termination of all commitments thereunder, and the release of all
guarantees and collateral in respect thereof.

 

“Refinancing
Facility Agreement” means a Refinancing Facility Agreement, in form and substance reasonably satisfactory to the applicable
Administrative Agent, among Murphy USA, the Company, the applicable Administrative Agent and one or more Refinancing Term Lenders
or Refinancing Revolving Lenders, establishing Refinancing Term Loan Commitments or Refinancing Revolving Commitments and effecting
such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.23.

 

“Refinancing
Indebtedness” means, in respect of any Indebtedness (the “Original Indebtedness”), any Indebtedness
that extends, renews or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided
that (a) the principal amount of such Refinancing Indebtedness shall not exceed the principal amount of such Original Indebtedness
except by an amount no greater than accrued and unpaid interest with respect to such Original Indebtedness and any reasonable
fees, premium and expenses relating to such extension, renewal or refinancing; (b) the stated final maturity of such Refinancing
Indebtedness shall not be earlier than that of such Original Indebtedness, and such stated final maturity shall

 

    47 

     

    

 

not
be subject to any conditions that could result in such stated final maturity occurring on a date that precedes the stated final
maturity of such Original Indebtedness; (c) such Refinancing Indebtedness shall not be required to be repaid, prepaid, redeemed,
repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or at the option of any
holder thereof (except, in each case, upon the occurrence of an event of default or a change in control or as and to the extent
such repayment, prepayment, redemption, repurchase or defeasance would have been required pursuant to the terms of such Original
Indebtedness) prior to the earlier of (i) the maturity of such Original Indebtedness and (ii) the date 180 days after the Latest
Maturity Date, provided that, notwithstanding the foregoing, scheduled amortization payments (however denominated) of such
Refinancing Indebtedness shall be permitted so long as the weighted average life to maturity of such Refinancing Indebtedness
shall be longer than the shorter of (x) the weighted average life to maturity of such Original Indebtedness remaining as of the
date of such extension, renewal or refinancing and (y) the weighted average life to maturity of each Class of the Term Loans remaining
as of the date of such extension, renewal or refinancing; (d) such Refinancing Indebtedness shall not constitute an obligation
(including pursuant to a Guarantee) of any Restricted Subsidiary that shall not have been (or, in the case of after-acquired Subsidiaries,
shall not have been required to become pursuant to the terms of the Original Indebtedness) an obligor in respect of such Original
Indebtedness, and shall not constitute an obligation of Murphy USA if Murphy USA shall not have been an obligor in respect of
such Original Indebtedness, and, in each case, shall constitute an obligation of such Restricted Subsidiary or of Murphy USA only
to the extent of their obligations in respect of such Original Indebtedness; (e) if such Original Indebtedness shall have been
subordinated to the Loan Document Obligations, such Refinancing
Indebtedness shall also be subordinated to the Loan Document Obligations on terms not less
favorable in any material respect to the Lenders; and (f) such Refinancing Indebtedness shall not be secured by any Lien on any
asset other than the assets that secured such Original Indebtedness (or would have been required to secure such Original Indebtedness
pursuant to the terms thereof).

 

“Refinancing
Revolving Facility” has the meaning set forth in Section 2.23(d).

 

“Refinancing
Revolving Commitments” has the meaning set forth in Section 2.23(d).

 

“Refinancing
Revolving Loans” has the meaning set forth in Section 2.23(d)).

 

“Refinancing
Term Lender” has the meaning set forth in Section 2.23(a)

 

“Refinancing
Term Loan” has the meaning set forth in Section 2.23(a).

 

“Refinancing
Term Loan Commitments” has the meaning set forth in Section 2.23(a).

 

“Register”
has the meaning set forth in Section 9.04(b)(v).

 

“Regulated
Bank” means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000 that is (i)
a U.S. depository institution the deposits

 

    48 

     

    

 

of
which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal
Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by
and under the supervision of the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and
controlled by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch,
agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the directors, officers, partners,
members, trustees, employees, agents, administrators, managers, representatives and advisors of such Person and of such Person’s
Affiliates.

 

“Release”
means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or
migration into or through the environment or within or upon any building, structure, facility or fixture.

 

“Relevant
Governmental Body” means the Federal Reserve Board or the NYFRB, or a committee officially endorsed or convened by the
Federal Reserve Board or the NYFRB, or any successor thereto.

 

“Repricing
Event” means (i) any prepayment or repayment of Tranche B Term Loans with the proceeds of, or conversion of all or any
portion of the Tranche B Term Loans into, any new or replacement tranche of broadly syndicated first lien secured term loan Indebtedness
that is secured by the Collateral bearing interest at All-in Yield less than the All-in Yield applicable to the Tranche B Term
Loans (as determined by the Term Administrative Agent in consultation with the Company) and (ii) any amendment to this Agreement
whose primary purpose is to directly or indirectly reduce the All-in Yield applicable to the Tranche B Term Loans (it being understood
that any prepayment premium with respect to a Repricing Event shall apply to any required assignment by a non-consenting Lender
in connection with any such amendment pursuant to Section 2.19(b)); provided, that in no event shall any such prepayment,
repayment, refinancing, substitution, replacement, amendment, waiver or other modification in connection with a Change of Control,
Transformative Acquisition, Transformative Disposition or any other transaction not otherwise permitted by this Agreement or for
which this Agreement, in the good faith assessment of the Company, does not provided adequate flexibility for the continuation
and/or expansion of the business of Murphy USA and the Restricted Subsidiaries, constitute a Repricing Event. Any determination
by the Term Administrative Agent in consultation with the Company of the All-in Yield for purposes of this definition shall be
conclusive and binding on all Lenders holding the Tranche B Term Loans.

 

“Required
Lenders” means, subject to Section 2.20, at any time, Lenders having Term Loans, Revolving Exposures and unused Commitments
representing more than 50% of the sum of the outstanding Term Loans, Aggregate Revolving Exposure and unused Commitments of all
Lenders at such time.

 

    49 

     

    

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in Murphy USA, the Company or any other Restricted Subsidiary, or any payment or distribution (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, exchange, conversion, cancelation or termination of, or any other return of capital with respect to, any Equity Interests
in Murphy USA, the Company or any other Restricted Subsidiary.

 

“Required
Excess Cash Flow Percentage” means, with respect to any Excess Cash Flow Period, 50%; provided that, if the First
Lien Net Leverage Ratio as of the end of such Excess Cash Flow Period, as calculated at the time of the prepayment in respect
thereof pursuant to Section 2.11(c), and recalculated to give pro forma effect to such prepayment, is (a) less than or equal to
3.25 to 1.00 but greater than 2.75 to 1.00, such percentage shall be 25% or (b) less than or equal to
2.75 to 1.00, such percentage shall be 0%.

 

“Restricted
Debt Payments” has the meaning assigned to such term in Section 6.08(b).

 

“Restricted
Subsidiary” means any Subsidiary of Murphy USA that is not an Unrestricted Subsidiary.

 

“Retained
Asset Sale Proceeds” has the meaning set forth in Section 2.11(d).

 

“Reuters”
means Thomson Reuters Corporation, a corporation incorporated under and governed by the Business Corporations Act (Ontario), Canada,
Refinitiv or, in each case, a successor thereto.

 

“Revolving
Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent hereunder and under the
other Loan Documents with respect to the Revolving Facility and its successors in such capacity as provided in Article VIII.

 

“Revolving
Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving
Maturity Date and the date of termination of the Revolving Commitments.

 

“Revolving
Borrowing” means a Loan made pursuant to Section 1.02.

 

“Revolving
Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to
acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate permitted amount
of such Lender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section
2.08, (b) increased from time to time pursuant to Section 2.21 and Section 2.23 and (c) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment
is set forth on Schedule 2.01, or in the Assignment and Assumption or the Incremental Facility Agreement pursuant to which such
Lender shall have assumed its Revolving

 

    50 

     

    

 

Commitment,
as applicable. The aggregate amount of the Lenders’ Revolving Commitments as of the Effective Date is $350,000,000.

 

“Revolving
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Revolving Loans and such Lender’s LC Exposure at such time.

 

“Revolving
Facility” means the Revolving Commitments and the extensions of credit thereunder.

 

“Revolving
Lender” means a Lender with a Revolving Commitment or Revolving Exposure.

 

“Revolving
Loan” means a Loan made pursuant to clause (a) of Section 2.01.

 

“Revolving
Maturity Date” means the fifth anniversary of the Effective Date (or, if such date is not a Business Day, the first
Business Day following such date).

 

“S&P”
means Standard & Poor’s Ratings Group, a division of McGraw-Hill Financial, Inc., and any successor to its rating agency
business.

 

“Sale/Leaseback
Transaction” means an arrangement relating to property owned by Murphy USA, the Company or any other Restricted Subsidiary
whereby Murphy USA, the Company or such other Restricted Subsidiary sells or transfers such property to any Person and Murphy
USA, the Company or any other Restricted Subsidiary leases such property, or other property that it intends to use for substantially
the same purpose or purposes as the property sold or transferred, from such Person or its Affiliates.

 

“Sanctioned
Country” means, at any time, a country, region or territory that is itself the subject or target of any Sanctions (at
the Effective Date, Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by
OFAC or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any
Person 50% or more owned or controlled by any Person or Persons described in clause (a) or (b).

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government,
including those administered by OFAC or the U.S. Department of State.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Secured
Hedging Agreement Obligations” means any and all obligations of Murphy USA, the Company or any other Restricted Subsidiary,
whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions
and modifications thereof and substitutions therefor), under (a) any and all Hedging

 

    51 

     

    

 

Agreements
permitted hereunder with a Person that is an Administrative Agent or a Lender, or an Affiliate of an Administrative Agent or a
Lender, at the time it enters into such Hedging Agreement (or, in the case of any Hedging Agreement in effect on the Effective
Date, is an Administrative Agent or a Lender, or an Affiliate of an Administrative Agent or a Lender, on the Effective Date),
and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Hedging Agreement transaction;
provided that such Hedging Agreement is designated as a “Secured Hedging Agreement” in a writing from the Company
and the provider thereof to the Administrative Agents in form and detail reasonably acceptable to the Administrative Agents.

 

“Secured
Net Leverage Increase Election” has the meaning set forth in Section 6.12.

 

“Secured
Net Leverage Increase Period” has the meaning set forth in Section 6.12.

 

“Secured
Net Leverage Ratio” means, on any date, the ratio of (a) Total Net Indebtedness as of such date that is secured by a
Lien on any asset or property of Murphy USA, the Company or any other Restricted Subsidiary to (b) Consolidated EBITDA for the
period of four consecutive fiscal quarters of Murphy USA ended on or most recently prior to such date. For the avoidance of doubt,
all Attributable Indebtedness in respect of Sale/Leaseback Transactions shall be included in clause (a) above.

 

“Secured
Obligations” has the meaning set forth in the Collateral Agreement.

 

“Secured
Parties” has the meaning set forth in the Collateral Agreement.

 

“Securities
Act” means the United States Securities Act of 1933.

 

“Security
Documents” means the Collateral Agreement and each other security agreement or other instrument or document executed
and delivered pursuant to Section 5.03 or 5.12 or pursuant to any Loan Document to secure the Secured Obligations.

 

“Senior
Notes” means (a) the 5.625% senior notes due 2027 issued by the Company under the Indenture
dated as of April 25, 2017, between the Company, certain guarantors party thereto and U.S. Bank National Association, (b) the
4.75% senior notes due 2029 issued by the Company under the Indenture dated as of September 13, 2019, between the Company, certain
guarantors party thereto and UMB Bank, N.A. and (c) the New Senior Notes. 

 

“Senior
Notes Documents” means (a) the Indenture dated as of April 25, 2017, between the Company, certain guarantors party thereto
and U.S. Bank National Association, (b) the Indenture dated as of September 13, 2019, between the Company, certain guarantors
party thereto and UMB Bank, N.A., (c) the Indenture dated as of January 29, 2021 between the Company, Murphy USA Inc., certain
guarantors party thereto and UMB Bank, N.A. and (d) all other instruments, agreements and other documents evidencing or governing
the Senior Notes or providing for any Guarantee or other right in respect thereof.

 

    52 

     

    

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time)
on the immediately succeeding Business Day.

 

“SOFR
Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR
Administrator’s Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Specified
Merger Agreement Representations” means those representations and warranties made by or on behalf of or with respect
to the Target in the Merger Agreement as are material to the interests of the Lenders or the Arrangers (in their capacities as
such), but only to the extent that Murphy USA (or any of its affiliates) has the right to terminate its obligations (or to refuse
to consummate the Acquisition) under the Merger Agreement as a result of a breach of any of such representations and warranties

 

“Specified
Representations” means the representations and warranties set forth in Sections 3.01, 3.02, 3.03(c), 3.07(b) (solely
with respect to the use of the proceeds of the Loans), 3.08, 3.13, 3.15 and 3.16.

 

“Spin-Off”
has the meaning set forth in the Existing Credit Agreement.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency
or supplemental reserves), expressed as a decimal, established by the Board of Governors to which the applicable Administrative
Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D
of the Board of Governors). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurocurrency
Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or
credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.

 

“Subordinated
Indebtedness” of any Person means any Indebtedness of such Person that is contractually subordinated in right of payment
to any other Indebtedness of such Person.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, (a) any Person the accounts of which would
be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements
were prepared in accordance with GAAP as of such date and (b) any other Person (i) of which Equity Interests representing
more

 

    53 

     

    

 

than
50% of the equity value or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise Controlled,
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

 

“Subsidiary”
means any subsidiary of Murphy USA (including the Company).

 

“Subsidiary
Loan Party” means each Restricted Subsidiary that is a party to this Agreement or the Collateral Agreement. Unless the
context requires otherwise, the term “Subsidiary Loan Party” shall include the Company.

 

“Subsidiary
Redesignation” has the meaning set forth in the definition of “Unrestricted Subsidiary.”

 

“Supplemental
Perfection Certificate” means a certificate in the form of Exhibit H or any other form approved by the Collateral Agent.

 

“Supported
QFC” has the meaning set forth in Section 9.21.

 

“Syndication
Agents” means the Persons named as such on the cover page of this Agreement.

 

“Target”
has the meaning set forth in the recitals hereto.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Term
Administrative Agent” means Royal Bank of Canada, in its capacity as administrative agent hereunder and under the other
Loan Documents with respect to the Tranche B Term Loans, and its successors in such capacity as provided in Article VIII.

 

“Term
Commitment” means a Tranche B Term Commitment or any other Class of Term Commitment established pursuant to Section
2.21 or 2.23.

 

“Term
Lender” means a Lender with a Term Commitment or an outstanding Term Loan.

 

“Term
Loan” means a Tranche B Term Loan or any other Class of “Term Loans” established pursuant to Section 2.21,
2.22 or 2.23.

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Term
SOFR Notice” means a notification by the Administrative Agents to the Lenders and the Company of the occurrence of a
Term SOFR Transition Event.

 

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“Term
SOFR Transition Event” means the determination by the Administrative Agents that (a) Term SOFR has been recommended
for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for each of the Administrative
Agents and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a
Benchmark Replacement in accordance with Section 2.14 that is not Term SOFR.

 

“Term
Yield Differential” has the meaning set forth in Section 2.21(b)(v).

 

“Test
Period” means, for any date of determination under this Agreement, the then most recently ended period of four consecutive
fiscal quarters of Murphy USA, or, prior to the end of the fiscal quarter in which the Effective Date occurs, the period of four
consecutive fiscal quarters ended on September 30, 2020.

 

“Total
Indebtedness” means, as of any date, the sum of (i) the aggregate principal amount of Indebtedness of Murphy USA and
its consolidated Restricted Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet
prepared as of such date on a consolidated basis in accordance with GAAP (but subject to Section 1.04(a)) and (ii) the aggregate
principal amount of Indebtedness of Murphy USA and its consolidated Restricted Subsidiaries (including all Attributable Indebtedness
in respect of Sale/Leaseback Transactions of Murphy USA and its consolidated Restricted Subsidiaries), in each case that is outstanding
as of such date but not required to be reflected on a balance sheet in accordance with GAAP, determined on a consolidated basis;
provided that, for purposes of clause (ii) above, the term “Indebtedness” shall not include contingent obligations
of Murphy USA, the Company or any other Restricted Subsidiary as an account party in respect of any letter of credit or letter
of guaranty to the extent such letter of credit or letter of guaranty does not support Indebtedness.

 

“Total
Net Indebtedness” means, as of any date, (a) Total Indebtedness, minus (b) other than for purposes of (i) determinations
of the Applicable Revolving Rate and (ii) the Financial Covenant set forth in Section 6.11, which in each case shall be calculated
without regard to this clause (b), the aggregate amount of Unrestricted Cash as of such date.

 

“Total
Leverage Increase Election” has the meaning set forth in Section 6.11.

 

“Total
Leverage Increase Period” has the meaning set forth in Section 6.11.

 

“Total
Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness as of such date to (b) Consolidated EBITDA for
the period of four consecutive fiscal quarters of Murphy USA ended on or most recently prior to such date.

 

“Total
Net Leverage Ratio” means, on any date, the ratio of (a) Total Net Indebtedness as of such date to (b) Consolidated
EBITDA for the period of four consecutive fiscal quarters of Murphy USA ended on or most recently prior to such date.

 

“Trademark
License Agreement” means the Trademark License Agreement dated as of August 30, 2013, between Murphy Oil and Murphy
USA.

 

    55 

     

    

 

“Tranche
B Term Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Tranche B Term
Loans hereunder, expressed as an amount representing the maximum principal amount of the Tranche B Term Loan to be made by such
Lender, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Tranche
B Term Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall
have assumed its Tranche B Term Commitment, as applicable. The aggregate amount of the Lenders’ Tranche B Term Commitments
as of the Effective Date is $400,000,000.

 

“Tranche
B Term Lender” means a lender with a Tranche B Term Commitment or an outstanding Tranche B Term Loan.

 

“Tranche
B Term Loan” means a Loan made pursuant to clause (b) of Section 2.01.

 

“Tranche
B Term Maturity Date” means the seventh anniversary of the Effective Date (or, if such date is not a Business Day, the
first Business Day following such date).

 

“Transactions”
means, collectively, (a) the consummation of the Acquisition, (b) the Refinancing, (c) the issuance of the New Senior Notes and
the use of the proceeds thereof, (d) the execution, delivery and performance by each Loan Party of the Loan Documents to which
it is to be a party, the creation of the Guarantees and Liens created thereby, the borrowing of Loans and the use of proceeds
thereof, and the issuance of Letters of Credit hereunder and (e) the payment of fees and expenses incurred in connection with
the foregoing.

 

“Transformative
Acquisition” means any acquisition by Murphy USA, the Company or any Restricted Subsidiary that is either (a) not permitted
by the terms of this Agreement immediately prior to the consummation of such acquisition or (b) if permitted by the terms of this
Agreement immediately prior to the consummation of such acquisition, would not provide Murphy USA and its Restricted Subsidiaries
with adequate flexibility under the Loan Documents for the continuation and/or expansion of their combined operations following
such consummation, as reasonably determined by the Company acting in good faith.

 

“Transformative
Disposition” means any Disposition by Murphy USA, the Company or any Restricted Subsidiary that is either (a) not permitted
by the terms of this Agreement immediately prior to the consummation of such Disposition or (b) if permitted by the terms of this
Agreement immediately prior to the consummation of such Disposition, would not provide Murphy USA and its Restricted Subsidiaries
with a durable capital structure following such consummation, as reasonably determined by the Company acting in good faith.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

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“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unrestricted
Cash” means unrestricted cash and cash equivalents of Murphy USA and the Restricted Subsidiaries that is not subject
to any Lien, other than Liens under clause (g) of the definition of “Permitted Encumbrances” and Liens under Section
6.02(a)(i) and (xii).

 

“Unrestricted
Subsidiary” means (a) any Subsidiary of Murphy USA (other than the Company), whether owned on, or acquired or created
after, the Effective Date, that is designated after the Effective Date by Murphy USA and the Company as an Unrestricted Subsidiary
hereunder by written notice to the Administrative Agents; provided, that the designation of a new Unrestricted Subsidiary
following the Effective Date shall be permitted only so long as (i) no Event of Default is continuing or would result therefrom,
(ii) the Company shall, subject to Section 1.12, be in compliance, on a pro forma basis, with the Financial Covenants set forth
in Sections 6.11 and 6.12 and (iii) all Investments in such Unrestricted Subsidiary at the time of designation (as contemplated
by the immediately following sentence) are permitted under Section 6.04; and (b) any subsidiary of an Unrestricted Subsidiary.
The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by Murphy USA (or its Restricted
Subsidiaries) therein at the date of designation in an amount equal to the fair market value of Murphy USA’s (or its Restricted
Subsidiaries’) Investments therein, which shall be required to be permitted on such date in accordance with Section 6.04.
Murphy USA may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes of this Agreement (each, a “Subsidiary
Redesignation”); provided, that (x) no Event of Default is continuing or would result therefrom (after giving effect
to the provisions of the immediately succeeding sentence) and (y) the Company shall have delivered to the Administrative Agents
an officer’s certificate executed by a Financial Officer of Murphy USA or the Company, certifying compliance with the requirements
of preceding clause (x). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary after the Effective Date shall
constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing
at such time and (ii) a return on any Investment by the applicable Loan Party (or its relevant Restricted Subsidiaries) in Unrestricted
Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such designation of
such Loan Party’s (or its relevant Restricted Subsidiaries’) Investment in such Subsidiary.

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S.
Special Resolution Regime” has the meaning set forth in Section 9.21.

 

“U.S.
Tax Compliance Certificate” has the meaning set forth in Section 2.17(f)(v).

 

“USA
Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

 

    57 

     

    

 

“Voluntary
Prepayment Incremental Amount” has the meaning set forth in the definition of “Fixed Incremental Amount”.

 

“wholly-owned”,
when used in reference to a subsidiary of any Person, means that all the Equity Interests in such subsidiary (other than directors’
qualifying shares and other nominal amounts of Equity Interests that are required to be held by other Persons under applicable
law) are owned, beneficially and of record, by such Person, another wholly-owned subsidiary of such Person or any combination
thereof.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

SECTION
1.02.      Classification
of Loans and Borrowings. For purposes of this Agreement, Loans and Borrowings may be classified and referred to by Class (e.g.,
a “Revolving Loan” or “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency
Loan” or “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving
Loan” or “Eurocurrency Revolving Borrowing”).

 

SECTION
1.03.      Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. The words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all real and personal, tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including
official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and
all judgments, orders, writs and decrees, of all Governmental Authorities. Except as otherwise provided herein and unless the
context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document (including this
Agreement and the other Loan Documents) shall be construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto
as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), and all
references to any statute shall be construed as referring to all rules, regulations, rulings and binding interpretations promulgated
or issued thereunder, (c) any reference herein to any Person shall be construed to include such Person’s successors and
assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other
Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to

 

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Articles
and Sections of, and Exhibits and Schedules to, this Agreement and (f) references to “the date hereof” and “the
date of this Agreement” shall be deemed to refer to the Effective Date.

 

SECTION
1.04.      Accounting
Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial
nature used herein shall be construed in accordance with GAAP as in effect from time to time; provided that (i) if the
Company, by notice to the Administrative Agents, shall request an amendment to any provision hereof to eliminate the effect of
any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if either
Administrative Agent or the Required Lenders, by notice to the Company, shall request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and (ii) notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to (A) any election under Accounting Standards Codification
825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect)
to value any Indebtedness of Murphy USA or any Subsidiary at “fair value”, as defined herein, (B) any treatment of
Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a
reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal
amount thereof, (C) any deduction of debt issuance costs in respect of any Indebtedness from the principal amount of such Indebtedness
under Accounting Standards Update 2015-03 and (D) any change to GAAP resulting from the adoption of Financial Accounting Standards
Board Accounting Standards Update No. 2016-02, Leases (Topic 842), to the extent such adoption would require treating any lease
(or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have
been required to be so treated under GAAP as in effect on December 31, 2016.

 

(b)              
All pro forma computations required to be made hereunder giving effect to any Material Acquisition, Material Disposition,
Permitted Acquisition or other transaction shall be calculated after giving pro forma effect thereto (and, in the case of any
pro forma computations made hereunder to determine whether such Material Acquisition, Material Disposition, Permitted Acquisition
or other transaction is permitted to be consummated hereunder, to any other such transaction consummated since the first day of
the period covered by any component of such pro forma computation and on or prior to the date of such computation) as if such
transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal
quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery
of any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section
3.04(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed
of and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X

 

    59 

     

    

 

under
the Securities Act. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on
such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the
entire period (taking into account any Hedging Agreement applicable to such Indebtedness if such Hedging Agreement has a remaining
term in excess of 12 months).

 

SECTION
1.05.      Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the
amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit
that, by its terms or the terms of any letter of credit agreement related thereto, provides for one or more automatic increases
in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of
Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

 

SECTION
1.06.      Status
of Obligations. In the event that Murphy USA, the Company or any other Loan Party shall at any time issue or have outstanding
any Subordinated Indebtedness, Murphy USA and the Company shall take or cause such other Loan Party to take all such actions as
shall be necessary to cause the Loan Document Obligations to constitute senior indebtedness (however denominated) in respect of
such Subordinated Indebtedness and to enable the Lenders to have and exercise any payment blockage or other remedies available
or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. Without limiting
the foregoing, the Loan Document Obligations are hereby designated as “senior indebtedness” and as “designated
senior indebtedness” under and in respect of any indenture or other agreement or instrument under which such Subordinated
Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such
Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or
potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.

 

SECTION
1.07.      Cashless
Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent
that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental
Facilities, Refinancing Term Loans, Loans in connection with any Refinancing Revolving Commitments, Extended Term Loans, Extended
Revolving Commitments or loans incurred under a new credit facility, in each case, to the extent such extension, replacement,
renewal or refinancing is effected by means of a “cashless roll” by such Lender, such extension, replacement, renewal
or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in
dollars”, “in immediately available funds”, “in cash” or any other similar requirement.

 

SECTION
1.08.      Excluded
Swap Obligations. (a) Notwithstanding any provision of this Agreement or any other Loan Document, no Guarantee by any Loan
Party under any Loan Document shall include a Guarantee of any Secured Obligation that, as to such Loan Party, is an Excluded
Swap Obligation and no Collateral provided by any Loan Party shall secure any Secured Obligation that, as to such Loan Party,
is an Excluded Swap Obligation. In the event that any payment is made by, or any collection is realized from, any Loan Party as
to which any

 

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Secured
Obligations are Excluded Swap Obligations, or from any Collateral provided by such Loan Party, the proceeds thereof shall be applied
to pay the Secured Obligations of such Loan Party as otherwise provided herein without giving effect to such Excluded Swap Obligations
and each reference in this Agreement or any other Loan Document to the ratable application of such amounts as among the Secured
Obligations or any specified portion of the Secured Obligations that would otherwise include such Excluded Swap Obligations shall
be deemed so to provide.

 

(b)              
The following terms shall for purposes of this Section 1.08 have the meanings set forth below:

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S. C. § et seq.), as amended from time to time, and any successor
statute.

 

“Excluded
Swap Obligation” means, with respect to Guarantor, any Swap Obligation if, and to the extent that, the Guarantee by
such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof)
is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission
(or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute
an “eligible contract participant” as defined in the Commodity Exchange Act at the time the Guarantee of such Guarantor
becomes effective with respect to such related Swap Obligation.

 

“Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000
or that otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder at the time such Swap Obligation is incurred (including as a result of the agreement in Section 2.07 of
the Collateral Agreement or any other Guarantee or other support agreement in respect of the obligations of such Guarantor by
the Company or another Person that constitutes an “eligible contract participant”).

 

SECTION
1.09.      Interest
Rates; LIBOR Notification. The interest rate on Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived
from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct
Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions
to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”)
for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine
the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry initiatives are currently
underway to identify new or alternative

 

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reference
rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term SOFR
Transition Event or an Early Opt-in Election, Section 2.14(b) and (c) provide the mechanism for determining an alternative rate
of interest. The Administrative Agents will promptly notify the Company, pursuant to Section 2.14(e), of any change to the reference
rate upon which the interest rate on Eurocurrency Loans is based. However, no Administrative Agent warrants or accepts any responsibility
for, and neither shall have any liability with respect to, the administration, submission or any other matter related to the London
interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor
rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate
implemented pursuant to Section 2.14(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition
Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section
2.14(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement
reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume
or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

 

SECTION
1.10.      Divisions.
For all purposes under this Agreement, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the
asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

 

SECTION
1.11.      Certain
Calculations. For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation
of any financial ratio or test, such financial ratio or test shall be calculated at the time such action is taken (subject to
Section 1.12), such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or
Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after
the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be.
Notwithstanding anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (any such amounts,
the “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or
consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (any such amounts,
the “Incurrence-Based Amounts”), it is understood and agreed that the Fixed Amounts shall be disregarded in
the calculation of the financial ratio or test applicable to the Incurrence-Based Amounts. In addition, for the avoidance of doubt,
any Indebtedness (and associated Liens, subject to the applicable priorities required pursuant to the applicable Incurrence-Based
Amounts), Investments, liquidations, dissolutions, mergers, consolidations, dividends, or any prepayments of Indebtedness incurred
or otherwise effected in reliance on Fixed Amounts may be reclassified at any time, as the Company may elect from time to time,
as incurred under the applicable Incurrence-Based Amounts if the

 

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Company
together with the Restricted Subsidiaries subsequently meets the applicable ratio for such Incurrence-Based Amounts on a Pro Forma
Basis.

 

SECTION
1.12.      Limited
Condition Transactions.

 

In connection
with any action being taken solely in connection with a Limited Condition Transaction (including any contemplated incurrence or
assumption of Indebtedness in connection therewith), for purposes of:

 

(a)              
determining compliance with any provision of the Loan Documents (other than Section 6.11 and Section 6.12 hereof) that
requires the calculation of the Total Leverage Ratio, Secured Net Leverage Ratio, First Lien Net Leverage Ratio or Consolidated
Fixed Charge Coverage Ratio;

 

(b)              
determining the accuracy of representations and warranties and/or whether a Default or Event of Default shall have occurred
and be continuing (or any subset of Defaults or Events of Default); or

 

(c)              
testing availability under baskets set forth in the Loan Documents (including baskets measured as a percentage of Consolidated
EBITDA, Consolidated Net Tangible Assets or by reference to the Available Amount);

 

in each
case, at the option of the Company (the Company’s election, in writing to the Administrative Agents, to exercise such option
in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination of whether
any such action is permitted hereunder, shall be deemed to be the date the definitive agreements with respect to such Limited
Condition Transaction are entered into or the date of delivery of the relevant notices, if any (the “LCT Test Date”),
and if, on a pro forma basis after giving pro forma effect to the Limited Condition Transaction and the other transactions to
be entered into in connection therewith (including any incurrence of Indebtedness or Liens and the use of proceeds hereof) as
if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Company could have
taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed
to have been complied with.

 

For
the avoidance of doubt, if the Company has made an LCT Election and any of the ratios or baskets for which compliance was determined
or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations
in Consolidated EBITDA of the Company or any Restricted Subsidiary or the Person subject to such Limited Condition Transaction,
at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been
exceeded as a result of such fluctuations; provided, however, if any ratios improve or baskets increase as a result
of such fluctuations, such improved ratios or baskets may be utilized.

 

If
the Company has made an LCT Election for any Limited Condition Transaction, then, in connection with any subsequent calculation
of the ratios or baskets on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such

 

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Limited
Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is
terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated
on a pro forma basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any
incurrence of Indebtedness or Liens and the use of proceeds thereof) have been consummated; provided that if such Limited
Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any action taken where
compliance of such ratios or baskets was determined or tested assuming such Limited Condition Transaction and other transaction
in connection therewith have been consummated will not be deemed to have been exceeded as a result of failure to consummate such
Limited Condition ReTransaction and other transactions in connection therewith.

 

ARTICLE
II

The Credits

 

SECTION
2.01.      Commitments.
Subject to the terms and conditions set forth herein, each Lender agrees (a) to make Revolving Loans in dollars to the Company
from time to time during the Revolving Availability Period in an aggregate principal amount that will not result in (i) such Lender’s
Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the Aggregate Revolving Exposure exceeding the Aggregate
Revolving Commitment; and (b) to make a Tranche B Term Loan in dollars to the Company on the Effective Date in a principal amount
not exceeding its Tranche B Term Commitment as in effect on the Effective Date immediately prior to the making of such Tranche
B Term Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay
and reborrow Revolving Loans. Amounts repaid or prepaid in respect of Tranche B Term Loans may not be reborrowed.

 

SECTION
2.02.      Loans
and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by
the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make
any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments
of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 

(b)              
Subject to Section 2.14, each Revolving Borrowing and Term Borrowing shall be comprised entirely of ABR Loans or Eurocurrency
Loans as the Company may request in accordance herewith; provided that all Borrowings made on the Effective Date must be
made as ABR Borrowings unless the Company shall have given the notice required for a Eurocurrency Borrowing under Section 2.03
and provided an indemnity letter, in form and substance reasonably satisfactory to the Administrative Agents, extending the benefits
of Section 2.14 to Lenders in respect of such Borrowings. Each Lender at its option may make any 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 Company to repay such Loan in accordance with the terms of this Agreement.

 

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(c)              
At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate principal
amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that a Eurocurrency Borrowing
that results from a continuation of an outstanding Eurocurrency Borrowing may be in an aggregate principal amount that is equal
to such outstanding Borrowing. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate principal
amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Revolving Borrowing
may be in an aggregate principal amount that is equal to (i) the entire unused balance of the Aggregate Revolving Commitment
or (ii) the amount required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(f). Borrowings
of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more
than a total of 10 (or such greater number as may be agreed to by the applicable Administrative Agent) Eurocurrency Borrowings
outstanding.

 

(d)              
Notwithstanding any other provision of this Agreement, the Company shall not be entitled to request, or to elect to convert
to or continue, any Eurocurrency Borrowing if the Interest Period requested with respect thereto would end after the Maturity
Date applicable thereto.

 

SECTION
2.03.      Requests
for Borrowings. To request a Revolving Borrowing or Term Borrowing, the Company shall submit to the applicable Administrative
Agent by fax or electronic mail a Borrowing Request signed by a Financial Officer of the Company (a) in the case of a Eurocurrency
Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing (or,
in the case of any Eurocurrency Borrowing to be made on the Effective Date, such shorter period of time as may be agreed to by
the applicable Administrative Agent) or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City
time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall specify the following
information in compliance with Section 2.02:

 

(i)                      
the Class of such Borrowing;

 

(ii)                   
the aggregate amount of such Borrowing;

 

(iii)                 
the date of such Borrowing, which shall be a Business Day;

 

(iv)                  
whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(v)                    
in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and

 

(vi)                  
the location and number of the account of the Company to which funds are to be disbursed or, in the case of any ABR Revolving
Borrowing

 

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requested
to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f), the identity of the Issuing Bank that made
such LC Disbursement.

 

If no election
as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified
with respect to any requested Eurocurrency Borrowing, then the Company shall be deemed to have selected an Interest Period of
one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the applicable
Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of the amount of such Lender’s
Loan to be made as part of the requested Borrowing.

 

SECTION
2.04.      [Reserved].

 

SECTION
2.05.      Letters
of Credit. (a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance
of Letters of Credit for its own account (or so long as the Company is a joint and several co-applicant with respect thereto,
the account of any Restricted Subsidiary), denominated in dollars and in a form reasonably acceptable to the applicable Issuing
Bank, at any time and from time to time during the Revolving Availability Period. The Company unconditionally and irrevocably
agrees that, in connection with any Letter of Credit issued for the account of any Restricted Subsidiary as provided in the first
sentence of this paragraph, it will be fully responsible for the reimbursement of LC Disbursements, the payment of interest thereon
and the payment of fees due under Section 2.12(b)) to the same extent as if it were the sole account party in respect of
such Letter of Credit. Each Existing Letter of Credit shall be deemed, for all purposes of this Agreement (including paragraphs
(d) and (f) of this Section), to be a Letter of Credit issued hereunder for the account of the Company or the applicable Restricted
Subsidiary. Notwithstanding anything contained in any letter of credit application furnished to any Issuing Bank in connection
with the issuance of any Letter of Credit, (i) all provisions of such letter of credit application purporting to grant Liens in
favor of such Issuing Bank to secure obligations in respect of such Letter of Credit shall be disregarded, it being agreed that
such obligations shall be secured to the extent provided in this Agreement and in the Security Documents, and (ii) in the event
of any inconsistency between the terms and conditions of such letter of credit application and the terms and conditions of this
Agreement, the terms and conditions of this Agreement shall control. A Letter of Credit issued by any Issuing Bank will only be
of a type approved for issuance hereunder by such Issuing Bank (it being understood and agreed that standby Letters of Credit
shall be deemed of the type that is approved), and issuance, amendment and extension of Letters of Credit by any Issuing Bank
shall be subject to its customary policies and procedures for issuance of letters of credit. An Issuing Bank shall not be under
any obligation to issue any Letter of Credit if (x) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law, rule or regulation
of any Governmental Authority applicable to such Issuing Bank or any request, rule, guideline or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or require that such
Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing
Bank is not otherwise compensated hereunder) not in

 

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effect
on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not applicable
on the Effective Date and which such Issuing Bank in good faith deems material to it or (y) the issuance of such Letter of Credit
would violate one or more policies of such Issuing Bank applicable to letters of credit generally.

 

(b)              
Notice of Issuance, Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit or the
amendment or extension of an outstanding Letter of Credit (other than an automatic extension permitted pursuant to paragraph (c)
of this Section), the Company shall hand deliver or fax (or transmit by electronic communication, if arrangements for doing so
have been approved by the recipient) to the applicable Issuing Bank and the Revolving Administrative Agent, reasonably in advance
of the requested date of issuance, amendment or extension, a notice requesting the issuance of a Letter of Credit, or identifying
the Letter of Credit to be amended or extended, and specifying the requested date of issuance, amendment or extension (which shall
be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall
be necessary to enable the applicable Issuing Bank to prepare, amend or extend such Letter of Credit. If requested by the applicable
Issuing Bank, the Company also shall submit a letter of credit application on such Issuing Bank’s standard form in connection
with any such request. A Letter of Credit shall be issued, amended or extended only if (and upon each issuance, amendment or extension
of any Letter of Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment
or extension, (i) the LC Exposure will not exceed $100,000,000, (ii) the portion of the LC Exposure attributable to Letters
of Credit issued by any Issuing Bank will not exceed the LC Commitment of such Issuing Bank, (iii) no Revolving Lender will
have a Revolving Exposure greater than its Revolving Commitment and (iv) the Aggregate Revolving Exposure will not exceed
the Aggregate Revolving Commitment. Each Revolving Lender acknowledges and agrees that, on the Effective Date and without any
further action on the part of the applicable Issuing Bank or the Revolving Lenders, each Issuing Bank shall have granted to such
Revolving Lender, and such Revolving Lender shall have acquired from such Issuing Bank, a participation in each Letter of Credit
issued by such Issuing Bank and outstanding on the Effective Date equal to such Lender’s Applicable Percentage (as determined
on the Effective Date based on the Revolving Commitments set forth on Schedule 2.01 hereto) of the aggregate amount available
to be drawn under such Letter of Credit.

 

(c)              
Expiration Date. Each Letter of Credit shall by its terms expire at or prior to the close of business on the earlier
of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension thereof,
one year after such extension) and (ii) the date that is five Business Days prior to the Revolving Maturity Date; provided
that any Letter of Credit may contain customary automatic extension provisions agreed upon by the Company and the applicable
Issuing Bank pursuant to which the expiration date of such Letter of Credit shall automatically be extended for a period of up
to 12 months (but not to a date later than the date set forth in clause (ii) above), subject to a right on the part of such Issuing
Bank to prevent any such extension from occurring by giving notice to the beneficiary in advance of any such extension. In the
event the Revolving Maturity Date shall be extended as provided in Section 2.22, Letters of Credit with expiry dates beyond the
original Revolving Maturity Date

 

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will
be limited to the amount of the Revolving Commitments that shall have been extended beyond that date.

 

(d)              
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount
thereof) and without any further action on the part of the applicable Issuing Bank or any Revolving Lender, the Issuing Bank that
is the issuer thereof hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank,
a participation in such Letter of Credit equal to such Revolving Lender’s Applicable Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender
hereby absolutely and unconditionally agrees to pay to the Revolving Administrative Agent, for the account of such Issuing Bank,
such Revolving Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank under such Letter of Credit
and not reimbursed by the Company on the date due as provided in paragraph (f) of this Section, or of any reimbursement payment
required to be refunded to the Company for any reason, including after the Revolving Maturity Date. Each Revolving Lender acknowledges
and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter
of Credit, the occurrence and continuance of a Default, any reduction or termination of the Revolving Commitments or any force
majeure or other event that under any rule of law or uniform practices to which any Letter of Credit is subject (including
Section 3.14 of ISP 98 or any successor publication of the International Chamber of Commerce) permits a drawing to be made under
such Letter of Credit after the expiration thereof or of the Revolving Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender further acknowledges and agrees that, in issuing,
amending or extending any Letter of Credit, the applicable Issuing Bank shall be entitled to rely, and shall not incur any liability
for relying, upon the representation and warranty of Murphy USA and the Company deemed made pursuant to Section 4.02, unless,
at least one Business Day prior to the time such Letter of Credit is issued, amended or extended (or, in the case of an automatic
extension permitted pursuant to paragraph (c) of this Section, at least one Business Day prior to the time by which the election
not to extend must be made by the applicable Issuing Bank), the Revolving Administrative Agent or the Majority in Interest of
the Revolving Lenders shall have notified the applicable Issuing Bank (with a copy to the Revolving Administrative Agent) in writing
that, as a result of one or more events or circumstances described in such notice, one or more of the conditions precedent set
forth in Sections 4.02(a) or 4.02(b) would not be satisfied if such Letter of Credit were then issued, amended or extended (it
being understood and agreed that, in the event any Issuing Bank shall have received any such notice, no Issuing Bank shall have
any obligation to issue, amend or extend any Letter of Credit until and unless it shall be satisfied that the events and circumstances
described in such notice shall have been cured or otherwise shall have ceased to exist).

 

(e)              
Disbursements. The Issuing Bank that is the issuer of such Letter of Credit shall, within the time allowed by applicable
law or the specific terms of the applicable Letter of Credit following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit and, promptly after such examination, shall notify the Revolving Administrative
Agent and the Company by telephone, fax or email of such

 

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demand
for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure
to give or delay in giving such notice shall not relieve the Company of its obligation to reimburse such LC Disbursement.

 

(f)               
Reimbursements. If an Issuing Bank shall make an LC Disbursement in respect of a Letter of Credit, the Company shall
reimburse such LC Disbursement by paying to the Revolving Administrative Agent an amount equal to such LC Disbursement not later
than (i) if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on any Business
Day, then 1:30 p.m., New York City time, on such Business Day or (ii) otherwise, 1:30 p.m., New York City time, on the Business
Day immediately following the day that the Company receives such notice; provided that, if the amount of such LC Disbursement
is equal to or greater than the applicable borrowing minimum set forth in Section 2.02(c), the Company may, subject to the conditions
to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing
and, to the extent so financed, the Company’s obligation to make such payment shall be discharged and replaced by the resulting
ABR Revolving Borrowing. If the Company fails to reimburse any LC Disbursement by the time specified above, the applicable Issuing
Bank shall notify the Revolving Administrative Agent thereof, whereupon the Revolving Administrative Agent shall notify each Revolving
Lender of such failure, the payment then due from the Company in respect of the applicable LC Disbursement and such Revolving
Lender’s Applicable Percentage thereof. Promptly following receipt of such notice (and in any event, if such notice is received
by 12:00 noon, New York City time, on a Business Day, no later than 2:00 p.m., New York City time on such Business Day and if
received after 12:00 noon, New York City time, on a Business Day, no later than 10:00 a.m., New York City time, on the immediately
succeeding Business Day), each Revolving Lender shall pay to the Revolving Administrative Agent its Applicable Percentage of the
amount then due from the Company, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and
Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders pursuant to this paragraph),
and the Revolving Administrative Agent shall promptly remit to the applicable Issuing Bank the amounts so received by it from
the Revolving Lenders. Promptly following receipt by the Revolving Administrative Agent of any payment from the Company pursuant
to this paragraph, the Revolving Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the
extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving
Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph
to reimburse an Issuing Bank for an LC Disbursement (other than the funding of an ABR Revolving Borrowing as contemplated above)
shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse such LC Disbursement.

 

(g)              
Obligations Absolute. The Company’s obligation to reimburse LC Disbursements as provided in paragraph (f)
of this Section is absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of
this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision thereof or hereof, (ii) any draft or other document presented
under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect,

 

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(iii) payment
by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms
of such Letter of Credit, (iv) any force majeure or other event that under any rule of law or uniform practices to
which any Letter of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the International Chamber
of Commerce) permits a drawing to be made under such Letter of Credit after the stated expiration date thereof or of the Revolving
Commitments or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might,
but for the provisions of this paragraph, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Company’s obligations hereunder. None of the Revolving Administrative Agent, the Lenders, the Issuing Banks or any of
their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of
any Letter of Credit, any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred
to in the preceding sentence), any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice
or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder),
any error in interpretation of technical terms, any error in translation or any other act, failure to act or other event or circumstance;
provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Company to the extent
of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby
waived by the Company to the extent permitted by applicable law) suffered by the Company that are caused by such Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of
an Issuing Bank (with such absence to be presumed unless otherwise determined by a court of competent jurisdiction in a final
and nonappealable judgment), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance
of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that
appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice
or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit.

 

(h)              
Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Company shall reimburse such
LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day
from and including the date such LC Disbursement is made to but excluding the date that the Company reimburses such LC Disbursement
in full, at the rate per annum then applicable to ABR Revolving Loans; provided that if the Company fails to reimburse
such LC Disbursement when due pursuant to paragraph (f) of this Section, Section 2.13(c) shall apply. Interest accrued pursuant
to this paragraph shall be paid to the Revolving Administrative Agent, for the account of the applicable Issuing Bank, except
that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (f) of this Section to
reimburse such Issuing Bank for such LC Disbursement shall be for the account of such Lender to the extent of such payment, and
shall be payable on demand or, if no demand has been made, on the date on which the Company reimburses the applicable LC Disbursement
in full.

 

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(i)                
Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Company
receives notice from the Revolving Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated,
a Majority in Interest of the Revolving Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Company
shall deposit in an account with the Revolving Administrative Agent, in the name of the Revolving Administrative Agent and for
the benefit of the Lenders, an amount in cash equal to 105% of the LC Exposure as of such date plus any accrued and unpaid fees
and interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately,
and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of
any Event of Default with respect to Murphy USA or the Company described in clause (i) or (j) of Article VII. The Company
also shall deposit cash collateral in accordance with this paragraph as and to the extent required by Section 2.11(b) or 2.20.
Each such deposit shall be held by the Revolving Administrative Agent as collateral for the payment and performance of the obligations
of the Company under this Agreement. The Revolving Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Revolving Administrative Agent and at the Company’s risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys
in such account shall, notwithstanding anything to the contrary herein or in the Security Documents, be applied by the Revolving
Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed, together with
related fees, costs and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has been accelerated
(but subject to (i) the consent of a Majority in Interest of the Revolving Lenders and (ii) in the case of any such application
at a time when any Revolving Lender is a Defaulting Lender (but only if, after giving effect thereto, the remaining cash collateral
shall be less than the aggregate LC Exposure of all the Defaulting Lenders), the consent of each Issuing Bank), be applied to
satisfy other obligations of the Company under this Agreement in accordance with Section 2.18(g). If the Company is required to
provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent
not applied as aforesaid) shall be returned to the Company within three Business Days after all Events of Default have been cured
or waived. If the Company is required to provide an amount of cash collateral hereunder pursuant to Section 2.20, such amount
(to the extent not applied as aforesaid) shall be returned to the Company as promptly as practicable to the extent that, after
giving effect to such return, no Issuing Bank shall have any exposure in respect of any outstanding Letter of Credit that is not
fully covered by the Revolving Commitments of the Non-Defaulting Revolving Lenders and/or the remaining cash collateral and no
Default shall have occurred and be continuing.

 

(j)                
Designation of Additional Issuing Banks. The Company may, at any time and from time to time, with the consent of
the Revolving Administrative Agent (which consent shall not be unreasonably withheld), designate as additional Issuing Banks one
or more Revolving Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment
as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory
to the Revolving

 

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Administrative
Agent, executed by the Company, the Revolving Administrative Agent and such designated Revolving Lender, which shall set forth
the LC Commitment of such Revolving Lender, and, from and after the effective date of such agreement, (i) such Revolving
Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and (ii) references herein to the
term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer of Letters of Credit
hereunder.

 

(k)              
Termination of an Issuing Bank. The Company may terminate the appointment of any Issuing Bank as an “Issuing
Bank” hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Revolving Administrative
Agent. Any such termination shall become effective upon the earlier of (i) such Issuing Bank acknowledging receipt of such
notice and (ii) the 10th Business Day following the date of the delivery thereof; provided that no such termination
shall become effective until and unless the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (or its
Affiliates) shall have been reduced to zero. At the time any such termination shall become effective, the Company shall pay all
unpaid fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.12(b). Notwithstanding the effectiveness
of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights of
an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not be
required to issue any additional Letters of Credit or amend or extend any existing Letter of Credit.

 

(l)                
Issuing Bank Reports to the Revolving Administrative Agent. Each Issuing Bank shall, in addition to its notification
obligations set forth elsewhere in this Section, report in writing to the Revolving Administrative Agent (i) periodic activity
(for such period or recurrent periods as shall be requested by the Revolving Administrative Agent) in respect of Letters of Credit
issued by such Issuing Bank, including all issuances, extensions and amendments, all expirations and cancelations and all disbursements
and reimbursements and (ii) such other information as the Revolving Administrative Agent shall reasonably request as to the
Letters of Credit issued by such Issuing Bank.

 

(m)            
LC Exposure Determination.

 

(i)                      
For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related
thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount
of such Letter of Credit after giving effect to all such increases (other than any such increase consisting of the reinstatement
of an amount previously drawn thereunder and reimbursed), whether or not such maximum stated amount is in effect at the time of
determination.

 

(ii)                   
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of Article 29(a) of the UCP, Rule 3.13 or Rule 3.14 of the ISP
or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter
of Credit shall be

 

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deemed
to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations
of the Company and each Revolving Lender hereunder shall remain in full force and effect until the Issuing Banks and the Revolving
Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter
of Credit.

 

SECTION
2.06.      Funding
of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of immediately available funds by 1:00 p.m., New York City time, to the account of the applicable Administrative Agent most recently
designated by it for such purpose by notice to the Lenders. The applicable Administrative Agent will make any Loan available to
the Company by promptly remitting the amounts so received, in like funds, to an account of the Company; provided that the
proceeds of ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f) shall be
remitted by the Revolving Administrative Agent to the Issuing Bank specified by the Company.

 

(b)              
Unless the applicable Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing
that such Lender will not make available to such Administrative Agent such Lender’s share of such Borrowing, such Administrative
Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance on such assumption, make available to Company a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to the applicable Administrative Agent, then the applicable Lender and the
Company severally agree to pay to such Administrative Agent forthwith on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to the Company to but excluding the date of payment to
such Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the NYFRB Rate and a rate
determined by such Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case
of a payment to be made by the Company, the interest rate applicable to ABR Loans of the applicable Class. If the Company and
such Lender shall pay such interest to such Administrative Agent for the same or an overlapping period, such Administrative Agent
shall promptly remit to the Company the amount of such interest paid by the Company for such period. If such Lender pays such
amount to such Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Any
payment by the Company shall be without prejudice to any claim the Company may have against a Lender that shall have failed to
make such payment to such Administrative Agent.

 

SECTION
2.07.      Interest
Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type and, in the case of a Eurocurrency
Borrowing, shall have an initial Interest Period as specified in the applicable Borrowing Request or as otherwise provided in
Section 2.03. Thereafter, the Company may elect to convert such Borrowing to a Borrowing of a different Type or to continue such
Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section.
The Company may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans

 

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comprising
such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

 

(b)              
To make an election pursuant to this Section, the Company shall submit, by fax or electronic mail, an Interest Election
Request, signed by a Financial Officer of the Company to the applicable Administrative Agent by the time that a Borrowing Request
would be required under Section 2.03 if the Company were requesting a Borrowing of the Type resulting from such election to be
made on the effective date of such election. Each Interest Election Request shall be irrevocable and shall specify the following
information in compliance with Section 2.02:

 

(i)                    
the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)                   
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)                 
whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

(iv)                  
if the resulting Borrowing is to be a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such
Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Company shall be
deemed to have selected an Interest Period of one month’s duration.

 

(c)              
Promptly following receipt of an Interest Election Request in accordance with this Section, the applicable Administrative
Agent shall advise each Lender of the applicable Class of the details thereof and of such Lender’s portion of each resulting
Borrowing.

 

(d)              
If the Company fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall (i) in the case of a Term Borrowing, be continued as a Eurocurrency Borrowing for an additional Interest
Period of one month or (ii) in the case of a Revolving Borrowing, be converted to an ABR Borrowing. Notwithstanding any contrary
provision hereof, if an Event of Default under clause (i) or (j) of Article VII has occurred and is continuing with respect to
Murphy USA or the Company, or if any other Event of Default has occurred and is continuing and the applicable Administrative Agent,
at the request of a Majority in Interest of Lenders of any applicable Class, has notified the Company of the election to give
effect to this sentence on account of such other Event of Default, then, in each such case, so long as such Event of Default

 

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is
continuing, (i) no outstanding Borrowing of any Class (or of such Class, as applicable) may be converted to or continued as a
Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing of any Class (or of such Class, as applicable) shall
be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

SECTION
2.08.      Termination
and Reduction of Commitments. (a) Unless previously terminated, (i) the Revolving Commitments shall automatically terminate
at 5:00 p.m., New York City time, on the Revolving Maturity Date, (ii) the Tranche B Term Commitments shall automatically
terminate at 5:00 p.m., New York City time, on January 29, 2021 and (iii) each Class of Commitments established pursuant
to Section 2.21, 2.22 or 2.23 shall terminate at the time specified therefor in the applicable Incremental Facility Agreement,
Extension Agreement or Refinancing Facility Agreement. The Tranche B Term Commitment of each Lender shall automatically reduce
upon the making by such Lender of any Tranche B Term Loan by an amount equal to the principal amount of such Loan.

 

(b)              
The Company may at any time terminate, or from time to time permanently reduce, the Commitments of any Class; provided
that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and
not less than $5,000,000 and (ii) the Company shall not terminate or reduce the Revolving Commitments if, after giving effect
to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, (A) the Aggregate Revolving Exposure would
exceed the Aggregate Revolving Commitment or (B) the Revolving Exposure of any Lender would exceed its Revolving Commitment.

 

(c)              
The Company shall notify the applicable Administrative Agent of any election to terminate or reduce the Commitments under
paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction,
specifying the effective date thereof. Promptly following receipt of any such notice, the applicable Administrative Agent shall
advise the Lenders of the applicable Class of the contents thereof. Each notice delivered by the Company pursuant to this Section shall
be irrevocable; provided that a notice of termination or reduction of the Commitments under paragraph (b) of this
Section may state that such notice is conditioned upon the occurrence of one or more events specified therein, in which case
such notice may be revoked by the Company (by notice to the applicable Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each
reduction of the Commitments of any Class under paragraph (b) of this Section shall be made ratably among the Lenders in
accordance with their respective Commitments of such Class.

 

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SECTION
2.09.      Repayment of
Loans; Evidence of Debt. (a) The Company hereby unconditionally promises to pay (i) to the Revolving Administrative Agent
for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender made to the Company on the
Revolving Maturity Date and (ii) to the Term Administrative Agent for the account of each Lender the then unpaid principal amount
of each Term Loan of such Lender made to the Company as provided in Section 2.10.

 

(b)              
The records maintained by the Administrative Agents and the Lenders shall be prima facie evidence of the existence
and amounts of the obligations of the Company in respect of the Loans, LC Disbursements, interest and fees due or accrued hereunder;
provided that the failure of any Administrative Agent or any Lender to maintain such records or any error therein shall
not in any manner affect the obligation of the Company to pay any amounts due hereunder in accordance with the terms of this Agreement.

 

(c)              
Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, the Company
shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to
such Lender and its registered assigns) and in a form approved by the applicable Administrative Agent.

 

SECTION
2.10.      Amortization
of Term Loans. (a) The Company shall repay Tranche B Term Borrowings on the first Business Day after the last day of each
December, March, June and September, beginning with July 1, 2021 and ending with the last such day to occur prior to the
Tranche B Term Maturity Date, in an aggregate principal amount for each such date equal to 0.25% of the aggregate principal amount
of the Tranche B Term Loans made on the Effective Date (as such amounts may be adjusted pursuant to paragraph (c) of this
Section). In the event that any Other Term Loans are made, the Company shall repay such Other Term Loans on the dates and in the
amounts set forth in the related Incremental Facility Agreement, Extension Agreement or Refinancing Facility Agreement.

 

(b)              
To the extent not previously paid, (i) all Tranche B Term Borrowings shall be due and payable on the Tranche B Term Maturity
Date and (ii) all the Term Borrowings of each Class of Term Loans established pursuant to Section 2.21, 2.22 or 2.23 shall be
due and payable on the Maturity Date established therefor in the applicable Incremental Facility Agreement, Extension Agreement
or Refinancing Facility Agreement.

 

(c)              
Any prepayment of a Tranche B Term Borrowing pursuant to Section 2.11 shall be applied to reduce the subsequent scheduled
repayments of the Tranche B Term Borrowings to be made pursuant to this Section in the manner specified by the Company in the
notice of prepayment relating thereto (or, if no such manner is specified in such notice, in direct order of maturity). Any prepayment
of any Class of Term Loans established pursuant to Section 2.21, 2.22 or 2.23 shall be applied to reduce the subsequent scheduled
repayments of the Loans of such Class as shall be specified in the applicable Incremental Facility Agreement, Extension Agreement
or Refinancing Facility Agreement.

 

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(d)              
Prior to any repayment of any Term Borrowings of any Class under this Section, the Company shall select the Borrowing or
Borrowings of the applicable Class to be repaid and shall notify the Term Administrative Agent by telephone (confirmed by fax
or e-mail) of such selection not later than 11:00 a.m., New York City time, three Business Days before the scheduled date of such
repayment. Each repayment of a Term Borrowing shall be applied ratably to the Loans included in the repaid Term Borrowing. Repayments
of Term Borrowings shall be accompanied by accrued interest on the amounts repaid.

 

SECTION
2.11.      Prepayment
of Loans. (a) The Company shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
subject to the requirements of this Section, including Section 2.11(j).

 

(b)              
If at any time the Aggregate Revolving Exposure exceeds the Aggregate Revolving Commitment, then the Company shall, until
the amount of such excess shall have been eliminated, first, prepay the Revolving Borrowings and second, cash collateralize outstanding
LC Exposure in the manner provided in Section 2.05(i).

 

(c)              
Not later than ten Business Days after the date on which the annual financial statements are, or are required to be, delivered
under Section 5.01(a) with respect to each Excess Cash Flow Period, the Company shall calculate the Excess Cash Flow of Murphy
USA and the Restricted Subsidiaries for such Excess Cash Flow Period and, if and to the extent the amount of such Excess Cash
Flow exceeds $10,000,000, the Company shall apply an amount to prepay Term Loans equal to (i) the Required Excess Cash Flow Percentage
of such Excess Cash Flow in excess of $10,000,000, minus, (ii) at the option of the Company, without duplication (including
duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such period or of any amount
deducted in any prior Excess Cash Flow Period), in each case, to the extent not financed using the proceeds of funded Indebtedness
(other than revolving Indebtedness), the following:

 

(A)            
the sum of (x) the amount of any voluntary payments of Term Loans and amounts used to repurchase outstanding principal
of Term Loans during such Excess Cash Flow Period pursuant to Sections 2.11(a) and Section 2.24 (it being understood that the
amount of any such payments pursuant to Section 2.24 shall be calculated to equal the amount of cash used to repay principal and
not the principal amount deemed prepaid therewith), (y) the amount of any voluntary payments of Revolving Loans to the extent
that Revolving Commitments are terminated or reduced pursuant to Section 2.08 by the amount of such payments and (z) the amount
used to fund any voluntary prepayments, voluntary repurchases or voluntary redemptions of any Incremental Equivalent Debt that
is secured on a pari passu basis with the Loan Document Obligations (other than under any revolving credit facility except
to the extent the commitments thereunder are permanently reduced by a corresponding amount), plus, in each case, at the option
of the Company and without duplication of any amounts previously deducted, the amount of any such voluntary payments, voluntary
repurchases or voluntary

 

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redemptions
of such Indebtedness after the end of such Excess Cash Flow Period but before the date of prepayment under this Section 2.11(c);

 

(B)             
the amount of Capital Expenditures made in cash during such period by Murphy USA and its Restricted Subsidiaries;

 

(C)             
the aggregate amount of cash consideration paid by Murphy USA and its Restricted Subsidiaries (on a consolidated basis)
in connection with Investments (including acquisitions, but excluding Investments in (x) cash or cash equivalents or (y) in Murphy
USA or any Restricted Subsidiary) made during such period pursuant to Section 6.04; and

 

(D)            
without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to
be paid in cash by Murphy USA or any of the Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”)
entered into prior to or during such period relating to Permitted Acquisitions, Capital Expenditures or other Investments to be
consummated or made during the period of four consecutive fiscal quarters of Murphy USA following the end of such period; provided
that to the extent the aggregate amount of internally generated cash actually utilized to finance such Permitted Acquisitions,
Capital Expenditures or other Investments during such period of four consecutive fiscal quarters is less than the Contract Consideration,
the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive
fiscal quarters;

 

provided
that, at the Company’s option, to the extent that the amount of such deductions exceeds the amount of the prepayment
that would have been required to be made from Excess Cash Flow for such Excess Cash Flow Period but for such deductions, then
such excess amounts may be applied to any subsequent Excess Cash Flow Period; provided, further, that if at the
time that any such prepayment would be required, the Company (or any other Loan Party) is also required to prepay, repurchase
or offer to prepay or repurchase any Indebtedness that is secured on a pari passu basis (without regard to the control
of remedies) with the Loan Document Obligations pursuant to the terms of the documentation governing such Indebtedness (such Indebtedness
required to be so prepaid or repurchased or offered to be so prepaid or repurchased, “Other Applicable Indebtedness”)
with any portion of the amount required to be prepaid pursuant to this Section 2.11(c), then the Company may apply such portion
of such prepayment amount on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term
Loans and the relevant Other Applicable Indebtedness at such time) to the prepayment of the Term Loans and to the prepayment of
the relevant Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required
pursuant to this Section 2.11(c) shall be reduced accordingly; it being understood

 

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that (1) the portion of such prepayment amount
allocated to the Other Applicable Indebtedness shall not exceed the portion of such prepayment amount required to be allocated
to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such prepayment amount
shall be allocated to the Term Loans in accordance with the terms hereof and (2) to the extent the holders of the Other Applicable
Indebtedness decline to have such Indebtedness prepaid or repurchased, the declined amount shall promptly (and in any event within
10 Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

 

(d)              
In the event and on each occasion that any Net Proceeds are received by or on behalf of Murphy USA, the Company or any
other Restricted Subsidiary in respect of any Prepayment Event, the Company shall, on the day such Net Proceeds are received (or,
in the case of a Prepayment Event described in clause (a) or (b) of the definition of such term (a “Disposition Prepayment
Event”), within three Business Days after such Net Proceeds are received), prepay Term Borrowings in an amount equal
to such Net Proceeds; provided that, in the case of any Disposition Prepayment Event, if the Company shall deliver, prior
to the date of the required prepayment, to the Term Administrative Agent a certificate of a Financial Officer of the Company to
the effect that the Company intends to cause such Net Proceeds from such event (or a portion thereof specified in such certificate)
to be applied within 12 months after receipt of such Net Proceeds from such event to acquire real property, equipment or other
tangible assets to be used in the business of the Company or the other Restricted Subsidiaries, or to consummate any Permitted
Acquisition (or any other acquisition of all or substantially all the assets of (or all or substantially all the assets constituting
a business unit, division, product line or line of business of) any Person) permitted hereunder, and certifying that no Default
has occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of such Net Proceeds
from such event (or the portion of such Net Proceeds specified in such certificate, if applicable) except to the extent of any
such Net Proceeds that have not been so applied by the end of such 12-month period (or within a period of 180 days thereafter
if by the end of such initial 12-month period the Company or one or more other Restricted Subsidiaries shall have entered into
an agreement with a third party to acquire such real property, equipment or other tangible assets, or to consummate such Permitted
Acquisition or other acquisition), at which time a prepayment shall be required in an amount equal to any such Net Proceeds that
have not been so applied; provided, further, that (i) if at the time of receipt of the Net Proceeds in respect of
any Disposition Prepayment Event, or at any time during the applicable reinvestment period described in the preceding proviso,
the First Lien Net Leverage Ratio, calculated on a pro forma basis after giving effect to such Disposition and the use of the
proceeds thereof, would be equal to or less than (A) 3.25 to 1.00, 50% of the Net Proceeds of such Disposition shall not be subject
to the requirements of this Section 2.11(d) and (B) 2.75 to 1.00, the Net Proceeds of such Disposition shall not be subject to
the requirements of this Section 2.11(d) (any amount of Net Proceeds not required to be applied to make a prepayment due to the
operation of this proviso, “Retained Asset Sale Proceeds”) and (ii) if at the time of any Disposition Prepayment
Event, the Company (or any other Loan Party) is also required to prepay, repurchase or offer to prepay or repurchase any Other
Applicable Indebtedness with any portion of the amount required to be prepaid pursuant to this Section 2.11(d), then the Company
may apply such portion of such prepayment amount on a pro rata basis (determined on the basis of the aggregate outstanding

 

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principal
amount of the Term Loans and the relevant Other Applicable Indebtedness at such time) to the prepayment of the Term Loans and
to the prepayment of the relevant Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have
otherwise been required pursuant to this Section 2.11(d) shall be reduced accordingly; it being understood that (1) the portion
of such prepayment amount allocated to the Other Applicable Indebtedness shall not exceed the portion of such prepayment amount
required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any,
of such prepayment amount shall be allocated to the Term Loans in accordance with the terms hereof and (2) to the extent the holders
of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or repurchased, the declined amount shall promptly
(and in any event within 10 Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance
with the terms hereof.

 

(e)              
[Reserved].

 

(f)               
In the event and on each occasion that, as a result of the receipt of any cash proceeds by Murphy USA, the Company or any
other Restricted Subsidiary in connection with any Disposition of any asset or any other event, Murphy USA, the Company or any
other Loan Party would be required by the terms of the Senior Note Documents (or any Refinancing Indebtedness in respect thereof)
or any Subordinated Indebtedness to repay, prepay, redeem, repurchase or defease, or make an offer to repay, prepay, redeem, repurchase
or defease, any Senior Notes (or such Refinancing Indebtedness) or any Subordinated Indebtedness, then, prior to the time at which
it would be required to make such repayment, prepayment, redemption, repurchase or defeasance or to make such offer, the Company
shall (i) prepay Term Borrowings (or, if applicable, Other Applicable Indebtedness in accordance with the provisions of Section
2.11(c) and (d)) or (ii) acquire assets in one or more transactions permitted hereby, in each case in an amount that would
be needed to eliminate such requirement.

 

(g)              
Prior to any optional or mandatory prepayment of Borrowings under this Section, the Company shall, subject to the next
sentence, specify the Borrowing or Borrowings to be prepaid in the notice of such prepayment delivered pursuant to paragraph (h)
of this Section. In the event of any mandatory prepayment of Term Borrowings made at a time when Term Borrowings of more than
one Class remain outstanding, the Company shall select Term Borrowings to be prepaid so that the aggregate amount of such prepayment
is allocated among the Term Borrowings pro rata based on the aggregate principal amounts of outstanding Borrowings of each such
Class; provided that the amounts so allocable to Term Loans of any Class other than the Tranche B Term Loans may be applied
to other Term Borrowings as provided in the applicable Incremental Facility Agreement, Extension Agreement or Refinancing Facility
Agreement (but in any event, not on a greater than pro rata basis).

 

(h)              
The Company shall notify the applicable Administrative Agent by telephone (confirmed by fax or email) of any optional prepayment
and, to the extent practicable, any mandatory prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing,
not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment and (ii) in the case of prepayment
of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such
notice

 

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shall
be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid
and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that
(A) if a notice of optional prepayment is given in connection with a conditional notice of termination of the Commitments
as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.08 and (B) a notice of prepayment of Term Borrowings pursuant to paragraph (a) of this Section may state that
such notice is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked
by the Company (by notice to the applicable Administrative Agent on or prior to the specified date of prepayment) if such condition
is not satisfied. Promptly following receipt of any such notice, the applicable Administrative Agent shall advise the Lenders
of the applicable Class of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be
permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply
fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included
in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13.

 

(i)                
Any Term Lender (a “Declining Term Lender”) may elect, by delivering written notice to the Term Administrative
Agent and the Company no later than 5:00 p.m. New York City Time one Business Day after the date of such Term Lender’s receipt
of notice from the Term Administrative Agent regarding such prepayment, that the full amount of any mandatory prepayment otherwise
required to be made with respect to the Term Loans held by such Term Lender pursuant to Section 2.11(c) or Section 2.11(d) (solely
with respect to any Disposition Prepayment Event) not be made (the aggregate amount of such prepayments declined by the Declining
Term Lenders, the “Declined Prepayment Amount”). If a Term Lender fails to deliver notice setting forth such
rejection of a prepayment to the Term Administrative Agent within the time frame specified above or such notice fails to specify
the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such
mandatory prepayment of Term Loans. Any Declined Prepayment Amount which would otherwise have been applied to such Term Loans
of the Declining Term Lenders shall instead be retained by the Company. For the avoidance of doubt, the Company may, at its option,
apply any amounts retained in accordance with the immediately preceding sentence to prepay Loans in accordance with Section 2.11(a)
above.

 

(j)                
If any Repricing Event occurs on or prior to the date occurring six months after the Effective Date, the Company agrees
to pay to the Term Administrative Agent, for the ratable account of each Term Lender with Tranche B Term Loans that are subject
to such Repricing Event, a fee in an amount equal to 1.00% of the aggregate principal amount of the Tranche B Term Loans subject
to such Repricing Event. Such fees shall be earned, due and payable upon the date of the occurrence of such Repricing Event.

 

SECTION
2.12.      Fees.
(a) The Company agrees to pay to the Revolving Administrative Agent for the account of each Revolving Lender a commitment
fee, which shall accrue at the Applicable Revolving Rate on the average daily amount of the unused Revolving Commitment of such
Lender during the period from and including the Effective Date to but

 

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excluding
the date on which such Revolving Commitment terminates. Accrued commitment fees shall be payable in arrears on the first Business
Day following the last day of March, June, September and December of each year and on the date on which the Revolving Commitments
terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis
of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). For purposes of computing commitment fees, a Revolving Commitment of a Lender shall be deemed to be used to the extent of
the outstanding Revolving Loans and LC Exposure of such Lender.

 

(b)              
The Company agrees to pay (i) to the Revolving Administrative Agent for the account of each Revolving Lender a participation
fee with respect to its participations in the Letters of Credit issued for the account of the Company, which shall accrue at the
Applicable Revolving Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the daily maximum
amount then available to be drawn under such Letters of Credit during the period from and including the Effective Date to but
excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender
ceases to have any LC Exposure, and (ii) to each Issuing Bank for its own account a fronting fee with respect to each Letter of
Credit issued by it for the account of the Company, which shall accrue at a rate per annum equal to 0.125% (or such other rate
or rates per annum separately agreed upon between the Company and such Issuing Bank) on the daily maximum amount then available
to be drawn under such Letter of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) for the
account of the Company during the period from and including the Effective Date to but excluding the later of the date of termination
of the Revolving Commitments and the date on which there ceases to be any such LC Exposure with respect to Letters of Credit issued
by such Issuing Bank, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment or extension
of any such Letter of Credit or and other processing fees, and other standard costs and charges, of such Issuing Bank relating
the Letters of Credit as from time to time in effect. Participation fees and fronting fees accrued through and including the last
day of March, June, September and December of each year shall be payable in arrears on the first Business Day following such last
day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable
on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments
terminate shall be payable on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within
10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

(c)              
The Company agrees to pay to each Administrative Agent, for its own account, fees payable in the amounts and at the times
separately agreed upon between the Company and such Administrative Agent.

 

(d)              
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the applicable Administrative
Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation
fees, to the Revolving Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

 

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SECTION
2.13.      Interest.
(a) The Loans comprising each ABR Revolving Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Revolving
Rate. The Loans comprising each ABR Term Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Term Rate.

 

(b)              
The Loans comprising each Eurocurrency Revolving Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Revolving Rate. The Loans comprising each Eurocurrency Term Borrowing
shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Term Rate.

 

(c)              
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Company
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% per annum
plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section, (ii) in the case of overdue
interest on any Loan of any Class, 2% per annum plus the rate applicable to ABR Borrowings of such Class as provided in paragraph
(a) of this Section or (iii) in the case of any other overdue amount, 2% per annum plus the rate applicable to ABR Revolving
Loans as provided in paragraph (a) of this Section.

 

(d)              
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case
of a Revolving Loan, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph
(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment
of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid
or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of a Eurocurrency
Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective
date of such conversion.

 

(e)              
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of
a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the
applicable Administrative Agent, and such determination shall be conclusive absent manifest error.

 

SECTION
2.14.      Alternate
Rate of Interest.

 

(a)              
Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 2.14, if prior to the commencement of any Interest Period
for a Eurocurrency Borrowing of any Class:

 

(i)                      
the applicable Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate
and

 

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reasonable
means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period (including because the LIBO Screen Rate is
not available or published on a current basis); provided that no Benchmark Transition Event shall have occurred at such
time; or

 

(ii)                   
the applicable Administrative Agent is advised by a Majority in Interest of the Lenders of such Class that the Adjusted
LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their
Loans included in such Eurocurrency Borrowing for such Interest Period;

 

then the
applicable Administrative Agent shall give notice (which may be telephonic) thereof to the Company and the Lenders of such Class
as promptly as practicable and, until such Administrative Agent notifies the Company and the Lenders of such Class that the circumstances
giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Borrowing of
such Class to, or continuation of any Borrowing of such Class as, a Eurocurrency Borrowing shall be ineffective, and such Borrowing
shall be continued as an ABR Borrowing, and (B) any Borrowing Request for a Eurocurrency Borrowing of such Class shall be treated
as a request for an ABR Borrowing.

 

(b)              
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1)
or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement
will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent
Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth
Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further
action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agents have not
received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

(c)              
Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this
paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time
in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark
settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document;
provided that this clause (c) shall not be effective unless the

 

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Administrative
Agent has delivered to the Lenders and the Company a Term SOFR Notice. For the avoidance of doubt, the Administrative Agents shall
not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in their sole discretion.

 

(d)              
In connection with the implementation of a Benchmark Replacement, each Administrative Agent will have the right to make
Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other
Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement or any other Loan Document.

 

(e)              
The Administrative Agents will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition
Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii)
the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv)
the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agents or,
if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their
sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as
expressly required pursuant to this Section 2.14.

 

(f)               
Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with
the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or the LIBO
Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such
rate from time to time as selected by the Administrative Agents in their reasonable discretion or (B) the regulatory supervisor
for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor
for such Benchmark is or will be no longer representative, then the Administrative Agents may modify the definition of “Interest
Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii)
if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service
for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will
no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agents may modify the
definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed
tenor.

 

(g)              
Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Company may revoke
any request for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made, converted or

 

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continued
during any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any such request into
a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.

 

(h)              
For purposes of clauses (b), (c), (d), (e), (f) and (g) of this Section 2.14, including the definitions used therein, references
to “the Administrative Agents” shall mean the Administrative Agents acting jointly (it being understood that, for
the avoidance of doubt, if at any time that such provisions apply, there is a single Administrative Agent with respect to all
Commitments and Loans outstanding under this Agreement at such time, references to “the Administrative Agents” shall
be deemed to refer solely to such Administrative Agent).

 

SECTION
2.15.      Increased
Costs. (a) If any Change in Law shall:

 

(i)                      
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such
reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank;

 

(ii)                   
impose on any Lender or Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes)
affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii)                 
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of the term “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal,
letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

 

and the
result of any of the foregoing shall be to increase the cost to such Lender or other Recipient of making, converting to, continuing
or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, Issuing
Bank or other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to
participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing
Bank or other Recipient hereunder (whether of principal, interest or any other amount) then, from time to time upon request of
such Lender, Issuing Bank or other Recipient, the Company will pay to such Lender, Issuing Bank or other Recipient, as the case
may be, such additional amount or amounts as will compensate such Lender, Issuing Bank or other Recipient, as the case may be,
for such additional costs or expenses incurred or reduction suffered.

 

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(b)              
If any Lender or Issuing Bank determines that any Change in Law affecting such Lender or Issuing Bank or any lending office
of such Lender or such Lender’s or Issuing Bank’s holding company, if any, regarding capital or liquidity requirements
has had or would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the
capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments
of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued
by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Bank’s
policies and the policies of such Lender’s or Issuing Bank’s holding company with respect to capital adequacy or liquidity),
then, from time to time upon request of such Lender or Issuing Bank, the Company will pay to such Lender or Issuing Bank, as the
case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or Issuing
Bank’s holding company for any such reduction suffered.

 

(c)              
A certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing
Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section delivered to the
Company shall be conclusive absent manifest error. The Company shall pay such Lender or Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)              
Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the
Company shall not be required to compensate a Lender or Issuing Bank pursuant to this Section for any increased costs or
expenses incurred or reductions suffered more than 270 days prior to the date that such Lender or Issuing Bank, as the case may
be, notifies the Company of the Change in Law giving rise to such increased costs or expenses or reductions and of such Lender’s
or Issuing Bank’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving
rise to such increased costs or expenses or reductions is retroactive, then the 270-day period referred to above shall be extended
to include the period of retroactive effect thereof.

 

SECTION
2.16.      Break
Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of
an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan
other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert or continue any Eurocurrency
Loan on the date specified in any notice delivered pursuant hereto, (d) the failure to prepay any Eurocurrency Loan on a date
specified therefor in any notice of prepayment given by the Company (whether or not such notice may be revoked in accordance with
the terms hereof) or (e) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Company pursuant to Section 2.19, then, in any such event, the Company shall compensate
each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed
to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued
on the principal amount of such

 

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Loan
had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan (but not including the Applicable
Revolving Rate or Applicable Term Rate applicable thereto), for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would
have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for
such period at the interest rate such Lender would bid if it were to bid, at the commencement of such period, for dollar deposits
of a comparable amount and period from other banks in the London interbank market. The Company shall also compensate each Term
Lender for the loss, cost and expense attributable to any failure by the Company to deliver a timely Interest Election Request
with respect to a Eurocurrency Term Loan. A certificate of any Lender delivered to the Company and setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall be conclusive absent manifest error. The Company
shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

SECTION
2.17.      Taxes.
(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable
law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any
Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased
as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have
received had no such deduction or withholding been made.

 

(b)              
Payment of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority
in accordance with applicable law, or at the option of the applicable Administrative Agent timely reimburse it for the payment
of, any Other Taxes.

 

(c)              
Evidence of Payment. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority
pursuant to this Section, such Loan Party shall deliver to the applicable Administrative Agent the original or a certified copy
of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to such Administrative Agent.

 

(d)              
Indemnification by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within
20 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on
or attributable to amounts payable under this Section 2.17) payable or paid by such Recipient or required to be withheld or deducted
from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or

 

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legally
imposed or asserted by the relevant Governmental Authority; provided, however, that the Loan Parties shall not be
obligated to indemnify such Recipient pursuant to this Section 2.17 in respect of penalties, interest and other liabilities attributable
to any Indemnified Taxes or Other Taxes, if (i) written demand therefor has not been made by such Recipient within 180 days from
the date on which such Recipient knew of the imposition of Indemnified Taxes or Other Taxes by the relevant Governmental Authority,
(ii) such penalties, interest and other liabilities have accrued after a Loan Party has indemnified or paid any additional amount
pursuant to this Section 2.17 or (iii) such penalties, interest and other liabilities are attributable to the gross negligence
or willful misconduct of such Recipient, as determined by a final and nonappealable judgment of a court of competent jurisdiction.
After a Recipient learns of the imposition of Indemnified Taxes or Other Taxes, such Recipient will act in good faith to promptly
notify the Loan Parties of its obligations hereunder. A certificate as to the amount of such payment or liability delivered to
the Company by a Lender (with a copy to the applicable Administrative Agent), or by any Administrative Agent on its own behalf
or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)              
Indemnification by the Lenders. Each Lender shall severally indemnify each Administrative Agent, within 10 days
after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Loan Parties
have not already indemnified such Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan
Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c)(ii)
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case,
that are payable or paid by such Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by any Administrative Agent shall
be conclusive absent manifest error. Each Lender hereby authorizes each Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by such Administrative Agent to such Lender
from any other source against any amount due to such Administrative Agent under this paragraph.

 

(f)               
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to the Company and the applicable Administrative Agent, at the time or
times reasonably requested by the Company or the applicable Administrative Agent, such properly completed and executed documentation
reasonably requested by the Company or the applicable Administrative Agent as will permit such payments to be made without withholding
or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the applicable Administrative
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company or such Administrative
Agent as will enable the Company or such Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Sections 2.17(f)(ii)(A), (ii)(B) and
(ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission

 

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would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

(iii)                 
Without limiting the generality of the foregoing:

 

(A)            
any Lender that is a U.S. Person shall deliver to the Company and the applicable Administrative Agent on or prior to the
date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of the Company or the applicable Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt
from U.S. Federal backup withholding Tax;

 

(B)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the applicable Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the applicable Administrative
Agent), whichever of the following is applicable:

 

(iv)                  
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)
with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of
such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(v)                    
executed originals of IRS Form W-8ECI;

 

(vi)                  
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Company within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable; or

 

(vii)               
to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit
I-2 or Exhibit I-3, IRS Form W-9, and/or other

 

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certification
documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more
direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide
a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and indirect partner;

 

(viii)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the applicable Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the applicable Administrative
Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Company or the applicable Administrative Agent to determine the withholding or deduction required to be made;
and

 

(ix)                  
if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the applicable Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Company or the applicable Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Company or the applicable Administrative Agent as may be necessary for the
Company and the applicable Administrative Agent to comply with their obligations under FATCA and to determine that such Lender
has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement.

 

Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Company and the applicable Administrative Agent in writing of
its legal inability to do so.

 

(g)              
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund (in cash or applied as an offset against another cash Tax liability of such party) of any Taxes as to which
it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section
2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made
under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of such indemnified

 

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party
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this
paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such
indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in
this paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
paragraph the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This
paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information
relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h)              
Defined Terms. For purposes of this Section 2.17, the term “Lender” shall include any Issuing Bank and
the term ‘applicable law’ includes FATCA.

 

(i)                
Survival. Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and
the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

SECTION
2.18.      Payments
Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The Company shall make each payment required to be made by it hereunder
or under any other Loan Document prior to the time expressly required hereunder or under such other Loan Document for such payment
(or, if no such time is expressly required, prior to 12:00 noon, New York City time), on the date when due, in immediately available
funds, without any defense, setoff, recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion
of the applicable Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to such account as may be specified by the applicable Administrative Agent,
except that payments required to be made directly to any Issuing Bank shall be so made, payments pursuant to Sections 2.15,
2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall
be made to the Persons specified therein. The applicable Administrative Agent shall distribute any such payment received by it
for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment under any
Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.
All payments under each Loan Document shall be made in dollars.

 

(b)              
If at any time insufficient funds are received by and available to the applicable Administrative Agent to pay fully all
amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied towards
payment of the amounts then due hereunder ratably among the parties entitled thereto, in

 

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accordance
with the amounts then due to such parties (or as required in Section 2.09(d) or Section 2.18(g) if such Section then applies).

 

(c)              
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 its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon than the proportion
received by any other Lender, then the Lender receiving such greater proportion shall notify the Administrative Agents of such
fact and shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders
to the extent necessary so that the amount of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amounts of principal of and accrued interest on their Loans and participations in LC Disbursements; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made by the Company pursuant to and in accordance
with the express terms of this Agreement (for the avoidance of doubt, as in effect from time to time) or any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements
to any Person that is an Eligible Assignee (as such term is defined from time to time). The Company consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against the Company rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Company in the amount of such participation.

 

(d)              
Unless the applicable Administrative Agent shall have received notice from the Company prior to the date on which any payment
is due to such Administrative Agent for the account of the Lenders or Issuing Banks hereunder that the Company will not make such
payment, the applicable Administrative Agent may assume that the Company has made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or Issuing Banks, as the case may be, the amount due. In
such event, if the Company has not in fact made such payment, then each of the Lenders or Issuing Banks, as the case may be, severally
agrees to repay to the applicable Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing
Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the applicable Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the applicable Administrative
Agent in accordance with banking industry rules on interbank compensation.

 

(e)              
If any Lender shall fail to make any payment required to be made by it hereunder to or for the account of any Administrative
Agent or any Issuing Bank, then the applicable Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), (i) apply any amounts thereafter received by such Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations in respect of such payment until all such unsatisfied obligations have been discharged and/or (ii)
hold any such amounts in a segregated

 

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account
as cash collateral for, and apply any such amounts to, any future payment obligations of such Lender hereunder to or for the account
of such Administrative Agent or any Issuing Bank, in each case in such order as shall be determined by such Administrative Agent
in its discretion.

 

(f)               
In the event that any financial statements delivered under Section 5.01(a) or 5.01(b), or any Compliance Certificate delivered
under Section 5.01(d), shall prove to have been inaccurate, and such inaccuracy shall have resulted in the payment of any interest
or fees at rates lower than those that were in fact applicable for any period (based on the actual Total Leverage Ratio), then,
if such inaccuracy is discovered prior to the termination of the applicable Commitments and the repayment in full of the principal
of all applicable Loans and, in the case of the Revolving Commitments, the reduction of the LC Exposure to zero, the Company shall
pay to the applicable Administrative Agent, for distribution to the Lenders (or former Lenders) as their interests may appear,
the accrued interest or fees that should have been paid but were not paid as a result of such inaccuracy.

 

(g)              
Any proceeds of Collateral received by the Collateral Agent or any Administrative Agent (i) not constituting either (A)
a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified
by the Company) or (B) a mandatory prepayment (which shall be applied in accordance with Section 2.11) or (ii) at a time when
an Event of Default has occurred and is continuing if the Administrative Agents so elect or the Required Lenders so direct, shall
be applied ratably in the following order (the amounts so applied pursuant to any clause set forth below to be distributed among
the Persons entitled thereto pursuant to such clause pro rata in accordance with the aggregate unpaid amounts referred to in such
clause owed to them on the date of any such distribution):

 

first,
to the payment of all costs and expenses incurred by the Collateral Agent and the Administrative Agents in connection with such
collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of
the Secured Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of
all advances made by the Administrative Agents hereunder or under any other Loan Document on behalf of the Company or any other
Loan Party and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under
any other Loan Document;

 

second,
to the payment in full of the Secured Obligations (the amounts so applied to be distributed among the Secured Parties pro rata
in accordance with the amounts of the Secured Obligations owed to them on the date of any such distribution); and

 

third,
to the Loan Parties, their successors or assigns, or as a court of competent jurisdiction may otherwise direct.

 

The Administrative
Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds
and payments to any portion of the Secured Obligations.

 

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

 

(b)              
If (i) any Lender requests compensation under Section 2.15, (ii) the Company is required to pay any Indemnified Taxes or
additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) any
Lender has become a Defaulting Lender, (iv) any Lender has failed to consent to a proposed amendment, waiver, discharge or termination
that under Section 9.02 requires the consent of all the Lenders (or all the affected Lenders or all the Lenders of the affected
Class) and with respect to which the Required Lenders (or, in circumstances where Section 9.02 does not require the consent of
the Required Lenders, a Majority in Interest of the Lenders of the affected Class) shall have granted their consent, or (v) any
Lender has failed to agree to be an Extending Lender in respect of any Extension Offer with respect to which a Majority in Interest
of the applicable Class of Lenders (giving effect to the consent of any Lenders that will agree to replace Lenders that are not
Extending Lenders) shall have granted their consent, then the Company may, at its sole expense and effort, upon notice to such
Lender and the applicable Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with
and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments
pursuant to Section 2.15 or 2.17) and obligations under this Agreement and the other Loan Documents (or, in the case of any such
assignment and delegation resulting from a failure to provide a consent or become an Extending Lender, all its interests, rights
and obligations under this Agreement and the other Loan Documents as a Lender of a particular Class) to an Eligible Assignee that
shall assume such obligations (which may be another Lender, if a Lender accepts such assignment and delegation); provided
that (A) the Company shall have received the prior written consent of the applicable Administrative Agent (and, in circumstances
where its consent would be required under Section 9.04, each Issuing Bank), which consent shall not unreasonably be withheld,
(B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and, if applicable, participations
in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (if applicable, in each
case only to the extent such amounts relate to its interest as a Lender of a particular Class) from the assignee (in the case
of such principal and accrued interest and fees) or the Company (in the case of all other amounts), (C) in the case of any
such assignment and delegation resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant
to Section 2.17, such assignment will result in a reduction in such compensation or payments, (D) such assignment does not conflict
with applicable law, (E) in the case of any such assignment and delegation resulting from the failure to provide a consent as

 

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contemplated
by clause (iv) above, the assignee shall have given such consent and, as a result of such assignment and delegation and any contemporaneous
assignments and delegations and consents, the applicable amendment, waiver, discharge or termination can be effected, and (F)
in the case of any such assignment and delegation resulting from the failure to become an Extending Lender, the assignee shall
have become an Extending Lender and the applicable Extension Permitted Amendment will become effective substantially contemporaneously
with such assignment and delegation. A Lender shall not be required to make any such assignment and delegation if, prior thereto,
as a result of a waiver or consent by such Lender or otherwise, the circumstances entitling the Company to require such assignment
and delegation have ceased to apply. Each party hereto agrees that an assignment and delegation required pursuant to this paragraph
may be effected pursuant to an Assignment and Assumption executed by the Company, the applicable Administrative Agent and the
assignee and that the Lender required to make such assignment and delegation need not be a party thereto.

 

SECTION
2.20.      Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then
the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)              
commitment fees shall cease to accrue on the unused amount of the Revolving Commitment of such Defaulting Lender pursuant
to Section 2.12(a);

 

(b)              
the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders, a Majority in Interest of any Class or any other requisite Lenders have taken or may take any action hereunder or under
any other Loan Document (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided
that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders affected thereby shall,
except as otherwise provided in Section 9.02, require the consent of such Defaulting Lender in accordance with the terms hereof;

 

(c)              
if any LC Exposure exists at the time any Revolving Lender becomes a Defaulting Lender then:

 

(i)                      
the LC Exposure of such Defaulting Lender (other than any portion thereof attributable to unreimbursed LC Disbursements
with respect to which such Defaulting Lender shall have funded its participation as contemplated by Sections 2.05(d) and 2.05(f))
shall be reallocated among the Non-Defaulting Revolving Lenders in accordance with their respective Applicable Percentages but
only to the extent that (A) the sum of all Non-Defaulting Revolving Lenders’ Revolving Exposures after giving effect
to such reallocation would not exceed the sum of all Non-Defaulting Revolving Lenders’ Revolving Commitments and (B) after
giving effect to any such reallocation, no Non-Defaulting Revolving Lender’s Revolving Exposure shall exceed its Revolving
Commitment;

 

(ii)                   
if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall within
one Business Day following notice by the Revolving Administrative Agent cash collateralize for the benefit of the

 

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Issuing
Banks the portion of such Defaulting Lender’s LC Exposure (other than any portion thereof referred to in the parenthetical
in such clause (i)) that has not been reallocated in accordance with the procedures set forth in Section 2.05(i) for so long as
such LC Exposure is outstanding;

 

(iii)                 
if the Company cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above,
the Company shall not be required to pay participation fees to such Defaulting Lender pursuant to Section 2.12(b) with respect
to such portion of such Defaulting Lender’s LC Exposure for so long as such Defaulting Lender’s LC Exposure is cash
collateralized;

 

(iv)                  
if any portion of the LC Exposure of such Defaulting Lender is reallocated pursuant to clause (i) above, then the fees
payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted to give effect to such reallocation; and

 

(v)                    
if all or any portion of such Defaulting Lender’s LC Exposure that is subject to reallocation pursuant to clause (i)
above is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights
or remedies of any Issuing Bank or any other Lender hereunder, all participation fees payable under Section 2.12(b) with respect
to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Banks (and allocated among them ratably based on
the amount of such Defaulting Lender’s LC Exposure attributable to Letters of Credit issued by each Issuing Bank) until
and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(d)              
so long as such Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or extend any
Letter of Credit, unless, in each case, it is satisfied that the related exposure and the Defaulting Lender’s then outstanding
LC Exposure will be fully covered by the Revolving Commitments of the Non-Defaulting Revolving Lenders and/or cash collateral
provided by the Company in accordance with Section 2.20(c), and participating interests in any such issued, amended or extended
Letter of Credit will be allocated among the Non-Defaulting Revolving Lenders in a manner consistent with Section 2.20(c)(i) (and
such Defaulting Lender shall not participate therein).

 

In
the event that (x) a Bankruptcy Event with respect to a Lender Parent shall have occurred following the date hereof, and for so
long as such Bankruptcy Event shall continue or (y) any Issuing Bank has a good faith belief that any Revolving Lender has defaulted
in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, such Issuing Bank
shall not be required to issue, amend or extend any Letter of Credit, unless such Issuing Bank shall have entered into arrangements
with Murphy USA and the Company, or the applicable Revolving Lender satisfactory to such Issuing Bank to defease any risk to it
in respect of such Lender hereunder.

 

In
the event that the Revolving Administrative Agent, Murphy USA, the Company and, in the case of any Revolving Lender, each Issuing
Bank each agree (such

 

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agreement
not to be unreasonably withheld or delayed) that a Defaulting Lender has adequately remedied all matters that caused such Lender
to be a Defaulting Lender, then such Lender shall thereupon cease to be a Defaulting Lender (but shall not be entitled to receive
any fees accrued during the period when it was a Defaulting Lender, and all amendments, waivers or modifications effected without
its consent in accordance with the provisions of Section 9.02 and this Section during such period shall be binding on it) and,
in the case of a Revolving Lender, the LC Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such
Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other
Revolving Lenders as the Revolving Administrative Agent shall determine may be necessary in order for such Revolving Lender to
hold such Loans in accordance with its Applicable Percentage.

 

The
rights and remedies against, and with respect to, a Defaulting Lender under this Section 2.20 are in addition to, and cumulative
and not in limitation of, all other rights and remedies that the Revolving Administrative Agent and each Lender or any Loan Party
may at any time have against, or with respect to, such Defaulting Lender.

 

SECTION
2.21.      Incremental
Commitments. (a) The Company may, by written notice to the Administrative Agents from time to time, request the establishment
of Incremental Term Loan Commitments and/or Incremental Revolving Commitments, as applicable, in an amount not to exceed the Incremental
Amount available at the time such Incremental Term Loans are funded or Incremental Revolving Facility Commitments are established
from one or more Incremental Term Lenders and/or Incremental Revolving Lenders (which, in each case, may include any existing
Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Commitments, as the case may be, in their
sole discretion (and no approval of any existing Lender other than in its capacity, if any, as a lender providing all or part
of any Incremental Term Loan Commitments and/or Incremental Revolving Commitments shall be required); provided that each
Incremental Revolving Lender providing a commitment to make revolving loans shall be subject to the approval of the Revolving
Administrative Agent and, to the extent the same would be required for an assignment under Section 9.04, each Issuing Bank (which
approvals shall not be unreasonably withheld, conditioned or delayed). Such notice shall set forth (i) the amount of the Incremental
Term Loan Commitments and/or Incremental Revolving Commitments being requested (which shall be in minimum increments of $1,000,000
and a minimum amount of $5,000,000, or equal to the remaining Incremental Amount or, in each case, such lesser amount approved
by the applicable Administrative Agent), (ii) the date on which such Incremental Term Loan Commitments and/or Incremental Revolving
Commitments are requested to become effective, (iii) in the case of Incremental Term Loan Commitments, whether such Incremental
Term Loan Commitments are to be (x) commitments to make term loans with terms identical to (and which shall together with any
then outstanding Tranche B Term Loans form a single Class of) Tranche B Term Loans or (y) commitments to make term loans with
terms different from the Tranche B Term Loans (“Other Incremental Term Loans”).

 

(b)              
The Company and each Incremental Term Lender and/or Incremental Revolving Lender shall execute and deliver to the applicable
Administrative Agent an Incremental Facility Agreement and such other documentation as such Administrative Agent shall reasonably
specify to evidence the Incremental Term Loan Commitment of such

 

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Incremental
Term Lender and/or Incremental Revolving Commitment of such Incremental Revolving Lender. Each Incremental Facility Agreement
shall specify the terms of the applicable Incremental Term Loans and/or Incremental Revolving Commitments; provided that:

 

(i)                      
any (x) commitments to make additional Tranche B Term Loans shall have the same terms as the Tranche B Term Loans, and
shall form part of the same Class as the Tranche B Term Loans and (y) Incremental Revolving Commitments shall have the same terms
as the then outstanding Class of Revolving Commitments (or, if more than one Class of Revolving Commitments is then outstanding,
the Revolving Commitments with the then latest Maturity Date) and shall require no scheduled amortization or mandatory commitment
reduction prior to the Maturity Date of all then outstanding Revolving Commitments;

 

(ii)                   
the Other Incremental Term Loans incurred pursuant to this Section 2.21 shall be entitled to benefit from the same guarantees
as, and shall be entitled to be secured on a pari passu or junior basis by the same Collateral securing, the Tranche B
Term Loans (subject, in the case of any Incremental Term Loans secured on a junior basis, to a Permitted Junior Intercreditor
Agreement);

 

(iii)                 
except in the case of a bridge loan the terms of which provide for an automatic extension of the maturity date thereof
to a date that is not earlier than the Latest Maturity Date, the final maturity date of any Incremental Term Loans shall be no
earlier than the Latest Maturity Date in effect at the date of incurrence of such Incremental Term Loans and the weighted average
life to maturity of any Incremental Term Loans shall be no shorter than the remaining weighted average life to maturity of all
then outstanding Classes of Term Loans; provided that the requirements of this clause (iii) shall not apply to Incremental
Term Loans in an aggregate amount not to exceed the then available Inside Maturity Basket;

 

(iv)                  
subject to clause (i) above, except as to pricing, amortization, final maturity date and participation in mandatory prepayments
(which shall, subject to the other clauses of this proviso, be determined by the Company and the Incremental Term Lenders in their
sole discretion), shall have terms that are reasonably satisfactory in all respects to the Term Administrative Agent to the extent
that such terms, except to the extent set forth above or below, are not substantially similar to the Tranche B Term Loans; provided,
that any terms (x) that are favorable to the Lenders and are added for the benefit of all Lenders pursuant to an amendment hereto
(with no consent of the Lenders being required), (y) reflect market terms and conditions (as determined by the Company in good
faith) at the time of such incurrence or (z) that are only applicable to periods after the Latest Maturity Date, in each case,
shall be deemed reasonably satisfactory to the Term Administrative Agent;

 

(v)                    
except with respect to (A) an aggregate amount of Incremental Term Loans not greater than the Fixed Incremental Amount,
(B) any amount of Incremental Term Loans used to finance a Permitted Acquisition or any other

 

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permitted
Investment, (C) any amount of any Incremental Term Loans that mature more than one year after the Tranche B Term Loan Maturity
Date and (D) Incremental Term Loans incurred pursuant to the Voluntary Prepayment Incremental Amount, with respect to any broadly
syndicated pari passu secured dollar-denominated Incremental Term Loans incurred prior to the date that is six months after
the Effective Date, if the All-in Yield in respect of any such Incremental Term Loan exceeds the All-in Yield in respect of the
Tranche B Term Loans by more than 0.50% (such difference, the “Term Yield Differential”) then the Applicable
Term Rate (or the “LIBOR floor” as provided in the following proviso) applicable to the Tranche B Term Loans shall
be increased such that after giving effect to such increase, the Term Yield Differential shall not exceed 0.50%; provided
that to the extent any portion of the Term Yield Differential is attributable to a higher “LIBOR floor” being applicable
to such Other Incremental Term Loans, such floor shall only be included in the calculation of the Term Yield Differential to the
extent such floor is greater than the Adjusted LIBO Rate in effect for an Interest Period of three months’ duration at such
time, and, with respect to such excess, the “LIBOR floor” applicable to the outstanding Tranche B Term Loans shall
be increased to an amount not to exceed the “LIBOR floor” applicable to such Other Incremental Term Loans prior to
any increase in the Applicable Term Rate applicable to such Tranche B Term Loans then outstanding (this clause (v), the “MFN
Provision”);

 

(vi)                  
such Other Incremental Term Loans may require participation on a pro rata basis or a less than pro rata basis (but not
a greater than pro rata basis) with the Tranche B Term Loans in any mandatory prepayment hereunder;

 

(vii)               
such Other Incremental Term Loans may require participation on a pro rata basis or non-pro rata basis with the Tranche
B Term Loans in any voluntary prepayment hereunder;

 

(viii)             
there shall be no borrower (other than the Company) or guarantor (other than the Loan Parties) in respect of any Incremental
Term Loan Commitments or Incremental Revolving Commitments;

 

(ix)                  
any Incremental Revolving Commitment will be documented solely as an increase to the commitments with respect to the Revolving
Commitments, without any change in terms except for such upfront fees as may be agreed between the Lenders providing such Incremental
Revolving Commitments and the Company; and

 

(x)                    
Other Incremental Term Loans and Incremental Revolving Commitments shall not be secured by any asset other than the Collateral.

 

Each party
hereto hereby agrees that, upon the effectiveness of any Incremental Facility Agreement, this Agreement shall be amended to the
extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental

 

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Revolving
Commitments evidenced thereby. Any amendment to this Agreement or any other Loan Document that is necessary to effect the provisions
of this Section 2.21 and any such collateral and other documentation shall be deemed “Loan Documents” hereunder and
may be memorialized in writing by the applicable Administrative Agent with the Company’s consent (not to be unreasonably
withheld or delayed) and furnished to the other parties hereto.

 

(c)              
Notwithstanding the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Commitment shall become effective
under this Section 2.21 unless (i) no Event of Default shall have occurred and be continuing; provided, that in the event
that any tranche of Incremental Term Loans is used to finance a Limited Condition Transaction, (A) to the extent the Incremental
Term Lenders participating in such tranche of Incremental Term Loans agree, the foregoing clause (i) shall be tested at the time
of the execution of the acquisition agreement, the declaration of the dividend by the board of directors of Murphy USA or the
applicable Restricted Subsidiary or the giving of the irrevocable notice of repayment or redemption, as applicable, related to
such Limited Condition Transaction and (B) no Event of Default shall exist under Section 7.01(a), (b), (i) or (j) at the time
such Incremental Term Loans are incurred, (ii) the representations and warranties of the Company and each other Loan Party set
forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (other than to the extent
qualified by materiality or “Material Adverse Effect,” in which case, such representations and warranties shall be
true and correct); provided that in the event that the tranche of Incremental Term Loans is used to finance a Limited Condition
Transaction and to the extent the Incremental Term Lenders participating in such tranche of Incremental Term Loans agree, the
foregoing clause (ii) shall be limited to customary “specified representations” (with the representation in Section
3.13 made on the date of funding of such Incremental Term Loans and after giving effect to such Limited Condition Transaction
and other transactions on such date in connection therewith) and those representations of the seller or the target company (as
applicable) included in the acquisition agreement related to the person or business to be acquired that are material to the interests
of the Lenders and only to the extent that Murphy USA or its applicable Restricted Subsidiary has the right to terminate its obligations
under such acquisition agreement as a result of a failure of such representations to be accurate; and (iii) the Administrative
Agents shall have received documents and legal opinions consistent with those delivered on the Effective Date as to such matters
as are reasonably requested by the applicable Administrative Agent. The applicable Administrative Agent shall promptly notify
each applicable Lender as to the effectiveness of each Incremental Facility Agreement.

 

(d)              
Each of the parties hereto hereby agrees that the applicable Administrative Agent may take any and all action as may be
reasonably necessary to ensure that (i) all Incremental Term Loans (other than Other Incremental Term Loans), when originally
made, are included in each Borrowing of the outstanding applicable Class of Term Loans on a pro rata basis, and (ii) all Revolving
Loans in respect of Incremental Revolving Commitments, when originally made, are included in each Borrowing of the applicable
Class of outstanding Revolving Loans on a pro rata basis. The Company agrees that Section 2.16 shall apply to any conversion of
Eurocurrency Loans to ABR Loans reasonably required by the applicable Administrative Agent to effect the foregoing.

 

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(e)              
Upon the effectiveness of an Incremental Revolving Commitment of any Incremental Revolving Lender, (i) such Incremental
Revolving Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable
Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect
of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations
of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and under the other Loan Documents,
(ii) such Incremental Revolving Commitment shall constitute (or, in the event such Incremental Revolving Lender already has a
Revolving Commitment, shall increase) the Revolving Commitment of such Incremental Revolving Lender and (iii) the Aggregate Revolving
Commitment shall be increased by the amount of such Incremental Revolving Commitment, in each case, subject to further increase
or reduction from time to time as set forth in the definition of the term “Revolving Commitment”. For the avoidance
of doubt, upon the effectiveness of any Incremental Revolving Commitment, the Revolving Exposures and the Applicable Percentages
of all the Revolving Lenders (or all Revolving Lenders of the applicable Class) shall automatically be adjusted to give effect
thereto.

 

SECTION
2.22.      Extension
Offers. (a) The Company may on one or more occasions, by written notice to the applicable Administrative Agent, make one or
more offers (each, an “Extension Offer”) to all the Lenders of one or more Classes (each Class subject to such
an Extension Offer, an “Extension Request Class”) to make one or more Extension Permitted Amendments pursuant
to procedures reasonably specified by the applicable Administrative Agent and reasonably acceptable to the Company. Such notice
shall set forth (i) the terms and conditions of the requested Extension Permitted Amendment and (ii) the date on which such Extension
Permitted Amendment is requested to become effective (which shall not be less than 10 Business Days or more than 30 Business Days
after the date of such notice, unless otherwise agreed to by the applicable Administrative Agent). Extension Permitted Amendments
shall become effective only with respect to the Loans and Commitments of the Lenders of the Extension Request Class that accept
the applicable Extension Offer (such Lenders, the “Extending Lenders”) and, in the case of any Extending Lender,
only with respect to such Lender’s Loans and Commitments of such Extension Request Class as to which such Lender’s
acceptance has been made.

 

(b)              
An Extension Permitted Amendment shall be effected pursuant to an Extension Agreement executed and delivered by (i) in
the case of an Extension Permitted Amendment in respect of any Class of Term Loans, Murphy USA, the Company, each applicable Extending
Lender and the Term Administrative Agent, and (ii) in the case of an Extension Permitted Amendment in respect of Revolving Commitments,
Murphy USA, the Company, each applicable Extending Lender and the Revolving Administrative Agent; provided that no Extension
Permitted Amendment shall become effective unless (i) no Default shall have occurred and be continuing on the date of effectiveness
thereof, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the
Loan Documents shall be true and correct (A) in the case of the representations and warranties qualified as to materiality, in
all respects and (B) otherwise, in all material respects, in each case on and as of such date, except in the case of any such
representation and warranty that specifically relates to an earlier date, in which case such representation and warranty shall
be so true and correct on

 

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and
as of such earlier date, and (iii) Murphy USA and the Company shall have delivered to the Administrative Agents such legal
opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably
be requested by the Administrative Agents in connection therewith. The Administrative Agents shall promptly notify each applicable
Lender as to the effectiveness of each Extension Agreement. Each Extension Agreement may, without the consent of any Lender other
than the applicable Extending Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary
or appropriate, in the opinion of the applicable Administrative Agent, to give effect to the provisions of this Section, including
any amendments necessary to treat the applicable Loans and/or Commitments of the accepting Lenders as a new “Class”
of loans and/or commitments hereunder; provided that in the case of any Extension Offer relating to Revolving Commitments
or Revolving Loans, except as otherwise agreed to by each Issuing Bank and the Revolving Administrative Agent, (i) the allocation
of the participation exposure with respect to any then-existing or subsequently issued or made Letter of Credit as between the
commitments of such new “Class” and the remaining Revolving Commitments shall be made on a ratable basis as between
the commitments of such new “Class” and the remaining Revolving Commitments and (ii) the Revolving Availability Period
and the Revolving Maturity Date, as such terms are used in reference to Letters of Credit issued by any Issuing Bank, may not
be extended without the prior written consent of such Issuing Bank; and provided, further, that in the case of any
Extension Offer, the Company shall have the right to replace any Lender of the applicable Extension Request Class that does not
agree to become an Extending Lender with an Eligible Assignee that will agree to be an Extending Lender as provided in Section
2.19(b).

 

SECTION
2.23.      Refinancing
Facilities. (a) The Company may, on one or more occasions, by written notice to the Term Administrative Agent, request the
establishment hereunder of one or more additional Classes of term loan commitments (the “Refinancing Term Loan Commitments”)
pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans
to the Company (the “Refinancing Term Loans”); provided that each Refinancing Term Loan Lender shall
be an Eligible Assignee and, if not already a Lender, shall otherwise be reasonably acceptable to the Term Administrative Agent.
For the avoidance of doubt, each Lender may elect or decline, in its sole discretion, to become a Refinancing Term Lender.

 

(b)              
The Refinancing Term Loan Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed
and delivered by Murphy USA, the Company, each Refinancing Term Lender providing such Refinancing Term Loan Commitment and the
Term Administrative Agent; provided that no Refinancing Term Loan Commitments shall become effective unless (i) no
Default shall have occurred and be continuing on the date of effectiveness thereof, (ii) on the date of effectiveness thereof,
the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct (A) in the case
of the representations and warranties qualified as to materiality, in all respects and (B) otherwise, in all material respects,
in each case on and as of such date, except in the case of any such representation and warranty that specifically relates to an
earlier date, in which case such representation and warranty shall be so true and correct on and as of such earlier date, (iii)
Murphy USA and the Company shall have delivered to the Term Administrative Agent such legal opinions, board resolutions, secretary’s
certificates, officer’s certificates and other

 

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documents
as shall reasonably be requested by the Term Administrative Agent in connection with any such transaction, and (iv) substantially
concurrently with the effectiveness thereof, the Company shall obtain Refinancing Term Loans thereunder and shall repay or prepay
then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the aggregate amount of such Refinancing
Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Borrowings
and any reasonable fees, premium and expenses relating to such refinancing) (and any such prepayment of Term Borrowings of any
Class shall be applied to reduce the subsequent scheduled repayments of Term Borrowings of such Class to be made pursuant to Section
2.10 on a pro rata basis and, in the case of a prepayment of Eurocurrency Term Borrowings, shall be subject to Section 2.16).

 

(c)              
The Refinancing Facility Agreement shall set forth, with respect to the Refinancing Term Loan Commitments established thereby
and the Refinancing Term Loans and other extensions of credit to be made thereunder, to the extent applicable, the following terms
thereof: (i) the designation of such Refinancing Term Loan Commitments and Refinancing Term Loans as a new “Class”
for all purposes hereof, (ii) the stated termination and maturity dates applicable to the Refinancing Term Loan Commitments or
Refinancing Term Loans of such Class, provided that (other than with respect to Refinancing Term Loan Commitments and Refinancing
Term Loans in an aggregate amount not to exceed the then available Inside Maturity Basket) such stated termination and maturity
dates shall not be earlier than the Maturity Date with respect to the Term Loans being refinanced, (iii) any amortization applicable
thereto and the effect thereon of any prepayment of such Refinancing Term Loans; provided that (other than with respect
to Refinancing Term Loan Commitments and Refinancing Term Loans in an aggregate amount not to exceed the then available Inside
Maturity Basket) the weighted average life to maturity of such Refinancing Term Loans shall be no shorter than the remaining weighted
average life to maturity (determined at the time of the borrowing if such Refinancing Term Loans) of the Term Borrowings being
refinanced thereby, (iv) the interest rate or rates applicable to the Refinancing Term Loans of such Class, (v) the fees applicable
to the Refinancing Term Loan Commitments or Refinancing Term Loans of such Class, (vi) any original issue discount applicable
thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Term Loans of such Class, (viii) any
voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Term Loan Commitments or Refinancing
Term Loans of such Class (which prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing
Term Loans may participate in any mandatory prepayment on a pro rata basis with the Tranche B Term Loans, but may not provide
for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding
Tranche B Term Loans) and any restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Term Loan Commitments
or Refinancing Term Loans of such Class and (ix) any financial covenant with which Murphy USA and the Company shall be required
to comply (provided that any such financial covenant for the benefit of any Class of Refinancing Term Lenders shall also
be for the benefit of each other Class of Lenders unless (x) reasonably acceptable to the Term Administrative Agent, (y) such
financial covenant only applies to periods following the Maturity Date with respect to such Class or (z) such financial covenant
reflects market terms and conditions (as determined by the Company in good faith) at the time of such incurrence). Except as contemplated
by the

 

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preceding
sentence, the terms of the Refinancing Term Loan Commitments and Refinancing Term Loans shall be substantially the same as the
terms of the Tranche B Term Commitments and the Tranche B Term Loans.

 

(d)              
The Company may by written notice to the Revolving Administrative Agent at any time after the Effective Date establish
one or more additional revolving facilities (each, a “Refinancing Revolving Facility”) providing for revolving
commitments (“Refinancing Revolving Commitments” and the revolving loans thereunder, “Refinancing
Revolving Loans”), which replace in whole or in part any Class of Revolving Commitments under this Agreement. Each such
notice shall specify the date on which the Company proposes that the Refinancing Revolving Commitments shall become effective,
which shall be a date not less than 10 Business Days after the date on which such notice is delivered to the Revolving Administrative
Agent (or such shorter period agreed to by the Revolving Administrative Agent in its reasonable discretion); provided that
no Refinancing Revolving Commitments shall become effective unless (i) no Default shall have occurred and be continuing on
the date of effectiveness thereof, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan
Party set forth in the Loan Documents shall be true and correct (A) in the case of the representations and warranties qualified
as to materiality, in all respects and (B) otherwise, in all material respects, in each case on and as of such date, except in
the case of any such representation and warranty that specifically relates to an earlier date, in which case such representation
and warranty shall be so true and correct on and as of such earlier date, (iii) Murphy USA and the Company shall have delivered
to the Revolving Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s
certificates and other documents as shall reasonably be requested by the Revolving Administrative Agent in connection with any
such transaction, and (iv) substantially concurrently with the effectiveness thereof, the Revolving Commitments being refinanced
shall be terminated and, if applicable, the Revolving Loans thereunder shall be repaid.

 

(e)              
Refinancing Revolving Commitments may be established as a new Class of Revolving Commitments or as an increase in any previously
established Class of Revolving Facility Commitments; provided that (i) the Refinancing Revolving Commitments shall have
a final maturity date (and shall not require commitment reductions or amortizations) prior to the Revolving Facility Maturity
Date for the Revolving Commitments being replaced and (ii) all other terms applicable to the Refinancing Revolving Commitments
(other than provisions relating to (x) fees, interest rates and other pricing terms and prepayment and commitment reduction and
optional redemption terms which shall be as agreed between the Company and the Lenders providing such Refinancing Revolving Commitments
and (y) the amount of any letter of credit sublimit under such Refinancing Revolving Commitments, which shall be as agreed between
the Company, the Lenders providing such Refinancing Revolving Commitments, the Revolving Administrative Agent and the replacement
issuing bank, if any, under such Refinancing Revolving Commitments) shall be substantially similar to, or (as determined by the
Company in good faith) not materially more favorable to the lenders providing such Refinancing Revolving Commitments, taken as
a whole, as reasonably determined by the Company in good faith, than the terms applicable to the Revolving Commitments being refinanced
(except to the extent such covenants and other terms (A) apply solely to any period after the Latest Maturity Date, (B) are otherwise
reasonably acceptable to the Revolving Administrative Agent or (C) reflect market terms and conditions (as determined by the Company
in good faith) at the time of

 

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incurrence).
Solely to the extent that an Issuing Bank is not a replacement issuing bank under the Refinancing Revolving Commitments, it is
understood and agreed that such Issuing Bank shall not be required to issue any letters of credit thereunder and, to the extent
it is necessary for such Issuing Bank to withdraw as an Issuing Bank at the time of the establishment of such Refinancing Revolving
Commitments, such withdrawal shall be on terms and conditions reasonably satisfactory to such Issuing Bank in its sole discretion.
The Company agrees to reimburse each Issuing Bank in full upon demand, for any reasonable and documented out-of-pocket cost or
expense attributable to such withdrawal.

 

(f)               
The Company may approach any Lender or any other person that would be an Eligible Assignee of a Revolving Commitment to
provide all or a portion of the Refinancing Revolving Commitments (subject to receipt of any consents that would be required for
an assignment of Revolving Commitments to such person pursuant to Section 9.04); provided, that any Lender offered or approached
to provide all or a portion of the Refinancing Revolving Commitments may elect or decline, in its sole discretion, to provide
a Refinancing Revolving Commitment.

 

(g)              
The applicable Administrative Agents shall promptly notify each applicable Lender as to the effectiveness of each Refinancing
Facility Agreement. Each Refinancing Facility Agreement may, without the consent of any Lender other than the applicable Refinancing
Term Lenders or Refinancing Revolving Lenders, as the case may be, effect such amendments to this Agreement and the other Loan
Documents as may be necessary or appropriate, in the opinion of the applicable Administrative Agent, to give effect to the provisions
of this Section, including any amendments necessary to treat the applicable Refinancing Term Loan Commitments and Refinancing
Term Loans or Refinancing Revolving Commitments and Refinancing Revolving Loans as a new “Class” of loans and/or commitments
hereunder.

 

SECTION
2.24.      Loan
Repurchases.

 

(a)              
Subject to the terms and conditions set forth or referred to below, the Company may from time to time, at its discretion,
conduct modified Dutch auctions in order to purchase Term Loans of one or more Classes (as determined by the Company) (each, a
“Purchase Offer”), each such Purchase Offer to be managed exclusively by the Term Administrative Agent (or
such other financial institution chosen by the Company and reasonably acceptable to the Term Administrative Agent) (in such capacity,
the “Auction Manager”), so long as the following conditions are satisfied:

 

(i)                      
each Purchase Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section
2.24 and the Auction Procedures;

 

(ii)                   
no Default or Event of Default shall be continuing on the date of the delivery of each notice of an auction and at the
time of (and immediately after giving effect to) the purchase of any Term Loans in connection with any Purchase Offer or shall
result therefrom;

 

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(iii)                 
the principal amount (calculated on the face amount thereof) of each and all Classes of Term Loans that the Company offers
to purchase in any such Purchase Offer shall be no less than $10,000,000 (unless another amount is agreed to by the Term Administrative
Agent) (across all such Classes);

 

(iv)                  
the principal amount of all Term Loans of the applicable Class or Classes so purchased by the Company shall automatically
be cancelled and retired by the Company on the settlement date of the relevant purchase (and may not be resold) (without any increase
to Consolidated EBITDA as a result of any gains associated with cancellation of debt), and in no event shall the Company be entitled
to any vote hereunder in connection with such Term Loans;

 

(v)                    
no more than one Purchase Offer with respect to any Class may be ongoing at any one time;

 

(vi)                  
either (A) (x) the Company shall represent and warrant that no Loan Party has any material non-public information with
respect to the Loan Parties or their Subsidiaries, or with respect to the Loans or the securities of any such person, that (A)
has not been previously disclosed in writing to the Administrative Agents and the Lenders (other than because such Lender does
not wish to receive such material non-public information) prior to such time and (B) could reasonably be expected to have a material
effect upon, or otherwise be material to, a Lender’s decision to participate in the Purchase Offer or (y) shall state that
it cannot make such representation set forth in clause (A)(x) or (B) such Purchase Offer shall contain customary “big boy”
representations; and

 

(vii)               
any Purchase Offer with respect to any Class shall be offered to all Term Lenders holding Term Loans of such Class on a
pro rata basis.

 

(b)              
The Company shall terminate any Purchase Offer if it fails to satisfy one or more of the conditions set forth above which
are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to such Purchase
Offer. If the Company commences any Purchase Offer (and all relevant requirements set forth above which are required to be satisfied
at the time of the commencement of such Purchase Offer have in fact been satisfied), and if at such time of commencement the Company
reasonably believes that all required conditions set forth above which are required to be satisfied at the time of the consummation
of such Purchase Offer shall be satisfied, then the Company shall have no liability to any Term Lender for any termination of
such Purchase Offer as a result of its failure to satisfy one or more of the conditions set forth above which are required to
be met at the time which otherwise would have been the time of consummation of such Purchase Offer, and any such failure shall
not result in any Default or Event of Default hereunder. With respect to all purchases of Term Loans of any Class or Classes made
by the Company pursuant to this Section 2.24, (x) the Company shall pay on the settlement date of each such purchase all accrued
and unpaid interest (except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term
Loans of the applicable Class or

 

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Classes
up to the settlement date of such purchase and (y) such purchases (and the payments made by the Company and the cancellation of
the purchased Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments
for purposes of Section 2.11.

 

(c)              
The Term Administrative Agent and the Lenders hereby consent to the Purchase Offers and the other transactions effected
pursuant to and in accordance with the terms of this Section 2.24; provided that, notwithstanding anything to the contrary
contained herein, no Lender shall have an obligation to participate in any such Purchase Offer. For the avoidance of doubt, it
is understood and agreed that the provisions of Sections 2.16, 2.18 and 9.04 will not apply to the purchases of Term Loans pursuant
to Purchase Offers made pursuant to and in accordance with the provisions of this Section 2.24. The Auction Manager acting in
its capacity as such hereunder shall be entitled to the benefits of the provisions of Article VIII and Section 9.03 to the same
extent as if each reference therein to the “Administrative Agents” were a reference to the Auction Manager, and the
Term Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to
enable it to perform its responsibilities and duties in connection with each Purchase Offer.

 

(d)              
This Section 2.24 shall supersede any provisions in this Agreement to the contrary.

 

ARTICLE
III

Representations and Warranties

 

Each
of Murphy USA and the Company represents and warrants to the Lenders that:

 

SECTION
3.01.      Organization;
Powers. Murphy USA, the Company and each other Restricted Subsidiary is duly organized, validly existing and (to the extent
the concept is applicable in such jurisdiction) in good standing under the laws of the jurisdiction of its organization, has all
power and authority and all material Governmental Approvals required for the ownership and operation of its properties and the
conduct of its business as now conducted and as proposed to be conducted and, except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business, and
is in good standing, in every jurisdiction where such qualification is required.

 

SECTION
3.02.      Authorization;
Enforceability. The Transactions to be entered into by each Loan Party are within such Loan Party’s corporate or other
organizational powers and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder
or other equityholder action of each Loan Party. This Agreement has been duly executed and delivered by Murphy USA and the Company
and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan

 

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Party,
will constitute, a legal, valid and binding obligation of Murphy USA, the Company or the applicable Loan Party, as the case may
be, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

SECTION
3.03.      Governmental
Approvals; Absence of Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with
or any other action by any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect
and (ii) filings necessary to perfect Liens created under the Loan Documents, (b) will not violate any applicable law, including
any order of any Governmental Authority, except to the extent any such violations, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, (c) will not violate the charter, by-laws or other organizational
documents of Murphy USA, the Company or any other Restricted Subsidiary, (d) will not violate or result (alone or with notice
or lapse of time, or both) in a default under any indenture or other agreement or instrument binding upon Murphy USA, the Company
or any other Restricted Subsidiary or any of their respective assets, or give rise to a right thereunder to require any payment,
repurchase or redemption to be made by Murphy USA, the Company or any other Restricted Subsidiary, or give rise to a right of,
or result in, any termination, cancellation, acceleration or right of renegotiation of any obligation thereunder, in each case
except, other than in the case of the Senior Notes Documents, to the extent that the foregoing, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, and (e) except for Liens created under the Loan Documents,
will not result in the creation or imposition of any Lien on any asset of Murphy USA, the Company or any other Restricted Subsidiary.

 

SECTION
3.04.      Financial
Condition; No Material Adverse Change. (a) Murphy USA has heretofore furnished to the Lenders (i) its consolidated balance
sheet as of December 31, 2019 and the related consolidated statements of income, cash flows and changes in equity for the fiscal
year ended December 31, 2019, audited by and accompanied by the opinion of KPMG LLP, independent registered public accounting
firm, and (ii) its unaudited consolidated balance sheet as at the end of, and related statements of income and cash flows for,
the fiscal quarter and the portion of the fiscal year ended March 31, 2020, June 30, 2020 and September 30, 2020. Such financial
statements present fairly, in all material respects, the financial position, results of operations and cash flows of Murphy USA,
the Company and the Restricted Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to normal year-end
audit adjustments and the absence of certain footnotes in the case of the statements referred to in clause (ii) above.

 

(b)              
Except as disclosed in the financial statements referred to above or the notes thereto, after giving effect to the Transactions,
none of Murphy USA, the Company or any other Restricted Subsidiary has, as of the Effective Date, any material contingent liabilities,
unusual long-term commitments or unrealized losses.

 

(c)              
Since December 31, 2019, there has been no event or condition that has resulted, or could reasonably be expected to result,
in a material adverse change in the business,

 

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assets,
liabilities, operations or condition (financial or otherwise) of Murphy USA, the Company and the other Restricted Subsidiaries,
taken as a whole.

 

(d)              
The projections of Murphy USA and the Restricted Subsidiaries for the fiscal years ending December 31, 2021 to and including
the fiscal year ending December 31, 2025, provided to the Lenders prior to the Effective Date (the “Projections”)
have been prepared in good faith based upon estimates and assumptions that were believed by Murphy USA and the Company to be reasonable
at the time made and are believed by Murphy USA and the Company to be reasonable on the Effective Date, it being understood and
agreed that the Projections are not a guarantee of financial or other performance and actual results may differ therefrom and
such differences may be material.

 

SECTION
3.05.      Properties.
(a) Murphy USA, the Company and each other Restricted Subsidiary has good title to, or valid leasehold interests in, all its
property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business
as currently conducted or to utilize such properties for their intended purposes.

 

(b)              
Murphy USA, the Company and each other Restricted Subsidiary owns, or is licensed to use, all patents, trademarks, copyrights,
technology, software, domain names and other intellectual property that is necessary for the conduct of its business as currently
conducted, and proposed to be conducted, and without conflict with the rights of any other Person, except to the extent any such
conflict, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No patents,
trademarks, copyrights, technology, software, domain names or other intellectual property used by Murphy USA, the Company or any
other Restricted Subsidiary in the operation of its business infringes upon the intellectual property rights of any other Person,
except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. No claim or litigation regarding any patents, trademarks, copyrights, technology, software, domain names or other
intellectual property owned or used by Murphy USA, the Company or any other Restricted Subsidiary is pending or, to the knowledge
of Murphy USA, the Company or any other Restricted Subsidiary, threatened against Murphy USA, the Company or any other Restricted
Subsidiary that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

SECTION
3.06.      Litigation
and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of Murphy USA, the Company or any other Restricted Subsidiary, threatened against or affecting
Murphy USA, the Company or any other Restricted Subsidiary that (i) could reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect or (ii) involve any of the Loan Documents or the Transactions.

 

(b)              
Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, none of Murphy USA, the Company or any other Subsidiary (i) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) is
subject to any Environmental Liability, (iii) has received notice of any

 

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claim
with respect to any Environmental Liability or (iv) knows of any fact, incident, event or condition that could reasonably be expected
to form the basis for any Environmental Liability.

 

SECTION
3.07.      Compliance
with Laws and Agreements; Anti-Corruption Laws and Sanctions. (a) Murphy USA, the Company and each other Restricted Subsidiary
is in compliance with all laws, including all orders of Governmental Authorities, applicable to it or its property and all indentures,
agreements and other instruments binding upon it or its property, except where the failure to comply, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

 

(b)              
Murphy USA, the Company and the other Subsidiaries and, to the knowledge of Murphy USA and the Company, their respective
directors, officers, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material
respects. None of (i) Murphy USA, the Company or any other Subsidiary or, to the knowledge of Murphy USA or the Company, any of
their respective directors, officers or employees, or (ii) to the knowledge of Murphy USA or the Company, any agent of Murphy
USA, the Company or any other Subsidiary that will act in any capacity in connection with or benefit from the credit facility
established hereby, is a Sanctioned Person.

 

SECTION
3.08.      Investment
Company Status. None of Murphy USA, the Company or any other Loan Party is an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940.

 

SECTION
3.09.      Taxes.
Murphy USA, the Company and each other Subsidiary has timely filed or caused to be filed all Tax returns and reports required
to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except where (a) (i) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (ii) Murphy USA, the Company or such Subsidiary,
as applicable, has set aside on its books reserves with respect thereto to the extent required by GAAP and (iii) such contest
effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation or (b) the
failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

SECTION
3.10.      ERISA.
No ERISA Events have occurred or are reasonably expected to occur that could, in the aggregate, reasonably be expected to
result in a Material Adverse Effect. The Company and each ERISA Affiliate is in compliance in all material respects with the presently
applicable provisions of ERISA and the Code with respect to each Plan. Neither the Company nor any ERISA Affiliate has (a) sought
a waiver of the minimum funding standard under Section 412 of the Code in respect of any Plan, (b) failed to make any contribution
or payment to any Plan or Multiemployer Plan, or made any amendment to any Plan, that has resulted or could result in the imposition
of a Lien or the posting of a bond or other security under ERISA or the Code, or (c) incurred any liability under Title IV of
ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA that are not past due.

 

SECTION
3.11.      Subsidiaries
and Joint Ventures; Disqualified Equity Interests. (a) Schedule 3.11 sets forth, as of the Effective Date, the name and jurisdiction
of organization

 

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of,
and the percentage of each class of Equity Interests owned by Murphy USA, the Company or any other Subsidiary in, (i) each Subsidiary
and (ii) each joint venture in which Murphy USA, the Company or any other Restricted Subsidiary owns any Equity Interests, and
identifies each Designated Subsidiary and each Restricted Subsidiary. The Equity Interests in each Restricted Subsidiary have
been duly authorized and validly issued and are fully paid and non-assessable. Except as set forth on Schedule 3.11, as of the
Effective Date, there is no existing option, warrant, call, right, commitment or other agreement to which Murphy USA, the Company
or any other Restricted Subsidiary is a party requiring, and there are no Equity Interests in any Restricted Subsidiary outstanding
that upon exercise, conversion or exchange would require, the issuance by the Company or any other Restricted Subsidiary of any
additional Equity Interests or other securities exercisable for, convertible into, exchangeable for or evidencing the right to
subscribe for or purchase any Equity Interests in any Restricted Subsidiary.

 

(b)              
As of the Effective Date, there are not any outstanding Disqualified Equity Interests in Murphy USA or in any Restricted
Subsidiary.

 

SECTION
3.12.      Insurance.
Schedule 3.12 sets forth a description of all insurance maintained by or on behalf of Murphy USA, the Company and the other
Restricted Subsidiaries as of the Effective Date.

 

SECTION
3.13.      Solvency.
Immediately after giving effect to the consummation of the Transactions, including the making of the Loans hereunder on the
Effective Date and the application of the proceeds thereof, and giving effect to the rights of subrogation and contribution under
the Collateral Agreement, (a) the fair value of the assets of each Loan Party will exceed its debts and liabilities, subordinated,
contingent or otherwise, (b) the present fair saleable value of the assets of each Loan Party will be greater than the amount
that will be required to pay the probable liability on its debts and other liabilities, subordinated, contingent or otherwise,
as such debts and other liabilities become absolute and matured, (c) each Loan Party will be able to pay its debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (d) each Loan Party will
not have unreasonably small capital with which to conduct the business in which it is engaged, as such business is conducted at
the time of and is proposed to be conducted following the making of such Loan.

 

SECTION
3.14.      Disclosure.
Murphy USA and the Company have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to
which Murphy USA, the Company or any other Restricted Subsidiary is subject, and all other matters known to Murphy USA or the
Company, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither
any Lender Presentation nor any of the other reports, financial statements, certificates or other information furnished by or
on behalf of Murphy USA, the Company or any other Restricted Subsidiary to any Administrative Agent, any Arranger or any Lender
in connection with the negotiation of this Agreement or any other Loan Document or furnished hereunder or thereunder, when taken
as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that, with respect to forecasts
or projected financial information, each of Murphy USA and the Company represents only that such information was prepared in good
faith based upon

 

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assumptions
believed by it to be reasonable at the time made and at the time so furnished and, if furnished prior to the Effective Date, as
of the Effective Date (it being understood that such forecasts and projections may vary from actual results and that such variances
may be material).

 

SECTION
3.15.      Collateral
Matters. (a) The Collateral Agreement will, upon execution thereof by the Loan Parties, create in favor of the Collateral
Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral (as defined therein)
and (i) when the Collateral (as defined therein) constituting certificated securities (as defined in the Uniform Commercial
Code) is delivered to the Collateral Agent, together with instruments of transfer duly endorsed in blank, the security interest
created under the Collateral Agreement will constitute (or, in the case of such Collateral as was delivered prior to the Effective
Date, will continue to constitute) a fully perfected security interest in all right, title and interest of the pledgors thereunder
in such Collateral, prior and superior in right to any other Person but subject to any Permitted Intercreditor Agreement, and
(ii) subject to the financing statements in appropriate form having been filed in the applicable filing offices, the security
interest created under the Collateral Agreement will constitute a fully perfected security interest in all right, title and interest
of the Loan Parties in the remaining Collateral (as defined therein) to the extent perfection can be obtained by filing Uniform
Commercial Code financing statements, prior and superior to the rights of any other Person, except for rights secured by Liens
permitted under Section 6.02 but subject to any Permitted Intercreditor Agreement. The parties agree that, for the avoidance of
doubt, no interest in real property held by any Loan Party shall constitute Collateral under the Security Documents.

 

(b)              
Each Security Document, other than any Security Document referred to in paragraph (a) of this Section, upon execution and
delivery thereof by the parties thereto and the making of the filings and taking of the other actions provided for therein, will
be effective under applicable law to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a valid
and enforceable security interest in the Collateral subject thereto, and will constitute a fully perfected security interest in
all right, title and interest of the Loan Parties in the Collateral subject thereto, prior and superior to the rights of any other
Person, except for rights secured by Liens permitted under Section 6.02 but subject to any Permitted Intercreditor Agreement.

 

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SECTION
3.16.      Federal
Reserve Regulations. None of Murphy USA, the Company or any other Restricted Subsidiary is engaged or will engage principally
or as one of its important activities in the business of purchasing or carrying margin stock (within the meaning of Regulation
U of the Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds
of the Loans will be used, directly or indirectly, for any purpose that entails a violation (including on the part of any Lender)
of any of the regulations of the Board of Governors, including Regulations U and X. Not more than 25% of the value of the
assets subject to any restrictions on the sale, pledge or other disposition of assets under this Agreement, any other Loan Document
or any other agreement to which any Lender or Affiliate of a Lender is party will at any time be represented by margin stock.

 

ARTICLE
IV

Conditions

 

SECTION
4.01.      Effective
Date. The effectiveness of this Agreement and the obligations of the Lenders to make Loans and of the Issuing Banks to issue
Letters of Credit hereunder shall not become effective until the date on which each of the following conditions shall be satisfied
(or waived in accordance with Section 9.02):

 

(a)              
The Administrative Agents shall have received from each party hereto a counterpart of this Agreement signed on behalf of
such party (which, subject to Section 9.06(b), may include any Electronic Signatures transmitted by telecopy, emailed pdf or any
other electronic means that reproduces an image of an actual executed signature page).

 

(b)              
The Administrative Agents shall have received a favorable written opinion (addressed to the Administrative Agents, the
Lenders and the Issuing Banks and dated the Effective Date) of each of (i) Davis Polk & Wardwell LLP, counsel for the Loan
Parties, and (ii) counsel for the Loan Parties in Delaware and New Jersey, in each case in form and substance reasonably satisfactory
to the Administrative Agents.

 

(c)              
The Administrative Agents shall have received such documents and certificates as the Administrative Agents shall reasonably
have requested relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions
and any other legal matters relating to the Loan Parties, the Loan Documents or the Transactions, all in form and substance reasonably
satisfactory to the Administrative Agents.

 

(d)              
The Administrative Agents shall have received a certificate, dated the Effective Date and signed by the chief executive
officer or the chief financial officer of each of Murphy USA and the Company, confirming compliance with the conditions set forth
in the first sentence of paragraphs (g), (i), (j) and (k) of this Section.

 

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(e)              
The Lenders shall have received all documentation and other information about the Loan Parties, including Beneficial Ownership
Certifications, as have been reasonably requested by any Administrative Agent or any Lender in writing at least three Business
Days prior to the Effective Date and that they reasonably determine is required by bank regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial
Ownership Regulation.

 

(f)               
The Administrative Agents shall have received all fees and other amounts due and payable on or prior to the Effective Date,
including, to the extent invoiced, payment or reimbursement of all fees and expenses (including fees, charges and disbursements
of counsel) required to be paid or reimbursed by any Loan Party under written agreement entered into by Murphy USA or the Company
with any Administrative Agent or any Arranger.

 

(g)              
The Collateral and Guarantee Requirement shall have been satisfied. The Administrative Agents shall have received the results
of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the jurisdictions
contemplated by the Perfection Certificate and copies of the financing statements (or similar documents) disclosed by such search
and evidence reasonably satisfactory to the Administrative Agents that the Liens indicated by such financing statements (or similar
documents) are permitted under Section 6.02 or that such financing statements and Liens have been, or substantially contemporaneously
with the Effective Date will be, terminated and released.

 

(h)              
 The Administrative Agents shall have received a certificate, dated the Effective Date and signed by the chief financial
officer of each of Murphy USA and the Company, as to the solvency of the Loan Parties on a consolidated basis after giving effect
to the Transactions, in form and substance reasonably satisfactory to the Administrative Agents.

 

(i)                
The Specified Representations shall be true and correct (i) in the case of the representations and warranties qualified
as to materiality, in all respects and (ii) otherwise, in all material respects. The Specified Merger Agreement Representations
shall be true and correct.

 

(j)                
Since the date of the Merger Agreement, there shall have not occurred a Material Adverse Effect (as defined in the Merger
Agreement).

 

(k)              
The Acquisition shall have been, or substantially simultaneously with the Effective Date shall be, consummated. The Company
shall have received gross proceeds of the New Senior Notes in an aggregate principal amount of $500,000,000. The Refinancing shall
have been, or substantially simultaneously with the Effective Date, shall be, consummated, and the Administrative Agents shall
have received reasonably satisfactory evidence as to the discharge and release of all obligations, guarantees and security in
respect thereof.

 

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(l)                
The applicable Administrative Agent shall have received a notice of borrowing with respect to each Borrowing to be made
on the Effective Date.

 

The Administrative
Agents shall notify Murphy USA, the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

SECTION
4.02.      Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than the Borrowings on
the Closing Date and any conversion or continuation of any Loan and subject to Section 2.21), and of each Issuing Bank to issue,
amend to increase the amount thereof extend any Letter of Credit, is subject to receipt of the request therefor in accordance
herewith and to the satisfaction of the following conditions:

 

(a)              
The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct (i) in
the case of the representations and warranties qualified as to materiality, in all respects and (ii) otherwise, in all material
respects, in each case on and as of the date of such Borrowing or the date of issuance, amendment or extension of such Letter
of Credit, as applicable, except in the case of any such representation and warranty that expressly relates to a prior date, in
which case such representation and warranty shall be so true and correct on and as of such prior date.

 

(b)              
At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter
of Credit, as applicable, no Default shall have occurred and be continuing.

 

On the date
of any Borrowing (other than any conversion or continuation of any Loan) or the issuance, amendment to increase the amount thereof
or extension of any Letter of Credit, Murphy USA and the Company shall be deemed to have represented and warranted that the conditions
specified in paragraphs (a) and (b) of this Section have been satisfied.

 

ARTICLE
V

Affirmative Covenants

 

Until
the Commitments shall have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder
shall have been paid in full, all Letters of Credit shall have expired or been terminated and all LC Disbursements shall have
been reimbursed, each of Murphy USA and the Company covenants and agrees with the Lenders that:

 

SECTION
5.01.      Financial
Statements and Other Information. Murphy USA and the Company will furnish to the Administrative Agents, on behalf of each
Lender (and the Administrative Agents shall promptly deliver to each applicable Lender (which delivery may be made by posting
on an Electronic Platform)):

 

(a)              
within 90 days after the end of each fiscal year of Murphy USA (commencing with the fiscal year ending December 31,
2020) (or, so long as Murphy USA shall be subject to periodic reporting obligations under the Exchange Act, by the

 

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date
that the Annual Report on Form 10-K of Murphy USA for such fiscal year would be required to be filed under the rules and regulations
of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), its audited consolidated
balance sheet and the related consolidated statements of income and comprehensive income, cash flows and stockholders’ equity
as of the end of and for such fiscal year, setting forth in each case in comparative form the figures for the prior fiscal year,
all audited by and accompanied by the opinion of KPMG LLP or another independent registered public accounting firm of recognized
national standing (without a “going concern” or like qualification, exception or emphasis and without any qualification,
exception or emphasis as to the scope of such audit) to the effect that such consolidated financial statements present fairly,
in all material respects, the financial position, results of operations and cash flows of Murphy USA and its consolidated Subsidiaries
on a consolidated basis as of the end of and for such year in accordance with GAAP;

 

(b)              
within 45 days after the end of each of the first three fiscal quarters of each fiscal year of Murphy USA (or, so
long as Murphy USA shall be subject to periodic reporting obligations under the Exchange Act, by the date that the Quarterly Report
on Form 10-Q of Murphy USA for such fiscal quarter would be required to be filed under the rules and regulations of the SEC, giving
effect to any automatic extension available thereunder for the filing of such form), its consolidated balance sheet as of the
end of such fiscal quarter, the related consolidated statements of income and comprehensive income for such fiscal quarter and
the then elapsed portion of the fiscal year and the related statement of cash flows for the then elapsed portion of the fiscal
year, in each case setting forth in comparative form the figures for the corresponding period or periods of (or, in the case of
the balance sheet, as of the end of) the prior fiscal year, all certified by a Financial Officer of Murphy USA as presenting fairly,
in all material respects, the financial position, results of operations and cash flows of Murphy USA and its consolidated Subsidiaries
on a consolidated basis as of the end of and for such fiscal quarter and such portion of the fiscal year in accordance with GAAP,
subject to normal year-end audit adjustments and the absence of certain footnotes;

 

(c)              
concurrently with each delivery of financial statements under clause (a) or (b) above, (i) a summary of the pro forma
adjustments (if any) necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements
and (ii) a list identifying each subsidiary of the Company as a Restricted Subsidiary or an Unrestricted Subsidiary as of the
date of delivery of such financial statements or confirming that there is no change in such information since the later of the
Effective Date and the most recent prior delivery of such information;

 

(d)              
concurrently with each delivery of financial statements under clause (a) or (b) above, a completed Compliance Certificate
signed by a Financial Officer of each of Murphy USA and the Company, (i) certifying as to whether a Default has occurred
and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto,
(ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.11 and Section 6.12, (iii) if
any change in

 

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GAAP
or in the application thereof has occurred since the date of the consolidated balance sheet of Murphy USA most recently theretofore
delivered under clause (a) or (b) above (or, prior to the first such delivery, referred to in Section 3.04) that has had, or could
have, a significant effect on the calculations of the Consolidated Fixed Charge Coverage Ratio, the First Lien Net Leverage Ratio,
the Secured Net Leverage Ratio, the Total Net Leverage Ratio or the Total Leverage Ratio, specifying the nature of such change
and the effect thereof on such calculations, (iv) certifying that all notices required to be provided under Sections 5.03
and 5.04 have been provided and (v) in the case of each Compliance Certificate delivered together with the financial statements
under clause (a) above, setting forth a reasonably detailed calculation of Excess Cash Flow and of any deductions therefrom pursuant
to Section 2.11(c);

 

(e)              
within 90 days after the end of each fiscal year of Murphy USA (commencing with the fiscal year ending December 31,
2021), a completed Supplemental Perfection Certificate, signed by a Financial Officer of each of Murphy USA and the Company, setting
forth the information required pursuant to the Supplemental Perfection Certificate;

 

(f)               
not later than 30 days after the commencement of each fiscal year of Murphy USA, a detailed consolidated budget for such
fiscal year (including projected consolidated balance sheets and related projected statements of income and cash flows as of the
end of and for each fiscal quarter during such fiscal year and as of the end of and for such fiscal year and setting forth the
assumptions used for purposes of preparing such budget) and, promptly after the same become available, any significant revisions
to such budget;

 

(g)              
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials filed by Murphy USA, the Company or any other Restricted Subsidiary with the SEC or with any national securities exchange,
or distributed by Murphy USA to its shareholders generally, as the case may be;

 

(h)              
promptly after any request therefor by any Administrative Agent or any Lender, copies of (i) any documents described
in Section 101(k)(1) of ERISA that Murphy USA or any of its ERISA Affiliates may request with respect to any Multiemployer
Plan and (ii) any notices described in Section 101(l)(1) of ERISA that Murphy USA or any of its ERISA Affiliates may
request with respect to any Multiemployer Plan; provided that if Murphy USA or any of its ERISA Affiliates has not requested
such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, Murphy USA or the applicable
ERISA Affiliate shall promptly make a request for such documents and notices from such administrator or sponsor and shall provide
copies of such documents and notices promptly after receipt thereof;

 

(i)                
promptly after any request therefor, such other information (i) regarding the operations, business affairs, assets, liabilities
(including contingent liabilities) and financial condition of Murphy USA, the Company or any other Restricted Subsidiary, or

 

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compliance
with the terms of any Loan Document, as any Administrative Agent or any Lender may reasonably request or (ii) reasonably requested
by any Administrative Agent or any Lender in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation; and

 

(j)                
promptly after the furnishing thereof and to the extent not otherwise required to be furnished to the Lenders pursuant
to any clause of this Section 5.01, copies of any material requests or material notices received by Murphy USA, the Company or
any other Restricted Subsidiary (other than in the ordinary course of business) or material statements or material reports furnished
by Murphy USA, the Company or any other Restricted Subsidiary pursuant to the terms of the Senior Notes and Incremental Equivalent
Debt.

 

Information
required to be delivered pursuant to clause (a), (b), (g) or (i) of this Section shall be deemed to have been delivered if
such information, or one or more annual or quarterly reports containing such information, shall have been posted by the Administrative
Agents on an Electronic Platform or shall be available on the website of the SEC at http://www.sec.gov. Information required to
be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures approved
by the Administrative Agents. In the event any financial statements delivered under clause (a) or (b) above shall be restated,
Murphy USA and the Company shall deliver, promptly after such restated financial statements become available, revised Compliance
Certificates with respect to the periods covered thereby that give effect to such restatement, signed by a Financial Officer of
each of Murphy USA and the Company.

 

SECTION
5.02.      Notices
of Material Events. Murphy USA and the Company will furnish to the Administrative Agents (and the Administrative Agents shall
promptly deliver to each applicable Lender (which delivery may be made by posting on an Electronic Platform)) prompt written notice
of the following:

 

(a)              
the occurrence of, or receipt by Murphy USA or the Company of any written notice claiming the occurrence of, any Default;

 

(b)              
the filing or commencement of any Proceeding by or before any arbitrator or Governmental Authority against or affecting
Murphy USA, the Company or any other Restricted Subsidiary, or any adverse development in any such pending action, suit or proceeding
not previously disclosed in writing by Murphy USA, the Company or any other Restricted Subsidiary to the Administrative Agents
and the Lenders, that in each case could reasonably be expected to result in a Material Adverse Effect or that in any manner questions
the validity of any Loan Document;

 

(c)              
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of Murphy USA, the Company and the other Restricted Subsidiaries in an aggregate amount of
$25,000,000 or more; and

 

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(d)              
any other development that has resulted, or could reasonably be expected to result, in a Material Adverse Effect.

 

Each notice
delivered under this Section (i) shall be in writing, (ii) shall contain a heading or a reference line that reads “Notice
under Section 5.02 of the Murphy Oil USA, Inc. Credit Agreement dated January 29, 2021” and (iii) shall be accompanied
by a statement of a Financial Officer or other executive officer of each of Murphy USA and the Company setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION
5.03.      Additional
Subsidiaries. If any Restricted Subsidiary is formed or acquired after the Effective Date, Murphy USA and the Company will,
as promptly as practicable, and in any event within 30 days (or such longer period as the Collateral Agent may agree to in writing),
notify the Collateral Agent and the Administrative Agents thereof and cause the Collateral and Guarantee Requirement to be satisfied
with respect to such Restricted Subsidiary (if it is a Designated Subsidiary) and with respect to any Equity Interests in or Indebtedness
of such Restricted Subsidiary owned by any Loan Party

 

SECTION
5.04.      Information
Regarding Collateral. (a) Murphy USA and the Company will furnish to the Collateral Agent and the Administrative Agents prompt
written notice of any change in (i) the legal name of any Loan Party, as set forth in its organizational documents, (ii) the jurisdiction
of organization or the form of organization of any Loan Party (including as a result of any merger or consolidation), (iii) the
location of the chief executive office of any Loan Party or (iv) the organizational identification number, if any, or, with respect
to any Loan Party organized under the laws of a jurisdiction that requires such information to be set forth on the face of a Uniform
Commercial Code financing statement, the Federal Taxpayer Identification Number of such Loan Party. Murphy USA and the Company
agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform
Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change
to have a valid, legal and perfected security interest in all the Collateral.

 

(b)              
Murphy USA and the Company will furnish to the Collateral Agent and the Administrative Agents prompt written notice of
the acquisition by any Loan Party of any material assets after the Effective Date of the type that constitute, or are intended
to constitute, Collateral, other than any assets constituting Collateral under the Security Documents in which the Collateral
Agent shall have a valid, legal and perfected security interest (with the priority contemplated by the applicable Security Document)
upon the acquisition thereof. For the avoidance of doubt, the parties agree that any interests in real property acquired by any
Loan Party after the date hereof shall not constitute Collateral under the Security Documents.

 

SECTION
5.05.      Existence;
Conduct of Business. Murphy USA, the Company and each other Restricted Subsidiary will do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises,
patents, copyrights, trademarks and trade names material to the conduct of

 

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its
business; provided that the foregoing shall not prohibit any transaction permitted under Section 6.03 or 6.05.

 

SECTION
5.06.      Payment
of Obligations and Taxes. Murphy USA, the Company and each other Restricted Subsidiary will pay its obligations, including
Tax liabilities, before the same shall become delinquent or in default, except where (a) (i) the validity or amount thereof is
being contested in good faith by appropriate proceedings, (ii) Murphy USA, the Company or such other Restricted Subsidiary has
set aside on its books reserves with respect thereto to the extent required by GAAP and (iii) such contest effectively suspends
collection of the contested obligation and the enforcement of any Lien securing such obligation or (b) the failure to make payment
could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

SECTION
5.07.      Maintenance
of Properties. Murphy USA, the Company and each other Restricted Subsidiary will keep and maintain all property material to
the conduct of its business in good working order and condition, ordinary wear and tear excepted.

 

SECTION
5.08.      Insurance.
Murphy USA, the Company and each other Restricted Subsidiary will maintain, with financially sound and reputable insurance
companies, insurance in such amounts (with no greater risk retention) and against such risks as are customarily maintained by
companies of established repute engaged in the same or similar businesses operating in the same or similar locations. Each such
policy of liability or casualty and business interruption insurance maintained by or on behalf of Loan Parties shall (a) in
the case of each liability insurance policy (other than workers’ compensation, director and officer liability or other policies
in which such endorsements are not customary), name the Collateral Agent, on behalf of the Secured Parties, as an additional insured
thereunder, (b) in the case of each casualty and business interruption insurance policy, contain a loss payable clause or
endorsement that names the Collateral Agent, on behalf of the Secured Parties, as a loss payee thereunder and (c) provide
for at least 30 days’ (or such shorter number of days as may be agreed to by the Collateral Agent) prior written notice
to the Collateral Agent and the Administrative Agents of any cancellation of such policy. Within 30 days of the Effective Date,
Murphy USA and the Company shall have delivered, or caused to have been delivered, to the Collateral Agent and the Administrative
Agents evidence that the insurance required by this Section 5.08 is in effect, together with endorsements naming the Collateral
Agent, for the benefit of the Secured Parties, as additional insured and loss payee thereunder to the extent required under this
Section 5.08.

 

SECTION
5.09.      Books
and Records; Inspection Rights. Murphy USA, the Company and each other Restricted Subsidiary will keep proper books of record
and account in which full, true and correct entries in accordance with GAAP and applicable law are made of all dealings and transactions
in relation to its business and activities. Murphy USA, the Company and each other Restricted Subsidiary will permit the Administrative
Agents or any Lender, and any agent designated by any of the foregoing, upon at least three Business Days’ notice, (a) to
visit and reasonably inspect its properties, (b) to examine and make extracts from its books and records and (c) to
discuss its operations, business affairs, assets, liabilities (including contingent liabilities) and financial condition with
its officers and independent accountants (and hereby

 

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authorizes
the Administrative Agents and each Lender to contact its independent accountants directly) and to provide contact information
for each bank where each Loan Party has a depository and/or securities account and each such Loan Party hereby authorizes the
Administrative Agents and each Lender to contact the bank(s) in order to request bank statements and/or balances, all at such
reasonable times and as often as reasonably requested; provided that the rights of any Term Lender under this Section 5.09
shall only be exercised by the Term Administrative Agent on behalf of the “Majority in Interest” of the Term Lenders.

 

SECTION
5.10.      Compliance
with Laws. Murphy USA, the Company and each other Restricted Subsidiary will comply with all laws, including all orders of
any Governmental Authority, applicable to it or its property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION
5.11.      Use
of Proceeds and Letters of Credit. The proceeds of the Term Loans will be used, together with the proceeds of the New Senior
Notes, to consummate the Acquisition and the Refinancing, to pay fees and expenses incurred in connection with the foregoing and
with the establishment of the credit facilities hereunder and for working capital and other general corporate purposes. The proceeds
of the Revolving Loans will be used for working capital and other general corporate purposes of Murphy USA, the Company and the
other Restricted Subsidiaries. Letters of Credit will be issued only to support obligations of the Company and the other Restricted
Subsidiaries incurred in the ordinary course of business.

 

SECTION
5.12.      Further
Assurances. Murphy USA, the Company and each other Loan Party will execute any and all further documents, financing statements,
agreements and instruments, and take all such further actions (including the filing and recording of financing statements and
other documents), that may be required under any applicable law, or that any Administrative Agent or the Collateral Agent may
reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied at all times or otherwise to
effectuate the provisions of the Loan Documents, all at the expense of the Loan Parties. Murphy USA and the Company will provide
to the Administrative Agents, from time to time upon request, evidence reasonably satisfactory to the Administrative Agents as
to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

SECTION
5.13.      Trademark
License Agreement. Murphy USA, the Company and each other Subsidiary will comply with the Trademark License Agreement, except
where failure to do so could not reasonably be expected to materially impair access to intellectual property rights or otherwise
have a Material Adverse Effect.

 

ARTICLE
VI

Negative Covenants

 

Until
the Commitments shall have expired or been terminated, the principal of and interest on each Loan and all fees payable hereunder
shall have been paid in full, all Letters

 

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of
Credit shall have expired or been terminated and all LC Disbursements shall have been reimbursed, each of Murphy USA and the Company
covenants and agrees with the Lenders that:

 

SECTION
6.01.      Indebtedness;
Certain Equity Securities. None of Murphy USA, the Company or any other Restricted Subsidiary will create, incur, assume or
permit to exist any Indebtedness, except:

 

(a)              
Indebtedness created under the Loan Documents;

 

(b)              
(i) the Senior Notes outstanding on the Effective Date, and Refinancing Indebtedness in respect thereof, and (ii) the Guarantees
of any Indebtedness referred to in clause (i) above by Murphy USA, the Company and the other Loan Parties;

 

(c)              
Indebtedness existing on the Effective Date and, with respect to any such Indebtedness in an aggregate principal amount
in excess of $10,000,000, set forth on Schedule 6.01 and Refinancing Indebtedness in respect thereof;

 

(d)              
Indebtedness of any Restricted Subsidiary to Murphy USA, the Company or any other Restricted Subsidiary; provided
that (i) such Indebtedness shall not have been transferred to any Person other than Murphy USA, the Company or any other
Restricted Subsidiary, (ii) any such Indebtedness owing by any Loan Party shall be unsecured and subordinated in right of
payment to the Loan Document Obligations on terms customary for intercompany subordinated Indebtedness, as reasonably determined
by the Administrative Agents, and (iii) any such Indebtedness owing by any Restricted Subsidiary that is not a Loan Party
to any Loan Party shall be incurred in compliance with Section 6.04;

 

(e)              
Guarantees incurred in compliance with Section 6.04;

 

(f)               
Indebtedness of the Company or any other Restricted Subsidiary (i) incurred to finance the acquisition, construction or
improvement of any fixed or capital assets, including Capital Lease Obligations and Attributable Indebtedness, provided
that such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction
or improvement and the principal amount of such Indebtedness does not exceed the cost of acquiring, constructing or improving
such fixed or capital assets or (ii) assumed in connection with the acquisition of any fixed or capital assets, and Refinancing
Indebtedness in respect of any of the foregoing; provided that the aggregate outstanding principal amount of Indebtedness
permitted by this clause (f) shall not at any time exceed the greater of (i) $160,000,000 and (ii) 6.75% of Consolidated
Net Tangible Assets;

 

(g)              
Indebtedness of any Person that becomes a Restricted Subsidiary (or of any Person not previously a Restricted Subsidiary
that is merged or consolidated with or into a Subsidiary in a transaction permitted hereunder) after the Effective Date, or Indebtedness
of any Person that is assumed by any Restricted Subsidiary in connection with an acquisition of assets by such Restricted Subsidiary
in a Permitted Acquisition

 

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after
the Effective Date, provided that (i) such Indebtedness exists at the time such Person becomes a Restricted Subsidiary
(or is so merged or consolidated) or such assets are acquired and is not created in contemplation of or in connection with such
Person becoming a Restricted Subsidiary (or such merger or consolidation) or such assets being acquired and (ii) neither
Murphy USA nor any Restricted Subsidiary (other than such Person or any special purpose merger Restricted Subsidiary with which
such Person is merged or consolidated or the Person that so assumes such Person’s Indebtedness) shall Guarantee or otherwise
become liable for the payment of such Indebtedness, and Refinancing Indebtedness in respect of any of the foregoing; provided
that the aggregate outstanding principal amount of Indebtedness permitted by this clause (g) shall not at any time exceed
$50,000,000;

 

(h)              
Indebtedness owed in respect of any overdrafts and related liabilities arising from treasury, depository and cash management
services or in connection with any automated clearing-house transfers of funds; provided that such Indebtedness shall be
repaid in full within five Business Days of the incurrence thereof;

 

(i)                
Indebtedness in respect of letters of credit, bank guarantees and similar instruments issued for the account of Murphy
USA or any Restricted Subsidiary in the ordinary course of business supporting obligations under (i) workers’ compensation,
unemployment insurance and other social security laws and (ii) bids, trade contracts, leases, statutory obligations, surety and
appeal bonds, performance bonds and obligations of a like nature, which obligations in each case shall not be secured except by
any Lien incurred in reliance on Section 6.02(a)(ii), 6.02(a)(viii), 6.02(a)(x) or 6.02(a)(xi);

 

(j)                
Indebtedness in respect of the letters of credit outstanding on the Effective Date and set forth on Schedule 6.01(j) and
Refinancing Indebtedness in respect thereof;

 

(k)              
Indebtedness of the Company or any other Restricted Subsidiary in the form of purchase price adjustments, earn-outs, non-competition
agreements or other arrangements representing acquisition consideration or deferred payments of a similar nature incurred in connection
with any Permitted Acquisition or other Investment permitted by Section 6.04;

 

(l)                
Indebtedness of Murphy USA, the Company or any Restricted Subsidiary in an aggregate principal amount outstanding at any
time not to exceed the greater of (i) $160,000,000 and (ii) 6.75% of Consolidated Net Tangible Assets;

 

(m)            
Indebtedness of Foreign Subsidiaries in an aggregate principal amount outstanding at any time not to exceed the greater
of (i) $160,000,000 and (ii) 6.75% of Consolidated Net Tangible Assets;

 

(n)              
(i) Indebtedness in an aggregate principal amount not to exceed (such outstanding amount measured solely when incurred,
created or assumed) the then available Incremental Amount consisting of the issuance or incurrence of senior secured (on a pari
passu basis with the Loan Document Obligations), junior lien, unsecured or

 

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subordinated
notes or loans (including “mezzanine” debt and bridge loans), (“Incremental Equivalent Debt”);
provided that (w) such Incremental Equivalent Debt shall be subject to (A) Sections 2.21(b)(ii), 2.21(b)(iii), 2.21(b)(iv),
2.21(b)(viii), 2.21(b)(x), 2.21(c)(i) and 2.21(c)(ii) and (B) if such Incremental Equivalent Debt consists of loans secured on
a pari passu basis with the Term Loans, the MFN Provision set forth in Section 2.21(b)(v), (x) if the Incremental Equivalent
Debt is a notes issuance, it shall not be subject to mandatory prepayment or redemption provisions other than customary prepayments
for notes offerings required as a result of a “change of control” or asset sales or other prepayment events consistent
with market practice at the time of issuance, (y) if such Incremental Equivalent Debt consists of loans, the terms thereof, to
the extent not substantially similar to the terms of the Term Loans, shall be, taken as a whole, not materially more restrictive
than the terms of the Tranche B Term Loans and the Revolving Loans as determined in good faith by the Company (but excluding any
terms (A) that are added for the benefit of all Lenders hereunder pursuant to an amendment hereto (with no consent of the Lenders
being required), (B) that are only applicable to periods after the Latest Maturity Date or (C) that reflect market terms and conditions
(as determined by the Company in good faith) at the time of incurrence or issuance) and (z) if such Incremental Equivalent Debt
is secured, the holders thereof, or a trustee or agent on their behalf, shall have become party to a Permitted Intercreditor Agreement,
and (ii) any Permitted Refinancing Indebtedness incurred to Refinance any such Indebtedness; provided that such Permitted
Refinancing Indebtedness shall be subject to the limitations set forth in clause (i) above, other than with respect to the requirements
set forth in Section 2.21(c)(i) and 2.21(c)(ii); and

 

(o)              
Attributable Indebtedness in respect of Sale/Leaseback Transactions of Murphy USA, the Company or any Restricted Subsidiary
incurred in connection with any Sale/Leaseback Transaction which, when taken together with all other Attributable Debt of Murphy
USA, the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence and incurred pursuant to this clause
(14), does not exceed the greater of (A) $30,000,000 and (B) 1.5% of Consolidated Net Tangible Assets of Murphy USA, the Company
and the Restricted Subsidiaries.

 

SECTION
6.02.      Liens.
(a) None of Murphy USA, the Company or any other Restricted Subsidiary will create, incur, assume or permit to exist any Lien
on any asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or
rights in respect of any thereof, except:

 

(i)                      
Liens created under the Loan Documents;

 

(ii)                   
Permitted Encumbrances;

 

(iii)                 
any Lien on any asset of Murphy USA, the Company or any other Restricted Subsidiary existing on the Effective Date and,
with respect to any such Lien securing Indebtedness or other obligations in an aggregate principal amount in excess of $10,000,000,
set forth on Schedule 6.02 (including any Lien that attaches by law to the proceeds thereof); provided that (A) such
Lien shall not apply to any

 

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other
asset of Murphy USA, the Company or any other Restricted Subsidiary and (B) such Lien shall secure only those obligations that
it secures on the Effective Date and any extensions, renewals and refinancings thereof that do not increase the outstanding principal
amount thereof and, in the case of any such obligations constituting Indebtedness, that are permitted under Section 6.01(c) as
Refinancing Indebtedness in respect thereof;

 

(iv)                  
any Lien existing on any asset prior to the acquisition thereof by the Company or any other Restricted Subsidiary after
the Effective Date or existing on any asset of any Person that becomes a Restricted Subsidiary (or of any Person not previously
a Restricted Subsidiary that is merged or consolidated with or into a Restricted Subsidiary in a transaction permitted hereunder)
after the Effective Date prior to the time such Person becomes a Restricted Subsidiary (or is so merged or consolidated); provided
that (A) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted
Subsidiary (or such merger or consolidation), (B) such Lien shall not apply to any other asset of Murphy USA, the Company
or any other Restricted Subsidiary (other than, in the case of any such merger or consolidation, the assets of any special purpose
merger Restricted Subsidiary that is a party thereto and other than after-acquired property subjected to a Lien securing Indebtedness
and other obligations incurred prior to the date of such acquisition or the date such Person becomes a Restricted Subsidiary (or
is so merged or consolidated), and which Indebtedness and other obligations are permitted hereunder, that require a pledge of
after-acquired property, it being understood that such requirement shall not be permitted to apply to any property (1) of Murphy
USA, the Company or any other Restricted Subsidiary other than the acquired Restricted Subsidiary and its Restricted Subsidiaries
or (2) to which such requirement would not have applied but for such acquisition) and (C) such Lien shall secure only those obligations
that it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary (or is so merged or consolidated),
and any extensions, renewals and refinancings thereof that do not increase the outstanding principal amount thereof and, in the
case of any such obligations constituting Indebtedness, that are permitted under Section 6.01(g) as Refinancing Indebtedness in
respect thereof;

 

(v)                    
Liens on fixed or capital assets acquired, constructed or improved by the Company or any other Restricted Subsidiary; provided
that (A) such Liens secure only Indebtedness permitted by Section 6.01(f) and obligations relating thereto not constituting
Indebtedness and (B) such Liens shall not apply to any other asset of Murphy USA, the Company or any other Restricted Subsidiary
(other than accessions and additions thereto and the proceeds and products thereof); provided, further, that in
the event purchase money obligations are owed to any single Person with respect to the financing of more than one purchase of
fixed or capital assets, such Liens may secure all such purchase money obligations and may apply to all such fixed or capital
assets financed by such Person;

 

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(vi)                  
in connection with the sale or transfer of any Equity Interests or other assets in a transaction permitted under Section
6.05, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

 

(vii)               
in the case of (A) any Subsidiary that is not a wholly-owned Subsidiary or (B) the Equity Interests in any Person that
is not a Subsidiary, any encumbrance or restriction, including any put and call arrangements, related to Equity Interests in such
Subsidiary or such other Person set forth in the organizational documents of such Subsidiary or such other Person or any related
joint venture, shareholders’ or similar agreement;

 

(viii)             
Liens solely on any cash earnest money deposits, escrow arrangements or similar arrangements made by the Company or any
other Restricted Subsidiary in connection with any letter of intent or purchase agreement for a Permitted Acquisition or other
transaction permitted hereunder;

 

(ix)                  
Liens on cash collateral securing obligations in respect of letters of credit permitted under Section 6.01(j);

 

(x)                    
Liens on assets of Foreign Subsidiaries securing Indebtedness or other obligations of such Subsidiaries permitted under
Section 6.01;

 

(xi)                  
other Liens on assets of the Company or any other Restricted Subsidiary securing Indebtedness or other obligations; provided
that the aggregate outstanding principal amount of the Indebtedness and other monetary obligations secured by such Liens shall
at no time exceed the greater of (x) $100,000,000 and (y) 4.25% of Consolidated Net Tangible Assets;

 

(xii)               
subject to a Permitted Intercreditor Agreement, Liens on the Collateral (or on assets that, substantially concurrently
with the creation of such Lien, become Collateral on which a Lien is granted to the Revolving Administrative Agent pursuant to
a Security Document) securing Incremental Equivalent Debt; and

 

(xiii)             
Liens arising under Sale/Leaseback Transactions entered into in reliance on Section 6.01(o).

 

(b)              
Notwithstanding the foregoing, none of Murphy USA, the Company or any other Restricted Subsidiary shall create, incur,
assume or permit to exist any Liens securing Indebtedness on any retail sales establishments, real property or other fixed assets
owned by Domestic Subsidiaries or on Equity Interests in the Company or any other Subsidiary owned by Murphy USA or any Domestic
Subsidiary, in each case, other than those permitted under Section 6.02(a)(i), 6.02(a)(iv), 6.02(a)(v), 6.02(a)(xi) or, solely
in the case of fixed or capital assets, 6.02(a)(xiii).

 

SECTION
6.03.      Fundamental
Changes; Business Activities. (a) None of Murphy USA, the Company or any other Restricted Subsidiary will merge into or consolidate

 

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with
any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at
the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing, (i) any Person
(other than the Company) may merge into Murphy USA in a transaction in which Murphy USA is the surviving corporation, (ii) any
Person (other than Murphy USA) may merge into the Company in a transaction in which the Company is the surviving corporation,
(iii) any Person (other than Murphy USA or the Company) may merge or consolidate with any Restricted Subsidiary (other than the
Company) in a transaction in which the surviving entity is a Restricted Subsidiary (and, if any party to such merger or consolidation
is a Subsidiary Loan Party, is a Subsidiary Loan Party), (iv) any Restricted Subsidiary (other than the Company) may merge into
or consolidate with any Person (other than Murphy USA or the Company) in a transaction permitted under Section 6.05 in which,
after giving effect to such transaction, the surviving entity is not a Subsidiary and (v) any Restricted Subsidiary (other than
the Company) may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the
best interests of the Company and is not materially disadvantageous to the Lenders; provided that any such merger or consolidation
involving a Person that is not a wholly-owned Restricted Subsidiary immediately prior thereto shall not be permitted unless it
is also permitted under Section 6.04.

 

(b)              
None of Murphy USA, the Company or any other Restricted Subsidiary will engage to any material extent in any business other
than businesses of the type conducted by Murphy USA, the Company and the other Restricted Subsidiaries on the date hereof and
businesses reasonably related thereto.

 

SECTION
6.04.      Investments,
Loans, Advances, Guarantees and Acquisitions. None of Murphy USA, the Company or any other Restricted Subsidiary will purchase,
hold, acquire (including pursuant to any merger or consolidation with any Person that was not a wholly-owned Subsidiary prior
thereto), make or otherwise permit to exist any Investment in any other Person, or purchase or otherwise acquire (in one transaction
or a series of transactions) all or substantially all the assets of any other Person or of a business unit, division, product
line or line of business of any other Person, or assets acquired other than in the ordinary course of business that, following
the acquisition thereof, would constitute a substantial portion of the assets of Murphy USA and the Restricted Subsidiaries, taken
as a whole, except:

 

(a)              
Permitted Investments;

 

(b)              
Investments existing on the Effective Date in Subsidiaries;

 

(c)              
other Investments existing on the Effective Date and, in the case of any such Investment in excess of $10,000,000, set
forth on Schedule 6.04 (but not any additions thereto made after the Effective Date);

 

(d)              
investments by Murphy USA, the Company and the other Restricted Subsidiaries in Equity Interests in their Restricted Subsidiaries;
provided that (i) such subsidiaries are Subsidiaries prior to such investments, (ii) any such Equity Interests held by
a Loan Party shall be pledged to the extent required by the definition of the term

 

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“Collateral
and Guarantee Requirement” and (iii) the aggregate amount of such investments by the Loan Parties in, and loans and advances
by the Loan Parties to, and Guarantees by the Loan Parties of Indebtedness and other obligations of, Restricted Subsidiaries that
are not Loan Parties (excluding all such investments, loans, advances and Guarantees existing on the Effective Date and permitted
by clause (c) above), together with the aggregate consideration paid in respect of Permitted Acquisitions of any Person that does
not become a Loan Party or of assets that are not acquired by a Loan Party, shall not exceed the greater of (x) $160,000,000 and
(y) 6.75% of Consolidated Net Tangible Assets at any time outstanding;

 

(e)              
loans or advances made by Murphy USA, the Company or any other Restricted Subsidiary to any Restricted Subsidiary; provided
that (i) the Indebtedness resulting therefrom is permitted by Section 6.01(g) and (ii) the amount of such loans and advances
made by the Loan Parties to Restricted Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in
clause (d) above;

 

(f)               
Guarantees by Murphy USA, the Company or any other Restricted Subsidiary of Indebtedness or other obligations of Murphy
USA, the Company or any other Restricted Subsidiary (including any such Guarantees arising as a result of any such Person being
a joint and several co-applicant with respect to any Letter of Credit or any other letter of credit or letter of guaranty); provided
that (i) a Restricted Subsidiary that has not Guaranteed the Secured Obligations pursuant to the Collateral Agreement shall
not Guarantee any Indebtedness or other obligations of any Loan Party and (ii) the aggregate amount of Indebtedness and other
obligations of Restricted Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party shall be subject to the
limitation set forth in clause (d) above;

 

(g)              
Investments held by any Person that becomes a Restricted Subsidiary (or of any Person not previously a Restricted Subsidiary
that is merged or consolidated with or into a Restricted Subsidiary in a transaction permitted hereunder) after the Effective
Date, or Investments of any Person that are acquired by any Restricted Subsidiary as part of an acquisition of assets by such
Restricted Subsidiary in a Permitted Acquisition after the Effective Date, provided that such Investments exist at the
time such Person becomes a Restricted Subsidiary (or is so merged or consolidated) or such assets are acquired and are not created
in contemplation of or in connection with such Person becoming a Restricted Subsidiary (or such merger or consolidation) or such
assets being acquired;

 

(h)              
Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes
with, customers and suppliers, in each case in the ordinary course of business;

 

(i)                
Investments made as a result of the receipt of noncash consideration from a sale, transfer, lease or other disposition
of any asset in compliance with Section 6.05;

 

(j)                
Investments by Murphy USA, the Company or any other Restricted Subsidiary that result solely from the receipt by Murphy
USA, the Company or such

 

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Restricted
Subsidiary from any of its subsidiaries of a dividend or other Restricted Payment in the form of Equity Interests, evidences of
Indebtedness or other securities (but not any additions thereto made after the date of the receipt thereof);

 

(k)              
Investments in the form of Hedging Agreements permitted under Section 6.07;

 

(l)                
payroll, travel and similar advances to directors and employees of Murphy USA or any Restricted Subsidiary to cover matters
that are expected at the time of such advances to be treated as expenses of Murphy USA or such Restricted Subsidiary for accounting
purposes and that are made in the ordinary course of business;

 

(m)            
loans or advances to directors and employees of Murphy USA or any Restricted Subsidiary made in the ordinary course of
business; provided that the aggregate amount of such loans and advances outstanding at any time shall not exceed $10,000,000;

 

(n)              
Permitted Acquisitions;

 

(o)              
without duplication of amounts paid pursuant to Section 6.08(b)(vi) other Investments with amounts that could otherwise
have been paid as Restricted Payments under Section 6.08(a)(vii);

 

(p)              
other Investments and acquisitions; provided that, the aggregate amount of all Investments made in reliance on this
clause (p) outstanding at any time, together with the aggregate amount of all consideration paid in connection with all other
acquisitions made in reliance on this clause (p), shall not exceed the greater of (i) $160,000,000 and (ii) 6.75% of Consolidated
Net Tangible Assets;

 

(q)              
Investments and other acquisitions in an aggregate amount not to exceed the Available Amount; provided that other
than with respect to any Investment made in reliance on the Available Amount Starter Basket, (i) no Default or Event of Default
shall have occurred and be continuing or would result therefrom and (ii) the Consolidated Fixed Charge Coverage Ratio, calculated
on a pro forma basis in accordance with Section 1.04(b), shall be no less than 2.00 to 1.00; and

 

(r)               
other Investments and acquisitions so long as the Total Leverage Ratio, calculated on a pro forma basis in accordance with
Section 1.04(b), does not exceed 3.50 to 1.00.

 

Notwithstanding
anything to the contrary in this Section 6.04, none of Murphy USA, the Company or any Restricted Subsidiary shall permit any Investment
of any intellectual property or rights thereto in any Unrestricted Subsidiary that, in either case, are material to the business
or operations of Murphy USA, the Company and the Restricted Subsidiaries, taken as a whole.

 

SECTION
6.05.      Asset
Sales. None of Murphy USA, the Company or any other Restricted Subsidiary will Dispose of any asset, including any Equity
Interest owned by it, nor

 

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will
any Restricted Subsidiary issue any additional Equity Interest in such Subsidiary (other than to Murphy USA, the Company or any
other Restricted Subsidiary in compliance with Section 6.04, and other than directors’ qualifying shares and other nominal
amounts of Equity Interests that are required to be held by other Persons under applicable law), except:

 

(a)              
Dispositions in the ordinary course of business of inventory or used or surplus equipment or of cash and Permitted Investments;

 

(b)              
sales in the ordinary course of business of immaterial assets, including individual retail sales establishments and terminals;

 

(c)              
Dispositions to Murphy USA, the Company or any other Restricted Subsidiary; provided that any such Dispositions
involving a Restricted Subsidiary that is not a Loan Party shall be made in compliance with Sections 6.04 and 6.09;

 

(d)              
Dispositions of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business
consistent with past practice and not as part of any accounts receivables financing transaction;

 

(e)              
Dispositions of assets subject to any casualty or condemnation proceeding (including Dispositions in lieu of condemnation);

 

(f)               
Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property;

 

(g)              
[reserved]

 

(h)              
other Dispositions of assets; provided that (i) all such Dispositions shall be made for fair value and, with respect
to any Disposition or series of related Dispositions involving aggregate consideration in excess of $40,000,000, at least 75%
of the consideration therefor shall be cash and Permitted Investments; provided that for purposes of this clause (i), (x)
any liabilities (as shown on Murphy USA’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder
or in the footnotes thereto) of Murphy USA or such Restricted Subsidiary, other than liabilities that are by their terms subordinated
to the payment in cash of the Secured Obligations, that are assumed by the transferee with respect to the applicable sale, transfer,
lease or other disposition and for which Murphy USA and all the Restricted Subsidiaries shall have been validly released by all
applicable creditors in writing shall be deemed to be cash consideration in an amount equal to the liabilities so assumed and
(y) any Designated Non-Cash Consideration received by Murphy USA or any Restricted Subsidiary in respect of such Disposition having
an aggregate fair market value, taken together with all other Designated Non-Cash Consideration that is at that time outstanding,
not in excess of $80,000,000 at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value
of each item of Designated Non-Cash Consideration being

 

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measured
at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash consideration, (ii) no
Default shall have occurred and be continuing at the time of, or would result from, any such Disposition and (iii) the Net Proceeds
thereof are applied in accordance with Section 2.11(d) to the extent required thereby;

 

(i)                
Dispositions of non-core assets acquired in connection with a Permitted Acquisition or other similar Investment; provided
that all such Dispositions shall be made for fair value and the Net Proceeds thereof, if any, are applied in accordance with
Section 2.11(d) to the extent required thereby;

 

(j)                
Non-exclusive licenses and sublicenses (including licenses and sublicenses of intellectual property) granted to third parties
in the ordinary course of business; and

 

(k)              
Dispositions or abandonment of intellectual property in the ordinary course of business.

 

Notwithstanding
the foregoing, other than dispositions to the Company or another Restricted Subsidiary in compliance with Section 6.04, and other
than directors’ qualifying shares and other nominal amounts of Equity Interests that are required to be held by other Persons
under applicable requirements of law, no such sale, transfer or other disposition of any Equity Interests in any Restricted Subsidiary
shall be permitted unless (i) such Equity Interests constitute all the Equity Interests in such Restricted Subsidiary held
by Murphy USA and the Restricted Subsidiaries and (ii) immediately after giving effect to such transaction, Murphy USA and
the Restricted Subsidiaries shall otherwise be in compliance with Section 6.04. Notwithstanding anything to the contrary in this
Section 6.05, none of Murphy USA, the Company or any Restricted Subsidiary shall permit any Disposition of any intellectual property
or rights thereto to any Unrestricted Subsidiary that, in either case, are material to the business or operations of Murphy USA,
the Company and the Restricted Subsidiaries, taken as a whole.

 

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SECTION
6.06.      Sale/Leaseback
Transactions. None of Murphy USA, the Company or any other Restricted Subsidiary will enter into any Sale/Leaseback Transaction
unless (a) the sale or transfer of the property thereunder is permitted under Section 6.05 and (b) any Indebtedness and Liens
arising in connection therewith are permitted under Sections 6.01 and 6.02.

 

SECTION
6.07.      Hedging
Agreements. None of Murphy USA, the Company or any other Restricted Subsidiary will enter into any Hedging Agreement, except
(a) Hedging Agreements entered into to hedge or mitigate risks to which Murphy USA, the Company or any other Restricted Subsidiary
has actual exposure (other than in respect of Equity Interests or Indebtedness of Murphy USA, the Company or any other Restricted
Subsidiary) and (b) Hedging Agreements entered into in order to effectively cap, collar or exchange interest rates (from
floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of Murphy USA, the Company or any other Restricted Subsidiary.

 

SECTION
6.08.      Restricted
Payments; Certain Payments of Indebtedness. (a) None of Murphy USA, the Company or any other Restricted Subsidiary will declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that:

 

(i)                      
Murphy USA may declare and pay dividends with respect to its Equity Interests payable solely in additional Equity Interests
permitted hereunder;

 

(ii)                   
any Restricted Subsidiary may declare and pay dividends or make other Restricted Payments in respect of its Equity Interests,
in each case ratably to the holders of such Equity Interests (or, if not ratably, on a basis more favorable to Murphy USA and
the Restricted Subsidiaries);

 

(iii)                 
Murphy USA may repurchase Equity Interests upon the exercise of stock options if such Equity Interests represent a portion
of the exercise price of such options;

 

(iv)                  
Murphy USA may make cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants,
options or other securities convertible into or exchangeable for capital stock in Murphy USA;

 

(v)                    
Murphy USA may make Restricted Payments not exceeding $60,000,000 in the aggregate for any fiscal year (with any unused
amount carried over solely to the immediately succeeding fiscal year), pursuant to and in accordance with stock option plans or
other benefit plans or agreements for directors, officers or employees of Murphy USA, the Company and the other Restricted Subsidiaries;

 

(vi)                  
Murphy USA may make Restricted Payments in cash in an aggregate amount not exceeding $100,000,000 in any fiscal year;

 

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(vii)               
Murphy USA may make Restricted Payments in cash in an aggregate amount not to exceed the greater of (x) $105,000,000 and
(y) 4.5% of Consolidated Net Tangible Assets;

 

(viii)             
Murphy USA may make additional Restricted Payments in cash in an aggregate amount not to exceed the Available Amount; provided
that other than with respect to any Restricted Payment made in reliance on the Available Amount Starter Basket, (x) no Default
or Event of Default shall have occurred and be continuing or would result therefrom and (y) the Consolidated Fixed Charge Coverage
Ratio, calculated on a pro forma basis in accordance with Section 1.04(b), shall be no less than 2.00 to 1.00; and

 

(ix)                  
Murphy USA may make additional Restricted Payments in cash so long as the Total Leverage Ratio, calculated on a pro forma
basis in accordance with Section 1.04(b), does not exceed 3.00 to 1.00.

 

(b)              
None of Murphy USA, the Company or any other Restricted Subsidiary will make or agree to pay or make, directly or indirectly,
any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest
on any Indebtedness (other than intercompany Indebtedness), or any payment or other distribution (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
defeasance, cancelation or termination of any Indebtedness (other than intercompany Indebtedness) that is subordinated in right
of payment or security to the Loan Document Obligations (any such Indebtedness “Junior Indebtedness”) (collectively,
“Restricted Debt Payments”), except:

 

(i)                      
regularly scheduled interest and principal payments as and when due in respect of any Junior Indebtedness, other than payments
in respect of any Subordinated Indebtedness prohibited by the subordination provisions thereof;

 

(ii)                   
refinancings of Junior Indebtedness with the proceeds of other Indebtedness permitted under Section 6.01;

 

(iii)                 
payments of or in respect of Indebtedness made solely with Equity Interests in Murphy USA (other than Disqualified Equity
Interests);

 

(iv)                  
without duplication of amounts paid pursuant to Section 6.04(o), payments of Indebtedness in amounts that could have been
paid as Restricted Payments under Section 6.08(a)(vii);

 

(v)                    
Restricted Debt Payments in an aggregate amount not to exceed the Available Amount; provided that other than with
respect to any Restricted Debt Payment made in reliance on the Available Amount Starter Basket, (i) no Default or Event of Default
shall have occurred and be continuing or would result therefrom and (ii) the Consolidated Fixed Charge Coverage Ratio, calculated
on a pro forma basis in accordance with Section 1.04(b), shall be no less than 2.00 to 1.00; and

 

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(vi)                  
any Restricted Debt Payments so long as the Total Leverage Ratio, calculated on a pro forma basis in accordance with Section
1.04(b), does not exceed 3.00 to 1.00.

 

SECTION
6.09.      Transactions
with Affiliates. None of Murphy USA, the Company or any other Restricted Subsidiary will sell, lease, license or otherwise
transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions
with, any of its Affiliates, except (a) transactions that are at prices and on terms and conditions not less favorable to Murphy
USA, the Company or such Restricted Subsidiary than those that would prevail in arm’s-length transactions with unrelated
third parties, (b) transactions between or among the Loan Parties not involving any other Affiliate, (c) any Restricted Payment
permitted under Section 6.08, (d) issuances by Murphy USA of Equity Interests (other than Disqualified Equity Interests), (e)
compensation and indemnification of, and other employment arrangements with, directors, officers and employees of Murphy USA,
the Company or any other Subsidiary entered in the ordinary course of business and (f) the transactions and Investments permitted
under clauses (d), (e), (f), (l) and (m) of Section 6.04.

 

SECTION
6.10.      Restrictive
Agreements. None of Murphy USA, the Company or any other Restricted Subsidiary will, directly or indirectly, enter into, incur
or permit to exist any agreement or other arrangement that restricts or imposes any condition upon (a) the ability of Murphy USA,
the Company or any other Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its assets to secure any
Secured Obligations or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to its
Equity Interests or to make or repay loans or advances to Murphy USA, the Company or any other Loan Party or to Guarantee Indebtedness
of Murphy USA, the Company or any other Loan Party; provided that (i) the foregoing shall not apply to (A) restrictions
and conditions imposed by law or by any Loan Document, (B) restrictions and conditions imposed by the Senior Notes Documents
as in effect on the Effective Date, (C) restrictions and conditions imposed by any other Indebtedness permitted under Section
6.01, including any Refinancing Indebtedness in respect of the Senior Notes permitted under Section 6.01(b), provided that
the restrictions and conditions imposed by any such Indebtedness are not less favorable to the Lenders than the restrictions and
conditions imposed by the Senior Notes Documents or, in the case of any Refinancing Indebtedness in respect of the Senior Notes
or any Incremental Equivalent Debt, such restrictions or conditions, at the time such Indebtedness is incurred, in the good faith
judgment of Murphy USA or the Company, are on customary market terms for Indebtedness of such type and could not reasonably be
expected to impair the ability of Murphy USA, the Company and the other Loan Parties to meet their payment and other obligations
under the Loan Documents, (D) restrictions and conditions existing on the Effective Date identified on Schedule 6.10 (but
shall apply to any amendment or modification expanding the scope of any such restriction or condition), (E) customary restrictions
and conditions contained in agreements relating to the sale of a Restricted Subsidiary, or a business unit, division, product
line or line of business, that are applicable solely pending such sale, provided that such restrictions and conditions
apply only to the Restricted Subsidiary, or the business unit, division, product line or line of business, that is to be sold
and such sale is permitted hereunder and (F) in the case of any Restricted Subsidiary that is not a wholly-owned Subsidiary, restrictions
and conditions imposed by its organizational documents or any related joint venture or similar agreement, provided that
such restrictions and

 

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conditions
apply only to such Restricted Subsidiary and to any Equity Interests in such Restricted Subsidiary, (ii) clause (a) of the
foregoing shall not apply to (A) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted
by Section 6.01(f) or 6.01(g) if such restrictions or conditions apply only to the assets securing such Indebtedness or (B) customary
provisions in leases and other agreements restricting the assignment thereof and (iii) clause (b) of the foregoing shall not apply
to (A) restrictions and conditions imposed by agreements relating to Indebtedness of any Restricted Subsidiary in existence
at the time such Restricted Subsidiary became a Restricted Subsidiary and otherwise permitted by Section 6.01(g) but shall apply
to any amendment or modification expanding the scope of any such restriction or condition), provided that such restrictions
and conditions apply only to such Restricted Subsidiary, and (B) restrictions and conditions imposed by agreements relating
to Indebtedness of Foreign Subsidiaries permitted under Section 6.01, provided that such restrictions and conditions apply
only to Foreign Subsidiaries. Nothing in this paragraph shall be deemed to modify the requirements set forth in the definition
of the term “Collateral and Guarantee Requirement” or the obligations of the Loan Parties under Sections 5.03, 5.04
or 5.12 or under the Security Documents.

 

SECTION
6.11.      Total
Leverage Ratio. Solely for the benefit of the Revolving Lenders and the Revolving Administrative Agent on their behalf, Murphy
USA and the Company will not permit the Total Leverage Ratio as of the last day of any fiscal quarter of Murphy USA to exceed
5.00 to 1.00; provided that, following the completion of a Permitted Acquisition involving aggregate consideration in excess
of $150,000,000 that, on a pro forma basis, would result in an increase in the Total Leverage Ratio, if the Company shall so elect
by a notice delivered to the Revolving Administrative Agent within 30 days following such completion (a “Total Leverage
Increase Election”), such maximum Total Leverage Ratio shall be increased to 5.50 to 1.00 at the end of and for the
fiscal quarter during which such Material Acquisition shall have been completed and at the end of and for each of the following
two consecutive fiscal quarters (the period during which any such increase in the Total Leverage Ratio shall be in effect being
called a “Total Leverage Increase Period”). The Company may terminate any Total Leverage Increase Period by
a notice delivered to the Revolving Administrative Agent whereupon, on the last day of the fiscal quarter during which such notice
was given and on the last day of each fiscal quarter thereafter until another Total Leverage Increase Period has commenced as
provided in this Section, the maximum Total Leverage Ratio shall be 5.00 to 1.00. If a Total Leverage Increase Election shall
have been made under this Section, the Company may not make another Total Leverage Increase Election unless, following the termination
or expiration of the most recent prior Total Leverage Increase Period, the Total Leverage Ratio as of the last day of at least
two consecutive full fiscal quarters of Murphy USA shall not have exceeded 5.00 to 1.00.

 

SECTION
6.12.      Secured
Net Leverage Ratio. Solely for the benefit of the Revolving Lenders and the Revolving Administrative Agent on their behalf,
Murphy USA and the Company will not permit the Secured Net Leverage Ratio as of the last day of any fiscal quarter of Murphy USA
to exceed 3.75 to 1.00; provided that, following the completion of a Permitted Acquisition involving aggregate consideration
in excess of $150,000,000 that, on a pro forma basis, would result in an increase in the Secured Net Leverage Ratio, if the Company
shall so elect by a notice delivered to the Administrative Agent within 30 days following such

 

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completion,
(a “Secured Net Leverage Increase Election”), such maximum Secured Net Leverage Ratio shall be increased to
4.25 to 1.00 at the end of and for the fiscal quarter during which such Material Acquisition shall have been completed and at
the end of and for each of the following four consecutive fiscal quarters (the period during which any such increase in the Secured
Net Leverage Ratio shall be in effect being called a “Secured Net Leverage Increase Period”). The Company may
terminate any Secured Net Leverage Increase Period by a notice delivered to the Revolving Administrative Agent whereupon, on the
last day of the fiscal quarter during which such notice was given and on the last day of each fiscal quarter thereafter until
another Secured Net Leverage Increase Period has commenced as provided in this Section, the maximum Secured Net Leverage Ratio
shall be 3.75 to 1.00. If a Secured Net Leverage Increase Election shall have been made under this Section, the Company may not
make another Secured Net Leverage Increase Election unless, following the termination or expiration of the most recent prior Secured
Net Leverage Increase Period, the Secured Net Leverage Ratio as of the last day of at least two consecutive full fiscal quarters
of Murphy USA shall not have exceeded 3.75 to 1.00.

 

SECTION
6.13.      Fiscal
Year. Murphy USA and the Company will not, and will not permit any other Restricted Subsidiary to, change its fiscal year
to end on a date other than December 31.

 

SECTION
6.14.      Anti-Corruption
Laws. No Borrowing will be made or Letter of Credit issued, and no proceeds of any Borrowing will be used, (a) for the purpose
of funding payments to any officer or employee of a Governmental Authority or of a Person controlled by a Governmental Authority,
to any Person acting in an official capacity for or on behalf of any Governmental Authority or Person controlled by a Governmental
Authority, or to any political party, official of a political party, or candidate for political office, in each case in violation
of applicable Anti-Corruption Laws, (b) for the purpose of financing the activities of any Sanctioned Person or (c) in any manner
that would result in the violation of Sanctions by any party hereto.

 

ARTICLE
VII

Events of Default

 

If any of the
following events (“Events of Default”) shall occur:

 

(a)              
the Company shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement
when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise;

 

(b)              
the Company shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to
in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become
due and payable, and such failure shall continue unremedied for a period of three Business Days;

 

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(c)              
any representation, warranty or statement made or deemed made by or on behalf of Murphy USA, the Company or any other Restricted
Subsidiary in any Loan Document or in any report, certificate, financial statement or other information provided pursuant to or
in connection with any Loan Document or any amendment or modification thereof or waiver thereunder shall prove to have been incorrect
in any material respect when made or deemed made;

 

(d)              
Murphy USA or the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a),
5.05 (with respect to the existence of Murphy USA or the Company), 5.11 or in Article VI; provided that the failure to
observe or perform any Financial Covenant (a “Financial Covenant Event of Default”) shall not constitute an
Event of Default with respect to any Term Loans unless a Majority in Interest of the Revolving Lenders have terminated the Revolving
Commitments or declared the Revolving Loans outstanding thereunder to be immediately due and payable and such declaration has
not been rescinded;

 

(e)              
any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other
than those specified in clause (a), (b), (d) or (e) of this Article), and such failure shall continue unremedied for a period
of 30 days after notice thereof from any Administrative Agent or any Lender to the Company (with a copy to the Administrative
Agents in the case of any such notice from a Lender);

 

(f)               
Murphy USA, the Company or any other Restricted Subsidiary shall fail to make any payment (whether of principal, interest,
termination payment or other payment obligation and regardless of amount) in respect of any Material Indebtedness, when and as
the same shall become due and payable;

 

(g)              
any event or condition occurs that results in any Material Indebtedness becoming due or being terminated or required to
be prepaid, repurchased, redeemed or defeased prior to its scheduled maturity, or that enables or permits (with or without the
giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its
or their behalf, or, in the case of any Hedging Agreement, the applicable counterparty, to cause such Material Indebtedness to
become due, or to terminate such Material Indebtedness or require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (g) shall not apply to (i) any secured Indebtedness that
becomes due as a result of the voluntary sale or transfer of the assets securing such Indebtedness or (ii) any Indebtedness that
becomes due as a result of a voluntary refinancing thereof permitted under Section 6.01;

 

(h)              
one or more ERISA Events shall have occurred that could, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect;

 

(i)                
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of Murphy USA, the Company or any other Restricted Subsidiary or its debts, or of a substantial part

 

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of
its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Murphy USA,
the Company or any other Restricted Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding
or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall
be entered;

 

(j)                
Murphy USA, the Company or any other Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation (other than any liquidation permitted by Section 6.03(a)(v)), reorganization or other relief under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i)
of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for Murphy USA, the Company or any other Restricted Subsidiary or for a substantial part of its assets, (iv) file
an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general
assignment for the benefit of creditors, or the board of directors (or similar governing body) of Murphy USA, the Company
or any other Restricted Subsidiary (or any committee thereof) shall adopt any resolution or otherwise authorize any action to
approve any of the actions referred to above in this clause (j) or clause (i) of this Article;

 

(k)              
Murphy USA, the Company or any other Restricted Subsidiary shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due;

 

(l)                
one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against
Murphy USA, the Company, any other Restricted Subsidiary or any combination thereof and the same shall remain undischarged for
a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken
by a judgment creditor to attach or levy upon any assets of Murphy USA, the Company or any other Restricted Subsidiary to enforce
any such judgment;

 

(m)            
any Permitted Intercreditor Agreement is not or ceases to be binding on or enforceable against any party thereto (or against
any Person on whose behalf any such party makes any covenant or agreements therein), or shall otherwise not be effective to create
the rights and obligations purported to be created thereunder, in each case in any respect material to the Collateral Agent or
any Administrative Agent or the other Secured Parties;

 

(n)              
any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party
not to be, a valid and perfected Lien on any material Collateral, with the priority required by the applicable Security Document,
except as a result of (i) a sale or transfer of the applicable Collateral in a transaction permitted under the Loan Documents,
(ii) the release thereof as provided in the applicable

 

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Security
Document or Section 9.14 or (iii) the Collateral Agent’s failure to maintain possession of any stock certificate, promissory
note or other instrument delivered to it under the Collateral Agreement;

 

(o)              
any material provision of any Loan Document or any Guarantee purported to be created under any Loan Document shall fail
or cease to be, or shall be asserted by any Loan Party not to be, in full force and effect, except as a result of the release
thereof as provided in the applicable Loan Document or Section 9.14; or

 

(p)              
a Change in Control shall occur;

 

then, and
in every such event (other than an event with respect to Murphy USA, or the Company described in clause (i) or (j) of this
Article), and at any time thereafter during the continuance of such event, either Agent may with the consent, and shall at the
request, of the Required Lenders, by notice to Murphy USA and the Company, take any or all of the following actions, at the same
or different times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
(ii) declare the Loans then outstanding to be due and payable in whole (or in part (but ratably as among the Classes of Loans
and the Loans of each Class at the time outstanding), in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with
accrued interest thereon and all fees and other obligations of the Company hereunder, shall become due and payable immediately,
and (iii) require the deposit of cash collateral in respect of LC Exposure as provided in Section 2.05(i), in each case without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by Murphy USA and the Company; and in
the case of any event with respect to Murphy USA or the Company described in clause (i) or (j) of this Article, the Commitments
shall automatically terminate, the principal of the Loans then outstanding, together with accrued interest thereon and all fees
and other obligations of the Company hereunder, shall immediately and automatically become due and payable and the deposit of
such cash collateral in respect of LC Exposure shall immediately and automatically become due, in each case without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by Murphy USA and the Company; provided that
upon the occurrence of a Financial Covenant Event of Default, and at any time thereafter during the continuance of such event,
the Revolving Administrative Agent may with the consent, and shall at the request, of a Majority in Interest of the Revolving
Lenders, by notice to Murphy USA and the Company, take any or all of the following actions, at the same or different times: (i) terminate
the Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately, (ii) declare the Revolving
Loans then outstanding to be due and payable in whole (or in part (but ratably as among the Classes of Revolving Loans and the
Loans of each such Class at the time outstanding), in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Revolving Loans so declared to be due and payable, together
with accrued interest thereon and all fees and other obligations of the Company hereunder in respect of the Revolving Facility,
shall become due and payable immediately, and (iii) require the deposit of cash collateral in respect of LC Exposure as provided
in Section 2.05(i), in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived
by Murphy USA and the Company.

 

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Notwithstanding
anything to the contrary, neither any Administrative Agent, the Collateral Agent nor any Lender may deliver notice of any Default
or Event of Default or otherwise consent, take action or direct or require any Administrative Agent or any Lender to undertake
any action in respect of any Default or Event of Default previously reported to the Administrative Agents and the Lenders through
the delivery of a notice of Default in accordance with Section 5.02(a) more than two years prior to such delivery of notice, consent,
action or direction or requirement to undertake action in respect of Default or Event of Default, and such delivery of notice,
consent, action or direction or requirement to undertake action shall be invalid and have no effect; provided that, such
two year limitation shall not apply if any Administrative Agent, the Collateral Agent or the Required Lenders have commenced any
remedial action (whether as set forth in this Article VII or as otherwise set forth in the Loan Documents) in respect of any such
Default or Event of Default prior to such time.

 

ARTICLE
VIII

The Administrative Agents

 

Each
of the Lenders and the Issuing Banks hereby irrevocably appoints (a) JPMorgan Chase Bank, N.A. and its successors to serve as
revolving administrative agent and collateral agent under the Loan Documents, and authorizes the Revolving Administrative Agent
and the Collateral Agent to take such actions and to exercise such powers as are delegated to the Revolving Administrative Agent
and the Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental
thereto and (b) Royal Bank of Canada and its successors to serve as term administrative agent under the Loan Documents, and authorizes
the Term Administrative Agent to take such actions and to exercise such powers as are delegated to the Term Administrative Agent
by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. In addition, to
the extent required under the laws of any jurisdiction other than the United States of America, each of the Lenders and the Issuing
Banks hereby grants to the Collateral Agent any required powers of attorney to execute any Security Document governed by the laws
of such jurisdiction on such Lender’s or Issuing Bank’s behalf.

 

Each
Person serving as an Administrative Agent or Collateral Agent hereunder shall have the same rights and powers in its capacity
as a Lender or an Issuing Bank as any other Lender or Issuing Bank and may exercise the same as though it were not the Administrative
Agent or the Collateral Agent, and 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 Murphy USA,
the Company or any other Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent or the Collateral
Agent hereunder and without any duty to account therefor to the Lenders or the Issuing Banks.

 

The
Administrative Agents and the Collateral Agent shall not have any duties or obligations except those expressly set forth in the
Loan Documents, and their respective duties hereunder shall be administrative in nature. Without limiting the generality of the
foregoing,

 

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(a) the
Administrative Agents and the Collateral Agent shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” herein
or in any other Loan Documents (or any other similar term) with reference to any Administrative Agent or Collateral Agent is not
intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law,
and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship
between contracting parties), (b) the Administrative Agents and the Collateral Agent shall not have any duty to take any
discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by
the Loan Documents that the Administrative Agents or the Collateral Agent, as the case may be, are required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the applicable
Administrative Agent or the Collateral Agent shall believe in good faith to be necessary, under the circumstances as provided
in the Loan Documents), provided that neither Administrative Agent nor the Collateral Agent shall be required to take any
action that, in its opinion, could expose it to liability or be contrary to any Loan Document or applicable law, and (c) except
as expressly set forth in the Loan Documents, the Administrative Agents and the Collateral Agent shall not have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating to Murphy USA, the Company, any other Subsidiary
or any other Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent
or Collateral Agent or any of its Affiliates in any capacity. Neither Administrative Agent nor the Collateral Agent shall be liable
for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary, or it shall believe in good faith to be necessary, under the circumstances as provided in
the Loan Documents) or in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise
determined by a court of competent jurisdiction by a final and nonappealable judgment). The Administrative Agents and the Collateral
Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in
Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02” in respect of
this Agreement and identifying the specific clause under said Section is given to the Administrative Agents by the Company, or
(ii) any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of default”
or a “notice of an event of default”) is given to the Administrative Agents by Murphy USA or the Company, a Lender
or an Issuing Bank, and the Administrative Agents shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered thereunder or in connection therewith, including with respect to the existence and aggregate
amount of Banking Services Obligations or Secured Hedging Agreement Obligations, (iii) the performance or observance of any
of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event
of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other
agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative Agent’s
reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image
of an actual executed signature page), or (v) the satisfaction of any

 

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condition
set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agents or the Collateral Agent, as applicable or satisfaction of any condition that expressly refers to
the matters described therein being acceptable or satisfactory to the Administrative Agents or the Collateral Agent, as applicable.

 

Each
Administrative Agent and the Collateral Agent shall be entitled to rely, and shall not incur any liability for relying, upon any
notice, request, certificate, 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 (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the
signatory, sender or authenticator thereof). Each Administrative Agent and the Collateral Agent also shall be entitled to rely,
and shall not incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to be made
by the proper Person (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the
maker thereof), and may act upon any such statement prior to receipt of written confirmation thereof. In determining compliance
with any condition hereunder to the making of a Loan, or the issuance, extension or increase of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, each Administrative Agent and the Collateral Agent
may presume that such condition is satisfactory to such Lender or Issuing Bank unless such Administrative Agent shall have received
notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan or the issuance, extension
or increase of such Letter of Credit. Each Administrative Agent and the Collateral Agent may consult with legal counsel (who may
be counsel for the Loan Parties), 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.

 

Each
Administrative Agent and the Collateral Agent may perform any of and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by such Administrative Agent or the Collateral
Agent. The Administrative Agents, the Collateral Agent and any such sub-agents may perform any of and all of their duties and
exercise their rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply
to any such sub-agent and to the respective Related Parties of the Administrative Agents and the Collateral Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Administrative Agent or Collateral Agent, as the case may be. The Administrative Agents and
the Collateral 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 nonappealable judgment that the applicable Administrative Agent or the Collateral
Agent, as the case may be, acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

Subject
to the terms of this paragraph, any Administrative Agent or the Collateral Agent may resign at any time from its capacity as such.
In connection with such resignation, the applicable Administrative Agent or the Collateral Agent shall give notice of its intent
to resign to

 

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the
applicable Lenders, the Issuing Banks (if applicable) and the Company. Upon receipt of any such notice of resignation, the Majority
in Interest of Lenders of the applicable Class or Classes shall have the right, in consultation with the Company, to appoint a
successor. If no successor shall have been so appointed by the Majority in Interest of Lenders of the applicable Class or Classes
and shall have accepted such appointment within 30 days after the retiring Administrative Agent or Collateral Agent gives
notice of its intent to resign, then the retiring Administrative Agent or Collateral Agent may, on behalf of the Lenders and the
Issuing Banks, appoint a successor Administrative Agent or Collateral Agent, as applicable, which shall be a bank with an office
in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent or Collateral
Agent, as the case may be, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent or Collateral Agent, as applicable, and the retiring Administrative
Agent or Collateral Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. The
fees payable by Murphy USA and the Company to a successor Administrative Agent or Collateral Agent shall be the same as those
payable to its predecessor unless otherwise agreed by Murphy USA, the Company and such successor. Notwithstanding the foregoing,
in the event no successor Administrative Agent or Collateral Agent, as the case may be, shall have been so appointed and shall
have accepted such appointment within 30 days after the retiring Administrative Agent or Collateral Agent gives notice of
its intent to resign, the retiring Administrative Agent or Collateral Agent may give notice of the effectiveness of its resignation
to the applicable Lenders, the Issuing Banks and the Company, whereupon, on the date of effectiveness of such resignation stated
in such notice, (a) the retiring Administrative Agent or Collateral Agent, as the case may be, shall be discharged from its duties
and obligations hereunder and under the other Loan Documents, provided that, in the event of a resignation of the Collateral
Agent, solely for purposes of maintaining any security interest granted to the Collateral Agent under any Security Document for
the benefit of the Secured Parties, the retiring Collateral Agent shall continue to be vested with such security interest as collateral
agent for the benefit of the Secured Parties and, in the case of any Collateral in the possession of the Collateral Agent, shall
continue to hold such Collateral, in each case until such time as a successor Collateral Agent is appointed and accepts such appointment
in accordance with this paragraph (it being understood and agreed that the retiring Collateral Agent shall have no duty or obligation
to take any further action under any Security Document, including any action required to maintain the perfection of any such security
interest), and (b) the Majority in Interest of Lenders of the applicable Class or Classes shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Administrative Agent or Collateral Agent, provided that (i)
all payments required to be made hereunder or under any other Loan Document to the retiring Administrative Agent for the account
of any Person other than such Administrative Agent shall be made directly to such Person and (ii) all notices and other communications
required or contemplated to be given or made to the retiring Administrative Agent or Collateral Agent shall also directly be given
or made to each applicable Lender and, if applicable, each Issuing Bank. Following the effectiveness of the retiring Administrative
Agent’s or

 

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Collateral
Agent’s resignation from its capacity as such, the provisions of this Article and Sections 9.03 and 9.19, as well as
any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for
the benefit of such retiring Administrative Agent or Collateral Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent or Collateral Agent,
as applicable, and in respect of the matters referred to in the proviso under clause (a) above.

 

Each
Lender and Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agents, the Collateral
Agent, any Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender and Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agents,
the Collateral Agent, the Arrangers or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing,
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder.

 

Each
Lender, by delivering its signature page to this Agreement and funding its Loans on the Effective Date, or delivering its signature
page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be
deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to
be delivered to, or be approved by or satisfactory to, the Administrative Agents, the Collateral Agent or the Lenders on the Effective
Date.

 

Except
with respect to the exercise of setoff rights of any Lender in accordance with Section 9.08 or with respect to a Lender’s
right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon
any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers,
rights and remedies under the Loan Documents may be exercised solely by the Collateral Agent on behalf of the Secured Parties
in accordance with the terms thereof. In the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant
to a public or private sale or other disposition, the Collateral Agent, any Administrative Agent or any Lender may be the purchaser
or licensor of any or all of such Collateral at any such sale or other disposition. The Secured Parties hereby irrevocably authorize
the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including
by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu
of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or
any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections
363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or
(b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction
of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any
such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit
bid by the Collateral Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect
to contingent or

 

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unliquidated
claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims
in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests)
for the asset or assets so purchased (or for the Equity Interests or debt instruments of the acquisition vehicle or vehicles that
are issued in connection with such purchase). In connection with any such bid, (i) the Collateral Agent shall be authorized to
form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each
of the Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall be deemed without any further
action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Collateral
Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided
that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of
the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide
for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing
documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement
and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02), (iv) the Collateral
Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on
account of the relevant Secured Obligations which were credit bid, interests, whether as equity, partnership interests, limited
partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition
vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that
Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result
of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the
amount of Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned
to the Secured Parties pro rata with their original interest in such Secured Obligations and the Equity Interests and/or debt
instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically be cancelled, without
the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion
of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause
(ii) above, each Secured Party shall execute such documents and provide such information regarding such Secured Party (and/or
any designee of such Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as
the Collateral Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission
of any credit bid or the consummation of the transactions contemplated by such credit bid.

 

In
furtherance of the foregoing and not in limitation thereof, no Hedging Agreement the obligations under which constitute Secured
Obligations or agreement in respect of Banking Services will create (or be deemed to create) in favor of any Secured Party that
is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan
Party under any Loan Document except as expressly provided in the Collateral Agreement. By accepting the benefits of the Collateral,
each Secured Party that is a party to any such Hedging Agreement or agreement in respect of Banking Services shall be

 

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deemed
to have appointed the Revolving Administrative Agent to serve as revolving administrative agent, the Term Administrative Agent
to serve as term loan administrative agent, and the Collateral Agent to serve as collateral agent, in each case under the Loan
Documents, and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in
this paragraph.

 

The
Secured Parties irrevocably authorize the Collateral Agent, at its option and in its discretion, to subordinate any Lien on any
property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property that is
permitted by Section 6.02(a)(v). The Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into
any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or
perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith,
nor shall the Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the
Collateral.

 

In
case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, the Administrative Agents and the Collateral Agent (irrespective of whether
the principal of any Loan or any LC Disbursement shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agents shall have made any demand on the Company) shall be entitled and empowered
(but not obligated) by intervention in such proceeding or otherwise:

 

(a)
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the applicable Loans,
LC Exposure and all other Secured 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, the Issuing Banks and the Administrative Agents or the Collateral Agent
(including any claim under Sections 2.12, 2.13, 2.15, 2.16, 2.17 and 9.03) allowed in such judicial proceeding; and

 

(b)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby
authorized by each Lender, each Issuing Bank and each other Secured Party to make such payments to the Collateral Agent and, in
the event that the Collateral Agent shall consent to the making of such payments directly to the Lenders, the Issuing Banks or
the other Secured Parties, to pay to the Collateral Agent any amount due to it, in its capacity as the Collateral Agent, under
the Loan Documents (including under Section 9.03).

 

Notwithstanding
anything herein to the contrary, neither the Arrangers nor any Person named on the cover page of this Agreement as a Syndication
Agent or a Documentation Agent shall have any duties or obligations under this Agreement or any other Loan Document (except in
its capacity, as applicable, as a Lender or an Issuing Bank), but all such Persons shall have the benefit of the indemnities provided
for hereunder.

 

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The
provisions of this Article are solely for the benefit of the Administrative Agents, the Collateral Agent, the Lenders and the
Issuing Banks, and, except solely to the extent of the Company’s rights to consent pursuant to and subject to the conditions
set forth in this Article, none of Murphy USA, the Company or any other Loan Party shall have any rights as a third party beneficiary
of any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of
the Collateral and of the Guarantees of the Secured Obligations provided under the Loan Documents, to have agreed to the provisions
of this Article.

 

Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Loan Party, that at
least one of the following is and will be true: (i) such Lender is not using “plan assets” (within the meaning of
29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement, (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class
exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender
to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C)
the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and
this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge
of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit the Commitments and this Agreement
or (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agents and such
Lender.

 

In
addition, unless either (1) sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or (2) a Lender
has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding paragraph,
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agents and not, for the avoidance of doubt, to or for the benefit of any Loan Party, that neither Administrative
Agent is a fiduciary with respect to the assets of such Lender

 

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involved
in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agents under this Agreement, any Loan Document or any documents related hereto or thereto).

 

The
Administrative Agents shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor
or enforce, compliance with the provisions hereof relating to Disqualified Lenders. Without limiting the generality of the foregoing,
the Administrative Agents shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant
or prospective Lender or Participant is a Disqualified Lender or (y) have any liability with respect to or arising out of any
assignment or participation of Loans, or disclosure of confidential information, to any Disqualified Lender. The Administrative
Agents shall be permitted upon request of any Lender or Participant to make available to such Lender or Participant any list of
Disqualified Lenders and any Lender may provide the list of Disqualified Lenders, upon request, to any prospective assignee or
Participant on a confidential basis to such prospective assignee or Participant for the purpose of making the representation in
the Assignment and Assumption or participation documentation that such prospective assignee or Participant is not a Disqualified
Lender under the Credit Agreement (it being understood that the identity of Disqualified Lenders will not be posted or distributed
to any Person, other than a distribution by the Administrative Agents to a Lender upon written request and by a Lender to any
prospective assignee or Participant on a confidential basis).

 

ARTICLE
IX

Miscellaneous

 

SECTION
9.01.      Notices.
(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b)
of this Section), all notices and other communications provided for herein shall be in writing and shall be delivered by hand,
overnight courier service or email, mailed by certified or registered mail or sent by fax, as follows:

 

(i)                      
if to Murphy USA or the Company, to the Company at 200 Peach Street, El Dorado, Arkansas 71730, Attention of Mindy West (Fax
No. 870-881-6893; email mindy.west@murphyusa.com), with a copy to the Company at 200 Peach Street, El Dorado, Arkansas 71730,
Attention of John Moore (Fax No. 870-881-6893; email john.moore@murphyusa.com);

 

(ii)                   
(ii) if to the Revolving Administrative Agent or the Collateral Agent, to JPMorgan Chase Bank, N.A., Mailcode: IL1 1190,
10 S. Dearborn, 22nd Floor, Chicago, IL 60603, Attention of CBC Operations (Fax No. (312) 377-1091; email abl.ftw@jpmorgan.com),
with a copy to JPMorgan Chase Bank, N.A., 712 Main St., Floor 5, Houston, TX 77002, Attention of Jason R. Williams (Fax No. 713-216-6710;
jason.r.williams@chase.com);

 

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(iii)                 
if to the Term Administrative Agent, to Royal Bank of Canada, 20 King Street W, 4th Floor, Toronto, Ontario, M5H, 1C4 (email
rbcmagnt@rbccm.com);

 

(iv)                  
if to any Issuing Bank, to it at its address (or fax number) most recently specified by it in a notice delivered to the
Administrative Agent, Murphy USA and the Company (or, in the absence of any such notice, to the address (or fax number) set forth
in the Administrative Questionnaire of the Lender that is serving as such Issuing Bank or is an Affiliate thereof); and

 

(v)                    
if to any other Lender, to it at its address (or fax number) set forth 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 fax 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 and other communications sent to an email 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 email or other
written acknowledgement) (except that, if not sent during the normal business hours for the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next business day for the recipient) and notices delivered
through electronic communications to the extent provided in paragraph (b) of this Section shall be effective as provided
in such paragraph.

 

(b)              
Notices and other communications to the Company, any Loan Party, the Lenders and Issuing Banks hereunder may be delivered
or furnished by electronic communications (including email and an Electronic Platform) pursuant to procedures approved by the
applicable Administrative Agent; provided that the foregoing shall not apply to notices under Article II to any Lender
or Issuing Bank if such Lender or Issuing Bank, as applicable, has notified the applicable Administrative Agent that it is incapable
of receiving notices under such Article by electronic communication. All such notices and other communications (i) sent to an
email 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 email or other written acknowledgement); provided
that if not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been
given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Electronic Platform shall be
deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (b)(i)
of notification that such notice or communication is available and identifying the website address therefor.

 

(c)              
Any party hereto may change its address, telephone number, fax number or e-mail address for notices and other communications
hereunder by notice to the other parties hereto.

 

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(d)              
Murphy USA and the Company agree that the Administrative Agents may, but shall not be obligated to, make any Communication
by posting such Communication on an Electronic Platform. Any Electronic Platform is provided “as is” and “as
available”. Neither of the Administrative Agents nor any of their respective Related Parties warrants, or shall be deemed
to warrant, the adequacy of any Electronic Platform and expressly disclaim liability for errors or omissions in the Communications.
No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose,
non-infringement of third-party rights or freedom from viruses or other code defects, is made, or shall be deemed to be made,
by any Administrative Agent or any of its Related Parties in connection with the Communications or any Electronic Platform. In
no event shall the Administrative Agents or any of their respective Related Parties have any liability to the Loan Parties, any
Lender, any Issuing Bank or any other Person for damages of any kind, including any direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise), arising out of any Loan Party’s or any
Administrative Agent’s transmission of Communications through any Electronic Platform.

 

SECTION
9.02.      Waivers;
Amendments. (a) No failure or delay by any Administrative Agent, any Issuing Bank or any Lender in exercising any right or
power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agents, the
Collateral Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive
of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure
by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section,
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
Without limiting the generality of the foregoing, the execution and delivery of this Agreement, the making of a Loan or the issuance
of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether any Administrative Agent, any Lender,
any Issuing Bank or any Affiliate thereof may have had notice or knowledge of such Default at the time.

 

(b)              
Except as provided in Section 9.02(c), none of this Agreement, any other Loan Document or any provision hereof or thereof
may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered
into by Murphy USA, the Company and the Required Lenders and, in the case of any other Loan Document, pursuant to an agreement
or agreements in writing entered into by the Administrative Agents and the Loan Party or Loan Parties that are parties thereto,
in each case with the consent of the Required Lenders, provided that no such agreement shall:

 

(i)                      
waive any condition set forth in Section 4.02 without the written consent of the Majority in Interest of the Revolving
Lenders (it being understood and agreed that any amendment or waiver of, or any consent with respect to, any provision of this
Agreement (other than any waiver expressly relating to Section 4.02) or any other Loan Document, including any amendment of any
affirmative or

 

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negative
covenant set forth herein or in any other Loan Document or any waiver of a Default or an Event of Default, shall not be deemed
to be a waiver of a condition set forth in Section 4.02),

 

(ii)                   
increase any Commitment of any Lender without the written consent of such Lender,

 

(iii)                 
reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon or reduce any fees payable
hereunder (in each case, other than as a result of (i) any amendment, waiver or modification of the MFN Provision, (ii) any change
in the definition, or in any components thereof, of the term “Total Leverage Ratio” or “Total Net Leverage Ratio”
or (iii) any waiver of default interest), without the written consent of each Lender affected thereby,

 

(iv)                  
postpone the scheduled maturity date of any Loan, or the date of any scheduled payment of the principal amount of any Term
Loan under Section 2.10, or the required date of reimbursement of any LC Disbursement, or any date for the payment of any
interest or fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date
of expiration of any Commitment (in each case, other than any waiver of default interest), without the written consent of each
Lender affected thereby,

 

(v)                    
change Section 2.18(b), 2.18(c) or 2.18(g) in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender,

 

(vi)                  
change any of the provisions of this Section or the percentage set forth in the definition of the term “Majority
in Interest”, “Required Lenders” or any other provision of any Loan Document specifying the number or percentage
of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant
any consent thereunder (including, for the avoidance of doubt, any provision requiring the consent of “each Lender”),
without the written consent of each Lender (or each Lender of such Class, as the case may be); provided that, with the
consent of the Required Lenders, the provisions of this Section and the definition of the terms “Majority in Interest”
or “Required Lenders” may be amended to include references to any new class of loans or commitments created under
this Agreement (or to lenders extending such loans) on substantially the same basis as the corresponding references relating to
the existing Classes of Loans, Commitments or Lenders,

 

(vii)               
release Murphy USA, the Company or all or substantially all the value of the Guarantees provided by the Subsidiary Loan
Parties (including, in each case, by limiting liability in respect thereof) created under the Collateral Agreement without the
written consent of each Lender (except as expressly provided in Section 9.14 or the Collateral Agreement and except for any such
release by the Collateral Agent in connection with any sale or other disposition of any Subsidiary upon the

 

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exercise
of remedies under the Security Documents), it being understood that an amendment or other modification of the types of obligations
guaranteed under the Collateral Agreement shall not be deemed to be a release or limitation of any Guarantee,

 

(viii)             
release all or substantially all the Collateral from the Liens of the Security Documents, or subordinate any such Liens,
in each case, without the written consent of each Lender (except as expressly provided in Article VIII or Section 9.14 or 9.19
and except for any such release by the Collateral Agent in connection with any sale or other disposition of the Collateral upon
the exercise of remedies under the Security Documents), it being understood that an amendment or other modification of the types
of obligations secured by the Security Documents shall not be deemed to be a release of the Collateral from the Liens of the Security
Documents,

 

(ix)                  
change any provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments
due to Lenders holding Loans of any Class differently than those holding Loans of any other Class, without the written consent
of Lenders representing a Majority in Interest of each affected Class, or

 

(x)                    
change the definition of “Eligible Assignee” to include therein Murphy USA, the Company or any other Affiliate
of Murphy USA, without the written consent of each Lender;

 

provided,
further, that no such agreement shall amend, modify, extend or otherwise affect the rights or obligations of any Administrative
Agent or any Issuing Bank without the prior written consent of such Administrative Agent or such Issuing Bank, as the case may
be.

 

(c)              
Notwithstanding anything herein to the contrary:

 

(i)                      
any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by Murphy
USA, the Company and the Administrative Agents to cure any ambiguity, omission, defect or inconsistency so long as, in each case,
(A) such amendment does not adversely affect the rights of any Lender or (B) the Lenders shall have received at least five Business
Days’ prior written notice thereof and the Administrative Agents 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;

 

(ii)                   
any amendment, waiver or other modification of this Agreement or any other Loan Document that by its terms affects the
rights or duties under this Agreement or such Loan Document of the Lenders of one or more Classes (but not the Lenders of any
other Class), may be effected by an agreement or agreements in writing entered into by Murphy USA, the Company (and, in the case
of any other

 

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Loan
Document, the other Loan Parties party thereto) and the requisite number or percentage in interest of each affected Class of Lenders
that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder
at the time;

 

(iii)                 
no consent with respect to any amendment, waiver or other modification of this Agreement or any other Loan Document shall
be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause
(ii), (iii) or (iv) of the first proviso of paragraph (b) of this Section and then only in the event such Defaulting Lender shall
be affected by such amendment, waiver or other modification;

 

(iv)                  
no consent with respect to any amendment, waiver or other modification of this Agreement or any other Loan Document shall
be required of any Lender that receives payment in full of the principal of and interest accrued on each Loan made by, and all
other amounts owing to, such Lender or accrued for the account of such Lender under this Agreement and the other Loan Documents
at the time such amendment, waiver or other modification becomes effective and whose Commitments terminate by the terms and upon
the effectiveness of such amendment, waiver or other modification;

 

(v)                    
this Agreement may be amended in the manner provided in Sections 2.05(j) and 2.05(k) and the term “LC Commitment”,
as such term is used in reference to any Issuing Bank, may be modified as contemplated by the definition of such term;

 

(vi)                  
this Agreement and the other Loan Documents may be amended in the manner provided in Sections 2.14(b), (c) and (d), 2.21,
2.22 and 2.23;

 

(vii)               
the Administrative Agents may, without the consent of any Secured Party, consent to a departure by any Loan Party from
any covenant of such Loan Party set forth in this Agreement, the Collateral Agreement or in any other Security Document to the
extent such departure is consistent with the authority of the Administrative Agents set forth in the definition of the term “Collateral
and Guarantee Requirement”;

 

(viii)             
any Permitted Intercreditor Agreement and the Security Documents may be amended, supplemented or otherwise modified as
provided in Section 9.19; and

 

(ix)                  
only the written consent of a Majority in Interest of the Revolving Lenders shall be required (and for the avoidance of
doubt, only the written consent of a Majority in Interest of the Revolving Lenders shall be able to) to waive, amend or modify
the provisions of Section 6.11 or Section 6.12 (and related definitions as used in such Sections, but not as used elsewhere in
this Agreement) or Article VII,

 

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solely
as it relates to any failure to observe or perform any covenant set forth in Section 6.11 or Section 6.12.

 

(d)              
The applicable Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments,
waivers or other modifications on behalf of such Lender. Any amendment, waiver or other modification effected in accordance with
this Section 9.02 shall be binding upon each Person that is at the time thereof a Lender and each Person that subsequently becomes
a Lender.

 

(e)              
Notwithstanding anything to the contrary herein, in connection with any determination as to whether the requisite Lenders
have (A) consented (or not consented) to any amendment or waiver of any provision of this Agreement or any other Loan Document
or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any Loan Document or (C) directed or
required any Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or
under any Loan Document, any Lender (other than (x) any Lender that is a Regulated Bank and (y) any Revolving Lender) that, as
a result of its interest in any total return swap, total rate of return swap, credit default swap or other derivative contract
(other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into
pursuant to bona fide market making activities), has a net short position with respect to the Loans and/or Commitments (each,
a “Net Short Lender”) shall have no right to vote any of its Loans and Commitments and shall be deemed to have
voted its interest as a Lender without discretion in the same proportion as the allocation of voting with respect to such matter
by Lenders who are not Net Short Lenders (in each case unless otherwise agreed to by the Company). For purposes of determining
whether a Lender has a “net short position” on any date of determination: (i) derivative contracts with respect
to the Loans and Commitments and such contracts that are the functional equivalent thereof shall be counted at the notional amount
thereof in dollars, (ii) notional amounts in other currencies shall be converted to the dollar equivalent thereof by such
Lender in a commercially reasonable manner consistent with generally accepted financial practices and based on the prevailing
conversion rate (determined on a mid-market basis) on the date of determination, (iii) derivative contracts in respect of
an index that includes the Company or any other Loan Party or any instrument issued or guaranteed by the Company or any other
Loan Party shall not be deemed to create a short position with respect to the Loans and/or Commitments, so long as (x) such index
is not created, designed, administered or requested by such Lender and (y) the Company or any other Loan Party and any instrument
issued or guaranteed by the Company or any other Loan Party, collectively, shall represent less than 5% of the components of such
index, (iv) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions or the 2003
ISDA Credit Derivatives Definitions (collectively, the “ISDA CDS Definitions”) shall be deemed to create a
short position with respect to the Loans and/or Commitments if such Lender is a protection buyer or the equivalent thereof for
such derivative transaction and (x) the Loans or the Commitments are a “Reference Obligation” under the terms of such
derivative transaction (whether specified by name in the related documentation, included as a “Standard Reference Obligation”
on the most recent list published by Markit, if “Standard Reference Obligation” is specified as applicable in the
relevant documentation or in any other manner), (y) the Loans or the Commitments would be a “Deliverable Obligation”
under the terms of such derivative transaction or (z) any of the Company or any other Loan Party (or any

 

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of
their successors) is designated as a “Reference Entity” under the terms of such derivative transactions, and (v) credit
derivative transactions or other derivatives transactions not documented using the ISDA CDS Definitions shall be deemed to create
a short position with respect to the Loans and/or Commitments if such transactions are functionally equivalent to a transaction
that offers the Lender protection in respect of the Loans or the Commitments, or as to the credit quality of any of the Company
or any other Loan Party (or any of their successors) other than, in each case, as part of an index so long as (x) such index is
not created, designed, administered or requested by such Lender and (y) the Company or any other Loan Party and any instrument
issued or guaranteed by any of the Company or any other Loan Party, collectively, shall represent less than 5% of the components
of such index. In connection with any such determination, each Lender (other than (x) any Lender that is a Regulated Bank and
(y) any Revolving Lender) shall promptly notify the applicable Administrative Agent in writing that it is a Net Short Lender,
or shall otherwise be deemed to have represented and warranted to the Company and the Administrative Agents that it is not a Net
Short Lender (it being understood and agreed that the Company and the Administrative Agents shall be entitled to rely on each
such representation and deemed representation). In no event shall any Administrative Agent be obligated to ascertain, monitor
or inquire as to whether any Lender is a Net Short Lender.

 

SECTION
9.03.      Expenses;
Limitation of Liability; Indemnity, Etc. (a) Murphy USA and the Company shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agents, the Collateral Agent, the Arrangers and their Affiliates, including the reasonable fees,
charges and disbursements of counsel for any of the foregoing (which, in the case of the preparation, negotiation, execution,
delivery and administration of the Loan Documents, shall be limited to a single counsel (and, if reasonably required, a single
local counsel in each applicable jurisdiction) for the Arrangers, the Administrative Agents and the Collateral Agent), in connection
with the structuring, arrangement and syndication of the credit facilities provided for herein and any credit or similar facility
refinancing or replacing, in whole or in part, any of the credit facilities provided for herein, including the preparation, execution
and delivery of any engagement or commitment letter and any fee letter relating hereto, as well as the preparation, execution,
delivery and administration of this Agreement, the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket
expenses incurred by any Issuing Bank in connection with the issuance, amendment or extension of any Letter of Credit or any demand
for payment thereunder and (iii) all out-of-pocket expenses incurred by any Administrative Agent, the Collateral Agent, any Arranger,
any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for any of the foregoing, in connection
with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section,
or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)              
Murphy USA and the Company shall indemnify the Administrative Agents (and any sub-agent thereof), the Collateral Agent,
the Arrangers, the Syndication Agent, the Documentation Agents, each Lender and each Issuing Bank, and each Related Party of any
of the foregoing Persons (each such Person being called an “Indemnitee”), against, and hold each

 

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Indemnitee
harmless from, any and all Liabilities and related expenses, including the fees, charges and disbursements of any counsel for
any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the structuring,
arrangement and syndication of the credit facilities provided for herein, the preparation, execution, delivery and administration
of any engagement or commitment letter or any fee letter relating hereto, this Agreement, the other Loan Documents or any other
agreement or instrument contemplated hereby or thereby, the performance by the parties to this Agreement, the other Loan Documents
or such other agreement or instrument of their obligations thereunder or the consummation of the Transactions or any other transactions
contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds thereof (including any refusal
by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of
Hazardous Materials on, at, to or from any property currently or formerly owned or operated by Murphy USA, the Company, any other
Subsidiary or any Affiliate (or Person that was formerly an Affiliate) of any of them, or any other Environmental Liability related
in any way to Murphy USA, the Company, any other Subsidiary or any Affiliate (or Person that was formerly an Affiliate) of any
of them, or (iv) any actual or prospective Proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and whether initiated against or by any Loan Party, any other party to this Agreement or any other Loan Document,
any Affiliate of any of the foregoing or any third party (and regardless of whether any Indemnitee is a party thereto); provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses
are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee. This paragraph shall not apply with respect to Taxes other than any Taxes that represent
losses, claims or damages arising from any non-Tax claim.

 

(c)              
To the extent that Murphy USA and the Company fail indefeasibly to pay any amount required to be paid by them under paragraph
(a) or (b) of this Section to any Administrative Agent (or any sub-agent thereof), any Issuing Bank or any Related Party
of any of the foregoing (and without limiting their obligation to do so), each Lender severally agrees to pay to such Administrative
Agent (or any such sub-agent), such Issuing Bank 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 Liability or related expense, as the case may be, was incurred by or asserted against such
Administrative Agent (or such sub-agent) or such Issuing Bank in its capacity as such, or against any Related Party of any of
the foregoing acting for any Administrative Agent (or any sub-agent thereof) or any Issuing Bank in connection with such capacity;
provided, further, that, with respect to such unpaid amounts owed to any Issuing Bank in its capacity as such, or
to any of its Related Parties acting for any Issuing Bank in connection with such capacity, only the Revolving Lenders shall be
required to pay such unpaid amounts. For purposes of this Section, a Lender’s “pro rata share” shall be determined
based upon its share of the sum of the total Revolving Exposures, unused Revolving Commitments and, except for purposes of the
immediately preceding proviso, the outstanding Term Loans and unused Term Commitments, in each case, at the time (or most recently
outstanding and in effect).

 

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(d)              
To the extent permitted by applicable law (i) Murphy USA, the Company and each Loan Party shall not assert, and Murphy
USA, the Company and each Loan Party hereby waives, any claim against any Administrative Agent, the Collateral Agent, any Arranger,
any Syndication Agent, any Documentation Agent any Issuing Bank and any Lender, and any Related Party of any of the foregoing
Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use
by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications,
electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each
such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of
Credit or the use of the proceeds thereof; provided that, nothing in this Section 9.03(d) shall relieve Murphy USA, the
Company and each Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in Section 9.03(b), against
any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. All amounts due under
this Section shall be payable promptly after written demand therefor.

 

SECTION
9.04.      Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of
Credit), except that (i) none of Murphy USA or the Company may assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by Murphy
USA or the Company without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer any of
its rights or obligations hereunder except in accordance with this Section (and any other attempted assignment or transfer by
any Lender shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any Issuing
Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section), the Arrangers,
the Syndication Agent, the Documentation Agents and, to the extent expressly contemplated hereby, the sub-agents of the Administrative
Agents and the Related Parties of any of the Administrative Agents, the Arrangers, the Syndication Agent, the Documentation Agents,
the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)              
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(A)            
the Company; provided that no consent of the Company shall be required (1) for an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, and (2) if an Event of Default has occurred and is continuing, for any other assignment;
provided, further, that the Company

 

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shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to the applicable Administrative
Agent within 10 Business Days after having received notice thereof;

 

(B)             
the applicable Administrative Agent; provided that no consent of the Term Administrative Agent shall be required
for an assignment of any Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)             
each Issuing Bank, in the case of any assignment of all or a portion of a Revolving Commitment or any Lender’s obligations
in respect of its LC Exposure.

 

(ii)             
Assignments shall be subject to the following additional conditions:

 

(A)            
except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or 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 applicable Administrative Agent) shall not be less than $5,000,000 or, in the case of Term Commitments
or Term Loans, $1,000,000 unless each of the Company and the applicable Administrative Agent otherwise consents; provided
that no such consent of the Company shall be required if an Event of Default has occurred and is continuing; provided,
further, that the Company shall be deemed to have consented thereto unless it shall object thereto by written notice to
the applicable Administrative Agent within 10 Business Days after having received notice thereof;

 

(B)             
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement; provided that this clause (B) shall not be construed to prohibit the assignment of
(x) a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments
or Loans or (y) a proportionate part of all the assigning Lender’s rights and obligations in respect of its Term Commitment
of any Class without assigning a proportionate part of the assigning Lender’s Term Loans of such Class or a proportionate
part of all the assigning Lender’s rights and obligations in respect of its Term Loans of any Class without assigning a
proportionate part of the assigning Lender’s Term Commitment of such Class;

 

(C)             
the parties to each assignment shall execute and deliver to the applicable Administrative Agent an Assignment and Assumption
(or an agreement incorporating by reference a form of Assignment and

 

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Assumption
posted on an Electronic Platform), together with a processing and recordation fee of $3,500, provided that only one such
processing and recordation fee shall be payable in the event of simultaneous assignments from any Lender or its Approved Funds
to one or more other Approved Funds of such Lender; and

 

(D)            
the assignee, if it shall not be a Lender, shall deliver to the applicable Administrative Agent any tax forms required
by Section 2.17(f) and an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all
syndicate-level information (which may contain MNPI) will be made available and who may receive such information in accordance
with the assignee’s compliance procedures and applicable law, including Federal, State and foreign securities laws.

 

(iii)           
Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation
in such rights and obligations in accordance with Section 9.04(c). Other than with respect to Disqualified Lenders, any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04(b) shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph (c) of this Section 9.04.

 

(iv)            
Each Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Company, shall maintain at one
of its offices in the United States a copy of each applicable Assignment and Assumption delivered to it and records of the names
and addresses of the Lenders under each applicable Class, and the Commitment of, and principal amount (and stated interest) of
the Loans and LC Disbursements owing to, each such Lender pursuant to the terms hereof from time to time (a “Register”).
The entries in each Register shall be conclusive absent manifest error, and the Company, the Administrative Agents, the Issuing
Banks and the Lenders may treat each Person whose name is recorded in a Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. Each Register shall be available for inspection by
the Company and, as to entries pertaining to it, any Issuing Bank or Lender, at any reasonable time and from time to time upon
reasonable prior notice.

 

(v)              
Upon receipt by the applicable Administrative Agent of an Assignment and Assumption (or an agreement incorporating by reference
a form of Assignment and

 

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Assumption
posted on an Electronic Platform) executed by an assigning Lender and an assignee, the assignee’s completed Administrative
Questionnaire and any tax forms required by Section 2.17(f) (unless the assignee shall already be a Lender hereunder) and the
processing and recordation fee referred to in this Section, the applicable Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register; provided that the applicable Administrative Agent
shall not be required to accept such Assignment and Assumption or so record the information contained therein if it reasonably
believes that such Assignment and Assumption lacks any written consent required by this Section or is otherwise not in proper
form, it being acknowledged that the applicable Administrative Agent shall have no duty or obligation (and shall incur no liability)
with respect to obtaining (or confirming the receipt) of any such written consent or with respect to the form of (or any defect
in) such Assignment and Assumption, any such duty and obligation being solely with the assigning Lender and the assignee. No assignment
shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph, and
following such recording, unless otherwise determined by the applicable Administrative Agent (such determination to be made in
the sole discretion of the applicable Administrative Agent, which determination may be conditioned on the consent of the assigning
Lender and the assignee), shall be effective notwithstanding any defect in the Assignment and Assumption relating thereto. Each
assigning Lender and the assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented
to the applicable Administrative Agent that all written consents required by this Section with respect thereto (other than the
consent of such Administrative Agent) have been obtained and that such Assignment and Assumption is otherwise duly completed and
in proper form, and each assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented
to the assigning Lender and the applicable Administrative Agent that such assignee is an Eligible Assignee.

 

(c)              
(i) Any Lender may, without the consent of the Company, the Administrative Agents or any Issuing Bank, sell participations
to one or more Eligible Assignees (“Participants”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitments and Loans of any Class); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (C) Murphy USA, the Company, the Administrative Agents, the Issuing Banks and
the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the
first proviso to Section 9.02(b) that affects such Participant or requires the approval of all the Lenders. Murphy USA and the
Company agree that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements
and limitations therein, including the requirements under Section 2.17(f) (it being understood and agreed that the documentation
required underSection 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender

 

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and
had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (x) agrees
to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section and (y)
shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a
Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation
agrees, at the Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the
provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject
to Section 2.18(c) as though it were a Lender.

 

(ii)                   
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain
records of 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 this Agreement or any other Loan Document (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters
of Credit or its other obligations under this Agreement or any other Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, each
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(d)              
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other
central bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that
no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

(e)              
Notwithstanding anything in this Agreement to the contrary, any Lender may assign all or a portion of its rights and obligations
with respect to the Term Loans under this Agreement to Murphy USA, the Company or any Restricted Subsidiary through open market
purchases on a pro-rata or non-pro rata basis, in each case subject to the following limitations:

 

(i)                      
(x) if the assignee is Murphy USA or a Restricted Subsidiary, upon such assignment, transfer or contribution, the applicable
assignee will

 

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automatically
be deemed to have contributed or transferred the principal amount of such Term Loans, plus all accrued and unpaid interest thereon,
to the Company or (y) if the assignee is the Company, (including through the contribution or transfers set forth in clause (x)),
the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred
to the Company will be deemed automatically cancelled and extinguished upon such assignment, contribution or transfer (and may
not be resold) (without any increase to Consolidated EBITDA as a result of any gains associated with cancellation of debt) and
such purchases (and the payments made by the Company and the cancellation of the purchased Loans, in each case in connection therewith)
shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.11; and

 

(ii)             
no Default or Event of Default shall be continuing or shall result therefrom.

 

For
the avoidance of doubt, no Revolving Commitments or Revolving Loans may be assigned to Murphy USA, the Company or any Restricted
Subsidiary.

 

SECTION
9.05.      Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered
to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the
making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on
its behalf and notwithstanding that any Administrative Agent, any Arranger, the Syndication Agent, the Documentation Agents, any
Issuing Bank, any Lender or any Affiliate of any of the foregoing may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any Loan Document is executed and delivered or any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid or any LC Exposure is outstanding and so long as the Commitments have not
expired or terminated. Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement or any other
Loan Document, in the event that, in connection with the refinancing or repayment in full of the credit facilities provided for
herein, an Issuing Bank shall have provided to the Revolving Administrative Agent a written consent to the release of the Revolving
Lenders from their obligations hereunder with respect to any Letter of Credit issued by such Issuing Bank (whether as a result
of the obligations of the Company (and any other account party) in respect of such Letter of Credit having been collateralized
in full by a deposit of cash with such Issuing Bank, or being supported by a letter of credit that names such Issuing Bank as
the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit shall cease to be a “Letter
of Credit” outstanding hereunder for all purposes of this Agreement and the other Loan Documents (including for purposes
of determining whether Murphy USA and the Company are required to comply with Articles V and VI hereof, but excluding Sections
2.15, 2.16, 2.17 and 9.03 hereof and any expense reimbursement or indemnity provisions set forth in any other Loan Document),
and the Revolving Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect
thereto, under Section 2.05(d) or 2.05(f). The

 

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provisions
of Sections 2.15, 2.16, 2.17, 2.18(e) and 9.03 and Article VIII shall survive and remain in full force and effect regardless of
the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

SECTION
9.06.      Counterparts;
Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof, including the commitments and agreements of the Lenders and, if applicable, their Affiliates under any commitment
or engagement letter relating hereto and any commitment advices submitted by them (but do not supersede any other provisions of
any such commitment or engagement letter or any separate letter agreements with respect to fees payable to any Administrative
Agent, any Issuing Bank or any Arranger that do not by the terms of such documents terminate upon the effectiveness of this Agreement,
all of which provisions shall remain in full force and effect).

 

(b)              
Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any
document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant
to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document
and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic
Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary
Document, as applicable. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement,
any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping
of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page), each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require any Administrative Agent
to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by
it; provided, further,
without limiting the foregoing, (i) to the extent that any Administrative Agent has agreed to accept any Electronic Signature,
such Administrative Agent and each of the applicable Lenders shall be entitled to rely on such Electronic Signature purportedly
given by or on behalf of Murphy USA, the Company or any other Loan Party without further verification thereof and without any
obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of any Administrative Agent
or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality
of the foregoing, each of Murphy USA and the Company hereby (i) agrees that, for all purposes, including without limitation, in
connection with any workout, restructuring, enforcement of remedies, bankruptcy

 

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proceedings
or litigation among the Administrative Agents, the Lenders, Murphy USA and the Company, Electronic Signatures transmitted by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or
any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect,
validity and enforceability as any paper original, (ii) the Administrative Agents and each of the Lenders may, at its option,
create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic
record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal
effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect,
validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of
paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with
respect to any signature pages thereto and (iv) waives any claim against any Indemnitee for any Liabilities arising solely
from any Administrative Agent’s and/or any Lender’s reliance on or use of Electronic
Signatures and/or transmissions by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page,
including any Liabilities arising as a result of the failure of the Company and/or any Loan Party to use any available security
measures in connection with the execution, delivery or transmission of any Electronic Signature.

 

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SECTION
9.07.      Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

SECTION
9.08.      Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and Issuing Bank, and each Affiliate
of any of the foregoing, 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)
or other amounts at any time held and other obligations (in whatever currency) at any time owing by such Lender or Issuing Bank,
or by such an Affiliate, to or for the credit or the account of Murphy USA or the Company against any of and all the obligations
then due of Murphy USA or any other Loan Party now or hereafter existing under this Agreement held by such Lender or Issuing Bank,
irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this Agreement and although such obligations
of Murphy USA or the Company are owed to a branch, office or Affiliate of such Lender or such Issuing Bank different from the
branch, office or Affiliate holding such deposit or obligated on such indebtedness. The rights of each Lender and Issuing Bank,
and each Affiliate of any of the foregoing, under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Lender, Issuing Bank or Affiliate may have. Each Lender and Issuing Bank agrees to notify the Company
and the Administrative Agents promptly after any such setoff and application; provided that the failure to give notice
shall not affect the validity of such setoff and application.

 

SECTION
9.09.      Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be governed by, and construed in accordance with,
the law of the State of New York.

 

(b)              
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such
court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan),
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other
Loan Document, or for recognition or enforcement of any judgment, and each of Murphy USA and the Company hereby irrevocably and
unconditionally agrees that all claims arising out of or relating to this Agreement or any other Loan Document brought by it or
any of its Affiliates shall be brought, and shall be heard and determined, exclusively in such New York State or, to the
extent permitted by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that any Administrative Agent, any Issuing Bank or any Lender may otherwise have
to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or any of its properties
in the courts of any jurisdiction.

 

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(c)              
Each of Murphy USA and the Company hereby irrevocably and unconditionally waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(d)              
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in
any other manner permitted by law.

 

SECTION
9.10.      WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

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

 

SECTION
9.12.      Confidentiality.
Each of the Administrative Agents, the Lenders and the Issuing Banks agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its Related Parties, including accountants, legal counsel
and other agents and advisors, it being understood that the Persons to whom such disclosure is made shall be subject to a professional
or other obligation of confidentiality or will be informed of the confidential nature of such Information and instructed to keep
such Information confidential, (b) to the extent required or requested by any Governmental Authority purporting to have jurisdiction
over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable law or by any subpoena or similar legal process, (d) to any
other party to this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other Loan
Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing confidentiality undertakings substantially similar to those
of this Section, to (i) any assignee of or Participant in, or any prospective

 

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assignee
of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty
(or its Related Parties) (other than Disqualified Lenders) to any swap or derivative transaction relating to Murphy USA, the Company
or any other Subsidiary and its obligations, (g) on a confidential basis to (i) any rating agency in connection with rating
the Company or its Subsidiaries or the credit facilities provided for herein or (ii) the CUSIP Service Bureau or any similar agency
in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided for herein, (h)
with the consent of the Company, (i) to the extent such Information (i) becomes publicly available other than as a result
of a breach of this Section or (ii) becomes available to any Administrative Agent, any Lender, any Issuing Bank or any
Affiliate of any of the foregoing on a nonconfidential basis from a source other than Murphy USA or the Company or (j) in the
case of information pertaining to this Agreement routinely provided by arrangers to such providers, to data service providers,
including league table providers, that serve the lending industry. For purposes of this Section, “Information”
means all information received from Murphy USA or the Company relating to Murphy USA, the Company or any other Subsidiary or their
businesses, other than any such information that is available to any Administrative Agent, any Lender or any Issuing Bank on a
nonconfidential basis prior to disclosure by Murphy USA or the Company; provided that, in the case of information received
from Murphy USA or the Company after the date hereof, such information is clearly identified at the time of delivery as confidential.
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. It is agreed that, notwithstanding the restrictions
of any prior confidentiality agreement binding on any Arranger or any Administrative Agent, such parties may disclose Information
as provided in this Section 9.12

 

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

 

SECTION
9.14.      Release
of Liens and Guarantees. (a) A Subsidiary Loan Party (other than the Company) shall automatically be released from its obligations
under the Loan Documents, and all security interests created by the Security Documents in Collateral owned by such Subsidiary
Loan Party shall be automatically released, upon the consummation of any transaction permitted by this Agreement as a result of
which such Subsidiary Loan Party ceases to be a Subsidiary or upon such Subsidiary becoming an Excluded Subsidiary; provided
that (i) if

 

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so
required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall
not have provided otherwise, (ii) at any time when any Incremental Equivalent Debt (or Refinancing Indebtedness in respect thereof)
that is secured by the Collateral, is outstanding, no such release shall occur unless, substantially concurrently therewith, such
Subsidiary Loan Party shall have been released from its obligations, if any (including pursuant to a Guarantee), under all such
Indebtedness, and all Liens on the assets of such Subsidiary Loan Party securing any such other Indebtedness shall have been released
and (iii) without the consent of the Required Lenders, no Loan Party that is a Restricted Subsidiary shall be released from its
obligations under the Loan Documents if such Loan Party becomes an Excluded Subsidiary pursuant to clause (e) of the definition
of “Excluded Subsidiary” solely by virtue of a Disposition or issuance of Equity Interests (unless, for the avoidance
of doubt, another clause of the definition of “Excluded Subsidiary” is then applicable), unless such Disposition or
issuance is a good faith Disposition or issuance to a bona-fide unaffiliated third party whose primary purpose is not the release
of the guarantee and obligations of such Loan Party under the Loan Documents. In the event of any conflict between the provisions
of this paragraph and any release or termination provisions set forth in the Collateral Agreement or any other Security Document,
the provisions of this paragraph shall govern and control.

 

(b)              
Upon any sale or other transfer by any Loan Party (other than to Murphy USA, the Company or any other Restricted Subsidiary)
of any Collateral in a transaction permitted under this Agreement, or upon the effectiveness of any written consent to the release
of the security interest created under any Security Document in any Collateral pursuant to Section 9.02, the security interests
in such Collateral created by the Security Documents shall be automatically released; provided that (i) at any time when
any Incremental Equivalent Debt (or Refinancing Indebtedness in respect thereof) is outstanding, no such release shall occur unless,
substantially concurrently therewith, all Liens on such Collateral securing any such Incremental Equivalent Debt shall have been
released. In the event of any conflict between the provisions of this paragraph and any release or termination provisions set
forth in the Collateral Agreement or any other Security Document, the provisions of this paragraph shall govern and control.

 

(c)              
The Lenders, the Issuing Banks and the other Secured Parties hereby further irrevocably authorize the release of Liens
on the Collateral as provided in the Security Documents.

 

(d)              
In connection with any termination or release pursuant to this Section, the Collateral Agent and the Administrative Agents
shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably
request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be
without recourse to or warranty by the Collateral Agent or Administrative Agents.

 

SECTION
9.15.      Certain
Notices. Each Lender and each Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan
Party that pursuant to the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation it is required to obtain,
verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party
and other information that will allow such

 

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Lender
or such Administrative Agent, as applicable, to identify such Loan Party in accordance with the USA PATRIOT Act and the Beneficial
Ownership Regulation.

 

SECTION
9.16.      No
Fiduciary Relationship. Each of Murphy USA and the Company, on behalf of itself and its subsidiaries, agrees that in connection
with all aspects of the transactions contemplated hereby and any communications in connection therewith, Murphy USA, the Company,
the other Subsidiaries and their Affiliates, on the one hand, and the Administrative Agents, the Collateral Agent, the Lenders,
the Issuing Banks and their Affiliates, on the other hand, will have a business relationship that does not create, by implication
or otherwise, any fiduciary duty on the part of the Administrative Agents, the Collateral Agent, the Lenders, the Issuing Banks
or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications.
The Administrative Agents, the Collateral Agent, the Arrangers, the Lenders, the Issuing Banks and their Affiliates may be engaged,
for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from
those of Murphy USA, the Company, the other Subsidiaries and their Affiliates, and none of the Administrative Agents, the Collateral
Agent, the Arrangers, the Lenders, the Issuing Banks or their Affiliates has any obligation to disclose any of such interests
to Murphy USA, the Company, the other Subsidiaries or any of their Affiliates. To the fullest extent permitted by law, each of
Murphy USA and the Company hereby agree not to assert any claims against the Administrative Agents, the Collateral Agent, the
Arrangers, the Lenders, the Issuing Banks and their Affiliates alleging a breach of agency or fiduciary duty in connection with
any aspect of any transaction contemplated hereby.

 

SECTION
9.17.      Non-Public
Information. (a) Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by
Murphy USA, the Company or any Administrative Agent pursuant to or in connection with, or in the course of administering, this
Agreement will be syndicate-level information, which may contain MNPI. Each Lender represents to Murphy USA, the Company and the
Administrative Agents that (i) it has developed compliance procedures regarding the use of MNPI and that it will handle MNPI in
accordance with such procedures and applicable law, including Federal, state and foreign securities laws, and (ii) it has identified
in its Administrative Questionnaire a credit contact who may receive information that may contain MNPI in accordance with its
compliance procedures and applicable law, including Federal, state and foreign securities laws.

 

(b)              
Murphy USA, the Company and each Lender acknowledge that, if information furnished by Murphy USA or the Company pursuant
to or in connection with this Agreement is being distributed by any Administrative Agent through an Electronic Platform, (i) the
Administrative Agents may post any information that Murphy USA or the Company has indicated as containing MNPI solely on that
portion of an Electronic Platform designated for Private Side Lender Representatives and (ii) if Murphy USA or the Company has
not indicated whether any information furnished by it pursuant to or in connection with this Agreement contains MNPI, each Administrative
Agent reserves the right to post such information solely on that portion of an Electronic Platform designated for Private Side
Lender Representatives. Each of Murphy USA and the Company agrees to clearly designate all information provided to any Administrative
Agent by or on behalf of Murphy USA or the Company that is suitable to be made available to Public Side Lender Representatives,
and the Administrative Agents shall be

 

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entitled
to rely on any such designation by Murphy USA or the Company without liability or responsibility for the independent verification
thereof.

 

SECTION
9.18.      Judgment
Currency. (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in
dollars into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction dollars could be
purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

 

(b)              
The obligations of each party hereto in respect of any sum due to any other party hereto or any holder of the obligations
owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than dollars, be discharged only to the extent that, on the Business Day following receipt by the Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking
procedures in the relevant jurisdiction purchase dollars with the Judgment Currency; if the amount of dollars so purchased is
less than the sum originally due to the Applicable Creditor in dollars, such party agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify the Applicable Creditor against such deficiency. The obligations of the parties contained in this
Section shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

 

SECTION
9.19.      Permitted
Intercreditor Agreement. (a) Each of the Lenders, the Issuing Banks and the other Secured Parties acknowledges that obligations
of the Company and the other Loan Parties under Incremental Equivalent Debt, upon incurrence thereof, may be secured by Liens
on assets of the Company and the other Loan Parties that constitute Collateral, and that the relative Lien priority and other
creditor rights of the Secured Parties and the secured parties in respect of such Incremental Equivalent Debt, will be set forth
in a Permitted Intercreditor Agreement. Each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably
authorizes and directs the Collateral Agent and the Administrative Agents to execute and deliver, in each case on behalf of such
Secured Party and without any further consent, authorization or other action by such Secured Party, (i) from time to time upon
the request of the Company, in connection with the establishment, incurrence, amendment, refinancing or replacement of any secured
Incremental Equivalent Debt, any Permitted Intercreditor Agreement (it being understood and agreed that the Collateral Agent and
the Administrative Agents are hereby authorized and directed to determine the terms and conditions of any such Permitted Intercreditor
Agreement as contemplated by the definition of the term “Permitted Intercreditor Agreement”, and that notwithstanding
anything herein to the contrary, the Administrative Agents and the Collateral Agent shall not be liable for, or be responsible
for any loss, cost or expense suffered by any Lender, any Issuing Bank or any other Secured Party, or by any Loan Party, as a
result of, any such determination) and (ii) any documents relating thereto.

 

(b)              
Each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably agrees that, upon the execution
and delivery thereof, such Secured Party will be bound by the provisions of each Permitted Intercreditor Agreement as if it were
a signatory

 

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thereto
and will take no actions contrary to the provisions thereof, (iii) agrees that no Secured Party shall have any right of action
whatsoever against the Administrative Agents as a result of any action taken by any Administrative Agent pursuant to this Section
or in accordance with the terms of any Permitted Intercreditor Agreement and (iv) authorizes and directs the Administrative
Agents to carry out the provisions and intent of each such document.

 

(c)              
Each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably further authorizes and directs
the Administrative Agents to execute and deliver, in each case on behalf of such Secured Party and without any further consent,
authorization or other action by such Secured Party, any amendments, supplements or other modifications of any Permitted Intercreditor
Agreement that the Company may from time to time request (i) to give effect to any establishment, incurrence, amendment, extension,
renewal, refinancing or replacement of any Incremental Equivalent Debt, (ii) to confirm for any party that such Permitted Intercreditor
Agreement is effective and binding upon such Administrative Agent on behalf of the Secured Parties or (iii) to effect any other
amendment, supplement or modification so long as the resulting agreement would constitute a Permitted Intercreditor Agreement
if executed at such time as a new agreement.

 

(d)              
Each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably further authorizes and directs
the Administrative Agents to execute and deliver, in each case on behalf of such Secured Party and without any further consent,
authorization or other action by such Secured Party, any amendments, supplements or other modifications of any Security Document
to add or remove any legend that may be required pursuant to any Permitted Intercreditor Agreement.

 

(e)              
Each of the Lenders, the Issuing Banks and the other Secured Parties acknowledges and agrees that each of JPMorgan Chase
Bank, N.A. and Royal Bank of Canada, or one or more of their respective Affiliates may (but is not obligated to) act as administrative
agent, collateral agent or a similar representative for the holders of any Incremental Equivalent Debt (and may itself be a holder
of any Incremental Equivalent Debt) and, in any such capacity, may be a party to any Permitted Intercreditor Agreement. Each of
the Lenders, the Issuing Banks and the other Secured Parties waives any conflict of interest in connection therewith and agrees
not to assert against JPMorgan Chase Bank, N.A., Royal Bank of Canada or any of their respective Affiliates any claims, causes
of action, damages or liabilities of whatever kind or nature relating thereto.

 

(f)               
Each Administrative Agent shall have the benefit of the provisions of Article VIII and Section 9.03 with respect to all
actions taken by it pursuant to this Section or in accordance with the terms of any Permitted Intercreditor Agreement to the full
extent thereof.

 

(g)              
Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral
and of the Guarantees of the Secured Obligations provided under the Loan Documents, to have agreed to the provisions of this Section
9.19.

 

SECTION
9.20.      Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other

 

    172 

     

    

 

agreement,
arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion
Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)              
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)              
the effects of any Bail-In Action on any such liability, including, if applicable, (i) a reduction in full or in part or
cancelation of any such liability, (ii) a conversion of all, or a portion of, such liability into shares or other instruments
of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect
to any such liability under this Agreement or any other Loan Document or (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

 

(c)              
The following terms shall for purposes of this Section have the meanings set forth below:

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Bail-In
Action” means, as to any Affected Financial Institution, the exercise of any Write-Down and Conversion Powers by the
applicable Resolution Authority in respect of any liability of such Affected Financial Institution.

 

“Bail-In
Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA
Member Country from time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country that
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
that is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

    173 

     

    

 

“EEA
Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor person), as in effect from time to time.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“UK
Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the
FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of
a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or
part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract
or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability
or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

SECTION
9.21.      Acknowledgment
Regarding Any Supported QFCs. (a)To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC, a “Supported QFC”), the parties hereto acknowledge and agree as set forth in clause (b)
below with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act
and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents

 

    174 

     

    

 

and
any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any
other state of the United States).

 

(b)              
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of
the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

[Signature
pages follow]

 

    175 

     

    

 

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

 

	 	MURPHY USA INC.,
	 	 	 	 
	 	By	/s/  Mindy K. West
	 	 	Name:	Mindy K. West
	 	 	Title:	Executive Vice President, Fuels, Chief Financial Officer and Treasurer

 

 

	 	MURPHY OIL USA, INC.,
	 	 
	 	By	/s/ Mindy K. West
	 	 	Name:	Mindy K. West
	 	 	Title:	Executive Vice President, Fuels, Chief Financial Officer and Treasurer

 

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., individually, as Issuing Bank and as Revolving Administrative Agent and Collateral Agent,
	 	 
	 	By	/s/ Stephanie Balette
	 	 	Name:	Stephanie Balette
	 	 	Title:	Authorized Officer

 

 

     

     

    

 

	 	ROYAL BANK OF CANADA, individually, as Term Administrative Agent,
	 	 
	 	By	/s/ Yvonne Brazier
	 	 	Name:	Yvonne Brazier
	 	 	Title:	Manager, Agency Services

 

     

     

    

 

	 	ROYAL BANK OF CANADA, individually and as Issuing Bank,
	 	 
	 	By	/s/ John Flores
	 	 	Name:	John Flores
	 	 	Title:	Authorized Signatory

 

 

 

     

     

    

 

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF
    MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution:
BANK OF AMERICA, N.A.

        individually and as Issuing
Bank,

	 	 
	 	by	/s/ Kevin Couch
	 	 	Name:	Kevin Couch
	 	 	Title:	SVP/Commercial Credit Officer

 

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

     

     

    

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By	/s/ Mark Holm
	 	 	Name:	Mark Holm
	 	 	Title:	Managing Director

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

     

     

    

 

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: REGIONS BANK
	 	 
	 	By	/s/ Aaron Wade
	 	 	Name:	Aaron Wade
	 	 	Title:	Director

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

     

     

    

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: FIFTH THIRD BANK, NATIONAL ASSOCIATION
	 	 
	 	by	/s/ Mike Ross
	 	 	Name:	Mike Ross
	 	 	Title:	Managing Director

 

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

     

     

    

 

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: TRUIST BANK
	 	 
	 	By	/s/ J. Carlos Navarrete_
	 	 	Name:	J. Carlos Navarrete
	 	 	Title:	Director

 

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

     

     

    

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution:
                    BANCORPSOUTH BANK

	 	 
	 	By	/s/ Jacob McGee
	 	 	Name:	Jacob McGee
	 	 	Title:	Director

 

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

     

     

    

 

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: HANCOCK WHITNEY BANK
	 	 
	 	By	/s/ Nancy G. Moragas
	 	 	Name:	Nancy G. Moragas
	 	 	Title:	SVP

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

     

     

    

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: PNC BANK, NATIONAL ASSOCIATION
	 	Individually and as an Issuing Bank,
	 	 
	 	By	/s/ Michael L. Monninger
	 	 	Name:	Michael L. Monninger
	 	 	Title:	Senior Vice President

 

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

     

     

    

 

	 	LENDER SIGNATURE PAGE TO THE CREDIT AGREEMENT OF MURPHY OIL USA, INC.
	 	 	 	 
	 	 	 	 
	 	Name of Institution: UMB BANK, N.A.
	 	 
	 	By	/s/ Cory Miller
	 	 	Name:	Cory Miller
	 	 	Title:	Senior Vice President

 

 

	 	For any Lender requiring a second signature block:
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

  

 

     

     

    

 

Schedule
1.01

 

Existing
Letters of Credit

 

Murphy Oil USA, Inc.

 

	Reference
        Number

         
	Tenor	Currency	Outstanding
    Amount	L/C
    Available Amount	Release
    Date	Expiry/
    Maturity Date	Beneficiary
    Name
	CPCS-007638	SIGHT	USD	$3,220,000.00	3,220,000.00	JULY
    2, 2020	JUNE
1, 2021

         
	SAFETY
    NATIONAL INS CO
	TOTAL	 	 	$3,220,000.00	$3,220,000.00	 	 	 

 

Quick Chek Corporation

 

	Reference
        Number

         
	Tenor	Currency	Outstanding
    Amount	L/C
    Available Amount	Release
    Date	Expiry/
    Maturity Date	Beneficiary
    Name
	68103201	SIGHT	USD	$400,000.00	$400,000.00	SEPT.
    13, 2014	MAY
    21, 2021	RLI
    Insurance Company
	18111158	SIGHT	USD	$450,000.00	$450,000.00	MARCH
    16, 2021	MARCH
    16, 2022	Acstar
    Insurance Company
	TOTAL	 	 	$850,000.00	$850,000.00	 	 	 

 

    	 

    	 

    
 

Schedule
2.01

 

Commitments

 

Tranche B
Term Commitments

 

	Term Lender	Tranche
    B Term Commitment
	Royal
    Bank of Canada	$400,000,000
	Total	$400,000,000

 

Revolving
Commitments

 

	Revolving Lender	Revolving
    Commitment
	JPMorgan
    Chase Bank, N.A.	$47,500,000
	Royal
    Bank of Canada	$47,500,000
	Bank
    of America, N.A.	$40,000,000
	Wells
    Fargo Bank, National Association	$40,000,000
	Regions
    Bank	$40,000,000
	Fifth
    Third Bank, National Association	$22,500,000
	Truist
    Bank	$22,500,000
	BancorpSouth
    Bank	$22,500,000
	Hancock
    Whitney Bank	$22,500,000
	PNC
    Bank, National Association	$22,500,000
	UMB
    Bank, N.A.	$22,500,000
	Total	$350,000,000

    	 

    	 

    

 

Schedule
2.05

 

LC
Commitments

 

	Issuing Bank	LC
    Commitment
	JPMorgan
    Chase Bank, N.A.	$40,000,000
	Royal
    Bank of Canada	$40,000,000
	Regions
    Bank	$20,000,000

 

    	 

    	 

    

 

Schedule
3.11

 

Subsidiaries and
Joint Ventures

 

	 	%
of Class of

        Equity
Interest

        Owned
by

        Murphy
USA,

        the
Company

        or
any other

        Subsidiary
	Designated

        Subsidiary
	Restricted

        Subsidiary

	Name	 

                                                                                                                           

                                                                                                                           

                                                                                                                           

                                                                                                                          Jurisdiction
of

        Organization

	591
    Beverage, Inc.	Nebraska	100%	N	N
	864
    Holdings, Inc.	Delaware	100%	Y	Y
	864
    Beverage, Inc.	Texas	100%	Y	Y
	Hankinson
    Holding, LLC	Delaware	100%	N	N 

	Murphy
Oil Trading

        Company

        (Eastern)
	Delaware	100%	Y	Y
	Murphy
    Oil USA, Inc.	Delaware	100%	Y	Y
	Spur
    Oil Corporation	Delaware	100%	Y	Y
	Superior
    Crude Trading Company	Delaware	100%	Y	Y

	The
    Griffin LLC Arkansas	Arkansas	99%	N	N
	El
    Dorado Properties LLC	Arkansas	100%	Y	Y
	Murphy
    USA NJ, Inc.	New
    Jersey	100%	Y	Y
	Quick
    Chek Corporation	New
    Jersey	100%	Y	Y
	QuickChek
    Realty, L.L.C.	New
    Jersey	100%	Y	Y
	QuickChek
    Realty Urban Renewal LLC	New
    Jersey	100%	Y	Y

 

    	 

    	 

    

 

Schedule
3.12

 

Insurance

 

Murphy USA, Inc.

 

	Line
    of Coverage 	Carrier
    	Policy
    Number 	Policy
    Term 
	Primary
Casualty

        Auto Liability - All
States
	Safety
National 
	CA6675634	06/01/20
- 06/01/21

	General
Liability 
	Safety
National 
	GL4058594 
	06/01/20
- 06/01/21

	Workers'
Compensation 
	Safety
National 
	LDS4058592 
	06/01/20
- 06/01/21

	Employers'
Liability 
	Safety
National 
	LDS4058592

         
	06/01/20
- 06/01/21

	Workers'
Compensation - Ohio 
	Ohio
State Fund 
	1325769 
	07/01/20
- 07/01/21 

	Workers'
Compensation - Washington 
	Washington
State Fund 
	603103538
	Annual 

	Environmental
Liability Insurance Retail/Offices 

        Terminals 
	Chubb 
	PPLG27270219008

         
	06/01/20 - 06/01/21

         

	Environmental
Liability Insurance - Meridian 
	Indian
Harbor Insurance Co (XL) 
	PEC0038327
	07/25/12
- 07/25/22 

	Marine
Terminal Operator's/Charterers Liability 
	Starr
Indemnity & Liability Co (CVStarr) 
	MASILHS00091020
	06/01/20
- 06/01/21

	Marine
Terminal Operator's/Charterers Liability 
	Navigators
Insurance Co. 
	HO20LIAZ0583R01
	06/01/20
- 06/01/21

	Cyber
Liability First Party 
	Sompo
/ Liberty 
	B0621PMURP00419
	05/01/20
- 05/01/21

	Excess
Liabilities (including Sudden and Accidental Pollution) 
	Various 
	Various
	06/01/20
- 06/01/21

	Executive/Professional
Liability

D & O Liability; Corp. Reimbursement 
	Zurich
lead 
	Various
	10/30/20
- 10/30/21

	Fiduciary
Liability 
	AIG 
	025817414
	10/30/20
- 10/30/21

	Employment
Practices 
	Sompo 
	025808317
	10/30/20
- 10/30/21

	Aircraft
Hull and Liability (Company Plane) 
	National
Union Fire Insurance Co (AIG) 
	GM02944219806
	09/01/20
- 09/01/21

	Ocean
    Marine Cargo/Property In Storage	Lloyd
and Partners Limited 
	B1353DC1804844000
	10/15/20
- 10/15/21

	Office
Property (El Dorado Offices) Blanket Building 
	Zurich 
	YU2L9L463280019
	11/01/20
- 11/01/21

	Commercial
Crime Coverage (Treasury, Employee Theft) 
	Great
American Insurance Co 
	SAA05928080500
	10/30/19
- 10/30/21

	Onshore
Property - Terminals 
	National
Fire & Marine Extension 
	42PRP30138405
	05/15/20
- 05/22/20

	Onshore
Property - Terminals 
	Endurance
American Ins Co 
	IMU30001716600
	05/22/20
- 05/15/21

	Onshore
Property - Terrorism 
	Lloyds
Of London 
	B1230AW02065A17
	05/15/20
- 05/15/21

 

     

     

    

 

Quick Chek Corporation

 

	Line of Coverage 	Carrier
    	Policy
    Number 	Policy
    Term 
	General
    Liability	Chubb	XSL
    G71234472	5/1/2020-5/1/2021
	Auto
    Liability & Physical Damage	Chubb	XSL
    G71234472	5/1/2020-5/1/2021
	Excess
    Auto Liability (Buffer)	General
    Star	IXG933323	5/1/2020-5/1/2021
	Umbrella
    Liability	AXA XL	US00084597LI20A	5/1/2020-5/1/2021
	Excess
    Liability	Markel	MKLM6MM30000143	5/1/2020-5/1/2021
	Excess
    Liability	Liberty Mutual	ECO(21)61180165	5/1/2020-5/1/2021
	Excess
    Workers Compensation	Chubb	WCU C66924725	5/1/2020-5/1/2021
	Commercial
    Property	AWAC	0307-9332-1A	5/1/2020-5/1/2021
	Employment
    Practices	Chubb	8249-5344	5/1/2020-5/1/2021
	Fiduciary	Chubb	8249-5344	5/1/2020-5/1/2021
	Directors
    and Officers	Chubb	8249-5344	5/1/2020-5/1/2021
	Crime	Chubb	8249-5344	5/1/2020-5/1/2021
	Employed
    Lawyers	Chubb/ARC	8167-1861	5/1/2020-5/1/2021
	Cyber
    Liability	Houston Casualty	H20NGP200820-00	5/1/2020-5/1/2021
	Storage
    Tank Pollution	Tokio Marine Specialty	PPK1974323	5/1/2020-5/1/2021
	Premises
    Pollution	Philadelphia Indemnity	PHPK1811745	5/1/2020-5/1/2022
	Pharmacist
    E&O Tail	Darwin Select	0308-6714	4/30/19- 4/30/2022
	DPC
    – Health, Nutrition & Lifestyle	Admiral Insurance
    Company	CA000036452-01	11/1/2019-5/1/2021

 

    	 

    	 

    

 

Schedule
6.01

 

Existing
Indebtedness

 

None.

 

 

 

    	 

    	 

    

 

Schedule
6.01(j)

 

Letters
of Credit

 

Murphy USA, Inc.

 

	LC Issuer	Beneficiary	Amount	Expiry Date	Description
	 	 	 	 	 
	BancorpSouth	Liberty Mutual	9,750,000.00	7/31/2021	Guarantee of “Deductible” and/or “Loss Limit”
    Reimbursement primary casualty deductible program
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	 

    	 

    

 

Schedule
6.02

 

Liens

 

		1.	Lease, dated as of March 1,
                                         1999, by and between Beede Properties, Inc., as landlord, and the Company, as tenant,
                                         for property located at 150 Mountain Avenue, Hackettstown, NJ 07840, as amended by that
                                         certain Amendment to Access and Parking Agreement dated as of December 9, 2008, as amended
                                         by that certain Second Amendment to Access and Parking Agreement dated as of December
                                         27, 2018.

 

		2.	The Liens listed in the following
                                         table:

 

	File No.	File
    date	Expiration
    date	Debtor	Secured
    party
	24044011	02/28/2007	02/28/2022	QUICK
    CHEK CORPORATION	CIT
TECHNOLOGIES CORPORATION;

        MACQUARIE
EQUIPMENT FINANCE, LLC1

	50519864	05/13/2013	05/13/2023	QUICK
    CHEK CORPORATION	BANC
    OF AMERICA LEASING & CAPITAL, LLC2
	52185670	04/24/2017	04/24/2022	QUICK
    CHEK CORPORATION	KUBOTA
    CREDIT CORPORATION
	53274625	03/13/2019	03/13/2024	QUICK
    CHEK CORPORATION	CALIFORNIA
    FIRST NATIONAL 
	53344494	04/22/2019	04/22/2024	QUICK
    CHEK CORPORATION	CALIFORNIA
    FIRST NATIONAL BANK
	53448545	06/20/2019	06/20/2024	QUICK
    CHEK CORPORATION	BANC
    OF AMERICA LEASING & CAPITAL, LLC
	40000172012633	7/17/2018
	1/20/2021	EL
DORADO PROPERTIES, LLC 
	DLL
FINANCE LLC

	40000173786965
	8/20/2018
	1/20/2021	EL
DORADO PROPERTIES, LLC
	DLL
FINANCE LLC

____________________ 

 

1 Termination filed
and pending.

2 Paid off in April
2018. Company is coordinating with Banc of America Leasing & Capital, LLC to remove the lien.

 

    	 

    	 

    

 

Schedule
6.04

 

Existing
Investments 

 

None.

 

 

 

 

    	 

    	 

    

 

Schedule
6.10

 

Existing
Restrictions

 

None.

 

 

 

 

     

     

    

 

 

EXHIBIT
A

 

[FORM
OF]

 

ASSIGNMENT
AND ASSUMPTION

 

This
Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below
and is entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement dated as of January 29, 2021 (as further
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Murphy
USA Inc., Murphy Oil USA, Inc., the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative
Agent and Collateral Agent (the “Revolving Administrative Agent”), and Royal Bank of Canada, as Term Administrative
Agent (the “Term Administrative Agent”), 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 referred to above
and the Credit Agreement, as of the Effective Date inserted by the applicable Administrative Agent as contemplated below, (a)
all the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents
or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all
of such outstanding rights and obligations of the Assignor under the credit facilities identified below (including any Guarantees
and Letters of Credit included in such facilities) and (b) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims,
tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned pursuant to clauses (a) and (b) 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: ________________________________________________________

 

    Exhibit A 

     

    

 

2.
Assignee:________________________________________________________

[and is [a Lender] [an Affiliate/Approved Fund of [Identify Lender]]]1

 

3.
Borrower: Murphy Oil USA, Inc. (the “Company”)

 

4.
Administrative Agent: [JPMorgan Chase Bank, N.A., as the Revolving Administrative Agent] [Royal Bank of Canada, as the Term Administrative
Agent] under the Credit Agreement

 

Assigned
Interest: 2

 

	Facility
Assigned
	Aggregate
Amount of Commitments/Loans of the applicable Class of all Lenders
	Amount
of the Commitments/Loans of the applicable Class Assigned
	Percentage
Assigned of Aggregate Amount of Commitments/Loans of the applicable Class of all Lenders3

	Tranche B Term Loans	$	$	%
	Revolving Commitments/Revolving Exposure	$	$	%
	[            ]4	$	$	%

 

Effective
Date:                    , 20___
[TO BE INSERTED BY THE APPLICABLE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
REGISTER THEREFOR]

 

The Assignee,
if not already a Lender, agrees to deliver to the applicable Administrative Agent a completed Administrative Questionnaire in
which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain MNPI about
Murphy USA and its subsidiaries, including the Company and the other Subsidiaries, and their securities) will be made available
and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including
Federal, state and foreign securities laws.

____________________ 

 

1
Select as applicable.

 

2
Must comply with the minimum assignment amounts set forth in Section 9.04(b)(ii)(A) of the Credit Agreement, to the extent such
minimum assignment amounts are applicable.

 

3
Set forth, to at least 9 decimals, as a percentage of the Commitments/Loans of all Tranche B Term Lenders, Revolving Lenders or
Lenders of the applicable Class, as applicable.

 

4
In the event any new Class of Loans or Commitments is established pursuant to Section 2.21, 2.22 or 2.23 of the Credit Agreement,
refer to the Class of such Loans or Commitments assigned.

    Exhibit A 

     

    

 

	The
                           terms set forth above are hereby agreed to:

                           

         

        

               ________________, as Assignor,

        

        By:

        ____________________________

        Name:

        Title:

         

        

               ________________, as Assignee,5

         

        

        By: 

        ____________________________

        Name:

        Title:

         
	[Consented
                           to and]6 Accepted:7

         

        [JPMORGAN CHASE BANK,
        N.A., as Revolving Administrative Agent,

        

        By:

        ___________________________

        Name:

        Title:]

         

        [ROYAL BANK OF CANADA,
        as Term Administrative Agent,

        

        By:

        ___________________________

        Name:

        Title:]

         

        Consented to:

        

        [MURPHY OIL USA, INC.,

        

        By:

        _____________________________

        Name:

        Title:]8

        

         

        

        [NAME OF EACH ISSUING BANK,

        

        By:

        _____________________________

        Name:

        Title:]9

__________________

 

5
The Assignee must deliver to the Company all applicable Tax forms required to be delivered by it under Section 2.17(f) of the
Credit Agreement.

 

6
No consent of the Term Administrative Agent is required for an assignment of any Term Loan to a Lender, an Affiliate of a Lender
or an Approved Fund under Section 9.04(b) of the Credit Agreement. 

 

7
Applicable Administrative Agent with respect to Class of Commitments or Loans assigned to consent to assignment (unless such consent
is not required).

 

8
No consent of the Company is required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or, if an Event
of Default has occurred and is continuing, for any other assignment under Section 9.04(b) of the Credit Agreement. 

 

9
Required in the case of any assignment of all or any portion of a Revolving Commitment or any Lender’s obligation in respect
of its LC Exposure under Section 9.04(b) of the Credit Agreement. Prepare a separate signature block for each Issuing Bank.

 

    Exhibit A 

     

    

 

ANNEX 1 TO

ASSIGNMENT AND ASSUMPTION

 

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 and (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 (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 Loan Document, other than statements made by it herein, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of Murphy USA, the Company, any of the other Subsidiaries or any other Affiliate of Murphy USA or any other Person obligated in
respect of any Loan Document or (iv) the performance or observance by Murphy USA, the Company, any of the other Subsidiaries or
any other Affiliate of Murphy USA or any other Person of any of their respective obligations under any Loan 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, to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to
be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it
shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall
have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the
most recent financial statements delivered pursuant to Section 5.01 thereof (or, prior to the first such delivery, the financial
statements referred to in Section 3.04 thereof), and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on any Administrative Agent or any other
Lender, (v) if it is a Lender that is a U.S. Person, attached hereto is an executed original of IRS Form W-9 certifying that such
Lender is exempt from U.S. Federal backup withholding tax and (vi) 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 (including Section 2.17(f) thereof), duly completed
and executed by the Assignee, and (b) agrees that (i) it will, independently and without reliance on any Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time,

 

    Exhibit A 

     

    

 

continue
to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.         Payments.
From and after the Effective Date, the applicable Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued
prior to or on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by
the applicable Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly
between themselves.

 

3.         General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile
or other electronic imaging 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 laws of the State of New York.

 

    Exhibit A 

     

    

 

EXHIBIT B

 

[FORM OF]

 

AUCTION PROCEDURES

 

This
Exhibit B is intended to summarize certain basic terms of the modified Dutch auction (an “Auction”)
procedures pursuant to and in accordance with the terms and conditions of Section 2.24 of that certain Agreement of which
this Exhibit B is a part (as amended, supplemented, restated, amended and restated, or otherwise modified from time to
time, the “Credit Agreement”). It is not intended to be a definitive statement of all of the terms and conditions
of an Auction, the definitive terms and conditions for which shall be set forth in the applicable offering document. None of the
Term Administrative Agent, the Auction Manager, or any of their respective Affiliates or other Related Parties of such Persons
(together with the Term Administrative Agent and its Affiliates, the “Agent-Related Person”) makes any recommendation
pursuant to any offering document as to whether or not any Term Lender should sell its Term Loans to the Company pursuant to any
offering documents, nor shall the decision by the Term Administrative Agent, the Auction Manager or any other Agent-Related Person
(or any of their affiliates) in its respective capacity as a Term Lender to sell its Term Loans to the Company be deemed to constitute
such a recommendation. Each Term Lender should make its own decision on whether to sell any of its Term Loans and, if it decides
to do so, the principal amount of and price to be sought for such Term Loans. In addition, each Term Lender should consult its
own attorney, business advisor or tax advisor as to legal, business, tax and related matters concerning each Auction and the relevant
offering documents. Capitalized terms not otherwise defined in this Exhibit B have the meanings assigned to them in the
Credit Agreement.

 

1. Notice
Procedures. In connection with each Auction, the Company will provide notification to the Auction Manager (for distribution
to the Term Lenders of the applicable Class of Term Loans (each, an “Auction Notice”)). Each Auction Notice
shall contain (i) the maximum principal amount (calculated on the face amount thereof) of Term Loans of each applicable Class
that the Company offers to purchase in such Auction (the “Auction Amount”) which shall be no less than $10,000,000
(unless another amount is agreed to by the Term Administrative Agent); (ii) the range of discounts to par (the “Discount
Range”) expressed as a range of prices per $1,000 (in increments of $5), at which the Company would be willing to purchase
Term Loans of each applicable Class in such Auction; and (iii) the date on which such Auction will conclude, on which date Return
Bids (as defined below) will be due by 1:00 p.m. (New York time) (as such date and time may be extended by the Auction Manager,
such time the “Expiration Time”). Such Expiration Time may be extended for a period not exceeding three Business
Days upon notice by the Company to the Auction Manager received not less than 24 hours before the original Expiration Time; provided
that only one extension per offer shall be permitted. An Auction shall be regarded as a “failed auction” in the
event that either (x) the Company withdraws such Auction in accordance with the terms hereof or (y) the Expiration Time occurs
with no Qualifying Bids (as defined below) having been received. In the event of a failed auction, the Company shall not be permitted
to deliver a new Auction Notice prior to the date occurring three Business Days after such

 

    Exhibit B 

     

    

 

withdrawal
or Expiration Time, as the case may be. Notwithstanding anything to the contrary contained herein, the Company shall not initiate
any Auction by delivering an Auction Notice to the Auction Manager until after the conclusion (whether successful or failed) of
the previous Auction (if any), whether such conclusion occurs by withdrawal of such previous Auction or the occurrence of the
Expiration Time of such previous Auction.

 

2.
Reply Procedures. In connection with any Auction, each Term Lender of each applicable Class wishing to participate in such
Auction shall, prior to the Expiration Time, provide the Auction Manager with a notice of participation, in the form included
in the respective offering document (each, a “Return Bid”) which shall specify (i) a discount to par that must
be expressed as a price per $1,000 (in increments of $5) in principal amount of Term Loans of each applicable Class (the “Reply
Price”) within the Discount Range and (ii) the principal amount of Term Loans of each applicable Class, in an amount
not less than $1,000,000 or an integral multiple of $1,000 in excess thereof, that such Lender offers for sale at its Reply Price
(the “Reply Amount”). A Term Lender may submit a Reply Amount that is less than the minimum amount and incremental
amount requirements described above only if the Reply Amount comprises the entire amount of the Term Loans of each applicable
Class held by such Term Lender. Term Lenders may only submit one Return Bid per Auction but each Return Bid may contain up to
three component bids, each of which may result in a separate Qualifying Bid and each of which will not be contingent on any other
component bid submitted by such Term Lender resulting in a Qualifying Bid. In addition to the Return Bid, the participating Term
Lender must execute and deliver, to be held by the Auction Manager, an assignment and acceptance in the form included in the offering
document (each, an “Auction Assignment and Assumption”). The Company will not purchase any Term Loans of any
applicable Class at a price that is outside of the applicable Discount Range, nor will any Return Bids (including any component
bids specified therein) submitted at a price that is outside such applicable Discount Range be considered in any calculation of
the Applicable Threshold Price.

 

3.
Acceptance Procedures. Based on the Reply Prices and Reply Amounts received by the Auction Manager, the Auction Manager,
in consultation with the Company, will calculate the lowest purchase price (the “Applicable Threshold Price”)
for such Auction within the Discount Range for such Auction that will allow the Company to complete the Auction by purchasing
the full Auction Amount (or such lesser amount of Term Loans for which the Company has received Qualifying Bids). The Company
shall purchase Term Loans of each applicable Class from each Term Lender whose Return Bid is within the Discount Range and contains
a Reply Price that is equal to or less than the Applicable Threshold Price (each, a “Qualifying Bid”). All
Term Loans included in Qualifying Bids (including multiple component Qualifying Bids contained in a single Return Bid) received
at a Reply Price lower than the Applicable Threshold Price will be purchased at such applicable Reply Prices and shall not be
subject to proration.

 

4.
Proration Procedures. All Term Loans of each applicable Class offered in Return Bids (or, if applicable, any component
thereof) constituting Qualifying Bids at the Applicable Threshold Price will be purchased at the Applicable Threshold Price;

 

    Exhibit B 

     

    

 

provided,
that if the aggregate principal amount (calculated on the face amount thereof) of all Term Loans of any applicable Class for
which Qualifying Bids have been submitted in any given Auction at the Applicable Threshold Price would exceed the remaining portion
of the Auction Amount (after deducting all Term Loans of such Class to be purchased at prices below the Applicable Threshold Price),
the Company shall purchase the Term Loans of such Class for which the Qualifying Bids submitted were at the Applicable Threshold
Price ratably based on the respective principal amounts offered and in an aggregate amount equal to the amount necessary to complete
the purchase of the Auction Amount. No Return Bids or any component thereof will be accepted above the Applicable Threshold Price.

 

5.
Notification Procedures. The Auction Manager will calculate the Applicable Threshold Price and post the Applicable Threshold
Price and proration factor onto an internet or intranet site (including an IntraLinks, SyndTrak or other electronic workspace)
in accordance with the Auction Manager’s standard dissemination practices by 4:00 p.m. New York time on the same Business
Day as the date the Return Bids were due (as such due date may be extended in accordance with this Exhibit B). The Auction
Manager will insert the principal amount of Term Loans of each applicable Class to be assigned and the applicable settlement date
into each applicable Auction Assignment and Assumption received in connection with a Qualifying Bid. Upon the request of the submitting
Lender, the Auction Manager will promptly return any Auction Assignment and Assumption received in connection with a Return Bid
that is not a Qualifying Bid.

 

6.
Auction Assignment and Assumption. The Company shall represent, warrant and covenant in each Auction Notice and Auction
Assignment and Assumption that the conditions set forth in Section 2.24 of the Credit Agreement have each been satisfied
on and as of the date of such Auction Notice or Auction Assignment and Assumption, as applicable, except to the extent that such
conditions refer to conditions that must be satisfied as of a future date, in which case the Company must terminate any Auction
if it fails to satisfy one of more of the conditions which are required to be met at the time which otherwise would have been
the time of purchase of Term Loans of any applicable Class pursuant to an Auction.

 

7.
Additional Procedures. Once initiated by an Auction Notice, the Company may withdraw an Auction only in the event that,
(i) as of such time, no Qualifying Bid has been received by the Auction Manager or (ii) the Company has failed to meet a condition
set forth in Section 2.24 of the Credit Agreement. Furthermore, in connection with any Auction, upon submission by a Term
Lender of a Return Bid, such Term Lender will not have any withdrawal rights. Any Return Bid (including any component bid thereof)
delivered to the Auction Manager may not be modified, revoked, terminated or cancelled by a Term Lender. However, an Auction may
become void if the conditions to the purchase of Term Loans of any applicable Class by the Company required by the terms and conditions
of Section 2.24 of the Credit Agreement are not met. The purchase price in respect of each Qualifying Bid for which purchase
by the Company is required in accordance with the foregoing provisions shall be paid directly by the Company to the respective
assigning Term Lender on a settlement date as determined jointly by the Company and the Auction Manager (which shall be not later
than 10 Business Days after

 

    Exhibit B 

     

    

 

the
date Return Bids are due). The Company shall execute each applicable Auction Assignment and Assumption received in connection
with a Qualifying Bid. All questions as to the form of documents and validity and eligibility of Term Loans of each applicable
Class that are the subject of an Auction will be determined by the Auction Manager, in consultation with the Company, and their
determination will be final and binding so long as such determination is not inconsistent with the terms of Section 2.24
of the Credit Agreement or this Exhibit B. The Auction Manager’s interpretation of the terms and conditions of the
offering document, in consultation with the Company, will be final and binding so long as such interpretation is not inconsistent
with the terms of Section 2.24 of the Credit Agreement or this Exhibit B. None of the Term Administrative Agent,
the Auction Manager, any other Agent-Related Person or any of their respective affiliates assumes any responsibility for the accuracy
or completeness of the information concerning the Company, the Loan Parties, or any of their affiliates (whether contained in
an offering document or otherwise) or for any failure to disclose events that may have occurred and may affect the significance
or accuracy of such information. This Exhibit B shall not require the Company to initiate any Auction.

 

    Exhibit B 

     

    

 

EXHIBIT C

 

[FORM OF]

 

BORROWING
REQUEST

 

	[If to the Revolving Administrative Agent:]	[If to the Term Administrative Agent:]
	 	 
	JPMorgan Chase Bank,
N.A.

        as Revolving Administrative
Agent

        Mailcode: IL1 1190, 10
S. Dearborn, 22nd Floor, 

        Chicago, IL 60603 

        Attention of CBC Operations 

        (Fax No. (713) 732-7608)
	Royal Bank of Canada,
as Term Administrative Agent

        20 King Street W, 4th
Floor,

        Toronto, Ontario, M5H,
1C4 

	 	 
	with a copy to

         

        JPMorgan Chase Bank,
N.A.

        as Revolving Administrative
Agent

        2200 Ross Avenue, 9th
Floor

        Dallas, TX 75201

        Attention of Jon Eckhouse

        (Fax No. 214-965-2594)
	 

 

[Date]

 

Ladies and Gentlemen:

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA Inc., Murphy Oil USA, Inc. (the “Company”),
the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and Collateral Agent,
and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the
meanings specified in the Credit Agreement.

 

This
notice constitutes a Borrowing Request and the Company hereby gives you notice, pursuant to Section 2.03 of the Credit Agreement,
that it requests a Borrowing under the Credit Agreement, and in connection therewith specifies the following information with
respect to such Borrowing:

 

		(A)	Class
                                         of Borrowing:1 ____________________________________

 

		(B)	Aggregate
                                         principal amount of Borrowing:2 $_________________

____________________ 

 

1
Specify Tranche B Term Borrowing, Revolving Borrowing or, if any new Class of Commitments is established under Section 2.21, 2.22
or 2.23, a Borrowing of such Class.

 

2  Must
comply with Sections 2.01 and 2.02(c) of the Credit Agreement.

    Exhibit C 

     

    

 

 

		(C)	Date of Borrowing (which is a Business
                                         Day): ________________

 

		(D)	Type
                                         of Borrowing:3 ____________________________________

 

		(E)	Interest
                                         Period and the last day thereof:4 _____________________

 

		(F)	Location and number of the Company’s
                                         account to which proceeds of the requested Borrowing are to be disbursed: [Name of Bank]
                                         (Account No.:_________________________________________)

 

[Issuing
Bank to which proceeds of the requested Borrowing are to be disbursed:__________________________________________]5

 

[The
Company hereby certifies that the conditions specified in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement have
been satisfied.]6

 

 

	 	Very truly yours,
	 	 
	 	MURPHY OIL USA, INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

____________________

 

3
       Specify ABR Borrowing or Eurocurrency Borrowing. If no election as to the Type
of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.

 

4
       Applicable to Eurocurrency Borrowings only. Shall be subject to the definition
of “Interest Period” and can be a period of one, three or six months. If an Interest Period is not specified, then
the Company shall be deemed to have selected an Interest Period of one month’s duration. May not end after the applicable
Maturity Date.

 

5
       Specify only in the case of an ABR Revolving Borrowing requested to finance the
reimbursement of an LC Disbursement as provided in Section 2.05(f) of the Credit Agreement. 

 

6
Include bracketed language only for Borrowings after the Closing Date other than for certain Incremental Loans incurred under
Section 2.21 to finance a Limited Condition Transaction as provided in the applicable Incremental Facility Agreement.

    Exhibit C 

     

    

 

EXHIBIT D

 

[FORM OF]

 

GUARANTEE
AND COLLATERAL AGREEMENT

 

See attached.

 

 

 

     

     

    

 

 

	 

                                                                                                

                                                                                                

                                                                                                

                                                                                                

                                                                                                

                                                                                               GUARANTEE
        AND COLLATERAL AGREEMENT 

         

        dated
        as of

         

        [●],

         

        among

         

        Murphy
        USA INC.,

         

        MURPHY
        OIL USA, INC.,

         

        THE
SUBSIDIARIES OF MURPHY USA INC.

        IDENTIFIED
        HEREIN

         

        and

         

        JPMORGAN
        CHASE BANK, N.A.,

         

        as
        Collateral Agent

         

         

         

         

         

         

         

 

     

     

    

 

TABLE OF
CONTENTS

 

	ARTICLE I

                                                                                 

                                                                                Definitions
	 
	SECTION
    1.01. Defined Terms	1
	SECTION
    1.02. Other Defined Terms	1
	ARTICLE II

                                                                                 

                                                                                Guarantee
	 
	SECTION
    2.01. Guarantee	5
	SECTION
    2.02. Guarantee of Payment; Continuing Guarantee	5
	SECTION
    2.03. No Limitations	6
	SECTION
    2.04. Reinstatement	7
	SECTION
    2.05. Agreement to Pay; Subrogation	7
	SECTION
    2.06. Information	7
	SECTION
    2.07. Keepwell	7
	ARTICLE III

                                                                                 

                                                                                Pledge of Securities
	 
	SECTION
    3.01. Pledge	7
	SECTION
    3.02. Delivery of the Pledged Collateral	8
	SECTION
    3.03. Representations and Warranties	9
	SECTION
    3.04. Certification of Limited Liability Company and Limited Partnership Interests	11
	SECTION
    3.05. Registration in Nominee Name; Denominations	11
	SECTION
    3.06. Voting Rights; Dividends and Interest	11
	SECTION
    3.07. Transfer Tax Acknowledgement	13
	ARTICLE IV

                                                                                 

                                                                                Security Interests in Personal Property
	 
	SECTION
    4.01. Security Interest	13
	SECTION
    4.02. Representations and Warranties	15
	SECTION
    4.03. Covenants	18
	SECTION
    4.04. Covenants Regarding Patent, Trademark and Copyright Collateral	20

 

     

     

    

 

	ARTICLE V

                                                                                 

                                                                                Remedies
	 
	SECTION
    5.01. Remedies Upon Default	21
	SECTION
    5.02. Application of Proceeds	23
	SECTION
    5.03. Grant of License to Use Intellectual Property	23
	SECTION
    5.04. Securities Act	24
	SECTION
    5.05. Registration	25
	ARTICLE VI

                                                                                 

                                                                                Indemnity, Subrogation and Subordination
	 
	SECTION
    6.01. Indemnity and Subrogation	26
	SECTION
    6.02. Contribution and Subrogation	26
	SECTION
    6.03. Subordination	26
	ARTICLE VII

                                                                                 

                                                                                Miscellaneous
	 
	SECTION
    7.01. Notices	27
	SECTION
    7.02. Waivers; Amendment	27
	SECTION
    7.03. Collateral Agent’s Fees and Expenses; Indemnification	27
	SECTION
    7.04. Survival	29
	SECTION
    7.05. Counterparts; Effectiveness, Successors and Assigns	29
	SECTION
    7.06. Severability	30
	SECTION
    7.07. Right of Set-Off	30
	SECTION
    7.08. Governing Law; Jurisdiction; Consent to Service of Process	30
	SECTION
    7.09. WAIVER OF JURY TRIAL	31
	SECTION
    7.10. Headings	31
	SECTION
    7.11. Security Interest Absolute	31
	SECTION
    7.12. Termination or Release	32
	SECTION
    7.13. Additional Subsidiaries	32
	SECTION
    7.14. Collateral Agent Appointed Attorney-in-Fact	32
	SECTION
    7.15. Certain Acknowledgments and Agreements	33

     

     

    

 

Schedules

 

Schedule
IPledged Equity Interests; Pledged Debt Securities

Schedule
IIIntellectual Property

Schedule
IIICommercial Tort Claims

 

Exhibits

 

Exhibit
IForm of Supplement

Exhibit
II-AForm of Patent Security Agreement

Exhibit
II-BForm of Trademark Security Agreement

Exhibit
II-CForm of Copyright Security Agreement

 

     

     

    

 

GUARANTEE
AND COLLATERAL AGREEMENT dated as of [●] (this “Agreement”), among MURPHY USA INC., MURPHY OIL USA, INC.,
the SUBSIDIARIES from time to time party hereto and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent.

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among Murphy Oil USA, Inc., a Delaware corporation (the “Company”),
Murphy USA Inc., a Delaware corporation (“Murphy USA”), the Lenders party thereto, JPMCB, as Revolving Administrative
Agent and Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent (together with the Revolving Administrative
Agent, the “Administrative Agents”). The Lenders and the Issuing Banks have agreed to extend credit to the
Company subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the Issuing
Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Murphy USA
and the Subsidiary Loan Parties are Affiliates of the Company, will derive substantial benefits from the extension of credit to
the Company pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders
and the Issuing Banks to extend such credit. Accordingly, the parties hereto agree as follows:

 

ARTICLE
I

Definitions

 

SECTION 1.01.
Defined Terms. (a) Each term defined in the Credit Agreement and used but not defined herein shall have the meaning specified
in the Credit Agreement; provided that each term defined in the New York UCC (as defined herein) and not defined in this
Agreement shall have the meaning specified therein. The term “instrument” shall have the meaning specified in Article 9
of the New York UCC.

 

(b)
The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Agreement, mutatis mutandis.

 

SECTION 1.02.
Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“Account
Debtor” means any Person that is or may become obligated on an Account or a Payment Intangible.

 

“Agreement”
has the meaning assigned to such term in the preamble hereto.

 

“Article 9
Collateral” has the meaning assigned to such term in Section 4.01.

 

     

    2 

    

 

“Collateral”
means, collectively, the Article 9 Collateral and the Pledged Collateral.

 

“Company”
has the meaning assigned to such term in the recitals hereto.

 

“Contributing
Party” has the meaning assigned to such term in Section 6.02.

 

“Copyright
License” means any written agreement, now or hereafter in effect, granting to any Person any right under any Copyright
owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright
owned by any other Person, or that any other Person now or hereafter otherwise has the right to license and all rights of such
Grantor under any such agreement.

 

“Copyrights”
means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all copyright
rights in any work subject to the copyright laws of the United States of America or any other country, whether as author, assignee,
transferee or otherwise, (b) all registrations and applications for registration of any such copyright in the United States
of America or any other country, including registrations, recordings, supplemental registrations, pending applications for registration
and renewals in the United States Copyright Office (or any similar office in any other country), including those listed on Schedule
II, and (c) any other rights corresponding to the foregoing, including moral rights.

 

“Credit
Agreement” has the meaning assigned to such term in the recitals hereto.

 

“Excluded
Equity Interests” has the meaning assigned to such term in Section 3.01.

 

“Federal
Securities Laws” has the meaning assigned to such term in Section 5.04.

 

“Grantors”
means Murphy USA, the Company and each Subsidiary Loan Party.

 

“Guarantors”
means Murphy USA, the Company (except with respect to its own obligations as a borrower under the Credit Agreement) and each Subsidiary
Loan Party.

 

“Intellectual
Property” means all intellectual and similar property of every kind and nature, including inventions, designs, Patents,
Copyrights, Licenses, Trademarks, trade secrets, domain names, confidential or proprietary technical and business information,
know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation,
registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection
with, any of the foregoing.

 

     

    3 

    

 

“JPMCB”
has the meaning assigned to such term in the recitals hereto.

 

“License”
means any Patent License, Trademark License, Copyright License or other license or sublicense agreement with respect to Intellectual
Property to which any Grantor is a party.

 

“Loan
Document Obligations” means (a) the due and punctual payment by the Company of (i) the principal of and interest (including
interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more
dates set for prepayment or otherwise, (ii) each payment required to be made by the Company under the Credit Agreement in respect
of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and
obligations to provide cash collateral, and (iii) all other monetary obligations of the Company under the Credit Agreement and
each of the other Loan Documents, including obligations to pay fees, expense reimbursement obligations and indemnification obligations,
whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
(b) the due and punctual performance of all other obligations of the Company under or pursuant to the Credit Agreement and each
of the other Loan Documents, and (c) the due and punctual payment and performance of all the obligations of each other Loan Party
under or pursuant to this Agreement and each of the other Loan Documents (including monetary obligations incurred during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding).

 

“Murphy
USA” has the meaning assigned to such term in the recitals hereto.

 

“New
York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Patent
License” means any written agreement, now or hereafter in effect, granting to any Person any right to make, use or sell
any invention on which a Patent, owned by any Grantor or that any Grantor otherwise has the right to license, is in existence,
or granting to any Grantor any right to make, use or sell any invention on which a Patent owned by any other Person, or that any
other Person otherwise has the right to license, is in existence, and all rights of any Grantor under any such agreement.

 

“Patents”
means with respect to any Person all of the following now owned or hereafter acquired by such Person: (a) all letters patent
of the United States of America or the equivalent thereof in any other country, all registrations and recordings thereof, and
all applications for letters patent of the United States of America or the equivalent thereof in any other country, including
registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in
any other country including those listed on Schedule II, and (b) all reissues,

 

     

    4 

    

 

continuations,
divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed therein, including the
right to make, use and/or sell the inventions disclosed or claimed therein.

 

“Perfection
Certificate” means the Perfection Certificate dated the Effective Date delivered by Murphy USA and the Company to the
Collateral Agent pursuant to Section 4.01(g) of the Credit Agreement.

 

“Pledged
Collateral” has the meaning assigned to such term in Section 3.01.

 

“Pledged
Equity Interests” has the meaning assigned to such term in Section 3.01.

 

“Pledged
Securities” means any promissory notes, stock certificates, unit certificates, limited liability membership certificates
or other certificated securities now or hereafter included in the Pledged Collateral, including all certificates, instruments
or other documents representing or evidencing any Pledged Collateral.

 

“Secured
Obligations” means (a) all the Loan Document Obligations, (b) all the Banking Services Obligations and (c) all the Secured
Hedging Agreement Obligations.

 

“Secured
Parties” means (a) the Lenders, (b) the Collateral Agent, the Administrative Agents and each Arranger, (c) each
Issuing Bank, (d) each Banking Services Bank holding any Banking Services Obligations, (e) each counterparty to any Hedging
Agreement the obligations under which constitute Secured Hedging Agreement Obligations, (f) the beneficiaries of each indemnification
obligation undertaken by any Loan Party under any Loan Document, (g) each other holder of any Secured Obligation and (h) the
successors and assigns of each of the foregoing.

 

“Security
Interest” has the meaning assigned to such term in Section 4.01(a).

 

“Subsidiary
Loan Parties” means (a) the Subsidiaries party to this agreement on the Effective Date (including the Company) and (b)
each other Subsidiary that becomes a party to this Agreement after the Effective Date.

 

“Supplement”
means an instrument substantially in the form of Exhibit I hereto, or any other form approved by the Collateral Agent, and
in each case reasonably satisfactory to the Collateral Agent.

 

“Trademark
License” means any written agreement (including the Trademark License Agreement), now or hereafter in effect, granting
to any Person any right to use any Trademark owned by any Grantor or that any Grantor otherwise has the right to license, or granting
to any Grantor any right to use any Trademark owned by any other Person or that any other Person otherwise has the right to license,
and all rights of any Grantor under any such agreement.

 

     

    5 

    

 

“Trademark
License Agreement” means the Trademark License Agreement dated as of August 30, 2013, between Murphy Oil and Murphy
USA.

 

“Trademarks”
means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all trademarks,
service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress,
logos, other source or business identifiers, designs and general intangibles of like nature, all registrations and recordings
thereof, and all registration and recording applications filed in connection therewith, including registrations and registration
applications in the United States Patent and Trademark Office or any similar offices in any State of the United States of America
or any other country or any political subdivision thereof, and all extensions or renewals thereof, and all common law rights related
thereto, including those listed on Schedule II, (b) all goodwill associated therewith or symbolized thereby and (c) all other
assets, rights and interests that uniquely reflect or embody such goodwill.

 

ARTICLE
II

Guarantee

 

SECTION 2.01.
Guarantee. Each Guarantor irrevocably and unconditionally guarantees, jointly with the other Guarantors and severally,
as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Secured Obligations. Each
Guarantor further agrees that the Secured Obligations may be extended or renewed, in whole or in part, or amended or modified,
without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any extension,
renewal, amendment or modification of any Secured Obligation. Each Guarantor waives presentment to, demand of payment from and
protest to the Company or any other Loan Party of any of the Secured Obligations, and also waives notice of acceptance of its
guarantee hereunder and notice of protest for nonpayment.

 

SECTION 2.02.
Guarantee of Payment; Continuing Guarantee. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee
of payment when due (whether or not any bankruptcy, insolvency, receivership or similar proceeding shall have stayed the accrual
or collection of any of the Secured Obligations or operated as a discharge thereof) and not merely of collection, and waives any
right to require that any resort be had by the Collateral Agent or any other Secured Party to any security held for the payment
of the Secured Obligations or to any balance of any deposit account or credit on the books of the Collateral Agent or any other
Secured Party in favor of the Company, any other Loan Party or any other Person. Each Guarantor agrees that its guarantee hereunder
is continuing in nature and applies to all Secured Obligations, whether currently existing or hereafter incurred.

 

SECTION 2.03.
No Limitations. (a) Except for the termination or release of a Guarantor’s obligations hereunder as expressly provided
in Section 7.12, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation,

 

     

    6 

    

 

impairment
or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject
to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability
of the Secured Obligations, any impossibility in the performance of the Secured Obligations, or otherwise. Without limiting the
generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected
by (i) the failure of the Collateral Agent or any other Secured Party to assert any claim or demand or to enforce any right
or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification
of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to
any other Guarantor under this Agreement; (iii) the release of, or any impairment of or failure to perfect any Lien on or
security interest in, any security held by the Collateral Agent or any other Secured Party for any of the Secured Obligations;
(iv) any default, failure or delay, wilful or otherwise, in the performance of any of the Secured Obligations; or (v) any
other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as
a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Secured
Obligations). Each Guarantor expressly authorizes the Secured Parties to take and hold security for the payment and performance
of the Secured Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce
or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute
any one or more other guarantors or obligors upon or in respect of the Secured Obligations, all without affecting the obligations
of any Guarantor hereunder.

 

(b)
To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of
the Company or any other Loan Party or the unenforceability of the Secured Obligations or any part thereof from any cause, or
the cessation from any cause of the liability of the Company or any other Loan Party, other than the indefeasible payment in full
in cash of all the Secured Obligations. The Collateral Agent and the other Secured Parties may, at their election, foreclose on
any security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security
in lieu of foreclosure, compromise or adjust any part of the Secured Obligations, make any other accommodation with the Company
or any other Loan Party or exercise any other right or remedy available to them against the Company or any other Loan Party, without
affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Secured Obligations have been
indefeasibly paid in full in cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising
out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right
of reimbursement or subrogation or other right or remedy of such Guarantor against the Company or any other Loan Party, as the
case may be, or any security.

 

SECTION 2.04.
Reinstatement. Each Guarantor agrees that its guarantee hereunder shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of any Secured Obligation is rescinded or must otherwise be

 

     

    7 

    

 

restored
by the Collateral Agent or any other Secured Party upon the bankruptcy, insolvency, dissolution, liquidation or reorganization
of the Company, any other Loan Party or otherwise.

 

SECTION 2.05.
Agreement to Pay; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Collateral
Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company
or any other Loan Party to pay any Secured Obligation when and as the same shall become due, whether at maturity, by acceleration,
after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the
Collateral Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid Secured Obligation. Upon
payment by any Guarantor of any sums to the Collateral Agent as provided above, all rights of such Guarantor against the Company
or any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or
otherwise shall in all respects be subject to Article VI.

 

SECTION 2.06.
Information. Each Guarantor (a) assumes all responsibility for being and keeping itself informed of the Company’s
and each other Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment
of the Secured Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and
(b) agrees that none of the Collateral Agent or the other Secured Parties will have any duty to advise such Guarantor of
information known to it or any of them regarding such circumstances or risks.

 

SECTION 2.07.
Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations
under the Loan Documents in respect of Swap Obligations (subject to the limitations on its Guarantee under this Agreement). The
obligations of each Qualified ECP Guarantor under this Section 2.07 shall remain in full force and effect until its Guarantee
under this Agreement is released. Each Qualified ECP Guarantor intends that this Section 2.07 constitute, and this Section 2.07
shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party
for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

ARTICLE
III

Pledge of Securities

 

SECTION 3.01.
Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, each Grantor
hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby
grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in, all
of such Grantor’s right, title and interest in, to and under (a)(i) the shares of capital stock and other Equity Interests
now owned or at any time hereafter acquired by such Grantor, including those set forth

 

     

    8 

    

 

opposite
the name of such Grantor on Schedule I, and (ii) all certificates and any other instruments representing all such Equity
Interests (collectively, the “Pledged Equity Interests”); provided that the Pledged Equity Interests
shall not include (A) more than 66% of the issued and outstanding voting Equity Interests of any CFC or FSHCO or (B) Equity Interests
in any Person that is not a Subsidiary, and to the extent such assignment, pledge and grant requires, pursuant to the constituent
documents of such Person or any related joint venture, shareholder or similar agreement binding on any shareholder, partner or
member of such Person, the consent of any governing body of or Persons (other than of the Grantors or any of their respective
Affiliates) holding Equity Interests in such Person and such consent shall not have been obtained (the Equity Interests so excluded
under clauses (A) and (B) above being collectively referred to herein as the “Excluded Equity Interests”);
(b)(i) the debt securities now owned or at any time hereafter acquired by such Grantor, including those listed opposite the name
of such Grantor on Schedule I, and (ii) all promissory notes and other instruments evidencing all such debt securities (collectively,
the “Pledged Debt Securities”); (c) all other property that may be delivered (or, in the case of such
Collateral as was delivered prior to the Effective Date, has been delivered) to and held by the Collateral Agent pursuant to the
terms of this Section 3.01 and Section 3.02; (d) subject to Section 3.06, all payments of principal, and all interest,
dividends or other distributions, whether paid or payable in, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received
in respect of, the Pledged Equity Interests and the Pledged Debt Securities; (e) subject to Section 3.06, all rights
and privileges of such Grantor with respect to the securities, instruments and other property referred to in clauses (a),
(b), (c) and (d) above; and (f) all Proceeds of any of the foregoing (the items referred to in clauses (a) through (f) above
being collectively referred to as the “Pledged Collateral”).

 

SECTION 3.02.
Delivery of the Pledged Collateral. (a) Each Grantor agrees promptly to deliver or cause to be delivered to the Collateral
Agent any and all Pledged Securities (other than Pledged Equity Interests issued by limited liability companies or limited partnerships
that are not certificated pursuant to Section 3.02(c)) (i) on the date hereof, in the case of any such Pledged Securities
owned by such Grantor on the date hereof (unless such Pledged Securities have been delivered prior to the Effective Date), and
(ii) promptly after the acquisition thereof (and, in any event, as required under the Credit Agreement), in the case of any such
Pledged Securities acquired by such Grantor after the date hereof; provided that no Grantor shall be required to deliver
to the Collateral Agent any promissory note evidencing Indebtedness of less than $5,000,000 (or equivalent thereof) (it being
understood that such promissory notes shall nonetheless constitute Collateral).

 

(b)
Upon delivery to the Collateral Agent, (i) any Pledged Securities shall be accompanied by undated stock or note powers duly executed
by the applicable Grantor in blank or other undated instruments of transfer satisfactory to the Collateral Agent duly executed
by the applicable Grantor in blank and by such other instruments and documents as the Collateral Agent may reasonably request
and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by proper instruments of assignment
duly executed by the applicable Grantor in blank and such

 

     

    9 

    

 

other
instruments or documents as the Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied
by a schedule describing the securities, which schedule shall be attached hereto as Schedule I and made a part hereof; provided
that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each
schedule so delivered shall supplement any prior schedules so delivered.

 

(c)
Each Grantor acknowledges and agrees that (i) to the extent any interest in any limited liability company or limited partnership
controlled now or in the future by such Grantor (or by such Grantor and one or more other Loan Parties) and pledged hereunder
is a “security” within the meaning of Article 8 of the Uniform Commercial Code and is governed by Article 8 of the
Uniform Commercial Code, such interest shall be certificated; and such certificate shall be delivered to the Collateral Agent
in accordance with Section 3.02(a) and (ii) each such interest shall at all times hereafter continue to be such a security and
represented by such certificate. Each Grantor further acknowledges and agrees that with respect to any interest in any limited
liability company or limited partnership controlled now or in the future by such Grantor (or by such Grantor and one or more other
Loan Parties) and pledged hereunder that is not a “security” within the meaning of Article 8 of the Uniform Commercial
Code, the terms of such interest shall at no time provide that such interest is a “security” within the meaning of
Article 8 of the Uniform Commercial Code, nor shall such interest be represented by a certificate, unless such Grantor provides
prior written notification to the Collateral Agent that the terms of such interest so provide that such interest is a “security”
within the meaning of Article 8 of the New York UCC and such interest is thereafter represented by a certificate; and such certificate
shall be delivered to the Collateral Agent in accordance with Section 3.02(a).

 

SECTION 3.03.
Representations and Warranties. The Grantors jointly and severally represent and warrant to the Collateral Agent, for the
benefit of the Secured Parties, that:

 

(a)
Schedule I correctly sets forth, as of the Effective Date, a true and complete list, with respect to each Grantor, of (i) all
the Pledged Equity Interests owned by such Grantor and the percentage of the issued and outstanding units of each class of the
Equity Interests of the issuer thereof represented by the Pledged Equity Interests owned by such Grantor and (ii) all the Pledged
Debt Securities owned by such Grantor;

 

(b)
with respect to the Pledged Equity Interests and Pledged Debt Securities issued by Murphy USA, the Company or any Subsidiary,
such Pledged Equity Interests and Pledged Debt Securities have been duly and validly authorized and issued by the issuers thereof
and (i) in the case of Pledged Equity Interests, are fully paid and nonassessable and (ii) in the case of Pledged Debt Securities,
are legal, valid and binding obligations of the issuers thereof, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether
considered in a proceeding in equity or at law;

 

     

    10 

    

 

(c)
except for the security interests granted hereunder, each of the Grantors (i) is and, subject to any transfers made in compliance
with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated
on Schedule I as owned by such Grantor, (ii) holds the same free and clear of all Liens, other than Liens created by this
Agreement, Permitted Encumbrances and other Liens permitted by the Credit Agreement, (iii) will make no assignment, pledge,
hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral,
other than Liens created by this Agreement, Permitted Encumbrances and other Liens permitted by the Credit Agreement, and (iv) will
defend its title or interest thereto or therein against any and all Liens (other than the Liens created by this Agreement and
Permitted Encumbrances or other Liens permitted by the Credit Agreement), however arising, of all Persons whomsoever;

 

(d)
except as disclosed on Schedule I or any schedule furnished pursuant to Section 3.02(b), and except for restrictions and limitations
imposed by the Loan Documents, any Permitted Intercreditor Agreement or securities laws generally, and, in the case of clause
(ii), except for limitations existing as of the Effective Date in the articles or certificate of incorporation, bylaws or other
organizational documents of any Subsidiary, (i) the Pledged Collateral is and will continue to be freely transferable and assignable,
and (ii) except in connection with sales or dispositions permitted by the Credit Agreement, none of the Pledged Collateral is
or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual
restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder,
the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder;

 

(e)
each of the Grantors has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby
done or contemplated;

 

(f)
no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity
of the pledge effected hereby (other than such as have been obtained and are in full force and effect);

 

(g)
by virtue of the execution and delivery by the Grantors of this Agreement, when any Pledged Securities are delivered to the Collateral
Agent in accordance with this Agreement, the Collateral Agent will obtain a legal, valid and perfected lien upon and security
interest in such Pledged Securities as security for the payment and performance of the Secured Obligations; and

 

(h)
subject to applicable local law in the case of any Equity Interests in any Foreign Subsidiary, the pledge effected hereby is effective
to vest in the Collateral Agent, for the benefit of the Secured Parties, the rights of the Collateral Agent in the Pledged Collateral
as set forth herein.

 

     

    11 

    

 

SECTION 3.04.
Certification of Limited Liability Company and Limited Partnership Interests. Each interest in any limited liability company
or limited partnership controlled by any Grantor and pledged hereunder shall be represented by a certificate, shall be a “security”
within the meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the New York UCC.

 

SECTION 3.05.
Registration in Nominee Name; Denominations. The Collateral Agent, on behalf of the Secured Parties, shall have the right
(in its sole and absolute discretion) to hold the Pledged Securities in its own name as pledgee, in the name of its nominee (as
pledgee or as sub-agent) or in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral
Agent. Each Grantor will promptly give to the Collateral Agent copies of any notices or other communications received by it with
respect to Pledged Securities registered in the name of such Grantor. The Collateral Agent shall at all times have the right to
exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose
consistent with this Agreement.

 

SECTION 3.06.
Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred and be continuing and
the Collateral Agent shall have notified the Grantors that their rights under this Section 3.06 are being suspended:

 

(i)
each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of
Pledged Collateral or any part thereof for any purpose consistent with the terms of this Agreement and the other Loan Documents;
provided that such rights and powers shall not be exercised in any manner that could reasonably be expected to materially
and adversely affect the rights inuring to a holder of any Pledged Collateral or the rights and remedies of any of the Collateral
Agent or any Secured Party under this Agreement or any other Loan Document or the ability of the Secured Parties to exercise the
same;

 

(ii)
the Collateral Agent shall execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such
proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor
to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section
3.06; and

 

(iii)
each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on
or distributed in respect of the Pledged Collateral, but only to the extent that such dividends, interest, principal and other
distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement,
the other Loan Documents and applicable laws; provided that any noncash dividends, interest, principal or other distributions
that would constitute Pledged Equity Interests or Pledged Debt Securities, whether resulting from a subdivision,

 

     

    12 

    

 

combination
or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged
Securities or any part thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which
such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral and, if received by any Grantor, and
required to be delivered to the Collateral Agent hereunder, shall not be commingled by such Grantor with any of its other funds
or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and
the other Secured Parties and shall be forthwith delivered to the Collateral Agent in the same form as so received (with any necessary
endorsements, stock or note powers or other instruments of transfer requested by the Collateral Agent).

 

(b)
Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified the Grantors
of the suspension of their rights under paragraph (a)(iii) of this Section 3.06, then all rights of any Grantor to dividends,
interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this
Section 3.06, shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole
and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends,
interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held
in trust for the benefit of the Collateral Agent and the other Secured Parties, shall be segregated from other property or funds
of such Grantor and shall be forthwith delivered to the Collateral Agent upon demand in the same form as so received (with any
necessary endorsements, stock or note powers or other instruments of transfer). Any and all money and other property paid over
to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent
in an account to be established by the Collateral Agent upon receipt of such money or other property shall be held as security
for the payment and performance of the Secured Obligations and shall be applied in accordance with the provisions of Section 5.02.
After all Events of Default have been cured or waived and the Company has delivered to the Collateral Agent a certificate of a
Financial Officer of each of Murphy USA and the Company to that effect, the Collateral Agent shall promptly repay to each Grantor
(without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to
retain pursuant to the terms of paragraph (a)(iii) of this Section and that remain in such account.

 

(c)
Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified the Grantors
of the suspension of their rights under paragraph (a)(i) of this Section 3.06, then all rights of any Grantor to exercise
the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 3.06,
and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 3.06, shall cease, and all such
rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise
such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Collateral
Agent shall have the

 

     

    13 

    

 

right
from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights.

 

(d)
Any notice given by the Collateral Agent to the Grantors suspending their rights under paragraph (a) of this Section 3.06
(i) may be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Grantors at the same or
different times and (iii) may suspend the rights and powers of the Grantors under paragraph (a)(i) or paragraph (a)(iii) of this
Section 3.06 in part without suspending all such rights and powers (as specified by the Collateral Agent in its sole and absolute
discretion) and without waiving or otherwise affecting the Collateral Agent’s right to give additional notices from time
to time suspending other rights and powers so long as an Event of Default has occurred and is continuing.

 

SECTION 3.07.
Transfer Tax Acknowledgement. Each party hereto acknowledges that the Pledged Collateral is being transferred to the Collateral
Agent as security for the Secured Obligations and that this Section 3.07 is intended to be the certificate of exemption from New
York stock transfer taxes for the purposes of complying with Section 270.5(b) of the Tax Law of the State of New York.

 

ARTICLE
IV

Security Interests in Personal Property

 

SECTION 4.01.
Security Interest. (a) As security for the payment or performance, as the case may be, in full of the Secured Obligations,
each Grantor hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security
interest (the “Security Interest”) in all right, title and interest in, to and under any and all of the following
assets now owned or at any time hereafter acquired by such Grantor or in, to or under which such Grantor now has or at any time
hereafter may acquire any right, title or interest (collectively, the “Article 9 Collateral”):

 

(i)
all Accounts;

 

(ii)
all Chattel Paper;

 

(iii)
all cash and cash equivalents;

 

(iv)
all Deposit Accounts and all Securities Accounts and all cash and Investment Property deposited therein or credited thereto;

 

(v)
all Documents;

 

(vi)
all Equipment;

 

(vii)
all General Intangibles, including all Intellectual Property;

 

(viii)
all Inventory;

 

     

    14 

    

 

(ix)
all other Goods;

 

(x)
all Instruments;

 

(xi)
all Investment Property;

 

(xii)
all Letter-of-Credit Rights;

 

(xiii)
all Commercial Tort Claims described on Schedule III, as such schedule may be supplemented from time to time pursuant to Section
4.02(e);

 

(xiv)
all Fixtures;

 

(xv)
all books and records pertaining to the Article 9 Collateral; and

 

(xvi)
to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral security and
guarantees given by any Person with respect to any of the foregoing.

 

(b)
Each Grantor hereby irrevocably authorizes the Collateral Agent (or its designee) at any time and from time to time to file in
any relevant jurisdiction any initial financing statements with respect to the Article 9 Collateral or any part thereof and
amendments thereto that (i) indicate the Collateral as “all assets” of such Grantor or words of similar
effect and (ii) contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction
for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization
and any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Collateral
Agent promptly upon request.

 

Each
Grantor also ratifies its authorization for the Collateral Agent (or its designee) to file in any relevant jurisdiction any initial
financing statements or amendments thereto, if filed prior to the date hereof.

 

The
Collateral Agent is further authorized by each Grantor to file with the United States Patent and Trademark Office or the United
States Copyright Office such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing,
enforcing or protecting the Security Interest granted by such Grantor, without the signature of any Grantor, and naming any Grantor
or the Grantors as debtors and the Collateral Agent as secured party. Each Grantor agrees to provide such information or the applicable
signatures required for any such filing to the Collateral Agent promptly upon request.

 

(c)
The Security Interest and the security interest granted pursuant to Article III are granted as security only and shall not
subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any
Grantor with respect to or arising out of the Collateral.

 

     

    15 

    

 

(d)
Notwithstanding anything herein to the contrary, in no event shall the security interest granted hereunder attach to (i) any intent-to-use
Trademark applications prior to the filing, and acceptance by the United States Patent and Trademark Office, of a “Statement
of Use” or “Amendment to Allege Use” with respect thereto, if any, to the extent that, and solely during the
period in which, the grant of a security interest therein prior to such filing and acceptance would impair the validity or enforceability
of such intent-to-use Trademark applications or the resulting Trademark registrations under applicable federal law or (ii) any
contract or agreement to which a Grantor is a party or any of its rights or interests thereunder if and for so long as the grant
of such security interest shall constitute or result in (x) the unenforceability of any right of the Grantor therein or (y) a
breach or termination pursuant to the terms of, or a default under, any such contract or agreement (except in each case to the
extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC or
any other applicable law or principle of equity); provided, however, that such security interest shall attach immediately
at such time as the condition causing such unenforceability shall be remedied and, to the extent severable, shall attach immediately
to any portion of such contract or agreement that does not result in any of the consequences specified in clause (x) or (y)
of this paragraph (d) including any Proceeds of such contract or agreement.

 

SECTION 4.02.
Representations and Warranties. The Grantors jointly and severally represent and warrant to the Collateral Agent for the
benefit of the Secured Parties that:

 

(a)
Each Grantor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to
grant the Security Interest and has full power and authority to grant to the Collateral Agent the Security Interest in such Article 9
Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement,
without the consent or approval of any other Person other than any consent or approval that has been obtained.

 

(b) The Perfection
Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact legal name
and jurisdiction of organization of each Grantor, is correct and complete as of the Effective Date. The Uniform Commercial Code
financing statements or other appropriate filings, recordings or registrations prepared by the Collateral Agent based upon the
information provided to the Collateral Agent in the Perfection Certificate for filing in each governmental, municipal or other
office specified in Schedules 2A and 2B to the Perfection Certificate (or specified by notice from Murphy USA and the Company
to the Collateral Agent after the Effective Date pursuant to any Supplemental Perfection Certificate or pursuant to Section 5.04(a)
of the Credit Agreement), are all the filings, recordings and registrations (other than filings, recordings and registrations
required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect
the Security Interest in the Article 9 Collateral consisting of United States Patents, United States registered Trademarks
(and Trademarks for which United States applications for registration are

 

     

    16 

    

 

pending),
United States registered Copyrights (and Copyrights for which United States applications for registration are pending) and United
States exclusive Copyright Licenses granted to such Grantor) that are necessary to publish notice of and protect the validity
of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured
Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration
in the United States of America (or any political subdivision thereof) and its territories and possessions, and no further or
subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except
as provided under applicable law with respect to the filing of continuation statements. A Patent Security Agreement in the form
of Exhibit II-A hereto, a Trademark Security Agreement in the form of Exhibit II-B hereto, and a Copyright Security
Agreement in the form of Exhibit II-C hereto (such agreements being collectively referred to herein as the “IP Security
Agreements”), in each case containing a description of the Article 9 Collateral consisting of United States Patents,
United States registered Trademarks (and Trademarks for which United States applications for registration are pending), United
States registered Copyrights (and Copyrights for which United States applications for registration are pending) and United States
exclusive Copyright Licenses granted to the Grantor, as applicable, and executed by each Grantor owning any such Article 9
Collateral, have been delivered to the Collateral Agent for recording with the United States Patent and Trademark Office and the
United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205
and the regulations thereunder, as applicable, to protect the validity of and to establish a legal, valid and perfected security
interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral
consisting of United States Patents, United States Trademarks, United States Copyrights and United States exclusive Copyright
Licenses in which a security interest may be perfected by filing, recording or registration in the United States of America (or
any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording,
rerecording, registration or reregistration is necessary with respect to any such Article 9 Collateral in any such jurisdiction
(other than such actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting
of United States Patents, United States Trademarks and United States Copyrights and United States exclusive Copyright Licenses
(or registrations or applications for registration thereof) acquired or developed after the date of this Agreement).

 

(c)
The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the
payment and performance of the Secured Obligations, (ii) subject to the filings described in paragraph (b) of this Section,
a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording
or registering a financing statement or analogous document in the United States of America (or any political subdivision thereof)
and its territories and possessions pursuant to the Uniform Commercial Code or other applicable law in such jurisdictions and
(iii) a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected
upon the receipt and recording of the IP Security Agreements with the United States Patent and Trademark Office and the United
States Copyright Office, as applicable.

 

     

    17 

    

 

(d)
Schedule II sets forth, as of the date of this Agreement, a true and complete list, with respect to each Grantor, of (i) all Patents
that have been granted by the United States Patent and Trademark Office and Patents for which United States applications are pending,
(ii) all Copyrights that have been registered with the United States Copyright Office and Copyrights for which United States registration
applications are pending, (iii) all Trademarks that have been registered with the United States Patent and Trademark Office
and Trademarks for which United States registration applications are pending and (iv) all United States exclusive Copyright Licenses
under which such Grantor is a licensee, in each case truly and completely specifying (to the extent applicable) the name of the
registered owner, title, type of mark, registration or application number, registration date (if already registered) or filing
date, and, if applicable, the licensee, licensor and date of the license agreement. In the event any Supplemental Perfection Certificate
or any Supplement shall set forth any Intellectual Property, Schedule II shall be deemed to be supplemented to include the reference
to such Intellectual Property, in the same form as such reference is set forth on such Supplemental Perfection Certificate or
Supplement.

 

(e)
Each Grantor owns, licenses or otherwise has the rights to use, all Patents, Trademarks, Copyrights or other Intellectual Property
material to the preparing for sale or sale of the Inventory, (ii) the use thereof by each Grantor for any such purpose does not
infringe upon the rights of any other Person and (iii) no such Intellectual Property is subject to any Lien or other restriction
(other than (A) any such Lien or other restriction with respect to which a waiver or release has been obtained or (B) any such
Lien or restriction permitted under the Credit Agreement), in each case except to the extent (1) of any defects in ownership or
licenses and any such infringements that, individually or in the aggregate, would not result in a Material Adverse Effect or (2)
that the failure to have such rights, such infringement or such Lien or restriction would not materially adversely affect the
exercise of the Collateral Agent’s rights with respect to such Intellectual Property to prepare for sale of or to sell any
Inventory under Article V.

 

(f)
Schedule III sets forth, as of the date of this Agreement, a true and complete list, with respect to each Grantor, of each Commercial
Tort Claim in respect of which a complaint or a counterclaim has been filed by such Grantor, seeking damages in an amount reasonably
estimated to equal or exceed $5,000,000, including a summary description of such claim. In the event any Supplemental Perfection
Certificate or any Supplement shall set forth any Commercial Tort Claim, Schedule III shall be deemed to be supplemented to include
the reference to such Commercial Tort Claim (and the description thereof), in the same form as such reference and description
are set forth on such Supplemental Perfection Certificate or Supplement.

 

SECTION 4.03.
Covenants. (a) Each Grantor agrees to be bound by the provisions of Section 5.04 of the Credit Agreement with the same
force and effect, and to the same extent, as if each reference therein to the Company were a reference to such Subsidiary Loan
Party.

 

     

    18 

    

 

(b)
The Company shall each year deliver a Supplemental Perfection Certificate as required by Section 5.01(e) of the Credit Agreement.

 

(c)
Each Grantor shall, at its own expense, take any and all actions necessary to defend title to the Article 9 Collateral against
all Persons and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof
against any Lien not permitted pursuant to Section 6.02 of the Credit Agreement.

 

(d)
Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments,
financing statements, agreements and documents and take all such other actions as the Collateral Agent may from time to time reasonably
request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including
the payment of any fees and Taxes required in connection with the execution and delivery of this Agreement, the granting of the
Security Interest and the filing and recording of any financing statements (including fixture filings) or other documents in connection
herewith or therewith. Each Grantor will provide to the Collateral Agent, from time to time upon request, evidence reasonably
satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or intended to be created pursuant
to this Agreement.

 

(e)
The Collateral Agent and such Persons as the Collateral Agent may reasonably designate shall have the right, at the Grantors’
own cost and expense, to inspect the Article 9 Collateral, all records related thereto (and to make extracts and copies from
such records) and the premises upon which any of the Article 9 Collateral is located, to discuss the Grantors’ affairs
with the officers of the Grantors and their independent accountants and to verify under reasonable procedures, in accordance with
Section 5.09 of the Credit Agreement, the validity, amount, quality, quantity, value, condition and status of, or any other
matter relating to, the Article 9 Collateral, including, in the case of Accounts or Payment Intangibles or Article 9 Collateral
in the possession of any third party, by contacting Account Debtors or the third party possessing such Article 9 Collateral
for the purpose of making such a verification. The Collateral Agent shall have the absolute right to share any information it
gains from such inspection or verification with any Secured Party.

 

(f)
At its option, the Collateral Agent may discharge past due Taxes, assessments, charges, fees and Liens at any time levied or placed
on the Article 9 Collateral that are not permitted pursuant to the Credit Agreement, and may pay for the maintenance and
preservation of the Article 9 Collateral to the extent any Grantor fails to do so as required by this Agreement or the other
Loan Documents, and each Grantor jointly and severally agrees to reimburse the Collateral Agent on demand for any payment made
or any expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided that nothing in this
paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent
or any Secured Party to cure or perform, any covenants or other

 

     

    19 

    

 

promises
of any Grantor with respect to Taxes, assessments, charges, fees and Liens and maintenance as set forth herein or in the other
Loan Documents.

 

(g)
Each Grantor shall remain liable to observe and perform all the conditions and obligations to be observed and performed by it
under each contract, agreement or instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions
thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties
from and against any and all liability for such performance.

 

(h)
The Grantors shall not sell, convey, lease, assign, transfer or otherwise dispose of any Article 9 Collateral other than in the
ordinary course of business or otherwise in any lawful manner not inconsistent with the provisions of this Agreement, the Credit
Agreement or any other Loan Document.

 

(i)
None of the Grantors will, without the Collateral Agent’s prior written consent, grant any extension of the time of payment
of any Accounts or any Payment Intangibles included in the Article 9 Collateral, compromise, compound or settle the same
for less than the full amount thereof, release, wholly or partly, any Person liable for the payment thereof or allow any credit
or discount whatsoever thereon, other than extensions, compromises, settlements, releases, credits or discounts granted or made
in the ordinary course of business and consistent with its then current credit policies and practices and in accordance with such
prudent and standard practice used in industries that are the same as or similar to those in which such Grantor is engaged.

 

(j)
The Grantors, at their own expense, shall maintain or cause to be maintained insurance covering physical loss or damage to their
assets in accordance with the requirements set forth in Section 5.08 of the Credit Agreement. Each Grantor irrevocably makes,
constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as such
Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, upon the occurrence and during the continuance of
an Event of Default, of making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance,
endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies
of insurance and for making all determinations and decisions with respect thereto. In the event that any Grantor at any time or
times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part
relating thereto, the Collateral Agent may, without waiving or releasing any obligation or liability of the Grantors hereunder
or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take
any other actions with respect thereto as the Collateral Agent deems advisable. All sums disbursed by the Collateral Agent in
connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto,
shall be payable, upon demand, by the Grantors to the Collateral Agent and shall be additional Secured Obligations secured hereby.

 

     

    20 

    

 

SECTION 4.04.
Covenants Regarding Patent, Trademark and Copyright Collateral. (a) Each Grantor agrees that it will not take any action
or omit to take any action (and will exercise commercially reasonable efforts to prevent its licensees from taking any action
or omitting to take any action) whereby any Patent material to the conduct of the business of Murphy USA, the Company and the
Restricted Subsidiaries may become invalidated or dedicated to the public (except as a result of expiration of such Patent at
the end of its statutory term), and agrees that it shall continue to mark any products covered by any such Patent with the relevant
patent number as necessary and sufficient to establish and preserve its maximum rights under applicable patent laws.

 

(b)
Each Grantor (either itself or through its licensees or its sublicensees) will, for each Trademark material to the conduct of
the business of Murphy USA, the Company and the Restricted Subsidiaries (i) maintain such Trademark in full force, free from
any valid claim of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under
such Trademark, (iii)  to display such Trademark, if registered, with notice of Federal or foreign registration to the extent
necessary and sufficient to establish and preserve its maximum rights under applicable law, (iv) not knowingly use or knowingly
permit the use of such Trademark in violation of any third-party rights and (v) not adopt or use any mark which is confusingly
similar, or a colorable imitation of such Trademark unless the Collateral Agent, for the benefit of the Secured Parties, shall
obtain a perfected security interest in such mark pursuant to this Agreement.

 

(c)
Each Grantor (either itself or through its licensees or sublicensees) will, for each work covered by a Copyright material to the
conduct of the business of Murphy USA, the Company and the Restricted Subsidiaries, use commercially reasonable efforts to continue
to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as necessary and sufficient to
establish and preserve its maximum rights under applicable copyright laws.

 

(d)
Each Grantor shall notify the Collateral Agent promptly if it knows that any Patent, Trademark or Copyright material to the conduct
of the business of Murphy USA, the Company and the Restricted Subsidiaries may become abandoned, lost or dedicated to the public,
or of any materially adverse determination or development (including the institution of, or any such determination or development
in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or similar
office of any country) regarding such Grantor’s ownership of any such Patent, Trademark or Copyright, its right to register
the same, or its right to keep and maintain the same.

 

(e)
Each Grantor will take all necessary steps that are consistent with its current practice (i) in any proceeding before the United
States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the
United States of America or in any other country or any political subdivision thereof, to maintain and pursue each material application
relating to the Patents, Trademarks and/or Copyrights (and to obtain the relevant grant or registration) and (ii) to maintain
each issued Patent and each registration of the Trademarks and

 

     

    21 

    

 

Copyrights
that is material to the conduct of any Grantor’s business, including timely filings of applications for renewal, affidavits
of use, affidavits of incontestability and payment of maintenance fees, and, if consistent with good business judgment, to initiate
opposition, interference and cancelation proceedings against third parties.

 

(f)
In the event that any Grantor has reason to believe that any Article 9 Collateral consisting of a Patent, Trademark or Copyright
material to the conduct of any Grantor’s business has been or is about to be infringed, misappropriated or diluted by a
third party, such Grantor shall promptly notify the Collateral Agent and shall, if consistent with good business judgment, promptly
sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation
or dilution, and take such other actions as are appropriate under the circumstances to protect such Article 9 Collateral.

 

(g)
Upon the occurrence and during the continuance of an Event of Default, each Grantor shall, upon request of the Collateral Agent,
use its best efforts to obtain all requisite consents or approvals by the licensor of each Copyright License, Patent License or
Trademark License under which such Grantor is a licensee to effect the assignment of all such Grantor’s right, title and
interest thereunder to the Collateral Agent or its designee.

 

ARTICLE
V

Remedies

 

SECTION 5.01.
Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees to deliver
each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to
take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral
consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance
of any of or all such Article 9 Collateral by the applicable Grantors to the Collateral Agent, or to license or sublicense,
whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout
the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in violation of
any then-existing licensing arrangements to the extent that waivers cannot be obtained), and (b)with or without legal process
and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability
for trespass to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing
the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the Uniform Commercial
Code or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Collateral Agent
shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part
of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit
or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale
of

 

     

    22 

    

 

securities
(if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons that will represent and agree
that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof,
and upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser
or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely
free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights
of redemption, stay and appraisal that such Grantor now has or may at any time in the future have under any rule of law or statute
now existing or hereafter enacted.

 

The
Collateral Agent shall give the applicable Grantors 10 days’ prior written notice (which each Grantor agrees is reasonable
notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral
Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place
for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange
at which such sale is to be made and the day on which the Collateral or portion thereof, will first be offered for sale at such
board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or
places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral , or portion
thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and
absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine
not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without
notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same
was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral
so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral
Agent and the other Secured Parties shall not incur any liability in case any such purchaser or purchasers shall fail to take
up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. In
the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition,
the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other
disposition, and the Collateral Agent, at the direction of the Required Lenders, as agent for and representative of the Secured
Parties (but not any Lender or Lenders in its or their respective individual capacities unless the Required Lenders shall otherwise
agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all
or any portion of the Collateral sold at any such public sale, to use and apply any of the Loan Document Obligations as a credit
on account of the purchase price for any Collateral payable by the Collateral Agent on behalf of the Secured Parties at such sale
or other disposition. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated
as a sale thereof; the Collateral Agent shall be free to

 

     

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carry
out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof
subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events
of Default shall have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale
herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement
and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction
or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 5.01 shall
be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or
its equivalent in other jurisdictions.

 

SECTION 5.02.
Application of Proceeds. The Collateral Agent shall apply the proceeds of any collection or sale of Collateral, including
any Collateral consisting of cash, as specified in Section 2.18(g) of the Credit Agreement. The Collateral Agent shall have
absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement.
Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser
or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any
part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication
thereof. The Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are
insufficient to pay all Secured Obligations, including any attorneys’ fees and other expenses incurred by Collateral Agent
or any Lender to collect such deficiency.

 

SECTION 5.03.
Grant of License to Use Intellectual Property. For the purpose of enabling the Collateral Agent (on behalf of the Secured
Parties), solely upon the occurrence and during the continuance of an Event of Default, to exercise rights and remedies under
this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies with respect
to Collateral consisting of Inventory (including the sale of any such Inventory), each Grantor hereby (a) grants to the Collateral
Agent (for the benefit of the Secured Parties), to the extent licensable without consent of any third party after giving effect
to the applicable anti-assignment provisions of the New York UCC or other applicable law (or to the extent such consent of any
third party has been obtained), an irrevocable (during the continuation of an Event of Default), nonexclusive license (exercisable
without payment of royalty or other compensation to the Grantors) to use, license or sublicense any Intellectual Property rights
now owned or hereafter acquired by such Grantor (including a sublicense of all its rights under the Trademark License Agreement,
subject to the restrictions on permitted uses of the subject Trademarks set forth therein), and wherever the same may be located,
and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and
to all computer software and programs used for the compilation or printout thereof, and (b) irrevocably agrees that the Collateral
Agent may sell any of such Grantor’s Inventory directly to any Person, including Persons that have previously purchased
the Grantor’s Inventory from such Grantor and in connection with

 

     

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any
such sale or other enforcement of the Collateral Agent’s rights under this Security Agreement, may sell Inventory which
bears any Trademark owned by or licensed to such Grantor and any Inventory that is covered by any Copyright owned by or licensed
to such Grantor and the Collateral Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor
and sell such Inventory as provided herein; provided, however, that (i) such licenses granted hereunder with regard to
trade secrets shall be subject to provisions requiring the continued confidential handling of such trade secrets, (ii) such licenses
granted hereunder with regard to Trademarks shall be subject to all quality control and use requirements or standards of such
Grantor, (iii) each Secured Party shall use commercially reasonable efforts to continue to use such Grantor’s Patent, Trademark,
Copyright and proprietary notices, and (iv) all goodwill associated with the use of such Grantor’s Trademarks will inure
to the sole and exclusive benefit of such Grantor. The use of such license by the Collateral Agent may be exercised, at the option
of the Collateral Agent, solely upon the occurrence and during the continuation of an Event of Default; provided that any
license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon the
Grantors notwithstanding any subsequent cure of an Event of Default. For the avoidance of doubt, any license granted to the Collateral
Agent in accordance herewith shall immediately terminate at such time as the Collateral Agent is no longer lawfully entitled to
exercise its rights and remedies under this Agreement.

 

SECTION 5.04.
Securities Act. In view of the position of the Grantors in relation to the Pledged Collateral, or because of other current
or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar
statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect
being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted
hereunder. Each Grantor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct
of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might
also limit the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the
same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent in any attempt to dispose
of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or similar laws analogous in
purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the Collateral Agent may, with respect
to any sale of the Pledged Collateral, limit the purchasers to those who will agree, among other things, to acquire such Pledged
Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. Each Grantor acknowledges
and agrees that in light of such restrictions and limitations, the Collateral Agent, in its sole and absolute discretion, (a) may
proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or
part thereof shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue Sky or other state securities
laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Grantor acknowledges
and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public
sale without such restrictions. In the event of any such sale, the Collateral Agent shall incur no

 

     

    25 

    

 

responsibility
or liability for selling all or any part of the Pledged Collateral at a price that the Collateral Agent, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher
price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser
were approached. The provisions of this Section 5.04 will apply notwithstanding the existence of a public or private market
upon which the quotations or sales prices may exceed substantially the price at which the Collateral Agent sells.

 

SECTION 5.05.
Registration. Each Grantor agrees that, upon the occurrence and during the continuance of an Event of Default, if for any
reason the Collateral Agent desires to sell any of the Pledged Collateral at a public sale, it will, at any time and from time
to time, upon the written request of the Collateral Agent, use its best efforts to take or to cause the issuer of such Pledged
Collateral to take such action and prepare, distribute and/or file such documents, as are required or advisable in the reasonable
opinion of counsel for the Collateral Agent to permit the public sale of such Pledged Collateral. Each Grantor further agrees
to indemnify, defend and hold harmless the Collateral Agent, each other Secured Party, any underwriter and their respective affiliates
and their respective officers, directors, affiliates and controlling persons from and against all loss, liability, expenses, costs
of counsel (including reasonable fees and expenses to the Collateral Agent of legal counsel), and claims (including the costs
of investigation) that they may incur insofar as such loss, liability, expense or claim arises out of or is based upon any alleged
untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or in any notification
or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to be stated therein
or necessary to make the statements in any thereof not misleading, except insofar as the same may have been caused by any untrue
statement or omission based upon information furnished in writing to such Grantor or the issuer of such Pledged Collateral by
the Collateral Agent or any other Secured Party expressly for use therein. Each Grantor further agrees, upon such written request
referred to above, to use its best efforts to qualify, file or register, or cause the issuer of such Pledged Collateral to qualify,
file or register, any of the Pledged Collateral under the Blue Sky or other securities laws of such states as may be requested
by the Collateral Agent and keep effective, or cause to be kept effective, all such qualifications, filings or registrations.
Each Grantor will bear all costs and expenses of carrying out its obligations under this Section 5.05. Each Grantor acknowledges
that there is no adequate remedy at law for failure by it to comply with the provisions of this Section 5.05 and that such
failure would not be adequately compensable in damages, and therefore agrees that its agreements contained in this Section 5.05
may be specifically enforced.

 

ARTICLE
VI

Indemnity, Subrogation and Subordination

 

SECTION 6.01.
Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have under
applicable law (but subject to Section 6.03), the Company agrees that (a) in the event a payment in respect of

 

     

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any
Secured Obligation of the Company shall be made by any Guarantor under this Agreement, the Company shall indemnify such Guarantor
for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall
have been made to the extent of such payment and (b) in the event any assets of any Grantor shall be sold pursuant to this
Agreement or any other Security Document to satisfy in whole or in part any Secured Obligation of the Company, the Company shall
indemnify such Grantor in an amount equal to the greater of the book value or the fair market value of the assets so sold.

 

SECTION 6.02.
Contribution and Subrogation. Each Guarantor and Grantor (a “Contributing Party”) agrees (subject to
Section 6.03) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Secured Obligation
or assets of any other Grantor (other than Murphy USA or the Company) shall be sold pursuant to any Security Document to satisfy
any Secured Obligation and such other Guarantor or Grantor (the “Claiming Party”) shall not have been fully
indemnified by the Company as provided in Section 6.01, the Contributing Party shall indemnify the Claiming Party in an amount
equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may
be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date
hereof and the denominator shall be the aggregate net worth of all the Guarantors and Grantors on the date hereof (or, in the
case of any Guarantor or Grantor becoming a party hereto pursuant to Section 7.13, the date of the supplement hereto executed
and delivered by such Guarantor or Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 6.02
shall (subject to Section 6.03) be subrogated to the rights of such Claiming Party under Section 6.01 to the extent
of such payment.

 

SECTION 6.03.
Subordination. (a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors and Grantors
under Sections 6.01 and 6.02 and all other rights of the Guarantors and Grantors of indemnity, contribution or subrogation
under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Secured Obligations.
No failure on the part of the Company or any other Guarantor or Grantor to make the payments required by Sections 6.01 and
6.02 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities
of any Guarantor or Grantor with respect to its obligations hereunder, and each Guarantor and Grantor shall remain liable for
the full amount of the obligations of such Guarantor or Grantor hereunder.

 

(b)
Each Guarantor and Grantor hereby agrees that all Indebtedness and other monetary obligations owed by it to, or to it by, any
other Guarantor, Grantor or any other Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the
Secured Obligations.

 

     

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ARTICLE
VII

Miscellaneous

 

SECTION 7.01.
Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing
and given in the manner provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to any
Subsidiary Loan Party shall be given to it in care of the Company in the manner provided in Section 9.01 of the Credit Agreement.

 

SECTION 7.02.
Waivers; Amendment. (a) No failure or delay by the Collateral Agent, any Issuing Bank or any Lender in exercising any right
or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other
or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent, the
Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights
or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan
Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the execution and delivery of this Agreement, the making of a Loan or issuance, amendment, renewal
or extension of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Collateral Agent,
any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party
in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances.

 

(b) Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Collateral Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification
is to apply, subject to any consent required in accordance with Section 9.02 of the Credit Agreement.

 

(c) This Agreement
shall be construed as a separate agreement with respect to each Loan Party and may be amended, modified, supplemented, waived
or released with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations
of any other Loan Party hereunder.

 

SECTION 7.03.
Collateral Agent’s Fees and Expenses; Indemnification. (a) The Guarantors and the Grantors jointly and severally
agree to reimburse the Collateral Agent for its fees and expenses incurred hereunder as provided in Section 9.03 of the Credit
Agreement; provided that each reference therein to the “Company” shall be deemed to be a reference to the “Guarantors
and Grantors.”

 

     

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(b) Without
limitation of its indemnification obligations under the other Loan Documents, the Guarantors and the Grantors jointly and severally
agree to indemnify the Collateral Agent and the other Indemnitees against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, penalties, liabilities and related expenses, including the reasonable fees, charges and disbursements
of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee by any third party or by any Guarantor or Grantor
arising out of, in connection with, or as a result of, the preparation, execution, delivery, performance or administration of
this Agreement or any other agreement or instrument contemplated thereby or any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, or to the Collateral, whether based on contract, tort or any other theory and
whether initiated against or by any party to this Agreement, any Affiliate of any such party or any third party (and regardless
of whether any Indemnitee is a party thereto); provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, penalties, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee.
WITHOUT LIMITATION, THE PROVISIONS OF THIS PARAGRAPH SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ANY LOSSES, CLAIMS, DAMAGES,
PENALTIES, LIABILITIES AND RELATED EXPENSES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION
OF SUCH INDEMNITEE OR ANY OF ITS RELATED PARTIES OR OF ANY OTHER PERSON. This Section 7.03(b) shall not apply with respect to
Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.

 

(c)
To the fullest extent permitted by applicable law, no Grantor shall assert, and each Loan Party hereby waives, any claim against
any Indemnitee for any Liabilities arising from the use by others of information or other materials (including, without limitation,
any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet)
and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated
hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing
in this Section 7.03(c) shall relieve any Grantor of any obligation it may have to indemnify an Indemnitee, as provided in Section
7.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.

 

(d) Any such
amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Security Documents.

 

(e)
All amounts due under this Section shall be payable promptly after written demand therefor.

 

     

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SECTION 7.04.
Survival.  All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and
in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Administrative Agents, the Collateral Agent, the Lenders and the Issuing Banks
and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of
Credit, regardless of any investigation made by or on behalf of the Administrative Agents, the Collateral Agent, any Lender, any
Issuing Bank or any other Person and notwithstanding that the Administrative Agents, the Collateral Agent, any Lender, any Issuing
Bank or any other Person may have had notice or knowledge of any Default or incorrect representation or warranty at the time any
Loan Document is executed and delivered or any credit is extended under the Credit Agreement, and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under the Credit
Agreement is outstanding and unpaid or any LC Exposure is outstanding and so long as the Commitments have not expired or terminated.
The provisions of Section 7.03 shall survive and remain in full force and effect regardless of the termination of this Agreement
or any other Loan Document, the consummation of the transactions contemplated hereby or thereby, the repayment of the Secured
Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation
made by or on behalf of any Administrative Agent, the Collateral Agent or any other Secured Party.

 

SECTION 7.05.
Counterparts; Effectiveness, Successors and Assigns. This Agreement may be executed in counterparts, (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall
constitute a single contract. This Agreement shall become effective as to any Loan Party when a counterpart hereof executed on
behalf of such Loan Party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed
on behalf of the Collateral Agent, and thereafter shall be binding upon such Loan Party and the Collateral Agent and their respective
successors and assigns, and shall inure to the benefit of such Loan Party, the Collateral Agent and the other Secured Parties
and their respective successors and assigns, except that no Loan Party may assign or otherwise transfer any of its rights or obligations
hereunder or any interest herein or in the Collateral (and any attempted assignment or transfer by any Loan Party shall be null
and void), except as expressly contemplated by this Agreement or the Credit Agreement. Delivery of an executed counterpart of
a signature page of this Agreement by telecopy, emailed pdf. or other electronic means that reproduces an image of the actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement
shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form (including deliveries
by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
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

 

     

    30 

    

 

similar
state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to
the contrary, the Collateral Agent shall not be under any obligation to agree to accept electronic signatures in any form or in
any format unless expressly agreed to by the Collateral Agent pursuant to procedures approved by it.

 

SECTION 7.06.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction.

 

SECTION 7.07.
Right of Set-Off. If an Event of Default shall have occurred and be continuing, each Lender and Issuing Bank, and each
Affiliate of any of the foregoing, 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) or other amounts at any time held and other obligations (in whatever currency) at any time owing by such Lender or Issuing
Bank, or by such an Affiliate, to or for the credit or the account of any Loan Party against any of and all the obligations then
due of any Loan Party now or hereafter existing under this Agreement or any other Loan Document held by such Lender or Issuing
Bank, irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this Agreement or any other
Loan Document and although such obligations of such Loan Party are owed to a branch, office or Affiliate of such Lender or such
Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness. The rights
of each Lender and Issuing Bank, and each Affiliate of any of the foregoing, under this Section are in addition to other rights
and remedies (including other rights of setoff) that such Lender, Issuing Bank or Affiliate may have. Each Lender and Issuing
Bank agrees to notify the Company and the Collateral Agent promptly after any such setoff and application; provided that
the failure to give notice shall not affect the validity of such setoff and application.

 

SECTION 7.08.
Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and
governed by the law of the State of New York.

 

(b)
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the United States District Court for the Southern District of New York, sitting in the Borough of Manhattan (or if such court
lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or
for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding brought by it or any of its Affiliates shall be brought, and shall be heard
and determined, exclusively in such New York State or, to the extent

 

     

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permitted
by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or any other Loan Document shall affect any right that any Administrative Agent, the Collateral Agent, any Issuing Bank or any
Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any
Loan Party or any of its properties in the courts of any jurisdiction.

 

(c)
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)
Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 7.01. Nothing
in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

SECTION 7.09.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 7.09.

 

SECTION 7.10.
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 7.11.
Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security Interest, the grant of the security
interest in the Pledged Collateral and all obligations of each Loan Party hereunder shall be absolute and unconditional irrespective
of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect
to any of the Secured

 

     

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Obligations
or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment
of, or in any other term of, all or any of the Secured Obligations, or any other amendment to or waiver of, or any consent to
any departure from, the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations
or any other agreement or instrument relating to any of the foregoing, (c) any exchange, release or non-perfection of any
Lien on other collateral securing, or any release or amendment to or waiver of, or any consent to any departure from, any guarantee
of, all or any of the Secured Obligations, or (d) any other circumstance that might otherwise constitute a defense available
to, or a discharge of, any Loan Party in respect of the Secured Obligations or this Agreement.

 

SECTION 7.12.
Termination or Release. (a) This Agreement, the Guarantees made herein, the Security Interest and all other security interests
granted hereby shall terminate and be released when all the Loan Document Obligations (other than contingent obligations for indemnification,
expense reimbursement, tax-gross-up or yield protection as to which no claim has been made) have been paid in full in cash, the
Lenders have no further commitment to lend under the Credit Agreement, the LC Exposure has been reduced to zero and the Issuing
Banks have no further obligations to issue Letters of Credit under the Credit Agreement.

 

(b)
The Guarantees made herein, the Security Interest and all other security interests granted hereby shall also terminate and be
released at the time or times and in the manner set forth in Section 9.14 of the Credit Agreement.

 

(c)
In connection with any termination or release pursuant to paragraph (a) or (b) of this Section 7.12, the Collateral
Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably
request to evidence such termination or release. Any execution and delivery of documents by the Collateral Agent pursuant to this
Section 8.12 shall be without recourse to or warranty by the Collateral Agent.

 

SECTION 7.13.
Additional Subsidiaries. Pursuant to the Credit Agreement, certain Subsidiaries not a party hereto on the Effective Date
are required to enter in this Agreement. Upon the execution and delivery by the Collateral Agent and any such Subsidiary of a
Supplement, such Subsidiary shall become a Subsidiary Loan Party, a Guarantor and a Grantor hereunder, with the same force and
effect as if originally named as such herein. The execution and delivery of any Supplement shall not require the consent of any
other Loan Party. The rights and obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding
the addition of any new Subsidiary Loan Party as a party to this Agreement.

 

SECTION 7.14.
Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent the attorney-in-fact of
such Grantor for the purpose of carrying out the provisions of this Agreement or any other Security Document and taking any action
and executing any instrument that the

 

     

    33 

    

 

Collateral
Agent may deem necessary for the purpose of carrying out the provisions of this Agreement or any other Security Document and taking
any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof,
which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral
Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution
either in the Collateral Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver
any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part
thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the
Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to
send verifications of Accounts or Payment Intangibles to any Account Debtor; (e) to commence and prosecute any and all suits,
actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any
of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend
any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify,
Account Debtors to make payment directly to the Collateral Agent; and (h) to use, sell, assign, transfer, pledge, make any
agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to
carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the
Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Collateral
Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral
Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or
the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured
Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein,
and neither they nor their respective Related Parties shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence or wilful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable judgment).

 

SECTION 7.15.
Certain Acknowledgments and Agreements. Each Subsidiary Loan Party that is not a party to the Credit Agreement hereby acknowledges
the provisions of each of Section 1.08 and Section 2.17 of the Credit Agreement and agrees to be bound by such provisions with
the same force and effect, and to the same extent, as if such Subsidiary Loan Party were a party to the Credit Agreement.

 

[Signature
Pages Follow]

 

     

    34 

    

 

IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	MURPHY USA INC.,
	 	
	 	 	 
	 	By	Name:	 
	 	 	Title:	 

 

	 	MURPHY OIL USA INC.,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	864 Holdings, Inc.,
	 	
	 	 	 
	 	By	Name:	 
	 	 	Title:	 

 

	 	864 Beverage, Inc.,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	EL DORADO PROPERTIES LLC,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature
Page to Guarantee and Collateral Agreement]

 

     

     

    

 

 

	 	Murphy Oil Trading Company (Eastern),
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	murphy usa nj, inc.
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	QUICK CHEK CORPORATION,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	QUICKCHEK REALTY LLC,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	QUICKCHEK REALTY BORDERTOWN URBAN RENEWAL LLC,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature
Page to Guarantee and Collateral Agreement]

 

     

     

    

 

	 	Spur Oil Corporation,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	Superior Crude Trading Company,
	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	

                    JPMORGAN
CHASE BANK, N.A., as

Collateral Agent,

	 	
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

[Signature
Page to Guarantee and Collateral Agreement]

 

     

     

    

 

Schedule I
to

the Guarantee
and

Collateral
Agreement

 

PLEDGED
EQUITY INTERESTS

 

	Issuer	Number
of

        Certificate
	Registered

        Owner
	Number
and

        Class
of

        Equity
Interest
	Percentage

        of
Equity Interests

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

PLEDGED
DEBT SECURITIES

 

	Issuer	Principal Amount	Date of Note	Maturity Date
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

Schedule II to

the Guarantee and

Collateral Agreement

 

 

INTELLECTUAL
PROPERTY

 

[To be attached]

 

 

 

     

     

    

Schedule III to

the Guarantee and

Collateral Agreement

 

 

 

COMMERCIAL
TORT CLAIMS

 

 

 

	 	 	 	 

     

     

    

Exhibit I to the

Guarantee and

Collateral Agreement

 

 

SUPPLEMENT
NO. __ dated as of [  ] (this “Supplement”), to the Guarantee and Collateral Agreement dated as of [ ],
2021 (the “Collateral Agreement”), among MURPHY USA INC., MURPHY OIL USA, INC., the SUBSIDIARIES from time
to time party thereto and JPMORGAN CHASE BANK, N.A., as Collateral Agent.

 

Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Collateral Agreement
and the Credit Agreement referred to therein.

 

The
Grantors have entered into the Collateral Agreement in order to induce the Lenders to make Loans and the Issuing Bank to issue
Letters of Credit. Section 7.13 of the Collateral Agreement provides that additional Subsidiaries may become Subsidiary Loan Parties
under the Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary
(the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement
to become a Subsidiary Loan Party under the Collateral Agreement in order to induce the Lenders to continue as outstanding, or
to make additional, Loans and the Issuing Bank to issue additional Letters of Credit and as consideration for Loans previously
made and Letters of Credit previously issued.

 

Accordingly,
the Collateral Agent and the New Subsidiary agree as follows:

 

SECTION
1. In accordance with Section 7.13 of the Collateral Agreement, the New Subsidiary by
its signature below becomes a Subsidiary Loan Party, Grantor and Guarantor under the Collateral Agreement with the same force
and effect as if originally named therein as a Subsidiary Loan Party, Grantor and Guarantor and the New Subsidiary hereby (a)
agrees to all the terms and provisions of the Collateral Agreement applicable to it as a Subsidiary Loan Party, Grantor and Guarantor
thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor and Guarantor
thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security
for the payment and performance in full of the Secured Obligations (as defined in the Collateral Agreement), does hereby create
and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns,
a security interest in and lien on all of the New Subsidiary’s right, title and interest in, to and under the Collateral
(as defined in the Collateral Agreement) of the New Subsidiary. Each reference to a “Guarantor” or “Grantor”
in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein
by reference.

 

SECTION
2. The New Subsidiary represents and warrants to the Collateral Agent and the other Secured
Parties that this Supplement has been duly

     

    2 

    

 

authorized,
executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with
its terms.

 

SECTION
3. This Supplement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
This Supplement shall become effective when the Collateral Agent shall have received a counterpart of this Supplement that bears
the signature of the New Subsidiary and the Collateral Agent has executed a counterpart hereof. Delivery of an executed counterpart
of a signature page of this Supplement by telecopy, emailed pdf. or other electronic means that reproduces an image of the actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Supplement. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Supplement
shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form (including deliveries
by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
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 Collateral Agent shall not be under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Collateral Agent pursuant to procedures approved by
it.

 

SECTION
4. The New Subsidiary hereby represents and warrants that (a) set forth on Schedule I
attached hereto is a schedule with the true and correct legal name of the New Subsidiary, its jurisdiction of formation and the
location of its chief executive office and (b) set forth on Schedule II attached hereto is a true and correct schedule
of all the Pledged Securities of the New Subsidiary.

 

SECTION
5. Except as expressly supplemented hereby, the Collateral Agreement shall remain in full
force and effect.

 

SECTION
6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION
7. In case any one or more of the provisions contained in this Supplement should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained
herein and in the Collateral Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity
of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or

 

     

    3 

    

 

unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

 

SECTION
8. All communications and notices hereunder shall be in writing and given as provided in
Section 7.01 of the Collateral Agreement.

 

SECTION
9. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable out-of-pocket
expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the
Collateral Agent.

 

IN
WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this Supplement to the Collateral Agreement as
of the day and year first above written.

 

	 	[Name Of New Subsidiary],
	 	 
	 	
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

 

	 	JPMORGAN CHASE BANK, N.A.,

    as Collateral Agent
	 	
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

     

     

    

 

Schedule I

to Supplement No. __ to the

Guarantee and

Collateral Agreement

 

 

NEW
SUBSIDIARY INFORMATION

 

	Name	Jurisdiction of Formation	Chief Executive Office
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

     

     

    

 

Schedule I

to Supplement
No. __ to the

Guarantee
and

Collateral
Agreement

 

PLEDGED
EQUITY SECURITIES

 

	Issuer	Number
of

        Certificate
	Registered

        Owner
	Number
and

        Class
of

        Equity
Interests
	Percentage

        of
Equity Interests

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

PLEDGED
DEBT SECURITIES

 

	Issuer	Principal Amount	Date of Note	Maturity Date
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Schedule II

to Supplement
No. __ to the

Guarantee
and

Collateral
Agreement

 

INTELLECTUAL
PROPERTY

 

[To be attached]

 

 

 

 

     

     

    

 

Schedule III

to Supplement
No. __ to the

Guarantee
and

Collateral
Agreement

 

COMMERCIAL
TORT CLAIMS

 

 

 

     

     

    

Exhibit II-A to

Guarantee and Collateral Agreement

 

 

[FORM
OF] PATENT SECURITY AGREEMENT dated as of [ ] (this “Agreement”), among MURPHY USA, INC. (“Murphy
USA”), MURPHY OIL USA, INC. (the “Borrower”), the other SUBSIDIARIES from time to time party hereto
and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent.

 

Reference
is made to (a) the Credit Agreement dated as of January 29, 2021, (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA, the Borrower, the Lenders from time to time party
thereto, JPMCB, as Revolving Administrative Agent and Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent,
and (b) the Guarantee and Collateral Agreement dated as of January 29, 2021 (as amended, restated, supplemented or otherwise modified
from time to time, the “Collateral Agreement”), among Murphy USA, the Borrower, the other Subsidiary Loan Parties
from time to time party thereto and JPMCB, as Collateral Agent. The Lenders and the Issuing Banks have agreed to extend credit
to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the
Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Murphy
USA and the Subsidiary Loan Parties party hereto (other than the Borrower) are Affiliates of the Borrower, will derive substantial
benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver
this Agreement in order to induce the Lenders and the Issuing Banks to extend such credit. Accordingly, the parties hereto agree
as follows:

 

SECTION
1. Terms. Each capitalized term used but not otherwise defined herein shall have the meaning specified in the Credit Agreement
or the Collateral Agreement, as applicable. The rules of construction specified in Section 1.03 of the Credit Agreement also apply
to this Agreement, mutatis mutandis.

 

SECTION
2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured Obligations,
each Grantor pursuant to the Collateral Agreement did, and hereby does, grant to the Collateral Agent, its successors and assigns,
for the benefit of the Secured Parties, a security interest in all right, title and interest in, to and under any and all of the
following assets now owned or at any time hereafter acquired by such Grantor or in, to or under which such Grantor now has or
at any time hereafter may acquire any right, title or interest (collectively, the “Patent Collateral”):

 

(a)
all letters patent of the United States of America or the equivalent thereof in any other country, all registrations and recordings
thereof, and all applications for letters patent of the United States of America or the equivalent thereof in any other country,
including registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar office
in any other country, including those listed on Schedule I; and

     

    2 

    

 

(b)
all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or
claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein.

 

SECTION
3. Collateral Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and
not in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. Each Grantor
hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Patent Collateral are
more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference
as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Collateral Agreement, the
terms of the Collateral Agreement shall govern.

 

SECTION 4.
Termination or Release. Upon the termination of the Collateral Agreement in accordance with Section 7.12 thereof,
the Collateral Agent shall, at the expense of the applicable Grantor, execute, acknowledge, and deliver to such Grantor an instrument
in writing in recordable form releasing the security interest in the Patent Collateral of such Grantor under this Agreement.

 

SECTION 5.
Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

SECTION 6.
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to this Agreement shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic
form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof 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 Collateral Agent shall not be under any obligation to
agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Collateral Agent pursuant
to procedures approved by it.

 

[Signature
Pages Follow]

 

     

     

    

 

IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	MURPHY USA INC.,
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:  	 
	 	 	 

 

	 	MURPHY OIL USA, INC.,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	[GRANTORS],
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	JPMORGAN CHASE BANK, N.A., as

    Collateral Agent,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

SCHEDULE
I

 

Patents
Owned by [Name of Grantor]

 

U.S. Issued
Patents 

 

	Type	Patent
    No.	Issued
    Date
	 	 	 
	 	 	 
	 	 	 

 

U.S. Patent
Applications

 

	Type	Application
    No.	Filing
    Date
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

Exhibit II-B to

Guarantee and Collateral Agreement

 

 

[FORM
OF] TRADEMARK SECURITY AGREEMENT dated as of [ ] (this “Agreement”), among MURPHY USA, INC. (“Murphy
USA”), MURPHY OIL USA, INC. (the “Borrower”), the other SUBSIDIARIES from time to time party hereto
and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent.

 

Reference
is made to (a) the Credit Agreement dated as of January 29, 2021, (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA, the Borrower, the Lenders from time to time party
thereto, JPMCB, as Revolving Administrative Agent and Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent,
and (b) the Guarantee and Collateral Agreement dated as of January 29, 2021 (as amended, restated, supplemented or otherwise modified
from time to time, the “Collateral Agreement”), among Murphy USA, the Borrower, the other Subsidiary Loan Parties
from time to time party thereto and JPMCB, as Collateral Agent. The Lenders and the Issuing Banks have agreed to extend credit
to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the
Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Murphy
USA and the Subsidiary Loan Parties party hereto (other than the Borrower) are Affiliates of the Borrower, will derive substantial
benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver
this Agreement in order to induce the Lenders and the Issuing Banks to extend such credit. Accordingly, the parties hereto agree
as follows:

 

SECTION
1. Terms. Each capitalized term used but not otherwise defined herein shall have the meaning specified in the Credit Agreement
or the Collateral Agreement, as applicable. The rules of construction specified in Section 1.03 of the Credit Agreement also apply
to this Agreement, mutatis mutandis.

 

SECTION
2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured Obligations,
each Grantor pursuant to the Collateral Agreement did, and hereby does, grant to the Collateral Agent, its successors and assigns,
for the benefit of the Secured Parties, a security interest in all right, title and interest in, to and under any and all of the
following assets now owned or at any time hereafter acquired by such Grantor or in, to or under which such Grantor now has or
at any time hereafter may acquire any right, title or interest (collectively, the “Trademark Collateral”):

 

		(a)	all trademarks,
                                         service marks, trade names, corporate names, company names, business names, fictitious
                                         business names, trade styles, trade dress, logos, other source or business identifiers,
                                         designs and general intangibles of like nature, all registrations and recordings thereof,
                                         and all registration and recording applications filed in connection therewith, including
                                         registrations and registration applications in the 

 

     

    2 

    

 

		 	United States Patent and Trademark
                                         Office or any similar offices in any State of the United States of America or any other
                                         country or any political subdivision thereof, and all extensions or renewals thereof,
                                         and all common law rights related thereto, including those listed on Schedule I;

 

		(b)	all goodwill
                                         associated therewith or symbolized thereby; and

 

		(c)	all other
                                         assets, rights and interests that uniquely reflect or embody such goodwill.

 

Notwithstanding
the foregoing, the Trademark Collateral shall not include any intent-to-use Trademark applications prior to the filing, and acceptance
by the United States Patent and Trademark Office, of a “Statement of Use” or “Amendment to Allege Use”
with respect thereto, if any, to the extent that, and solely during the period in which, the grant of a security interest therein
prior to such filing and acceptance would impair the validity or enforceability of such intent-to-use Trademark applications or
the resulting Trademark registrations under applicable federal law.

 

SECTION
3. Collateral Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and
not in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. Each Grantor
hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Trademark Collateral
are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference
as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Collateral Agreement, the
terms of the Collateral Agreement shall govern.

 

SECTION
4. Termination or Release. Upon the termination of the Collateral Agreement in accordance with Section 7.12 thereof,
the Collateral Agent shall, at the expense of the applicable Grantor, execute, acknowledge, and deliver to such Grantor an instrument
in writing in recordable form releasing the security interest in the Trademark Collateral of such Grantor under this Agreement.

 

SECTION
5. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

SECTION
6. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to this Agreement shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic
form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an

 

     

    3 

    

 

actual
executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof 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 Collateral Agent shall not be under any obligation to
agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Collateral Agent pursuant
to procedures approved by it.

 

[Signature
Pages Follow]

 

     

     

    

 

IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	MURPHY USA INC.,
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:  	 
	 	 	 

 

	 	MURPHY OIL USA, INC.,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	[GRANTORS],
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	JPMORGAN CHASE BANK, N.A., as

    Collateral Agent,
	 	
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

SCHEDULE
I

 

Trademarks/Trade
Names Owned by [Name of Grantor]

 

U.S. Trademark
Registrations

 

	Mark	Registration
    No.	Registration
    Date
	 	 	 
	 	 	 

 

U.S. Trademark
Applications

 

	Mark	Application
    No.	Filing
    Date
	 	 	 
	 	 	 

 

     

     

    

 

Exhibit II-C to

Guarantee and Collateral Agreement

 

 

[FORM
OF] COPYRIGHT SECURITY AGREEMENT dated as of [ ] (this “Agreement”), among MURPHY USA, INC. (“Murphy
USA”), MURPHY OIL USA, INC. (the “Borrower”), the other SUBSIDIARIES from time to time party hereto
and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent.

 

Reference is
made to (a) the Credit Agreement dated as of January 29, 2021, (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA, the Borrower, the Lenders from time to time party
thereto, JPMCB, as Revolving Administrative Agent and Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent,
and (b) the Guarantee and Collateral Agreement dated as of January 29, 2021 (as amended, restated, supplemented or otherwise modified
from time to time, the “Collateral Agreement”), among Murphy USA, the Borrower, the other Subsidiary Loan Parties
from time to time party thereto and JPMCB, as Collateral Agent. The Lenders and the Issuing Banks have agreed to extend credit
to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders and the
Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Murphy
USA and the Subsidiary Loan Parties party hereto (other than the Borrower) are Affiliates of the Borrower, will derive substantial
benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver
this Agreement in order to induce the Lenders and the Issuing Banks to extend such credit. Accordingly, the parties hereto agree
as follows:

 

SECTION
1. Terms. Each capitalized term used but not otherwise defined herein shall have the meaning specified in the Credit Agreement
or the Collateral Agreement, as applicable. The rules of construction specified in Section 1.03 of the Credit Agreement also apply
to this Agreement, mutatis mutandis.

 

SECTION
2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured Obligations,
each Grantor pursuant to the Collateral Agreement did, and hereby does, grant to the Collateral Agent, its successors and assigns,
for the benefit of the Secured Parties, a security interest in all right, title and interest in, to and under any and all of the
following assets now owned or at any time hereafter acquired by such Grantor or in, to or under which such Grantor now has or
at any time hereafter may acquire any right, title or interest (collectively, the “Copyright Collateral”):

 

(a)
(i) all copyright rights in any work subject to the copyright laws of the United States of America or any other country, whether
as author, assignee, transferee or otherwise, and (ii) all registrations and applications for registration of any such copyright
in the United States of America or any other country, including registrations, recordings, supplemental registrations, pending

     

    2 

    

 

applications
for registration and renewals in the United States Copyright Office (or any similar office in any other country), including those
listed on Schedule I, and any other rights corresponding to the foregoing, including moral rights; and

 

(b)
all exclusive Copyright Licenses under which any Grantor is a licensee, including those listed on Schedule I.

 

SECTION
3. Collateral Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and
not in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. Each Grantor
hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Copyright Collateral
are more fully set forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference
as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Collateral Agreement, the
terms of the Collateral Agreement shall govern.

 

SECTION
4. Termination or Release. Upon the termination of the Collateral Agreement in accordance with Section 7.12
thereof, the Collateral Agent shall, at the expense of the applicable Grantor, execute, acknowledge, and deliver to such Grantor
an instrument in writing in recordable form releasing the security interest in the Copyright Collateral of such Grantor under
this Agreement.

 

SECTION
5. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

SECTION
6. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to this Agreement shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic
form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof 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 Collateral Agent shall not be under any obligation to
agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Collateral Agent pursuant
to procedures approved by it.

 

[Signature
Pages Follow]

 

     

     

    

 

IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

 

	 	MURPHY USA INC.,
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:  	 
	 	 	 

 

	 	MURPHY OIL USA, INC.,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	[GRANTORS],
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	JPMORGAN CHASE BANK, N.A., as

    Collateral Agent,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

SCHEDULE
I

 

U.S. Registered
Copyrights

 

	Registered Owner	Title	Copyright
    Number	Registration
    Date
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

U.S. Copyright
Applications

 

	Registered Owner	Title	Application
    Number	Filing
    Date
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

U.S. Exclusive
Copyright Licenses

 

	Licensee	Licensor	Title	Copyright
    Number	Agreement
    Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

EXHIBIT E

 

[FORM OF]

 

COMPLIANCE
CERTIFICATE

 

[The
form of this Compliance Certificate has been prepared for convenience only, and is not to affect, or to be taken into consideration
in interpreting, the terms of the Credit Agreement referred to below. The obligations of Murphy USA and the Company under the
Credit Agreement are as set forth in the Credit Agreement, and nothing in this Compliance Certificate, or the form hereof, shall
modify such obligations or constitute a waiver of compliance therewith in accordance with the terms of the Credit Agreement. In
the event of any conflict between the terms of this Compliance Certificate and the terms of the Credit Agreement, the terms of
the Credit Agreement shall govern and control, and the terms of this Compliance Certificate are to be modified accordingly.]

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA Inc., Murphy Oil USA, Inc., the Lenders from time
to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and Collateral Agent, and Royal Bank of Canada,
as Term Administrative Agent. Each capitalized term used but not defined herein shall have the meaning specified in the Credit
Agreement.

 

Each
of the undersigned, [specify title] of Murphy USA and [specify title] of the Company, hereby certifies (solely in their capacities
as officers and not individually), as follows:

 

1.
I am a Financial Officer of Murphy USA or the Company, as applicable.

 

2.
[Attached as Schedule I hereto are the consolidated financial statements required by Section 5.01(a) of the Credit Agreement as
of the end of and for the fiscal year ended [ ], setting forth in each case in comparative form the figures for the prior fiscal
year, together with an audit opinion thereon of [KPMG LLP] required by Section 5.01(a).] [or] [The consolidated financial statements
required by Section 5.01(a) of the Credit Agreement as of the end of and for the fiscal year ended [      ],
setting forth in each case in comparative form the figures for the prior fiscal year, together with an audit opinion thereon of
[KPMG LLP] required by Section 5.01(a), have been filed with the SEC and are available on the website of the SEC at http://www.sec.gov.]

 

[or]

 

2.
[Attached as Schedule I hereto are the consolidated financial statements required by Section 5.01(b) of the Credit Agreement as
of the end of and for the fiscal quarter ended [    ] and the then elapsed portion of the fiscal year, setting
forth in each case in comparative form the figures for the prior fiscal year.] [or] [The consolidated

    Exhibit E

     

    

 

financial
statements required by Section 5.01(b) of the Credit Agreement as of the end of and for the fiscal quarter ended [ ] and the then
elapsed portion of the fiscal year have been [filed with the SEC and are available on the website of the SEC at http://www.sec.gov].]
Such financial statements present fairly, in all material respects, the financial position, results of operations and cash flows
of Murphy USA and its consolidated Subsidiaries on a consolidated basis as of the end of and for such fiscal quarter and the then
elapsed portion of the fiscal year in accordance with GAAP, subject to normal year-end audit adjustments and the absence of certain
footnotes.]

 

3. Attached
hereto as Schedule II is [(i)] a summary of the pro forma adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries
from the financial statements attached as Schedule I hereto [and (ii) a list identifying each subsidiary of the Company as a Restricted
Subsidiary or an Unrestricted Subsidiary as of the date of this Certificate.] [Since the [Effective Date] [the date of the most
recently delivered Compliance Certificate] there has been no change to the list of Restricted Subsidiaries and Unrestricted Subsidiaries
of the Company.]1

 

4.
All notices required under Sections 5.03 and 5.04 of the Credit Agreement have been provided.

 

5.
I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a review in
reasonable detail of the transactions and condition of Murphy USA and the Subsidiaries during the accounting period covered by
the attached financial statements. The foregoing examination did not disclose, and I have no knowledge of, (a) the existence of
any condition or event that constitutes a Default or an Event of Default during or at the end of the accounting period covered
by the attached financial statements or as of the date of this Certificate, except as set forth in a separate attachment, if any,
to this Certificate, specifying the details thereof and any action taken or proposed to be taken with respect thereto or (b) any
change in GAAP or in the application thereof since the date of the consolidated balance sheet most recently heretofore delivered
pursuant to Section 5.01(a) or 5.01(b) of the Credit Agreement (or prior to the first such delivery, referred to in Section 3.04
of the Credit Agreement), that has had, or could have, a significant effect on the calculations of the Consolidated Fixed Charge
Coverage Ratio, the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio or the Total Leverage
Ratio, except as set forth in a separate attachment, if any, to this Certificate, specifying the nature of such change and the
effect thereof on such calculations.

 

6.
The financial covenant analyses and other information set forth on Annex A hereto are true and accurate on and as of the date
of this Certificate.

 

[7.
Set forth on Annex B hereto is a reasonably detailed calculation of Excess Cash Flow and of any deductions therefrom pursuant
to Section 2.11(c) of the Credit Agreement. The information set forth on Annex B hereto is true and accurate on and as of the
date of this Certificate.]2

 

_________________

 

1
Include this sentence if there has been no change in the list of Restricted Subsidiaries or Unrestricted Subsidiaries since the
later of the Effective Date and the most recent prior delivery of such information.

 

2
Include if Compliance Certificate delivered together with financial statements pursuant to Section 5.01(a) of the Credit Agreement.

 

    Exhibit E

     

    

 

The
foregoing certifications are made and delivered on [ ] pursuant to Section 5.01(d) of the Credit Agreement.

 

	 	MURPHY USA INC.,
	 	 	 	 
	 	By:	 
	 	 	  Name:	 
	 	 	  Title:	 

 

 

	 	MURPHY OIL USA, INC.,
	 	 
	 	By:	 
	 	 	  Name:	 
	 	 	  Title:	 

 

 

    Exhibit E

     

    

ANNEX A TO

COMPLIANCE
CERTIFICATE

 

AS OF OR
FOR THE FISCAL [QUARTER] [YEAR] ENDED [mm/dd/yy].

 

	1.

         
	Consolidated
    Net Income:  (i) - (ii) =	$[___,___,___]
	 	(i)          the
    net income or loss of Murphy USA and its consolidated Restricted Subsidiaries for such period, determined on a consolidated
    basis in accordance with GAAP:	$[___,___,___]
	 	 	 
	 	(ii)          To
        the extent included in net income referred to in (i):

         

        (a)          the
income of any Person (other than Murphy USA) that is not a consolidated Restricted Subsidiary except to the extent of the amount
of cash dividends or similar cash distributions actually paid by such Person to Murphy USA, the Company or, subject to clauses
(b) and (c) below, any other consolidated Restricted Subsidiary during such period:3
	$[___,___,___]
	 	 	 
	 	(b)         the
    income of any consolidated Restricted Subsidiary (other than a Subsidiary Loan Party) to the extent that, on the date of determination,
    the declaration or payment of cash dividends or similar cash distributions by such Restricted Subsidiary is not permitted
    without any prior approval of any Governmental Authority that has not been obtained or is not permitted by the operation of
    the terms of the organizational documents of such Restricted  Subsidiary, any agreement or other instrument binding
    upon Murphy USA or any Restricted Subsidiary or any law applicable to Murphy USA or any Restricted Subsidiary, unless such
    restrictions with respect to the payment of cash dividends and other similar cash distributions have been legally and effectively
    waived:	$[___,___,___]

 

__________________

 

3 The
amount of any cash dividends or similar cash distributions paid by any Unrestricted Subsidiary to Murphy USA, the Company or any
other consolidated Restricted Subsidiary shall be included, without duplication and subject to clauses (b) and (c) of this item
(ii), in the calculation of Consolidated Net Income for such period solely to the extent such cash dividends or similar cash distributions
are paid from the net income of such Unrestricted Subsidiary (and not as a return of capital or any other similar investment).

 

    Exhibit E

     

    

 

	 	(c)         the
    income or loss of, and any amounts referred to in clause (a) above paid to, any consolidated Restricted Subsidiary that is
    not wholly owned by Murphy USA to the extent such income or loss or such amounts are attributable to the noncontrolling interest
    in such consolidated Restricted Subsidiary:	$[___,___,___]
	 	 	 
	2.	Consolidated EBITDA:4
    (i) + (ii) - (iii) =	$[___,___,___]
	 	 	 
	 	(i)Consolidated Net Income for such
    period (see item 1 above):	$[___,___,___]
	 	 	 
	 	(ii)5
           (a)         consolidated interest expense for such period (including imputed
    interest expense in respect of Capital Lease Obligations):	$[___,___,___]
	 	 	 
	 	(b)         consolidated
    income tax expense for such period:	$[___,___,___]
	 	 	 
	 	(c)         all
    amounts attributable to depreciation for such period and amortization of intangible assets for such period:	$[___,___,___]
	 	 	 
	 	(d)         any
    extraordinary loss for such period:	$[___,___,___]
	 	 	 
	 	(e)          any
        noncash expenses for such period resulting from the grant of stock options or other equity-based incentives to any director,
        officer or employee of Murphy USA, the Company or any other Restricted Subsidiary pursuant to a written plan or agreement
        approved by the board of directors of Murphy USA:

         
	$[___,___,___]

____________________

 

4 Consolidated
EBITDA shall be calculated so as to exclude the effect of any gain or loss that represents after-tax gains or losses attributable
to any sale, transfer or other disposition of assets by Murphy USA or any of its consolidated Restricted Subsidiaries, other than
dispositions of inventory and other dispositions in the ordinary course of business. All amounts added back in computing Consolidated
EBITDA for any period pursuant to clause (a) above, and all amounts subtracted in computing Consolidated EBITDA pursuant to clause
(b) above, to the extent such amounts are, in the reasonable judgment of a Financial Officer of Murphy USA, attributable to any
Restricted Subsidiary that is not wholly owned by Murphy USA, shall be reduced by the portion thereof that is attributable to
the noncontrolling interest in such Restricted Subsidiary. For purposes of calculating Consolidated EBITDA for any period, if
during such period Murphy USA, the Company or any other Restricted Subsidiary shall have consummated a Material Acquisition or
a Material Disposition, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto in accordance
with Section 1.04(b) of the Credit Agreement.

 

5 Items
to be set forth without duplication and to the extent deducted in determining Consolidated Net Income.

 

    Exhibit E

     

    

 

	 	(f)          any losses for such period attributable to early extinguishment of Indebtedness or obligations under any Hedging Agreement:	$[___,___,___]
	 	 	 
	 	(g)         any unrealized losses for such period attributable to the application of “mark to market” accounting in respect of Hedging Agreements:	$[___,___,___]
	 	 	 
	 	(h)         the cumulative effect for such period of any change in accounting principles:	$[___,___,___]
	 	 	 
	 	(i)          any other noncash charge for such period (including any impairment charge or asset write-off related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities pursuant to GAAP, but excluding any additions to bad debt reserves or bad debt expense, any noncash charge that results from the write-down or write-off of inventory, any noncash charge that results from the write-down or write-off of accounts receivable or that is in respect of any other item that was included in Consolidated Net Income in a prior period and any noncash charge to the extent it represents an accrual of or a reserve for cash expenditures in any future period):	$[___,___,___]
	 	 	 
	 	(iii)6      (a)         any
    extraordinary gains for such period, all determined on a consolidated basis in accordance with GAAP:	$[___,___,___]
	 	 	 
	 	(b)        any gains for such period attributable to the early extinguishment of Indebtedness or obligations under any Hedging Agreement:	$[___,___,___]
	 	 	 
	 	(c)          any unrealized gains for such period attributable to the application of “mark to market” accounting in respect of Hedging Agreements:	$[___,___,___]
	 	 	 
	 	(d)          noncash items of income for such period (excluding any noncash items of income (i) in respect of which cash was received in a prior period or will be received in a future period or (ii) that represents the reversal of any accrual made in a prior period for anticipated cash charges, but only to the extent such accrual reduced Consolidated EBITDA for such prior period):	$[___,___,___]

 

____________________

 

6 Items
to be set forth without duplication and to the extent included in determining such Consolidated Net Income.

 

    Exhibit E

     

    

 

	 	(e)     the cumulative effect for such period of any change in accounting principles:	$[___,___,___]
	 	 	 
	3. 	Total Indebtedness: (i) + (ii) =	$[___,___,___]
	 	 	 
	 	(i)          the aggregate principal
    amount of Indebtedness of Murphy USA and its consolidated Restricted Subsidiaries outstanding as of such date, in the amount
    that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP:7	$[___,___,___]
	 	 	 
	 	(ii)         the aggregate principal
    amount of Indebtedness of Murphy USA and its consolidated Subsidiaries (including all Attributable Indebtedness in respect
    of Sale/Leaseback Transactions of Murphy USA and its consolidated Restricted Subsidiaries), in each case that is outstanding
    as of such date but not required to be reflected on a balance sheet in accordance with GAAP, determined on a consolidated
    basis:8	$[___,___,___]
	 	 	 
	4. 	Total Net Indebtedness: (i) - (ii) =	$[___,___,___]
	 	 	 
	 	(i)           Total Indebtedness (see item 3):	$[___,___,___]
	 	 	 
	 	(ii)          the aggregate amount of Unrestricted Cash as of such date:	$[___,___,___]
	 	 	 
	5. 	Total Leverage Ratio: (i) / (ii) =	$[___,___,___]
	 	 	 
	 	(i)           Total Indebtedness as of such date (see item 3):	$[___,___,___]
	 	 	 
	 	(ii)          Consolidated EBITDA for such period (see item 2):	$[___,___,___]

 

_____________________

 

7 To
be calculated without giving effect to any election to value any Indebtedness at “fair value”, as described in Section
1.04(a) of the Credit Agreement, and subject to the other requirements of Section 1.04(a) of the Credit Agreement.

 

8 For
purposes of clause (ii) above, the term “Indebtedness” shall not include contingent obligations of Murphy USA, the
Company or any other Restricted Subsidiary as an account party in respect of any letter of credit or letter of guaranty to the
extent such letter of credit or letter of guaranty does not support Indebtedness.

 

    Exhibit E

     

    

 

	6. 	Secured Net Leverage Ratio: (i) / (ii) =	$[___,___,___]
	 	 	 
	 	(i)          Total Net Indebtedness
    as of such date (see item 4) that is secured by a Lien on any asset or property of Murphy USA, the Company or any other Subsidiary:9	$[___,___,___]
	 	 	 
	 	(ii)         Consolidated EBITDA for such period (see item 2):	$[___,___,___]

_____________________

 

9 All
Attributable Indebtedness in respect of Sale/Leaseback Transactions to be included in clause (i).

 

 

    Exhibit E

     

    

 

ANNEX B TO

COMPLIANCE
CERTIFICATE

 

EXCESS CASH
FLOW FOR THE EXCESS CASH FLOW PERIOD ENDED [mm/dd/yy].

 

	1. 
	Consolidated
    Net Income:  See Item 1 of Annex A =	$[___,___,___]
	 	 	 
	2.	Current Assets: (i) - (ii) =	$[___,___,___]
	 	 	 
	 	(i)         all
    assets (other than cash or cash equivalents) that would, in accordance with GAAP, be classified on a consolidated balance
    sheet of Murphy USA and its Restricted Subsidiaries as current assets at such date of determination:	$[___,___,___]
	 	 	 
	 	(ii)          amounts
    related to current or deferred Taxes based on income or profits:	$[___,___,___]
	 	 	 
	3. 	Current Liabilities: (i) - (ii)
    - (iii) =	$[___,___,___]
	 	 	 
	 	(i)          aggregate
    amount of liabilities of Murphy USA and the Restricted Subsidiaries which may properly be classified as current liabilities
    under GAAP (other than for purposes of calculations of Consolidated Working Capital, including Taxes accrued as estimated)
    on a consolidated basis:	$[___,___,___]
	 	 	 
	 	(ii)         all
    intercompany items between Murphy USA and any Restricted Subsidiary:	$[___,___,___]
	 	 	 
	 	(iii)        all
    current maturities of long-term Indebtedness, all as determined in accordance with GAAP consistently applied:	$[___,___,___]
	 	 	 
	4. 	Consolidated Working Capital:10
    (i) - (ii) =	$[___,___,___]
	 	 	 
	 	(i)           Current
    Assets (see item 2):	$[___,___,___]

________________________

 

10 Increases or decreases in Consolidated Working Capital shall be calculated without regard to
any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets
or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting.

 

    Exhibit E

     

    

 

	 	(ii)          Current
    Liabilities (see item 3):	$[___,___,___]
	 	 	 
	5.	Excess Cash Flow:11
    (i) + (ii) + (iii) + (iv) - (v) - (vi) - (vii) - (viii) - (ix) - (x) - (xi) - (xii) - (xiii) =	$[___,___,___]
	 	 	 
	 	(i)          Consolidated
    Net Income (see item 1) for such Excess Cash Flow Period:	$[___,___,___]
	 	 	 
	 	(ii)         an
    amount equal to the amount of all non-cash charges, to the extent deducted in arriving at such Consolidated Net Income:12	$[___,___,___]
	 	 	 
	 	(iii)        the
    decreases, if any, in Consolidated Working Capital from the first day to the last day of such Excess Cash Flow Period:13	$[___,___,___]
	 	 	 
	 	(iv)        an
    amount equal to the aggregate net non-cash loss on Dispositions by Murphy USA and its Restricted Subsidiaries during such
    Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at
    such Consolidated Net Income:	$[___,___,___]
	 	 	 
	 	(v)         an
    amount equal to the amount of all non-cash gains for such Excess Cash Flow Period included in arriving at such Consolidated
    Net Income:	$[___,___,___]
	 	 	 
	 	(vi)        the
    aggregate amount of all principal payments of Indebtedness of Murphy USA, the Company and the Restricted Subsidiaries: 14	$[___,___,___]
	 	 	 

_________________________

 

11
For purposes of this definition of “Excess Cash Flow,” (a) “deducted in arriving at such Consolidated Net Income”
shall mean deducted in calculating the net income (loss) of Murphy USA and the Restricted Subsidiaries and not thereafter excluded
pursuant to the definition of Consolidated Net Income, (b) “included in arriving at such Consolidated Net Income” shall
mean included in calculating the net income (loss) of Murphy USA and the Restricted Subsidiaries and not thereafter excluded pursuant
to the definition of Consolidated Net Income and (c) amounts shall be deducted from, or added to, Consolidated Net Income without
duplication.

 

12
If any non-cash charge represents an accrual or reserve for cash items in any future period, the cash payment in respect thereof
in such future period shall be subtracted from Excess Cash Flow for such Excess Cash Flow Period in such future period.

 

13
Excluding any such decrease in Consolidated Working Capital arising from (a) the acquisition or Disposition of any Person by Murphy
USA, the Company or any Restricted Subsidiary or any Unrestricted Subsidiary designation, (b) the reclassification during such
period of current assets to long term assets or current liabilities to long term liabilities, (c) the application of acquisition
method, purchase and/or recapitalization accounting and/or (d) the effect of any fluctuation in the amount of accrued and contingent
obligations under any Hedging Agreement.

 

14 Including (a) the principal component of payments
in respect of Capitalized Lease Obligations, (b) the amount of any scheduled repayment of Term Loans, any mandatory prepayment
of Term Loans from any Asset Sale and other prepayments of Term Loans and (c) prepayments of Revolving Facility Loans to the extent
such prepayments of Revolving Facility Loans are accompanied by a permanent and concurrent commitment reduction thereunder but
exclude in all cases any such payment that is deducted in calculating the amount of any Excess Cash Flow payment in accordance
with Section 2.11(c) of the Credit Agreement; provided, that deductions for voluntary prepayments pursuant to this item (d) shall
not apply to the extent such voluntary prepayment is financed with the proceeds of Long-Term Indebtedness (other than under any
revolving Indebtedness).

 

    Exhibit E

     

    

 

	 	(vii)      the
    amount of Restricted Payments during such period (on a consolidated basis) by Murphy USA and the Restricted Subsidiaries (or
    committed during such period to be used for such purposes within the succeeding twelve month period, subject to reversal of
    such deduction if any such committed amount is not actually expended within such twelve-month period) made in compliance with
    Section 6.08(a) (other than 6.08(a)(i), 6.08(a)(ii), 6.08(a)(iii) and 6.08(a)(iv)) of the Credit Agreement to the extent such
    Restricted Payments were financed with internally generated cash flow of Murphy USA and the Restricted Subsidiaries:	$[___,___,___]
	 	 	 
	 	(viii)     an
    amount equal to the aggregate net non-cash gain on Dispositions by Murphy USA and its Restricted Subsidiaries during such
    Excess Cash Flow Period (other than Dispositions in the ordinary course of business) to the extent included in arriving at
    such Consolidated Net Income:	$[___,___,___]
	 	 	 
	 	(ix)         increases
    in Consolidated Working Capital from the first day to the last day of such Excess Cash Flow Period:15	$[___,___,___]
	 	 	 
	 	(x)        cash
    payments by Murphy USA and the Restricted Subsidiaries during such Excess Cash Flow Period in respect of purchase price holdbacks,
    earn out obligations, or long-term liabilities of Murphy USA and the Restricted Subsidiaries other than Indebtedness to the
    extent such payments are not expensed during such Excess Cash Flow Period or are not deducted in arriving at such Consolidated
    Net Income to the extent financed with internally generated cash flow of Murphy USA or any Restricted Subsidiaries:	$[___,___,___]
	 	 	 
	 	(xi)       the
    aggregate amount of expenditures actually made by Murphy USA or any Restricted Subsidiary in cash during such Excess Cash
    Flow Period (including expenditures for the payment of financing fees and cash restructuring charges) to the extent that such
    expenditures are not expensed during such Excess Cash Flow Period or are not deducted in arriving at such Consolidated Net
    Income and to the extent that such expenditure was financed with internally generated cash flow of Murphy USA or any Restricted
    Subsidiaries:	$[___,___,___]

_________________________

 

15 Excluding any such increase in Consolidated Working Capital arising from (a) the acquisition
or Disposition of any Person by Murphy USA or any Restricted Subsidiary or any Unrestricted Subsidiary designation, (b) the reclassification
during such period of current assets to long term assets or current liabilities to long-term liabilities, (c) the application
of acquisition method, purchase and/or recapitalization accounting and (d) the effect of any fluctuation in the amount of accrued
and contingent obligations under any Hedging Agreement.

 

    Exhibit E

     

    

 

	 	(xii)      the
    amount of Taxes (including penalties and interest) paid in cash and/or Tax reserves set aside or payable (without duplication)
    in such Excess Cash Flow Period to the extent they exceed the amount of Tax expense deducted in arriving at such Consolidated
    Net Income for such Excess Cash Flow Period:	$[___,___,___]
	 	 	 
	 	(xiii)     cash
    expenditures in respect of Hedging Agreements during such Excess Cash Flow Period to the extent not deducted in arriving at
    such Consolidated Net Income:	$[___,___,___]
	 	 	 
	 	(xiv)     any
    cash payments that are made during such Excess Cash Flow Period and have the effect of reducing an accrued liability that
    was not accrued during such period:	$[___,___,___]
	 	 	 
	 	(xv)      any
    amounts paid by the Restricted Subsidiaries during such period that are reimbursable by the seller, or other unrelated third
    party, in connection with a Permitted Acquisition or other permitted Investments:16	$[___,___,___]
	 	 	 
	 	(xvi)     the
    aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Company and any Restricted Subsidiary
    during such period that are required to be made in connection with any prepayment or satisfaction and discharge of Indebtedness:	$[___,___,___]
	 	 	 
	 	(xvii)    the
    amount of cash payments made in respect of pensions and other postemployment benefits in such period to the extent not deducted
    in arriving at such Consolidated Net Income:	$[___,___,___]

________________________

 

16 Included to the extent not deducted in determining Consolidated Net Income for such period
and provided that once so reimbursed, such amounts shall increase Excess Cash Flow for the period in which received.

    Exhibit E

     

    

 

	 	 	 
	 	(xviii)   the
    amount of cash equivalents subject to cash collateral or other deposit arrangements made with respect to Letters of Credit
    or Hedging Agreements:17	$[___,___,___]
	 	 	 
	6.	Deductions from Excess Cash Flow pursuant
    to Section 2.11(c):18 (i) + (ii) + (iii) + (iv) =	$[___,___,___]
	 	 	 
	 	(i)            the
                                    sum of:19

         

        (a)          the
amount of any voluntary payments of Term Loans and amounts used to repurchase outstanding principal of Term Loans during such
Excess Cash Flow Period pursuant to Sections 2.11(a) and Section 2.25 of the Credit Agreement:20
	$[___,___,___]
	 	 	 
	 	(b)         the
    amount of any voluntary payments of Revolving Loans to the extent that Revolving Commitments are terminated or reduced pursuant
    to Section 2.08 of the Credit Agreement by the amount of such payments:	$[___,___,___]
	 	 	 
	 	(c)         the
    amount used to fund any voluntary prepayments, voluntary repurchases or voluntary redemptions of any Incremental Equivalent
    Debt that is secured on a pari passu basis with the Loan Document Obligations (other than under any revolving credit
    facility except to the extent the commitments thereunder are permanently reduced by a corresponding amount):	$[___,___,___]

_________________________

 

17
If such cash equivalents cease to be subject to those arrangements, such amount shall be added back to Excess Cash Flow for the
subsequent Excess Cash Flow Period when such arrangements cease.

 

18
Calculations under this item 6 only are to be completed to the extent item 5 (Excess Cash Flow) exceeds $10,000,000. In addition,
(a) each item included in Deductions to Excess Cash Flow to be included at the option of the Company, without duplication (including
duplication of any amount deducted from Consolidated Net Income in calculating Excess Cash Flow for such period or of any amount
deducted in any prior Excess Cash Flow Period), in each case, to the extent not financed using the proceeds of funded Indebtedness
(other than revolving Indebtedness) and (b) to the extent that the amount of such Deductions to Excess Cash Flow exceeds the amount
of the prepayment that would have been required to be made from Excess Cash Flow for such Excess Cash Flow Period but for such
deductions, then such excess amounts may be applied to any subsequent Excess Cash Flow Period at the option of the Company.

 

19
Including, in each case, at the option of the Company and without duplication of any amounts previously deducted, the amount of
any such voluntary payments, voluntary repurchases or voluntary redemptions of such Indebtedness after the end of such Excess Cash
Flow Period but before the date of prepayment under Section 2.11(c) of the Credit Agreement.

 

20 The amount of any such payments pursuant to Section 2.25
of the Credit Agreement shall be calculated to equal the amount of cash used to repay principal and not the principal amount deemed
prepaid therewith.

 

 

    Exhibit E

     

    

 

 

	 	 	 
	 	(ii)        the
    amount of Capital Expenditures made in cash during such period by Murphy USA and its Restricted Subsidiaries:	$[___,___,___]
	 	 	 
	 	(iii)       the
    aggregate amount of cash consideration paid by Murphy USA and its Restricted Subsidiaries (on a consolidated basis) in connection
    with Investments made during such period pursuant to Section 6.04:21	$[___,___,___]
	 	 	 
	 	(iv)       the
    aggregate consideration required to be paid in cash by Murphy USA or any of the Restricted Subsidiaries pursuant to binding
    contracts (the “Contract Consideration”) entered into prior to or during such period relating to Permitted
    Acquisitions, Capital Expenditures or other Investments to be consummated or made during the period of four consecutive fiscal
    quarters of Murphy USA following the end of such period:22	$[___,___,___]
	 	 	 
	7.	Excess Cash Flow
    Prepayment: (i) x ((ii) - (iii)) =	$[___,___,___]
	 	 	 
	 	(i)           Required
    Excess Cash Flow Percentage:23	[50%] [25%] [0%]
	 	 	 
	 	(ii)          Excess
    Cash Flow (see item 5):	$[___,___,___]
	 	 	 
	 	(iii)         Deductions
    to Excess Cash Flow (see item 6):	$[___,___,___]

_________________________

 

21
Investments for purposes of this item (iii) include acquisitions, but exclude Investments in (a) cash or cash equivalents or (b)
in Murphy USA or any Restricted Subsidiary.

 

22
For purposes of this item (iv), (a) such consideration shall be calculated without duplication of amounts deducted from Excess
Cash Flow in prior periods and (b) to the extent the aggregate amount of internally generated cash actually utilized to finance
such Permitted Acquisitions, Capital Expenditures or other Investments during such period of four consecutive fiscal quarters is
less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the
end of such period of four consecutive fiscal quarters.

 

23 If the First Lien Leverage Ratio as of the end of such Excess
Cash Flow Period, as calculated at the time of the prepayment in respect thereof pursuant to Section 2.11(c) of the Credit Agreement,
and recalculated to give pro forma effect to such prepayment, is (a) greater than 3.25 to 1.00, such percentage shall be 50%, (b)
less than or equal to 3.25 to 1.00 but greater than 2.75 to 1.00, such percentage shall be 25% or (c) less than or equal to 2.75
to 1.00, such percentage shall be 0%.

 

    Exhibit E

     

    

 

EXHIBIT
F

 

[FORM
OF]

 

INTEREST
ELECTION REQUEST 

 

	[If to the Revolving Administrative Agent:]	[If to the Term Administrative Agent:]
	 	 
	JPMorgan Chase Bank,
N.A.

        as Revolving Administrative
Agent

        Mailcode: IL1 1190, 10
S. Dearborn, 22nd Floor,

        Chicago, IL 60603

        Attention of CBC Operations

        (Fax No. (713) 732-7608)
	Royal Bank of Canada,
as Term Administrative Agent

        20 King Street W, 4th
Floor,

        Toronto, Ontario, M5H,
        1C4

         

	 	 
	with a copy to

         

        JPMorgan Chase Bank,
N.A.

        as Revolving Administrative
Agent

        2200 Ross Avenue, 9th
Floor

        Dallas, TX 75201

        Attention of Jon Eckhouse

        (Fax No. 214-965-2594)
	 

 

[Date]

 

Ladies and Gentlemen:

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA Inc., Murphy Oil USA, Inc. (the “Company”),
the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and Collateral Agent,
and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the
meanings specified in the Credit Agreement.

 

This
notice constitutes an Interest Election Request and the Company hereby gives you notice, pursuant to Section 2.07 of the Credit
Agreement, that it requests the conversion or continuation of a [Revolving] [Tranche B Term] [specify other Class] Borrowing under
the Credit Agreement, and in connection therewith specifies the following information with respect to such Borrowing and each
resulting Borrowing:

 

1.Borrowing
to which this request applies:

_______________________________

Principal Amount:

_______________________________

Type:

_______________________________

Interest Period1:

_______________________________

 

2.Effective
date of this election2:

_______________________________

 

3.Resulting
Borrowing[s]3

Principal Amount4:

_______________________________

Type5

_______________________________

Interest Period6

_______________________________

 

 

	 	Very truly
yours,
	 	 
	 	MURPHY OIL USA, INC.,
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

_________________________

 

1
In the case of a Eurocurrency Borrowing, specify the last day of the current Interest Period therefor.

 

2
Must be a Business Day.

 

3
If different options are being elected with respect to different portions of the Borrowing specified in item 2 above, provide the
information required by this item 4 for each resulting Borrowing. Each resulting Borrowing shall be in an aggregate amount that
is an integral multiple of, and not less than, the amount specified for a Borrowing of such Class and Type in Section 2.02(c) of
the Credit Agreement.

 

4
Indicate the principal amount of the resulting Borrowing and the percentage of the Borrowing in item 2 above.

 

5
Specify whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing.

 

6 Applicable
only if the resulting Borrowing is to be a Eurocurrency Borrowing. Shall be subject to the definition of “Interest Period”
and can be a period of one, three or six months (or, if agreed to by each Lender participating in the resulting Borrowing, nine
or twelve months). Cannot extend beyond the Maturity Date. If an Interest Period is not specified, then the Company shall be deemed
to have selected an Interest Period of one month’s duration.

 

 

    Exhibit F

     

    

 

EXHIBIT G

 

[FORM OF]

PERFECTION CERTIFICATE

 

PERFECTION CERTIFICATE

 

[date]

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA Inc. (“Murphy USA”), Murphy
Oil USA, Inc. (the “Company”), the Lenders from time to time party thereto, Royal Bank of Canada as Term Administrative
Agent, and JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and Collateral Agent. Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Credit Agreement or the Collateral Agreement referred to therein, as applicable.

 

The
undersigned, Mindy K. West, Executive Vice President, Fuels, Chief Financial Officer and Treasurer of Murphy USA, solely in her
capacity as an officer, and not individually, and Executive Vice President, Fuels, Chief Financial Officer and Treasurer of the
Company, solely in her capacity as an officer, and not individually, hereby certify to the Collateral Agent as follows:

 

		1.	Legal Names. A. Set forth
                                         on Schedule 1 is (i) the exact legal name of each Loan Party, as such name appears in
                                         its certificate of organization, and (ii) each other legal name such Loan Party has had
                                         in the past five years, including the date of the relevant name change.

 

B.                
Except as set forth on Schedule 1, no Loan Party has changed its identity or corporate structure in any manner within the
past five years. Changes in identity or corporate structure include mergers, consolidations and acquisitions, as well as any change
in form or jurisdiction of organization. With respect to any such change that has occurred within the past five years, Schedules
1. 2A and 2B set forth the information required by Sections 1 and 2 of this Perfection Certificate as to each acquiree or constituent
party to such merger, consolidation or acquisition.

 

		2.	Jurisdictions
                                         and Locations. A. Set forth on Schedule 2A is (i) the jurisdiction of organization
                                         and the form of organization of each Loan Party, (ii) the organizational identification
                                         number, if any, assigned to such Loan Party by such jurisdiction and, if such Loan Party
                                         is organized under the laws of a jurisdiction that requires such information to be set
                                         forth on the face of a Uniform Commercial Code financing statement, the federal taxpayer
                                         identification number, if any, of such Loan Party and (iii) the address (including
                                         the county) of the chief executive office of such Loan Party.

 

B.                
Set forth on Schedule 2B are, with respect to each Loan Party, (i) all locations where such Loan Party maintains any books
or records relating to any Accounts and (ii) all locations where such Loan Party maintains a place of business or any Collateral
(with fair value of $250,000 or more) not otherwise identified on Schedule 2A or 2B.

 

     

     

    

 

		3.	Unusual
                                         Transactions. All Accounts have been originated by the Loan Parties and all Inventory
                                         has been either acquired by the Loan Parties in the ordinary course of business or manufactured
                                         by the Loan Parties, except as set forth on Schedule 3.

 

		4.	File
                                         Search Reports. File search reports have been obtained from the Uniform Commercial
                                         Code (“UCC”) filing office relating to the location of organization
                                         of each Loan Party identified on Schedule 2A. The file search reports obtained pursuant
                                         to this Section 4 reflect no Liens on any of the Collateral other than those permitted
                                         under the Credit Agreement.

 

		5.	UCC
                                         Filings. UCC financing statements have been prepared for filing in the proper UCC
                                         filing office in the jurisdiction in which each Loan Party is located (as provided in
                                         9-307 of the UCC), in each case as set forth with respect to such Loan Party in Section
                                         2 above. Set forth on Schedule 5 is a complete and correct list of each such filing and
                                         the UCC filing office or county recorder’s office in which such filing is to be
                                         made.

 

		6.	Equity
                                         Interests. Set forth on Schedule 6 is a complete and correct list, for each Loan
                                         Party, of all the stock, partnership interests, limited liability company membership
                                         interests or other Equity Interests owned by such Loan Party, specifying the issuer and
                                         certificate number of, and the number and percentage of ownership represented by, such
                                         Equity Interests.

 

		7.	Debt
                                         Instruments. Set forth on Schedule 7 is a complete and correct list, for each Loan
                                         Party, of all promissory notes and other evidence of Indebtedness evidencing Indebtedness
                                         of any Person in a principal amount of $5,000,000 or more held by such Grantor, in each
                                         case specifying the debtor thereunder and the type and outstanding principal amount thereof.

 

		8.	Intellectual
                                         Property. A. Set forth on Schedule 8A is a complete and correct list, with respect
                                         to each Loan Party, of each United States Patent (including each United States Patent
                                         application) owned by such Loan Party, in each case specifying the name of the registered
                                         owner, title, registration or application number and the issuance date or application
                                         date thereof.

 

B.                
Set forth on Schedule 8B is a complete and correct list, with respect to each Loan Party, of each United States Trademark
(including each United States Trademark application) owned by such Loan Party, specifying the name of the registered owner, the
registration or application number and the registration date or application date thereof.

 

C.                
Set forth on Schedule 8C, in proper form for filing with the United States Copyright Office, is a complete and correct
list, with respect to each Loan Party, of (i) each United States Copyright (including each United States Copyright application)
owned by such Loan Party, specifying the name of the registered owner, the title and the registration number (if already registered)
thereof, and (ii) each exclusive United States Copyright License granted to such Loan Party (with such Loan Party as a licensee),
including a brief description thereof and the licensee and licensor thereunder.

 

		9.	Commercial
                                         Tort Claims. Set forth on Schedule 9 is a true and complete list of commercial tort
                                         claims in excess of $5,000,000 held by any Loan Party, including a brief description
                                         thereof.

 

[Signature
page follows]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned have duly executed this certificate on this [ ] day of [ ], [ ].

 

	 	Murphy USA Inc.,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

 

	 	Murphy Oil USA, Inc.,
	 	 
	 	by	 
	 	 	Name:	 
	 	 	Title:	 

 

 

[Signature Page to Perfection Certificate]

     

     

    

Schedule 1

 

Legal
Names

 

     

     

    

Schedule 2A

 

Jurisdictions
and Locations

 

     

     

    

Schedule 2B

 

Other
Addresses

 

     

     

    

Schedule 3

 

Unusual
Transactions

 

     

     

    

Schedule 4

 

UCC Filings

 

     

     

    

Schedule 5

 

Equity
Interests

 

     

     

    

Schedule 6

 

Debt Instruments

 

     

     

    

Schedule 8A

 

Intellectual
Property

 

Patents/Patent
Applications

 

     

     

    

Schedule 8B

 

Intellectual
Property

 

Registered
Trademarks/Trademark Applications

 

     

     

    

Schedule 8C

 

Intellectual
Property

 

Copyrights/Copyright
Applications

 

Exclusive
Copyright Licenses

 

     

     

    

Schedule 9

 

Commercial
Tort Claims

 

     

     

    

EXHIBIT H

 

[FORM OF]

SUPPLEMENTAL PERFECTION CERTIFICATE

 

[date]

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy USA Inc. (“Murphy USA”), Murphy
Oil USA, Inc. (the “Company”), the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving
Administrative Agent and Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but
not otherwise defined herein shall have the meanings specified in the Credit Agreement or the Collateral Agreement referred to
therein, as applicable.

 

This
Supplemental Perfection Certificate is delivered pursuant to Section 5.01(e) of the Credit Agreement (this certificate and
each other certificate heretofore delivered pursuant to Section 5.01(e) of the Credit Agreement being referred to as a “Supplemental
Perfection Certificate”), and supplements the information set forth in the Perfection Certificate delivered on the Effective
Date (as supplemented from time to time by the Supplemental Perfection Certificates delivered after the Effective Date and prior
to the date hereof, the “Prior Perfection Certificate”).

 

Each
of the undersigned, [specify title]1 of Murphy USA, solely in [his/her] capacity as an officer, and not individually,
and [specify title]2 of the Company, solely in [his/her] capacity as an officer, and not individually, hereby certifies
to the Collateral Agent as follows:

 

		1.	Legal
                                         Names. Except as set forth on Schedule 1 hereto, Schedule 1 to the Prior Perfection
                                         Certificate remains complete and correct.

 

		2.	Jurisdictions
                                         and Locations. Except as set forth on Schedule 2A hereto, Schedule 2A to the
                                         Prior Perfection Certificate remains complete and correct.

 

		3.	Reserved.

 

		4.	Reserved.

 

		5.	Reserved.

 

		6.	Equity
                                         Interests. Except as set forth on Schedule 6 hereto, Schedule 6 to the Prior
                                         Perfection Certificate remains complete and correct.

____________________ 

 

1
Each Supplemental Perfection Certificate must be signed by a Financial Officer of Murphy USA.

 

2 Each Supplemental Perfection
Certificate must be signed by a Financial Officer of the Company.

 

    Exhibit H

     

    

 

		7.	Debt
                                         Instruments. Except as set forth on Schedule 7 hereto, Schedule 7 to the Prior
                                         Perfection Certificate remains complete and correct.

 

		8.	Intellectual
                                         Property. (a) Except as set forth on Schedule 8A hereto, Schedule 8A to the
                                         Prior Perfection Certificate remains complete and correct.

 

      (b)
Except as set forth on Schedule 8B hereto, Schedule 8B to the Prior Perfection Certificate remains complete

and correct.

 

      (c) Except
as set forth on Schedule 8C hereto, Schedule 8C to the Prior Perfection Certificate remains complete

and correct.

 

		9.	Commercial
                                         Tort Claims. Except as set forth on Schedule 9 hereto, Schedule 9 to the Prior
                                         Perfection Certificate remains complete and correct.

 

[Signature
page follows]

 

    Exhibit H

     

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Certificate as of the date first set forth above.

 

	 	Murphy USA Inc.,
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

	 	Murphy Oil USA, Inc.,
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Exhibit H

     

    

[FORM OF]
U.S. TAX CERTIFICATE FOR FOREIGN LENDERS THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy Oil USA, Inc. (the “Company”),
Murphy USA Inc., the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and
Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Credit Agreement.

 

Pursuant
to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole
record and beneficial owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it
is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it
is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (d) it is
not a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the applicable Administrative Agent and the Company with a certificate of its non-U.S. Person status
on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (a) if
the information provided on this certificate changes, the undersigned shall promptly so inform the Company and the applicable
Administrative Agent and (b) the undersigned shall have at all times furnished the Company and the applicable Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which any payment is to be
made to the undersigned, or in either of the two calendar years preceding any such payment.

 

	 	 	 	NAME OF LENDER],	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 
	 	 	 	Date:	 	 	 

 

 

 

    Exhibit H

     

    

EXHIBIT I-2 

 

[FORM OF]
U.S. TAX CERTIFICATE FOR FOREIGN PARTICIPANTS THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy Oil USA, Inc. (the “Company”),
Murphy USA Inc., the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and
Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Credit Agreement.

 

Pursuant
to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (b) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the Company within
the meaning of Section 871(h)(3)(B) of the Code and (d) it is not a controlled foreign corporation related to the Company
as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN
or IRS Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (a) if the information provided
on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (b) the undersigned shall
have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year
in which any payment is to be made to the undersigned, or in either of the two calendar years preceding any such payment.

 

 

	 	 	 	NAME OF PARTICIPANTS],	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 
	 	 	 	Date:	 	 	 

 

 

 

    Exhibit I-2

     

    

EXHIBIT I-3 

 

[FORM OF]
U.S. TAX CERTIFICATE FOR FOREIGN PARTICIPANTS THAT ARE PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy Oil USA, Inc. (the “Company”),
Murphy USA Inc., the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and
Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Credit Agreement.

 

Pursuant
to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole
record owner of the participation in respect of which it is providing this certificate, (b) its direct or indirect partners/members
are the sole beneficial owners of such participation, (c) with respect such participation, neither the undersigned nor any
of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or indirect
partners/members is a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (e) none
of its direct or indirect partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C)
of the Code.

 

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

 

 

	 	 	 	NAME OF PARTICIPANTS],	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 
	 	 	 	Date:	 	 	 

 

 

 

    Exhibit I-3

     

    

EXHIBIT I-4 

 

[FORM OF]
U.S. TAX CERTIFICATE FOR FOREIGN LENDERS THAT ARE PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES

 

Reference
is made to the Credit Agreement dated as of January 29, 2021 (as further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Murphy Oil USA, Inc. (the “Company”),
Murphy USA Inc., the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Administrative Agent and
Collateral Agent, and Royal Bank of Canada, as Term Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings specified in the Credit Agreement.

 

Pursuant
to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (a) it is the sole
record owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any promissory
note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to the Credit Agreement or any other
Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning
of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Company as described in Section 881(c)(3)(C) of the Code.

 

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

 

	 	 	 	NAME OF LENDER],	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 
	 	 	 	Date:	 	 	 

 

 

 

 

 

 

    Exhibit I-4

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