SEC Contract Filing

Filing Date: 2023-10-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_577346.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

<p style="margin: 0px 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>SECOND AMENDMENT TO</u></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>ASSET-BASED REVOLVING CREDIT AGREEMENT </u></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>AND JOINDER AGREEMENT</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;"><b>SECOND AMENDMENT TO ASSET-BASED REVOLVING CREDIT AGREEMENT AND JOINDER AGREEMENT</b>, dated as of October 4, 2023 (this &#8220;<b><i>Amendment</i></b>&#8221;), by and among <b>PAR PACIFIC HOLDINGS, INC.</b>, a Delaware corporation<b> </b>(&#8220;<b><i>Holdings</i></b>&#8221;), <b>PAR PETROLEUM, LLC</b>, a Delaware limited liability company (&#8220;<b><i>Par Borrower</i></b>&#8221;), <b>PAR HAWAII, LLC</b>, a Delaware limited liability company (&#8220;<b><i>Par Hawaii</i></b>&#8221;), <b>HERMES CONSOLIDATED, LLC</b>, a Delaware limited liability company (&#8220;<b><i>Hermes</i></b>&#8221;), <b>WYOMING PIPELINE COMPANY LLC, </b>a Wyoming limited liability company (&#8220;<b><i>Wyoming Pipeline</i></b>&#8221;), <b>PAR MONTANA, LLC</b>, a Delaware limited liability company (&#8220;<b><i>Par Montana</i></b>&#8221;), and <b>PAR ROCKY MOUNTAIN MIDSTREAM, LLC</b>, a Delaware limited liability company, (&#8220;<b><i>Par Rocky</i></b>&#8221;), and U.S. Oil &amp; Refining Co., a Delaware corporation (&#8220;<b><i>USOR</i></b>&#8221;, and collectively, with the Par Borrower, Par Hawaii, Hermes, Wyoming Pipeline, Par Montana and Par Rocky, the &#8220;<b><i>Borrowers</i></b>&#8221;), the other Loan Parties (as defined in the Credit Agreement defined below) party hereto, <b>WELLS FARGO BANK, NATIONAL ASSOCIATION</b>, a national banking association (&#8220;<b><i>Wells Fargo</i></b>&#8221;), as administrative agent and collateral agent for each member of the Lender Group (as defined in the Credit Agreement) (in such capacity, together with its successors and assigns in such capacity, &#8220;<b><i>Agent</i></b>&#8221;), the institutions set forth on <u>Annex B</u> hereto (each an &#8220;<b><i>Incremental Lender</i></b>&#8221;, and collectively, the &#8220;<b><i>Incremental Lenders</i></b>&#8221;) and the other Lenders (as defined in the Credit Agreement) party hereto.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:center;margin:0pt;">W I T N E S S E T H<u>:</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">WHEREAS, the Par Borrower, Par Hawaii, Hermes, Wyoming Pipeline, Par Montana, Par Rocky, Holdings, the Lenders and Agent are parties to that certain Asset-Based Revolving Credit Agreement, dated as of April 26, 2023, as amended by that certain First Amendment to Asset-Based Revolving Credit Agreement, dated as of May 30, 2023 (as so amended and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the &#8220;<b><i>Credit Agreement</i></b>&#8221; and the Credit Agreement, as amended by this Amendment, the &#8220;<b><i>Amended Credit Agreement</i></b>&#8221;). Terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement unless otherwise defined herein;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">WHEREAS, the Borrowers desire to amend the Credit Agreement on the terms set forth herein in order to, among other things, (a) increase (the &#8220;<b><i>Increase</i></b>&#8221;) the Maximum Revolver Amount and the Revolver Commitments (each such increased Revolver Commitment, an &#8220;<b><i>Incremental Commitment</i></b>&#8221;) by increasing the Revolving Commitment of one or more existing Lenders (each such Lender, an &#8220;<b><i>Increasing Lender</i></b>&#8221;) and by causing one or more Persons that at such time are not Lenders to become Lenders (each such Lender, an &#8220;<b><i>Additional Lender</i></b>&#8221;), and (b) designate USOR (the &#8220;<b><i>New Borrower</i></b>&#8221;) as a Borrower;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">WHEREAS, each Incremental Lender party to this Amendment (a) constitutes either an Increasing Lender or an Additional Lender, and (b) desires to provide an Incremental Commitment as specified on <u>Annex B