<SEC-DOCUMENT>0001193125-17-376823.txt : 20171222
<SEC-HEADER>0001193125-17-376823.hdr.sgml : 20171222
<ACCEPTANCE-DATETIME>20171221195905
ACCESSION NUMBER:		0001193125-17-376823
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20171221
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171222
DATE AS OF CHANGE:		20171221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR PACIFIC HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000821483
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				841060803
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36550
		FILM NUMBER:		171270980

	BUSINESS ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		(281) 899-4800

	MAIL ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAR PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	20120907

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELTA PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d466275d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;21, 2017 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Par Pacific Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-36550</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">84-1060803</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800 Gessner Road, Suite 875</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>77024</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(281) <FONT STYLE="white-space:nowrap">899-4800</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">&#167;240.12b-2).</FONT>
Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Indenture and Securities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017, Par Petroleum, LLC (&#147;<B><I>Par Petroleum</I></B>&#148;), and Par Petroleum Finance Corp. (&#147;<B><I>Finance
Corp.</I></B>&#148; and together with Par Petroleum, the &#147;<B><I>Issuers</I></B>&#148;), both wholly-owned subsidiaries of Par Pacific Holdings, Inc. (the &#147;<B><I>Company</I></B>&#148;), completed the issuance of $300&nbsp;million in
aggregate principal amount of 7.750% Senior Secured Notes due 2025 (the &#147;<B><I>Notes</I></B>&#148;) and related guarantees by the Subsidiary Guarantors (as defined below) and the Company (the &#147;<B><I>Guarantees</I></B>&#148; and, together
with the Notes, the &#147;<B><I>Securities</I></B>&#148;) in a private offering (the &#147;<B><I>Private Offering</I></B>&#148;) under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the &#147;<B><I>Securities
Act</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers used approximately $260.1&nbsp;million of the net proceeds, before expenses, of approximately
$292.6&nbsp;million from the sale of the Notes to (i)&nbsp;repay all outstanding indebtedness of Par Petroleum and its subsidiaries under (a)&nbsp;the KeyBank Credit Agreement (as defined below), (b) the Par Wyoming Holdings Credit Agreement (as
defined below) and (c)&nbsp;the WRC Revolving Credit Facility (as defined below), including certain prepayment premiums and exit fees; and (ii)&nbsp;to repay the forward sale under the Original Supply and Offtake Agreement (as defined below). The
Issuers intend to use the remainder of such net proceeds for general corporate purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Securities were issued under an indenture,
dated as of December&nbsp;21, 2017 (the &#147;<B><I>Indenture</I></B>&#148;), among Par Petroleum, Finance Corp., all of Par Petroleum&#146;s existing wholly-owned domestic subsidiaries (other than Finance Corp.) (collectively, the
&#147;<B><I>Subsidiary Guarantors</I></B>&#148;) and the Company, as guarantors, and Wilmington Trust, National Association., as trustee and collateral trustee (&#147;<B><I>Collateral Trustee</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes will bear interest at an annual rate of 7.750%. Interest is payable semiannually in arrears on June&nbsp;15 and December&nbsp;15 of
each year, beginning on June&nbsp;15, 2018, to holders of record on each June&nbsp;1 and December&nbsp;1 preceding an interest payment date. The Notes mature on December&nbsp;15, 2025, unless earlier redeemed or purchased. The Notes are secured by
first priority liens (subject to the relative priority of Permitted Liens) on substantially all of the property and assets of the Issuers and the Subsidiary Guarantors, including but not limited to, material real property now owned or hereafter
acquired by the Issuers or Subsidiary Guarantors and their equipment, intellectual property and equity interests, but excluding certain property which is collateral under the new ABL Loan Agreement (as defined below) and collateral under the Amended
and Restated Supply and Offtake Agreement (as defined below). The Notes are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by each of the Subsidiary Guarantors, and are guaranteed on a senior unsecured basis
only as to the payment of principal and interest by the Company. In the future, the Notes will be guaranteed on a senior secured basis by additional subsidiaries of Par Petroleum that guarantee material indebtedness of the Issuers or otherwise
become obligated with respect to material indebtedness under a credit facility, subject to certain exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers may redeem all
or part of the Notes at any time prior to December&nbsp;15, 2020 at a redemption price equal to 100% of the principal amount of Notes redeemed, plus a &#147;make whole&#148; premium, and accrued and unpaid interest, if any, to the date of
redemption. The Issuers have the right to redeem the Notes at any time on or after December&nbsp;15, 2020 at the redemption prices described in the Indenture, plus accrued and unpaid interest, if any, to the date of redemption. Additionally, at any
time before December&nbsp;15, 2020, the Issuers may redeem up to 35% of the aggregate principal amount of the Notes issued with an amount equal to the net proceeds of certain equity offerings, at a price equal to 107.750% of the principal amount of
the Notes, plus accrued and unpaid interest, if any, to the date of redemption; provided that (1)&nbsp;at least 65% of the aggregate principal amount of the Notes (including any additional Notes) originally issued under the Indenture remain
outstanding immediately after the occurrence of such redemption (excluding Notes held by the Par Petroleum and its Subsidiaries); and (2)&nbsp;each such redemption must occur within 180 days of the date of the closing of each such equity offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a &#147;change of control&#148; occurs, holders of the Notes will have the option to require the Issuers to purchase for cash all or a
portion of their Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest. In addition, if the Issuers make certain asset sales and do not reinvest the proceeds thereof or use such proceeds to repay
certain debt, they will be required to use the proceeds of such asset sales to make an offer to purchase the Notes at a price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture contains restrictive covenants limiting the ability of Par Petroleum and its Restricted Subsidiaries (as defined in the
Indenture) to, among other things, incur additional indebtedness or issue certain preferred shares, create liens on certain assets to secure debt, pay dividends or make other equity distributions, purchase or redeem capital stock, make certain
investments, sell assets, agree to certain restrictions on the ability of Restricted Subsidiaries to make payments to the Issuers, consolidate, merge, sell or otherwise dispose of all or substantially all assets, or engage in transactions with
affiliates. The Indenture also contains customary events of default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Indenture is attached as Exhibit 4.1 to this Current
Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is hereby incorporated by reference herein. The form of the Notes (included as Exhibit A of the Indenture filed as Exhibit 4.1 hereto) is filed as Exhibit 4.2 to this Current Report on
Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is hereby incorporated by reference herein. The descriptions of the material terms of the Indenture and the Securities are qualified in their entirety by reference to such exhibits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>ABL Loan Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017, in connection with the issuance of the Securities, Par Petroleum, Par Hawaii, Inc., a Hawaii corporation
(&#147;<B><I>Par Hawaii</I></B>&#148;), Mid Pac Petroleum, LLC, a Delaware limited liability company (&#147;<B><I>Mid Pac</I></B>&#148;), HIE Retail, LLC, a Hawaii limited liability company (&#147;<B><I>HIE Retail</I></B>&#148;), Hermes
Consolidated, LLC, a Delaware limited liability company d/b/a Wyoming Refining Company (&#147;<B><I>Hermes</I></B>&#148;) and Wyoming Pipeline Company LLC, a Wyoming limited liability company (&#147;<B><I>WPC</I></B>&#148; and collectively with Par
Petroleum, Par Hawaii, Mid Pac, HIE Retail, and Hermes, the &#147;<B><I>ABL Borrowers</I></B>&#148;), entered into that certain Loan and Security Agreement dated as of December&nbsp;21, 2017 (as amended from time to time, the &#147;<B><I>ABL Loan
Agreement</I></B>&#148;) with the ABL Guarantors (as defined below), the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent and collateral agent (&#147;<B><I>BofA</I></B>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ABL Loan Agreement provides for (a)&nbsp;a revolving credit facility in the maximum principal
amount at any time outstanding of $75,000,000, subject to a borrowing base, which provides for revolving loans and for the issuance of letters of credit, the proceeds of which will be used, among other things, to (i)&nbsp;refinance certain
indebtedness, (ii)&nbsp;pay related fees and expenses and (iii)&nbsp;otherwise fund working capital needs and general corporate purposes. The credit facility is undrawn at closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are certain of the additional material terms of the ABL Loan Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Interest</I>: The outstanding principal amount of each revolving loan bears interest at a fluctuating rate per annum equal to
(i)&nbsp;during the periods such revolving loan is a base rate loan, the base rate plus the applicable margin in effect from time to time, and (ii)&nbsp;during the periods such revolving loan is a LIBOR Loan, at LIBOR for the applicable interest
period plus the applicable margin in effect from time to time. At any time after an event of default has occurred and is continuing under the ABL Loan Agreement, the principal amount of the loans thereunder, all overdue interest and all fees owing
under the ABL Loan Agreement shall bear interest at the rate per annum equal to 2.00%&nbsp;plus the then-applicable interest rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Prepayment</I>. The ABL Borrowers may at any time and from time to time prepay the revolving loans, in whole or in part, without premium or
penalty. The maturity date of the revolving loans is December&nbsp;21, 2022, on which date all revolving loans will be due and payable in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Collateral</I>. The loans and letters of credit issued under the ABL Loan Agreement are secured by a first-priority security interest in
and lien on the following assets of the ABL Borrowers and the ABL Guarantors, excluding the assets of PHR (as defined below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all accounts and payment intangibles owed by credit card issuers (other than accounts and such payment intangibles constituting identifiable proceeds of collateral for the Notes); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all inventory; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all renewable identification numbers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all investment property, chattel paper, general intangibles (excluding intellectual property), documents, commercial tort claims and instruments, to the extent relating to the items above (for the avoidance of doubt,
excluding equity interests of each subsidiary of Par Petroleum); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all deposit accounts and other bank and securities accounts, and all cash and cash equivalents; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">books and records relating to the above; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all proceeds of (including proceeds of business interruption and other insurance) and supporting obligations (including letter of credit rights) with respect to any of the above. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Guarantees</I>.<I> </I>The obligations of the ABL Borrowers are guaranteed by the Company and Par Petroleum&#146;s existing and future
direct or indirect domestic subsidiaries that are not borrowers under the ABL Loan Agreement (the &#147;<B><I>ABL Guarantors</I></B>&#148;). In connection with the entry into the ABL Loan Agreement, the Company entered into a Guaranty pursuant to
which the Company guarantees the full and prompt payment of the principal of, and interest, if any, on the loans under the ABL Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Covenants</I>. The ABL Loan Agreement requires the ABL Borrowers to comply with certain customary affirmative, as well as certain negative
covenants that, among other things, will restrict, subject to certain exceptions, the ability of the ABL Borrowers and guarantors thereunder to incur indebtedness, grant liens, make investments, engage in acquisitions, mergers or consolidations and
pay dividends and other restricted payments. The ABL Loan Agreement also requires compliance with certain minimum fixed charge coverage ratios during certain specified times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the ABL Loan Agreement is qualified in its entirety by reference to the ABL Loan Agreement, a copy of which is
attached hereto as Exhibit 10.1, and incorporated by reference herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Amended and Restated Supply and Offtake Agreement
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017 (the &#147;<B><I>Restatement Effective Date</I></B>&#148;), Par Hawaii Refining, LLC, a Hawaii limited
liability company and indirect wholly-owned subsidiary of the Company (&#147;<B><I>PHR</I></B>&#148;), entered into an Amended and Restated Supply and Offtake Agreement (the &#147;<B><I>Amended and Restated Supply and Offtake
Agreement</I></B>&#148;) with J. Aron&nbsp;&amp; Company LLC (&#147;<B><I>J. Aron</I></B>&#148;), pertaining to crude oil supply and offtake arrangements for PHR&#146;s Kapolei refinery located in Kapolei, Hawaii (the
&#147;<B><I>Refinery</I></B>&#148;). As a condition precedent to the Amended and Restated Supply and Offtake Agreement, (i)&nbsp;the Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing with respect to the Refinery
recorded on June&nbsp;3, 2015 (the &#147;<B><I>Mortgage</I></B>&#148;), by PHR for the benefit of J. Aron, and (ii)&nbsp;the Equity Pledge Agreement dated as of June&nbsp;1, 2015 (the &#147;<B><I>Equity Pledge Agreement</I></B>&#148;), between Par
Petroleum, as pledgor, and J. Aron, were each terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Amended and Restated Supply and Offtake Agreement continued the term of the
Supply and Offtake Agreement (the &#147;<B><I>Original Supply and Offtake Agreement</I></B>&#148;), dated as of June&nbsp;1, 2015, which commenced on June&nbsp;1, 2015, and extended the term to end on May&nbsp;31, 2021 (&#147;<B><I>Expiration
Date</I></B>&#148;), subject to one <FONT STYLE="white-space:nowrap">one-year</FONT> extension at the mutual agreement of the parties at least one hundred twenty (120)&nbsp;days prior to the then current Expiration Date. During the term of the
Amended and Restated Supply and Offtake Agreement, J. Aron will continue to procure delivery of up to 94,000 barrels per day of crude oil to PHR for processing at the Refinery, and J. Aron will purchase certain petroleum products processed at the
Refinery. Under the Amended and Restated Supply and Offtake Agreement, the deferred payment arrangement whereby PHR can defer payments owed under the agreement in the amount of the lesser of $125&nbsp;million or 85&nbsp;percent of the eligible
accounts receivable and inventory remains in effect. The Amended and Restated Supply and Offtake Agreement also provides for J. Aron to enter into agreements with third-parties whereby J. Aron will remit payments to third-parties for refinery
procurement contracts, for which PHR will become immediately obligated to reimburse J. Aron. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Storage Facilities Agreement between PHR and J. Aron (&#147;<B><I>Storage Facilities
Agreement</I></B>&#148;) and the Marketing and Sales Agreement between PHR and J. Aron (&#147;<B><I>Marketing and Sales Agreement</I></B>&#148;, and collectively with the Storage Facilities Agreement, the &#147;<B><I>Supply Transaction
Documents</I></B>&#148;) are still in place as of the Restatement Effective Date, and PHR may continue to hedge price risk on its inventories and crude purchases. PHR and J. Aron will engage in other ancillary transactions involving transport,
storage, and inventory management, upon and subject to the terms of the Amended and Restated Supply and Offtake Agreement. Following expiration or termination of the Amended and Restated Supply and Offtake Agreement, PHR is obligated to purchase the
crude oil and refined product inventories then owned by J. Aron and located at storage facilities leased by PHR to J. Aron at then current market prices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of PHR under the Amended and Restated Supply and Offtake Agreement and the other Supply Transaction Documents are secured
pursuant to the Amended and Restated Pledge and Security Agreement (the &#147;<B><I>Amended and Restated</I></B> <B><I>Security Agreement</I></B>&#148;) between PHR and J. Aron, entered into in connection with the Amended and Restated Supply and
Offtake Agreements, granting J. Aron a security interest in the following assets of PHR: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all inventory, including crude oil and products; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all accounts; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all renewable identification numbers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all investment property, chattel paper, general intangibles, commercial tort claims, documents and instruments, to the extent relating to the items above; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all deposit accounts, and all cash and cash equivalents; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">books and records relating to the above; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all proceeds of (including proceeds of business interruption and other insurance), and supporting obligations (including letter of credit rights) with respect to, any of the foregoing. </TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a condition to J. Aron entering into the Amended and Restated Supply and Offtake Agreement, Par Petroleum issued a guaranty (the
&#147;<B><I>Par Petroleum Aron Guaranty</I></B>&#148;) in favor of J. Aron pursuant to which Par Petroleum guarantees the payment and performance of certain liabilities of PHR under the Amended and Restated Supply and Offtake Agreement, the Supply
Transaction Documents and the Amended and Restated Security Agreement, namely those amounts that have been paid by J. Aron with respect to any crude oil and/or petroleum products purchased by J. Aron, but which have not as of such time been
delivered to and received by PHR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amended and Restated Supply and Offtake Agreement and the Amended and
Restated Security Agreement is qualified in its entirety by reference to the Amended and Restated Supply and Offtake Agreement and the Amended and Restated Security Agreement, copies of which are attached hereto as Exhibits 10.2 and 10.3,
respectively, and incorporated by reference herein. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.02. Termination of a Material Definitive Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>KeyBank Credit Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017, a portion of the net proceeds received from the Private Offering was used to repay all amounts outstanding under
that certain Credit Agreement, dated as of December&nbsp;17, 2015 (the &#147;<B><I>KeyBank Credit Agreement</I></B>&#148;) among Mid Pac, HIE Retail, KeyBank National Association, as administrative agent (&#147;<B><I>KeyBank</I></B>&#148;), and the
other lenders from time to time party thereto, and all commitments thereunder were terminated. In connection with the repayment in full of all amounts due thereunder, the KeyBank Credit Agreement was retired. There were no material early termination
penalties incurred by Mid Pac or HIE Retail in connection with the repayment of the KeyBank Credit Agreement. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Par Wyoming Holdings
Credit Agreement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017, a portion of the net proceeds received from the Private Offering was used to repay all
amounts outstanding under that certain Credit Agreement, dated as of July&nbsp;14, 2016 (the &#147;<B><I>Par Wyoming Holdings Credit Agreement</I></B>&#148;) among Par Wyoming Holdings, LLC, a Delaware limited liability company and an indirect
wholly-owned subsidiary of the Company (&#147;<B><I>Par Wyoming Holdings</I></B>&#148;), certain lenders and Chambers Energy Management, LP, as agent. In connection with the repayment in full of all amounts due thereunder, the Par Wyoming Holdings
Credit Agreement was retired. Par Wyoming Holdings was required to pay a prepayment premium of approximately $4.2&nbsp;million in connection with the early termination of the Par Wyoming Holdings Credit Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>WRC Revolving Credit Facility </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017, a portion of the net proceeds received from the Private Offering was used to repay all amounts outstanding under the
Third Amended and Restated Loan Agreement, dated as of April&nbsp;20, 2015 (as amended from time to time, the &#147;<B><I>WRC Revolving Credit Facility</I></B>&#148;) among Hermes, WPC and Bank of America, N.A., as the lender, and all commitments
thereunder were terminated. In connection with the repayment in full of all amounts due thereunder, the WRC Revolving Credit Facility was retired. There were no material early termination penalties incurred by Hermes or WPC in connection with the
repayment of the WRC Revolving Credit Facility. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.03. Creation of a Direct Financial Obligation or an Obligation Under an <FONT
STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement of a Registrant. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The disclosures above under Item 1.01 of this Current
Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> are also responsive to Item 2.03 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and are hereby incorporated by reference into this Item 2.03. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01. Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;21, 2017, the Company issued a news release announcing the closing of the transactions contemplated by the Private Offering
and the ABL Loan Agreement. The news release is filed as Exhibit&nbsp;99.1 to this Form <FONT STYLE="white-space:nowrap">8-K,</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with General Instruction B.2 of Form <FONT STYLE="white-space:nowrap">8-K,</FONT> the foregoing information, including Exhibit
99.1, shall not be deemed &#147;filed&#148; for the purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall such information and Exhibits be deemed incorporated by
reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"><A HREF="d466275dex41.htm">Indenture, dated as of December&nbsp;
21, 2017, among Par Petroleum, LLC, Par Petroleum Finance Corp., the Guarantors (as defined therein) and Wilmington Trust, National Association, as Trustee and Collateral Trustee. </A> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"><A HREF="d466275dex41.htm">Form of 7.750&nbsp;% Senior Secured Notes due 2025 (included within the Indenture filed as Exhibit 4.1). </A> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"><A HREF="d466275dex101.htm">Loan and Security Agreement dated as of December&nbsp;
21, 2017, among Par Petroleum, LLC, Par Hawaii, Inc., Mid Pac Petroleum, LLC, HIE Retail, LLC, Hermes Consolidated, LLC, Wyoming Pipeline Company LLC, the guarantors party thereto, the financial institutions party thereto, as lenders, and Bank of America,
 N.A., as administrative agent.</A> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"><A HREF="d466275dex102.htm">Amended and Restated Supply and Offtake Agreement dated as of December&nbsp;21, 2017, between Par Hawaii Refining, LLC and J. Aron&nbsp;&amp; Company, LLC. </A> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"><A HREF="d466275dex103.htm">Amended and Restated Pledge and Security Agreement dated as of December&nbsp;21, 2017, between Par Hawaii Refining, LLC and J. Aron&nbsp;&amp; Company, LLC.</A> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">99.1</TD>
<TD ALIGN="left" VALIGN="top"><A HREF="d466275dex991.htm">Press Release, dated December&nbsp;21, 2017, announcing the Closing of the Offering. </A> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Date: December&nbsp;21, 2017 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">PAR PACIFIC HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ J. Matthew Vaughn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J. Matthew Vaughn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President and General Counsel</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TYPE>EX-4.1
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<FILENAME>d466275dex41.htm
<DESCRIPTION>EX-4.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PAR PETROLEUM, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PAR PETROLEUM FINANCE CORP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PAR
PACIFIC HOLDINGS, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND EACH OF THE GUARANTORS PARTY HERETO </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7.750% SENIOR SECURED NOTES DUE 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDENTURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of December&nbsp;21, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WILMINGTON
TRUST, NATIONAL ASSOCIATION, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Trustee </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WILMINGTON
TRUST, NATIONAL ASSOCIATION, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Collateral Trustee </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B></B><I>Page</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 DEFINITIONS AND INCORPORATION</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">BY REFERENCE</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Other Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Incorporation by Reference of Trust Indenture Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rules of Construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 THE NOTES</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Form and Dating</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Execution and Authentication</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Registrar and Paying Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Paying Agent to Hold Money in Trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Holder Lists</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Transfer and Exchange</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Replacement Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Outstanding Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Treasury Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Temporary Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Cancellation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Defaulted Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>CUSIP Numbers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 REDEMPTION AND PREPAYMENT</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices to Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Selection of Notes to Be Redeemed</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Effect of Notice of Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Deposit of Redemption or Purchase Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notes Redeemed or Purchased in Part</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Optional Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Mandatory Redemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Offer to Purchase by Application of Excess Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 4 COVENANTS</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment of Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Maintenance of Office or Agency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance Certificate; Notice of Default or Event of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Stay, Extension and Usury Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Restricted Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Incurrence of Indebtedness and Issuance of Preferred Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Asset Sales</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Transactions with Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Business Activities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B></B><I>Page</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.14</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organizational Existence</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.15</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offer to Repurchase Upon Change of Control</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.16</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Subsidiary Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.17</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Designation of Restricted and Unrestricted Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.18</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covenant Suspension</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 5 SUCCESSORS</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;5.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Merger, Consolidation or Sale of Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;5.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successor Issuer Substituted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 6 DEFAULTS AND REMEDIES</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Events of Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acceleration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Waiver of Past Defaults and Rescission of Acceleration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Control by Majority</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation on Suits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rights of Holders of Notes to Receive Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Collection Suit by Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.09</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee May File Proofs of Claim</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Priorities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Undertaking for Costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 7 TRUSTEE</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Duties of Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rights of Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Individual Rights of Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee&#146;s Disclaimer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notice of Defaults</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reports by Trustee to Holders of the Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compensation and Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Replacement of Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.09</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successor Trustee by Merger, etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eligibility; Disqualification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferential Collection of Claims Against the Issuers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Option to Effect Legal Defeasance or Covenant Defeasance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Defeasance and Discharge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covenant Defeasance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions to Legal or Covenant Defeasance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repayment to Issuers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinstatement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Without Consent of Holders of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">With Consent of Holders of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[Reserved]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revocation and Effect of Consents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


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<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B></B><I>Page</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notation on or Exchange of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee to Sign Amendments, etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 10 COLLATERAL AND SECURITY</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maintenance of Collateral; Further Assurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After-Acquired Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment of Security Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real Estate Mortgages and Filings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release of Liens on the Collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorization of Actions to be Taken by the Trustee or the Collateral Trustee Under the Security
Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Collateral Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.09</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Control Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Information Regarding Collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Negative Pledge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 11 NOTE GUARANTEES</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subsidiary Guarantee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation on Guarantor Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Execution and Delivery of Subsidiary Guarantee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Guarantors May Consolidate, etc., on Certain Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subsidiary Guarantee Releases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limited Guarantee of the Parent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Execution and Delivery of Guarantee of the Parent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;11.08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release of the Parent&#146;s Guarantee of the Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 12 SATISFACTION AND DISCHARGE</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;12.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Satisfaction and Discharge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;12.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Application of Trust Money</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">130</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 13 MISCELLANEOUS</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Relation to Trust Indenture Act</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Communication by Holders of Notes with Other Holders of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certificate and Opinion as to Conditions Precedent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statements Required in Certificate or Opinion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rules by Trustee and Agents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Personal Liability of Directors, Officers, Employees and Stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.09</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Adverse Interpretation of Other Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.12</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Counterpart Originals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Table of Contents, Headings, etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.14</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment Date Other Than a Business Day</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.15</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Evidence of Action by Holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.16</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Force Majeure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;13.17</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S.A. PATRIOT Act</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><I>Page</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBITS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF NOTE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF CERTIFICATE OF TRANSFER</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF CERTIFICATE OF EXCHANGE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;E1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF NOTATION OF SUBSIDIARY GUARANTEE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit E2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF NOTATION OF PARENT GUARANTEE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FORM OF SUPPLEMENTAL INDENTURE</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">INDENTURE dated as of December&nbsp;21, 2017 among PAR PETROLEUM, LLC, a Delaware limited
liability company (the &#147;<I>Company</I>&#148;), PAR PETROLEUM FINANCE CORP., a Delaware corporation (&#147;<I>Finance Corp.</I>&#148; and, together with the Company, the &#147;<I>Issuers</I>&#148;), PAR PACIFIC HOLDINGS, INC., a Delaware
corporation (the &#147;<I>Parent</I>&#148;) for the limited purposes set forth in Section&nbsp;11.06, the Guarantors (as defined), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (the &#147;<I>Trustee</I>&#148;), and WILMINGTON TRUST, NATIONAL
ASSOCIATION, as collateral trustee (the &#147;<I>Collateral Trustee</I>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers, the Parent, the Guarantors, the Trustee and
the Collateral Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the<B> </B>7.750% Senior Secured Notes due 2025 (the &#147;<I>Notes</I>&#148;): </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS AND
INCORPORATION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BY REFERENCE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01 <I>Definitions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>144A Global Note</I>&#148; means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>ABL Collateral Agent</I>&#148; means Bank of America, N.A., or any successor representative acting in such capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>ABL Debt</I>&#148; means Indebtedness outstanding from time to time under the ABL Facility, the ABL Hedge Agreements and the Cash
Management Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>ABL Documents</I>&#148; means the ABL Facility, any additional credit agreement, note purchase
agreement, indenture or other agreement related thereto and all other loan or note documents, collateral or Security Documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, the
ABL Facility, including the ABL Hedge Agreements and documentation related to the Cash Management Obligations, as such agreements or instruments may be amended, supplemented, modified, restated, replaced, renewed, refunded, restructured, increased
or refinanced from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>ABL Facility</I>&#148; means the Loan and Security Agreement, dated as of the date hereof,
among the Company, the other borrowers party thereto, the guarantors parties thereto, Bank of America, N.A. as administrative agent and collateral agent, and the banks and other financial institutions party thereto, and as it may be further amended,
supplemented or modified from time to time, and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof in whole or in part (whether with the original administrative agent and lenders or another administrative
agent or agents or one or more other lenders and whether provided under the original ABL Facility or one or more other credit or other agreements or indentures entered into from time to time). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>ABL Hedge Agreements</I>&#148; means any &#147;swap agreements&#148; as defined in
Section&nbsp;101(53B) of Title 11 of the United States Code entered into with any lender under the ABL Facility, its Affiliates or any other person permitted under the ABL Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>ABL Obligations</I>&#148; means all Indebtedness, liabilities and obligations (of every kind or nature) incurred or arising under or
relating to the ABL Documents that is secured by a Permitted Lien described under clause (1)&nbsp;of the definition thereof, and all other obligations of the Company, the other borrowers thereunder or any Guarantor in respect thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Acknowledgment Agreement</I>&#148; means that certain Acknowledgment Agreement, dated as of the date hereof, by and among J. Aron,
Par Hawaii Refining, LLC, a Hawaii limited liability company, the Collateral Trustee and the ABL Collateral Agent, as amended, amended and restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Acquired Debt</I>&#148; means, with respect to any specified Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Indebtedness of any other Person existing at the time such other Person was merged with or into or became a Subsidiary of such specified
Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person, but excluding Indebtedness which is extinguished, retired or
repaid in connection with such Person merging with or into or becoming a Subsidiary of such specified Person; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Indebtedness secured
by a Lien encumbering any asset acquired by such specified Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Act of Required Secured Debtholders</I>&#148; means, as to
any matter, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of Secured Debt representing the Required Secured Debtholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, (a)&nbsp;Secured Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of
the Company will be deemed not to be outstanding, and (b)&nbsp;votes will be determined in accordance with the provisions of the Collateral Trust and Intercreditor Agreement. Upon request of the Collateral Trustee, the Company, each Guarantor, or
any Affiliate, as applicable, shall promptly furnish to the Collateral Trustee one or more Officer&#146;s Certificate(s) listing and identifying all Notes, if any, known by such Persons to be owned or held by or for the account of any of the
above-described Persons, and the Collateral Trustee shall be entitled to accept such Officer&#146;s Certificate(s) as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are &#147;outstanding&#148;
for the purpose of any such determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Additional Notes</I>&#148; means additional Notes (other than the Initial Notes)
issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. The Initial Notes and any Additional Notes subsequently issued under this Indenture will be treated as a single class for
all purposes under this Indenture, including, without limitation, for waivers, amendments, redemptions and offers to purchase, and shall vote and consent together as one class on all matters with respect to the Notes. Additional Notes may or may not
be fungible with the Initial Notes or any other Additional Notes for U.S. federal income tax purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, &#147;control,&#148; as used with respect to any Person, means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms &#147;controlling,&#148;
&#147;controlled by&#148; and &#147;under common control with&#148; have correlative meanings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Agent</I>&#148; means any
Registrar, <FONT STYLE="white-space:nowrap">co-registrar,</FONT> Paying Agent, additional paying agent or collateral agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Applicable Procedures</I>&#148; means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Asset
Sale</I>&#148; means: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the sale, lease, conveyance, Event of Loss or other disposition of any properties or assets by
the Company or any of the Company&#146;s Restricted Subsidiaries; <I>provided</I>, <I>however</I>, that the sale, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company and its Restricted
Subsidiaries taken as a whole will be governed by Section&nbsp;4.15 and/or Section&nbsp;5.01 hereof and not by Section&nbsp;4.10 hereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the issuance of Equity Interests in any of the Company&#146;s Restricted Subsidiaries or the sale of Equity Interests in
any of its Restricted Subsidiaries (in each case other than directors&#146; qualifying shares, and other than Preferred Stock or Disqualified Stock of Restricted Subsidiaries issued in compliance with Section&nbsp;4.09 hereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the preceding, the following items will not be deemed to be Asset Sales: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any single transaction or series of related transactions that involves properties or assets having a fair market value of
less than $15.0&nbsp;million; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) a transfer of properties or assets between or among any of the Company and its
Restricted Subsidiaries and any Guarantor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) an issuance or sale of Equity Interests by a Restricted Subsidiary to the
Company or to another Restricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the sale, lease, assignment, license, sublease, abandonment or other
disposition of equipment, inventory, products, services, accounts receivable, benzene credits, sulfur credits, renewable fuel credits (including, without limitation, renewable identification numbers and biodiesel credits) or other properties or
assets in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the sale or other disposition of cash or Cash Equivalents or Investment
Grade Securities in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) a Restricted Payment that is permitted by Section&nbsp;4.07
hereof or a Permitted Investment; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the creation or perfection of a Lien that is not prohibited by
Section&nbsp;4.12 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) dispositions in connection with Permitted Liens; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any
kind; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) the grant in the ordinary course of business of any <FONT STYLE="white-space:nowrap">non-exclusive</FONT>
license of patents, trademarks, registrations therefor and other similar intellectual property; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) any sale, exchange or
other disposition of any property or equipment that has become damaged, worn out, obsolete or otherwise unsuitable or unnecessary for use in connection with the business of the Company or its Restricted Subsidiaries and any sale or disposition of
property in connection with turnarounds, maintenance and equipment and facility updates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) any issuance, sale, or
transfer of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) foreclosures,
condemnations or any similar action on assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) the lease or <FONT STYLE="white-space:nowrap">sub-lease</FONT> of any
real or personal property in the ordinary course of business and the exercise of termination rights with respect thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) (a) any sale of Hydrocarbons or other products (including crude oil and refined products) by the Company or its Restricted
Subsidiaries, in each case in the ordinary course of business, (b)&nbsp;any trade or exchange by the Company or any Restricted Subsidiary of any Hydrocarbons or other products (including crude oil and refined products) for similar products owned or
held by another Person; <I>provided</I> that the fair market value of the properties traded or exchanged by the Company or any Restricted Subsidiary is reasonably equivalent to the fair market value of the properties to be received by the Company or
Restricted Subsidiary (as determined in good faith by the Board of Directors or an Officer of the Company or, in the case of a trade or exchange by a Restricted Subsidiary, that Restricted Subsidiary), and (c)&nbsp;any sale, trade or exchange of
Hydrocarbons or other products (including crude oil and refined products) or assets by the Company or its Restricted Subsidiaries pursuant to the terms of any Intermediation Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) sales of accounts receivable, or participations therein, and any related assets, in connection with any Permitted
Receivables Financing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) any disposition or issuance or sale of Equity Interests of any Restricted Subsidiary with an
aggregate fair market value of less than $2.0&nbsp;million in any calendar year; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) the unwinding, settlement, sale or
other dispositions in the ordinary course of business of Hedging Contracts and other financial instruments; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) sales,
transfers and other dispositions of Investments in joint ventures, partnerships and limited liability companies to the extent required by, or made pursuant to, buy/sell arrangements between equity owners thereof set forth in joint venture
agreements, partnership agreements, limited liability company agreements and similar binding arrangements; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20) any trade or exchange by the Company or any Restricted Subsidiary of the
Company of properties or assets of any type for properties or assets of any type owned or held by another Person, including any disposition (which may include issuances) of some but not all of the Equity Interests of a Restricted Subsidiary of the
Company in exchange for assets or properties and either (i)&nbsp;after which the Person whose Equity Interests have been so disposed of continues to be a Restricted Subsidiary of the Company or (ii)&nbsp;if the Person whose Equity Interests have
been so disposed does not continue to be a Restricted Subsidiary of the Company, the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in such Person will be deemed to be either an
Investment made as of the time of such disposition that will reduce the amount available for Restricted Payments or a Permitted Investment under one or more clauses of the definition of Permitted Investments, as determined by the Company;
<I>provided</I> that the fair market value of the properties or assets traded or exchanged by the Company or such Restricted Subsidiary of the Company (together with any cash or Cash Equivalents and liabilities assumed by such other Person) is
reasonably equivalent to the fair market value of the properties or assets (together with any cash or Cash Equivalents) to be received by the Company or such Restricted Subsidiary (together with any liabilities to be assumed by the Company or any
Restricted Subsidiary; and provided further that any cash received must be applied in accordance with Section&nbsp;4.10 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21) to the extent allowable under Section&nbsp;1031 of the Code, or any comparable or successor provision, any exchange of
like property (excluding any boot thereon) for use in a Permitted Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(22) any sale of Hawaii Retail Property
pursuant to any Hawaii Retail Property Sale and Leaseback Transaction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(23) the lapse or abandonment of intellectual
property rights, which in the good faith determination of the Company are not material to the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24) sales (including Sale and Leaseback Transactions) of catalyst or precious metals owned by the Company or any of its
Restricted Subsidiaries in the ordinary course of business; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25) dispositions or write-offs of receivables in
connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that a transaction (or any portion thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted
Payment or Permitted Investment, the Company in its sole discretion, will be entitled to divide and classify (and reclassify from time to time) such transaction (or a portion thereof) as an Asset Sale and/or one or more of the types of permitted
Restricted Payments or Permitted Investments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Attributable Debt</I>&#148; in respect of a Sale and Leaseback Transaction means, at the
time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction including any period for which such lease has been extended or
may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. In the case of any lease that is terminable
by the lessee upon the payment of a penalty or other termination payment, such amount shall be the lesser of the amount determined assuming termination upon the first date such lease may be terminated (in which case the amount shall also include the
amount of the penalty or termination payment, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the amount determined assuming no such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Bankruptcy Law</I>&#148; means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Beneficial Owner</I>&#148; has the meaning assigned to such term in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> and Rule <FONT
STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act. The terms &#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148; have a corresponding meaning. For purposes of this definition, a Person shall be deemed not to Beneficially
Own securities that are the subject of a stock purchase agreement, merger agreement, amalgamation agreement, arrangement agreement or similar agreement until consummation of the transactions or, as applicable, series of related transactions
contemplated thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Board of Directors</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) with respect to a partnership, the board of directors or board of managers of the general
partner of the partnership or, if such general partner is itself a limited partnership, then the board of directors or board of managers of its general partner; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) with respect to a limited liability company, the board of managers or directors, the managing member or the members or any
controlling committee of managing members thereof (if member-managed); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) with respect to any other Person, the board
or committee of such Person serving a similar function. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Board Resolution</I>&#148; means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Borrowing Base</I>&#148; means on any date of determination, an amount equal to the lesser of (a)&nbsp;the aggregate Commitments; and
(b)&nbsp;the sum of the following: (i) 85% of Eligible Accounts Receivable (other than Eligible Investment Grade Receivables, Eligible Credit Card Receivables, Eligible <FONT STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables and Eligible
Unbilled Accounts); <I>plus</I> (ii) 90% of Eligible Investment Grade Receivables; <I>plus</I> (iii) 90% of Eligible Credit Card Receivables; <I>plus</I> (iv) 90% Eligible <FONT STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables; <I>plus</I>
(v) 80% of Eligible Refinery Hydrocarbon Inventory (other than Eligible Refinery </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Hydrocarbon Inventory at the Borrowers&#146; and Restricted Subsidiaries&#146; service stations and cardlocks provided that tank heels or tank bottoms (excluding sludge, water and asphalt) will
be eligible up to 50% (before application of the advance rate)); <I>plus</I> (vi)&nbsp;the lesser of (A) 80% of Eligible Refinery Hydrocarbon Inventory at the Borrowers&#146; and the Restricted Subsidiaries&#146; service stations and cardlocks
(provided that tank heels or tank bottoms (excluding sludge, water and asphalt) will be eligible up to 50% (before application of the advance rate)) and the greater of (I) $5,000,000 and (II) 10% of the Borrowing Base; <I>plus</I> (vii)&nbsp;the
least of (A) 65% of Eligible Lubricants Inventory (other than Inventory consisting of tank heels or tank bottoms), (B) 85% of the NOLV Percentage of such Eligible Lubricants Inventory and (C) $5,000,000; <I>plus</I> (viii) 80% of Eligible <FONT
STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil and Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products; <I>plus</I> (ix)&nbsp;the lesser of (A) 80% of the excess of: (1)&nbsp;the amount available to be drawn under Letters of
Credit issued in connection with purchases of crude oil that constitutes Petroleum Inventory by the Borrowers over (2)&nbsp;the aggregate outstanding amounts payable by the Borrowers to the suppliers of such Petroleum Inventory that could be drawn
under such Letters of Credit and (B) $40,000,000; <I>plus</I> (x)&nbsp;the lesser of (A) 85% of the Eligible Exchange Agreement Positive Balance and (B) $10,000,000; <I>plus</I> (xi)&nbsp;the least of (A) 50% of Eligible Merchandise Inventory, (B)
85% of the NOLV Percentage of such Eligible Merchandise Inventory, and (C) $1,500,000; <I>plus</I> (xii)&nbsp;the lesser of (A) 70% of Eligible Unbilled Accounts and (B) $3,000,000; <I>plus</I> (xiii)&nbsp;at the option of the Borrower, 100% of
Eligible Cash; <I>minus</I> (xv)&nbsp;the Availability Reserve. Capitalized terms used in this definition of &#147;Borrowing Base&#148; but not defined herein shall have the meanings given to them in the ABL Facility, as it may be amended,
supplemented, modified or replaced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Business Day</I>&#148; means each day that is not a Saturday, Sunday or other day on which
banking institutions in New York, New York or another place of payment are authorized or required by law to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capital Lease
Obligation</I>&#148; means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared 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 prepaid by the lessee without payment of a penalty. Notwithstanding the foregoing,
any lease (whether entered into before or after the date hereof) that would have been classified as an operating lease pursuant to (i)&nbsp;GAAP as in effect or (ii)&nbsp;any accounting standards currently implemented by the Company, in each case on
the date hereof will be deemed not to represent a Capital Lease Obligation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capital Stock</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in the case of a corporation, corporate stock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, regardless of whether
such debt securities include any right of participation with Capital Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Cash Equivalents</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) United States dollars; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than two years from the date of acquisition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers&#146; acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any lender party to the ABL Facility or with any domestic commercial bank having capital and surplus in excess of $500.0&nbsp;million
and a Thomson Bank Watch Rating of &#147;B&#148; or better; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) repurchase obligations with a term of not more than seven
days for underlying securities of the types described in clauses (2)&nbsp;and (3) above entered into with any financial institution meeting the qualifications specified in clause (3)&nbsp;above or securities dealers of recognized national standing;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) commercial paper having one of the two highest ratings obtainable from Moody&#146;s or S&amp;P and, in each case,
maturing within one year after the date of acquisition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) marketable short-term money market and similar securities
having a rating of at least <FONT STYLE="white-space:nowrap">P-2</FONT> or <FONT STYLE="white-space:nowrap">A-2</FONT> from either Moody&#146;s or S&amp;P, respectively (or, if at any time neither Moody&#146;s nor S&amp;P shall be rating such
obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months after the date of creation thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Indebtedness or Preferred Stock issued by Persons with a rating of &#147;A&#148; or higher from S&amp;P or &#147;A2&#148;
or higher from Moody&#146;s with maturities of 12 months or less from the date of acquisition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) Investments with
average maturities of 12 months or less from the date of acquisition in money market funds rated <FONT STYLE="white-space:nowrap">AAA-</FONT> (or the equivalent thereof) or better by S&amp;P or Aaa3 (or the equivalent thereof) or better by
Moody&#146;s; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) investment funds at least 95% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1)&nbsp;through (8) of this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Cash Management Obligations</I>&#148; means obligations owed by
the Company or any Guarantor to any lender or Affiliate of a lender under the ABL Facility in respect of any overdraft and related liabilities arising from credit card, treasury, depository and cash management services or any automated clearing
house transfers of funds or any other banking products or services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control</I>&#148; means the occurrence of any of
the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the sale, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets (including Capital Stock of the Subsidiaries) of the Parent and its Subsidiaries taken as a whole, to any
&#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act), other than to the Company or one or more Guarantors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the adoption of a plan relating to the liquidation or dissolution of the Parent or the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Parent (other than a holding company created to hold the Parent or any other direct or indirect parent of the Company;
<I>provided</I> that holders of the Voting Stock of the Parent prior to such creation continue to hold at least a majority of the Voting Stock of such holding company); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Parent consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into
the Parent, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Parent or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where
(A)&nbsp;the Voting Stock of the Parent outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the
outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) or (B)&nbsp;immediately after such transaction, no &#147;person&#148; or &#147;group&#148; (as such terms are used in
Section&nbsp;13(d) and 14(d) of the Exchange Act) (other than a holding company created to hold the Parent or any other direct or indirect parent of the Company; <I>provided</I> that holders of the Voting Stock of the Parent prior to such creation
continue to hold at least a majority of the Voting Stock of such holding company), becomes, directly or indirectly, the Beneficial Owner of more than 50% of the voting power of the Voting Stock of the surviving or transferee Person; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the Parent ceases to own, directly or indirectly, more than 50% of the total voting power of the Voting Stock of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the preceding, (i)&nbsp;a conversion of the Company or any of its Restricted Subsidiaries from a limited
partnership, corporation, limited liability company or other form of entity to a limited liability company, corporation, limited partnership or other form of entity or (ii)&nbsp;an exchange of all of the outstanding Equity Interests in one form of
entity for Equity Interests in another form of entity shall not constitute a Change of Control, so long as immediately following such conversion or exchange the &#147;persons&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act)
who Beneficially Owned the Capital Stock of the Company immediately prior to such transactions continue to Beneficially Own in the aggregate more than 50% of the Voting Stock of such entity, or continue to Beneficially Own sufficient Equity
Interests in such entity to elect a majority of its directors, managers, trustees or other persons serving in a similar capacity for such entity or its general partner, as applicable, and, in either case no &#147;person&#148; Beneficially Owns more
than 50% of the Voting Stock of such entity or its general partner, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Clearstream</I>&#148; means Clearstream
Banking S.A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Code</I>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Collateral</I>&#148; means all assets and properties of the Issuers and the Guarantors subject to Liens created by the Security
Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Collateral Account</I>&#148; means, collectively, any deposit or other account under the sole control of the
Collateral Trustee and in which the Collateral Trustee has perfected security interests, on behalf of the secured parties, that are free from all other Liens, and includes solely identifiable cash and Cash Equivalents received from Asset Sales of
Collateral, foreclosures on or sales of Collateral or any other awards or proceeds of Collateral pursuant to the Security Documents, including earnings, revenues, rents, issues, profits and income from the Collateral received pursuant to the
Security Documents, and interest earned thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Collateral Rights Agreement</I>&#148; means that certain Collateral Rights
Agreement, dated as of the date hereof, by and among the ABL Collateral Agent, the Collateral Trustee and the Grantors party thereto from time to time, as amended, amended and restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Collateral Trust and Intercreditor Agreement</I>&#148; means the Collateral Trust and Intercreditor Agreement, dated as of the date
hereof, among the Company, the Guarantors from time to time party thereto, the Trustee, the Collateral Trustee, and the secured representative under Pari Passu Lien Hedge Agreements and any other additional secured representative party thereto from
time to time, as the same may be amended, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Collateral Trustee</I>&#148;
means Wilmington Trust, National Association, in its capacity as Collateral Trustee under the Collateral Trust and Intercreditor Agreement, together with its successors in such capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Commission</I>&#148; or &#147;<I>SEC</I>&#148; means the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Company</I>&#148; means Par Petroleum, LLC, and any and all successors thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Consolidated Cash Flow</I>&#148; means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period plus, without duplication: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) an amount equal to any net loss realized by such Person or any of
its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) provision for taxes based on income or profits, capital gains or capital of such Person and its Restricted Subsidiaries for
such period, including without limitation state, franchise and similar taxes and any foreign withholding taxes of such Person and its Restricted Subsidiaries paid or accrued during such period, to the extent that such provision for taxes was
deducted in computing such Consolidated Net Income; <I>plus</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, <FONT STYLE="white-space:nowrap">non-cash</FONT>
interest </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to
Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers&#146; acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Hedging Contracts,
to the extent that any such expense was deducted in computing such Consolidated Net Income; <I>plus</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) depreciation
and amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), impairment charges or expenses (including impairment of intangibles or goodwill), <FONT
STYLE="white-space:nowrap">non-cash</FONT> equity based compensation expense and other <FONT STYLE="white-space:nowrap">non-cash</FONT> expenses or charges (including asset write-offs or writedowns) (excluding any such
<FONT STYLE="white-space:nowrap">non-cash</FONT> item to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its
Restricted Subsidiaries for such period to the extent that such depreciation and amortization, impairment and other <FONT STYLE="white-space:nowrap">non-cash</FONT> items were deducted in computing such Consolidated Net Income; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) unrealized <FONT STYLE="white-space:nowrap">non-cash</FONT> losses resulting from foreign currency balance sheet
adjustments required by GAAP to the extent such losses were deducted in computing such Consolidated Net Income; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) all extraordinary, unusual or <FONT STYLE="white-space:nowrap">non-recurring</FONT> items of gain or loss, or revenue or
expense; <I>plus</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the amount of any minority interest expense consisting of income of a Restricted Subsidiary
attributable to minority equity interests of third parties in any <FONT STYLE="white-space:nowrap">non-wholly</FONT> owned Restricted Subsidiary deducted in such period in calculating Consolidated Net Income; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) an amount (to the extent not included in Consolidated Net Income) equal to the dividends or distributions paid during such
period in cash or Cash Equivalents to such Person or any of its Restricted Subsidiaries by a Person that is not a Restricted Subsidiary of such Person; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) any expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted
Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred hereunder (including a refinancing thereof) (whether or not successful), including (i)&nbsp;such fees, expenses or charges related to
the offering of the Notes and the ABL Facility and (ii)&nbsp;any amendment or other modification of the Notes and the ABL Facility, and, in each case, deducted (and not added back) in computing Consolidated Net Income; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) the amount of any restructuring charge or reserve or <FONT STYLE="white-space:nowrap">non-recurring</FONT> integration
costs deducted (and not added back) in such period in computing Consolidated Net Income, including any <FONT STYLE="white-space:nowrap">one-time</FONT> costs incurred in connection with acquisitions after the date hereof and costs related to the
closure and/or consolidation of facilities; <I>plus</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) the amount of any integration costs, business optimization expenses and
costs, <FONT STYLE="white-space:nowrap">one-time</FONT> costs related to acquisitions, costs related to the closure or consolidation of facilities, employee termination costs and turnaround expense; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) any other <FONT STYLE="white-space:nowrap">non-cash</FONT> charges (including any write-offs or write downs, any <FONT
STYLE="white-space:nowrap">non-cash</FONT> change in market value of inventory or inventory repurchase obligations or any <FONT STYLE="white-space:nowrap">non-cash</FONT> deferral of gross profit on finished product sales) reducing Consolidated Net
Income for such period <I>provided</I>, that if any such <FONT STYLE="white-space:nowrap">non-cash</FONT> charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future
period shall be subtracted from Consolidated Cash Flow to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) the amount of expenses, charges or losses with respect to liability or casualty events to the extent deducted (and not
added back) in such period in computing Consolidated Net Income and to the extent (a)&nbsp;covered by insurance and actually reimbursed (other than proceeds received from business interruption insurance to the extent already included in the
Consolidated Net Income of such Person) or (b)&nbsp;so long as a determination has been made in good faith by the Company that a reasonable basis exists that such amount shall in fact be reimbursed by an insurer to the extent it is (i)&nbsp;not
denied by the applicable carrier (without any right of appeal thereof) within 180 days (with a deduction in the applicable future period for any amount so added back to the extent denied within such 180 days) and (ii)&nbsp;in fact reimbursed within
365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days); <I>minus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) <FONT STYLE="white-space:nowrap">non-cash</FONT> items increasing such Consolidated Net Income for such period, other than
items that were accrued in the ordinary course of business, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">in each case, on a consolidated basis and determined in accordance with GAAP.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Consolidated Net Income</I>&#148; means, with respect to any specified Person for any period, the aggregate of the Net Income of
such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; <I>provided</I> that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included, but only to the extent of the amount of dividends or distributions paid in cash or Cash Equivalents (or converted into cash) to the specified Person or a Restricted Subsidiary of the Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) inventory valuation adjustments of a Restricted Subsidiary which adjust for timing differences to reflect the economics of
inventory financing agreements as described in the filings by the Company, the Parent or a direct or indirect parent of the Company with the Commission will be included; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Net Income of any Restricted Subsidiary (other than a Guarantor) will be excluded to the extent that the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by
operation of the terms of its charter or any judgment, decree, order, statute, rule or governmental regulation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
applicable to that Restricted Subsidiary or its stockholders, partners or members, unless such restrictions with respect to the declaration and payment of dividends or distributions have been
properly waived; <I>provided</I> that Consolidated Net Income will be increased by the amount of dividends or other distributions or other payments paid in cash (or to the extent converted into cash) or Cash Equivalents to the Company or a
Restricted Subsidiary thereof in respect of such period to the extent not already included therein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the cumulative
effect of a change in accounting principles will be excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) any amortization of fees or expenses that have been
capitalized shall be excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) <FONT STYLE="white-space:nowrap">non-cash</FONT> charges relating to employee benefit
or management compensation plans of the Company or any Restricted Subsidiary thereof or any <FONT STYLE="white-space:nowrap">non-cash</FONT> compensation charge arising from any equity-based awards for the benefit of officers, directors, employees
and consultants of the Company, its Restricted Subsidiaries, or any direct or indirect parent of the Company shall be excluded (other than in each case any <FONT STYLE="white-space:nowrap">non-cash</FONT> charge to the extent that it represents an
accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense incurred in a prior period); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) any <FONT STYLE="white-space:nowrap">non-recurring</FONT> charges or expenses incurred in connection with the offer and
sale of the Notes and the use of proceeds thereof shall be excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) (a) any
<FONT STYLE="white-space:nowrap">non-cash</FONT> restructuring charges shall be excluded and (b)&nbsp;up to an aggregate of $15.0&nbsp;million of other restructuring charges in any fiscal year ($30.0&nbsp;million over the life of the Notes) shall be
excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) any <FONT STYLE="white-space:nowrap">non-cash</FONT> impairment charge or asset <FONT
STYLE="white-space:nowrap">write-off,</FONT> in each case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP, shall be excluded; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with
(a)&nbsp;any sale of assets outside the ordinary course of business of such Person or (b)&nbsp;the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness (including, without
limitation, deferred financing costs written off and premiums or make-whole payments paid) or the early termination of Hedging Contracts or other derivative instruments of such Person or any of its Restricted Subsidiaries, shall, in each case, be
excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) any <FONT STYLE="white-space:nowrap">after-tax</FONT> effect of income (loss) from disposed, abandoned,
transferred, closed or discontinued operations and any net <FONT STYLE="white-space:nowrap">after-tax</FONT> gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall, in each case, be excluded; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) any extraordinary, <FONT STYLE="white-space:nowrap">non-recurring</FONT> or unusual gain or loss or expense, together with
any related provision for taxes, shall be excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) the effects of adjustments in the property, plant and equipment,
inventories, goodwill, intangible assets and debt line items in such Person&#146;s consolidated financial statements pursuant to GAAP resulting from the application of purchase accounting in relation to any acquisition or the amortization or <FONT
STYLE="white-space:nowrap">write-off</FONT> of any amounts thereof, net of taxes, shall be excluded; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) any fees and expenses incurred during such period, or any amortization
thereof for such period, in connection with any acquisition, disposition, recapitalization, Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, Sale and Leaseback Transaction, turnaround, financing
transaction or amendment or modification of any debt instrument (including, in each case, any such transaction undertaken but not completed) and any charges or <FONT STYLE="white-space:nowrap">non-recurring</FONT> merger costs incurred during such
period as a result of any such transaction, shall be excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) unrealized gains and losses related to Hedging
Contracts shall be excluded; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) any <FONT STYLE="white-space:nowrap">after-tax</FONT> effect of extraordinary, <FONT
STYLE="white-space:nowrap">non-recurring</FONT> or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including relating to acquisitions to the extent incurred on or prior to the date hereof), severance, relocation
costs and curtailments or modifications to pension and post-retirement employee benefit plans shall be excluded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Consolidated
Net Tangible Assets</I>&#148; means, with respect to any Person at any date of determination, the aggregate amount of total assets included in such Person&#146;s most recent quarterly or annual consolidated balance sheet prepared in accordance with
GAAP less applicable reserves reflected in such balance sheet, after deducting the following amounts: (a)&nbsp;all current liabilities reflected in such balance sheet, and (b)&nbsp;all goodwill, trademarks, patents, unamortized debt discounts and
expenses and other like intangibles reflected in such balance sheet (in each case, giving pro forma effect to any acquisitions or dispositions of assets or properties outside the ordinary course of business that have been made by the Person or any
of its Restricted Subsidiaries subsequent to the date of such balance sheet; <I>provided</I> that any such adjustments shall be calculated in the manner provided in the definition of Fixed Charge Coverage Ratio). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Consolidated <FONT STYLE="white-space:nowrap">Non-ABL</FONT> Secured Indebtedness</I>&#148; means, as of any date of determination,
(a)&nbsp;the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date that is secured by Liens, determined on a consolidated basis in accordance with GAAP (but excluding the effects of any
discounting of Indebtedness resulting from the application of acquisition method accounting in connection with any acquisition or investment permitted hereunder), consisting only of Indebtedness for borrowed money, obligations in respect of
Capitalized Leases and debt obligations evidenced by promissory notes or similar instruments, <I>minus</I> (b)&nbsp;the aggregate amount of cash and Cash Equivalents (excluding cash and Cash Equivalents which are listed as &#147;restricted&#148; on
the consolidated balance sheet of the Company its Restricted Subsidiaries as of such date), up to a maximum aggregate amount of cash and Cash Equivalents equal to $100.0&nbsp;million; <I>provided</I>, <I>however</I>, that Consolidated <FONT
STYLE="white-space:nowrap">Non-ABL</FONT> Secured Indebtedness shall not include Indebtedness in respect of any borrowed or undrawn amounts under the ABL Facility or owed or permitted to be incurred under any Intermediation Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Corporate Trust Office of the Trustee</I>&#148; means the address of the Trustee specified in Section&nbsp;13.02 hereof or such other
address as to which the Trustee may give notice to the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Credit Facilities</I>&#148; means one or more debt facilities (including, without
limitation, the ABL Facility), credit agreements, commercial paper facilities, note purchase agreements, indentures, or other agreements, providing for revolving credit loans, term loans, capital market financings, receivables financing (including
through the sale of receivables or interests in receivables to such lenders or other persons or to special purpose entities formed to borrow from such lenders or other persons against such receivables or sell such receivables or interests in
receivables and including Permitted Receivables Financings), letters of credit, notes or other borrowings or other extensions of credit, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in
connection therewith, in each case, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time, including any replacement, refunding or refinancing
facility or agreement that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender, group of
lenders, or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Custodian</I>&#148; means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Default</I>&#148; means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Definitive Note</I>&#148; means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section&nbsp;2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the &#147;Schedule of Exchanges of Interests in the Global
Note&#148; attached thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Depositary</I>&#148; means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section&nbsp;2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Designated <FONT STYLE="white-space:nowrap">Non-cash</FONT> Consideration</I>&#148; means the fair market value of <FONT
STYLE="white-space:nowrap">non-cash</FONT> consideration received by the Company or a Restricted Subsidiary of the Company in connection with an Asset Sale that is so designated as Designated <FONT STYLE="white-space:nowrap">Non-cash</FONT>
Consideration pursuant to an Officer&#146;s Certificate, setting forth the basis of such valuation, executed by the principal financial officer and one other officer of the Company, less the amount of cash or Cash Equivalents received in connection
with a subsequent sale of or collection on such Designated <FONT STYLE="white-space:nowrap">Non-cash</FONT> Consideration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Discharge of Secured Obligations</I>&#148; means the occurrence of all of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any
Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness outstanding under the Notes Documents and constituting Secured Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) payment in full in cash of all Hedging Obligations constituting Secured Obligations or the cash collateralization of all
such Hedging Obligations on terms satisfactory to each applicable counterparty; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) payment in full in cash of all other
Secured Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any contingent indemnification obligations for which no claim or demand for payment, whether oral or
written, has been made at such time); and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) termination or expiration of all commitments, if any, to extend credit that
would constitute Secured Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Disqualified Stock</I>&#148; means any Capital Stock that, by its terms (or by the terms
of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock
that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company or a direct or indirect parent of the Company to repurchase or redeem such Capital Stock upon the occurrence of a change
of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company or such parent company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such
repurchase or redemption complies with Section&nbsp;4.07 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Domestic Subsidiary</I>&#148; means any Restricted Subsidiary
of the Company that was formed under the laws of the United States or any state of the United States or the District of Columbia, excluding any such Restricted Subsidiary (i)&nbsp;substantially all of the direct or indirect assets of which are
Capital Stock of one or more &#147;controlled foreign corporations&#148; within the meaning of Section&nbsp;957 of the Code or (ii)&nbsp;that is a Subsidiary of a &#147;controlled foreign corporation&#148; within the meaning of Section&nbsp;957 of
the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Environmental and Necessary Capex</I>&#148; means capital expenditures to the extent deemed reasonably necessary, as
determined by the Company, in good faith and pursuant to prudent judgment, that are required by applicable law (including to comply with environmental laws or permits) or are undertaken for environmental, health and safety reasons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Event of Loss</I>&#148; means, with respect to any property or asset of the Company or any Restricted Subsidiary, (a)&nbsp;any damage
to such property or asset that results in an insurance settlement with respect thereto on the basis of a total loss or a constructive or compromised total loss or (b)&nbsp;the confiscation, condemnation or requisition of title to such property or
asset by any government or instrumentality or agency thereof. An &#147;Event of Loss&#148; shall be deemed to occur as of the date of the receipt of cash proceeds from the insurance settlement, confiscation, condemnation or requisition of title, as
applicable </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Equity Interests</I>&#148; means Capital Stock and all warrants, options or other rights to acquire Capital Stock
(but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Equity Offering</I>&#148; means
any public or private sale of Capital Stock (other than Disqualified Stock) of the Company or the Parent or any other direct or indirect parent of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Euroclear</I>&#148; means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Excluded Assets</I>&#148; shall have the meaning assigned to such term in the Security Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Excluded Subsidiary</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any Foreign Subsidiary that is treated as a &#147;controlled foreign corporation&#148; within the meaning of
Section&nbsp;957 of the Code, and any Subsidiary of such Foreign Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any Insurance Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any Restricted Subsidiary of the Company; <I>provided</I> that (a)&nbsp;the total assets of all Restricted Subsidiaries
that are Excluded Subsidiaries solely as a result of this clause (3), as reflected on their respective most recent balance sheets prepared in accordance with GAAP, do not in the aggregate at any time exceed 1.0% of the total assets of the Company
and all Subsidiaries on a consolidated basis at the same date and (b)&nbsp;the total revenues of all Restricted Subsidiaries that are Excluded Subsidiaries solely as a result of this clause (3)&nbsp;for the twelve-month period ending on the last day
of the most recent fiscal quarter for which financial statements for the Company are available, as reflected on such income statements, do not in the aggregate exceed 2% of the total revenues of the Company and all Subsidiaries on a consolidated
basis for the same period; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any Subsidiary that is disregarded as an entity separate from its owner for U.S.
federal income tax purposes if substantially all of the direct or indirect assets of such Subsidiary are Capital Stock of one or more &#147;controlled foreign corporations&#148; within the meaning of Section&nbsp;957 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, any Subsidiary that guarantees any Indebtedness or other obligations of the Company under the ABL Facility is
not an &#147;Excluded Subsidiary.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Existing Convertible Notes</I>&#148; means the 5.00% Convertible Senior Notes due 2021
issued by the Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Existing Indebtedness</I>&#148; means all Indebtedness of the Company and its Restricted Subsidiaries
(other than Indebtedness under the ABL Facility) in existence on the date hereof, until such amounts are repaid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>fair market
value</I>&#148; means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party. For purposes of determining compliance with the provisions of Article 4
hereunder, any determination that the fair market value of assets other than cash or Cash Equivalents is equal to or greater than $25.0&nbsp;million will be made by the Company&#146;s Board of Directors and evidenced by a resolution thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Finance Corp</I>.&#148; means Par Petroleum Finance Corp. and any and all successors thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Fixed Charge Coverage Ratio</I>&#148; means with respect to any specified Person for any four-quarter reference period, the ratio of
the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems,
defeases or otherwise discharges any Indebtedness (other than Indebtedness incurred under revolving credit facilities of Credit Agreements or Indebtedness incurred under any Intermediation Agreement) or issues, repurchases or redeems preferred stock
or Disqualified Stock subsequent to the commencement of the applicable four-quarter </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reference period and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the &#147;Calculation Date&#148;), then the Fixed Charge
Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock or
Disqualified Stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, for
purposes of calculating the Fixed Charge Coverage Ratio: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) acquisitions, dispositions, mergers, consolidations,
Investments, business restructurings, operational changes and any financing transactions relating to any of the foregoing (including repayment of Indebtedness) that have been made by the specified Person or any of its Restricted Subsidiaries,
including through mergers, consolidations or otherwise (including acquisitions of assets used in a Permitted Business), during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, or that
are to be made on the Calculation Date, will be given pro forma effect (in accordance with Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> under the Securities Act) as if they had occurred on the first day of the four-quarter reference
period, including any Consolidated Cash Flow and any pro forma expense and cost reductions or synergies that have occurred or are reasonably expected to occur within the next 12 months, in the reasonable judgment of the chief financial or accounting
officer of the Company; <I>provided</I> that, in the case of such cost savings or operating improvements or synergies, such adjustments are set forth in an Officer&#146;s Certificate signed by the Company&#146;s chief financial or similar officer
that states (i)&nbsp;the amount of such adjustments and (ii)&nbsp;that such adjustments are based on the reasonable good faith belief of the Officer executing such Officer&#146;s Certificate at the time of such execution; <I>provided</I>
<I>further</I> that if since the beginning of such period any Person that subsequently becomes a Restricted Subsidiary of the Company or was merged with or into the Company or any Restricted Subsidiary thereof since the beginning of such period
shall have made any relevant transaction that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such relevant transaction had
occurred at the beginning of the applicable four-quarter period and Consolidated Cash Flow for such reference period shall be calculated on a pro forma basis; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, will be
excluded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, will be
excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at
all times during such four-quarter period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) any Person that is not a Restricted Subsidiary on the Calculation Date will
be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) if any Indebtedness bears a floating rate of interest, the interest expense
on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Contracts applicable to such Indebtedness if such Hedging Contracts has a
remaining term as at the Calculation Date in excess of 12 months). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Fixed Charges</I>&#148; means, with respect to any specified
Person for any period, (A)&nbsp;the sum, without duplication, of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the consolidated interest expense of such Person and
its Restricted Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization of original issue discount, <FONT STYLE="white-space:nowrap">non-cash</FONT> interest payments (but excluding any <FONT
STYLE="white-space:nowrap">non-cash</FONT> interest expense attributable to the movement in the mark to market valuation of Hedging Contracts or other derivative instruments pursuant to GAAP), the interest component of any deferred payment
obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, interest expense associated with any Indebtedness incurred pursuant to Section&nbsp;4.09(b)(24)
hereof, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers&#146; acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Hedging Contracts, but in
each case excluding (a)&nbsp;accretion or accrual of discounted liabilities not constituting Indebtedness, (b)&nbsp;any expense resulting from the discounting of any outstanding Indebtedness in connection with the application of purchase accounting
in connection with any acquisition, (c)&nbsp;amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and (d)&nbsp;any expensing of bridge, commitment or other financing fees; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
<I>plus</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>(3) </I>any interest expense on Indebtedness of another Person that is guaranteed by such Person or one of
its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such guarantee or Lien is called upon; <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of such Person or
any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company; <I>minus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) consolidated interest income of such Person and its Restricted Subsidiaries for such period; <I>minus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(B) to the extent included in clause (A)&nbsp;of this paragraph, write-offs of deferred financing charges or such Person and its Restricted
Subsidiaries during such period and any charge related to, or, any premium, make-whole payment or penalty paid in connection with, paying any such Indebtedness of such Person and its Restricted Subsidiaries prior to its Stated Maturity; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each case, (and except as otherwise provided in this paragraph) on a consolidated basis and determined in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Foreign Subsidiary</I>&#148; means, with respect to any Person, any Subsidiary that is not formed under the laws of the United States
or any state of the United States or the District of Columbia. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>GAAP</I>&#148; means generally accepted accounting principles in the United States,
which are in effect on the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Global Note Legend</I>&#148; means the legend set forth in Section&nbsp;2.06(g)(2)
hereof, which is required to be placed on all Global Notes issued under this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Global Notes</I>&#148; means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that
bears the Global Note Legend and that has the &#147;Schedule of Exchanges of Interests in the Global Note&#148; attached thereto, issued in accordance with Section&nbsp;2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Government Securities</I>&#148; means securities that are: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued
by a bank (as defined in Section&nbsp;3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; <I>provided</I> that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by
the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Grantors</I>&#148; means, collectively, the Issuers and the Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;<I>guarantee</I>&#148; means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary
course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. When used as a
verb, &#147;guarantee&#148; has a correlative meaning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Guarantors</I>&#148; means each of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Subsidiaries of the Company, other than Finance Corp., executing this Indenture as initial Guarantors; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any other Restricted Subsidiary of the Company, other than Finance Corp., that becomes a Guarantor in accordance with the
provisions hereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and their respective successors and assigns, in each case until released from their obligations
under their Subsidiary Guarantees and this Indenture in accordance with the terms hereunder; <I>provided</I> that Excluded Subsidiaries shall not be required to become Guarantors (but may elect, at the Company&#146;s option, to become Guarantors).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hawaii Retail Property</I>&#148; means real property owned in fee or leased by the Company or any Restricted Subsidiary that is
used in, or held for use in, the Company&#146;s or such Restricted Subsidiary&#146;s retail operations in the State of Hawaii including, without limitation, all owned or leased real estate associated with (i)&nbsp;retail fueling stations branded as
&#147;Hele,&#148; &#147;Tesoro&#148; and &#147;76,&#148; (ii) convenience stores, and (iii)&nbsp;cardlock stations; <I>provided</I> that the fair market value of the Hawaii Retail Property does not exceed $100.0&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hawaii Retail Property Sale and Leaseback Transaction</I>&#148; means any Sale and Leaseback Transaction made from time to time with
respect to Hawaii Retail Property; <I>provided</I> that the gross cash proceeds from any such Hawaii Retail Property Sale and Leaseback Transaction do not exceed the fair market value of the Hawaii Retail Property that is the subject of such Sale
and Leaseback Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hedge Agreement Outstanding Amount</I>&#148; means, (a)&nbsp;the amount that would be payable, (as
determined in the reasonable good faith judgment of the counterparties under the Pari Passu Lien Hedge Agreements, consistent with the prevailing market practice, under and in accordance with the terms of the Pari Passu Lien Hedge Agreements if the
transactions under the Pari Passu Lien Hedge Agreements were terminated on the date three Business Days prior to the date of any vote requiring the approval of the Required Secured Debtholders or (b)&nbsp;if the transactions under such Pari Passu
Hedge Agreements had previously been terminated, the termination amount owing and unpaid on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hedging
Contracts</I>&#148; means, with respect to any specified Person: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) interest rate swap agreements, interest rate cap
agreements and interest rate collar agreements entered into with one or more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in interest rates with
respect to Indebtedness incurred; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) foreign exchange contracts and currency protection agreements entered into with one
or more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in currency exchanges rates with respect to Indebtedness incurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any agreement that is a commodity index or a commodity swap, future or forward agreement or other similar agreement or
arrangement designed to protect against fluctuations in the price of Hydrocarbons used, produced, processed or sold by that Person or any of its Restricted Subsidiaries at the time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any swap, cap, collar, floor, put, call, option, future, other derivative, spot purchase or sale, forward purchase or sale,
supply or <FONT STYLE="white-space:nowrap">off-take,</FONT> transportation agreement, storage agreement or other commercial or trading agreement in or involving crude oil, natural gas, ethanol, biofuels or electricity any feedstock, blendstock,
intermediate product, finished product, refined product or other hydrocarbons product, or any other energy, weather or emissions related commodity (including any crack spread), or any prices or price indexes relating to any of the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
foregoing commodities, or any economic index or measure of economic risk or value, or other benchmark against which payments or deliveries are to be made (including any combination of such
transactions), in each case that is designed for the purpose of fixing, hedging, mitigating or swapping risk relating to such commodities either generally or under specific contingencies; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) other agreements or arrangements designed to protect such Person or any of its Restricted Subsidiaries against fluctuations
in interest rates, commodity prices or currency exchange rates or any adverse change in the creditworthiness of any counterparty, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">in each
case as are entered into only in the normal course of business and not for speculative purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hedging Obligations</I>&#148;
means any and all indebtedness, debts, liabilities and other obligations, howsoever arising, of the Company and/or any Guarantor to the counterparties under the Hedging Contracts of every kind and description (whether or not evidenced by any note or
instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, under the Hedging Contracts and all other obligations owed by the Company and the
Guarantors to the counterparties under the Hedging Contracts, including any guarantee obligations in respect thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Holder</I>&#148; means a Person in whose name a Note is registered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hydrocarbon Interests</I>&#148; means all rights, titles, interests and estates in and to oil and gas leases, oil, gas and mineral
leases, or other liquid or gaseous Hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, subsurface Hydrocarbon storage leases, licenses or rights, including any
reserved or residual interests of whatever nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Hydrocarbons</I>&#148; means crude oil, natural gas, casinghead gas, drip
gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, asphalt, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>IAI Global Note</I>&#148; means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indebtedness</I>&#148; means, with respect to any specified Person, any indebtedness of such Person, whether or not
contingent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in respect of borrowed money; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) evidenced by bonds, notes, debentures or similar instruments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in respect of all outstanding letters of credit issued for the account of such Person that support obligations that
constitute Indebtedness (provided that the amount of such letters of credit included in Indebtedness shall not exceed the amount of the Indebtedness being supported) and, without duplication, the unreimbursed amount of all drafts drawn under letters
of credit issued for the account of such Person; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) in respect of bankers&#146; acceptances; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) representing Capital Lease Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable or similar obligation to a trade creditor; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) representing any
obligations under Hedging Contracts, other than obligations under Hedging Contracts that are incurred in the normal course of business and not for speculative purposes and do not increase the Indebtedness of the obligor outstanding at any time other
than as a result of fluctuations in interest rates, commodity prices, crack spreads or foreign currency exchange rates or other hedged subject matter, or by reason of fees, indemnities and compensation payable thereunder, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">if and to the extent any of the preceding items (other than letters of credit and obligations under Hedging Contracts) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term &#147;Indebtedness&#148; includes all Indebtedness of other Persons secured by a Lien on any asset (other than Liens on and pledges of the Equity Interests
of any Unrestricted Subsidiary or Joint Venture owned by the Company or any Restricted Subsidiary of the Company, in each case, securing Indebtedness of such Unrestricted Subsidiary or Joint Venture) of the specified Person (whether or not such
Indebtedness is assumed by the specified Person) (provided that the amount of such Indebtedness shall be the lesser of (a)&nbsp;the fair market value of such asset at such date of determination and (b)&nbsp;the amount of such Indebtedness) and, to
the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of any
Indebtedness outstanding as of any date will be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in the case of obligations under any Hedging Contracts constituting
Indebtedness hereunder, the termination value of the agreement or arrangement giving rise to such obligations that would be payable by such Person at such date; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past
due, in the case of any other Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indebtedness shall not include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any liability for foreign, federal, state, local or other taxes; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any liability arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; <I>provided</I>, <I>however</I>, that such liability is extinguished within five Business Days of its incurrence; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any liability owed to any Person in connection with workers&#146; compensation, health, disability or other employee
benefits or property, casualty or liability insurance provided by such Person pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any Indebtedness that is satisfied and discharged or defeased by legal defeasance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any obligations under any Intermediation Agreement, but only to the extent that such obligations are not classified as
long-term debt or a current maturity of long-term debt on a balance sheet of the specified Person prepared in accordance with GAAP; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) accrued expenses and trade accounts payable arising in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any obligation in respect of <FONT STYLE="white-space:nowrap">buy-sell</FONT> or similar arrangements related to benzene
credits, sulfur credits or renewable fuel credits, including renewable identification numbers and diesel fuel credits; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) any obligation arising from any agreement providing for indemnities, purchase price adjustments, holdbacks, contingency
payment obligations based on the performance of the acquired or disposed assets or entities or similar obligations incurred by the specified Person in connection with the acquisition or disposition of assets, including, without limitation,
guarantees of such Indebtedness incurred by the Company or its Subsidiaries and guarantees of such Indebtedness by the Company or its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Indebtedness of any Person will be deemed to be contractually subordinated in right of payment to any other Indebtedness of such Person
solely by virtue of being unsecured or by virtue of being secured on a junior priority basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indenture</I>&#148; means this
Indenture, as amended or supplemented from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indirect Participant</I>&#148; means a Person who holds a beneficial
interest in a Global Note through a Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Initial Notes</I>&#148; means the first $300,000,000 aggregate principal amount
of Notes issued under this Indenture on the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Initial Purchasers</I>&#148; means, collectively, Merrill Lynch,
Pierce, Fenner&nbsp;&amp; Smith Incorporated, Goldman Sachs&nbsp;&amp; Co. LLC, KeyBanc Capital Markets Inc., Tudor, Pickering, Holt&nbsp;&amp; Co. Securities Inc., Seaport Global Securities LLC, Cowen and Company, LLC and Mizuho Securities USA LLC.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Insolvency or Liquidation Proceeding</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to either Issuer or any Guarantor;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any other voluntary or involuntary insolvency, reorganization or bankruptcy
case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to either Issuer or any Guarantor or with respect to a material portion of their respective assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any liquidation, dissolution, reorganization or winding up of either Issuer or any Guarantor whether voluntary or
involuntary and whether or not involving insolvency or bankruptcy; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any assignment for the benefit of creditors or
any other marshalling of assets and liabilities of either Issuer or any Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Institutional Accredited Investor</I>&#148;
means an institution that is an &#147;accredited investor&#148; as defined in Rule 501(a)(1), (2), (3) or (7)&nbsp;under the Securities Act, who are not also QIBs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Insurance Subsidiary</I>&#148; means any Subsidiary the primary business of which is providing insurance for the benefit of the
Company or any of its Restricted Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Intermediation Agreement</I>&#148; means, as applicable, (a)&nbsp;the J. Aron
Intermediation Agreement and (b)&nbsp;any crude oil or other feedstock supply agreements, natural gas supply agreements, hydrogen supply agreements, or <FONT STYLE="white-space:nowrap">off-take</FONT> agreements relating to intermediate or refined
products, in each case entered into by the Company or any of its Subsidiaries and an Intermediation Counterparty for purposes of facilitating a customary intermediation arrangement, together with all related storage agreements, marketing and sales
agreements, agency agreements, security agreements, account control agreements, other collateral documents and other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated,
amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another Intermediation Agreement from time to time and in whole or in part; <I>provided</I> that (i)&nbsp;the terms of any Intermediation Agreement
described in this clause (b)&nbsp;shall be (A)&nbsp;on the then prevailing market terms or (B)&nbsp;not materially more disadvantageous to the holders of the Notes, taken as a whole, as compared to the terms of the J. Aron Intermediation Agreement
in effect on the date hereof, taken as a whole, in each case of clause (A)&nbsp;or (B), as determined in good faith by an Officer of the Company, and (ii)&nbsp;no Intermediation Agreement shall provide for any lien on any assets other than
Intermediation Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Intermediation Collateral</I>&#148; means, with respect to the Company or any of its Subsidiaries
that is party to an Intermediation Agreement all of the following property or assets of such party: (a)&nbsp;all inventory; (b)&nbsp;all receivables other than receivables constituting identifiable proceeds of Collateral for the Notes; (c)&nbsp;all
renewable identification numbers; (d)&nbsp;all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual property), documents, commercial tort claims and instruments, in each case, to the
extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) all deposit accounts and other bank and securities accounts (excluding any Collateral Account) and cash and
cash equivalents; (f)&nbsp;books and records relating to clauses (a)&nbsp;through (e); and (g)&nbsp;all proceeds of (including proceeds of business interruption and other insurance), and supporting obligations (including letter of credit rights)
with respect to, any of the foregoing; <I>provided</I> that &#147;Intermediation Collateral&#148; shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of the applicable Intermediation
Counterparty. &#147;Intermediation Collateral&#148; includes the J. Aron Intermediation Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Intermediation Counterparty</I>&#148; means any counterparty to an Intermediation
Agreement with the Company or any Subsidiary and any permitted successor or assign of such counterparty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Intermediation
Property</I>&#148; means all Hydrocarbons from time to time owned by an Intermediation Counterparty pursuant to or in connection with an Intermediation Agreement, including the J. Aron Intermediation Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Investment Grade Rating</I>&#148; means a rating equal to or higher than Baa3 (or the equivalent) by Moody&#146;s and <FONT
STYLE="white-space:nowrap">BBB-</FONT> (or the equivalent) by S&amp;P. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Investment Grade Securities</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) debt securities or debt instruments with an investment grade rating (but not including any
debt securities or instruments constituting loans or advances among the Company and its Subsidiaries); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) investments in
any fund that invests exclusively in investments of the type described in clauses (1)&nbsp;and (2) above which fund may also hold immaterial amounts of cash pending investment or distribution; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Investments</I>&#148; means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including guarantees or other obligations), extensions of credit, advances or capital contributions (excluding (1)&nbsp;commission, travel and similar advances to officers, directors, employees and
consultants made in the ordinary course of business and (2)&nbsp;advances to customers and suppliers in the ordinary course of business or that are recorded as accounts receivable or prepaid expenses on the balance sheet), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. In no event shall a guarantee of an
operating lease or other business contract of the Company or any Restricted Subsidiary be deemed an Investment. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect
Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale
or disposition in an amount equal to the fair market value of the Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount determined as provided in Section&nbsp;4.07(c) hereof. The acquisition by the Company of any
Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person only if such Investment was made in contemplation of or
in connection with the acquisition of such Person by the Company or such Restricted Subsidiary and the amount of any such Investment shall be determined as provided in Section&nbsp;4.07(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Issuers</I>&#148; has the meaning assigned to it in the preamble to this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>J. Aron Intermediation Agreement</I>&#148; means that certain Supply and Offtake
Agreement dated as of June&nbsp;1, 2015, as amended prior to or on the date hereof, by and between J. Aron&nbsp;&amp; Company LLC (&#147;<I>J. Aron</I>&#148;) and Par Hawaii Refining, LLC, together with all related storage agreements, marketing and
sales agreements, agency agreements, security agreements, account control agreements, other collateral documents and other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented,
restated, amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another Intermediation Agreement from time to time and in whole or in part; <I>provided</I> that no J. Aron Intermediation Agreement shall
provide for any lien on any assets other than J. Aron Intermediation Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>J. Aron Intermediation Collateral</I>&#148;
means, with respect to Par Hawaii Refining, LLC (&#147;<I>PHR</I>&#148;) all of the following property and assets of PHR: (a)&nbsp;all inventory; (b)&nbsp;all receivables other than receivables constituting identifiable proceeds of Collateral for
the Notes; (c)&nbsp;all renewable identification numbers; (d)&nbsp;all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual property), documents, commercial tort claims and instruments, in
each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) all deposit accounts and other bank and securities accounts (excluding any Collateral
Account) and cash and cash equivalents; (f)&nbsp;books and records relating to clauses (a)&nbsp;through (e); and (g)&nbsp;all proceeds of (including proceeds of business interruption and other insurance), and supporting obligations (including letter
of credit rights) with respect to, any of the foregoing; <I>provided</I> that &#147;J. Aron Intermediation Collateral&#148; shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of J.
Aron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>J. Aron Intermediation Property</I>&#148; means all Hydrocarbons from time to time owned by J. Aron pursuant to or in
connection with the J. Aron Intermediation Agreement, including without limitation, all Hydrocarbons owned by J. Aron that are held in any &#147;Included Locations&#148; as defined under the J. Aron Intermediation Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Joint Venture</I>&#148; means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any of
its Restricted Subsidiaries makes any Investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Lien</I>&#148; means, with respect to any asset, any mortgage, lien (statutory
or otherwise), pledge, hypothecation, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including (1)&nbsp;any conditional sale or other title
retention agreement, (2)&nbsp;any lease in the nature thereof, (3)&nbsp;any option or other agreement to sell or give a security interest and (4)&nbsp;any filing, authorized by or on behalf of the relevant grantor, of any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <I>provided</I> that in no event shall an operating lease be deemed to constitute a Lien. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Lien Priority Confirmation</I>&#148; means, as to any additional Series of Secured Debt, the written agreement of the holders of such
additional Series of Secured Debt, or their applicable Secured Representative, for the enforceable benefit of all holders of each existing and future Series of Secured Debt and each existing and future Secured Representative with respect thereto:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) that such Secured Representative and all other holders of obligations in respect of such Series of Secured Debt are
bound by the provisions of the Collateral Trust and Intercreditor Agreement; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) consenting to and directing the Collateral Trustee to act as agent for such
Series of Secured Debt or such Secured Representative, as applicable, and perform its obligations under the Collateral Trust and Intercreditor Agreement and the other Security Documents; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) that all Secured Obligations will be and are secured equally and ratably by all Liens at any time granted by the Company or
any other Grantor to secure any obligations in respect of such Series of Secured Debt, whether or not upon property otherwise constituting collateral for such Series of Secured Debt, and that all such Liens will be enforceable by the Collateral
Trustee for the benefit of all holders of Secured Obligations equally and ratably; <I>provided</I> that the foregoing shall not apply to Liens granted with respect to separate collateral that are permitted by hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Majority Holders</I>&#148; means, with respect to any Series of Secured Debt, the holders of more than 50% of the Secured Obligations
(determined as provided in the definition of &#147;Required Secured Debtholders&#148;) in respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Make Whole
Premium</I>&#148; means, with respect to a Note at any time, the excess, if any, of (a)&nbsp;the present value at such time of (i)&nbsp;the redemption price of such Note at December&nbsp;15, 2020 plus (ii)&nbsp;any required interest payments due on
such Note through December&nbsp;15, 2020 (except for currently accrued and unpaid interest), computed using a discount rate equal to the Treasury Rate plus 50 basis points, discounted to the redemption date on a semi-annual basis (assuming a <FONT
STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months), over (b)&nbsp;the principal amount of such Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Material Indebtedness</I>&#148; means any (i)&nbsp;Indebtedness under the ABL Facility, and (ii)&nbsp;any other Indebtedness with an
aggregate principal amount greater than $10.0&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Material Real Property</I>&#148; (a) any individual real property
owned in fee by the Company or any Guarantor (other than Hawaii Retail Property) if the fair market value is greater than or equal to $3.0&nbsp;million and (b)&nbsp;to the extent that the aggregate fair market value of all real property owned by the
Company or any Guarantors not then subject to a Mortgage in favor of the Collateral Trustee (other than the Hawaii Retail Property) exceeds $15.0&nbsp;million in the aggregate, any one or more individual real properties such that the remaining real
property not then subject to a Mortgage in favor of the Collateral Trustee has an aggregate fair market value of not more than $15.0&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors Service, Inc., and any successor to the ratings business thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Mortgages</I>&#148; means the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents securing Liens on
the Premises, as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Income</I>&#148; means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of preferred stock dividends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Net Proceeds</I>&#148; means the aggregate cash proceeds
and Cash Equivalents received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any
<FONT STYLE="white-space:nowrap">non-cash</FONT> consideration received in any Asset Sale, but excluding any <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration deemed to be cash for purposes of Sections 3.09 and 4.10 hereof), net of:
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the direct costs relating to such Asset Sale, including, without limitation,
legal, accounting and investment banking fees and sales commissions, severance costs and any relocation expenses incurred as a result of the Asset Sale; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or
deductions and any tax sharing arrangements; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) amounts required to be applied to the repayment of Indebtedness secured
by a Lien on the properties or assets that were the subject of such Asset Sale; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any amounts to be set aside in any
reserve established in accordance with GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such properties or assets or for liabilities associated with such Asset Sale and retained by the Company or any
of its Restricted Subsidiaries until such time as such reserve is reversed or such escrow arrangement is terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the Company or its
Restricted Subsidiaries from such escrow arrangement, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I><FONT STYLE="white-space:nowrap">Non-Recourse</FONT>
Debt</I>&#148; means Indebtedness: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) as to which neither the Company nor any of its Restricted Subsidiaries
(a)&nbsp;provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c)&nbsp;is the lender; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)
as to which the lenders will not have any recourse to the Capital Stock or assets of the Company or any of its Restricted Subsidiaries except as contemplated by clause (10)&nbsp;of the definition of &#147;Permitted Liens.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of determining compliance with Section&nbsp;4.09 hereof, in the event that any
<FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt of any of the Company&#146;s Unrestricted Subsidiaries ceases to be <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt of such Unrestricted Subsidiary, such event will be deemed to
constitute an incurrence of Indebtedness by a Restricted Subsidiary of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Person</I>&#148; means a Person who is not a U.S. Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Notes</I>&#148; has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be
treated as a single class for all purposes under this Indenture and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Notes Documents</I>&#148; means, collectively, this Indenture, the Notes, the Pari Passu
Lien Hedge Agreements, the Security Agreement, the Acknowledgment Agreement, the Collateral Rights Agreement, Collateral Trust and Intercreditor Agreement and each of the other Security Documents, agreements, documents and instruments providing for
or evidencing any other Secured Obligations, and any other document or instrument executed or delivered at any time in connection with any Secured Obligations, to the extent such are effective at the relevant time, in each case as each may be
amended, restated, supplemented, modified, renewed, extended or refinanced in whole or in part from time to time, and any other credit agreement, indenture or other agreement, document or instrument evidencing, governing, relating to or securing any
Secured Debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Obligations</I>&#148; means any principal, interest, penalties, fees, expenses, indemnifications, reimbursements
(including, without limitation, reimbursement obligations with respect to letters of credit and banker&#146;s acceptances), damages and other liabilities (including all interest, fees and expenses accruing after the commencement of any Insolvency or
Liquidation Proceeding at the rate provided for in the documentation with respect thereto, even if such interest, fees and expenses are not enforceable, allowable or allowed as a claim in such proceeding) and guarantees of payment of such
Obligations under any Notes Documents or ABL Documents, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Offering Memorandum</I>&#148; means the Final
Offering Memorandum of the Issuers, dated December&nbsp;12, 2017, relating to the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Officer</I>&#148; means, with respect
to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the
General Counsel, the Secretary or any Vice-President of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Officer&#146;s Certificate</I>&#148; means a certificate
signed on behalf of the Company by an Officer of the Company, who must be the principal executive officer, the principal operating officer, the principal financial officer, the treasurer, the principal accounting officer or the general counsel of
the Company that meets the requirements hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Opinion of Counsel</I>&#148; means an opinion from legal counsel who is
reasonably acceptable to the Trustee (who may be counsel to or an employee of the Company or any Guarantor of the Company) that meets the requirements hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Parent</I>&#148; means Par Pacific Holdings, Inc., a Delaware corporation, and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Parent Guarantee</I>&#148; means the guarantee by the Parent of principal and interest due and payable on the Notes as provided for
in Section&nbsp;11.06. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Pari Passu Indebtedness</I>&#148; means Indebtedness and other obligations that ranks equally in right of
payment to the Notes and the Subsidiary Guarantees (without giving effect to collateral arrangements). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Pari Passu Lien Hedge
Agreements</I>&#148; means any contracts, transactions, agreements or arrangements that qualify as Hedging Contracts under clause (3), (4) or (5)&nbsp;of such term and that have been designated by the Company or any Guarantor, as applicable, by
written notice to the Collateral Trustee and the ABL Collateral Agent, as Pari Passu Lien Hedge Agreements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Pari Passu Lien Priority</I>&#148; means, relative to specified Indebtedness and other
obligations, having a Lien priority on the Collateral that is equal to the Lien priority of the Notes and the Subsidiary Guarantees on the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Pari Passu Notes Lien Indebtedness</I>&#148; means (a)&nbsp;any Pari Passu Lien Hedge Agreements, and (b)&nbsp;any Additional Notes
and any other Indebtedness that has a Stated Maturity date that is longer than the Notes and that is permitted to have Pari Passu Lien Priority relative to the Notes and the Subsidiary Guarantees with respect to the Collateral and is not secured by
any other assets; <I>provided</I> that, in each case, an authorized representative of the holders of such Indebtedness (other than any Additional Notes) shall have executed a joinder to the Security Documents in the form provided therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Participant</I>&#148; means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Business</I>&#148; means (a)&nbsp;any business conducted or contemplated to be conducted by the Company, the Parent and
their respective Subsidiaries on the date hereof, including without limitation: (1)&nbsp;gathering, storing, transporting, terminalling, processing, dehydrating, refining or marketing Hydrocarbons and supporting logistics operations, or activities
or services similar, reasonably related, complementary, incidental, supplemental or ancillary thereto and reasonable extensions, developments or expansions thereof; (2)&nbsp;the acquisition, exploration, development, production, operation and
disposition of interests in oil, gas and other Hydrocarbon Interests, (3)&nbsp;any business relating to exploration for or development, production, treatment, processing, storage, transportation, marketing or sale of oil, gas and other minerals and
products produced in association therewith; (4)&nbsp;power generation, transmission and sale, including from renewable energy sources; (5)&nbsp;production and sale of biofuels; (6)&nbsp;any natural resource business including mining, quarrying,
processing and sale of minerals, rock and aggregates; and (7)&nbsp;production and sale of asphalt and concrete and concrete products; and (b)&nbsp;any other business reasonably related, complementary or ancillary to the business described in clause
(a)&nbsp;of this definition and reasonable expansions or extensions thereof, including entering into Hedging Contracts in the ordinary course of business and not for speculative purposes to support these businesses and the development, manufacture
and sale of equipment or technology related to these activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Business Investments</I>&#148; means Investments by
the Company or any of its Restricted Subsidiaries in any Unrestricted Subsidiary of the Company or in any Joint Venture made in the ordinary course of the Permitted Business; <I>provided</I> that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) (a) at the time of such Investment and immediately thereafter, the Company could incur $1.00 of additional Indebtedness
under the Fixed Charge Coverage Ratio test set forth in Section&nbsp;4.09(a) hereof and (b)&nbsp;such Investment does not exceed the aggregate amount of Incremental Funds (as defined in Section&nbsp;4.07 hereof) not previously expended at the time
of making such Investment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) if such Unrestricted Subsidiary or Joint Venture has outstanding Indebtedness at the time
of such Investment, either (a)&nbsp;all such Indebtedness is <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt or (b)&nbsp;any such Indebtedness of such Unrestricted Subsidiary or Joint Venture that is recourse to the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Company or any of its Restricted Subsidiaries (which shall include, without limitation, all Indebtedness of such Unrestricted Subsidiary or Joint Venture for which the Company or any of its
Restricted Subsidiaries may be directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee, including, without limitation, any &#147;claw-back,&#148;
&#147;make-well&#148; or &#147;keep-well&#148; arrangement) could, at the time such Investment is made, be incurred at that time by the Company and its Restricted Subsidiaries under the Fixed Charge Coverage Ratio test set forth in
Section&nbsp;4.09(a) hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) such Unrestricted Subsidiary&#146;s or Joint Venture&#146;s activities are not
outside the scope of the Permitted Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Investments</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any Investment in the Company or in a Restricted Subsidiary of the Company (including, without limitation, through
purchases of Notes or Subsidiary Guarantees); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any Investment in cash or Cash Equivalents or Investment Grade
Securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of
such Investment: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(a) such Person becomes a Restricted Subsidiary of the Company; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its properties or assets to,
or is liquidated into, the Company or a Restricted Subsidiary of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and, in each case, any Investment held by such Person;
<I>provided</I> that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any Investment made as a result of the receipt of <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration from an
Asset Sale that was made pursuant to and in compliance with Section&nbsp;4.10 hereof or from any other disposition of assets not constituting an Asset Sale; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) any Investment in any Person solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company, the Parent or any other direct or indirect parent of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) any Investments received in compromise or
resolution of (A)&nbsp;obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer, or as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment in default or (B)&nbsp;litigation, arbitration or other disputes with Persons who are not Affiliates of the
Company and its Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Hedging Contracts entered into in the ordinary course of business and not for
speculative purposes; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) Permitted Business Investments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) loans or advances to employees of the Company or any of its Restricted Subsidiaries that are approved by a majority of the
disinterested members of the Board of Directors of the Company or a parent of the Company, in an aggregate principal amount of $2.5&nbsp;million at any one time outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) any Investment existing on, or made pursuant to a binding commitment existing on, the date hereof and any Investment
consisting of an extension, modification or renewal of any such Investment; <I>provided</I> that the amount of any such Investment may be increased (a)&nbsp;as required by the terms of such Investment as in existence on the date hereof or
(b)&nbsp;as otherwise permitted hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) other Investments in any Person having an aggregate fair market value
(measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (11)&nbsp;since the date hereof, not to exceed the greater of
(a) $35&nbsp;million and (b) 5.0% of the Company&#146;s Consolidated Net Tangible Assets at the time of such Investment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) Investments arising as a result of any Permitted Receivables Financing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) guarantees of Indebtedness of the Company or any Restricted Subsidiary or Guarantor which Indebtedness is permitted under
Section&nbsp;4.09 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) Investments consisting of purchases and acquisitions of inventory, supplies, material or
equipment; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Investments consisting of the licensing or contribution of intellectual property pursuant to joint
marketing arrangements with other Persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company may classify (or later reclassify) any Investment in any one or more of the above
categories (including in part in one category and in part another category). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Liens</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Liens on assets (other than the Collateral) securing Indebtedness incurred pursuant to Section&nbsp;4.09(b)(1) hereof and
related Obligations and Hedging Obligations and Cash Management Obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Liens securing the Notes issued on the
date hereof or the Subsidiary Guarantees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Liens in favor of the Company or any Restricted Subsidiary or Guarantor;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Liens on property or Capital Stock of a Person existing at the time such Person is acquired by, merged with or into or
consolidated with the Company or any Restricted Subsidiary of the Company; <I>provided</I> that such Liens were in existence prior to the contemplation of such acquisition, merger or consolidation and do not extend to any assets (other than
improvements thereon, accessions thereto and proceeds and products thereof) other than those of the Person acquired, merged into or consolidated with the Company or the Restricted Subsidiary; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Liens on property existing at the time of acquisition of the property by the
Company or any Restricted Subsidiary of the Company; <I>provided</I> that such Liens were in existence prior to the contemplation of such acquisition and do not extend to any property other than the property so acquired by the Company or the
Restricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) any interest or title of a lessor to the property subject to a Capital Lease Obligation or
operating lease; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Liens to secure Indebtedness incurred in accordance with Section&nbsp;4.09(b)(4) hereof;
<I>provided</I> that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(a) the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred
hereunder and does not exceed the cost of the assets or property so acquired or constructed (plus applicable fees and expenses); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(b)
such Liens are created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions or commencement of full operation of the assets or property subject to such Lien and do not encumber any
other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto and the proceeds and products thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) Liens existing on the date hereof or to be granted pursuant to agreements existing on the date hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) Liens to secure the performance of tenders, bids, statutory obligations, surety or appeal bonds, trade contracts,
government contracts, operating leases, performance bonds or other obligations of a like nature, and deposits as security for contested taxes or for the payment of rent, in each case incurred in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company or
any Restricted Subsidiary of the Company to the extent securing <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture and any encumbrance or restriction (including put and
call arrangements, drag-along provisions, <FONT STYLE="white-space:nowrap">tag-along</FONT> provisions, rights of first offer or rights of first refusal) or similar arrangements with respect to Equity Interests of any Joint Venture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) Liens on pipelines, Hydrocarbon storage facilities, refineries or other facilities or equipment that arise by operation of
law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) Liens arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases,
participation and development agreements, farmout and <FONT STYLE="white-space:nowrap">farm-in</FONT> agreements, contracts for drilling, operating and producing property, contracts for construction, repair or improvement to equipment or property,
division orders, contracts for purchase and sale of Hydrocarbons, interconnection agreements, contracts for transportation, processing, fractionation, storage or exchange of Hydrocarbons, unitization and pooling declarations, orders
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
and agreements, area of mutual interest agreements, gas balancing or deferred production agreements, production sharing agreements, injection, repressuring and recycling agreements, salt water or
other disposal agreements, seismic or geophysical permits, licenses or agreements, or production payment agreements and interests, in each case, arising in the ordinary course of business of the Company and its Restricted Subsidiaries and as
customary in the Permitted Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) Liens upon specific items of inventory, receivables or other goods or proceeds
therefrom of the Company or any of its Restricted Subsidiaries securing such Person&#146;s obligations in respect of bankers&#146; acceptances or receivables securitizations issued or created for the account of such Person to facilitate the
purchase, shipment or storage of such inventory, receivables or other goods or proceeds therefrom and permitted under Section&nbsp;4.09 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) Liens to secure performance of Hedging Contracts, or letters of credit issued in connection therewith, of the Company or
any of its Restricted Subsidiaries entered into in the ordinary course of business and not for speculative purposes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15)
Liens securing any insurance premium financing under customary terms and conditions; <I>provided</I> that no such Lien may extend to or cover any assets or property other than the insurance being acquired with such financing, proceeds thereof and
any unearned or refunded insurance premiums related thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) other Liens incurred by the Company or any Restricted
Subsidiary of the Company; <I>provided</I> that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness then outstanding and secured by any Liens incurred pursuant to this clause (16)&nbsp;does not exceed the
greater of (a) $30.0&nbsp;million and (b) 5.0% of the Company&#146;s Consolidated Net Tangible Assets at such time; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17)
Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred hereunder; <I>provided</I> that (a)&nbsp;the new Lien shall be limited to all or part of the same property and assets that secured the original Lien and the proceeds and
products thereof, and (b)&nbsp;the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (i)&nbsp;the outstanding principal amount or, if greater, committed amount of the Indebtedness renewed, refunded,
refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness, and (ii)&nbsp;an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance
or discharge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) Liens incurred or pledges or deposits made in the ordinary course of business in connection with
workers&#146; compensation, unemployment insurance and other types of social security and employee health and disability benefits; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) Liens for taxes, assessments or governmental charges or claims that are not yet overdue by more than 30 days or that are
being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20)
carriers&#146;, warehousemen&#146;s, landlords&#146;, mechanics&#146;, suppliers&#146;, contractors&#146;, subcontractors&#146;, materialmen&#146;s and repairmen&#146;s and similar Liens, or Liens in favor of customs or revenue authorities or
freight forwarders or handlers to secure payment of customs duties, in each case (whether imposed by law or agreement) incurred in the ordinary course of business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21) licenses, entitlements, servitudes, easements, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> restrictions, reservations, covenants, conditions, utility agreements, rights of others to use easements, rights of way, sewers, electric lines and telegraph
and telephone lines, minor imperfections of title, minor survey defects, minor encumbrances or other similar restrictions on the use of any real property, including zoning or other restrictions as to the use of real properties or Liens incidental to
the conduct of the business, that were not incurred in connection with Indebtedness and do not, in the aggregate, materially diminish the value of said properties or materially interfere with their use in the operation of the business of the Company
or any of its Restricted Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(22) leases, subleases, licenses, sublicenses or other occupancy agreements granted
to others in the ordinary course of business which do not secure any Indebtedness and which do not materially interfere with the ordinary course of business of the Company or any of its Restricted Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(23) with respect to any leasehold interest where the Company or any Restricted Subsidiary of the Company is a lessee, tenant,
subtenant or other occupant, mortgages, obligations, Liens and other encumbrances incurred, created, assumed or permitted to exist and arising by, through or under a landlord or sublandlord of such leased real property encumbering such
landlord&#146;s or sublandlord&#146;s interest in such leased real property; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24) Liens arising from Uniform Commercial
Code financing statement filings regarding precautionary filings, consignment arrangements or operating leases entered into by the Company or any of its Restricted Subsidiaries granted in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25) Liens (i)&nbsp;of a collection bank arising under <FONT STYLE="white-space:nowrap">Section&nbsp;4-210</FONT> of the New
York Uniform Commercial Code on items in the course of collection, (ii)&nbsp;in favor of banking institutions arising as a matter of law encumbering deposits (including the right of <FONT STYLE="white-space:nowrap">set-off)</FONT> within general
parameters customary in the banking industry or (iii)&nbsp;attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(26) Liens securing judgments for the payment of money not constituting an Event of Default hereunder pursuant to
Section&nbsp;6.01(a)(7) hereof, so long as such Liens are adequately bonded; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(27) deposits made in the ordinary course of
business to secure liability to insurance carriers; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(28) Liens arising out of conditional sale, title retention,
consignment or similar arrangements, or that are contractual rights of <FONT STYLE="white-space:nowrap">set-off,</FONT> relating to the sale or purchase of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary
course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(29) Liens arising under any Permitted Receivables Financing; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(30) Liens on Capital Stock issued by, or any property or assets of, any Foreign
Subsidiary securing Indebtedness incurred by a Foreign Subsidiary in compliance with Section&nbsp;4.09 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(31) Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section&nbsp;4.09 hereof; <I>provided</I> that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(32) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(33) Liens solely on any cash earnest money deposits made by the Company or any of its Restricted Subsidiaries in connection
with any letter of intent or purchase agreement not prohibited hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(34) Liens on Intermediation Collateral pursuant
to the terms of any Intermediation Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(35) Liens securing Pari Passu Notes Lien Indebtedness permitted to be
incurred under Section&nbsp;4.09 hereof; <I>provided</I> that, at the time of incurrence of such Pari Passu Indebtedness and after giving pro forma effect thereto, the Secured Leverage Ratio would be no greater than 2.5 to 1.0; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(36) Liens securing obligations and Indebtedness incurred in accordance with Section&nbsp;4.09(b)(18) hereof and the other
applicable provisions hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(37) agreements to subordinate any interest of the Company or any Restricted Subsidiary
in any accounts receivable or other proceeds arising from inventory consigned by any the Company or any Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of business; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(38) Liens securing obligations and Indebtedness incurred in connection with Hawaii Retail Property Sale and Leaseback
Transactions pursuant to Section&nbsp;4.09(b)(23) hereof, and any amendments, renewals, extensions, refundings, restructurings, replacements or refinancings thereof, in whole or in part, and whether with the original counterparties to such Hawaii
Retail Property Sale and Leaseback Transactions or one or more replacement or additional counterparties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers may classify (or
later reclassify) any Lien in any one or more of the above categories (including in part in one category and in part another category). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, the term &#147;Indebtedness&#148; and &#147;Permitted Refinancing Indebtedness&#148; shall be deemed to
include all interest, fees and expense due thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Parent Payments</I>&#148; means the declaration and payment of
dividends or distributions by an Issuer or any Restricted Subsidiary to, or the making of loans to, any direct or indirect parent of the Company in amounts sufficient for any direct or indirect parent of the Company to pay, in each case without
duplication: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) franchise taxes, excise taxes and other fees, taxes and expenses, in each
case, to the extent required to maintain their existence or to conduct business in a jurisdiction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) so long as the
Company is (x)&nbsp;treated as a pass-through or disregarded entity for tax purposes, and of which any direct or indirect parent of the Company is an owner, member or partner (directly or through one or more entities that are treated as pass-through
entities for tax purposes) or (y)&nbsp;a member of an affiliated, consolidated, combined, unitary or similar group that includes any direct or indirect parent of the Company, amounts equal to the amounts of federal, state and local income taxes that
would be owed (or estimated would be owed), to the extent such income taxes are attributable to the income of the Company or one or more of its Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted
Subsidiaries, in amounts equal to the amounts that would be required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries; <I>provided</I> that in each case the amount of such payments or loans in any fiscal
year does not exceed the amount that the Company and its Restricted Subsidiaries would be hypothetically required to pay in respect of federal, state and local taxes for such fiscal year as if the Company and its Restricted Subsidiaries (and
Unrestricted Subsidiaries, to the extent described above) computed and filed their tax returns on a stand-alone basis and did not take into account net operating losses or carryforwards or other tax attributes of any direct or indirect parent of the
Company or such parent&#146;s Affiliates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) so long as the Company is a member of an affiliated or consolidated group
for U.S. federal income tax purposes, payments made under Section&nbsp;4 of the Tax Sharing Agreement effective April&nbsp;1, 2014, or any successor or extended agreement, whether to Parent or any affiliate of Parent and whether renewed as a payment
in lieu of taxes, compensation or indemnity, in each case without duplication with payments made under (1)&nbsp;or (2) above; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) (x) salary, bonus and other benefits payable to employees, consultants, directors, officers and managers of any direct or
indirect parent of the Company and (y)&nbsp;indemnification claims made by employees, consultants, directors, officers and managers of the Company or any direct or indirect parent of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) general corporate administrative, operating and overhead costs and expenses of any direct or indirect parent of the Company
including but not limited to software and other intellectual property license, fees and expenses of independent auditors, reserve engineers and legal counsel to such direct or indirect parent of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) fees and expenses related to any equity or debt offering or acquisition by any direct or indirect parent of the Company or
its Subsidiaries (whether or not successful); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) payments to fund investments by any direct or indirect parent of the
Company that would otherwise be permitted to be made under Section&nbsp;4.07 hereof if made by the Company; <I>provided</I> that (A)&nbsp;such Restricted Payment shall be made substantially concurrently with the closing of such investment;
(B)&nbsp;such direct or indirect parent of the Company shall, immediately following the closing thereof, cause (i)&nbsp;all property acquired (whether assets or Equity Interests) to be contributed to the capital of the Company or any of its
Restricted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Subsidiaries or (ii)&nbsp;the merger or amalgamation of the Person formed or acquired into the Company or one of its Restricted Subsidiaries in order to consummate such investment; (C)&nbsp;such
direct or indirect parent company and its Affiliates (other than the Company or any of its Restricted Subsidiaries) receives no consideration or other payment in connection with such transaction except to the extent the Company or any of its
Restricted Subsidiaries could have given such consideration or made such payment in compliance with this Indenture (in which case, the Company will be deemed to have given such consideration or made such payment for purposes hereunder); and
(D)&nbsp;such investment shall be deemed to be made by the Company or such Restricted Subsidiary pursuant to another provision under Section&nbsp;4.07 hereof or pursuant to the definition of &#147;Permitted Investments&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) payments from proceeds attributable to Hawaii Retail Property Sale and Leaseback Transactions or to purchase, redeem,
defease, or otherwise acquire or retire for value any obligations or Indebtedness incurred in connection with Hawaii Retail Property Sale and Leaseback Transactions and any amendments, renewals, extensions, refundings, restructurings, replacements
or refinancings of such obligations or Indebtedness, in whole or in part (and whether with the original counterparties to such Hawaii Retail Property Sale and Leaseback Transactions or one or more replacement or additional counterparties) including,
for the avoidance of doubt, obligations and Indebtedness under leases created in connection with Hawaii Retail Property Sale and Leaseback Transactions; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) payments of principal, interest on, and mandatory repurchases or redemption with respect to, senior indebtedness of the
Parent existing on the date hereof (including the Existing Convertible Notes); <I>provided</I> that, prior to or simultaneously with such purchase, redemption, retirement, defeasance or other acquisition, the Company shall have complied with
Section&nbsp;4.10 or Section&nbsp;4.15 hereof, as the case may be, and repurchased all Notes validly tendered for payment in connection with the Change of Control Offer or Asset Sale Offer, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Receivables Financing</I>&#148; means any receivables financing facility or arrangement pursuant to which a Securitization
Subsidiary purchases or otherwise acquires accounts receivable of the Company or any of its Restricted Subsidiaries and enters into a third party financing thereof on terms that the Board of Directors of the Company has concluded are customary and
market terms fair to the Company and its Restricted Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Refinancing Indebtedness</I>&#148; means any
Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); <I>provided</I> that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the principal amount of such Permitted
Refinancing Indebtedness does not exceed the principal amount of the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses, premiums and
make-whole payments incurred in connection therewith); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) such Permitted Refinancing Indebtedness has a final maturity date no earlier
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is contractually subordinated in
right of payment to the Notes or the Subsidiary Guarantees, such Permitted Refinancing Indebtedness is contractually subordinated in right of payment to the Notes or the Subsidiary Guarantees on terms at least as favorable to the Holders as those
contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) such Indebtedness is not incurred (other than by way of a guarantee) by a Restricted Subsidiary of the Company (other than
Finance Corp.) that is not a Guarantor if the Company is the issuer or other primary obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the preceding, any Indebtedness incurred under Credit Facilities pursuant to Section&nbsp;4.09 hereof shall be subject only to
the refinancing provision in the definition of Credit Facilities and not pursuant to the requirements set forth in the definition of Permitted Refinancing Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Person</I>&#148; means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Premises</I>&#148; means any property that
is required hereunder to be subject to a Mortgage in favor of the Collateral Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Private Placement Legend</I>&#148; means
the legend set forth in Section&nbsp;2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>QIB</I>&#148; means a &#147;qualified institutional buyer&#148; as defined in Rule 144A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Regulation S</I>&#148; means Regulation S promulgated under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Regulation S Global Note</I>&#148; means a Global Note in the form of Exhibit A hereto deposited with or on behalf of and registered
in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Replacement Assets</I>&#148; means (1)&nbsp;as used in connection with any ABL Collateral, current tangible assets, and, as used in
connection with any Collateral, any <FONT STYLE="white-space:nowrap">non-current</FONT> tangible assets that, in each case, will be used or useful in a Permitted Business or (2)&nbsp;substantially all the assets of a Permitted Business or a majority
of the Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a Domestic Subsidiary (or a Restricted Subsidiary solely to the extent the assets being replaced were sold by a Foreign
Subsidiary). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Required Secured Debtholders</I>&#148; means, at any time, the holders of more than 50%
of the sum of (as determined by the Secured Representatives): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the aggregate outstanding principal amount of Secured
Debt (including outstanding letters of credit (unless fully cash collateralized in accordance with the terms of the relevant Notes Documents, fully supported by a letter of credit satisfactory to the issuer of the letter of credit supported thereby
or otherwise supported in a manner satisfactory to the respective issuer thereof) whether or not then available or drawn but excluding Hedging Obligations); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Hedge Agreement Outstanding Amount; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) other than in connection with the exercise of remedies, the aggregate unfunded commitments to extend credit which, when
funded, would constitute Secured Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Responsible Officer,</I>&#148; when used with respect to the Trustee, means any
assistant vice president, any trust officer or assistant trust officer, or any other officer of the Trustee (or any successor group of the Trustee) customarily performing functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Definitive Note</I>&#148; means a Definitive Note bearing the Private Placement
Legend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Global Note</I>&#148; means a Global Note bearing the Private Placement Legend. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Investment</I>&#148; means an Investment other than a Permitted Investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Subsidiary</I>&#148; of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rule 144</I>&#148; means Rule 144 promulgated under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rule 144A</I>&#148; means Rule 144A promulgated under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rule 903</I>&#148; means Rule 903 promulgated under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rule 904</I>&#148; means Rule 904 promulgated under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>S&amp;P</I>&#148; means S&amp;P Global Ratings, and any successor to the ratings business thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Sale and Leaseback Transaction</I>&#148; means, with respect to the Company or any of its Restricted Subsidiaries, any arrangement
relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Restricted Subsidiary leases it from such Person; <I>provided</I> that any such arrangements
with respect to catalyst or precious metals that are entered into in the ordinary course of business shall not be deemed to be Sale and Leaseback Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Secured Debt</I>&#148; means Indebtedness or other obligations under the Pari Passu Lien Hedge Agreements, this Indenture, the Notes,
and, to the extent issued or outstanding, any Pari Passu Notes Lien Indebtedness designated as such by the Company in writing to the Collateral Trustee; <I>provided</I> that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) on or before the date on which such Indebtedness is incurred, an
Officer&#146;s Certificate is delivered to the Collateral Trustee designating such Indebtedness as &#147;Secured Debt&#148; for the purposes of the Notes Documents; <I>provided</I> that with respect to related Pari Passu Lien Hedge Agreements that
constitute confirmations and transactions from time to time entered into under a single master agreement, one Officer&#146;s Certificate may be delivered with respect to such master agreement and all confirmations and transactions from time to time
entered into thereunder (whether such confirmations or transactions have been or are entered into prior to, on or after delivery of such Officer&#146;s Certificate); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) such Indebtedness is evidenced or governed by an indenture, credit agreement, loan agreement, note agreement, hedge
agreement, promissory note or other agreement or instrument that includes a Lien Priority Confirmation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) such
Indebtedness is designated as Secured Debt in accordance with the requirements of the Collateral Trust and Intercreditor Agreement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) at the time of the incurrence thereof, the applicable Secured Debt may be incurred (and secured as contemplated in the
Collateral Trust and Intercreditor Agreement) without violating the terms of any Notes Document or causing any default thereunder; <I>provided</I> that in the case of a transaction entered into under a Pari Passu Lien Hedge Agreement, the foregoing
requirement shall be deemed satisfied if, at or as of the time such transaction is entered into, the counterparty thereto has received or been deemed to have received a representation from the Company or a Subsidiary to the effect that the execution
of such transaction does not violate the terms of the Notes Documents or cause any default thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Secured Debt
Default</I>&#148; means, with respect to any Series of Secured Debt, any event or condition which, under the terms of any credit agreement, indenture, loan agreement, note agreement, promissory note, hedge agreement or other agreement or instrument
governing such Series of Secured Debt, causes, or permits holders of Secured Debt outstanding thereunder to cause, the Secured Debt outstanding thereunder to become immediately due and payable or, in the case of a Pari Passu Lien Hedge Agreement,
causes, or permits the Secured Party thereunder to cause, such hedging agreement (and the transactions thereunder) to terminate and a termination amount to be determined and become due and payable as a result of such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Secured Leverage Ratio</I>&#148; means, as of the date of determination (the &#147;<I>Secured Leverage Ratio Calculation
Date</I>&#148;), the ratio of (a)&nbsp;the Consolidated <FONT STYLE="white-space:nowrap">Non-ABL</FONT> Secured Indebtedness of the Company and its Restricted Subsidiaries as of such date and (b)&nbsp;the Consolidated Cash Flow of the Company and
its Restricted Subsidiaries for the most recently ended four fiscal quarters immediately prior to such date for which financial statements are available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any
Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility) subsequent to the commencement of the period for which the Secured Leverage Ratio is being calculated but prior to or simultaneously with the event for
which the calculation of the Secured Leverage Ratio is made, then the Secured Leverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness
as if the same had occurred immediately prior to the end of such most recent fiscal quarter end. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Secured Leverage Ratio will be calculated on a pro forma basis assuming that each
acquisition, disposition, merger, consolidation, Investment, business restructuring, operational changes or any financing transaction relating to any of the foregoing (including repayment of Indebtedness) engaged in by the Company or any of its
Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Ratio Calculation Date had occurred on the first day of the four-quarter reference
period, including any Consolidated Cash Flow and any pro forma expense and cost reductions or synergies that have occurred or are reasonably expected to occur within the next 12 months, in the reasonable judgment of the chief financial or accounting
officer of the Company. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Company or any of its Restricted Subsidiaries since the beginning
of such period shall have engaged in any transaction described above that would have required adjustment pursuant to this definition, then the Secured Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
transaction had occurred at the beginning of the applicable four-quarter period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Secured Obligations</I>&#148; means, subject to
the terms and conditions in the Collateral Trust and Intercreditor Agreement, (i)&nbsp;all obligations under this Indenture and the Notes, (ii)&nbsp;all obligations under the Pari Passu Lien Hedge Agreements, (iii)&nbsp;all other Pari Passu Notes
Lien Indebtedness and (iv)&nbsp;all other obligations arising with respect to any Secured Debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Secured Representative</I>&#148;
means: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in the case of this Indenture, the Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in the case of any Pari Passu Lien Hedge Agreements, the counterparty thereto; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in the case of any other Series of Secured Debt, the respective creditor or any trustee, agent or representative thereof
designated as such in the respective agreement or instrument governing such Series of Secured Debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Securitization
Subsidiary</I>&#148; means a Subsidiary of the Company: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) that is designated a &#147;Securitization Subsidiary&#148; by
the Board of Directors of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) that does not engage in, and whose charter prohibits it from engaging in, any
activities other than Permitted Receivables Financings and any activity necessary, incidental or related thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) no
portion of the Indebtedness or any other obligation, contingent or otherwise, of which (a)&nbsp;is guaranteed by the Company, any Guarantor or any Restricted Subsidiary of the Company, (b)&nbsp;is recourse to or obligates the Company, any Guarantor
or any Restricted Subsidiary of the Company in any way, or (c)&nbsp;subjects any property or asset of the Company, any Guarantor or any Restricted Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction
thereof; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) with respect to which neither the Company, any Guarantor nor any Restricted
Subsidiary of the Company (other than an Unrestricted Subsidiary) has any obligation to maintain or preserve its financial condition or cause it to achieve certain levels of operating results, other than, in respect of clauses (3)&nbsp;and (4),
pursuant to customary representations, warranties, covenants and indemnities entered into in connection with a Permitted Receivables Financing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Securities Act</I>&#148; means the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Security Agreement</I>&#148; means the Pledge and Security Agreement dated as of the date hereof (as may be further amended,
restated, supplemented or otherwise modified from time to time) among the Company, the Guarantors from time to time party thereto and the Collateral Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Security Documents</I>&#148; means the Collateral Trust and Intercreditor Agreement, the Collateral Rights Agreement, the
Acknowledgment Agreement, the Security Agreement, each Lien Priority Confirmation with respect to Secured Debt, and all security agreements, pledge agreements, Mortgages, deeds of trust, collateral assignments, collateral agency agreements,
debentures, control agreements or other grants or transfers for security executed and delivered by any Issuer or any Guarantor (including, without limitation, financing statements under the Uniform Commercial Code of the relevant state) creating (or
purporting to create) a Lien upon Collateral in favor of the Collateral Trustee or notice of such pledge, grant or assignment is given, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in
accordance with its terms and the terms of the Collateral Trust and Intercreditor Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Senior Debt</I>&#148; means </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) all Indebtedness of the Company or any of its Restricted Subsidiaries outstanding under the ABL Facility and all
obligations under Hedging Contracts with respect thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any other Indebtedness of the Company or any of its
Restricted Subsidiaries permitted to be incurred hereunder, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any Subsidiary Guarantee; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) all obligations with respect to the items listed in the preceding clauses (1)&nbsp;and (2). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in the preceding sentence, Senior Debt will not include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any intercompany Indebtedness of the Company or any of its Restricted Subsidiaries to the Company or any of its Affiliates;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any Indebtedness that is incurred in violation of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, &#147;Senior Debt&#148; will not include any trade payables or taxes owed or owing by the Company or any of its
Restricted Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Series of Secured Debt</I>&#148; means, severally, (i)&nbsp;Indebtedness under this
Indenture and the Notes,(ii) obligations under the Pari Passu Lien Hedge Agreements of each separate counterparty and (iii)&nbsp;each separate issue of Indebtedness which constitutes Secured Debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary that would be a &#147;significant subsidiary&#148; as defined in Article 1,
Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X,</FONT> promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Stated Maturity</I>&#148; means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Subsidiary</I>&#148; means, with respect to any specified Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any corporation, association or other business entity (other than a partnership or limited liability company) of which more
than 50% of the total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any partnership (whether general or limited) or limited liability company (a)&nbsp;the sole general partner or member of
which is such Person or a Subsidiary of such Person, or (b)&nbsp;if there is more than a single general partner or member, either (x)&nbsp;the only managing general partners or managing members of which are such Person or one or more Subsidiaries of
such Person (or any combination thereof) or (y)&nbsp;such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or limited liability
company, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Subsidiary Guarantee</I>&#148; means any guarantee by a Guarantor of the Issuers&#146; obligations under
this Indenture and the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>TIA</I>&#148; means the Trust Indenture Act of 1939, as amended (15 U.S.C.
&#167;&#167;&nbsp;77aaa-77bbbb). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Treasury Rate</I>&#148; means the yield to maturity at the time of computation of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to the date fixed for redemption (or, if
such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to December&nbsp;15, 2020; <I>provided</I>, <I>however</I>, that if such period is not
equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Company shall obtain the Treasury Rate by linear interpolation (calculated to the nearest
<FONT STYLE="white-space:nowrap">one-twelfth</FONT> of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to December&nbsp;15, 2020 is less
than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will (a)&nbsp;calculate the Treasury Rate on the second Business Day preceding the
applicable redemption date (or date of deposit in the case of a satisfaction and discharge) and (b)&nbsp;prior to such redemption date file with the Trustee an Officer&#146;s Certificate setting forth the Make Whole Premium and the Treasury Rate and
showing the calculation of each in reasonable detail. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Triggering Event</I>&#148; means a Secured Debt Default under the Pari Passu Lien Hedge
Agreements, any document governing any other Pari Passu Notes Lien Indebtedness, this Indenture, the Notes, the Subsidiary Guarantees or the Security Documents; <I>provided</I> that a Triggering Event is not deemed to have occurred unless the
principal amount or termination amount of any such Indebtedness with respect to which a Secured Debt Default has occurred, together with the principal amount of any other Indebtedness under which there has been a Secured Debt Default, aggregates
$25.0&nbsp;million or more. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Trustee</I>&#148; means Wilmington Trust, National Association, until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Uniform
Commercial Code</I>&#148; means the Uniform Commercial Code as in effect from time to time in any applicable jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unrestricted Definitive Note</I>&#148; means a Definitive Note that does not bear and is not required to bear the Private Placement
Legend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unrestricted Global Note</I>&#148; means a Global Note that does not bear and is not required to bear the Private
Placement Legend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Unrestricted Subsidiary</I>&#148; means any Subsidiary of the Company (other than Finance Corp.) that is
designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) except to the extent permitted by clause (2)(b) of the definition of &#147;Permitted Business Investments,&#148; has no
Indebtedness other than <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt owing to any Person other than the Company or any of its Restricted Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company unless the terms of any such agreement, contract, arrangement or understanding would be permitted under Section&nbsp;4.11 hereof after giving effect to the exceptions thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect
obligation (a)&nbsp;to subscribe for additional Equity Interests or (b)&nbsp;to maintain or preserve such Person&#146;s financial condition or to cause such Person to achieve any specified levels of operating results except to the extent permitted
under Sections 4.07 and 4.09 hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) has not guaranteed or otherwise directly or indirectly provided credit
support for any Indebtedness of the Company or any of its Restricted Subsidiaries, except to the extent such guarantee or credit support would be released upon such designation or would be permitted under Section&nbsp;4.07 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Subsidiaries of an Unrestricted Subsidiary shall also be Unrestricted Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>U.S. Person</I>&#148; means a U.S. Person as defined in Rule 902(k) promulgated under
the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Voting Stock</I>&#148; of any Person as of any date means the Capital Stock of such Person that is at the
time entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person; <I>provided</I> that with respect to a limited partnership or other entity which does not have directly a Board of
Directors, Voting Stock means such Capital Stock of the general partner of such limited partnership or other business entity with the ultimate authority to manage the business and operations of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Weighted Average Life to Maturity</I>&#148; means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the sum of the products obtained by multiplying (a)&nbsp;the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b)&nbsp;the number of years (calculated to the nearest
<FONT STYLE="white-space:nowrap">one-twelfth)</FONT> that will elapse between such date and the making of such payment; by </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the then outstanding aggregate amount of such Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02 <I>Other Definitions.</I> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:17.30pt; font-size:8pt; font-family:Times New Roman">Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Defined&nbsp;in<BR>Section</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Affiliate Transaction</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.11</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Alternate Offer</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.15</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Asset Sale Offer</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.09</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Authentication Order</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.02</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control Offer</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.15</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control Payment</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.15</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control Settlement Date</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.15</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Covenant Defeasance</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.03</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>DTC</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.03</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Event of Default</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.01</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Excess Proceeds</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.10</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Incremental Funds</I>&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>incur</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.09</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Legal Defeasance</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.02</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Offer Amount</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.09</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Offer Period</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.09</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Paying Agent</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.03</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Payment Default</I>&#148; <I></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.01</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Debt</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.09</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Purchase Date</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.09</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Registrar</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.03</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Payments</I>&#148;<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;<I>Trailing Four Quarters</I>&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.07</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03 <I>Incorporation by Reference of Trust Indenture Act.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following TIA terms used in this Indenture have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture securities</I>&#148; means the Notes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture security Holder</I>&#148; means a Holder of a Note; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture to be qualified</I>&#148; means this Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture trustee</I>&#148; or &#147;<I>institutional trustee</I>&#148; means the Trustee; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>obligor</I>&#148; on the Notes and the Subsidiary Guarantees means the Company and the Guarantors, respectively, and any successor
obligor upon the Notes and the Subsidiary Guarantees, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04 <I>Rules of
Construction.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the context otherwise requires: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) a term has the meaning assigned to it; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) &#147;or&#148; is not exclusive; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) words in the singular include the plural, and in the plural include the singular; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) &#147;will&#148; shall be interpreted to express a command; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) provisions apply to successive events and transactions; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE NOTES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01 <I>Form and
Dating.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>General</I>. The Notes and the Trustee&#146;s certificate of authentication will be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a
part of this Indenture and the Issuers, the Guarantors, the Trustee and the Collateral Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Global Notes</I>. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend
thereon and the &#147;Schedule of Exchanges of Interests in the Global Note&#148; attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the
&#147;Schedule of Exchanges of Interests in the Global Note&#148; attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section&nbsp;2.06 hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Global Notes</I>. The provisions of the
&#147;Operating Procedures of the Euroclear System&#148; and &#147;Terms and Conditions Governing Use of Euroclear&#148; and the &#147;General Terms and Conditions of Clearstream Banking&#148; and &#147;Customer Handbook&#148; of Clearstream will be
applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02 <I>Execution and Authentication.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At least one Officer must sign the Notes for each Issuer by manual, facsimile, PDF attachment or other electronically transmitted signature.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee will, upon receipt of a written order of the Issuers signed by an Officer of each
Issuer (an &#147;<I>Authentication Order</I>&#148;), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for issuance by the Issuers pursuant to one or more Authentication Orders, except as provided in Section&nbsp;2.07 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An authenticating agent may authenticate
Notes 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 an Agent to deal with Holders or an Affiliate of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03 <I>Registrar and Paying Agent.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(&#147;<I>Registrar</I>&#148;) and an office or agency where Notes may be presented for payment (&#147;<I>Paying Agent</I>&#148;). The Registrar will keep a register of the Notes and of their transfer and exchange. The Issuers may appoint one or
more <FONT STYLE="white-space:nowrap">co-registrars</FONT> and one or more additional paying agents. The term &#147;Registrar&#148; includes any <FONT STYLE="white-space:nowrap">co-registrar</FONT> and the term &#147;Paying Agent&#148; includes any
additional paying agent. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuers or any of the Company&#146;s Subsidiaries may act as Paying Agent or Registrar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers initially appoint The Depository Trust Company (&#147;<I>DTC</I>&#148;) to act as Depositary with respect to the Global Notes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers initially appoint the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04 <I>Paying Agent to Hold Money in Trust.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, or premium or interest, if any, on, the Notes, and will notify the Trustee of any default by the Issuers in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Issuers or a Subsidiary) will have no further liability for the money. If an Issuer or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee will serve as Paying Agent for the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05
<I>Holder Lists.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of all Holders and shall otherwise comply with TIA &#167;312(a). If the Trustee is not the Registrar, the Issuers will furnish to the Trustee at least seven 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 the Holders of Notes and the Issuers shall otherwise comply with TIA &#167;312(a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06 <I>Transfer and Exchange.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Transfer and Exchange of Global Notes</I>. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All beneficial interests in the
Global Notes will be exchanged by the Issuers for Definitive Notes if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Depositary (A)&nbsp;notifies the Issuers
that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within 90 days after the date of
such notice from the Depositary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Issuers, at their option but subject to the Depositary&#146;s requirements,
notify the Trustee in writing that they elect to cause the issuance of the Definitive Notes;<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Depositary notifies
the Trustee in writing of its decision to exchange the Global Notes for Definitive Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of any of the preceding
events in (1), (2) or (3)&nbsp;above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section&nbsp;2.06 or Section&nbsp;2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section&nbsp;2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section&nbsp;2.06(b) or
(c)&nbsp;hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Transfer and Exchange of Beneficial Interests in the Global Notes</I>. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1)&nbsp;or (2) below, as applicable, as well as one or
more of the other following subparagraphs, as applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Transfer of Beneficial Interests in the Same Global
Note</I>. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in
the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section&nbsp;2.06(b)(1). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>All
Other Transfers and Exchanges of Beneficial Interests in Global Notes.</I> In connection with all transfers and exchanges of beneficial interests that are not subject to Section&nbsp;2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) both: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) both: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1)&nbsp;above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section&nbsp;2.06(h) hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>Transfer of Beneficial Interests to Another Restricted Global Note.</I> A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section&nbsp;2.06(b)(2) above
and the Registrar receives the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if the transferee will take delivery in the form of a beneficial interest in
the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1)&nbsp;thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2)&nbsp;thereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate substantially in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)&nbsp;thereof, if applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <I>Transfer and Exchange of Beneficial Interests in a Restricted Global Note
for Beneficial Interests in an Unrestricted Global Note</I>. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section&nbsp;2.06(b)(2) above and the Registrar receives the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4)&nbsp;thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any such transfer is effected pursuant to this Section&nbsp;2.06(b)(4) at a time when an
Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section&nbsp;2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section&nbsp;2.06(b)(4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Transfer or Exchange of Beneficial Interests for Definitive Notes</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.</I> If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1)&nbsp;thereof; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) if such beneficial interest is being transferred to a <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2)&nbsp;thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B)&nbsp;through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3)&nbsp;thereof, if applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) if such beneficial interest is being transferred to the Issuers or
any of the Company&#146;s Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section&nbsp;2.06(h) hereof, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section&nbsp;2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section&nbsp;2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>[Reserved]</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.</I> A holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the
Registrar receives the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4)&nbsp;thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <I>Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes.</I> If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section&nbsp;2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced
accordingly pursuant to Section&nbsp;2.06(h) hereof, and the Issuers will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section&nbsp;2.06(c)(4) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section&nbsp;2.06(c)(4) will not bear the Private Placement Legend. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Transfer and
Exchange of Definitive Notes for Beneficial Interests. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Restricted Definitive Notes to Beneficial Interests in
Restricted Global Notes.</I> If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in
the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1)&nbsp;thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) if such Restricted Definitive
Note is being transferred to a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2)&nbsp;thereof; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B)&nbsp;through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion
of Counsel required by item (3)&nbsp;thereof, if applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) if such Restricted Definitive Note is being transferred
to the Issuers or any of the Company&#146;s Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">the
Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A)&nbsp;above, the appropriate Restricted Global Note, in the case of clause (B)&nbsp;above, the 144A
Global Note, in the case of clause (C)&nbsp;above, the Regulation S Global Note, and in all other cases, the IAI Global Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.</I> A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if the Registrar receives the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the Holder of such Definitive Notes proposes to exchange such Notes
for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4)&nbsp;thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon satisfaction of the conditions of any of the subparagraphs in this
Section&nbsp;2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.</I> A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs
(2)&nbsp;or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers will issue and, upon receipt of an Authentication Order in accordance with Section&nbsp;2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)
<I>Transfer and Exchange of Definitive Notes for Definitive Notes.</I> Upon request by a Holder of Definitive Notes and such Holder&#146;s compliance with the provisions of this Section&nbsp;2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section&nbsp;2.06(e). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Restricted Definitive Notes to Restricted Definitive
Notes.</I> Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1)&nbsp;thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if the transfer will be made pursuant to Rule 903 or
Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2)&nbsp;thereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)&nbsp;thereof, if applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Restricted Definitive Notes to Unrestricted Definitive Notes.</I> Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the Holder of such Restricted Definitive Notes proposes to exchange such
Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4)&nbsp;thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>Unrestricted Definitive Notes to Unrestricted Definitive Notes.</I> A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) [<I>Reserved</I>]<I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Legends.</I> The following legends will appear on all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Private Placement Legend. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Except as permitted by subparagraph (B)&nbsp;below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;THE NOTES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY STATE SECURITIES LAWS. NEITHER SUCH NOTES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF ANY NOTE EVIDENCED HEREBY BY ITS ACCEPTANCE HEREOF
(1)&nbsp;REPRESENTS THAT (A)&nbsp;IT IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B)&nbsp;IT IS NOT A U.S. PERSON AND IS ACQUIRING SUCH NOTE IN AN &#147;OFFSHORE TRANSACTION&#148; PURSUANT TO
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2)&nbsp;AGREES THAT IT WILL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST
DATE ON WHICH EITHER OF THE ISSUERS, OR ANY OF THEIR </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
RESPECTIVE AFFILIATES, WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) (THE &#147;RESALE RESTRICTION PERIOD&#148;), OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE EXCEPT (A)&nbsp;TO AN
ISSUER OR ANY SUBSIDIARY THEREOF, (B)&nbsp;FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON IT REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C)&nbsp;PURSUANT TO OFFERS AND SALES TO <FONT
STYLE="white-space:nowrap">NON-U.S.</FONT> PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (D)&nbsp;PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR (E)&nbsp;PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3)&nbsp;AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM SUCH NOTE IS TRANSFERRED DURING THE RESALE RESTRICTION PERIOD A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND,
SUBJECT TO THE ISSUERS&#146; AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i)&nbsp;THAT IS (A)&nbsp;PURSUANT TO CLAUSE (2)(C) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT OR (B)&nbsp;PURSUANT TO CLAUSE (2)(E) DURING THE RESALE RESTRICTION PERIOD TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii)&nbsp;IN EACH OF THE
FOREGOING CASES IN CLAUSE (2)(B) OR (D), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM SPECIFIED IN THE INDENTURE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED AS TO ANY NOTE EVIDENCED HEREBY UPON
DELIVERY TO THE TRUSTEE BY US OR THE HOLDER THEREOF OF A WRITTEN REQUEST FOR THE REMOVAL HEREOF, IN ANY CASE AT ANY TIME AFTER THE RESALE RESTRICTION PERIOD. AS USED HEREIN, THE TERMS &#147;OFFSHORE TRANSACTION,&#148; &#147;UNITED STATES&#148; AND
&#147;U.S. PERSON&#148; HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section&nbsp;2.06 (and all Notes issued in exchange therefor or substitution thereof)
will not bear the Private Placement Legend. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Global Note Legend</I>. Each Global Note will bear a legend in
substantially the following form: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1)&nbsp;THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE,
(2)&nbsp;THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3)&nbsp;THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4)&nbsp;THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (&#147;DTC&#148;), TO THE ISSUERS OR THE AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR SUCH OTHER ENTITY AS
MAY BE 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&nbsp;&amp; CO., HAS AN INTEREST HEREIN.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Cancellation and/or Adjustment of Global Notes.</I> At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or beneficial interests in other Global Notes, or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section&nbsp;2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>General Provisions Relating to Transfers and Exchanges</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To permit registrations of transfers and exchanges, the Issuers will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section&nbsp;2.02 hereof or at the Registrar&#146;s request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) All Global Notes and Definitive Notes issued upon any registration of
transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Neither the Registrar nor the Issuers will be required: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) to issue, to register the transfer of or to exchange any Notes for a period of 30 days prior to the mailing of a notice of
redemption of Notes to be redeemed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) to register the transfer of or to exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) to register the transfer of or to
exchange a Note between a record date and the next succeeding interest payment date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) to register the transfer or
exchange of a Note tendered and not withdrawn in connection with a Change of Control Offer, an Asset Sale Offer or other tender offers; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) to register the transfer or exchange of a Note between a record date and the next succeeding interest payment date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the
Issuers shall be affected by notice to the contrary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) The Trustee will authenticate Global Notes and Definitive Notes
in accordance with the provisions of Section&nbsp;2.02 hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) All certifications, certificates and Opinions of
Counsel required to be submitted to the Registrar pursuant to this Section&nbsp;2.06 to effect a registration of transfer or exchange may be submitted by facsimile or electronically including by PDF. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) 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 Note (including any transfers between or among Depositary, Participants or Beneficial Owners of interests in any Global Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) The Trustee shall have no responsibility for the actions or omissions of the
Depositary or any other depositary or clearinghouse, or the accuracy of the books and records of the Depositary or any other depositary or clearinghouse. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07 <I>Replacement Notes.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If
any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuers will issue and the Trustee, upon receipt of an Authentication Order,
will authenticate a replacement Note if the Trustee&#146;s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and
any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers may charge for expenses in replacing a Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Every replacement Note is an additional obligation of the Issuers and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08 <I>Outstanding Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section&nbsp;2.08 as not outstanding. Except as set forth in Section&nbsp;2.09 hereof, a
Note does not cease to be outstanding because the Issuers or an Affiliate of either of the Issuers holds the Note.<B><I> </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a
Note is replaced pursuant to Section&nbsp;2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the principal amount of any Note is considered paid under Section&nbsp;4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Paying Agent (other than either Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09 <I>Treasury Notes.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under
direct or indirect common control with either Issuer or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or
consent, only Notes that the Trustee knows are so owned will be so disregarded. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10 <I>Temporary Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order,
will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuers consider appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Issuers will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11 <I>Cancellation.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy the canceled Notes
(subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered by the Trustee to the Issuers. The Issuers may not issue new Notes to replace Notes that have been paid or
that have been delivered to the Trustee for cancellation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.12 <I>Defaulted Interest.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Issuers default in a payment of interest on the Notes, they will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest. At the Company&#146;s election provided in writing to the Trustee, the Issuers may pay defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section&nbsp;4.01 hereof. The Issuers will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers will fix or cause to be
fixed any such special record date and payment date; <I>provided</I> that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the
Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) will send or cause to be sent to Holders a notice that states the special record date, the related payment date and the amount of such
interest to be paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.13 <I>CUSIP Numbers.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers in issuing the Notes may use CUSIP numbers (if then generally in use) and, if so, the Trustee shall use CUSIP in notices as a
convenience to Holders; <I>provided</I> that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the
other identification numbers printed on the Notes and any such repurchase shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP numbers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION AND PREPAYMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01
<I>Notices to Trustee.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section&nbsp;3.07
hereof, they must furnish to the Trustee, at least five Business Days prior to the giving of notice of a redemption (or such shorter period as may be acceptable to the Trustee), an Officer&#146;s Certificate setting forth: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the clause of this Indenture pursuant to which the redemption shall occur; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the principal amount of Notes to be redeemed; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the redemption price (if then determined and otherwise the method of determination). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02 <I>Selection of Notes to Be Redeemed.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national
securities exchange on which the Notes are listed; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) if the Notes are not listed on any national securities exchange,
on a <I>pro rata</I> basis (except that any Notes represented by a Note in global form will be selected by such method as the DTC or its nominee or successor may require or, where such nominee or successor is the trustee, a method that most nearly
approximates <I>pro rata</I> selection). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of partial redemption by lot, the particular Notes to be redeemed will be selected,
unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee will promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected will be in amounts of $2,000 or integral multiples of $1,000 in excess thereof, except if all Notes of a Holder are to be redeemed, the entire outstanding
amount of such Notes held by such Holder shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03 <I>Notice of Redemption.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices of redemption will be sent in accordance with the procedures of the DTC at least 30 days but not more than 60 days before the
redemption date, to each Holder whose Notes are to be redeemed at its registered address (or, in the case of Notes held in book-entry form, by electronic transmission), except that optional redemption notices may be sent more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notice will identify the Notes to be redeemed and will state: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the redemption date; <U>provided</U> <U>that</U> Notes called for redemption under different provisions of this Indenture
may have different redemption dates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption price (if then determined and otherwise the method of
determination); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed
and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued in the name of the Holder thereof upon cancellation of the original Note; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the name and address of the Paying Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) that no representation is made as to the correctness or accuracy
of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) any conditions precedent to
the redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the Issuers&#146; request, the Trustee will give the notice of redemption in the Issuers&#146; names and at the
Issuers&#146; expense; <I>provided, however</I>, that the Officer&#146;s Certificate delivered to the Trustee pursuant to Section&nbsp;3.01 hereof requests that the Trustee give such notice and sets forth the information to be stated in such notice
as provided in the preceding paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04 <I>Effect of Notice of Redemption.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Once notice of redemption is delivered in accordance with Section&nbsp;3.03 hereof, Notes called for redemption become due and payable on the
redemption date at the redemption price, unless the redemption is subject to a condition precedent that is not satisfied or waived. Any redemption or notice of redemption may, at the Issuers&#146; discretion, be subject to one or more conditions
precedent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notice of redemption, if sent or mailed in the manner herein provided, shall be conclusively presumed to have been given
whether or not the Holder receives such notice. In any case, failure to give such notice shall not affect the validity of the proceedings for the redemption of any other Note. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05 <I>Deposit of Redemption or Purchase Price.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to 11:00 a.m. Eastern Time (or such later time as may be agreed to by the Paying Agent or Trustee), on any redemption or purchase date,
the Issuers will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will
promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or
purchased. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest
will cease to accrue on the Notes or the portions of Notes called for redemption or accepted for purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued
and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of
the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06 <I>Notes Redeemed or Purchased in Part.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07 <I>Optional Redemption.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) At any time prior to December&nbsp;15, 2020, the Issuers may on one or more occasions redeem up to 35% of the aggregate principal amount of
the Notes issued hereunder (including any Additional Notes), upon not less than 30 nor more than 60 days&#146; notice, at a redemption price of 107.750% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the
redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), with an amount equal to all or a portion of the net cash proceeds
of one or more Equity Offerings; <I>provided</I> that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) at least 65% of the aggregate principal amount of the Notes
issued hereunder (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption occurs within 180 days of the date of the closing of each such Equity Offering. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Prior to December&nbsp;15, 2020, the Issuers may on one or more occasions redeem all or part of the Notes upon not less than 30 nor more
than 60 days&#146; notice, at a redemption price equal to the sum of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the principal amount thereof, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Make Whole Premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date (subject to
the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Except pursuant to clauses (a), (b) or (e)&nbsp;of this Section&nbsp;3.07, the Notes will not
be redeemable at the Issuers&#146; option prior to December&nbsp;15, 2020. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On or after December&nbsp;15, 2020, the Issuers may on one
or more occasions redeem all or a part of the Notes upon not less than 30 nor more than 60 days&#146; notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the
Notes to be redeemed to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), if redeemed during the
twelve month period beginning on December&nbsp;15 of the years indicated below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:15.55pt; font-size:8pt; font-family:Times New Roman">Year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Percentage</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105.813</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103.875</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101.938</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2023 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable redemption date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Issuers may redeem all (but not a portion of) the
Notes when permitted by, and pursuant to the conditions in, Section&nbsp;4.15(i) hereof </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Any redemption pursuant to this
Section&nbsp;3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08 <I>Mandatory Redemption.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set forth in Sections 4.10 and 4.15 hereof, neither of the Issuers will be required to make mandatory redemption or sinking fund
payments with respect to the Notes or to repurchase the Notes at the option of the Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09 <I>Offer to Purchase by Application of
Excess Proceeds.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that, pursuant to Section&nbsp;4.10 hereof, the Company is required to commence an Asset Sale Offer, it
will follow the procedures specified below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Asset Sale Offer shall be made to all Holders and all holders of Pari Passu Indebtedness
containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following
its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the &#147;<I>Offer Period</I>&#148;). No later than three Business Days after the termination of the Offer Period (the
&#147;<I>Purchase Date</I>&#148;), the Company will apply all Excess Proceeds (the &#147;<I>Offer Amount</I>&#148;) to the purchase of Notes and such other Pari Passu Indebtedness (on a<I> pro rata </I>basis based on the principal amount of Notes
and such other Pari Passu Indebtedness surrendered, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in
the same manner as interest payments are made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Purchase Date is on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset
Sale Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the commencement of an Asset Sale Offer, the Company will send written notice to the Trustee and each of the Holders.
The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) that the Asset Sale Offer is being made pursuant to this Section&nbsp;3.09 and Section&nbsp;4.10 hereof and the length of
time the Asset Sale Offer will remain open; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Offer Amount, the purchase price and the Purchase Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) that any Note not tendered or accepted for payment will continue to accrue interest; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
will cease to accrue interest on and after the Purchase Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) that Holders electing to have a Note purchased pursuant
to an Asset Sale Offer may elect to have Notes purchased in minimum denominations of $2,000 or an integral multiple of $1,000 in excess thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with
the form entitled &#147;Option of Holder to Elect Purchase&#148; attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice
at least three days before the Purchase Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) that Holders will be entitled to withdraw their election if the Company,
the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, electronic image scan, facsimile transmission or letter setting forth the name of the Holder, the principal amount of
the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On or before the Purchase Date, the Issuers will, to the extent
lawful, accept for payment, on a<I> pro rata </I>basis to the extent necessary, the Notes or portions thereof tendered pursuant to the Asset Sale Offer, and required to be purchased pursuant to this Section&nbsp;3.09 and Section&nbsp;4.10 hereof, or
if Notes in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
an aggregate principal amount less than the Offer Amount allocated to the purchase of Notes in the Asset Sale Offer have been tendered, all Notes tendered, and will deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officer&#146;s Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section&nbsp;3.09. The
Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by
such Holder and accepted by the Company for purchase, and the Issuers will promptly issue a new Note, and the Trustee, upon written request from the Issuers, will authenticate and mail or deliver (or cause to be transferred by book entry) such new
Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results
of the Asset Sale Offer on or as soon as practicable after the Purchase Date. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 4 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COVENANTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01 <I>Payment of
Notes.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuers or a Subsidiary of the Company, holds as of 11:00 a.m. New York City time on the due date
money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02 <I>Maintenance of Office or Agency.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuers will maintain in the City and State of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers will send prompt written notice to
the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers fail to maintain any such required office or agency or fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Issuers may also from time to
time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; <I>provided, however</I>, that no such designation or rescission
will in any manner relieve the Issuers of the obligation to maintain an office or agency in the City and State of New York for such purposes. The Issuers will send prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03 <I>Reports. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) So long as any Notes are outstanding, the Company will furnish to the Holders (or file or furnish, as applicable, with the Commission for
public availability) within the time periods specified in the Commission&#146;s rules and regulations for a filer that is a <FONT STYLE="white-space:nowrap">&#147;non-accelerated</FONT> filer,&#148; whether or not required to file reports with the
Commission pursuant to Section&nbsp;13 or 15(d) of the Exchange Act </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) all quarterly and annual financial and other
information with respect to the Company and its Subsidiaries that would be required to be contained in a filing with the Commission on Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">10-K</FONT> if the Company
were required to file such Forms, including a &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and, with respect to the annual information only, a report on the annual financial statements by the
Company&#146;s certified independent accountants; <I>provided</I>, <I>however</I>, such reports shall not be required to comply with Sections 302, 906 and 404 of the Sarbanes-Oxley Act or related items 307 and 308 of Regulation <FONT
STYLE="white-space:nowrap">S-K;</FONT> and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) all current reports that would be required to be filed with the Commission
on Form <FONT STYLE="white-space:nowrap">8-K</FONT> if the Company were required to file such reports unless the Company determines in good faith that such reports are not material to Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. The
availability of the foregoing reports on the SEC&#146;s EDGAR filing system will be deemed to satisfy the foregoing delivery requirements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If, at any time, the Company is not subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will
nevertheless file the reports specified in Section&nbsp;4.03(a) hereof with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to
accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company&#146;s filings for any reason, the Company will post the reports referred to in Section&nbsp;4.03(a) on its website within the time periods for a filer
that is a <FONT STYLE="white-space:nowrap">&#147;non-accelerated</FONT> filer&#148; that would apply if the Company were required to file those reports with the SEC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding the foregoing, so long as the Company is a direct or indirect Subsidiary of the Parent or any other direct or indirect
parent, if the Parent or such other direct or indirect parent of the Company files reports with the Commission in accordance with Section&nbsp;13 or 15(d) of the Exchange Act, whether voluntarily or otherwise, then the Company shall be deemed to
comply in full with this Section&nbsp;4.03; <I>provided</I> that the financial statements of the Parent or such other direct or indirect parent of the Company are accompanied by the additional financial information required by Section&nbsp;4.03(d).
If the Company, the Parent or other direct or indirect parent of the Company files or furnishes any information or report pursuant to this Section&nbsp;4.03 in a timely manner and subsequently amends or restates such information or report, such
information or report shall be deemed filed or furnished in a timely manner notwithstanding such amendment or restatement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Company elects to satisfy its obligations under this Section&nbsp;4.03 with respect to financial information relating
to the Company by furnishing financial information relating to the Parent or any other direct or indirect parent, and such financial information reflects the assets or operations of Subsidiaries of the Parent or other direct or indirect parent of
the Company that are not also Restricted Subsidiaries of the Company; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries and the assets or operations of such Unrestricted Subsidiaries taken as a whole are material to the assets or operations of Company and all of its Subsidiaries taken as a whole, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then the quarterly and annual financial information required by the preceding paragraphs will include an additional summary presentation, either on the face
of the financial statements, in the footnotes thereto, or in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; of the financial condition and results of operations of the Company and its
Restricted Subsidiaries separate from the financial condition and results of operations of the Parent or any other direct or indirect parent of the Company and/or the Unrestricted Subsidiaries of the Company, as applicable. The requirement to
provide additional summary financial information required by this paragraph will be deemed satisfied if and when such information is posted on the website of the Company, the Parent or any other direct or indirect parent of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In addition, if at any time none of the Company, the Parent or other direct or indirect parent of the Company are required to file with the
Commission the reports required by this Section&nbsp;4.03 and none of them voluntarily file such reports, the Company will furnish to the Holders and to securities analysts and prospective investors upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Trustee shall have no responsibility for the filing, timeliness or
content of such reports. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Any failure to comply with this Section&nbsp;4.03 shall be automatically cured when the Company, the Parent
or any other direct or indirect parent of the Company provides all required reports to the Holders or files all required reports with the Commission; <I>provided</I> that such cure shall not otherwise affect the rights of the Holders under
Section&nbsp;6.01 hereof if the principal of, premium, if any, on, and interest on, the Notes have been accelerated in accordance with the terms of this Indenture and such acceleration has not been rescinded or cancelled prior to such cure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04 <I>Compliance Certificate; Notice of Default or Event of Default.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuers shall deliver to the Trustee, within 90 days after the end of each fiscal year, beginning with the fiscal year ending
December&nbsp;31, 2018, an Officer&#146;s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining
whether the Issuers have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) So long as any of the Notes are outstanding, the Issuers will deliver to the Trustee, within 30 days of any Officer of the Company
becoming aware of any Default or Event of Default, an Officer&#146;s Certificate specifying such Default or Event of Default, its status and what actions the Issuers are taking or propose to take in respect thereof, but only to the extent that such
Default or Event of Default has not been cured by the end of such 30 day period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05 <I>Taxes.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will pay or discharge, and will cause each of its Restricted Subsidiaries to pay or discharge, prior to delinquency, all material
taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment or discharge is not adverse in any material respect to the Holders of
the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06 <I>Stay, Extension and Usury Laws.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Issuers and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each of
the Issuers and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07 <I>Restricted Payments.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) pay any dividend or make any other payment or distribution on account of the Company&#146;s or any of its Restricted
Subsidiaries&#146; Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company&#146;s or
any of its Restricted Subsidiaries&#146; Equity Interests in their capacity as such (other than dividends, payments or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or payable to the Company or a Restricted
Subsidiary of the Company); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) purchase, redeem or otherwise acquire or retire for value (including, without limitation,
in connection with any merger or consolidation involving the Company) any Equity Interests of the Company, any direct or indirect parent of the Company or any Restricted Subsidiary of the Company held by Persons other than the Company or any
Restricted Subsidiary of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value, any Indebtedness that is contractually subordinated to the Notes or the Subsidiary Guarantees (excluding any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries),
except a payment of (a)&nbsp;interest or principal at the Stated Maturity thereof (or the satisfaction of a sinking fund obligation) or (b)&nbsp;principal and accrued interest, due within one year of the date of such payment, purchase, redemption,
defeasance, acquisition or retirement; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) make any Restricted Investment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(all such payments and other actions set forth in these clauses (1)&nbsp;through (4) above (other
than any exceptions thereto) being collectively referred to as &#147;<I>Restricted Payments</I>&#148;), </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">unless, at the time of and after giving effect to
such Restricted Payment, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) no Default or Event of Default has occurred and is continuing or would occur as a consequence
of such Restricted Payment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) the Company would, at the time of such Restricted Payment and after giving pro forma
effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section&nbsp;4.09(a) hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(III) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2)&nbsp;through (13) of the next succeeding paragraph) after the date hereof is less than the sum, without duplication of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 50% of the Consolidated Net Income (or if such Consolidated Net Income for such period is a deficit, less 100% of such
deficit) of the Company for the period (taken as one accounting period) commencing October&nbsp;1, 2017 to the end of the Company&#146;s most recently ended fiscal quarter for which internal financial statements are available at the time of such
determination, <I>plus</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 100% of the aggregate net cash proceeds and the fair market value of any assets received by
the Company after the date hereof as a contribution to its equity capital or from the issue or sale of Equity Interests of the Company (other than (i)&nbsp;Disqualified Stock, (ii)&nbsp;net cash proceeds received from an issuance or sale of such
Equity Interests to a Subsidiary of the Company or an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock ownership plan, option plan or similar trust is financed by loans from or guaranteed by
the Company or any Restricted Subsidiary (unless such loans have been repaid with cash on or prior to the date of determination) or (iii)&nbsp;any contribution from any direct or indirect parent of the Company to the extent such contribution was
funded by payments made pursuant to clause (7)&nbsp;of the definition of &#147;Permitted Parent Payments&#148;), <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the net cash proceeds and the fair market value of assets received by the Company or any Restricted Subsidiary of the
Company from (i)&nbsp;the disposition, sale, liquidation, retirement or redemption of all or any portion of any Restricted Investment made after the date hereof, net of disposition costs and repurchases and redemptions of such Restricted Investments
from the Company or its Restricted Subsidiaries, and repayments of loans or advances and releases of guarantees which constitute Restricted Investments by the Company or its Restricted Subsidiaries and (ii)&nbsp;the sale (other than to the Company
or a Restricted Subsidiary of the Company) of the Capital Stock of an Unrestricted Subsidiary, <I>plus</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the net reduction in Restricted Investments resulting from dividends,
repayments of loans or advances, or other transfers of assets in each case to the Company or any of its Restricted Subsidiaries from any Person (including, without limitation, Unrestricted Subsidiaries) or from redesignations of Unrestricted
Subsidiaries as Restricted Subsidiaries, to the extent such amounts have not been included in the calculation of Consolidated Net Income on or after the date hereof, <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company&#146;s
consolidated balance sheet upon the conversion or exchange (other than by a Subsidiary of the Company) of any such Indebtedness for Equity Interests (other than Disqualified Stock) of the Company (less the amount of any cash, or the fair market
value of any other property (other than such Equity Interests), distributed by the Company upon such conversion or exchange and excluding the net cash proceeds from the conversion or exchange financed, directly or indirectly, using funds borrowed
from the Company or any Subsidiary), together with the net proceeds, if any, received by the Company or any of its Restricted Subsidiaries upon such conversion or exchange, <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) in the event the Company or any Restricted Subsidiary of the Company has made or makes any Investment in a Person that, as
a result of or in connection with such Investment, becomes a Restricted Subsidiary of the Company, an amount equal to the fair market value of the existing Investment in such Person that was previously treated as a Restricted Payment (items (b),
(c), (d), (e) and (f)&nbsp;being referred to as &#147;<I>Incremental Funds</I>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The restrictions in Section&nbsp;4.07(a) hereof
will not prohibit: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the payment of any dividend or distribution or the consummation of any redemption within 60 days
after the date of its declaration or the giving of a redemption notice related thereto, as the case may be, if at the date of declaration or notice the payment would have complied with the provisions of this Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the purchase, redemption, defeasance or other acquisition or retirement for value of any subordinated Indebtedness of the
Company or any Guarantor or of any Equity Interests of the Company, the acquisition of any Restricted Investment or the making of any other Restricted Payment, in each such case in exchange for, or out of the net cash proceeds of the substantially
concurrent (a)&nbsp;contribution (other than from a Restricted Subsidiary of the Company) to the equity capital of the Company or (b)&nbsp;sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than
Disqualified Stock); <I>provided</I>, <I>however</I>, that the amount of any such net cash proceeds that are utilized for any such purchase, redemption, defeasance or other acquisition or retirement for value or other Restricted Payment will be
excluded (or deducted, if included) from the calculation of Incremental Funds and will not be considered to be net cash proceeds from an Equity Offering for purposes of the &#147;Optional Redemption&#148; provisions of this Indenture; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the payment, purchase, redemption, defeasance or other acquisition or
retirement for value of Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Subsidiary Guarantee with the net cash proceeds from a substantially concurrent incurrence of, or in exchange for,
Permitted Refinancing Indebtedness; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the payment of any dividend or distribution by a Restricted Subsidiary of the
Company to the holders of its Equity Interests in accordance with the terms of such Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the purchase,
redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company held by any current, future or former director, officer, employee or consultant of the Company, any Restricted
Subsidiary of the Company or any direct or indirect parent of the Company or any Restricted Subsidiary of the Company, or their estates or the beneficiaries of such estates; <I>provided</I>, <I>however</I>, that the aggregate price paid for all such
purchased, redeemed, acquired or retired Equity Interests may not exceed $5.0&nbsp;million in any calendar year, plus up to $10.0&nbsp;million that was unused in prior calendar years may be carried forward to successive calendar years and added to
such amount; <I>provided</I> <I>further</I> that such amounts will be increased by the cash proceeds of key man life insurance policies received by the Company, its Restricted Subsidiaries or any other direct or indirect parent of the Company and
contributed to the Company after the date hereof; <I>provided</I>, <I>however</I>, that the amount of any such cash proceeds that are utilized for any such purchase, redemption, defeasance or other acquisition or retirement for value will be
excluded (or deducted, if included) from the calculation of Incremental Funds; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) the purchase, repurchase, redemption or
other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise of stock options, warrants, incentives, rights to acquire Equity Interests or other convertible securities if such Equity Interests represent a portion
of the exercise or exchange price thereof, and any purchase, repurchase, redemption or other acquisition or retirement for value of Equity Interests made in lieu of withholding taxes in connection with any exercise or exchange of stock options,
warrants, incentives or rights to acquire Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) any purchase, redemption, retirement, defeasance or other
acquisition for value of any Indebtedness of the Company or any Guarantor that is contractually subordinated in right of payment to the Notes or a Subsidiary Guarantee at a purchase price not greater than (i) 101% of the principal amount of such
subordinated Indebtedness plus accrued interest in accordance with provisions similar to those set forth under Section&nbsp;4.15 hereof and (ii) 100% of the principal amount thereof plus accrued interest in accordance with provisions similar to
those set forth under Section&nbsp;4.10 hereof; <I>provided</I> that, prior to or simultaneously with such purchase, redemption, retirement, defeasance or other acquisition, the Company shall have complied with Section&nbsp;4.10 or Section&nbsp;4.15
hereof, as the case may be, and repurchased all Notes validly tendered for payment in connection with the Asset Sale Offer or Change of Control Offer, as the case may be; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) payments or distributions, in the nature of satisfaction of dissenters&#146; rights, pursuant to or in connection with a
consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all the property and assets of the Company; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) the payment of cash in lieu of the issuance of fractional shares of Equity
Interests upon exercise or conversion of securities exercisable or convertible into Equity Interests of the Company or in connection with a share dividend, distribution, share split or reverse share split, consolidation or merger; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) the declaration and payment of regularly scheduled or accrued dividends or distributions to holders of any class or series
of Disqualified Stock of the Company or any Preferred Stock of any Restricted Subsidiary of the Company issued on or after the date hereof in accordance with the Fixed Charge Coverage Ratio test set forth under Section&nbsp;4.09(a) hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted
Subsidiary by, any Unrestricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) other Restricted Payments in an aggregate amount taken together with all
other Restricted Payments made pursuant to this clause (12)&nbsp;not to exceed $30.0&nbsp;million; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) the
declaration and payment of dividends and distributions by the Company or any of its Subsidiaries to, or the making of loans to, the Parent or any other direct or indirect parent of the Company in amounts sufficient to make Permitted Parent Payments;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I> that, except in the case of clause (1)&nbsp;or (13), no Default (except for a Default hereunder pursuant to Section&nbsp;6.01(a)(4)
hereof) or Event of Default has occurred and is continuing or would occur as a consequence thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The amount of all Restricted
Payments (other than cash) will be the fair market value on the date of the Restricted Payment or the Restricted Investment proposed to be made or the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any Restricted Investment, assets or securities that are required to be valued by this Section&nbsp;4.07 will be determined, in the case of amounts greater
than $25.0&nbsp;million, by a majority of the disinterested members of the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In determining whether any Restricted Payment is permitted by this Section&nbsp;4.07, the Company and its Restricted Subsidiaries may
allocate all or any portion of such Restricted Payment among the categories described in clauses (1)&nbsp;through (13) of Section&nbsp;4.07(b) hereof or Section&nbsp;4.07(a) hereof (including categorization in whole or in part as a Permitted
Investment); <I>provided</I> that, at the time of such allocation, all such Restricted Payments, or allocated portions thereof, would be permitted under the various provisions of this Section&nbsp;4.07; and <I>provided</I> <I>further</I> that the
Company and its Restricted Subsidiaries may reclassify all or a portion of such Restricted Payment or Permitted Investment in any manner that complies with this Section&nbsp;4.07, and following such reclassification such Restricted Payment or
Permitted Investment shall be treated as having been made pursuant to only the clause or clauses of this Section&nbsp;4.07 to which such Restricted Payment or Permitted Investment has been reclassified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) For purposes of this Indenture, no Indebtedness will be deemed to be contractually subordinated in right of payment to any other
Indebtedness of the Company or a Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis or by virtue of the fact that the holders of any secured Indebtedness have entered into intercreditor
arrangements giving one or more of such holders priority over the other holders in the collateral held by them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.08 <I>Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any Indebtedness or other obligations owed to the Company or any of its Restricted Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) make loans or advances to the Company or any of its Restricted Subsidiaries; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The restrictions in Section&nbsp;4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) agreements governing Existing Indebtedness and Credit Facilities as in effect on the date hereof and any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements or the Indebtedness to which they relate; <I>provided</I> that the amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the reasonable good faith judgment of an officer of the Company, not materially more restrictive, taken as a whole, with respect to such encumbrances and restrictions than
those contained in those agreements on the date hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) this Indenture, the Notes (and any Additional Notes), the
Subsidiary Guarantees, the Collateral Trust and Intercreditor Agreement and the other Security Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) applicable
law, rule, regulation, order, approval, license, permit or similar restriction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any instrument governing Indebtedness
or Capital Stock or any other agreement of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred or such agreement
entered into in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so
acquired, and any amendments, restatements, modifications, renewals, extensions, supplements, increases, refundings, replacements or refinancings thereof; <I>provided </I>that the encumbrances and restrictions in any such amendments, restatements,
modifications, renewals, extensions, supplements, increases, refundings, replacements or refinancings are, in the reasonable good faith judgment of an officer of the Company, no more restrictive, taken as a whole, than those in effect on the date of
the acquisition; <I>provided </I>that, in the case of Indebtedness, such Indebtedness was otherwise permitted to be incurred hereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Capital Lease Obligations, operating leases, mortgage financings or purchase
money obligations, in each case for property acquired in the ordinary course of business that impose restrictions on that property of the nature described in Section&nbsp;4.08(a)(3) hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) any agreement for the sale or other disposition of some or all of the Capital Stock of, or any property and assets of, a
Restricted Subsidiary of the Company that restricts distributions by that Restricted Subsidiary pending its sale or other disposition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Permitted Refinancing Indebtedness; <I>provided</I> that the restrictions contained in the agreements governing such
Permitted Refinancing Indebtedness are, in the reasonable good faith judgment of an officer of the Company, not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) Liens securing Indebtedness otherwise permitted to be incurred under the provisions of Sections 4.09 and 4.12 hereof that
limit the right of the debtor to dispose of the assets subject to such Liens; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) provisions with respect to the
disposition or distribution of assets or property in exchange agreements, trading agreements, netting agreements, consignment agreements, operating agreements, construction agreements, supply agreements, terminal, agreements, storage agreements,
purchase sale agreements, Hedging Contracts, joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted
Investment) which limitation is applicable only to the assets that are the subject of such agreements; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) encumbrances
or restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) any other agreement governing Indebtedness of the Company or any Restricted Subsidiary that is permitted to be incurred
under Section&nbsp;4.09 hereof and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; <I>provided</I> that either (a)&nbsp;such encumbrances or restrictions are not
materially more restrictive, taken as a whole, than those contained in this Indenture (with respect to other indentures) or the ABL Facility (with respect to other credit facilities) or (b)&nbsp;such encumbrances or restrictions are ordinary and
customary in light of the type of Indebtedness being incurred and the jurisdiction of the obligor and will not affect in any material respect the Company&#146;s or any Guarantor&#146;s ability to repay the Notes, in each case as determined in the
reasonable good faith judgment of an officer of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) consisting of customary restrictions pursuant to any
Permitted Receivables Financing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) any Intermediation Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) customary provisions contained in leases, <FONT STYLE="white-space:nowrap">sub-leases,</FONT> licenses or <FONT
STYLE="white-space:nowrap">sub-licenses</FONT> and other agreements, in each case, entered into in the ordinary course of business or as is typical in the same or similar industries in which the Company or its Restricted Subsidiaries engage from
time to time; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) restrictions in agreements or instruments that prohibit the payment or
making of dividends other than on a <I>pro rata</I> basis; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) customary provisions contained in leases or other
agreements governing any Hawaii Retail Property Sale and Leaseback Transaction, including lease obligations, Indebtedness obligations and Liens incurred in connection therewith, and any amendments, renewals, extensions, refundings, restructurings,
replacements or refinancings of such obligations, Indebtedness and Liens, in whole or in part (and whether with the original counterparties to such Hawaii Retail Property Sale and Leaseback Transaction or one or more replacement or additional
counterparties); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and
that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary thereof in any manner material to the Company or any Restricted Subsidiary thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of determining compliance with this Section&nbsp;4.08, (1) the priority of any preferred stock in receiving dividends or
liquidating distributions prior to distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (2)&nbsp;the subordination of loans or advances made to the Company or a
Restricted Subsidiary of the Company to other Indebtedness incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09 <I>Incurrence of Indebtedness and Issuance of Preferred Stock.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, &#147;<I>incur</I>&#148;) any Indebtedness (including Acquired Debt), the Company will not issue any Disqualified Stock, and the
Company will not permit any of its Restricted Subsidiaries (other than a Guarantor) to issue any preferred stock; <I>provided</I>, <I>however</I>, that the Company and any Guarantor may incur Indebtedness (including Acquired Debt) or issue
Disqualified Stock, and any Restricted Subsidiary may issue preferred stock, if, for the Company&#146;s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such
additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued, the Fixed Charge Coverage Ratio would have been at least 2.00 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been incurred or Disqualified Stock or preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The provisions of Section&nbsp;4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively,
&#147;<I>Permitted Debt</I>&#148;) or the issuance of any Disqualified Stock or preferred securities described below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)
the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness (including guarantees and letters of credit) under one or more Credit Facilities; <I>provided</I> that, after giving effect to any such incurrence, the
aggregate principal amount of all Indebtedness incurred under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Subsidiaries thereunder) and then
outstanding does not exceed the greater of (a) $150.0&nbsp;million and (b)&nbsp;the Borrowing Base; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the incurrence by the Company or its Restricted Subsidiaries of the Existing
Indebtedness; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the incurrence by the Company and the Guarantors of Indebtedness represented by the Initial Notes and
the related Subsidiary Guarantees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
(including Indebtedness represented by Capital Lease Obligations, Attributable Debt, mortgage financings or purchase money obligations) or the issuance by the Company or any of its Restricted Subsidiaries of Disqualified Stock or the issuance by any
Restricted Subsidiary of preferred stock, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation, repair or improvement of property (real or personal), plant or
equipment or other assets used in the business of the Company or such Restricted Subsidiary (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets), including all Permitted Refinancing Indebtedness
incurred to extend, refinance, renew, replace, defease or refund any Indebtedness incurred pursuant to this clause (4); <I>provided</I> that after giving effect to any such incurrence, the principal amount of all Indebtedness incurred pursuant to
this clause (4)&nbsp;and then outstanding does not exceed the greater of (a) $35.0&nbsp;million and (b) 5.0% of the Company&#146;s Consolidated Net Tangible Assets at such time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to, extend, refinance, renew, replace, defease or refund Indebtedness that was permitted hereunder to be incurred or Disqualified Stock or preferred stock permitted to be issued under Section&nbsp;4.09(a) hereof
or clause (2), (3), (4), (12), (13) or (19)&nbsp;of this Section&nbsp;4.09(b) or this clause (5); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) the incurrence by
the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; <I>provided, however</I>, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if the Company is the obligor on such Indebtedness and a Guarantor is not the obligee, such Indebtedness must be expressly
subordinated to the prior payment in full in cash of all obligations with respect to the Notes, or if a Guarantor is the obligor on such Indebtedness and neither the Company nor another Guarantor is the obligee, such Indebtedness must be expressly
subordinated to the prior payment in full in cash of all obligations with respect to the Subsidiary Guarantee of such Guarantor; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a
Person other than the Company or a Restricted Subsidiary of the Company and (ii)&nbsp;any sale or other transfer of any such Indebtedness to a Person that is neither the Company nor a Restricted Subsidiary of the Company will be deemed, in each
case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the incurrence by the Company or any of its Restricted Subsidiaries of
obligations under Hedging Contracts in the ordinary course of business and not for speculative purposes, including any obligations with respect to letters of credit issued in connection therewith; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or any of its Restricted
Subsidiaries that was permitted to be incurred by another provision of this Section&nbsp;4.09; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) the incurrence by the
Company or any of its Restricted Subsidiaries of obligations relating to net Hydrocarbon balancing positions arising in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of bid, performance, surety
and similar bonds issued for the account of the Company and any of its Restricted Subsidiaries in the ordinary course of business, including guarantees and obligations of the Company or any of its Restricted Subsidiaries with respect to letters of
credit supporting such obligations (in each case other than an obligation for money borrowed); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) the issuance by any of
the Company&#146;s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of any preferred securities; <I>provided, however</I>,<I> </I>that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any subsequent issuance or transfer of Equity Interests that results in any such preferred securities being held by a
Person other than the Company or a Restricted Subsidiary of the Company; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) any sale or other transfer of any such
preferred securities to a Person that is not either the Company or a Restricted Subsidiary of the Company, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">shall be deemed, in each case,
to constitute an issuance of such preferred securities by such Restricted Subsidiary that was not permitted by this 4.09(b)(11); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) (i) Indebtedness, Disqualified Stock or preferred stock of the Company or a Restricted Subsidiary incurred or issued to
finance an acquisition or merger or (ii)&nbsp;Acquired Debt incurred by the Company or a Restricted Subsidiary; <I>provided</I> that, in in either case, after giving effect to the related merger or acquisition transaction, on a <I>pro forma</I>
basis, either (a)&nbsp;the Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section&nbsp;4.09(a) hereof or (b)&nbsp;the Fixed Charge Coverage Ratio for the
Company would not be less than immediately prior to such transactions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) the incurrence by the Company or any of its
Restricted Subsidiaries of additional Indebtedness; <I>provided </I>that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness, including all Permitted Refinancing Indebtedness incurred to extend, refinance,
renew, replace, defease or refund any Indebtedness incurred under this clause (13), does not exceed, at any one time outstanding, the greater of $35.0&nbsp;million and 5.0% of the Company&#146;s Consolidated Net Tangible Assets determined as of the
date of such incurrence; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) Indebtedness of the Company or any Restricted Subsidiary of the Company
consisting of self-insurance obligations, financing of insurance premiums, obligations to pay insurance premiums or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">take-or-pay</FONT></FONT> obligations contained in supply
arrangements incurred in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Indebtedness in respect of any bankers&#146; acceptances,
bank guarantees, letters of credit, warehouse receipts or similar facilities, and reinvestment obligations related thereto, entered into in the ordinary course of business including without limitation letters of credit issued (a)&nbsp;in connection
with the purchase of crude oil or feedstock in the ordinary course of business and/or (b)&nbsp;pursuant to letters of credit in connection with the purchase of foreign crude oil or feedstock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) guarantees (a)&nbsp;incurred in the ordinary course of business in respect of obligations of (or to) suppliers, customers,
franchisees, lessors and licensees that, in each case, are <FONT STYLE="white-space:nowrap">non-Affiliates</FONT> or (b)&nbsp;otherwise constituting Investments permitted hereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) Indebtedness incurred in connection with any Sale and Leaseback Transaction in an aggregate principal amount not to exceed
the greater of (a) $35.0&nbsp;million and (b) 5.0% of the Company&#146;s Consolidated Net Tangible Assets and any refinancing, refunding, renewal or extension of any such Indebtedness; <I>provided </I>that, except to the extent otherwise permitted
hereunder, the principal amount of any such Indebtedness is not increased above the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension and the direct and contingent obligors with respect to
such Indebtedness are not changed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) cash management obligations and other Indebtedness in respect of overdraft
protections, netting services, automatic clearinghouse arrangements, and similar arrangements in each case in connection with deposit accounts; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) Indebtedness arising from agreements of the Company or any Restricted Subsidiary providing for indemnification, holdback,
adjustment of purchase price, earn out or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; <I>provided, however</I>, that the maximum assumable liability in respect of all such Indebtedness incurred or assumed in connection
with such disposition shall at no time exceed the gross proceeds including <FONT STYLE="white-space:nowrap">non-cash</FONT> proceeds (the fair market value of such <FONT STYLE="white-space:nowrap">non-cash</FONT> proceeds being measured at the time
received and without giving effect to any subsequent changes in value) actually received by the Company and the Restricted Subsidiaries in connection with such disposition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20) Indebtedness of the Company or any of the Restricted Subsidiaries supported by a letter of credit issued pursuant to
Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21) Indebtedness of
the Company or any of the Restricted Subsidiaries undertaken in connection with cash management and related activities with respect to any Subsidiary or Joint Venture in the ordinary course of business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(22) Unsecured Indebtedness of the Company or any of the Restricted Subsidiaries
that is contractually subordinated to the Notes and the Subsidiary Guarantees in an aggregate principal amount not to exceed $50.0&nbsp;million; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(23) Indebtedness incurred in connection with any Hawaii Retail Property Sale and Leaseback Transaction (including Indebtedness
represented by Capital Lease Obligations or Attributable Debt), and any amendments, renewals, extensions, refundings, restructurings, replacements or refinancings of such Indebtedness, in whole or in part, and whether with the original
counterparties to such Hawaii Retail Property Sale and Leaseback Transaction or one or more replacement or additional counterparties; <I>provided </I>that the aggregate principal amount of Indebtedness incurred in connection with any Hawaii Retail
Property Sale and Leaseback Transactions is reasonably equivalent to the fair market value of the Hawaii Retail Property that is the subject of such Sale and Leaseback Transactions; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24) to the extent constituting Indebtedness, obligations under any Intermediation Agreement or any guarantee provided by the
Company in respect of any Intermediation Agreement, including Permitted Refinancing Indebtedness in respect thereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25) Indebtedness incurred in connection with Environmental and Necessary Capex in an amount not to exceed the greater of
$40.0&nbsp;million and 2.0% of Consolidated Net Tangible Assets (at the time incurred) at any time outstanding in the aggregate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
purposes of determining compliance with this Section&nbsp;4.09, in the event that an item of Indebtedness (including Acquired Debt), Disqualified Stock or preferred stock meets the criteria of more than one of the categories of Permitted Debt
described in clauses (1)&nbsp;through (25) above, or is entitled to be incurred pursuant to Section&nbsp;4.09(a) hereof, the Company will be permitted to divide and classify (or later divide, classify or reclassify in whole or in part in its sole
discretion) such item of Indebtedness, Disqualified Stock or preferred stock in any manner that complies with this Section&nbsp;4.09 (including in part pursuant to one or more clauses and/or in part pursuant to Section&nbsp;4.09(a) hereof). Any
Indebtedness under the ABL Facility shall be considered incurred under Section&nbsp;4.09(b)(1) hereof and may not be later classified or reclassified pursuant to Section&nbsp;4.09(a) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The accrual of interest, 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, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of
Disqualified Stock for purposes of this Section&nbsp;4.09; <I>provided </I>that, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued. Further, the accounting reclassification of any obligation of the
Company or any of its Restricted Subsidiaries as Indebtedness will not be deemed an incurrence of Indebtedness for purposes of this Section&nbsp;4.09. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) For purposes of determining any particular amount of Indebtedness, any guarantees, Liens or obligations with respect to letters of credit,
in each case, supporting Indebtedness otherwise included in the determination of such particular amount, will not be included. In addition, notwithstanding any other provision of this Section&nbsp;4.09, the maximum amount of Indebtedness that may be
incurred pursuant to this Section&nbsp;4.09 will not be deemed to be exceeded, with respect to any outstanding Indebtedness, due solely to the result of fluctuations in the exchange rates of currencies. The principal amount of any Indebtedness
incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10 <I>Asset Sales.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Company (or a Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least
equal to the fair market value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity Interests issued or sold or otherwise disposed of; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the fair market value is determined by the Board of Directors of the Company if the value is $35.0&nbsp;million or more and
evidenced by a resolution of the Board of Directors; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) at least 75% of the aggregate consideration received by the
Company and its Restricted Subsidiaries in the Asset Sale is in the form of cash, Cash Equivalents or Replacement Assets. For purposes of this clause (3), each of the following will be deemed to be cash: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">any liabilities (as shown on the Company&#146;s or any Restricted Subsidiary&#146;s most recent balance sheet or in the footnotes thereto, or as would be shown on such balance sheet or footnotes if such liability was
incurred subsequent to the date of such balance sheet), of the Company or such Subsidiary (other than contingent liabilities and liabilities that are by their terms contractually subordinated in right of payment to the Notes or any Subsidiary
Guarantee) that are assumed by the transferee of any such assets pursuant to an agreement that releases the Company or such Subsidiary from further liability, or that are otherwise released or assumed; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">any securities, notes or other obligations received by the Company or any Restricted Subsidiary from such transferee that are, within 210 days after the Asset Sale, converted by the Company or such Subsidiary into cash
or Cash Equivalents, to the extent of the cash or Cash Equivalents received in that conversion; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">any Designated <FONT STYLE="white-space:nowrap">Non-Cash</FONT> Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other
Designated <FONT STYLE="white-space:nowrap">Non-Cash</FONT> Consideration received pursuant to this clause (c)&nbsp;that is at the time outstanding, not to exceed the greater of (x) $25.0&nbsp;million and (y) 3.0% of the Company&#146;s Consolidated
Net Tangible Assets as of the date of the definitive agreement with respect to such Asset Sale, with the fair market value of each item of Designated <FONT STYLE="white-space:nowrap">Non-Cash</FONT> Consideration being measured as of the date of the
definitive agreement with respect to such Asset Sale and without giving effect to subsequent changes in value; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Net Proceeds from any such Asset Sale of Collateral is paid directly by
the purchaser thereof to the Collateral Trustee to be held in a Collateral Account for application in accordance with this Section&nbsp;4.10. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary in Section&nbsp;4.10(a) hereof, the Company and its Restricted Subsidiaries will not be required
to cause any Net Proceeds to be held in a Collateral Account in accordance with Section&nbsp;4.10(a)(4) hereof except to the extent the aggregate Net Proceeds from all Asset Sales of Collateral that (x)&nbsp;are not held in a Collateral Account and
(y)&nbsp;have not been previously applied in accordance with the provisions of the following paragraphs relating to the application of Net Proceeds from Asset Sales of Collateral, exceed $25.0&nbsp;million. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Subject to the terms of the Collateral Trust and Intercreditor Agreement, the Company or any Guarantor, as the case may be, may invest any
Net Proceeds received from Asset Sales of Collateral, and may withdraw Net Proceeds from the Collateral Account to invest, in Replacement Assets that would constitute (x)&nbsp;Collateral in the case of an Asset Sale of Collateral and (y)&nbsp;ABL
Collateral in the case of an Asset Sale of ABL Collateral, within 365 days of the date of such Asset Sale, which Replacement Assets are thereupon with their acquisition added to the Collateral securing the Notes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Within 365 days after the receipt of any Net Proceeds from an Asset Sale other than an Asset Sale of Collateral, the Company or any
Restricted Subsidiary may apply such Net Proceeds at its option to any combination of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) to repay, redeem,
repurchase or otherwise retire any ABL Debt, any Pari Passu Indebtedness or the Notes (or any combination thereof), and, to the extent there is no such secured Indebtedness outstanding, to repay, redeem, repurchase or otherwise retire Senior Debt of
the Company or any of its Subsidiaries, including the Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) to acquire all or substantially all of the properties or
assets of a Person primarily engaged in a Permitted Business if, after giving effect to such acquisition, such Person is or becomes a Restricted Subsidiary of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) to acquire any Capital Stock of a Person operating a Permitted Business if, after giving effect to such acquisition, such
Person operating a Permitted Business is or becomes a Restricted Subsidiary of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) to make capital
expenditures in respect of the Company&#146;s or its Restricted Subsidiaries&#146; Permitted Business or make an Investment in Replacement Assets; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) to acquire other assets that are used or useful in a Permitted Business or make an Investment in assets that will be used
or useful in the Company&#146;s or any Restricted Subsidiary&#146;s Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The requirement of clause (2), (3), (4) or (5)&nbsp;of this
Section&nbsp;4.10(d) shall be deemed to be satisfied if a bona fide binding contract committing to make the acquisition, purchase, Investment or expenditure referred to therein is entered into by the Company (or any of its Restricted Subsidiaries
with a Person other than an Affiliate of the Company) within the time period specified in this Section&nbsp;4.10(d) and such Net Proceeds are subsequently applied in accordance with such contract within 180 days following the date such agreement is
entered into. Pending the final application of any such Net Proceeds, the Company may utilize such Net Proceeds in any manner that is not prohibited by this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Any Net Proceeds from Asset Sales that are not applied or invested as provided in
Section&nbsp;4.10(b), Section&nbsp;4.10(c) or Section&nbsp;4.10(d) hereof will constitute &#147;<I>Excess Proceeds</I>&#148; (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes as described in Sections
4.10(d)(1) hereof shall be deemed to have been invested whether or not such offer is accepted). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Within 10 Business Days after the
aggregate amount of Excess Proceeds exceeds $25.0&nbsp;million (or, at the Company&#146;s option, on any earlier date or for any lesser amount), the Company will make an offer (an &#147;<I>Asset Sale Offer</I>&#148;) in accordance with the
procedures of Section&nbsp;3.09 to all Holders, and all holders of other Pari Passu Indebtedness containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of
assets, to purchase, prepay or redeem the maximum principal amount of Notes and such other Pari Passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection
therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest, if any, to the date of settlement, subject to
the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date of settlement, and will be payable in cash. If any Excess Proceeds remain after the consummation of an
Asset Sale Offer, the Company or any Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other Pari Passu Indebtedness tendered in such Asset
Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and the Trustee or agent for such other Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on a <I>pro rata </I>basis (except that any
Notes represented by a Note in global form will be selected by such method as DTC or its nominee or successor may require or, where such nominee or successor is the Trustee, a method that most nearly approximates <I>pro rata </I>selection) but with
such adjustments as necessary so that no Notes or other Pari Passu Indebtedness is purchased in part in an unauthorized denomination. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company will comply with the requirements of Rule <FONT STYLE="white-space:nowrap">14e-1</FONT> under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations
conflict with Section&nbsp;3.09 hereof or this Section&nbsp;4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section&nbsp;3.09 hereof or this
Section&nbsp;4.10 by virtue of such compliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.11 <I>Transactions with Affiliates.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, loan, advance or guarantee with any Affiliate of the Company in an amount in excess of
$10.0&nbsp;million (each, an &#147;<I>Affiliate Transaction</I>&#148;), unless: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Affiliate Transaction is on terms that are no less favorable to the
Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $20.0&nbsp;million, an Officer&#146;s Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section&nbsp;4.11; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $40.0&nbsp;million, the Company must obtain a Board Resolution of the Company certifying 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 of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject
to the provisions of Section&nbsp;4.11(a) hereof: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any employment, equity award, equity option or equity appreciation
agreement or plan, or any consulting, service or termination agreement, or any customary indemnification arrangement or agreement, entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business, and any payments
or other awards made pursuant to any of the foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) transactions between or among any of the Company and its
Restricted Subsidiaries or transactions between or among Restricted Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) transactions with a Person (other
than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or indirectly, an Equity Interest in, or controls, such Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) transactions effected in accordance with the terms of the agreements in effect on the date hereof, and any amendment or
replacement of any of such agreements so long as such amendment or replacement agreement is, in the reasonable good faith judgment of an officer of the Company, not materially more disadvantageous to the Company and its Restricted Subsidiaries than
the agreement so amended or replaced as reasonably determined by the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) customary compensation, indemnification
and other benefits made available to current, former and future officers, directors, employees or consultants of the Company or a Restricted Subsidiary or Affiliate of the Company, including reimbursement or advancement of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and provisions of officer&#146;s and directors&#146; liability insurance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) sales of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company and any agreement
that provides customary registration rights to the equity holders of the Company or any direct or indirect parent of the Company and the performance of such agreements; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Restricted Payments that do not violate Section&nbsp;4.07 hereof (including
any payments that are excluded from the definition of Restricted Payment and Restricted Investment) or Permitted Investments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) in the case of contracts for the purchase or sale of Hydrocarbons or activities or services reasonably related thereto, or
other operational contracts, any such contracts that are entered into in the ordinary course of business on terms substantially similar to those contained in similar contracts entered into by the Company or any of its Restricted Subsidiaries with
third parties or otherwise on terms not materially less favorable to the Company and its Restricted Subsidiaries taken as a whole than those that would be available in a transaction with an unrelated third party in the reasonable determination of
the Board of Directors of the Company or the senior management thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) any guarantee by any direct or indirect parent
of the Company of Indebtedness or other obligations of the Company or any Restricted Subsidiary (which Indebtedness or obligation is not prohibited hereunder); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) transactions with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Company or any
of the Company&#146;s Subsidiaries, so long as such transaction is with all holders of such class (and there are such <FONT STYLE="white-space:nowrap">non-Affiliate</FONT> holders) and such Affiliates are treated no more favorably than all other
holders of such class generally; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) transactions with customers, clients, suppliers, joint venture partners or
purchasers or sellers of goods or services in the ordinary course of business on terms not materially less favorable as might reasonably have been obtained at such time from a Person that is not an Affiliate of the Company, as determined in good
faith by the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) transactions or agreements in which the Company or any of its Restricted Subsidiaries, as the
case may be, delivers to the Trustee a letter from an independent financial advisor stating that such transaction or agreement is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of
Section&nbsp;4.11(a)(1) hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) any contribution to the equity capital of the Company or any Restricted Subsidiary;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) any transaction with any Person who is not an Affiliate immediately before the consummation of such transaction that
becomes an Affiliate as a result of such transaction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) any transaction related to the Equity Interests of any
Unrestricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) payments by the Company (or any other direct or indirect parent of the Company) or any of
its Restricted Subsidiaries pursuant to any tax sharing, allocation or similar agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) sales of accounts
receivable, or participations therein, or any related transaction, in connection with any Permitted Receivables Financing; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) transactions permitted by, and complying with, the provisions of
Section&nbsp;5.01 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.12 <I>Liens.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will not, and will not permit any of the Guarantors that is a Subsidiary of the Company to, create, incur, assume or otherwise
cause to become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness or Attributable Debt upon any of their property or assets, now owned or hereafter acquired, or upon any income or profits therefrom or assign or convey
any right to receive income therefrom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.13 <I>Business Activities.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will not, and will not permit any Restricted Subsidiary to, engage in any business other than a Permitted Business, except to
such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Finance Corp. may not incur
Indebtedness unless (1)&nbsp;the Company is a borrower, <FONT STYLE="white-space:nowrap">co-issuer</FONT> or guarantor of such Indebtedness or (2)&nbsp;the net proceeds of such Indebtedness are loaned to the Company or a Restricted Subsidiary, used
to acquire outstanding debt securities issued by the Company or a Restricted Subsidiary or used to repay Indebtedness of the Company or a Restricted Subsidiary as permitted under Section&nbsp;4.09 hereof. Finance Corp. may not engage in any business
not related directly or indirectly to obtaining money or arranging financing for the Company or its Restricted Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.14
<I>Organizational Existence.</I><I> </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to Article 5 hereof, the Issuers shall do or cause to be done all things necessary to
preserve and keep in full force and effect their limited liability company and corporate existence, and the corporate, partnership or other existence of each of the Guarantors, in accordance with their respective organizational documents (as the
same may be amended from time to time); <I>provided, however</I>, that the Company shall not be required to preserve any such corporate, limited liability company, partnership or other existence of any of its Subsidiaries, if the Board of Directors
of the Parent shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.15 <I>Offer to Repurchase Upon Change of Control.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If a Change of Control occurs, each Holder will have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess of $2,000) of that Holder&#146;s Notes pursuant to an offer (a &#147;<I>Change of Control Offer</I>&#148;) on the terms set forth in this Section&nbsp;4.15. In the Change of Control Offer, the Company will offer
a payment in cash (the &#147;<I>Change of Control Payment</I>&#148;) equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of settlement (the
&#147;<I>Change of Control Settlement Date</I>&#148;), subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the Change of Control Settlement Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No later than 30 days following any Change of Control (or prior to the Change of Control if a
definitive agreement is in place for the Change of Control), the Company will send a notice to each Holder and the Trustee electronically or by first class mail or otherwise in accordance with the procedures of DTC describing the transaction or
transactions that constitute the Change of Control and offering to repurchase Notes as of the Change of Control Settlement Date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice
is sent, pursuant to the procedures required by this Section&nbsp;4.15 and described in such notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company will comply with the
requirements of Rule <FONT STYLE="white-space:nowrap">14e-1</FONT> under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Indenture, the Company will comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of such compliance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On or before the Change of Control Settlement Date, the Company will, to the extent lawful, accept for payment all Notes or portions of
Notes properly tendered pursuant to the Change of Control Offer. Promptly thereafter on the Change of Control Settlement Date, the Company will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officer&#146;s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The
paying agent will promptly after the Change of Control Settlement Date deliver to each Holder of Notes properly tendered and so accepted the Change of Control Payment for such Notes (or, if all the Notes are then in global form, make such payment
through the facilities of DTC), and the Trustee will authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; <I>provided</I>,
<I>however</I>, that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. Any Note so accepted for payment will cease to accrue interest on and after the Change of Control Settlement
Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) This Section&nbsp;4.15 will be applicable whether or not any other provisions of this Indenture are applicable, except as set
forth in Section&nbsp;4.15(g) and Section&nbsp;4.15(h) hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company will not be required to make a Change of Control Offer upon
a Change of Control if (1)&nbsp;a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Section&nbsp;4.15 applicable to a Change of Control Offer made by the
Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, (2)&nbsp;a notice of redemption has been given for all of the Notes pursuant to pursuant to Section&nbsp;3.07 hereof, unless and until there is a
default in payment of the applicable redemption price, (3)&nbsp;in connection with or in contemplation of any Change of Control, the Company has made an offer to purchase (an &#147;<I>Alternate Offer</I>&#148;) any and all Notes validly tendered at
a cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms of the Alternate Offer or (4)&nbsp;the Notes have been satisfied and discharged in accordance with
Section&nbsp;12.01 hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Notwithstanding anything to the contrary contained herein, a Change of Control Offer or
Alternate Offer may be made in advance of a Change of Control, subject to one or more conditions precedent, including but not limited to the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at
the time the Change of Control Offer or Alternate Offer is made. The closing date of any such Change of Control Offer made in advance of a Change of Control may be changed to conform to the actual closing date of the Change of Control; <I>provided
</I>that such closing date is not earlier than 30 days nor later than 90 days from the date the Change of Control Offer notice is sent as set forth in Section&nbsp;4.15(a) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In the event that in connection with any Change of Control Offer, Alternate Offer or other tender offer, Holders of not less than 90% of
the aggregate principal amount of the outstanding Notes accept such Change of Control Offer, Alternate Offer or other tender offer and the Issuers (or any third party making such Change of Control Offer, Alternate Offer or other tender offer in lieu
of the Issuers) purchase all of the Notes held by such Holders, the Issuers or such third party will have the right, upon not less than 15 nor more than 60 days&#146; prior notice, given not more than 30 days following the purchase pursuant to the
Change of Control Offer, Alternate Offer or other tender offer, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment or other tender payment plus, to the extent not
included in the Change of Control Payment or other tender payment, accrued and unpaid interest on the Notes that remain outstanding, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest
due on an interest payment date that is on or prior to the redemption date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.16 <I>Additional Subsidiary Guarantees.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, after the date hereof, any Restricted Subsidiary of the Company that is not already a Guarantor guarantees any Material Indebtedness of
either of the Issuers or any Guarantor, or any Domestic Subsidiary (other than any Excluded Subsidiary), if not then a Guarantor, incurs any Material Indebtedness under a Credit Facility, then in either case that Subsidiary will become a Guarantor
by executing a supplemental indenture in substantially the form of Exhibit F hereto and delivering it to the Trustee within 30 days of the date on which it guaranteed or incurred such Indebtedness, as the case may be. Any such Subsidiary Guarantee
shall be subject to release as set forth in Article 11. Any Excluded Subsidiary need not become a Guarantor hereunder so long as it remains an Excluded Subsidiary for purposes of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.17 <I>Designation of Restricted and Unrestricted Subsidiaries.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Board of Directors of the Company may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that
designation would not cause a Default. If a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the
Subsidiary properly designated as an Unrestricted Subsidiary will be deemed to be either an Investment made as of the time of the designation that will reduce the amount available for Restricted Payments under Section&nbsp;4.07(a) hereof or
represent a Permitted Investment, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Subsidiary so designated otherwise meets the definition of an Unrestricted
Subsidiary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary
to be a Restricted Subsidiary of the Company; <I>provided </I>that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such
designation will only be permitted if (1)&nbsp;such Indebtedness is permitted under Section&nbsp;4.09 hereof, calculated on a <I>pro forma</I> basis as if such designation had occurred at the beginning of the four-quarter reference period, and
(2)&nbsp;no Default or Event of Default would be in existence following such designation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any designation of a Subsidiary of the
Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation and an Officer&#146;s Certificate
certifying that such designation complied with the preceding conditions and was permitted by Section&nbsp;4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will
thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not
permitted to be incurred as of such date under Section&nbsp;4.09 hereof, the Company will be in default thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.18 <I>Covenant
Suspension.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If at any time (a)&nbsp;the rating assigned to the Notes by both S&amp;P and Moody&#146;s is an Investment Grade
Rating (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the Notes also receive the equivalent investment grade credit rating from another &#147;nationally recognized statistical rating
organization&#148; within the meaning of the Exchange Act and the rules and regulations thereunder selected by the Company as a replacement agency) and (b)&nbsp;no Default has occurred and is continuing hereunder, the Company and its Restricted
Subsidiaries will no longer be subject to the following provisions of this Indenture (collectively, the &#147;<I>Suspended Covenants</I>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Section&nbsp;4.07 (&#147;Restricted Payments&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Section&nbsp;4.08 (&#147;Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Section&nbsp;4.09 (&#147;Incurrence of Indebtedness and Issuance of Preferred Stock&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Section&nbsp;4.10 (&#147;Asset Sales&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Section&nbsp;4.11 (&#147;Transactions with Affiliates&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) Section&nbsp;4.17 (&#147;Designation of Restricted and Unrestricted Subsidiaries&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Section&nbsp;5.01(a)(4) (Clause (4)&nbsp;of paragraph (a)&nbsp;of &#147;Merger, Consolidation or Sale of Assets&#148;).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) After the foregoing covenants have been suspended, the Company may not designate any of its Subsidiaries as Unrestricted Subsidiaries
pursuant to the definition of Unrestricted Subsidiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Thereafter, if either S&amp;P or Moody&#146;s (or such other replacement
agency) downgrades the ratings assigned to the Notes below the Investment Grade Rating, the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants, subject to the terms, conditions
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


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and obligations set forth in this Indenture (each such date of reinstatement being the &#147;<I>Reinstatement Date</I>&#148;); <I>provided</I>, <I>however</I>, that no Default, Event of Default
or breach of any kind shall be deemed to exist or have occurred hereunder, the Notes or the Subsidiary Guarantees with respect to the foregoing suspended covenants based on, and neither Issuer or any Restricted Subsidiary or Guarantor shall bear any
liability for, any actions taken or events occurring during the period the foregoing covenants were suspended, or any actions taken at any time pursuant to any contractual obligation arising prior to the date the foregoing covenants were reinstated,
regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On the date the foregoing covenants are reinstated, all Indebtedness incurred during the suspension period will be deemed to have been
outstanding on the date hereof, so that it is classified as permitted under Section&nbsp;4.09(b)(2) hereof, and all Liens, Investments and affiliate transactions in existence at such time will be deemed to have been outstanding on the date hereof.
Compliance with the Suspended Covenants with respect to Restricted Payments made after the Reinstatement Date will be calculated in accordance with the terms of Section&nbsp;4.07 hereof as though such covenant had not been in effect during the
entire period of time that the covenants were suspended and no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) For purposes of Section&nbsp;4.11 hereof, all agreements and arrangements entered into by the Company or any Restricted Subsidiary with an
Affiliate of the Company after the covenants have been suspended but prior to the Reinstatement Date will be deemed to have been entered into prior to the date hereof and permitted by Section&nbsp;4.11(b)(4) hereof, and for purposes of
Section&nbsp;4.08 hereof, all contracts entered into after the covenants have been suspended but prior to the Reinstatement Date that contain any of the restrictions contemplated by such covenant will be deemed to have been existing on the date
hereof. As a result, during any period in which the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants, the Holders will be entitled to substantially reduced covenant protection. The Company will provide the Trustee
with an Officer&#146;s Certificate stating that covenants have been suspended or reinstated. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 5 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUCCESSORS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01 <I>Merger,
Consolidation or Sale of Assets.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Neither of the Issuers may, directly or indirectly: (1)&nbsp;consolidate or merge with or into
another Person (whether or not such Issuer is the survivor); or (2)&nbsp;sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets taken as a whole, in one or more related transactions, to
another Person, unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) either: (a)&nbsp;such Issuer is the survivor; or (b)&nbsp;the Person formed by or surviving
any such consolidation or merger (if other than such Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made is a Person organized or existing under the laws of the United States, any state or
territory of the United States or the District of Columbia; <I>provided</I>, <I>however</I>, that Finance Corp. may not consolidate or merge with or into any Person other than a corporation so long as the Company is not a corporation (unless a
different Subsidiary of the Company which is a corporation becomes a <FONT STYLE="white-space:nowrap">co-issuer</FONT> of the Notes in lieu of Finance Corp.); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Person formed by or surviving any such consolidation or merger (if other
than such Issuer) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition has been made assumes all the obligations of such Issuer under the Notes, this Indenture and the Security Documents pursuant to a
supplement to this Indenture or other agreement expressly assuming such obligations in form reasonably satisfactory to the Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) immediately after giving effect to such transaction, no Default or Event of Default exists; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) in the case of a transaction involving the Company and not Finance Corp.: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which
such sale, assignment, transfer, lease, conveyance or other disposition has been made would, on the date of such transaction after giving <I>pro forma</I> effect thereto and any related financing transactions as if the same had occurred at the
beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section&nbsp;4.09(a) hereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) immediately after giving effect to such transaction and any related financing transactions on a <I>pro forma</I> basis as
if the same had occurred at the beginning of the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale,
assignment, transfer, lease, conveyance or other disposition has been made, will be equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately before such transactions; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the Company has delivered to the Trustee an Officer&#146;s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or disposition and such supplemental indenture (if any) comply with this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Section&nbsp;5.01(a) hereof
will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of Capital Stock, properties or assets between or among the Company and its Restricted Subsidiaries. Notwithstanding the restrictions set forth in
Section&nbsp;5.01(a)(4) hereof, any Restricted Subsidiary (other than Finance Corp.) may consolidate with, merge into or dispose of all or part of its properties and assets to the Company or any Restricted Subsidiary and the Company may merge with
an Affiliate of the Company solely for the purpose of reorganizing the Company in a state or territory of the United States or the District of Columbia or for the sole purpose of forming or collapsing a holding company structure, in each case,
without complying with Section&nbsp;5.01(a)(4) hereof in connection with any such consolidation, merger or disposition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02 <I>Successor
Issuer Substituted.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any consolidation or merger in which the Company is not the surviving entity or any sale, assignment,
transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company, in each case, in accordance with Section&nbsp;5.01 hereof, the surviving entity formed by such consolidation into or with which
the Company is merged or the entity to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


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for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such surviving entity had been named as the Company in this Indenture, and thereafter
(except in the case of a lease of all or substantially all of the Company&#146;s assets), the Company will be relieved of all obligations and covenants under this Indenture and the Notes. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 6 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFAULTS AND REMEDIES
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01 <I>Events of Default.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the following is an &#147;<I>Event of Default</I>&#148;: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) default for 30 consecutive days in the payment when due of interest on the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) default in payment when due of the principal of, or premium, if any, on the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) failure by the Issuers to comply with the provisions of Section&nbsp;4.15 or Section&nbsp;5.01 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) failure by the Issuers for 180 days after written notice by the Trustee or Holders representing 25% or more of the
aggregate principal amount of Notes outstanding to comply with the provisions of Section&nbsp;4.03 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) failure by
the Issuers for 60 days after written notice by the Trustee or Holders representing 25% or more of the aggregate principal amount of Notes outstanding to comply with any of their other agreements herein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Issuers or any of the Company&#146;s Restricted Subsidiaries (or the payment of which is guaranteed by the Issuers or any of the Company&#146;s Restricted Subsidiaries), other than, in each case,
Indebtedness owing to the Company or any of its Restricted Subsidiaries, whether such Indebtedness or guarantee now exists, or is created after the date hereof, if that default: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) is caused by a failure to make any payment when due at the final maturity of such Indebtedness prior to the expiration of
the grace period provided in such Indebtedness on the date of such default (a &#147;<I>Payment Default</I>&#148;); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
results in the acceleration of such Indebtedness prior to its Stated Maturity, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $30.0&nbsp;million or more; <I>provided</I>, however, that if,
prior to any acceleration of the Notes, any such Payment Default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 10 Business Days from the continuation of such Payment Default beyond the
applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any
judgment or decree; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) failure by the Company or any Significant Subsidiary of the Company or group
of Restricted Subsidiaries of the Company that taken together (determined as of the most recent consolidated financial statements of the Company for a fiscal quarter end provided as required under Section&nbsp;4.03 hereof) would constitute a
Significant Subsidiary of the Company to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $30.0&nbsp;million (to the extent not covered by insurance by a reputable and creditworthy insurer as to
which the insurer has not disclaimed coverage), which judgments are not paid, discharged or stayed for a period of 60 days after such judgments have become final; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the occurrence of any of the following </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) except as permitted by this Indenture or the relevant Security Documents, any Security Document ceases for any reason to be
fully enforceable in any material respect; <I>provided </I>that it will not be an Event of Default under this Section&nbsp;6.01(a)(8)(a) if the sole result of the failure of one or more Security Documents to be fully enforceable in any material
respect is that any Lien purported to be granted under such Security Documents on Collateral, individually or in the aggregate, having a fair market value of not more than $30.0&nbsp;million ceases to be an enforceable and perfected Lien, subject
only to Permitted Liens; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) except as permitted herein or by the relevant Security Documents, any Lien for the benefit of
the Holders of the Notes purported to be granted under any Security Document on Collateral, individually or in the aggregate, having a fair market value in excess of $30.0&nbsp;million ceases to be an enforceable and perfected Lien in any material
respect, subject only to Permitted Liens, and such condition continues for 60 days after written notice by the Trustee or the Collateral Trustee (after the Trustee or Collateral Trustee has received written notice of such cessation from the holders
of 25% or more of the aggregate principal amount of the Notes outstanding) of failure to comply with such requirement; <I>provided </I>that it will not be an Event of Default under this Section&nbsp;6.01(a)(8)(b) if such condition results from the
action or inaction of the Trustee or the Collateral Trustee; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the Company or any Restricted Subsidiary of the
Company, or any Person acting on behalf of any of them, denies or disaffirms, in writing, any material obligation of the Company or such Restricted Subsidiary set forth in or arising under any security document for the benefit of the Holders of the
Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together (determined as of the most recent consolidated financial statements of the Company for a fiscal quarter end provided as required under Section&nbsp;4.03 hereof), would constitute a Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) commences a voluntary case, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) consents to the entry of an order for relief against it in an involuntary case, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) consents to the appointment of a custodian of it or for all or substantially
all of its property, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) makes a general assignment for the benefit of its creditors, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) generally is not paying its debts as they become due; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together (determined as of the most recent consolidated financial statements of the Company for a fiscal quarter end provided as required under Section&nbsp;4.03 hereof), would constitute a
Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would
constitute a Significant Subsidiary; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) orders the liquidation of the Company or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and the order or decree remains unstayed and in effect for 60 consecutive days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02 <I>Acceleration.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In
the case of an Event of Default arising from events specified in Sections 6.01(a)(9) or 6.01(a)(10) hereof, with respect to the Company, any Significant Subsidiary of the Company or any group of the Company&#146;s Restricted Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary of the Company, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders
of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately by notice in writing to the Company specifying the Event of Default. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Holders of the Notes may not enforce this Indenture or the Notes except as provided in this Indenture. Subject to certain limitations,
Holders of a majority in principal amount of the then outstanding Notes may direct in writing the Trustee in its exercise of any trust or power. If a Default or Event of Default occurs and is continuing and is actually known to the Trustee, the
Trustee must send to each Holder notice of the Default or Event of Default within 90 days after it occurs. The Trustee, however, may withhold notice of any continuing Default or Event of Default from Holders of the Notes if it determines that
withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal of, or interest or premium, if any, on, the Notes. In addition, the Trustee shall have no obligation to accelerate the Notes if in the
judgment of the Trustee acceleration is not in the interest of the Holders of the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03 <I>Other Remedies.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium
on, if any, or interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee
may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04 <I>Waiver of Past Defaults and Rescission of Acceleration.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of all the
Holders of Notes, rescind an acceleration of the maturity of the Notes or waive an existing Default or Event of Default and their respective consequences under the Indenture except a continuing Default or Event of Default in the payment of principal
of, or premium or interest, if any, on, the Notes (including in connection with an offer to purchase). Upon any such waiver or rescission, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been
cured for every purpose of this Indenture; but no such waiver or rescission shall extend to any subsequent or other Default or impair any right consequent thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05 <I>Control by Majority.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of a majority in aggregate principal amount of the then outstanding Notes may direct in writing the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such directions are unduly prejudicial to such Holders) or that may
involve the Trustee in personal liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06 <I>Limitation on Suits.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder of a Note may pursue any remedy
with respect to this Indenture or the Notes unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) such Holder has previously given the Trustee written notice that
an Event of Default is continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes
make a written request to the Trustee to pursue the remedy; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) such Holder or Holders offer and, if requested, provide to
the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Trustee does not comply with such request within 60 days after receipt of
the request and the offer, or provision if requested, of security or indemnity; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) during such <FONT
STYLE="white-space:nowrap">60-day</FONT> period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a written direction inconsistent with such request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over
another Holder of a Note (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07 <I>Rights of Holders of Notes to Receive Payment.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium on, if
any, or interest, if any, on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), 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; <I>provided</I> that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the
entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08 <I>Collection Suit by Trustee.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default specified in Section&nbsp;6.01(a)(1) or Section&nbsp;6.01(a)(2) hereof occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium on, if any, and interest, if any, remaining unpaid on the Notes and interest on overdue principal
and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09 <I>Trustee May File Proofs of Claim.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such 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 to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section&nbsp;7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section&nbsp;7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


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other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10 <I>Priorities.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions contained in the Collateral Trust and Intercreditor Agreement, if the Trustee collects any money pursuant to this
Article 6, it shall pay out the money in the following order: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>First</I>: to the Trustee (acting in any capacity
hereunder), its agents and attorneys for amounts due under Section&nbsp;7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Second</I>: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, if
any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, if any, respectively; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Third</I>: to the Company or to such party as a court of competent jurisdiction shall direct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section&nbsp;6.10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11 <I>Undertaking for Costs.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 a 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&#146;
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&nbsp;6.11 does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to Section&nbsp;6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 7 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRUSTEE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01 <I>Duties of Trustee.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person&#146;s own affairs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except during the continuance of an Event of Default: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) this clause (c)&nbsp;does not limit the effect of Section&nbsp;7.01(b); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was grossly negligent in ascertaining the pertinent facts; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Trustee will 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&nbsp;6.05 hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
clauses (a), (b), and (c)&nbsp;of this Section&nbsp;7.01. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) No provision of this Indenture will require the Trustee to expend or risk
its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security or indemnity
satisfactory to it against any loss, liability or expense. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Trustee will not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02 <I>Rights of Trustee.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Before the Trustee acts or refrains from acting, it may require an Officer&#146;s Certificate or an
Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer&#146;s Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such
counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Trustee will not be liable for any action it takes or omits to take
in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be incurred by it in compliance with such request or
direction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Trustee may employ or retain accountants, appraisers or other experts or advisers as it may reasonably require for
purposes of determining and discharging its rights and duties hereunder and shall not be responsible for any misconduct on the party of any of them. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) 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 (i.e. an Incumbency Certificate). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Trustee shall not be required
to give any bond or surety in respect of the performance of its powers and duties hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The Trustee and the Collateral Trustee
shall not be bound to make any investigation into (i)&nbsp;the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, any other Notes Documents or in any Security Documents, (ii)&nbsp;the
occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture, the other Notes Documents, the Security Documents or any other agreement, instrument or document, (iii)&nbsp;the creation, perfection or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


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priority of any Lien purported to be created by the Security Documents, (iv)&nbsp;the value or the sufficiency of any Collateral, or (v)&nbsp;the satisfaction of any condition set forth in any
Notes Documents or Security Documents, other than to confirm receipt of items expressly required to be delivered to the Collateral Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) The provisions of this Section&nbsp;7.02 shall survive satisfaction and discharge or the termination, for any reason, of this Indenture and
the resignation and/or removal of the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03 <I>Individual Rights of Trustee.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any
Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as defined in the TIA) after a Default has occurred and is continuing, it must eliminate
such conflict within 90 days or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04 <I>Trustee</I><I>&#146;</I><I>s Disclaimer.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Company&#146;s use of the proceeds from the Notes or any money paid to the Company or upon the Company&#146;s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.05 <I>Notice of Defaults.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Default or Event of Default occurs and is continuing and if it is actually known to the Trustee, the Trustee will send to Holders of Notes
a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, or premium or interest, if any, on, any Note, the Trustee may withhold the notice if and so
long as it in good faith determines that withholding the notice is in the interests of the Holders of the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.06 <I>Reports by Trustee
to Holders of the Notes.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Within 60 days after each May&nbsp;15 beginning with the May&nbsp;15 following the date of this
Indenture, and for so long as Notes remain outstanding, the Trustee will transmit to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA &#167;313(a) (but if no event described in TIA &#167;313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA &#167;313(b)(2). The Trustee will also transmit by mail all reports as required by TIA &#167;313(c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) A copy of each report at the time of its transmission to the Holders of Notes will be transmitted by the Trustee to the Company and filed
by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA &#167;313(d). The Company will promptly notify the Trustee in writing when the Notes are listed on any stock exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.07 <I>Compensation and Indemnity.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will pay to the Trustee (acting in any capacity hereunder), as agreed to in writing from time to time, compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee&#146;s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse
the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services as agreed to in writing by the parties. Such expenses will include the reasonable
compensation, disbursements and expenses of the Trustee&#146;s agents and counsel. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company and the Guarantors, jointly and
severally, will indemnify the Trustee (acting in any capacity hereunder) including its officers, directors, employees, counsels and agents, for and hold each of them harmless against any and all losses, damages, liabilities, fees or expenses
(including reasonable attorneys&#146; fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against
the Company and the Guarantors (including this Section&nbsp;7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of
any of its powers or duties hereunder, except to the extent any such loss, damage, liability, fees or expense may be attributable to its gross negligence or willful misconduct as finally adjudicated by a court of competent jurisdiction. The Trustee
will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will
defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made
without its consent, which consent will not be unreasonably withheld. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The obligations of the Company and the Guarantors under this
Section&nbsp;7.07 will survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee or the Collateral Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) To secure the Company&#146;s and the Guarantors&#146; payment obligations in this Section&nbsp;7.07, the Trustee will have a Lien prior to
the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium or interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture or the
earlier resignation or removal of the Trustee or the Collateral Trustee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) When the Trustee incurs expenses or renders services after an
Event of Default specified in clause (9)&nbsp;or (10) of Section&nbsp;6.01(a) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Trustee will comply with the provisions of TIA &#167;313(b)(2) to the extent applicable.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.08 <I>Replacement of Trustee.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee&#146;s
acceptance of appointment as provided in this Section&nbsp;7.08. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company not less than thirty (30)&nbsp;days prior to the effective date of such resignation. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by
so notifying the Trustee and the Company in writing not less than thirty (30)&nbsp;days prior to the effective date of such removal. The Company may remove the Trustee if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Trustee fails to comply with Section&nbsp;7.10 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) a custodian or public officer takes charge of the Trustee or its property; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Trustee becomes incapable of acting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may, at the Company&#146;s expense, appoint a successor Trustee to replace the
successor Trustee appointed by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, at the Company&#146;s expense, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment
of a successor Trustee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to
comply with Section&nbsp;7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; <I>provided</I> all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section&nbsp;7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section&nbsp;7.08, the Company&#146;s obligations under Section&nbsp;7.07 hereof will continue for the benefit of the retiring Trustee. The retiring or removed Trustee shall have no
responsibility or liability for the action or inaction of any successor Trustee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.09 <I>Successor Trustee by Merger, etc.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or national banking association, the successor corporation or national banking association without any further act will be the successor Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.10 <I>Eligibility; Disqualification.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There will at all times be a Trustee hereunder that is a corporation or national banking association organized and doing business under the
laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and
surplus of at least $50.0&nbsp;million as set forth in its most recent published annual report of condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indenture will always
have a Trustee who satisfies the requirements of TIA &#167;310(a)(1), (2) and (5). The Trustee is subject to TIA &#167;310(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.11
<I>Preferential Collection of Claims Against the Issuers.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee is subject to TIA &#167;311(a), excluding any creditor
relationship listed in TIA &#167;311(b). A Trustee who has resigned or been removed shall be subject to TIA &#167;311(a) to the extent indicated therein. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 8 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LEGAL DEFEASANCE AND
COVENANT DEFEASANCE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01 <I>Option to Effect Legal Defeasance or Covenant Defeasance.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers may at any time, at their option, evidenced by a Board Resolution, elect to have either Section&nbsp;8.02 or 8.03 hereof be applied
to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02 <I>Legal Defeasance and Discharge.</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the Issuers&#146; exercise under Section&nbsp;8.01 hereof of the option applicable to this Section&nbsp;8.02, the Issuers, the Parent
and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section&nbsp;8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Subsidiary Guarantees
and the Parent Guarantee) and cure all then existing Events of Default on the date the conditions set forth below are satisfied (hereinafter, &#147;<I>Legal Defeasance</I>&#148;). For this purpose, Legal Defeasance means that the Issuers, the Parent
and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Subsidiary Guarantees and the Parent Guarantee), which will thereafter be deemed to be &#147;outstanding&#148;
only for the purposes of Section&nbsp;8.05 hereof and the other Sections of this Indenture referred to in clauses (1)&nbsp;and (2) below, and to have satisfied all their other obligations under such Notes, the Subsidiary Guarantees, the Parent
Guarantee and this Indenture and to have cured all then outstanding Events of Default (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions
which will survive until otherwise terminated or discharged hereunder: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the rights of Holders of outstanding Notes to receive payments in respect of
the principal of, and interest or premium, if any, on, such Notes when such payments are due from the trust referred to in Section&nbsp;8.04 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Issuers&#146; obligations with respect to such Notes under Sections 2.06, 2.07, 2.10 and 4.02 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers&#146; and the Guarantors&#146;
obligations in connection therewith; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) this Article 8; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Section&nbsp;3.07 hereof, to the extent that such Legal Defeasance is to be effected together with a redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to compliance with this Article 8, the Issuers may exercise their option under this Section&nbsp;8.02 notwithstanding the prior
exercise of the option under Section&nbsp;8.03 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03 <I>Covenant Defeasance.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the Issuers&#146; exercise under Section&nbsp;8.01 hereof of the option applicable to this Section&nbsp;8.03, the Issuers and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section&nbsp;8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13,
4.14, 4.15, 4.16 and 4.17 hereof and Section&nbsp;5.01(a)(4) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section&nbsp;8.04 hereof are satisfied (hereinafter, &#147;<I>Covenant Defeasance</I>&#148;),
and the Notes will thereafter be deemed not &#147;outstanding&#148; for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be
deemed &#147;outstanding&#148; for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and
Subsidiary Guarantees, the Issuers and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section&nbsp;6.01
hereof, but, except as specified above, the remainder of this Indenture and such Notes and Subsidiary Guarantees will be unaffected thereby. In addition, upon the Issuer&#146;s exercise under Section&nbsp;8.01 hereof of the option applicable to this
Section&nbsp;8.03, subject to the satisfaction of the conditions set forth in Section&nbsp;8.04 hereof, Sections 6.01(a)(3) through 6.01(a)(8) and 6.01(a)(11) hereof will not constitute Events of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04 <I>Conditions to Legal or Covenant Defeasance.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In order to exercise either Legal Defeasance or Covenant Defeasance under either Section&nbsp;8.02 or 8.03 hereof: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Issuers must irrevocably deposit with the Trustee, in trust, for the
benefit of the Holders of the Notes, cash in U.S. dollars, <FONT STYLE="white-space:nowrap">non-callable</FONT> Government Securities, or a combination of cash in U.S. dollars and <FONT STYLE="white-space:nowrap">non-callable</FONT> Government
Securities, in amounts as will be sufficient, in the opinion of a nationally recognized investment banking firm, appraisal firm, or firm of independent public accountants, to pay the principal of, and premium and interest, if any, on, the
outstanding Notes on the date of fixed maturity or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to the date of fixed maturity or to a particular redemption date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in the case of an election under Section&nbsp;8.02 hereof, the Issuers must deliver to the Trustee an Opinion of Counsel
confirming that, subject to customary assumptions and exclusions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the Issuers have received from, or there has been
published by, the Internal Revenue Service a ruling; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) since the date of this Indenture, there has been a change in
the applicable federal income tax law, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Legal Defeasance had not occurred; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in the case of an election under
Section&nbsp;8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound (other than that resulting with respect to
any Indebtedness being defeased from any borrowing of funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to such Indebtedness, and the granting of
Liens in connection therewith); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) the Issuers must deliver to the Trustee an Officer&#146;s Certificate stating that the
deposit was not made by the Issuers with the intent of preferring the Holders of Notes over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or others; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the Issuers must deliver to the Trustee an Officer&#146;s Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon a Legal Defeasance or Covenant Defeasance in accordance with this Article 8 the Collateral will be released from the Liens securing
the Notes, each Guarantor will be released and relieved from its Subsidiary Guarantee and the Parent will be released and relieved from the Parent Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05 <I>Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to Section&nbsp;8.06 hereof, all money and <FONT STYLE="white-space:nowrap">non-callable</FONT> Government Securities (including the
proceeds thereof) deposited with the Trustee pursuant to Section&nbsp;8.04 in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Issuers acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and interest, if any,
but such money need not be segregated from other funds except to the extent required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers will pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or <FONT STYLE="white-space:nowrap">non-callable</FONT> Government Securities deposited pursuant to Section&nbsp;8.04 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuers from time to time upon the request
of the Issuers any money or <FONT STYLE="white-space:nowrap">non-callable</FONT> Government Securities held by it as provided in Section&nbsp;8.04 which, in the opinion of a nationally recognized firm of independent public accountants, a nationally
recognized investment bank or a nationally recognized appraisal or valuation firm, expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section&nbsp;8.04(a)(1)), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06 <I>Repayment to
Issuers.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any applicable laws relating to abandoned property, any money deposited with the Trustee or any Paying Agent, or
then held by the Issuers, in trust for the payment of the principal of, premium on or interest, if any, on, any Note and remaining unclaimed for two years after such principal, premium or interest, if any, has become due and payable shall be paid to
the Issuers on their request or (if then held by the Issuers) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuers for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, will thereupon cease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07 <I>Reinstatement.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Trustee or Paying Agent is unable to apply any U.S. dollars or <FONT STYLE="white-space:nowrap">non-callable</FONT> Government
Securities in accordance with Section&nbsp;8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers&#146;
and the Guarantors&#146; obligations under this Indenture and the Notes and the Subsidiary Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;8.02 or 8.03 hereof until such time as the Trustee or
Paying Agent is permitted to apply all such money in accordance with Section&nbsp;8.02 or 8.03 hereof, as the case may be; <I>provided, however</I>, that, if the Issuers make any payment of principal of, premium, if any, on, or interest, if any, on,
any Note following the reinstatement of its obligations, the Issuers will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 9 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT, SUPPLEMENT
AND WAIVER </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01 <I>Without Consent of Holders of Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding Section&nbsp;9.02 hereof, without the consent of any Holder of Notes, the Issuers, the Guarantors and the Trustee may amend or
supplement this Indenture, the Notes, the Subsidiary Guarantees or the Security Documents related to the Notes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) to
cure any ambiguity, omission, mistake, defect or inconsistency; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) to provide for uncertificated Notes in addition to or
in place of certificated Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) to provide for the assumption of an Issuer&#146;s or Guarantor&#146;s obligations to
Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of such Issuer&#146;s or Guarantor&#146;s properties or assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely
affect the legal rights hereunder of any such Holder taken as a whole in any material respect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) to secure the Notes or
the Subsidiary Guarantees pursuant to the requirements of Section&nbsp;4.12 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) to provide for the issuance of
Additional Notes and related guarantees (and the grant of security for the benefit of the Additional Notes and related guarantees) in accordance with the limitations set forth herein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) to add any additional Guarantor or to evidence the release of any Guarantor from its Subsidiary Guarantee, in each case as
provided herein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) to comply with requirements of the Commission in order to effect or maintain the qualification of the
indenture under the TIA; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) to evidence or provide for the acceptance of appointment hereunder of a successor trustee or
evidence and provide for a successor or replacement Collateral Trustee under the Security Documents; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) to make, complete or confirm any grant of Collateral permitted or required
by this Indenture or any of the Security Documents or any release of Collateral that becomes effective as set forth herein or in any of the Security Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) to conform the text of this Indenture, the Subsidiary Guarantees, the Parent Guarantee, the Notes or any security document
related to the Notes to any provision of the &#147;Description of Notes&#148; in the Offering Memorandum, as provided to the Trustee in an Officer&#146;s Certificate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) to add additional secured parties to the extent Liens securing obligations held by such parties are permitted hereunder or
under any of the Security Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) to mortgage, pledge, hypothecate or grant a security interest for the benefit of
the Trustee and the Holders of the Notes as additional security for the payment and performance of the Issuers&#146; and any Guarantor&#146;s obligations hereunder, in any property, or assets, including any of which are required to be mortgaged,
pledged or hypothecated, or in which a security interest is required to be granted to the Trustee or the Collateral Trustee in accordance with the terms of this Indenture or otherwise; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) to provide for the succession of any parties to the Security Documents (and other amendments that are administrative or
ministerial in nature) in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of any agreement in accordance with the terms of this Indenture
and the relevant security document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) to add covenants for the benefit of the Holders or surrender any right or power
conferred upon either Issuer or any Guarantor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) to provide for the assumption by one or more successors of the
obligations of any of the Guarantors under this Indenture and the Subsidiary Guarantees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) to make any change not
adverse to the Holders of Notes in order to facilitate entry into the ABL Facility; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) to comply with the rules of
any applicable securities depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing
the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section&nbsp;7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02 <I>With Consent of Holders of Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Except as provided below in this Section&nbsp;9.02, the Company and the Trustee may amend or supplement this Indenture (including, without
limitation, Sections 3.09, 4.10 and 4.15 hereof) and the Notes, the Subsidiary Guarantees and the Security Documents with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07
hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or interest, if any, on the Notes, except a payment default resulting from an acceleration that has been
rescinded) or compliance with any provision of this Indenture or the Notes, the Subsidiary Guarantees or the Security Documents may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes
(including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section&nbsp;7.02 hereof, the
Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee&#146;s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) It is not necessary for the consent of the Holders of Notes under this Indenture to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) After an amendment, supplement or waiver
under this Section&nbsp;9.02 becomes effective, the Company will deliver to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein,
will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding
voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes, the Subsidiary Guarantees or the Security Documents. However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section&nbsp;9.02 may not (with respect to any Notes held by a <FONT STYLE="white-space:nowrap">non-consenting</FONT> Holder): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to
the redemption or repurchase of the Notes (other than provisions relating to Section&nbsp;3.09, Section&nbsp;4.10 or Section&nbsp;4.15 hereof) <I>provided </I>that any amendment to the notice requirements may be made with the consent of the Holders
of at least a majority in aggregate principal amount of the then outstanding Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) reduce the rate of or change the
time for payment of interest on any Note; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) waive a Default or Event of Default in the payment of principal of, or
interest or premium, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in principal amount of the Notes and a waiver of the payment default that resulted from such acceleration); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) make any Note payable in currency other than that stated in the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of, or interest or premium, if any, on the Notes (other than as permitted in clause (7)&nbsp;below); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) waive a redemption or repurchase payment with respect to any Note (other than a payment required by Section&nbsp;3.09,
Section&nbsp;4.10 or Section&nbsp;4.15 hereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) release any Guarantor from any of its obligations under its Subsidiary
Guarantee or this Indenture, except in accordance with the terms of this Indenture; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) make any change in the
amendment, supplement and waiver provisions of clauses (1)&nbsp;through (8) of this Section&nbsp;9.02. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In addition, any amendment to,
or waiver of, the provisions of this Indenture or any security document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes or releasing the Parent Guarantee will require the consent of the
Holders of at least 66-<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>/<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>% in aggregate principal amount of the Notes then outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03 <I>[Reserved].</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04
<I>Revocation and Effect of Consents.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder&#146;s Note, even if notation of the consent is not made on any Note. However, any
such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been obtained. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05 <I>Notation on or Exchange of Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06 <I>Trustee to Sign Amendments, etc.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture,
the Trustee shall receive and (subject to Section&nbsp;7.01 hereof) will be fully protected in conclusively relying upon, in addition to the documents required by Section&nbsp;13.04 hereof, an Officer&#146;s Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture is the legal, valid and binding obligation of the Company and any Guarantor or surviving Person,
as applicable, enforceable against the Company and such Guarantor or surviving Person in accordance with its terms. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 10 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COLLATERAL AND SECURITY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01
<I>The Collateral.</I><I> </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuers and the Guarantors hereby appoint Wilmington Trust, National Association to act as
Collateral Trustee, and each Holder, by its acceptance of any Notes and the Subsidiary Guarantees thereof, irrevocably consents and agrees to such appointment. The Collateral Trustee shall have the privileges, powers and immunities as set forth in
this Indenture and the Security Documents. From and after the date hereof, the due and punctual payment of the principal of, premium, if any, and interest on the Notes and the Subsidiary Guarantees thereof when and as the same shall be due and
payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and the Subsidiary Guarantees
thereof and performance of all other obligations under this Indenture, including, without limitation, the obligations of the Issuers and the Guarantors set forth in Sections 7.07 and 8.05 hereof, and the Notes and the Subsidiary Guarantees thereof
and the Security Documents, shall be secured by first priority Liens and security interests on the Collateral as and to the extent provided in the Security Documents, which the Issuers and the Guarantors, as the case may be, have entered into prior
to or simultaneously with the execution of this Indenture and will be secured by all Security Documents hereafter delivered as required or permitted by this Indenture and the Security Documents. The Collateral will also secure the Issuers&#146; and
the Guarantors&#146; Obligations under the Pari Passu Lien Hedge Agreements and any other Pari Passu Notes Lien Indebtedness as provided in the Collateral Trust and Intercreditor Agreement. The Issuers and the Guarantors hereby agree that the
Collateral Trustee shall hold the Collateral on behalf of and for the benefit of all of the Holders, the Trustee and the Collateral Trustee, in each case pursuant to the terms of the Security Documents, and the Collateral Trustee and, as applicable,
the Trustee are hereby directed and authorized to execute and deliver the Security Agreement, the Collateral Trust and Intercreditor Agreement and the other applicable Security Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Holder, by its acceptance of any Notes and the Subsidiary Guarantees thereof,
irrevocably consents and agrees to the terms of the Collateral Trust and Intercreditor Agreement and the other Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be
in effect or may be amended from time to time in accordance with their terms, agrees to the appointment of the Collateral Trustee and authorizes and directs the Collateral Trustee to perform its obligations and exercise its rights, powers and
discretions under the Collateral Trust and Intercreditor Agreement and the other Security Documents in accordance therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The
Trustee, the Collateral Trustee and each Holder, by accepting the Notes and the Subsidiary Guarantees thereof, acknowledges that, as more fully set forth in the Collateral Trust and Intercreditor Agreement and the other Security Documents, the
Collateral as now or hereafter constituted shall be held for the benefit of all the Holders, the Collateral Trustee and the Trustee and the holders of the Pari Passu Lien Hedge Agreements and any future Pari Passu Notes Lien Indebtedness, and that
the Lien of this Indenture and the Security Documents in respect of the Trustee, the Collateral Trustee and the Holders and the holders of the Pari Passu Lien Hedge Agreements and any future Pari Passu Notes Lien Indebtedness is subject to and
qualified and limited in all respects by the Collateral Trust and Intercreditor Agreement and the other Security Documents and actions that may be taken thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02 <I>Maintenance of Collateral; Further Assurances.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuers and the Guarantors shall maintain the Collateral that is material to the conduct of their respective businesses in good, and
insurable operating order, condition and repair. The Issuers and the Guarantors shall pay all real estate and other taxes (except such as are contested in good faith and by appropriate negotiations or proceedings), and maintain in full force and
effect all material permits and insurance in amounts that insures against such losses and risks as are reasonable for the type and size of the business of the Issuers and the Guarantors as determined in good faith by an Officer of the Company,
except, in each case, where the failure to effect such payment or maintain such permits or insurance coverages is not adverse in any material respect to the Holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) To the extent required under this Indenture or any of the Security Documents, the Issuers and the Guarantors shall, at their sole expense,
execute any and all further documents, financing statements, agreements and instruments, and take all further action that may be required under the Security Documents, or that the Collateral Trustee or the Trustee may reasonably request, in order to
grant, preserve, protect and perfect the validity and priority of the security interests and Liens created or intended to be created by the Security Documents in the Collateral. In addition, to the extent required under this Indenture or any of the
Security Documents, from time to time, the Issuers and the Guarantors will reasonably promptly secure the obligations under this Indenture and Security Documents by pledging or creating, or causing to be pledged or created, perfected security
interests and Liens with respect to the Collateral perfected to the extent required by the Security Documents. Such security interests and Liens will be created under the Security Documents and, to the extent necessary, other security agreements and
other instruments and documents in form and substance reasonably satisfactory to the Collateral Trustee. The Issuers shall deliver or cause to be delivered to the Trustee and Collateral Trustee all such instruments and documents to evidence
compliance with this Section&nbsp;10.02. The Issuers agree to provide evidence to the Trustee and Collateral Trustee as to the perfection (to the extent required by the Security Documents) and priority status of each such security interest and Lien.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03 <I>After-Acquired Property.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Security Documents, upon the acquisition by the Issuers or any Guarantor after the date hereof of any assets
(other than Excluded Assets), including, but not limited to, any Material Real Property or any equipment or fixtures which constitute accretions, additions or technological upgrades to the equipment or fixtures or any working capital assets that, in
any such case, form part of the Collateral, the Issuers or such Guarantor shall execute and deliver (i)&nbsp;with regard to any Material Real Property, the items described under Section&nbsp;10.05(b) hereof within 90 days after the date of
acquisition of the applicable asset, and (ii)&nbsp;to the extent required by the Security Documents, any information, documentation, financing statements or other certificates and opinions of counsel as may be necessary to vest in the Collateral
Trustee a perfected security interest, subject only to Permitted Liens, in such after-acquired property and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall
be deemed to relate to such after-acquired property to the same extent and with the same force and effect; <I>provided</I>, <I>however</I>, that if granting such security interest requires the consent of a third party, the Issuers or such Guarantor,
as the case may be, shall use commercially reasonable efforts to obtain such consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.04 <I>Impairment of Security Interest.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuers will not, and the Company will not permit any of its Restricted Subsidiaries to, (i)&nbsp;take or omit to take any action which
would materially adversely affect or impair the Liens in favor of the Collateral Trustee for the benefit of itself, the Trustee and the Holders, and the holders of the Pari Passu Lien Hedge Agreements and any future Pari Passu Notes Lien
Indebtedness with respect to the Collateral, (ii)&nbsp;grant to any Person, or permit any Person to retain (other than the Collateral Trustee), any Liens in the Collateral, other than Permitted Liens or (iii)&nbsp;enter into any agreement that
requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Notes, the Subsidiary Guarantees or
the Security Documents. Each Issuer and Guarantor will, at its sole cost and expense, execute and deliver all such agreements and instruments as are necessary, or as the Trustee or the Collateral Trustee reasonably requests, to more fully or
accurately describe the assets and property intended to be Collateral or the Obligations intended to be secured by the Security Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05 <I>Real Estate Mortgages and Filings.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) With respect to the Material Real Property owned by the Issuers or a Guarantor on the date hereof, the following items will be delivered to
the Collateral Trustee within 90 days after the date hereof: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the applicable Issuer or Guarantor shall deliver to the
Collateral Trustee, as mortgagee or beneficiary, as applicable, for the ratable benefit of itself, the Trustee, the Holders and the holders of Pari Passu Lien Hedge Agreements and any future Pari Passu Notes Lien Indebtedness, fully executed
counterparts of Mortgages (together with applicable real estate subordination and priority agreements related thereto), in accordance with the requirements of this Indenture and/or the Security Documents duly executed by such Issuer or Guarantor,
together with reasonably satisfactory evidence of the completion (or reasonably satisfactory arrangements </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>


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for the completion) of all recordings and filings of such Mortgages (and payment of any taxes or fees in connection therewith) as may be necessary to create a valid, perfected first-priority Lien
(subject to Permitted Liens) against the property purported to be covered thereby as security for the Secured Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Collateral Trustee shall have received mortgagee&#146;s title insurance policies in favor of the Collateral Trustee,
and its successors and/or assigns, in the form necessary, with respect to the property purported to be covered by the applicable Mortgages, to insure that the interests created by the Mortgages constitute valid, perfected first-priority Liens
thereon, free and clear of all other Liens, defects and encumbrances other than Permitted Liens; <I>provided</I>, <I>however</I>, unless delivered to the collateral agent in respect of any other Pari Passu Notes Lien Indebtedness, no such title
insurance policies will be required to be delivered with respect to any Mortgage where the property encumbered thereby consists primarily of Hydrocarbon Interests, pipeline easements, rights of way, licenses and other similar possessory and use
instruments. All such title policies shall be in amounts equal to 105% of the estimated fair market value of the Premises covered thereby, and such policies shall include, to the extent available at a commercially reasonable premium, all
endorsements as shall be reasonably required in transactions of similar size and purpose and shall be accompanied by evidence of the payment in full by the Issuers or applicable Guarantor of all premiums thereon (or that satisfactory arrangements
for such payment have been made); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) an Opinion of Counsel, from local counsel in the jurisdiction where each property
subject to the Mortgages<I> </I>is located, with respect to the Mortgages, fixture filings and other matters reasonably requested by Collateral Trustee, in each instance in form and substance reasonably satisfactory to the Collateral Trustee, in the
jurisdiction where the property subject to the Mortgage is located; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Issuers shall, or shall cause the Guarantors
to, deliver to the Collateral Trustee such filings, surveys (or any updates or affidavits that the title company may reasonably require in connection with the issuance of the title insurance policies), fixture filings and such other documents,
instruments, certificates, agreements and/or other documents necessary to comply with clauses (1)&nbsp;and (2) above and to perfect the Collateral Trustee&#146;s security interest, in each instance in form and substance reasonably satisfactory to
the Collateral Trustee; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the title insurance company shall have received, with respect to the applicable Mortgage,
such affidavits,<I> </I>certificates, information (including publicly-available financial data) and instruments of indemnification (including a <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;gap&#148; indemnification) as shall be<I>
</I>reasonably requested by the title insurance company to issue the mortgagee&#146;s title insurance policies contemplated by clause (b)&nbsp;above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to any Material Real Property acquired by an Issuer or Guarantor after the date hereof which is required to be mortgaged to
the Collateral Trustee the following items will be delivered to the Collateral Trustee within 90 days of the date of acquisition: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the applicable Issuer or Guarantor shall deliver to the Collateral Trustee, as mortgagee or beneficiary, as<I>
</I>applicable, for the ratable benefit of itself and the holders of the notes, the Pari Passu Lien Hedge Agreements and any future Pari Passu Notes Lien Indebtedness, fully executed counterparts of Mortgages (together with applicable real estate
subordination and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>


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priority agreements related thereto), in<I> </I>accordance with the requirements of the indenture and/or the Security Documents duly executed by such Issuer or Guarantor, together with reasonably
satisfactory evidence of the completion (or reasonably satisfactory arrangements for the completion) of all recordings and<I> </I>filings of such Mortgage (and payment of any taxes or fees in connection therewith) as may be necessary to create a
valid, perfected first-priority Lien (subject to Permitted Liens) against the property purported to be covered thereby as security for the Secured Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Collateral Trustee shall have received mortgagee&#146;s title insurance policies in favor of the Collateral Trustee,<I>
</I>and its successors and/or assigns, in the form necessary, with respect to the property purported to be covered by the applicable Mortgages,<I> </I>to insure that the interests created by the Mortgages constitute valid, perfected first-priority
Liens thereon, free and clear of all other Liens, defects and encumbrances other than Permitted Liens; <I>provided, however</I>, unless delivered to the collateral agent in respect of any other<I> </I>Pari Passu Notes Lien Indebtedness, no such
title insurance policies will be required to be delivered with respect to any Mortgage where the<I> </I>property encumbered thereby consists primarily of Hydrocarbon Interests, pipeline easements, rights of way, licenses and other similar possessory
and use instruments. All such<I> </I>title policies shall be in amounts equal to 105% of the estimated fair market value of the Premises covered thereby, and such policies shall<I> </I>include, to the extent available at a commercially reasonable
premium, all endorsements as shall be reasonably required in transactions of similar size and purpose and shall be<I> </I>accompanied by evidence of the payment in full by the Issuer or Guarantor of all premiums thereon (or that satisfactory<I>
</I>arrangements for such payment have been made); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Issuers shall, or shall cause the Guarantors to, deliver to
the Collateral Trustee such filings, surveys (or any updates or affidavits that the title company may reasonably require in connection with the issuance<I> </I>of the title insurance policies), fixture filings and such other documents, instruments,
certificates, agreements and/or other documents<I> </I>necessary to comply with clauses (1)&nbsp;and (2)&nbsp;above and to perfect the Collateral Trustee&#146;s security interest and (with a first priority (subject to Permitted Liens)) Lien in such
acquired covered Premises, together<I> </I>with local counsel opinions in the jurisdiction where each property subject to the Mortgage is located, with respect to the Mortgage, fixture filings and other matters reasonably requested by Collateral
Trustee, in each instance in form and substance reasonably satisfactory to the Collateral Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.06 <I>Release of Liens on the
Collateral.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Collateral Trustee&#146;s Liens upon the Collateral will no longer secure the Notes or other Obligations
outstanding under this Indenture (but not necessarily any Pari Passu Notes Lien Indebtedness or Pari Passu Lien Hedge Agreements), and the right of the Holders to the benefits and proceeds of the Collateral Trustee&#146;s Liens on the Collateral
will automatically and without the need for any further action by any Person (other than notice of such release to the Collateral Trustee, but the failure to deliver such notice shall not affect such release) terminate and be discharged: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by
eminent domain, condemnation or other similar circumstances or which has become (and only to the extent it continues to constitute) Excluded Assets; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in whole upon: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) satisfaction and discharge of this Indenture as set forth in Article 12; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) a Legal Defeasance or Covenant Defeasance as set forth in Article 8; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in part, as to any property constituting Collateral that (a)&nbsp;is sold, transferred or otherwise disposed of by either
of the Issuers or any Guarantor (other than to the Company or another Restricted Subsidiary) in a transaction not prohibited by this Indenture or the Security Documents at the time of such sale, transfer or disposition or (b)&nbsp;is owned or at any
time acquired by a Guarantor that has been released from its Subsidiary Guarantee in accordance with this Indenture, concurrently with the release of such Subsidiary Guarantee (including in connection with the designation of a Guarantor as an
Unrestricted Subsidiary or upon such Guarantor becoming an Excluded Subsidiary); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) in whole or in part, as applicable,
with the consent of Holders of <FONT STYLE="white-space:nowrap">66-2/3%</FONT> or more in aggregate principal amount of Notes (including without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of,
Notes); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) in part, in accordance with the applicable provisions of the Collateral Trust and Intercreditor Agreement and
the other Security Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) to the extent that any lease is Collateral, upon termination of such lease; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) with respect to Collateral that is Capital Stock, upon the dissolution or liquidation of the issuer of such Capital Stock
that is not prohibited by this Indenture; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) as described in Section&nbsp;9.02 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided</I> that, in the case of any release in whole pursuant to clauses (1), (2) and (4)&nbsp;above, all amounts owing to the Trustee and
the Collateral Trustee under this Indenture, the Notes, the Subsidiary Guarantees, the Collateral Trust and Intercreditor Agreement and the other Security Documents have been paid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) To the extent a proposed release of Collateral is not automatic and requires any action by the Trustee or the Collateral Trustee or if the
Issuers or any Guarantor desire that the Trustee or the Collateral Trustee acknowledge such release of Collateral, the Issuers and such Guarantor, as applicable, will furnish to the Trustee and the Collateral Trustee, prior to each proposed release
of such Collateral or acknowledgement of such release pursuant to the Security Documents and this Indenture: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) an
Officer&#146;s Certificate requesting such release or acknowledgement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) an Officer&#146;s Certificate and an Opinion of
Counsel, in compliance with Sections 13.04 and 13.05 hereof to the effect that all conditions precedent provided for in this Indenture, the other Note Documents and the Security Documents (including, without limitation, the Collateral Trust and
Intercreditor Agreement) to such release of Collateral have been complied with and that such release of Collateral is permitted by this Indenture, the other Note Documents and the Security Documents (including, without limitation, the Collateral
Trust and Intercreditor Agreement); and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">119 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) a form of such release or acknowledgement (which release or acknowledgement
shall be in form reasonably satisfactory to the Trustee and Collateral Trustee and shall provide that the requested release is without recourse or warranty to the Trustee and Collateral Trustee). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Upon compliance by the Issuers or the Guarantors, as the case may be, with the conditions precedent set forth above, the Trustee or the
Collateral Trustee shall promptly, upon the request and at the expense of the Issuers or such Guarantors, cause to be released and reconveyed to the Issuers, or the Guarantors, as the case may be, the released Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.07 <I>Authorization of Actions to be Taken by the Trustee or the Collateral Trustee Under the Security Documents.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provisions of the Security Documents (including, without limitation, the Collateral Trust and Intercreditor Agreement), each
of the Trustee or the Collateral Trustee may, in its sole discretion and without the consent of the Holders, on behalf of the Holders and the other secured parties, take all actions it deems necessary or appropriate in order to (1)&nbsp;enforce any
of its rights or any of the rights of the Holders under the Security Documents and (2)&nbsp;collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the Issuers and the Guarantors hereunder and
thereunder. Subject to the provisions of the Security Documents (including, without limitation, the Collateral Trust and Intercreditor Agreement), the Trustee or the Collateral Trustee shall have the power to institute and to maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee or the Collateral Trustee
may deem expedient to preserve or protect its interest and the interests of the Holders and the other secured parties in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with
any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial
to the interests of the Holders and the other secured parties or the Trustee). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Neither the Trustee nor the Collateral Trustee shall be
responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or
omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Issuers and Guarantors to the Collateral, for insuring the Collateral or
for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral except to the extent expressly provided in Section&nbsp;5.12 of the Collateral Trust and Intercreditor Agreement or any
similar provision in any other Security Documents. Neither the Trustee nor the Collateral Trustee shall have any responsibility for recording, filing, <FONT STYLE="white-space:nowrap">re-recording</FONT> or
<FONT STYLE="white-space:nowrap">re-filing</FONT> any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect or maintain the perfection
of any security interest granted to it under the Security Documents or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Where any provision of this Indenture requires that additional property or assets be added to
the Collateral, the Issuers and each Guarantor shall deliver to the Trustee or the Collateral Trustee the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) a
request from the Issuers that such Collateral be added; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the form of instrument adding such Collateral, which, based on
the type and location of the property subject thereto, shall be in substantially the form of the applicable Security Documents entered into on the date hereof, with such changes thereto as the Issuers shall reasonably consider appropriate, or in
such other form as the Issuers shall reasonably deem proper; <I>provided</I> that any such changes or such form are administratively satisfactory to the Trustee and the Collateral Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) an Officer&#146;s Certificate and Opinion of Counsel to the effect that all conditions precedent provided for in this
Indenture and the other Note Documents and Security Documents to the addition of such Collateral have been complied with, which Opinion of Counsel shall also opine (subject to customary assumptions and qualifications) as to the creation and
perfection of the Collateral Trustee&#146;s Lien on such Collateral and as to the due authorization, execution, delivery, validity and enforceability of the Security Documents being entered into; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) such financing statements, if any, as the Issuers shall deem necessary to perfect the Collateral Trustee&#146;s security
interest in such Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Trustee and the Collateral Trustee, in giving any consent or approval under the Security Documents,
shall be entitled to receive, as a condition to such consent or approval, an Officer&#146;s Certificate and an Opinion of Counsel to the effect that the action or omission for which consent or approval is to be given does not contravene the
provisions of this Indenture or the Security Documents, and the Trustee and the Collateral Trustee shall be fully protected in giving such consent or approval on the basis of such Officer&#146;s Certificate and Opinion of Counsel. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything else to the contrary herein, whenever reference is made in this Indenture or any security document to any
discretionary action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Collateral
Trustee or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Collateral Trustee, it is understood that in all cases
the Collateral Trustee shall be fully justified in failing or refusing to take any such action under this Indenture if it shall not have received such written instruction, advice or concurrence of the Trustee (acting in accordance with this
Indenture, the Collateral Trust and Intercreditor Agreement and other Security Documents), as it deems appropriate. This provision is intended solely for the benefit of the Collateral Trustee and its successors and permitted assigns and is not
intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.08 <I>Collateral Account.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Collateral Trustee is authorized to receive any funds for the benefit of the Holders and the other secured parties distributed under,
and in accordance with, the Collateral Trust and Intercreditor Agreement and the other Security Documents, and to make further distributions of such funds to the Holders and (as applicable) the other secured parties according to the provisions of
this Indenture, the Collateral Trust and Intercreditor Agreement and the other Security Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Issuers shall establish within
15 Business Days after the date hereof or, to the extent in existence prior to the date hereof, maintain the Collateral Account, which shall at all times hereafter until this Indenture shall have terminated, be under the sole control of the
Collateral Trustee. Subject to Section&nbsp;4.10(b), all Net Proceeds from Asset Sales in respect of Collateral, in an aggregate amount in excess of $25.0&nbsp;million, including earnings, revenues, rents, issues, profits and income therefrom and
interest earned thereon, shall be deposited in the Collateral Account and thereafter shall be held, applied and/or disbursed by the Collateral Trustee in accordance with the terms of this Indenture (including, without limitation, at the direction of
the Issuers to make any application or disbursement required or permitted by Section&nbsp;3.09, Section&nbsp;4.10, Section&nbsp;6.10 or Section&nbsp;10.08(a) hereof). The Trustee and/or the Collateral Trustee, as applicable, shall receive an
Officer&#146;s Certificate in connection with any and all deposits to be made into the Collateral Accounts under this Indenture or the Security Documents to the effect that such deposit represents the Net Proceeds from the Asset Sale or Asset Sales
summarized therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Pending the distribution of funds in the Collateral Account in accordance with the provisions hereof and provided
that no Event of Default shall have occurred and be continuing, the Issuers may direct the applicable depositary institution to invest such funds in Cash Equivalents specified in such direction, such investments to mature by the times such funds are
needed hereunder and such direction to certify that such funds constitute Cash Equivalents and that no Event of Default shall have occurred and be continuing. So long as no Event of Default shall have occurred and be continuing, the Issuers may
direct the applicable depositary institution to sell, liquidate or cause the redemption of any such investments, such direction to certify that no Event of Default shall have occurred and be continuing. Any gain or income on any investment of funds
in the Collateral Account shall be credited to the Collateral Account. The Collateral Trustee shall have no liability for any loss incurred in connection with any investment or any sale, liquidation or redemption thereof made in accordance with the
provisions of this Section&nbsp;10.08(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.09 <I>Control Agreements.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Collateral Account shall at all times be subject to a control agreement delivered to the Collateral Trustee providing for the sole control
of the Collateral Trustee and the Issuers and Guarantors shall otherwise comply with all requirements set forth in the Security Documents with respect to control agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.10 <I>Information Regarding Collateral.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuers shall furnish to the Collateral Trustee, with respect to the Issuers or any Guarantor, promptly (and in any event within 30
days of such change) written notice of any change in such Person&#146;s (i)&nbsp;legal name, (ii)&nbsp;jurisdiction of organization or formation, (iii)&nbsp;type of legal entity or (iv)&nbsp;Organizational Identification Number. The Issuers and the
Guarantors agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code and any other applicable laws that are required in the Security Documents in order for the
Collateral to be made subject to the Lien of the Collateral Trustee under the Security Documents in the manner and to the extent required by this Indenture or any of the Security Documents and shall take
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">122 </P>


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all necessary action so that such Lien is perfected with the same priority as immediately prior to such change to the extent required by the Security Documents. The Issuers also agree promptly to
notify in writing the Collateral Trustee if any material portion of the Collateral is damaged, destroyed or condemned. The Trustee and the Collateral Trustee will have no obligation to maintain or monitor the perfection of liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each year, within 120 days after the end of the preceding fiscal year, the Issuers shall deliver to each of the trustee and the Collateral
Trustee a certificate of a financial officer setting forth the information required pursuant to the schedules required by the Security Documents or confirming that there has been no change in such information since the date of the prior annual
financial statements and an Opinion of Counsel as to continuation of perfected security interests. The trustee and the Collateral Trustee will have no obligation to maintain or monitor the perfection of liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.11 <I>Negative Pledge.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other than in respect of Permitted Liens, each Issuer and Guarantor will not, and the Company will not permit any of its Restricted
Subsidiaries to, further pledge the Collateral as security or otherwise. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 11 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTE GUARANTEES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01 <I>Subsidiary
Guarantee.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to this Article 11, each of the Guarantors hereby, jointly and severally, fully and unconditionally guarantees
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or
thereunder, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the principal of, and premium or interest, if any, on, the Notes will be promptly paid in full when
due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, or premium or interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any
Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to
require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenant that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by any of them to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, will
be reinstated in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other
hand, (1)&nbsp;the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (2)&nbsp;in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and
payable by the Guarantors for the purpose of this Subsidiary Guarantee. The Guarantors will have the right to seek contribution from any <FONT STYLE="white-space:nowrap">non-paying</FONT> Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Subsidiary Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02 <I>Limitation on Guarantor Liability.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Guarantor, and, by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03 <I>Execution and Delivery of Subsidiary Guarantee.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To evidence its Subsidiary Guarantee set forth in Section&nbsp;11.01 hereof, each Guarantor hereby agrees that a notation of such Subsidiary
Guarantee substantially in the form attached as Exhibit E1 hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of
its Officers. The failure to execute such Subsidiary Guarantee shall not affect the obligations of any Guarantor under such Subsidiary Guarantee or hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">124 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section&nbsp;11.01 hereof
will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an
Officer whose signature is on this Indenture or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee will be valid nevertheless.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Subsidiary
Guarantee set forth in this Indenture on behalf of the Guarantors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04 <I>Guarantors May Consolidate, etc., on Certain Terms.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) A Guarantor that is a Subsidiary of the Company may not sell or otherwise dispose of, in one or more related transactions, all or
substantially all of its properties or assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than either Issuer or another Guarantor, unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default exists; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) either (i)&nbsp;the Guarantor is the surviving Person or (ii)&nbsp;the Person acquiring the properties or assets in any
such sale or other disposition or the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) unconditionally assumes, pursuant to a supplemental indenture, all the obligations of that Guarantor under the Notes
and this Indenture, the Collateral Trust Agreement and its Subsidiary Guarantee on the terms set forth therein; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
such transaction complies with Section&nbsp;4.10 hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, any Guarantor may (i)&nbsp;merge with a
Restricted Subsidiary of the Company or another Guarantor solely for the purpose of reincorporating the Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof or (ii)&nbsp;convert into a corporation,
partnership, limited partnership, limited liability company or trust organized under the laws of the jurisdiction of organization of such Guarantor, in each case without regard to the requirements set forth in clause (1)&nbsp;of
Section&nbsp;11.04(a) hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor
Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or
all of the Subsidiary Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued will in all respects have the
same legal rank and benefit under this Indenture as the Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution
hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">125 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05 <I>Subsidiary Guarantee Releases.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Subsidiary Guarantee of a Guarantor will be released automatically and unconditionally without the need for any action by any party
(other than notice of such release to the Collateral Trustee, but the failure to deliver such notice shall not affect such release): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in connection with any sale or other disposition of all or substantially all of the properties or assets of that Guarantor
(including by way of merger, consolidation or otherwise) to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale or other disposition complies with Section&nbsp;4.10
hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in connection with any sale or other disposition of Capital Stock of that Guarantor (including by way of
consolidation, merger or otherwise) to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale or other disposition complies with Section&nbsp;4.10 hereof and the Guarantor
ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) if the Company
designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with Section&nbsp;4.17 hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this
Indenture in accordance with Article 12 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) solely in the case of a Subsidiary Guarantee created pursuant to
Section&nbsp;4.16 hereof, upon the release or discharge of the guarantee which resulted in the creation of such Subsidiary Guarantee pursuant to such covenant, except a discharge or release of such guarantee by or as a result of payment under such
guarantee (it being understood that a release subject to a contingent reinstatement is still a release); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) upon the
liquidation or dissolution of such Guarantor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) at such time as the Guarantor ceases to both (x)&nbsp;guarantee any
other Indebtedness of either of the Issuers and any other Guarantor and (y)&nbsp;be an obligor with respect to any Indebtedness under a Credit Facility; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) upon such Guarantor consolidating with, merging into or transferring all or substantially all of its properties or assets
to the Company or another Guarantor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Subsidiary Guarantee of any Guarantor will be released in connection with a sale of all or
substantially all of the assets of such Guarantor in a transaction that complies with the conditions set forth in Section&nbsp;11.04 hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">126 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Upon the release of a Subsidiary Guarantee in accordance with the terms of this
Section&nbsp;11.05, all Collateral owned by the related Guarantor will also be automatically released in accordance with the terms of Section&nbsp;10.06. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Upon delivery by the Company to the Trustee of an Officer&#146;s Certificate and an Opinion of Counsel to the effect that one or more
Subsidiary Guarantees may be released under the terms of the Indenture, the Trustee will execute any documents reasonably requested in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Any Guarantor not released from its obligations under its Subsidiary Guarantee as provided in this Section&nbsp;11.05 will remain liable
for the full amount of principal of, or premium or interest, if any, on, the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06 <I>Limited Guarantee of the Parent.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Parent hereby fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the principal of, and interest (but not premium), if any, on, the Notes will be promptly paid in full when due, whether at
Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, or interest (but not premium), if any, on, the Notes, if lawful, all in accordance with the terms hereof and thereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in case of any extension of time of payment or renewal of any Notes that principal and interest will be promptly paid in
full when due in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Failing payment when
due of any amount so guaranteed for whatever reason, the Parent will be obligated to pay the same immediately. The Parent agrees that this is a guarantee of payment and not a guarantee of collection. For the avoidance of doubt, and notwithstanding
any other provision of the Notes or this Indenture to the contrary, the Parent&#146;s guarantee under this Section&nbsp;11.06 relates only to the prompt payment in full when due of principal and interest (but not premium) on the Notes as provided in
clauses (1)&nbsp;and (2) of this Section&nbsp;11.06(a), but the Parent does not guarantee any other obligations under the Notes or under this Indenture including, without limitation, obligations under Sections 3.07, 3.08, 3.09, 4.10 or 4.15 hereof
or any of the redemption or repurchase provisions of the Notes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Parent hereby agrees that its obligation under this
Section&nbsp;11.06 is unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Parent hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and
covenant that its guarantee of the principal and interest due on the Notes under this Section&nbsp;11.06 will not be discharged except by payment in full of such principal and interest due. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">127 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers,
the Parent, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to any of the Issuers, the Parent or the Guarantors, any amount paid by the Parent to the Trustee or such Holder, the Parent&#146;s
guarantee of principal and interest due on the Notes, to the extent theretofore discharged, will be reinstated in full force and effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Parent agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed by the Parent hereby. The Parent further agrees that, as between the Parent, on the one hand, and the Holders and the Trustee, on the other hand, (1)&nbsp;the maturity of the
principal and interest guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of the Parent&#146;s guarantee of the Notes, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the principal and interest guaranteed hereby, and (2)&nbsp;in the event of any declaration of acceleration of such principal and interest as provided in Article 6 hereof, such principal and interest (whether or not due and payable) will
forthwith become due and payable by the Guarantors for the purpose of the Parent&#146;s guarantee of principal and interest due on the Notes. The Parent will have the right to seek contribution from any
<FONT STYLE="white-space:nowrap">non-paying</FONT> Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Parent&#146;s guarantee of principal and interest due on the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.07 <I>Execution and Delivery of Guarantee of the Parent.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To evidence its guarantee of the Notes set forth in Section&nbsp;11.06 hereof, the Parent hereby agrees that a notation of such guarantee
substantially in the form attached as Exhibit E2 hereto will be endorsed by an Officer of the Parent on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of the Parent by one of its Officers. The
failure to execute such notation of guarantee shall not affect the obligations of the Parent under Section&nbsp;11.06 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Parent
hereby agrees that its guarantee of the Notes set forth in Section&nbsp;11.06 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Officer whose signature is on this Indenture or on the notation of guarantee no longer holds that office at the time the Trustee
authenticates the Note on which a notation of guarantee is endorsed, the Parent&#146;s guarantee of the Notes will be valid nevertheless. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the notation of guarantee
set forth in this Indenture on behalf of the Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.08 <I>Release of the Parent</I><I>&#146;</I><I>s Guarantee of the Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Parent&#146;s guarantee of the Notes will be released automatically and unconditionally without the need for any action by any party
(other than notice of such release to the Collateral Trustee, but the failure to deliver such notice shall not affect such release): </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">128 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) upon Legal Defeasance or Covenant Defeasance in accordance with Article 8
hereof or satisfaction and discharge of this Indenture in accordance with Article 12 hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) upon the liquidation or
dissolution of the Parent; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) upon Parent consolidating with, merging into or transferring all or substantially all of
its properties or assets to the Company or a Guarantor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon delivery by the Company to the Trustee of an Officer&#146;s Certificate
and an Opinion of Counsel to the effect that the Parent&#146;s guarantee of the Notes may be released under the terms of the Indenture, the Trustee will execute any documents reasonably requested in order to evidence the release of the Parent from
its obligations under hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) So long as the Parent is not released from its obligations under guarantee of the Notes as provided
in this Section&nbsp;11.08 or Section&nbsp;9.02(e), it will remain liable for the full amount of principal of, or interest, if any, on, the Notes as provided in Section&nbsp;11.06 hereof. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 12 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SATISFACTION AND
DISCHARGE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.01 <I></I><I>Satisfaction and Discharge.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder (except as to surviving rights of
registration of transfer or exchange of the Notes and as otherwise specified herein), when: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has been deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for cancellation; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable or will become due and
payable within one year by reason of the mailing of a notice of redemption or otherwise or are to be called for redemption within one year under arrangements satisfactory to the Trustee and the Issuers or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, <FONT STYLE="white-space:nowrap">non-callable</FONT> Government Securities, or a combination of cash in U.S. dollars and <FONT
STYLE="white-space:nowrap">non-callable</FONT> Government Securities, in amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for
cancellation for principal, premium, if any, and accrued interest to the date of fixed maturity or redemption; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) no
Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any
similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">129 </P>


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any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted
Subsidiaries is bound (other than any such default resulting from any borrowing of funds to be applied to make the deposit and any similar simultaneous deposit relating to other Indebtedness, and the granting of Liens in connection therewith); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Issuers, the Parent or any Guarantor have paid or caused to be paid all sums payable by them under this Indenture; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of
the Notes at fixed maturity or the redemption date, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In addition, the Issuers must deliver an Officer&#146;s
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Upon a satisfaction and discharge e in accordance with this Article 12 the Collateral will be released from the Liens securing the Notes,
each Guarantor will be released and relieved from its Subsidiary Guarantee and the Parent will be released and relieved from the Parent Guarantee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to
Section&nbsp;12.01(a)(1)(b), the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section&nbsp;12.01 will be deemed to discharge those provisions of Section&nbsp;7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.02 <I></I><I>Application of Trust Money.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provisions of Section&nbsp;8.06 hereof, all money deposited with the Trustee pursuant to Section&nbsp;12.01 hereof shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal, premium, if any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section&nbsp;12.01 hereof by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company&#146;s and any Guarantor&#146;s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;12.01 hereof; <I>provided</I> that if the Company has made any payment of principal of, premium on, if any, or interest, if any, on,
any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">130 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 13 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MISCELLANEOUS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.01
<I></I><I>Relation to Trust Indenture Act.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indenture shall not be qualified under or otherwise subject to the TIA, but specific
provisions of the TIA referred to in Section&nbsp;2.05 hereof, Article 7 hereof and this Article 13 are made part of the contractual terms of this Indenture by such references. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.02 <I></I><I>Notices.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any
notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), electronic mailing, facsimile
transmission or overnight air courier guaranteeing next day delivery, to the others&#146; address: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to the Issuers, the Parent and/or
any Guarantor: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Par Pacific Holdings, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">800 Gessner Rd., Suite 875 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile:
(832) <FONT STYLE="white-space:nowrap">518-5203</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Porter Hedges
LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1000 Main St., 36<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile:
(713) <FONT STYLE="white-space:nowrap">226-6249</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: E. James Cowen </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to the Trustee: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Wilmington
Trust, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">15950 N. Dallas Parkway, Suite 550 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75248 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile
No.: (888) <FONT STYLE="white-space:nowrap">316-6238</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Shawn Goffinet </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">131 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to the Collateral Trustee: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Wilmington Trust, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">15950 N.
Dallas Parkway, Suite 550 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75248 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (888) <FONT STYLE="white-space:nowrap">316-6238</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Shawn Goffinet </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Issuers, the Parent, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted electronically or by facsimile; and the next Business Day after timely delivery to the courier, if sent
by overnight air courier guaranteeing next day delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice or communication to a Holder will be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will
not affect its sufficiency with respect to other Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a notice or communication is mailed in the manner provided above within the
time prescribed, it is duly given, whether or not the addressee receives it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Issuers mail a notice or communication to Holders,
they will mail a copy to the Trustee and each Agent at the same time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything herein to the contrary, where this
Indenture provides for notice to Holders in any manner, such notice may be sent or transmitted to Holders in any manner that is in accordance with the then effective procedures of the Depositary and shall deemed sufficient giving of such notice for
every purpose hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03 <I>Communication by Holders of Notes with Other Holders of Notes.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders may communicate pursuant to TIA &#167;312(b) with other Holders with respect to their rights under this Indenture or the Notes. The
Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA &#167;312(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.04 <I></I><I>Certificate and Opinion
as to Conditions Precedent.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the
Issuers shall furnish to the Trustee: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) an Officer&#146;s Certificate in form and substance reasonably satisfactory to
the Trustee (which must include the statements set forth in Section&nbsp;13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have
been satisfied; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">132 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section&nbsp;13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.05 <I></I><I>Statements Required in Certificate or Opinion.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) a statement that the Person making such certificate or opinion has read such covenant or condition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.06 <I>Rules by Trustee and Agents.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.07 <I>No Personal Liability of Directors, Officers, Employees and Stockholders.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No past, present or future director, officer, partner, employee, incorporator, manager or stockholder or other owner of Capital Stock of the
Issuers, the Parent or any Guarantor or any direct or indirect parent of the Company, as such, will have any liability for any obligations of the Issuers or any Guarantor under the Notes, this Indenture, the Security Documents or the Subsidiary
Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.08 <I>Governing Law.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. EACH OF THE ISSUERS,
THE GUARANTORS, 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 NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">133 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.09 <I>No Adverse Interpretation of Other Agreements.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.10 <I>Successors.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All agreements of the Issuers in this Indenture and the Notes will bind their respective successors. All agreements of the Trustee in this
Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section&nbsp;11.05 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.11 <I>Severability.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In case
any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.12 <I>Counterpart Originals.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronically including by PDF transmission shall constitute effective execution and delivery of this Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or electronically including by PDF transmission shall be deemed to be their original signatures for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.13 <I>Table of Contents, Headings, etc.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.14 <I>Payment </I><I>Date Other Than a Business Day</I><I>.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any payment with respect to any principal of, premium on, if any, or interest on any Note (including any payment to be made on any date
fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no
interest will accrue for the intervening period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.15 <I>Evidence of Action by Holders</I><I>.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take action
(including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the time of taking any such action the Holders of such specified percentage have joined
therein may be evidenced (a)&nbsp;by any instrument or any number of instruments of similar tenor executed by Holders in person or by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">134 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
agent or proxy appointed in writing, (b)&nbsp;by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with procedures approved by the
Trustee, (c)&nbsp;by a combination of such instrument or instruments and any such record of such a meeting of Holders or (d)&nbsp;in the case of Notes evidenced by a Global Note, by any electronic transmission or other message, whether or not in
written format, that complies with the Depositary&#146;s applicable procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.16 <I>Force </I><I>Majeure</I><I>.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In no event shall the Trustee or Collateral 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 or Collateral Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.17 <I>U.S.A. PATRIOT Act.</I><I>
</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto acknowledge that in accordance with Section&nbsp;326 of the U.S.A. PATRIOT Act, the Trustee and the Collateral
Trustee are 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 or the Collateral Trustee. The parties to this Indenture agree that they
will provide the Trustee and the Collateral Trustee with such information as they may reasonably request in order for them to satisfy the requirements of the U.S.A. PATRIOT Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signatures on following pages] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">135 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated as of December&nbsp;21, 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>ISSUERS:</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR PETROLEUM, LLC</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp;Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR PETROLEUM FINANCE CORP.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp;Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>PARENT:</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR PACIFIC HOLDINGS, INC.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GUARANTORS:</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR HAWAII, INC.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jim R. Yates</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Jim R. Yates</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GUARANTORS:</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HIE RETAIL, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PAR HAWAII REFINING, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR WYOMING HOLDINGS, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;&nbsp;Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">MID PAC PETROLEUM, LLC</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PAR HAWAII SHARED SERVICES, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR WYOMING, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp;&nbsp;Vice President</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">HERMES CONSOLIDATED, LLC</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WYOMING PIPELINE COMPANY LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. Matthew Vaughn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: J. Matthew Vaughn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp;&nbsp;Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TRUSTEE:</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WILMINGTON TRUST, NATIONAL ASSOCIATION</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shawn Goffinet</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Shawn Goffinet</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Assistant Vice President</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COLLATERAL TRUSTEE:</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WILMINGTON TRUST, NATIONAL ASSOCIATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shawn Goffinet</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Shawn Goffinet</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;&nbsp;Assistant Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ACE</SMALL> <SMALL>OF</SMALL> N<SMALL>OTE</SMALL>] </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP/ISIN ____________ </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7.750% S<SMALL>ENIOR</SMALL> S<SMALL>ECURED</SMALL> N<SMALL>OTES</SMALL> <SMALL>DUE</SMALL> 2025 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$____________</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR PETROLEUM, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR PETROLEUM FINANCE CORP. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">promise to
pay to Cede&nbsp;&amp; Co.<B><I> </I></B>or registered assigns, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the principal sum of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOLLARS on
December&nbsp;15, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Interest Payment Dates: June&nbsp;15 and December&nbsp;15 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Record Dates: June&nbsp;1 and December&nbsp;1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PAR PETROLEUM, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PAR PETROLEUM FINANCE CORP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is one of the Notes referred to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in the within-mentioned Indenture: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[B<SMALL>ACK</SMALL> <SMALL>OF</SMALL> N<SMALL>OTE</SMALL>] </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7.750% S<SMALL>ENIOR</SMALL> S<SMALL>ECURED</SMALL> N<SMALL>OTES</SMALL> <SMALL>DUE</SMALL> 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<I>Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture</I>] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<I>Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture</I>] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>I<SMALL>NTEREST</SMALL></I><SMALL></SMALL>. Par Petroleum, LLC, a Delaware limited liability company (the
&#147;<I>Company</I>&#148;), and Par Petroleum Finance Corp., a Delaware corporation (&#147;<I>Finance Corp.</I>&#148; and, together with the Company, the &#147;<I>Issuers</I>&#148;), jointly and severally promise to pay or cause to be paid interest
on the principal amount of this Note at 7.750% per annum from December&nbsp;21, 2017 until maturity. The Issuers will pay interest semi-annually in arrears on June&nbsp;15 and December&nbsp;15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an &#147;<I>Interest Payment Date</I>&#148;). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
<I>provided</I> that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; <I>provided further</I>
that the first Interest Payment Date shall be June&nbsp;15, 2018. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate then in effect to the extent lawful; they
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Interest will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year comprised of twelve <FONT
STYLE="white-space:nowrap">30-day</FONT> months. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>M<SMALL>ETHOD</SMALL> <SMALL>OF</SMALL>
P<SMALL>AYMENT</SMALL></I><SMALL></SMALL>. The Issuers will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the June&nbsp;1 or December&nbsp;1 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section&nbsp;2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to
principal, premium, if any, and interest at the office or agency of the Paying Agent and Registrar within the City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their
addresses set forth in the register of Holders; <I>provided</I> that payment by wire transfer of immediately available funds will be required with respect to principal of, premium on, if any, and interest on, all Global Notes and all other Notes the
Holders of which will have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>P<SMALL>AYING</SMALL> A<SMALL>GENT</SMALL> <SMALL>AND</SMALL>
R<SMALL>EGISTRAR</SMALL></I><SMALL></SMALL>. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change the Paying Agent or Registrar without prior notice to the
Holders of the Notes. The Issuers or any of the Subsidiaries of the Company may act as Paying Agent or Registrar. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <I>I<SMALL>NDENTURE</SMALL></I><SMALL></SMALL>. The Issuers issued the Notes
under an Indenture dated as of December&nbsp;21, 2017 (the &#147;<I>Indenture</I>&#148;) among the Issuers, the Guarantors, the Trustee and the Collateral Trustee. The terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are secured obligations of the Issuers limited to $300.0&nbsp;million in aggregate principal amount in the case of the Initial Notes. The Indenture does not
limit the aggregate principal amount of Additional Notes that may be issued thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <I>O<SMALL>PTIONAL</SMALL>
R<SMALL>EDEMPTION</SMALL></I><SMALL><I></I></SMALL><I>.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At any time prior to December&nbsp;15, 2020, the Company
may on one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes), upon not less than 30 nor more than 60 days&#146; notice, at a redemption price equal to 107.750%
of the principal amount of the Notes redeemed, 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 an interest payment date that is on or prior to
the redemption date), with an amount equal to all or a portion of the net cash proceeds of one or more Equity Offerings, <I>provided</I> that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) at least 65% of the aggregate principal amount of the Notes issued under the Indenture (including any Additional Notes)
remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the redemption occurs within 180 days of the date of the closing of such Equity Offering. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Prior to December&nbsp;15, 2020, the Issuers may on one or more occasions redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days&#146; notice, at a redemption price equal to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the principal amount thereof; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Make Whole Premium at the redemption date; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on an interest payment date that is on or prior to the redemption date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The
Issuers may redeem all (but not a portion of) the Notes when permitted by, and pursuant to the conditions in, Section&nbsp;4.15(i) of the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except pursuant to the preceding paragraphs, the Notes will not be redeemable at the Issuers&#146; option prior to
December&nbsp;15, 2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) On or after December&nbsp;15, 2020, the Company may on one or more occasions
redeem all or a part of the Notes, upon not less than 30 nor more than 60 days&#146; notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the Notes to be
redeemed, to the applicable date of redemption (subject to the rights of Holders on the relevant record date to receive interest on an interest payment date that is on or prior to the redemption date), if redeemed during the twelve month period
beginning on December&nbsp;15 of the years indicated below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:15.55pt; font-size:8pt; font-family:Times New Roman">Year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Percentage</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105.813</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103.875</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101.938</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2023 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) <I>M<SMALL>ANDATORY</SMALL> R<SMALL>EDEMPTION</SMALL></I><SMALL><I></I></SMALL><I>. </I>The
Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)
<I>R<SMALL>EPURCHASE</SMALL> <SMALL>AT</SMALL> <SMALL>THE</SMALL> O<SMALL>PTION</SMALL> <SMALL>OF</SMALL> H<SMALL>OLDER</SMALL></I><SMALL><I></I></SMALL><I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If there is a Change of Control, the Company will be required to make an offer (a &#147;<I>Change of Control
Offer</I>&#148;) to each Holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder&#146;s Notes at a purchase price in cash equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest, if any, thereon to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of
Control, the Company will send a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sale, the Company may be required as set
forth in the Indenture to apply Excess Proceeds to make an Asset Sale Offer to all Holders of Notes and all holders of Pari Passu Indebtedness containing provisions similar to those set forth in the Indenture with respect to offers to purchase.
Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled &#147;<I>Option of Holder
to Elect Purchase</I>&#148; attached to the Notes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) <I>N<SMALL>OTICE</SMALL> <SMALL>OF</SMALL>
R<SMALL>EDEMPTION</SMALL></I><SMALL></SMALL>. At least 30 days but not more than 60 days before a redemption date, the Company will send electronically, mail or cause to be mailed, by first class mail, or provide in accordance with the procedures of
the Depositary, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 12 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of
the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Redemptions may be subject to one or more conditions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) <I>D<SMALL>ENOMINATIONS</SMALL>, T<SMALL>RANSFER</SMALL>,
E<SMALL>XCHANGE</SMALL></I><SMALL></SMALL>. The Notes are in registered form in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the
Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the
transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date or tendered and not withdrawn in connection
with a Change of Control Offer or Asset Sale Offer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) <I>C<SMALL>OLLATERAL</SMALL>.</I> The Notes will be secured by
the Collateral on the terms and subject to the conditions set forth in the Indenture and the Security Documents. The Collateral Trustee holds the Collateral in trust for the benefit of itself, the Trustee and the Holders of the Notes pursuant to the
Security Documents. Each Holder, by accepting this Note, consents and agrees to the terms of the Security Documents (including the provisions providing for the foreclosure and release of Collateral) as the same may be in effect or may be amended
from time to time in accordance with their terms and the Indenture and authorizes and directs the Trustee and/or the Collateral Trustee, as applicable, to enter into the Security Documents, and to perform their respective obligations and exercise
their respective rights thereunder in accordance therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) <I>P<SMALL>ERSONS</SMALL> D<SMALL>EEMED</SMALL>
O<SMALL>WNERS</SMALL></I><SMALL></SMALL>. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) <I>A<SMALL>MENDMENT</SMALL>, S<SMALL>UPPLEMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL></I><SMALL></SMALL>.
Subject to certain exceptions, the Indenture, the Notes, the Subsidiary Guarantees or the Security Documents may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes, the Subsidiary Guarantees or the Security Documents may be waived with the
consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of Notes, the Indenture, the Notes, the Subsidiary
Guarantees or the Security Documents may be amended or supplemented as provided in the Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13)
<I>D<SMALL>EFAULTS</SMALL> <SMALL>AND</SMALL> R<SMALL>EMEDIES</SMALL></I><SMALL></SMALL>. The Events of Default relating to the Notes are defined in Section&nbsp;6.01 of the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) <I>T<SMALL>RUSTEE</SMALL> D<SMALL>EALINGS</SMALL> <SMALL>WITH</SMALL> C<SMALL>OMPANY</SMALL></I><SMALL></SMALL>. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) <I>N<SMALL>O</SMALL> R<SMALL>ECOURSE</SMALL> A<SMALL>GAINST</SMALL> O<SMALL>THERS</SMALL></I><SMALL></SMALL>. No past,
present or future director, officer, partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the Issuers or any Guarantor or any direct or indirect parent of the Company, as such, will have any liability for any
obligations of the Issuers or any Guarantor under the Notes, the Indenture, the Notes Documents or the Subsidiary Guarantees, or any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) <I>A<SMALL>UTHENTICATION</SMALL></I><SMALL></SMALL>. This Note will not be
valid until authenticated by the manual signature of the Trustee or an authenticating agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17)
<I>A<SMALL>BBREVIATIONS</SMALL></I><SMALL></SMALL>. 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 right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) <I>CUSIP
N<SMALL>UMBERS</SMALL></I><SMALL></SMALL>. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP
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 Notes or as contained in any notice of redemption, and reliance may be placed only on the other
identification numbers placed thereon. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) <I>GOVERNING LAW.</I> THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Par Pacific Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">800
Gessner Rd., Suite 875 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile: (832) <FONT STYLE="white-space:nowrap">518-5203</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>SSIGNMENT</SMALL> F<SMALL>ORM</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To assign this Note, fill in the form below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(I) or (we) assign and transfer this Note
to:<U></U>&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">(Insert assignee&#146;s legal name)</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Insert assignee&#146;s soc. sec. or tax I.D. no.) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Print or type assignee&#146;s name,
address and zip code) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>and irrevocably
appoint&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to transfer this Note on the books of the Company. The agent may substitute another to act for him. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: _______________ </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="68%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Your&nbsp;Signature:&nbsp;<U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;(Sign&nbsp;exactly&nbsp;as&nbsp;your&nbsp;name&nbsp;appears&nbsp;on&nbsp;the&nbsp;face&nbsp;of&nbsp;this&nbsp;Note)</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Guarantee*:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>O<SMALL>PTION</SMALL> <SMALL>OF</SMALL> H<SMALL>OLDER</SMALL> <SMALL>TO</SMALL>
E<SMALL>LECT</SMALL> P<SMALL>URCHASE</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you want to elect to have this Note purchased by the Company pursuant to
Section&nbsp;4.10 or 4.15 of the Indenture, check the appropriate box below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;&nbsp;&nbsp;Section&nbsp;4.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Section&nbsp;4.15 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you want to elect to have
only part of the Note purchased by the Company pursuant to Section&nbsp;4.10 or Section&nbsp;4.15 of the Indenture, state the amount you elect to have purchased: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="68%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Your&nbsp;Signature:&nbsp;<U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;(Sign&nbsp;exactly&nbsp;as&nbsp;your&nbsp;name&nbsp;appears&nbsp;on&nbsp;the&nbsp;face&nbsp;of&nbsp;this&nbsp;Note)</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Tax Identification No.:
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Guarantee*:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> <SMALL>OF</SMALL> E<SMALL>XCHANGES</SMALL> <SMALL>OF</SMALL>
I<SMALL>NTERESTS</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> G<SMALL>LOBAL</SMALL> N<SMALL>OTE</SMALL>* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:57.30pt; font-size:8pt; font-family:Times New Roman">Date of Exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Amount of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">decrease in</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Principal Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">of this Global Note</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Amount of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">increase in</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Principal Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">of this Global Note</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Principal Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">of this Global Note<BR>following such</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">decrease</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">(or increase)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Signature of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">authorized</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">signatory of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Trustee or</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Custodian</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"><I>This schedule should be included only if the Note is issued in global form</I>. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF CERTIFICATE OF TRANSFER] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Par Pacific
Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800 Gessner Rd., Suite 875 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas
77024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile: (832) <FONT STYLE="white-space:nowrap">518-5203</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilmington Trust, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15950 N. Dallas Parkway, Suite 550 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75248 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile No.: (888) <FONT STYLE="white-space:nowrap">316-6238</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Shawn Goffinet </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Re: 7.750% Senior
Secured Notes due 2025 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Indenture, dated as of December&nbsp;21, 2017 (the &#147;<I>Indenture</I>&#148;),
among Par Petroleum, LLC, a Delaware limited liability company (the &#147;<I>Company</I>&#148;), Par Petroleum Finance Corp., a Delaware corporation (together with the Company, the &#147;<I>Issuers</I>&#148;), Par Pacific Holdings, Inc., a Delaware
corporation (the &#147;<I>Parent</I>&#148;), the Guarantors party thereto, Wilmington Trust, National Association, as trustee, and Wilmington Trust, National Association, as collateral trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, (the &#147;<I>Transferor</I>&#148;) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in such Note[s] or interests (the &#147;<I>Transfer</I>&#148;), to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &#147;<I>Transferee</I>&#148;), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[CHECK ALL THAT APPLY] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. &#9744; <B><U>Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note
pursuant to Rule 144A</U></B>. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and each such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer
is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. &#9744; <B><U>Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S</U></B>. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i)&nbsp;the Transfer is not being
made to a Person in the United States and (x)&nbsp;at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y)&nbsp;the transaction was executed in, on or through the facilities of a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii)&nbsp;no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act and (iii)&nbsp;the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private
Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. &#9744; <B><U>Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive
Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S</U></B>. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#9744; such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#9744;
such Transfer is being effected to the Company or a subsidiary thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#9744; such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in
compliance with the prospectus delivery requirements of the Securities Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#9744; such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the
Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by
(1)&nbsp;a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2)&nbsp;an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the
effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. &#9744; <B><U>Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted
Definitive Note</U></B>. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#9744; <B>Check if Transfer is pursuant to Rule 144</B>. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii)&nbsp;the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#9744; <B>Check if Transfer is Pursuant to Regulation S</B>. (i)&nbsp;The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii)&nbsp;the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#9744; <B>Check if Transfer is Pursuant to Other Exemption</B>. (i)&nbsp;The Transfer is being effected pursuant to and in compliance with
an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii)&nbsp;the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This certificate and the statements contained herein are made for your benefit. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Insert Name of Transferor]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ANNEX A TO CERTIFICATE OF TRANSFER </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Transferor owns and proposes to transfer the following: </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[CHECK ONE OF (a)&nbsp;OR (b)]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(a) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;a beneficial interest in the: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;144A Global Note (CUSIP
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>), or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii)
&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Regulation S Global Note (CUSIP <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>), or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;IAI Global Note (CUSIP _________); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(b) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;a Restricted Definitive Note. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">After the Transfer the Transferee will hold: </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[CHECK ONE] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(a) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;a beneficial interest in the: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;144A Global Note (CUSIP _________), or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;Regulation S Global Note (CUSIP _________), or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;IAI Global Note (CUSIP _________); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iv) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;Unrestricted Global Note (CUSIP _________); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(b) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;a Restricted Definitive Note; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(c) &#9744;&nbsp;&nbsp;&nbsp;&nbsp;an Unrestricted Definitive Note, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">in accordance with the terms of the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF CERTIFICATE OF EXCHANGE] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Par Pacific
Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800 Gessner Rd., Suite 875 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas
77024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile: (832) <FONT STYLE="white-space:nowrap">518-5203</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilmington Trust, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15950 N. Dallas Parkway, Suite 550 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75248 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile No.: (888) <FONT STYLE="white-space:nowrap">316-6238</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Shawn Goffinet </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Re: 7.750% Senior
Secured Notes due 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CUSIP:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Indenture, dated as of December&nbsp;21, 2017 (the &#147;<I>Indenture</I>&#148;), among Par Petroleum, LLC, a
Delaware limited liability company (the &#147;<I>Company</I>&#148;), Par Petroleum Finance Corp., a Delaware corporation (together with the Company, the &#147;<I>Issuers</I>&#148;), Par Pacific Holdings, Inc., a Delaware corporation (the
&#147;<I>Parent</I>&#148;), the Guarantors party thereto, Wilmington Trust, National Association, as trustee, and Wilmington Trust, National Association, as collateral trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, (the &#147;<I>Owner</I>&#148;) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in such Note[s] or interests (the &#147;<I>Exchange</I>&#148;). In connection with the Exchange, the Owner hereby certifies
that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive
Notes or Beneficial Interests in an Unrestricted Global Note</U></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#9744; <B>Check if Exchange is from beneficial interest in a
Restricted Global Note to beneficial interest in an Unrestricted Global Note</B>. In connection with the Exchange of the Owner&#146;s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an
equal principal amount, the Owner hereby certifies (i)&nbsp;the beneficial interest is being acquired for the Owner&#146;s own account without transfer, (ii)&nbsp;such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv)&nbsp;the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#9744; <B>Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note</B>. In
connection with the Exchange of the Owner&#146;s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i)&nbsp;the Definitive Note is being acquired for the Owner&#146;s own account without
transfer, (ii)&nbsp;such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii)&nbsp;the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv)&nbsp;the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of
the United States. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#9744; <B>Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note</B>. In connection with the Owner&#146;s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i)&nbsp;the beneficial interest is being acquired for
the Owner&#146;s own account without transfer, (ii)&nbsp;such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii)&nbsp;the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv)&nbsp;the beneficial interest is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#9744; <B>Check if Exchange is from Restricted Definitive Note to
Unrestricted Definitive Note</B>. In connection with the Owner&#146;s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i)&nbsp;the Unrestricted Definitive Note is being acquired for the
Owner&#146;s own account without transfer, (ii)&nbsp;such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii)&nbsp;the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv)&nbsp;the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Exchange of Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes</U></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
&#9744; <B>Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.</B> In connection with the Exchange of the Owner&#146;s beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner&#146;s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#9744; <B>Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note</B>. In connection with
the Exchange of the Owner&#146;s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] &#9744; 144A Global Note, &#9744; Regulation S Global Note, &#9744; IAI Global Note with an equal principal amount, the Owner hereby certifies
(i)&nbsp;the beneficial interest is being acquired for the Owner&#146;s own account without transfer and (ii)&nbsp;such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This certificate and the statements contained herein are made for your benefit and the benefit of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Insert Name of Transferor]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF CERTIFICATE FROM </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Par
Pacific Holdings, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800 Gessner Rd., Suite 875 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston,
Texas 77024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile: (832) <FONT STYLE="white-space:nowrap">518-5203</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilmington Trust, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15950 N. Dallas Parkway, Suite 550 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75248 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facsimile No.: (888) <FONT STYLE="white-space:nowrap">316-6238</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Shawn Goffinet </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Re: 7.750% Senior
Secured Notes due 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Indenture, dated as of December&nbsp;21, 2017 (the &#147;<I>Indenture</I>&#148;),
among Par Petroleum, LLC, a Delaware limited liability company (the &#147;<I>Company</I>&#148;), Par Petroleum Finance Corp., a Delaware corporation (together with the Company, the &#147;<I>Issuers</I>&#148;), Par Pacific Holdings, Inc., a Delaware
corporation (the &#147;<I>Parent</I>&#148;), the Guarantors party thereto, Wilmington Trust, National Association, as trustee, and Wilmington Trust, National Association, as collateral trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with our proposed purchase of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
&#9744; a beneficial interest in a Global Note, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#9744; a Definitive Note, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">we confirm that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the
Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we
will do so only (A)&nbsp;to the Company or any subsidiary thereof, (B)&nbsp;in accordance with Rule 144A under the Securities Act to a &#147;qualified institutional buyer&#148; (as defined therein), (C) to an institutional &#147;accredited
investor&#148; (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if such transfer is in respect
of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D)&nbsp;outside the United
States in accordance with Rule 904 of Regulation S under the Securities Act, (E)&nbsp;pursuant to the provisions of Rule 144 under the Securities Act or (F)&nbsp;pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A)&nbsp;through (E) of this paragraph a notice advising such purchaser that
resales thereof are restricted as stated herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. We are an institutional &#147;accredited
investor&#148; (as defined in Rule 501(a)(1), (2), (3) or (7)&nbsp;of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is
an institutional &#147;accredited investor&#148;) as to each of which we exercise sole investment discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Insert Name of Accredited Investor]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT E1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF NOTATION OF SUBSIDIARY GUARANTEE] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture dated as of December&nbsp;21, 2017 (the &#147;<I>Indenture</I>&#148;), among Par Petroleum, LLC (the &#147;<I>Company</I>&#148;), Par Petroleum Finance Corp. (together with the Company, the
&#147;<I>Issuers</I>&#148;), the Guarantors party thereto, Wilmington Trust, National Association, as trustee (the &#147;<I>Trustee</I>&#148;), and Wilmington Trust, National Association, as collateral trustee (the &#147;<I>Collateral
Trustee</I>&#148;), (a) the due and punctual payment of the principal of, or premium or interest, if any, on, the Notes, whether at stated maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue
principal of, or premium or interest, if any, on, the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Issuers to the Holders or the Trustee or the Collateral Trustee all in accordance with the terms of
the Indenture and (b)&nbsp;in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee and the Collateral Trustee pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth
in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not defined herein have the meanings given to them in the Indenture. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[N<SMALL>AME</SMALL> <SMALL>OF</SMALL> G<SMALL>UARANTOR</SMALL>(<SMALL>S</SMALL>)]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E1-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT E2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF NOTATION OF PARENT GUARANTEE] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For value received, Par Pacific Holdings, Inc., a Delaware corporation (the &#147;<I>Parent</I>&#148;) has unconditionally guaranteed, to the
extent set forth in the Indenture dated as of December&nbsp;21, 2017 (the &#147;<I>Indenture</I>&#148;) among Par Petroleum, LLC (the &#147;<I>Company</I>&#148;), Par Petroleum Finance Corp. (together with the Company, the
&#147;<I>Issuers</I>&#148;), the Parent, the Guarantors party thereto, Wilmington Trust, National Association, as trustee (the &#147;<I>Trustee</I>&#148;), and Wilmington Trust, National Association, as collateral trustee (the &#147;<I>Collateral
Trustee</I>&#148;), (a) the due and punctual payment of the principal of, or interest (but not premium), if any, on, the Notes, whether at stated maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue
principal of, or interest (but not premium), if any, on, the Notes, if any, if lawful, and (b)&nbsp;in case of any extension of time of payment or renewal of any Notes that principal and interest will be promptly paid in full when due in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The limited obligations of the Parent to the Holders of Notes and to the Trustee pursuant to its guarantee of principal and interest only on the
Notes are expressly set forth in Section&nbsp;11.06 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Parent&#146;s guarantee of the principal and interest due and payable on the Notes. In the event of any
conflict between this notation of the Parent Guaranty and the terms of Section&nbsp;11.06 of the Indenture, Section&nbsp;11.06 of the Indenture shall be controlling. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not defined herein have the meanings given to them in the Indenture. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PAR PACIFIC HOLDINGS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E2-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT F </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF SUPPLEMENTAL INDENTURE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE DELIVERED BY SUBSEQUENT GUARANTORS] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL> (this &#147;<I>Supplemental Indenture</I>&#148;), dated as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, among
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &#147;<I>Guaranteeing Subsidiary</I>&#148;), a subsidiary of Par Petroleum, LLC (or its permitted successor), a Delaware
limited liability company (the &#147;<I>Company</I>&#148;), the Company, Par Petroleum Finance Corp., a Delaware corporation (together with the Company, the &#147;<I>Issuers</I>&#148;), Par Pacific Holdings, Inc., a Delaware corporation (the
&#147;<I>Parent</I>&#148;), the other Guarantors (as defined in the Indenture referred to herein), Wilmington Trust, National Association, as trustee under the Indenture referred to below (the &#147;<I>Trustee</I>&#148;), and Wilmington Trust,
National Association, as collateral trustee. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S E T H </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture (the &#147;<I>Indenture</I>&#148;), dated as of
December&nbsp;21, 2017, providing for the issuance of 7.750% Senior Secured Notes due 2025 (the &#147;<I>Notes</I>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers&#146;
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the &#147;<I>Subsidiary Guarantee</I>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. C<SMALL>APITALIZED</SMALL> T<SMALL>ERMS</SMALL>. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. A<SMALL>GREEMENT</SMALL> <SMALL>TO</SMALL> G<SMALL>UARANTEE</SMALL>. The Guaranteeing Subsidiary hereby agrees to
provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Subsidiary Guarantee and in the Indenture including but not limited to Article 11 thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. N<SMALL>O</SMALL> R<SMALL>ECOURSE</SMALL> A<SMALL>GAINST</SMALL> O<SMALL>THERS</SMALL>. No past, present or future director, officer,
partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the Issuers or any Guarantor or any direct or indirect parent of the Company, as such, will have any liability for any obligations of the Issuers or any
Guarantor under the Notes, this Indenture, the Notes Documents or the Subsidiary Guarantees, or any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. NEW YORK LAW TO GOVERN. THE INTERNAL
LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. C<SMALL>OUNTERPARTS</SMALL>. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent 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 for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. E<SMALL>FFECT</SMALL> <SMALL>OF</SMALL> H<SMALL>EADINGS</SMALL>. The Section headings herein are for convenience only and
shall not affect the construction hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. T<SMALL>HE</SMALL> T<SMALL>RUSTEE</SMALL>. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature pages follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[G<SMALL>UARANTEEING</SMALL> S<SMALL>UBSIDIARY</SMALL>]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[P<SMALL>AR</SMALL> P<SMALL>ETROLEUM</SMALL>, LLC]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[P<SMALL>AR</SMALL> P<SMALL>ETROLEUM</SMALL> F<SMALL>INANCE</SMALL> C<SMALL>ORP</SMALL>.]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[E<SMALL>XISTING</SMALL> G<SMALL>UARANTORS</SMALL>]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[C<SMALL>OLLATERAL</SMALL> T<SMALL>RUSTEE</SMALL>],</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Collateral Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[T<SMALL>RUSTEE</SMALL>],</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-3 </P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>d466275dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Execution Version</I></B><B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LOAN AND SECURITY AGREEMENT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of December&nbsp;21, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR PETROLEUM, LLC</B>, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR HAWAII, INC., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MID
PAC PETROLEUM, LLC</B>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HIE RETAIL, LLC, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HERMES CONSOLIDATED, LLC</B>, and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WYOMING PIPELINE COMPANY LLC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Borrowers </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANK OF AMERICA, N.A</B>., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Administrative Agent </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN FINANCIAL INSTITUTIONS</B>, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Lenders </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANK OF AMERICA, N.A</B>., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Sole Lead Arranger and Sole Bookrunner </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>KEYBANK NATIONAL ASSOCIATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Syndication Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B>Page<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DEFINITIONS; RULES OF CONSTRUCTION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Accounting Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Uniform Commercial Code</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Certain Matters of Construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CREDIT FACILITIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Commitment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Letter of Credit Facility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">INTEREST, FEES AND CHARGES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Computation of Interest, Fees, Yield Protection</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reimbursement Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Illegality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Inability to Determine Rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Increased Costs; Capital Adequacy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Mitigation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Funding Losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">3.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Maximum Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LOAN ADMINISTRATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Manner of Borrowing and Funding Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Defaulting Lender</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Number and Amount of LIBOR Loans; Determination of Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Borrower Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">One Obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Effect of Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PAYMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Payment Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Repayment of Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Payment of Other Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Marshaling; Payments Set Aside</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Application and Allocation of Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Dominion Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Account Stated</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Lender Tax Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Nature and Extent of Each Borrower&#146;s Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CONDITIONS PRECEDENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Conditions Precedent to Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Conditions Precedent to All Credit Extensions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COLLATERAL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Grant of Security Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Lien on Deposit Accounts; Securities Accounts; Cash Collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Other Collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Limitations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Further Assurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Certain Limited Exclusions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">7.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Collateral Rights Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>

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<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COLLATERAL ADMINISTRATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Borrowing Base Reports</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Proceeds of Notes Collateral</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Deposit Accounts; Securities Accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">8.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Power of Attorney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REPRESENTATIONS AND WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Complete Disclosure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COVENANTS AND CONTINUING AGREEMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Affirmative Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Negative Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">10.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Financial Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GUARANTY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Guaranty</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Setoff or Deductions; Taxes; Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Rights of Secured Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Certain Waivers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Obligations Independent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Subrogation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Termination; Reinstatement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Subordination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Stay of Acceleration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Condition of Obligors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">11.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Additional Guarantors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EVENTS OF DEFAULT; REMEDIES ON DEFAULT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Events of Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Remedies upon Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">License</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Setoff</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">12.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Remedies Cumulative; No Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ADMINISTRATIVE AGENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Appointment, Authority and Duties of Administrative Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Agreements Regarding Collateral and Borrower Materials</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reliance By Administrative Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Action Upon Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Ratable Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Limitation on Responsibilities of Administrative Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Successor Administrative Agent and <FONT STYLE="white-space:nowrap">Co-Agents</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Due Diligence and <FONT STYLE="white-space:nowrap">Non-Reliance</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Remittance of Payments and Collections</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Individual Capacities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Titles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Bank Product Providers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Collateral Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">13.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Third Party Beneficiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BENEFIT OF AGREEMENT; ASSIGNMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(ii) </P>


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<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">14.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Successors and Assigns</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">14.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Participations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">14.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Assignments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">14.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Replacement of Certain Lenders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Section&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Consents, Amendments and Waivers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Notices and Communications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Performance of Borrowers&#146; Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Credit Inquiries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Cumulative Effect; Conflict of Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Counterparts; Execution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Entire Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Relationship with Lenders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Advisory or Fiduciary Responsibility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Confidentiality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">GOVERNING LAW</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Consent to Forum; <FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Waivers by Obligors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Patriot Act Notice</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">15.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">NO ORAL AGREEMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LIST OF EXHIBITS AND SCHEDULES </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Assignment</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Notice of Borrowing</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 1.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Commitments of Lenders</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 1.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Eligible Unbilled Account Obligors</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 1.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Eligible Account Obligors Owing Investment Grade Receivables</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 2.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Existing Letters of Credit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 8.5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Deposit Accounts and Securities Accounts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 9.1.4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Material Debt and Other Liabilities</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;9.1.16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Restrictive Agreements</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;9.1.18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Names and Capital Structure</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;9.1.19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Locations of Offices</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;9.1.21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Intellectual Property</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;9.1.24</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Hedging Agreements</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;9.1.25(a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Filing Offices</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;10.1.17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Post-Closing Undertakings</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;10.2.1(i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing Date Borrowed Money</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;10.2.4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Investments</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(iii) </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LOAN AND SECURITY AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS LOAN AND SECURITY AGREEMENT</B> is dated as of December&nbsp;21, 2017 (this &#147;<U>Agreement</U>&#148;), among <B>PAR PETROLEUM,
LLC</B>, a Delaware limited liability company (the &#147;<U>Company</U>&#148;), <B>PAR HAWAII, INC.</B>, a Hawaii corporation (&#147;<U>PHI</U>&#148;), <B>MID PAC PETROLEUM, LLC</B>, a Delaware limited liability company (&#147;<U>Mid Pac</U>&#148;),
<B>HIE RETAIL, LLC</B>, a Hawaii limited liability company (&#147;<U>HIE</U>&#148;), <B>HERMES CONSOLIDATED, LLC </B>(d/b/a Wyoming Refining Company), a Delaware limited liability company (&#147;<U>Hermes</U>&#148;), and <B>WYOMING PIPELINE COMPANY
LLC</B>, a Wyoming limited liability company (&#147;<U>WPC</U>&#148; and collectively, with the Company, PHI, Mid Pac, HIE, and Hermes, &#147;<U>Borrowers</U>&#148;), certain subsidiaries of the Borrowers named as guarantors herein, the financial
institutions party to this Agreement from time to time as Lenders, <B>BANK OF AMERICA, N.A.</B>, a national banking association, as administrative agent and collateral agent for the Lenders (in such capacities, &#147;<U>Administrative
Agent</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>R E C I T A L S</U></B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrowers have requested that Lenders provide a credit facility to Borrowers to finance their mutual and collective business enterprise.
Lenders are willing to provide the credit facility on the terms and conditions set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, for
valuable consideration hereby acknowledged, the parties agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;1. DEFINITIONS; RULES OF CONSTRUCTION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.1. <U>Definitions</U>.</B> As used herein, the following terms have the meanings set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Account</U>: as defined in the UCC, including all rights to payment for goods sold or leased, or for services rendered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Account Debtor</U>: a Person obligated under an Account, Chattel Paper or General Intangible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Acquisition</U>: a transaction or series of transactions resulting in (a)&nbsp;acquisition of a business, division, line of business or all
or substantially all assets of a Person; (b)&nbsp;record or beneficial ownership of more than 50% of the Equity Interests of a Person; or (c)&nbsp;merger, consolidation or combination of a Borrower or a Restricted Subsidiary with another Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Additional Issuing Bank</U>: any financial institution that is a Lender selected by the Borrower Agent and approved by Administrative
Agent (which approval shall not be unreasonably withheld or delayed) to issue one or more Letters of Credit hereunder, provided that such financial institution consents to becoming an Additional Issuing Bank and provided further that such financial
institution shall become a party to this Agreement in the capacity as an Issuing Bank by executing a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and signed by the Borrowers, the Additional Issuing Bank
and Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Administrative Agent</U>: as defined in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Affiliate</U>: with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified. &#147;<U>Control</U>&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. &#147;<U>Controlling</U>&#148; and &#147;<U>Controlled</U>&#148; have correlative meanings. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Affiliate Transaction</U>: as defined in <B>Section</B><B></B><B>&nbsp;10.2.9</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Agent Indemnitees</U>: the Administrative Agent and its officers, directors, employees, Affiliates, agents and attorneys. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Agent Professionals</U>: attorneys, accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants,
turnaround consultants, and other professionals and experts retained by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Allocable Amount</U>: as defined in
<B>Section</B><B></B><B>&nbsp;5.10.3(b)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Anti-Corruption Laws</U>: all laws, rules and regulations of any jurisdiction applicable
to any of the Borrowers or their Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Anti-Terrorism Law</U>: any law relating to terrorism or money laundering, including the Patriot Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Applicable Law</U>: any and all laws, rules, regulations and governmental guidelines applicable to any Person, conduct, transaction,
agreement or matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, ordinances, judgments, orders and decrees of Governmental
Authorities, including for purposes of <B>Section</B><B></B><B>&nbsp;5.8</B>, FATCA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Applicable Margin</U>: for LIBOR Loans and Base
Rate Loans, the following percentages per annum based upon the arithmetic mean of the daily Availability (expressed as a percentage of the Borrowing Base) computed for a quarterly period, determined as of the last day of the immediately preceding
Fiscal Quarter, as set forth in the pricing grid below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:18.20pt; font-size:8pt; font-family:Times New Roman">Level</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">The&nbsp;arithmetic&nbsp;mean&nbsp;of&nbsp;daily<BR>Availability
(expressed as a<BR>percentage of the Borrowing<BR>Base)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">LIBOR&nbsp;Loans<BR>and&nbsp;Base&nbsp;Rate<BR>Loans
(with<BR>interest<BR>determined<BR>pursuant to<BR>clause&nbsp;(a)&nbsp;of&nbsp;the<BR>definition of<BR>&#147;Base Rate&#148;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Base&nbsp;Rate<BR>Loans&nbsp;(with<BR>interest<BR>determined<BR>pursuant to<BR>clause&nbsp;(b)&nbsp;of<BR>the&nbsp;definition<BR>of
&#147;Base<BR>Rate&#148;)</P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&gt;50%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.75%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0.75%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&gt;30%&nbsp;but&nbsp;<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT>50%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.00%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.00%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT>30%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.25%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.25%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From the Closing Date until the first day after the end of the first full Fiscal Quarter after the Closing
Date, the Applicable Margin shall be determined as if Level II were applicable. Thereafter, the Applicable Margin shall be subject to increase or decrease by Administrative Agent upon its receipt of the corresponding Borrowing Base Report for the
last Fiscal Quarter, which change shall be effective on the first day of the calendar month following each Fiscal Quarter end. If Administrative Agent is unable to calculate the arithmetic mean of the daily Availability for a Fiscal Quarter due to
Borrowers&#146; failure to deliver any Borrowing Base Report when required hereunder, then, at the option of Administrative Agent or the Required Lenders, the Applicable Margin shall be determined as if Level III were applicable until the first day
of the calendar month following receipt of such Borrowing Base Report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Approved Fund</U>: any Person (other than a natural Person) engaged in making, purchasing,
holding or otherwise investing in commercial loans in its ordinary course of activities and that is administered or managed by a Lender, an entity that administers or manages a Lender or an Affiliate of either. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Arranger</U>: Bank of America or any of its Affiliates, in its capacity as Sole Lead Arranger and Sole Bookrunner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Asset Disposition</U>: a sale, lease, license, consignment, transfer or other disposition of Property of any Obligor or any Restricted
Subsidiary, including any disposition in connection with a sale-leaseback transaction or Synthetic Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Assignment</U>: an
assignment and acceptance agreement between a Lender and Eligible Assignee, in the form of <B>Exhibit A</B> or otherwise reasonably satisfactory to Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Availability</U>: the Borrowing Base <U>minus</U> Revolver Usage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Availability Reserve</U>: the sum (without duplication) of (a)&nbsp;the Inventory Reserve; (b)&nbsp;the Rent and Charges Reserve;
(c)&nbsp;the Tax Reserve; (d)&nbsp;the Bank Product Reserve; (e)&nbsp;the aggregate amount of liabilities (other than First Purchase Crude Payables) secured by Liens upon Collateral that are senior to the Administrative Agent&#146;s Liens on the
Collateral (but imposition of any such reserve shall not waive an Event of Default, if any, arising therefrom); (f) the First Purchaser Reserve; (g)&nbsp;the Dilution Reserve, (h)&nbsp;with respect to Inventory consisting of tank heels or tank
bottoms, reserves for estimated evacuation, extraction and/or other removal costs and (i)&nbsp;such additional reserves, in such amounts and with respect to such matters, as Administrative Agent in its Permitted Discretion may elect to impose from
time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Action</U>: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation</U>: 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 for such EEA Member Country from time to time which is described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation
Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Bank of America</U>: Bank of America, N.A., a national banking association, and its successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Bank of America Indemnitees</U>: Bank of America (including in its capacity as Arranger) and its Affiliates and any of each of their
officers, directors, employees, Affiliates, agents and attorneys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Bank Product</U>: any of the following products, services or
facilities extended to any Obligor by any Person that (a)&nbsp;at the time it enters into a Bank Product is a Lender or any of its Affiliates or (b)&nbsp;at the time it (or its Affiliate) becomes a Lender, is a party to a Bank Product with any
Obligor, in each case in its capacity as a party to such Bank Product (even if such Person ceases to be a Lender or such Person&#146;s Affiliate ceases to be a Lender): (i) Cash Management Services; (ii)&nbsp;products under Hedging Agreements;
(iii)&nbsp;commercial credit card, purchase cards and merchant card services; and (iv)&nbsp;other banking products or services, other than Letters of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Bank Product Reserve</U>: the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted
Discretion in respect of Secured Bank Product Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Bankruptcy Code</U>: Title 11 of the United States Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Base Rate</U>: for any day, (a)&nbsp;the LIBOR Daily Floating Rate; or (b)&nbsp;if the LIBOR Daily Floating Rate is unavailable for any
reason, the Prime Rate for such day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Base Rate Loan</U>: any Loan that bears interest based on the Base Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Board of Governors</U>: the Board of Governors of the Federal Reserve System. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowed Money</U>: with respect to any Person, without duplication, its (a)&nbsp;Debt that (i)&nbsp;arises from the lending of money by
any Person to such Person or (ii)&nbsp;is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments; (b)&nbsp;Capital Leases; (c)&nbsp;reimbursement obligations with respect to drawn letters of credit; and
(d)&nbsp;guaranties of any Debt of the foregoing types owing by another Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowers</U>: collectively, the Company, Mid Pac,
Hermes, WPC, HIE, and Par Hawaii and each individually, a &#147;Borrower&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Agent</U>: as defined in
<B>Section</B><B></B><B>&nbsp;4.4</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Group</U>: the Company and its Consolidated Subsidiaries, excluding PHR and any Future
Intermediation Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Group Consolidated Cash Interest Expense</U>: Consolidated Cash Interest Expense of the Borrower
Group less 60% of Consolidated Cash Interest Expense attributable to the Secured Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Group Distributions</U>:
Distributions less PHR/FIS Distributions received by the Company, in each case during the applicable period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Group Fixed
Charges</U>: with respect to the Borrower Group, the sum of Borrower Group Consolidated Cash Interest Expense, scheduled principal payments made on Borrowed Money, and Borrower Group Distributions paid in cash (other than Upstream Payments, the
Hawaii Sale Leaseback Distribution and Permitted Parent Payments (Tax)); <U>provided</U>, that for the purpose of determining the Borrower Group Fixed Charge Coverage Ratio in the definition of &#147;Payment Conditions&#148; as applied to
<B>Section</B><B></B><B>&nbsp;10.2.15(c)</B> only, &#147;Borrower Group Fixed Charges&#148; shall also include all optional or voluntary redemptions of the Secured Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Group Fixed Charge Coverage Ratio</U>: the ratio, determined on a consolidated basis for the Borrower Group for the most recently
completed four-Fiscal Quarter or, during a Financial Reporting Trigger Period or a Covenant Trigger Period, for the most recently completed <FONT STYLE="white-space:nowrap">12-month</FONT> period, of (a)&nbsp;EBITDA minus Unfinanced Capital
Expenditures, minus cash taxes paid (net of cash tax refunds received during such period), to (b)&nbsp;Borrower Group Fixed Charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Group G&amp;A Cap</U>: as defined in the definition of &#147;EBITDA&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrower Materials</U>: Borrowing Base Reports, Compliance Certificates, Payment Conditions Certificates and other information, reports,
financial statements and other materials delivered by Borrowers hereunder, as well as other Reports and information provided by the Administrative Agent to Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowing</U>: a group of Loans that are made or converted together on the same day and have the same interest option and, if applicable,
Interest Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowing Base</U>: on any date of determination, an amount equal to the lesser of (a)&nbsp;the aggregate
Commitments; and (b)&nbsp;the sum of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) 85% of Eligible Accounts Receivable (other than Eligible Investment Grade
Receivables, Eligible Credit Card Receivables, Eligible <FONT STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables and Eligible Unbilled Accounts); plus </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 90% of Eligible Investment Grade Receivables; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) 90% of Eligible Credit Card Receivables; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) 90% Eligible <FONT STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) 80% of Eligible Refinery Hydrocarbon Inventory (other than Eligible Refinery Hydrocarbon Inventory at the Borrowers&#146; and Restricted
Subsidiaries&#146; service stations and cardlocks and <U>provided</U> that tank heels or tank bottoms (excluding sludge, water and asphalt) will be eligible up to 50% (before application of the advance rate)); plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the lesser of (A) 80% of Eligible Refinery Hydrocarbon Inventory at the Borrowers&#146; and the Restricted Subsidiaries&#146; service
stations and cardlocks (<U>provided</U> that tank heels or tank bottoms (excluding sludge, water and asphalt) will be eligible up to 50% (before application of the advance rate)) and (B)&nbsp;the greater of (x) $5,000,000 and (y)&nbsp;an amount
equal to 10% of the Borrowing Base; plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the least of (A) 65% of Eligible Lubricants Inventory (other than Inventory consisting of
tank heels or tank bottoms), (B) 85% of the NOLV Percentage of such Eligible Lubricants Inventory and (C) $5,000,000; plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) 80% of
Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil and Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) the lesser of (A) 80% of the excess of: (1)&nbsp;the amount available to be drawn under Letters of Credit issued in connection with
purchases of crude oil that constitutes Petroleum Inventory by the Borrowers over (2)&nbsp;the aggregate outstanding amounts payable by the Borrowers to the suppliers of such Petroleum Inventory that could be drawn under such Letters of Credit and
(B) $40,000,000; plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) the lesser of (A) 85% of the Eligible Exchange Agreement Positive Balance and (B) $10,000,000; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) the least of (A) 50% of Eligible Merchandise Inventory, (B) 85% of the NOLV Percentage of such Eligible Merchandise Inventory, and (C)
$1,500,000; plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) the lesser of (A) 70% of Eligible Unbilled Accounts and (B) $3,000,000; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) at the option of the Borrower, 100% of Eligible Cash; minus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) the Availability Reserve. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowing Base Assets</U>: Eligible Accounts Receivable, Eligible Credit Card Receivables, Eligible Investment Grade Receivables, Eligible <FONT
STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables, Eligible Refinery Hydrocarbon Inventory, Eligible Lubricants Inventory, Eligible Merchandise Inventory, Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil, Eligible <FONT
STYLE="white-space:nowrap">In-Transit</FONT> Products, the Eligible Exchange Agreement Positive Balance and Eligible Unbilled Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowing Base Report</U>: a report of the Borrowing Base by Borrowers, in form and substance satisfactory to Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Borrowing Base Reporting Trigger Period</U>: the period (a)&nbsp;commencing on the day that a Default occurs, or Availability for three
consecutive Business Days is less than the greater of (i) $6,000,000 and (ii) 12.5% of the Borrowing Base on such day; and (b)&nbsp;continuing until the day (i)&nbsp;Availability has been greater than the greater of (A) $6,000,000 and (B) 12.5% of
the Borrowing Base on such day and (ii)&nbsp;no Default or Event of Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of 30 consecutive calendar days. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Business Day</U>: any day other than a Saturday, Sunday or other day on which commercial banks
are authorized to close under the laws of, or are in fact closed in, North Carolina and New York, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are conducted in the London interbank market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Capital Expenditures</U>: all liabilities incurred or expenditures made by a Borrower or Restricted Subsidiary for the acquisition of fixed
assets, or any improvements, repairs, replacements, expansions, substitutions or additions thereto with a useful life of more than one year, but excluding any portion attributable solely to the acquisition of property, plant and equipment in
Permitted Acquisitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Capital Lease</U>: any lease that is required to be capitalized for financial reporting purposes in accordance
with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Collateral</U>: cash, and any interest or other income earned thereon, that is delivered to Administrative Agent to
Cash Collateralize any Obligations, and all interest, dividends, earnings and other proceeds relating thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Collateral
Account</U>: a demand deposit, money market or other account established by Administrative Agent at such financial institution as Administrative Agent may select in its Permitted Discretion, which account shall be subject to a Lien in favor of
Administrative Agent for the benefit of Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Collateralize</U>: the delivery of cash to Administrative Agent, as
security for the payment of Obligations, in an amount equal to (a)&nbsp;with respect to LC Obligations, 105% of the aggregate LC Obligations, and (b)&nbsp;with respect to any inchoate, contingent or other Obligations (including Secured Bank Product
Obligations), in an amount equal to Administrative Agent&#146;s good faith estimate of the amount due or to become due, including fees, expenses and indemnification hereunder. &#147;<U>Cash Collateralization</U>&#148; has a correlative meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Dominion Cure Event</U>: (a)&nbsp;with respect to any Cash Dominion Event arising from an Event of Default, the date on which such
Event of Default no longer exists and (b)&nbsp;with respect to any other Cash Dominion Event, Availability is equal to or greater than the greater of (i) 12.5% of the Borrowing Base or (ii) $6,000,000 for a period of forty-five (45)&nbsp;consecutive
calendar days. Notwithstanding the foregoing, if a Cash Dominion Event occurs more than two times during any twelve (12)&nbsp;month period, no Cash Dominion Cure Event shall occur until twelve (12)&nbsp;months have elapsed from the date the first
such Cash Dominion Event commenced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Dominion Event</U>: any time either (a)&nbsp;an Event of Default has occurred and is
continuing or (b)&nbsp;Availability is less than the greater of (i) 12.5% of the Borrowing Base or (ii) $6,000,000 for five consecutive Business Days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Dominion Period</U>: the period (a)&nbsp;commencing on the day that a Cash Dominion Event occurs, and (b)&nbsp;continuing until a Cash
Dominion Cure Event has occurred with respect to each then outstanding Cash Dominion Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Equivalents</U>: (a)&nbsp;marketable
obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the U.S. government, maturing within 12 months of the date of acquisition; (b)&nbsp;certificates of deposit, time deposits and bankers&#146; acceptances
maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of America or a commercial bank organized under the laws of the United States or any state or district thereof, rated <FONT
STYLE="white-space:nowrap">A-1</FONT> (or better) by S&amp;P or <FONT STYLE="white-space:nowrap">P-1</FONT> (or better) by Moody&#146;s at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c)&nbsp;repurchase
obligations with a term of not more than 30 days for underlying investments of the types described in clauses (a)&nbsp;and (b) entered into with any bank described </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in clause (b); (d) commercial paper issued by Bank of America or rated <FONT STYLE="white-space:nowrap">A-1</FONT> (or better) by S&amp;P or <FONT STYLE="white-space:nowrap">P-1</FONT> (or
better) by Moody&#146;s, and maturing within nine months of the date of acquisition; and (e)&nbsp;shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net
assets of at least $500,000,000 and has the highest rating obtainable from either Moody&#146;s or S&amp;P. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Cash Management
Services</U>: services relating to operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, <FONT STYLE="white-space:nowrap">e-payable,</FONT> electronic funds transfer, wire transfer,
controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>CC Receivables</U>: each
Payment Intangible, together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to an Obligor resulting from charges by a customer of an Obligor on credit or debit cards issued by such Credit Card
Issuer in connection with the sale of Inventory by an Obligor, or services performed by an Obligor, in each case in the ordinary course of its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>CERCLA</U>: the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. &#167; 9601 <U>et</U> <U>seq</U>.). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Change in Law</U>: the occurrence, after the date hereof, of (a)&nbsp;the adoption, taking effect or phasing in of any law, rule,
regulation or treaty; (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority; or (c)&nbsp;the making, issuance or application of any request,
guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; <U>provided</U>, <U>however</U>, that &#147;Change in Law&#148; shall include, regardless of the date enacted, adopted or issued, all
requests, rules, guidelines, requirements or directives (i)&nbsp;under or relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (ii)&nbsp;promulgated pursuant to Basel III by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any similar authority) or any other Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Change of Control</U>: the occurrence
of one or more of the following events: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any sale, lease, transfer, conveyance or other disposition (in one transaction or a series of
related transactions) of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole to any Person or group of related Persons for purposes of Section&nbsp;13(d) of the Exchange Act (a
&#147;<U>Group</U>&#148;) together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Agreement) unless immediately following such sale, lease, transfer, conveyance or other disposition in compliance with
this Agreement such properties or assets are owned, directly or indirectly, by (i)&nbsp;the Company or a Restricted Subsidiary of the Company or (ii)&nbsp;a Person controlled by the Company or a Restricted Subsidiary of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the approval by the holders of Equity Interests of Parent or the Company of any plan for the liquidation or dissolution of Parent or the
Company, as applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the acquisition, in one or more transactions, of beneficial ownership (within the meaning of Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act) of the Equity Interests of Parent by any Person or Group that, as a result of such acquisition, either (i)&nbsp;beneficially owns (within the meaning of Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act), directly or indirectly, 35% or more of Parent&#146;s then outstanding Equity Interests or Voting Stock or (ii)&nbsp;otherwise has the ability to elect, directly or indirectly, a
majority of the members of the board of directors of Parent, including, without limitation, by the acquisition of revocable proxies for the election of directors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) a &#147;change in control&#148;, &#147;change of control offer&#148; or any comparable term under, and as defined in, the Secured Notes
Indenture or the Senior Notes Indenture; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;(i) Parent ceases to own and control, beneficially and of record, directly or
indirectly, all Equity Interests in the Company, (ii)&nbsp;the Company ceases to own and control, beneficially and of record, directly or indirectly, all Equity Interests in any other Borrower or (iii)&nbsp;the sale or transfer of all or
substantially all assets of any Borrower, except to another Borrower or any other Obligor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Claims</U>: all claims, liabilities,
obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable attorneys&#146; fees and Extraordinary Expenses) at any time (including after Full Payment of
the Obligations or replacement of the Administrative Agent or any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person, in any way relating to (a)&nbsp;any Loans, Letters of Credit, Loan Documents,
Borrower Materials, or the use thereof or transactions relating thereto, (b)&nbsp;any action taken or omitted to be taken in connection with any Loan Documents, (c)&nbsp;the existence or perfection of any Liens, or realization upon any Collateral,
(d)&nbsp;exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e)&nbsp;failure by any Obligor to perform or observe any terms of any Loan Document, in each case including all costs and expenses relating to any
investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not the applicable Indemnitee is a party thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Closing Date</U>: as defined in<B> Section</B><B></B><B>&nbsp;6.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Code</U>: the Internal Revenue Code of 1986. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Collateral</U>: all Property described in <B>Section</B><B></B><B>&nbsp;7.1 </B>(and not Excluded Property), all Property described in any
Security Documents as security for any Obligations, and all other Property that now or hereafter secures (or is intended to secure) any Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Collateral Rights Agreement</U>: the Collateral Rights Agreement, dated as of the date hereof, between the Administrative Agent and the
Secured Notes Collateral Trustee, as acknowledged by the Obligors, as may be amended, amended and restated, supplemented or otherwise modified from time to time as permitted by the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Commitment</U>: for any Lender, its obligation to make Loans and to participate in LC Obligations up to the maximum principal amount shown
on <B>Schedule 1.1</B>, as hereafter modified pursuant to <B>Section</B><B></B><B>&nbsp;2.1.7</B> or an Assignment to which it is a party. &#147;Commitments&#148; means the aggregate amount of such commitments of all Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Commitment Termination Date</U>: the earliest to occur of (a)&nbsp;the Termination Date; (b)&nbsp;the date on which Borrowers terminate the
Commitments pursuant to <B>Section</B><B></B><B>&nbsp;2.1.4</B>; or (c)&nbsp;the date on which the Commitments are terminated pursuant to <B>Section</B><B></B><B>&nbsp;12.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Commodity Exchange Act</U>: the Commodity Exchange Act (7 U.S.C. &#167; 1 <I>et seq</I>.). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Company</U>: as defined in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Compliance Certificate</U>: a certificate, in form and substance satisfactory to Administrative Agent, by which a Senior Officer of the
Borrower Agent (a)&nbsp;certifies compliance with <B>Section</B><B>&nbsp;10.3</B> (if then applicable)<B>, </B>and<B> </B>calculates the Fixed Charge Coverage Ratio and the Borrower Group Fixed Charge Coverage Ratio for the applicable date
(regardless of whether compliance with the Fixed Charge Coverage Ratio and the Borrower Group Fixed Charge Coverage Ratio for the applicable date is required to be tested for such period), (b) to the extent applicable, attaches related financial
statements reflecting the adjustments necessary to eliminate (1)&nbsp;the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements and (2)&nbsp;the financial and other operational results of Unrestricted
Subsidiaries (if any) and (c)&nbsp;lists any office or place of business that was opened or was closed during the period covered by the certificate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Connection Income Taxes</U>: Other Connection Taxes that are imposed on or measured by net
income (however denominated), or are franchise or branch profits Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Consolidated Cash Interest Expense</U>: Consolidated Interest
Expense excluding any amount described in clause (a)&nbsp;of the definition thereof and any amount not payable in cash (including any interest <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">payable-in-kind).</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Consolidated G&amp;A Cap</U>: as defined in the definition of &#147;EBITDA&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Consolidated Interest Expense:</U> for any period, the sum (determined without duplication) of the aggregate gross interest expense for
such period, whether paid or accrued, including to the extent included in interest expense under GAAP: (a)&nbsp;amortization of deferred financing fees, debt issuance costs and original issue discount,
<FONT STYLE="white-space:nowrap">non-cash</FONT> interest payments, the interest component of any deferred payment obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers&#146; acceptance
financings, and net payments (if any) pursuant to any Hedging Agreements; (b)&nbsp;any interest expense on Debt of another Person that is guaranteed by the Company or any Consolidated Subsidiary or secured by a Lien on assets of the Company or any
Consolidated Subsidiary (whether or not such guarantee or Lien is called upon); (c) capitalized interest and (d)&nbsp;the portion of any payments or accruals under Capital Leases allocable to interest expense, <I>plus</I> the portion of any payments
or accruals under Synthetic Leases allocable to interest expense whether or not the same constitutes interest expense under GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Consolidated Net Income</U>: for any period of determination, the aggregate of the net income (or loss) of the Company and the Consolidated
Subsidiaries, or of the Borrower Group, as applicable, after allowances for taxes for such period determined on a consolidated basis in accordance with GAAP; provided<I> </I>that there shall be excluded from such net income (to the extent otherwise
included therein) the following: (a)&nbsp;the net income of any Person in which the Company or any Consolidated Subsidiary has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of
the Company and the Consolidated Subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Company or to a Consolidated Subsidiary, as
the case may be; (b)&nbsp;the net income (but not loss) during such period of any Consolidated Subsidiary to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that Consolidated Subsidiary is
not at the time permitted by operation of the terms of its charter or any agreement, instrument or Applicable Law applicable to such Consolidated Subsidiary or is otherwise restricted or prohibited, in each case determined in accordance with GAAP;
(c)&nbsp;any <FONT STYLE="white-space:nowrap">non-cash</FONT> gains or losses during such period, including any under ASC 718 or ASC 815 and (d)&nbsp;any <FONT STYLE="white-space:nowrap">non-cash</FONT> gains or losses attributable to writeups or
writedowns of assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Consolidated Subsidiaries</U>: PHR, any Future Intermediation Subsidiary and each Restricted Subsidiary of the
Company (whether now existing or hereafter created or acquired). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Contingent Obligation</U>: any obligation of a Person arising from a
guaranty, indemnity or other assurance of payment or performance of any Debt, lease, dividend or other obligation (&#147;<U>primary obligations</U>&#148;) of another obligor (&#147;<U>primary obligor</U>&#148;) in any manner, whether directly or
indirectly, including any obligation of such Person under any (a)&nbsp;guaranty, endorsement, <FONT STYLE="white-space:nowrap">co-making</FONT> or sale with recourse of an obligation of a primary obligor; (b)&nbsp;obligation to make <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">take-or-pay</FONT></FONT> or similar payments regardless of nonperformance by any other party to an agreement; and (c)&nbsp;arrangement (i) to purchase any primary obligation or security
therefor, (ii)&nbsp;to supply funds for the purchase or payment of any primary obligation, (iii)&nbsp;to maintain or assure working capital, equity capital, net worth or solvency of the primary </P>
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obligor, (iv)&nbsp;to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v)&nbsp;otherwise to assure or hold
harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such
Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Covenant Trigger Period</U>: the period (a)&nbsp;commencing on the day that Availability is less than the greater of (i) $6,000,000 and
(ii) 12.5% of the Borrowing Base on such day; and (b)&nbsp;continuing until the day (i)&nbsp;Availability has been greater than the greater of (A) $6,000,000 and (B) 12.5% of the Borrowing Base on such day and (ii)&nbsp;no Default or Event of
Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of thirty (30)&nbsp;consecutive calendar days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Credit Card Issuer</U>: any person who issues or whose members issue credit cards, including, without limitation, MasterCard or VISA bank
credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and American Express, Discover, Diners Club, Carte Blanche and other
<FONT STYLE="white-space:nowrap">non-bank</FONT> credit or debit cards, including, without limitation, credit or debit cards issued by or through American Express Travel Related Services Company, Inc., and Novus Services, Inc. and other issuers
approved by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Credit Card Processor</U>: any servicing or processing agent or any factor or financial
intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Obligor&#146;s sales transactions involving credit card or debit card purchases by customers using
credit cards or debit cards issued by any Credit Card Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Credit Card Receivables</U>: any Receivable due to any Borrower arising
out of the sale of Inventory in the Ordinary Course of Business on the following credit cards: Visa, MasterCard, American Express, Diners Club, Discover and such other credit cards as the Administrative Agent shall approve from time to time, in each
case which have been earned by performance by such Borrower but not yet paid to such Borrower by the credit card issuer or the credit card processor, as applicable; <U>provided</U> that, in any event, &#147;Credit Card Receivables&#148; shall
exclude Receivables due in connection with proprietary credit cards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Debt</U>: for any Person, the sum of the following (without
duplication): (a) all obligations of such Person for Borrowed Money, reimbursement obligations of such Person in respect of issued and outstanding letters of credit and Hedging Agreements entered into by such Person; (b)&nbsp;all accounts payable
and all accrued expenses, liabilities or other obligations of such Person to pay the deferred purchase price of Property or services; (c)&nbsp;all obligations of such Person under Synthetic Leases; (d)&nbsp;all Debt (as defined in the other clauses
of this definition) of others secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) a Lien on any Property of such Person, whether or not such Debt is assumed by such Person; (e)&nbsp;all
Debt (as defined in the other clauses of this definition) of others guaranteed by such Person or in which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made) to the extent of the lesser of the
amount of such Debt and the maximum stated amount of such guarantee or assurance against loss; (f)&nbsp;all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others or to purchase
the Debt or Property of others; (g)&nbsp;obligations to pay for goods or services even if such goods or services are not actually received or utilized by such Person; (h)&nbsp;any Debt of a partnership for which such Person is liable either by
agreement, by operation of law or by Applicable Law but only to the extent of such liability; (i)&nbsp;Disqualified Capital Stock issued by such Person, (j)&nbsp;all obligations of such Person with respect to any Intermediation Facility and
(k)&nbsp;all Contingent Obligations of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Debtor Relief Laws</U>: as defined in <B>Section</B><B></B><B>&nbsp;11.1</B>. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Default</U>: any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Default Rate</U>: for any Obligation
(including, to the extent permitted by law, interest not paid when due), 2% plus the interest rate otherwise applicable thereto, and with respect to the fee payable pursuant to <B>Section</B><B></B><B>&nbsp;3.2.2</B> herein as provided in the last
sentence thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Defaulting Lender</U>: any Lender that (a)&nbsp;has failed to comply with its funding obligations hereunder, and
such failure is not cured within two Business Days of the date such obligations were required to be funded hereunder, unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such
Lender&#146;s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied; (b)&nbsp;has notified
Administrative Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder or under any other credit facility, or has made a public statement to that effect (unless such writing or public statement relates
to such Lender&#146;s obligation to fund hereunder and states that such position is based on such Lender&#146;s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be satisfied); (c) has failed, within three Business Days following request by Administrative Agent or any Borrower, to confirm in a manner satisfactory to Administrative Agent and
Borrowers that such Lender will comply with its funding obligations hereunder; or (d)&nbsp;has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding (including reorganization, liquidation, or
appointment of a receiver, custodian, administrator or similar Person by the Federal Deposit Insurance Corporation or any other regulatory authority) or <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action; <U>provided</U>, <U>however</U>, that a
Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority&#146;s ownership of an equity interest in such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within
the United States or from enforcement of judgments or writs of attachment on its assets, or permits such Lender or Governmental Authority to repudiate or otherwise to reject such Lender&#146;s agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Deposit Account Control Agreement</U>: control agreement satisfactory to Administrative Agent executed by an institution maintaining a
Deposit Account for an Obligor, to perfect Administrative Agent&#146;s Lien on such account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Designated Jurisdiction</U>: a country or
territory that is the subject of a Sanction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Dilution Percent</U>: the percent, determined for Borrowers&#146; most recent Fiscal
Quarter, equal to (a)&nbsp;bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit memos and other dilutive items with respect to Accounts owing to the Borrowers, divided by (b)&nbsp;gross sales of the Borrowers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Dilution Reserve</U>: the aggregate amount of reserves, as established by Administrative Agent from time to time in its Permitted
Discretion, exercised in good faith, in an amount equal to the value of the Eligible Accounts <U>multiplied</U> <I>by</I> 1.0% for each percentage point (or portion thereof) that the Borrowers&#146; Dilution Percent exceeds 5.0%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Disqualified Capital Stock</U>: any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation
or otherwise, or is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole or in part, on or
prior to the date that is one year after the later of the Stated Termination Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Distribution</U>: any payment of a distribution, interest or dividend on any Equity Interest
(other than <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">payment-in-kind);</FONT></FONT> distribution, advance or repayment of Debt to a holder of Equity Interests; or purchase, redemption, or other acquisition or retirement for
value of any Equity Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Dollars</U>: lawful money of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Domestic Subsidiary</U>: any Subsidiary that is organized under the laws of the United States of America or any state thereof or the
District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Dominion Account</U>: a special account established by Borrowers at Bank of America or another bank acceptable
to Administrative Agent, over which Administrative Agent has control (and either has or may obtain exclusive control for withdrawal purposes). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Drawing Document</U>: any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>EBITDA</U>:<B><I> </I></B>for any period of determination, the sum of (without duplication), the following determined on a consolidated
basis: (a)&nbsp;Consolidated Net Income during such period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I><U>plus</U></I> (b)&nbsp;to the extent deducted from Consolidated Net
Income in such period: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) income tax expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) franchise tax expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) Consolidated Interest Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) amortization and depreciation during such period, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) all <FONT STYLE="white-space:nowrap">non-cash</FONT> charges and adjustments, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) extraordinary, unusual or <FONT STYLE="white-space:nowrap">non-recurring</FONT> losses or expenses, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <FONT STYLE="white-space:nowrap">non-recurring</FONT> cash expenses related to the Transactions, Secured Notes, Permitted
Acquisitions, Asset Dispositions, the sale or disposition of any Equity Interests, Sales and Leaseback Transactions, recapitalizations and the incurrence of debt (and Refinancing Debt) permitted under this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) the amount of any minority interest expense consisting of income attributable to minority Equity Interests of third
parties in any <FONT STYLE="white-space:nowrap">non-wholly</FONT> owned Restricted Subsidiary deducted in such period, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) restructuring charge or reserve or <FONT STYLE="white-space:nowrap">non-recurring</FONT> integration costs including <FONT
STYLE="white-space:nowrap">one-time</FONT> costs incurred in connection with Acquisitions after the Closing Date or the closure or consolidation of facilities (including employee termination costs and turnaround expenses), with respect to all of the
foregoing (other than turnaround expenses) in an aggregate amount, not to exceed $1,000,000 in any period of determination, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) expenses, charges or losses with respect to liability or casualty events and to the extent covered by insurance and
actually reimbursed (other than proceeds received from business interruption insurance) or so long as a determination has been made in good faith by the Company that a reasonable basis exists that such amount shall in fact be reimbursed by an
insurer to the extent it is (i)&nbsp;not denied by the applicable carrier (without any right of appeal thereof) within 180 days (with a deduction in applicable future period for any amount so added back to the extent denied within such 180 days) and
(ii)&nbsp;in fact reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) inventory valuation adjustments which adjust for timing differences to
reflect the economics of inventory financing agreements as described in the SEC filings of the Parent or Borrowers; <U>provided</U>, that with respect to the Borrower Group, such inventory valuation adjustments shall be <FONT
STYLE="white-space:nowrap">non-cash,</FONT> and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) Permitted Parent Payments (G&amp;A) not to exceed (a) $20,000,000
for such period of determination (or such greater amount as may be agreed by the Administrative Agent) (the &#147;<U>Consolidated G&amp;A Cap</U>&#148;) or (b)&nbsp;when used in respect of any calculation of the Borrower Group Fixed Charge Coverage
Ratio, the least of (i) $8,000,000 for such period of determination, (ii) 40% of actual Permitted Parent Payments (G&amp;A) made during such period of determination and (iii)&nbsp;the actual Permitted Parent Payments (G&amp;A) made that are
attributable to the Borrower Group for such period of determination (as calculated by the Borrower Agent in good faith and provided to the Administrative Agent) (or, in respect of this <B><FONT STYLE="white-space:nowrap">sub-clause</FONT> (b)</B>,
such greater amount as may be agreed by the Administrative Agent) (this <B><FONT STYLE="white-space:nowrap">sub-clause</FONT> (b)</B>, collectively, the &#147;<U>Borrower Group G&amp;A Cap</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>provided</U>, that if the Company or its Consolidated Subsidiaries, or the Borrower Group, as applicable, shall acquire or dispose of any
Property in an aggregate amount of at least $15,000,000 during such period (other than (A)&nbsp;pursuant to clauses (a), (b), (d) and (e)&nbsp;of <B>Section</B><B></B><B>&nbsp;10.2.8 </B>and (B)&nbsp;acquisitions and dispositions of Equipment in the
Ordinary Course of Business), then EBITDA shall be calculated, with calculation in form and substance reasonably satisfactory to Administrative Agent, after giving pro forma effect to such acquisition or disposition, as if such acquisition or
disposition had occurred on the first day of such period (provided that Administrative Agent is reasonably satisfied with the form and substance of the related projections). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>EEA Financial Institution</U>: (a)&nbsp;any credit institution or investment firm established in an EEA Member Country that is subject to
the supervision of an EEA Resolution Authority; (b)&nbsp;any entity established in an EEA Member Country that is a parent of an institution described in clause (a)&nbsp;above; or (c)&nbsp;any financial institution established in an EEA Member
Country that is a subsidiary of an institution described in the foregoing clauses and is subject to consolidated supervision with its parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>EEA Member Country</U>: any of the member states of the European Union, Iceland, Liechtenstein and Norway or any other country that is a
member of the European Economic Area. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>EEA Resolution Authority</U>: any public administrative authority or any Person entrusted with
public administrative authority of an EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Account Obligor</U>: on any date, any Person obligated to pay a Receivable (a)&nbsp;that is not a Borrower, a Subsidiary or an
Affiliate of a Borrower; (b)&nbsp;that has not filed for, and is not currently the object of, a proceeding relating to its bankruptcy, insolvency, reorganization, <FONT STYLE="white-space:nowrap">winding-up</FONT> or composition or reorganization of
debts; (c)&nbsp;that is in good standing with the Borrowers and their Restricted Subsidiaries and satisfies all applicable credit standards of the Borrowers and their Restricted Subsidiaries; and (d)&nbsp;for which not more than 50% of the aggregate
value of the Receivables of such Person have not been paid by the date 30 days after the respective due dates therefor. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Accounts Receivable</U>: on any date, all Receivables (other than Credit Card
Receivables, Investment Grade Receivables and L/C Backed Receivables) denominated in Dollars payable by Eligible Account Obligors to a Borrower that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Accounts
Receivable, net of any returns, rebates, discounts (calculated on the shortest terms), credits, other allowances and deductions, and Taxes (including sales, state excise or other taxes) that have been or could be claimed by the Eligible Account
Obligor (or are payable in the case of Taxes). Without limiting the foregoing, the following shall not constitute Eligible Accounts Receivable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) billed Receivables that have not been paid by the date 30 days after the respective due dates therefor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any Receivable subject to, or as to which there has been asserted, any defense, dispute, claim, offset, counterclaim, deduction,
recoupment, reserve, chargeback, credit or allowance, unless (i)&nbsp;the applicable Eligible Account Obligor has entered into an agreement acceptable to the Administrative Agent to waive the foregoing rights, or (ii)&nbsp;with respect to any such
Receivable, (A)&nbsp;the Borrower&#146;s obligation to pay for crude oil constitutes the applicable setoff, and (B)&nbsp;the Borrower&#146;s payment obligation is fully secured by a Letter of Credit; <U>provided</U> that, if any such defense,
dispute, claim, offset or counterclaim is asserted with respect to such Receivable in an amount equal to a sum certain, then such Receivable shall be an Eligible Account Receivable to the extent the face amount thereof exceeds such sum certain; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) all Receivables from an Eligible Account Obligor from whom a check, promissory note, draft, trade acceptance or other instrument for the
payment (in whole or in part) of money has been received, presented for payment and returned uncollected for any reason; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) all
Receivables from a sale to an Affiliate, or from a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">sale-or-return,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">sale-on-approval,</FONT></FONT> or
otherwise subject to any repurchase or return arrangement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Receivables owed to a Borrower by an Eligible Account Obligor, the
aggregate unpaid balance of which exceeds twenty percent (20%) of the aggregate unpaid balance of all Receivables owed to the Borrowers at such time by all of the Borrowers&#146; Eligible Account Obligors (or such higher percentage as the
Administrative Agent may establish for the Eligible Account Obligor from time to time), but only to the extent of such excess; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) all
Receivables that are payable by their terms more than 30 days from the respective invoice dates therefor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any Receivable (i)&nbsp;in
which the Lenders do not have a valid and perfected first priority security interest or (ii)&nbsp;that is subject to any other Lien other than Liens permitted by <B>Section</B><B></B><B>&nbsp;10.2.2(a)</B> or or
<B><FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)</B>&nbsp;and <B>(g)</B> of the definition of &#147;Excepted Liens&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
any Receivable owing by an Eligible Account Obligor (i)&nbsp;which has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, is not Solvent or is subject to any Sanctions or on any specially designated nationals
list maintained by OFAC, or (ii)&nbsp;with respect to which the Borrowers are not able to bring suit or enforce remedies against such Eligible Account Obligor through judicial process; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Receivables owing by an Eligible Account Obligor that is organized or has its principal offices outside the United States and Canada, or
with respect to which the portion of its assets in the United States and Canada is not material in relation to the size of the Receivables owed by such Eligible Account Obligor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Receivables with respect to which goods have been placed on consignment, guaranteed sale, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">bill-and-hold,</FONT></FONT> or other terms by reason of which the payment by the Eligible Account Obligor may be conditional; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Receivables with respect to which an invoice has not been sent prior to the date of any
Borrowing Base Report in which such Receivables are included for purposes of calculation of the Borrowing Base; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) Receivables which
arise out of any contract or order which, by its enforceable terms, forbids or makes void or unenforceable any assignment by the applicable Borrower to the Administrative Agent, for the benefit of the Secured Parties, of the Receivable arising with
respect thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Receivables evidenced by any instrument, unless such instrument has been delivered to the Administrative Agent for
the benefit of the Secured Parties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Receivables with respect to which the Administrative Agent believes, in its Permitted Discretion,
that the collection thereof is impaired, that such Receivables may not be paid by reason of the Eligible Account Obligor&#146;s inability to pay or that are otherwise identified as unsatisfactory to the Administrative Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;(i) Receivables owed by the government of the United States of America or any department, agency, public corporation, or other
instrumentality thereof that do not constitute Eligible U.S. Government Accounts Receivable and (ii)&nbsp;Receivables owed by any Governmental Authority other than the government of the United States of America or any department, agency, public
corporation, or other instrumentality thereof, unless the Borrower has satisfied the requirements of Applicable Law, including delivering documentation satisfactory to the Administrative Agent, to effectuate the assignment of such Receivables and
establish the right of the Administrative Agent to enforce payment directly against the Eligible Account Obligor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Receivables
(i)&nbsp;to which (A)&nbsp;the goods giving rise to it have not been delivered to and accepted by the Eligible Account Obligor, or (B)&nbsp;the services giving rise to it have not been accepted by the Eligible Account Obligor, or (ii)&nbsp;that
otherwise do not represent a final sale; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Receivables whose payment has been extended, or to which the Eligible Account Obligor has
made a partial payment, or which arise from a sale on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">cash-on-delivery</FONT></FONT> basis; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) Receivables which represent a progress billing or retainage, or relate to services for which a performance, surety or completion bond or
similar assurance has been issued; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) Receivables that include a billing for interest, fees or late charges, but ineligibility shall
be limited to the extent thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Assignee</U>: a Person that is (a)&nbsp;a Lender (except for any Defaulting Lender and its
Affiliates), Affiliate of a Lender or Approved Fund; (b)&nbsp;any other assignee approved by Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower Agent (which approval by the Borrower Agent shall not
be unreasonably withheld or delayed, and shall be deemed given if no objection is made within two Business Days after notice of the proposed assignment is given to the Borrower Agent); and (c)&nbsp;during the continuance of an Event of Default, any
Person acceptable to Administrative Agent in its discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Cash</U>: cash of a Borrower held in a segregated restricted
Deposit Account maintained with and pledged to the Administrative Agent, for the benefit of the Secured Parties, as security for the Obligations, and in which the Administrative Agent, for the benefit of the Secured Parties, has a first priority
perfected security interest, and subject to a Deposit Account Control Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Credit Card Receivables</U>: on any date, all Credit Card Receivables denominated in
Dollars, that have been earned and represent the bona fide amounts due to a Borrower from a credit card processor and/or credit card issuer, and that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Credit Card
Receivables. Without limiting the foregoing, the following shall not constitute Eligible Credit Card Receivables: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any Credit Card
Receivable that has been outstanding more than five Business Days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any Credit Card Receivable owing by a credit card issuer or a
credit card processor which has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, or is not Solvent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any Credit Card Receivable that is not the valid, legally enforceable obligation of the applicable credit card processor or credit card
issuer with respect thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) any Credit Card Receivable (i)&nbsp;in which the Lenders do not have a valid and perfected first priority
security interest or (ii)&nbsp;that is subject to any other Lien other than Liens permitted by <B>Section</B><B></B><B>&nbsp;10.2.2(a)</B> or <B><FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)</B>&nbsp;and <B>(g)</B> of the definition of
&#147;Excepted Liens&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) any Credit Card Receivable that does not conform in all material respects to all representations,
warranties or other provisions in the Loan Documents or in the credit card agreements relating to such Credit Card Receivable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) any
Credit Card Receivable that is subject to risk of offset, <FONT STYLE="white-space:nowrap">non-collection</FONT> or not being processed due to unpaid and/or accrued credit card processor fee balances, but only to the extent of such unpaid and/or
accrued credit card processor fee balances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any Credit Card Receivable evidenced by any instrument, unless such instrument has been
delivered to the Administrative Agent for the benefit of the Secured Parties; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) any Credit Card Receivable with respect to which the
Administrative Agent believes, in its Permitted Discretion, that the collection thereof is impaired, that such Credit Card Receivable may not be paid by reason of the credit card issuer&#146;s or credit card processor&#146;s inability to pay or that
are otherwise identified as unsatisfactory to the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In determining the amount to be so included in the calculation of the value of an
Eligible Credit Card Receivable, the face amount thereof shall be reduced by, without duplication, to the extent not reflected in such face amount, (i)&nbsp;the amount of all customary fees and expenses in connection with any credit card
arrangements and (ii)&nbsp;the aggregate amount of all cash received by a Borrower in respect thereof but not yet applied by the applicable Borrower to reduce the amount of such Eligible Credit Card Receivable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Exchange Agreement Positive Balance</U>: at any date of determination, the amount of Exchange Agreement Positive Balance that is
deemed by the Administrative Agent in its Permitted Discretion to be the Eligible Exchange Agreement Positive Balance. Without limiting the foregoing, the Eligible Exchange Agreement Positive Balance shall be determined after (a)&nbsp;adjusting the
Exchange Agreement Positive Balance upward or downward, as applicable, to account for discounts, allowances, rebates, credits and other adjustments in respect of such Exchange Agreement Positive Balances and (b)&nbsp;deducting from the Exchange
Agreement Positive Balance the amount billed for or representing retainage, if any, by counterparties to Exchange Agreements. The Eligible Exchange Agreement Positive Balance shall not include any Exchange Agreement Positive Balance (a)&nbsp;to the
extent that the Administrative Agent does not have a valid, first priority perfected security interest in the Exchange Agreement Positive Balance and in the Petroleum Inventory to which such Exchange Agreement Positive Balance relates, or
(b)&nbsp;with respect to which (i)&nbsp;the contract counterparty has disputed liability, or made any claim to any Obligor with respect to such Exchange Agreement Positive Balance or with respect to any other Exchange Agreement Positive Balance due
from such contract counterparty, other than for a minimal </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
adjustment in the Ordinary Course of Business and in accordance with regular commercial practice, or (ii)&nbsp;any event of a type described in <B>Section</B><B></B><B>&nbsp;12.1(h)</B> or
<B>12.1(i)</B> has occurred with respect to the contract counterparty, or the contract counterparty has suspended normal business operations; <U>provided</U> that the value of the Eligible Exchange Agreement Positive Balance shall be subject to
reserves as determined by the Administrative Agent in its Permitted Discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible
<FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil</U>: at any date of determination, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil owned by a Borrower that satisfies the criteria set forth in the definition of Eligible
Refinery Hydrocarbon Inventory (other than the requirements as to location of such inventory as set forth in <B>clauses (b)</B>, <B>(d)</B> and <B>(k)</B>&nbsp;of such definition) and that is deemed by the Administrative Agent, in its Permitted
Discretion, to be Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil. Without limiting the foregoing, unless otherwise agreed by the Administrative Agent, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil shall not be
Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil unless the purchase price of such <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil has been paid or is supported by a Letter of Credit. Eligible <FONT
STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil shall be valued at market value determined in accordance with the Valuation Method, and determined after, if required by the Administrative Agent, taking into account transportation and handling
charges that affect the value thereof as determined by the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible
<FONT STYLE="white-space:nowrap">In-Transit</FONT> Products</U>: at any date of determination, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products owned by a Borrower that satisfies the criteria set forth in the definition of Eligible
Refinery Hydrocarbon Inventory (other than the requirements as to location of such inventory as set forth in <B>clauses (b)</B>, <B>(d)</B> and <B>(k)</B>&nbsp;of such definition) and that is deemed by the Administrative Agent, in its Permitted
Discretion, to be Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products. Without limiting the foregoing, unless otherwise agreed by the Administrative Agent, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products shall not be
Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products unless the Administrative Agent shall have taken Rent and Charges Reserve in its Permitted Discretion or the Administrative Agent has received a third party agreement from the
operator of the barge or rail in which such <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products is transmitted in form satisfactory to the Administrative Agent. Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products shall be
valued at market value determined in accordance with the Valuation Method, and determined after, if required by the Administrative Agent, taking into account transportation and handling charges that affect the value thereof as determined by the
Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Investment Grade Receivables</U>: on any date, all Investment Grade Receivables denominated in Dollars
and payable to a Borrower that satisfy the criteria set forth in the definition of Eligible Accounts Receivable (other than by reason of being an Investment Grade Receivable) and that are deemed by the Administrative Agent in its Permitted
Discretion to be Eligible Investment Grade Receivables, net of any returns, rebates, discounts (calculated on the shortest terms), credits, other allowances and deductions, and Taxes (including sales, state excise or other taxes) that have been or
could be claimed by the Eligible Account Obligor (or are payable in the case of Taxes). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Lubricants Inventory</U>: at any
date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a <FONT STYLE="white-space:nowrap">first-in,</FONT> <FONT STYLE="white-space:nowrap">first-out</FONT> basis) or market value) of all Lubricants owned
by a Borrower that is deemed by the Administrative Agent, in its Permitted Discretion, to be an Eligible Lubricants Inventory. Without limiting the foregoing, the following shall not constitute Eligible Lubricants Inventory: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Lubricants (i)&nbsp;in which the Lenders do not have a valid and perfected first priority security interest or (ii)&nbsp;that is subject to
any other Lien other than Liens permitted by <B>Section</B><B></B><B>&nbsp;10.2.2(a)</B> or <B><FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)</B>, <B>(c)</B> and <B>(g)</B>&nbsp;of the definition of &#147;Excepted Liens&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Lubricants (i)&nbsp;located on premises that are not owned by a Borrower or a Restricted Subsidiary, or held by a bailee or otherwise
subject to any third party interest, with respect to which any landlord&#146;s waiver or other third party agreement in form and substance satisfactory to, the Administrative Agent shall not have been furnished (except where an appropriate Rent and
Charges Reserve has been established), or (ii)&nbsp;commingled with any product other than Lubricants that are owned by another Borrower and in which the Lenders have a valid and perfected first priority security interest; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Lubricants of any Borrower with respect to which any event described in
<B>Section</B><B></B><B>&nbsp;12.1(h)</B> or <B>12.1(i)</B> shall have occurred and be continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Lubricants held on consignment, or
subject to any deposit or downpayment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)Lubricants located outside the United States; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Lubricants consigned to any Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Lubricants that are subject to a warehouse receipt or negotiable document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Lubricants that are subject to a license or other arrangement that restricts the Obligors&#146; or the Administrative Agent&#146;s right to
dispose of such Lubricants, unless the Administrative Agent has received an appropriate lien waiver in form and substance satisfactory to the Administrative Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Lubricants that are not located at terminals, storage tanks and lines related thereto (including line fills but excluding basic sediment
and water and slop oil), bulk plants, service stations and cardlocks, in each case owned or leased and operated by the Borrowers or any Restricted Subsidiary (and, in the case of leased locations, with respect to which a landlord&#146;s waiver or
agreement has not been provided if requested by the Administrative Agent as set forth in clause (b)&nbsp;of this definition (except where an appropriate Rent and Charges Reserve has been established)) or at such other locations as may be approved
from time to time by the Administrative Agent; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Lubricants that are obsolete, unsalable, damaged or otherwise unfit for sale or
further processing in the Ordinary Course of Business or otherwise unsatisfactory to the Administrative Agent in its Permitted Discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible <FONT STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables</U>: on any date, all L/C Backed Receivables denominated in Dollars
and payable to a Borrower that satisfy the criteria set forth in the definition of Eligible Accounts Receivable (other than the requirements set forth in clauses (c), (e), (h)&nbsp;(i) and (n) of such definition and by reason of being an L/C Backed
Receivable) and that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible <FONT STYLE="white-space:nowrap">L/C-Backed</FONT> Receivables, net of any returns, rebates, discounts (calculated on the shortest terms),
credits, other allowances and deductions, and Taxes (including sales, state excise or other taxes) that have been or could be claimed by the Eligible Account Obligor (or are payable in the case of Taxes). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Merchandise Inventory</U>: at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP
on a <FONT STYLE="white-space:nowrap">first-in,</FONT> <FONT STYLE="white-space:nowrap">first-out</FONT> basis) or market value) of all Merchandise Inventory owned by a Borrower that is deemed by the Administrative Agent, in its Permitted
Discretion, to be Eligible Merchandise Inventory. Without limiting the foregoing, there shall be excluded from Eligible Merchandise Inventory any and all Merchandise Inventory: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;(i) in which the Lenders do not have a valid and perfected first priority security interest or (ii)&nbsp;that is subject to any other
Lien other than Liens permitted by <B>Section</B><B></B><B>&nbsp;10.2.2(a)</B> and <B><FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)</B>, <B>(c)</B> and <B>(g)</B>&nbsp;of the definition of &#147;Excepted Liens&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) located on premises that are not owned by a Borrower or any Restricted Subsidiary (other than at service stations leased by and
operated by a Borrower or any Restricted Subsidiary) or held by a bailee or otherwise subject to any third party interest with respect to which a landlord&#146;s waiver or other third party agreement in form and substance satisfactory to, the
Administrative Agent, shall not have been furnished (except where an appropriate Rent and Charges Reserve has been established), or (ii)&nbsp;commingled with any product other than Merchandise Inventory that is owned by an Obligor and in which the
Lenders have a valid and perfected first priority security interest; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) attributable to any Borrower with respect to which any event described in
<B>Section</B><B></B><B>&nbsp;12.1(h)</B> or <B>12.1(i)</B> shall have occurred and be continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in transit from vendors or
suppliers; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) held on consignment, or subject to any deposit or downpayment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) located outside the United States; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) consigned to any Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
subject to a license or other arrangement that restricts the Obligors&#146; or the Administrative Agent&#146;s right to dispose of such Merchandise Inventory, unless the Administrative Agent has received an appropriate lien waiver in form and
substance satisfactory to the Administrative Agent; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) that was acquired from a Person subject to any Sanctions or on any specially
designated nationals list maintained by OFAC, is obsolete, unsalable, damaged or otherwise unfit for sale in the Ordinary Course of Business or otherwise unsatisfactory to the Administrative Agent in its Permitted Discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Refinery Hydrocarbon Inventory</U>: at any date, the aggregate market value, as determined in accordance with the Valuation
Method, of all Petroleum Inventory owned by a Borrower that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible Refinery Hydrocarbon Inventory. Without limiting the foregoing, there shall be excluded from Eligible
Refinery Hydrocarbon Inventory any and all Petroleum Inventory: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;(i) in which the Lenders do not have a valid and perfected first
priority security interest (except as such priority may be subject to statutory Liens securing First Purchase Crude Payables that purport to have priority over other secured creditors) or (ii)&nbsp;that is subject to any other Lien other than
(x)&nbsp;Liens permitted by <B>Section</B><B></B><B>&nbsp;10.2.2(a)</B> or <B><FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)</B>, <B>(c)</B> and <B>(g)</B>&nbsp;of the definition of &#147;Excepted Liens&#148;, or (y)&nbsp;statutory Liens
securing First Purchase Crude Payables; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) located on premises that are not owned by a Borrower or any Restricted Subsidiary
(other than (A)&nbsp;Petroleum Inventory at service stations leased by and operated by a Borrower or any Restricted Subsidiary and (B)&nbsp;Petroleum Inventory at cardlocks operated by a Borrower or one of the any Restricted Subsidiaries) or held by
a bailee or otherwise subject to any third party interest with respect to which a landlord&#146;s waiver or other third party agreement in form and substance satisfactory to, the Administrative Agent shall not have been furnished (except where an
appropriate Rent and Charges Reserve has been established), or (ii)&nbsp;commingled with any product other than Petroleum Inventory that is owned by another Borrower and in which the Lenders have a valid and perfected first priority security
interest; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) attributable to any Borrower with respect to which any event described in <B>Section</B><B></B><B>&nbsp;12.1(h)</B> or
<B>12.1(i)</B> shall have occurred and be continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in transit from vendors or suppliers; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) held on consignment or subject to any deposit or downpayment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) located outside the United States; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) consigned to any Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) subject to a warehouse receipt or negotiable document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) subject to a license or other arrangement that restricts the Obligors&#146; or the Administrative Agent&#146;s right to dispose of such
Petroleum Inventory, unless the Administrative Agent has received an appropriate lien waiver in form and substance satisfactory to the Administrative Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) consisting of, or commingled with, Hydrocarbons subject to a Structured Hydrocarbon Supply Arrangement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) not located at the Refineries or at terminals, field production tanks, storage tanks and lines related thereto (including line fills but
excluding basic sediment and water and slop oil), bulk plants, service stations and cardlocks, in each case owned and operated by a Borrower or any Restricted Subsidiary or at such other locations as may be approved from time to time by the
Administrative Agent; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) that is obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the Ordinary Course
of Business or otherwise unsatisfactory to the Administrative Agent in its Permitted Discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible U.S. Government Accounts
Receivable</U>: Eligible Accounts Receivable owed by the government of the United States of America, or any department, agency, public corporation, or other instrumentality thereof; <U>provided</U> that, unless otherwise permitted by the
Administrative Agent, the requirement of acknowledgement by the government set forth in the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. &#167; 3727 et seq.), and any steps necessary to perfect the Administrative Agent&#146;s
Liens therein and to give the Administrative Agent the right to collect such accounts, have been complied with to the Administrative Agent&#146;s satisfaction with respect to such accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Eligible Unbilled Accounts</U>: on any date, all Receivables that (i)&nbsp;would be Eligible Accounts Receivable but for the fact that they
remain unbilled and are not the subject of an invoice, are payable by any Persons listed on <B>Schedule 1.2</B> to a Borrower and are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Unbilled Accounts and (ii)&nbsp;are a
right to payment for the sale of Inventory and not then included in the determination of any other component of the Borrowing Base; <U>provided</U> that, Eligible Unbilled Accounts shall not include any such Receivables that are unbilled more than
15 days after the month in which such Receivables accrued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Enforcement Action</U>: any action to enforce any Obligations (other than
Secured Bank Product Obligations) or Loan Documents or to exercise any rights or remedies relating to any Collateral (whether by judicial action, self-help, notification of Account Debtors, setoff or recoupment, credit bid, action in an
Obligor&#146;s Insolvency Proceeding or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Engagement Letter</U>: that certain engagement letter, dated as of
December&nbsp;4, 2017, between Parent and Bank of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Environmental and Necessary Capex</U>: capital expenditures to the extent
deemed reasonably necessary, as determined by the Borrowers, in good faith and pursuant to prudent judgment, that are required by Applicable Law (including to comply with Environmental Laws or permits) or are undertaken for environmental, health and
safety reasons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Environmental Laws</U>: any and all Applicable Laws (including programs, permits and guidance promulgated by
Governmental Authorities thereunder) relating to (i)&nbsp;environmental matters or the pollution or protection of the environment (including surface water, groundwater, soils, subsurface strata, and indoor and outdoor air) or (ii)&nbsp;occupational
health and safety. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Environmental Notice</U>: a written notice from any Governmental Authority of any possible
noncompliance with, investigation of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Release, environmental pollution or Hazardous Materials, including any
complaint, summons, citation, order, claim, demand or request for correction, remediation or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Environmental Permit</U>: any
permit, registration, license, notice, approval, consent, exemption, variance, waiver, spill or response plan, or other authorization required under or issued pursuant to applicable Environmental Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Equity Interest</U>: the interest of any (a)&nbsp;shareholder in a corporation; (b)&nbsp;partner in a partnership (whether general,
limited, limited liability or joint venture); (c) member in a limited liability company; or (d)&nbsp;other Person having any other form of equity security or ownership interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>ERISA</U>: the Employee Retirement Income Security Act of 1974. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>ERISA Affiliate</U>: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of
Section&nbsp;414(b) or (c)&nbsp;of the Code (and Sections 414(m) and (o)&nbsp;of the Code for purposes of provisions relating to Section&nbsp;412 of the Code). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>ERISA Event</U>: (a)&nbsp;a Reportable Event with respect to a Pension Plan; (b)&nbsp;withdrawal of an Obligor or ERISA Affiliate from a
Pension Plan subject to Section&nbsp;4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section&nbsp;4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section&nbsp;4062(e) of ERISA; (c)&nbsp;complete or partial withdrawal by an Obligor or ERISA Affiliate from a Multiemployer Plan; (d)&nbsp;filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under
Section&nbsp;4041 of ERISA, or the institution of proceedings by the PBGC to terminate a Pension Plan; (e)&nbsp;determination that any Pension Plan is considered an <FONT STYLE="white-space:nowrap">at-risk</FONT> plan or a plan in critical or
endangered status under the Code or ERISA; (f)&nbsp;an event or condition that constitutes grounds under Section&nbsp;4042 of ERISA for termination of, or appointment of a trustee to administer, any Pension Plan; (g)&nbsp;imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section&nbsp;4007 of ERISA, upon any Obligor or ERISA Affiliate; or (h)&nbsp;failure by an Obligor or ERISA Affiliate to meet all applicable requirements under the
Pension Funding Rules in respect of a Pension Plan, whether or not waived, or to make a required contribution to a Multiemployer Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule</U>: the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Legislation Schedule published by the Loan Market Association, as in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Event of Default</U>: as defined in<B>
Section</B><B></B><B>&nbsp;12.1</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Excepted Liens</U>: (a)&nbsp;Liens for Taxes, assessments or other governmental charges or levies
which are not delinquent or which are being Properly Contested; (b)&nbsp;Liens in connection with workers&#146; compensation, unemployment insurance or other social security, old age pension or public liability obligations which are not delinquent
or which are being Properly Contested; (c)&nbsp;landlord&#146;s liens, maritime liens, liens granted under storage contracts, liens on pipelines, Hydrocarbon storage facilities, refiners or other facilities or equipment, operators&#146;,
vendors&#146;, carriers&#146;, warehousemen&#146;s, repairmen&#146;s, mechanics&#146;, suppliers&#146;, workers&#146;, materialmen&#146;s, construction or other like Liens, in each case arising in the Ordinary Course of Business, by operation of
law, or incident to the operation and maintenance of Properties each of which is in respect of obligations that are not delinquent or which are being Properly Contested; (d)&nbsp;Liens arising solely by virtue of any statutory or common law
provision relating to banker&#146;s liens, rights of <FONT STYLE="white-space:nowrap">set-off</FONT> or similar rights and remedies and burdening only Deposit Accounts or other funds maintained </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
with a creditor depository institution, provided that no such Deposit Account is a dedicated cash collateral account or is subject to restrictions against access by the depositor in excess of
those set forth by regulations promulgated by the Board of Governors and no such Deposit Account is intended by any Borrower or any Restricted Subsidiaries to provide collateral to the depository institution; (e)&nbsp;easements, zoning restrictions,
servitudes, permits, conditions, covenants, exceptions or reservations in any Property of any Borrower or any Restricted Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines or distribution lines, or for the joint
or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations and which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by any
Borrower or any Restricted Subsidiary or materially impair the value of such Property subject thereto; (f)&nbsp;Liens on cash or securities pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and
return of money bonds, bids, trade contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature, in each case incurred in the Ordinary Course of Business; and (g)&nbsp;judgment and attachment Liens not
giving rise to an Event of Default, provided that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated
shall not have expired and no action to enforce such Lien has been commenced; <U>provided</U>, <U>further</U> that (i)&nbsp;Liens described in clauses <B>(a)</B>&nbsp;through <B>(d)</B>, <B>(f)</B> and <B>(g)</B>&nbsp;shall remain &#147;Excepted
Liens&#148; only for so long as no action to enforce such Lien has been commenced and (ii)&nbsp;no intention to subordinate the first priority Lien granted in favor of the Administrative Agent and the Lenders is to be hereby implied or expressed by
the permitted existence of any Excepted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Exchange Act: </U>Securities Exchange Act of 1934 and any successor statute thereto, in
each case as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Exchange Agreement</U>: an agreement under which a Borrower undertakes to deliver goods on
behalf of an unaffiliated Person to a customer of such Person in exchange for such Person&#146;s delivery of similar goods to a customer of such Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Exchange Agreement Positive Balance</U>: at any date of determination, with respect to a Borrower that is a party to an Exchange Agreement,
the amount of the positive balance, valued on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> basis in accordance with the Valuation Method, of Petroleum Inventory that such Borrower has the right to
receive in the Ordinary Course of Business from a counterparty to such Exchange Agreement (other than an Affiliate of such Borrower or another party determined by the Administrative Agent in its Permitted Discretion to be unacceptable) or money
owing to such Borrower in connection with an exchange of Petroleum Inventory under such Exchange Agreement, net of any offsets or counterclaims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Excluded Accounts</U>: as defined in <B>Section</B><B></B><B>&nbsp;8.5</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Excluded Property</U>: as defined in <B>Section</B><B></B><B>&nbsp;7.6(a)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Excluded Subsidiary:</U> (a)&nbsp;each captive insurance Subsidiary, (b)&nbsp;each Foreign Subsidiary and (c)&nbsp;each Unrestricted
Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Excluded Swap Obligation</U>: with respect to an Obligor, (a)&nbsp;any Swap Obligation as to which, and only to the extent
that, all or a portion of the guaranty by such Obligor of or grant of a Lien by such Obligor as security for such Swap Obligation 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) or (b)&nbsp;any other Swap Obligation designated as an &#147;Excluded Swap Obligation&#148; of such Obligor as specified in any agreement between the relevant Obligors
and hedge counterparty applicable to such Swap Obligations, and agreed by the Administrative Agent. If a Hedging Agreement governs more than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence
shall be Excluded Swap Obligation(s) for the applicable Obligor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-22- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Excluded Taxes</U>: 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)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;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)&nbsp;that are Other
Connection Taxes, (b)&nbsp;U.S. federal withholding Taxes imposed on amounts payable to or for the account of a Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i)&nbsp;such
Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower Agent under <B>Section</B><B></B><B>&nbsp;14.4</B>) or (ii)&nbsp;such Lender changes its Lending Office, except in each case to the
extent that, pursuant to <B>Section</B><B></B><B>&nbsp;5.8</B>, amounts with respect to such Taxes were payable either to such Lender&#146;s assignor immediately prior to such assignment or to such Lender immediately prior to its change in Lending
Office, (c)&nbsp;Taxes attributable to such Recipient&#146;s failure to comply with <B>Section</B><B></B><B>&nbsp;5.9 </B>and (d)&nbsp;any U.S. federal withholding Taxes imposed under FATCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Executive Order</U>: Executive Order No.&nbsp;13224 on Terrorist Financing, effective September&nbsp;24, 2001. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Existing Credit Agreements</U>: collectively, (a)&nbsp;that certain Credit Agreement, dated as of December&nbsp;17, 2015, among HIE, Mid
Pac, the guarantors party thereto from time to time, the lenders party thereto from time to time and KeyBank National Association, as administrative agent, (b)&nbsp;that certain Third Amended and Restated Loan Agreement, dated as of April&nbsp;30,
2015, among Hermes and WPC, the guarantors party thereto from time to time and Bank of America as lender, and (c)&nbsp;that certain Credit Agreement, dated as of July&nbsp;14, 2016, among Par Wyoming Holdings, LLC, the lenders party thereto from
time to time and Chambers Energy Management, LP, as agent, in each case, as amended, restated, supplemented and otherwise modified from time to time prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Existing Letters of Credit</U>: the letters of credit previously issued under the Existing Credit Agreement described in <B>clause
(b)</B>&nbsp;of the definition thereof that are outstanding as of the Closing Date and listed on <B>Schedule</B><B></B><B>&nbsp;2.2</B> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Extraordinary Expenses</U>: all costs, expenses or advances that Administrative Agent may incur during an Event of Default, or during the
pendency of an Insolvency Proceeding of an Obligor, including those relating to (a)&nbsp;any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other
preservation of or realization upon any Collateral; (b)&nbsp;any action, arbitration or other proceeding (whether instituted by or against Administrative Agent, any Lender, any Obligor, any representative of creditors of an Obligor or any other
Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Administrative Agent&#146;s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender
liability or other Claims; (c)&nbsp;the exercise of any rights or remedies of Administrative Agent in, or the monitoring of, any Insolvency Proceeding; (d)&nbsp;settlement or satisfaction of taxes, charges or Liens with respect to any Collateral;
(e)&nbsp;any Enforcement Action; and (f)&nbsp;negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations. Such costs, expenses and advances include transfer
fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and reasonable and documented standby fees, legal fees and expenses, appraisal fees, brokers&#146; and auctioneers&#146; fees and commissions, accountants&#146; fees,
environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>FATCA</U>: Sections 1471 through 1474 of the Code (including any amended or successor version that is substantively comparable and not
materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Code, any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Federal Funds Rate</U>: (a)&nbsp;the weighted average of interest rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds brokers on the applicable Business Day (or on the preceding Business Day, if the applicable day is not a Business Day), as published by the Federal Reserve Bank
of New York on the next Business Day; or (b)&nbsp;if no such rate is published on the next Business Day, the average rate (rounded up, if necessary, to the nearest 1/8 of 1%) charged to Bank of America on the applicable day on such transactions, as
determined by Administrative Agent; <U>provided</U>, that in no event shall such rate be less than zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Feedstocks</U>: all crude
oil, natural gas liquids, and other Hydrocarbons and ethanol, in so far as such Feedstocks are used or useful as fuel or in the manufacture, processing, refining, or blending of Intermediate Products and Refined Products at one or more Refineries.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Financeco</U>: Par Petroleum Finance Corp., a Delaware corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Financial Reporting Trigger Period</U>: the period (a)&nbsp;commencing on the day that Availability for a period of three
(3)&nbsp;consecutive Business Days is less than the greater of (i) $7,500,000 and (ii) 15% of the Borrowing Base on such day; and (b)&nbsp;continuing until the day (i)&nbsp;Availability has been greater than the greater of (A) $7,500,000 and (B) 15%
of the Borrowing Base on such day and (ii)&nbsp;no Default or Event of Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of thirty (30)&nbsp;consecutive calendar days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>First Purchase Crude Payables</U>: at any time, the unpaid amount of any obligation of a Borrower as a &#147;first purchaser&#148; of crude
oil, which is secured by a statutory &#147;first purchaser&#148; Lien created under the Laws of any state to the extent such obligation is not at the time of determination covered by a Letter of Credit issued hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>First Purchaser Reserve</U>: the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted
Discretion in respect of First Purchase Crude Payables owed by the Borrowers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fiscal Quarter</U>: each period of three months,
commencing on the first day of a Fiscal Year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fiscal Year</U>: the fiscal year of Borrowers and Restricted Subsidiaries for accounting
and tax purposes, ending on December&nbsp;31 of each year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fixed Charge Coverage Ratio</U>: the ratio, determined on a consolidated
basis for the Company and its Consolidated Subsidiaries for the most recently completed four-Fiscal Quarter or, during a Financial Reporting Trigger Period or Covenant Trigger Period, for the most recently completed
<FONT STYLE="white-space:nowrap">12-month</FONT> period, of (a)&nbsp;EBITDA minus Unfinanced Capital Expenditures, minus cash taxes paid (net of cash tax refunds received during such period), to (b)&nbsp;Fixed Charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fixed Charges</U>: with respect to the Company and its Consolidated Subsidiaries, the sum of Consolidated Cash Interest Expense, scheduled
principal payments made on Borrowed Money, and Distributions paid in cash (other than Upstream Payments, the Hawaii Sale Leaseback Distribution and Permitted Parent Payments (Tax)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>FLSA</U>: the Fair Labor Standards Act of 1938. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Flood Laws</U>: (a)&nbsp;the National Flood Insurance Act of 1994 (which comprehensively
revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (b)&nbsp;the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any
successor statute thereto, (c)&nbsp;the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto, and (d)&nbsp;all other Applicable Laws relating to policies and procedures that address
requirements placed on federally regulated lenders relating to flood matters, in each case, as now or hereafter in effect or any successor statute thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Foreign Lender</U>: any Lender that is not a U.S. Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Foreign Plan</U>: any employee benefit plan or arrangement (a)&nbsp;maintained or contributed to by any Obligor or Subsidiary that is not
subject to the laws of the United States; or (b)&nbsp;mandated by a government other than the United States for employees of any Obligor or Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Foreign Subsidiary</U>: a Subsidiary that is not a Domestic Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Fronting Exposure</U>: a Defaulting Lender&#146;s interest in LC Obligations, Swingline Loans and Protective Advances, except to the extent
Cash Collateralized by the Defaulting Lender or allocated to other Lenders hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Full Payment</U>: with respect to any
Obligations or Guaranteed Obligations, as applicable, (a)&nbsp;the full cash payment thereof (other than inchoate or contingent obligations for which no claim has been asserted), including any interest, fees and other charges accruing during an
Insolvency Proceeding (whether or not allowed in the proceeding); and (b)&nbsp;if such Obligations or Guaranteed Obligations are LC Obligations or inchoate or contingent in nature (other than inchoate or contingent obligations for which no claim has
been asserted), Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Administrative Agent in its Permitted Discretion, in the amount of required Cash Collateral). No Loans shall be deemed to have been paid in full
unless all Commitments related to such Loans have expired or been terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Future Intermediation Subsidiary</U>: any Subsidiary of
the Company other than the Guarantors as of the Closing Date that (a)&nbsp;is acquired after the Closing Date and such acquisition is otherwise permitted by the Loan Documents or (b)&nbsp;is formed after the Closing Date and, in each case of
(a)&nbsp;and (b), is designated by the board of directors of the Company as a Future Intermediation Subsidiary pursuant to a resolution of the board of directors of the Company as certified in a certificate delivered to the Administrative Agent by a
Senior Officer of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The board of directors of the Company may designate any such Subsidiary of the Company to become a Future
Intermediation Subsidiary if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) such Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) has entered into, is entering into, or will promptly enter into, an Intermediation Facility; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) does not own any Equity Interest of the Company or any Restricted Subsidiary of the Company; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) would constitute an Investment which the Company could make in compliance with <B>Section</B><B></B><B>&nbsp;10.2.4</B>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the Payment Conditions are satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the preceding, if, at any time, a Future Intermediation Subsidiary would fail to meet the preceding requirements in clause
(A)(1) and (2)&nbsp;as a Future Intermediation Subsidiary, it shall thereafter cease to be a Future Intermediation Subsidiary for purposes of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-25- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>GAAP</U>: generally accepted accounting principles in effect in the United States from time to
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Governmental Approvals</U>: all authorizations, consents, approvals, licenses, waivers and exemptions of, registrations and
filings with, and required reports to, all Governmental Authorities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Governmental Authority</U>: 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 supranational bodies, such as the European Union or the European Central Bank). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Guaranteed Obligations</U>: as defined in <B>Section</B><B></B><B>&nbsp;11.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Guarantor Payment</U>: as defined in <B>Section</B><B></B><B>&nbsp;5.10.3(b)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Guarantors</U>: (a)&nbsp;each Borrower that is not the primary obligor for the payment or performance of any Obligations, (b)&nbsp;each
Guarantor that is or becomes a party to this Agreement, and (c)&nbsp;PHR and any Future Intermediation Subsidiary; <U>provided</U> that, for purposes of clarity, no Excluded Subsidiary shall be a Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Guaranty</U>: the guaranty of each Guarantor set forth in <B>Section</B><B></B><B>&nbsp;11 </B>(including any joinders thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hawaii Retail Property</U>: real property owned in fee or leased by the Company or any Restricted Subsidiary that is used in, or held for
use in, the Company&#146;s or such Restricted Subsidiary&#146;s retail operations in the State of Hawaii including, without limitation, all owned or leased Real Estate associated with (i)&nbsp;retail fueling stations branded as &#147;Hele&#148;,
&#147;Tesoro&#148; and &#147;76&#148;, (ii) convenience stores, and (iii)&nbsp;cardlock stations; <U>provided</U> that the fair market value of the Hawaii Retail Property does not exceed $100,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hawaii Retail Property Sale and Leaseback Transaction</U>:<I> </I>any Sale and Leaseback Transaction made from time to time with respect to
Hawaii Retail Property; <U>provided</U> that the gross cash proceeds from any such Hawaii Retail Property Sale and Leaseback Transaction do not exceed the fair market value of the Hawaii Retail Property that is the subject of such Sale and Leaseback
Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hawaii Sale Leaseback Distribution</U>: a Distribution made pursuant to <B>Section</B><B></B><B>&nbsp;10.2.3(f)</B>, so
long as such Distribution is made within six (6)&nbsp;months after the consummation of the applicable Hawaii Retail Property Sale and Leaseback Transaction and is not made from the proceeds of any Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hazardous Material</U>: any substance regulated or as to which liability might arise under any applicable Environmental Law including:
(a)&nbsp;any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition or meaning of &#147;hazardous substance,&#148; &#147;hazardous material,&#148; &#147;hazardous waste,&#148; &#147;solid
waste,&#148; &#147;toxic waste,&#148; &#147;extremely hazardous substance,&#148; &#147;toxic substance,&#148; &#147;contaminant,&#148; &#147;pollutant,&#148; or words of similar meaning or import found in any applicable Environmental Law;
(b)&nbsp;hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c)&nbsp;radioactive materials, explosives, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon, infectious or medical wastes, to the extent any of the foregoing are present in quantities or concentrations prohibited under applicable Environmental Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hedging Agreement</U>: a &#147;swap agreement&#148; as defined in Section&nbsp;101(53B)(A) of the Bankruptcy Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-26- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hedging Termination Value</U>: in respect of any one or more Hedging Agreements, after taking
into account the effect of any legally enforceable netting agreement relating to such Hedging Agreements, (a)&nbsp;for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance
therewith, such termination value(s) and (b)&nbsp;for any date prior to the date referenced in clause (a), the amount(s) determined as the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> value(s) for
such Hedging Agreements, as determined by the counterparties to such Hedging Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hermes</U>: as defined in the introductory
paragraph hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>HIE</U>: as defined in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Hydrocarbons</U>: oil, gas, casing head gas, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons, all products refined,
separated, settled and dehydrated therefrom, including, without limitation, kerosene, liquefied petroleum gas, refined lubricating oils, diesel fuel, drip gasoline, natural gasoline, ethanol, biofuels, other renewable fuels, and all other minerals.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil</U>: crude oil purchased by a Borrower, for delivery to such Borrower via
pipeline from a vendor or supplier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">In-Transit</FONT> Products</U>: refined fuel, jet fuel, diesel,
unleaded gas, blendstocks, other additives, ethanol, biofuels and other renewable fuels purchased by a Borrower, for delivery to such Borrower via pipeline, barge or rail from a vendor or supplier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Indemnified Taxes</U>: (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of an
Obligation; and (b)&nbsp;to the extent not otherwise described in <B>clause (a)</B>, Other Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Indemnitees</U>: Agent Indemnitees,
Lender Indemnitees, Issuing Bank Indemnitees and Bank of America Indemnitees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Insolvency Proceeding</U>: any case or proceeding
commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to, (a)&nbsp;the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law;
(b)&nbsp;the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property; or (c)&nbsp;an assignment or trust mortgage for the benefit of creditors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intellectual Property</U>: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights,
trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, <FONT STYLE="white-space:nowrap">know-how,</FONT> software and databases; all embodiments or fixations thereof and all related
documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intellectual Property Claim</U>: any claim or assertion (whether in writing, by suit or otherwise) that a Borrower&#146;s or Restricted
Subsidiary&#146;s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person&#146;s Intellectual Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intercompany Note</U>: as defined in <B>Section</B><B></B><B>&nbsp;10.2.1(e)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Interest Period</U>: as defined in <B>Section</B><B></B><B>&nbsp;3.1.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intermediate Products</U>: all Feedstocks that have been partially processed or refined as isomerate, cat feed, gasoline components or
naphtha. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intermediation Access Agreement</U>: (a)&nbsp;the Acknowledgment Agreement, dated as of the
date hereof, between the Administrative Agent, the Secured Notes Collateral Trustee and J. Aron (the &#147;<U>Acknowledgment Agreement</U>&#148;), as may be amended, amended and restated, supplemented or otherwise modified from time to time as
permitted by the Loan Documents and (b)&nbsp;any acknowledgment agreement with the Intermediation Counterparty to any other Intermediation Facility otherwise permitted under the Loan Documents, which shall in all material respects be in the same
form, and have the same substance, as the Acknowledgment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intermediation Collateral</U>: (a)&nbsp;with respect to PHR, the
J. Aron Intermediation Collateral and (b)&nbsp;with respect to any Future Intermediation Subsidiary that is party to an Intermediation Agreement, all of the following property or assets of such party:&nbsp;(a) all inventory; (b)&nbsp;all receivables
other than receivables constituting identifiable proceeds of Notes Collateral; (c)&nbsp;all Renewable Identification Numbers; (d)&nbsp;all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other
intellectual property), documents and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) all deposit accounts and other bank and
securities accounts (excluding any Notes Proceeds Collateral Account) and cash and cash equivalents; (f)&nbsp;books and records relating to clauses (a)&nbsp;through (e); and (g)&nbsp;all proceeds of, and supporting obligations, including letter of
credit rights, with respect to, any of the foregoing (except to the extent that such proceeds and supporting obligations constitute Collateral for the notes); <I>provided</I> that &#147;Intermediation Collateral&#148; shall not include any of the
foregoing assets to the extent such assets are excluded pursuant to the express agreement of the applicable Intermediation Counterparty. For the avoidance of doubt, the Intermediation Collateral does not include any Intermediation Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intermediation Counterparty</U>: J. Aron and any other counterparty to any Intermediation Facility, and any permitted successor or assign
of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intermediation Facility</U>: (a)&nbsp;the J. Aron Intermediation Agreement and (b)&nbsp;any crude oil or other
feedstock supply agreements, natural gas supply agreements, hydrogen supply agreements, or <FONT STYLE="white-space:nowrap">off-take</FONT> agreements relating to intermediate or refined products, in each case entered into by any Future
Intermediation Subsidiary and a counterparty for purposes of facilitating a customary intermediation arrangement, together with all related storage agreements, marketing and sales agreements, agency agreements, security agreements, account control
agreements, other collateral documents and other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or
refinanced and/or replaced with another Intermediation Agreement from time to time and in whole or in part; <U>provided</U> that (i)&nbsp;the terms of any Intermediation Facility described in this clause (b)&nbsp;shall be not materially more
disadvantageous to the Lenders, taken as a whole, as compared to the terms of the J. Aron Intermediation Agreement in effect on the Closing Date, taken as a whole, as determined in good faith by an Officer of the Company, (ii)&nbsp;no Intermediation
Agreement shall provide for any lien on any assets other than Intermediation Collateral, and (iii)&nbsp;none of the Company and its Consolidated Subsidiaries, other than PHR or a Future Intermediation Subsidiary, shall enter into an Intermediation
Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intermediation Property:</U> all Hydrocarbons from time to time owned by an Intermediation Counterparty under the terms of
an Intermediation Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Inventory</U>: as defined in the UCC, including all goods intended for sale, lease, display or
demonstration; all work in process; and all raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods,
or otherwise used or consumed in a Borrower&#146;s business (but excluding Equipment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Inventory Reserve</U>: reserves established by
the Administrative Agent in its Permitted Discretion to reflect declines in market value or to reflect factors that may negatively impact the value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance,
change in composition or mix, markdowns and vendor chargebacks. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Investment</U>: with respect to any Person, all direct or indirect investments by such Person
in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the Ordinary Course of
Business), purchases or other acquisitions for consideration of Debt, Equity Interests or other securities (including Acquisitions), together with all items that are or would be classified as investments on a balance sheet prepared in accordance
with GAAP. If any Borrower or any Restricted Subsidiary of any Borrower sells or otherwise disposes of less than all of the Equity Interests of any direct or indirect Restricted Subsidiary of any Borrower such that, after giving effect to any such
sale or disposition, such Person is no longer a Restricted Subsidiary of any Borrower, the applicable Borrowers will be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the
Borrowers&#146; Investments in such Subsidiary that were not disposed of or sold. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Investment Grade Receivables</U>: any Receivable due
to any Borrower and owing by an Eligible Account Obligor (a)&nbsp;with a long-term issuer rating of <FONT STYLE="white-space:nowrap">BBB-</FONT> or higher by S&amp;P and Baa3 or higher by Moody&#146;s (or the equivalent of such rating organization)
and (b)&nbsp;listed on <B>Schedule 1.3</B> (as such schedule, with the consent of the Administrative Agent, (i)&nbsp;is updated and attached to a Borrowing Base Report or (ii)&nbsp;is updated and supplemented from time to time). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>IP Assignment</U>: a collateral assignment or security agreement pursuant to which an Obligor grants a Lien on its Intellectual Property to
Administrative Agent, as security for the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>IRS</U>: the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Issuing Bank</U>: as the context may require, (a)&nbsp;Bank of America (including any Lending Office of Bank of America), (b) KeyBank
National Association, (c)&nbsp;any Additional Issuing Bank, (d)&nbsp;any replacement issuer appointed pursuant to <B>Section</B><B></B><B>&nbsp;2.2.4</B>, or (e)&nbsp;collectively, all of the foregoing. For the avoidance of doubt, references to
&#147;Issuing Bank&#148; in <B>Section</B><B></B><B>&nbsp;14.1 </B>and<B> Section</B><B></B><B>&nbsp;15.1 </B>shall have the meaning specified in clause (d)&nbsp;of the foregoing sentence. Except as provided in the immediately preceding sentence,
any reference to &#147;Issuing Bank&#148; herein shall be to the applicable Issuing Bank, as appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Issuing Bank
Indemnitees</U>: any Issuing Bank and its officers, directors, employees, Affiliates, agents and attorneys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>J. Aron</U>: J.
Aron&nbsp;&amp; Company LLC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>J. Aron Intermediation Agreement</U>: that certain Amended and Restated Supply and Offtake Agreement
dated as of December&nbsp;21, 2017, by and between J. Aron and PHR, together with all related storage agreements, marketing and sales agreements, agency agreements, security agreements, account control agreements, other collateral documents and
other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another
Intermediation Agreement from time to time and in whole or in part; provided that (i)&nbsp;no J. Aron Intermediation Agreement shall provide for any lien on any assets other than J. Aron Intermediation Collateral and (ii)&nbsp;none of the Company or
its Consolidated Subsidiaries, other than PHR, shall enter into the J. Aron Intermediation Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>J. Aron Intermediation
Collateral</U>: with respect to PHR, all of the following property and assets of PHR:&nbsp;(a) all inventory; (b)&nbsp;all receivables other than receivables constituting identifiable proceeds of collateral securing the Secured Notes; (c)&nbsp;all
Renewable Identification Numbers; (d)&nbsp;all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-29- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
property), documents and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary);
(e) all deposit accounts and other bank and securities accounts (excluding any Notes Proceeds Collateral Account) and cash and cash equivalents; (f)&nbsp;books and records relating to clauses (a)&nbsp;through (e); and (g)&nbsp;all proceeds of, and
supporting obligations, including letter of credit rights, with respect to, any of the foregoing (except to the extent that such proceeds and supporting obligations constitute Collateral for the notes); <U>provided</U> that &#147;J. Aron
Intermediation Collateral&#148; shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of J. Aron. For the avoidance of doubt, the J. Aron Intermediation Collateral does not include any
Intermediation Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>L/C Backed Receivables</U>: any Receivable due to any Borrower and owing by an Eligible Account Obligor to
the extent such Receivable is backed by a letter of credit (a)&nbsp;in form and substance, and from an Issuing Bank that is, reasonably acceptable to the Administrative Agent, and (b)&nbsp;which is in the possession of, and directly drawable by, a
Borrower (<U>provided</U>, that during a Cash Dominion Period, such letter credit shall be in the possession of, and directly drawable by, the Administrative Agent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LC Application</U>: an application by Borrower Agent to Issuing Bank for issuance of a Letter of Credit, in form and substance satisfactory
to Issuing Bank and Administrative Agent. In the event of any conflict between the terms of any LC Application and this Agreement, the terms of this Agreement shall govern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LC Conditions</U>: the following conditions necessary for issuance of a Letter of Credit: (a)&nbsp;each of the conditions set forth in
<B>Section</B><B></B><B>&nbsp;6.2</B>; (b) after giving effect to such issuance, total LC Obligations do not exceed the Letter of Credit Subline, no Overadvance exists and Revolver Usage does not exceed the Borrowing Base; (c)&nbsp;the Letter of
Credit and payments thereunder are denominated in Dollars or other currency satisfactory to Administrative Agent and the applicable Issuing Bank; and (d)&nbsp;the purpose and form of the proposed Letter of Credit are satisfactory to Administrative
Agent and Issuing Bank in their discretion.&nbsp;&nbsp;&nbsp;&nbsp;Additionally, no Issuing Bank shall have any obligation to issue a Letter of Credit if (i)&nbsp;any order, judgment, or decree of any Governmental Authority or arbitrator shall, by
its terms, purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with
jurisdiction over such Issuing Bank shall prohibit or request that such Issuing Bank refrain from the issuance of letters of credit generally or such Letter of Credit in particular or (ii)&nbsp;the issuance of such Letter of Credit would violate one
or more policies of such Issuing Bank applicable to letters of credit generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LC Documents</U>: all documents, instruments and
agreements (including LC Requests and LC Applications) delivered by any Borrowers or any other Person to an Issuing Bank or Administrative Agent in connection with any Letter of Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LC Obligations</U>: the sum (without duplication) of (a)&nbsp;all amounts owing by Borrowers for drawings under Letters of Credit; and
(b)&nbsp;the Stated Amount of all outstanding Letters of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LC Request</U>: a request for issuance of a Letter of Credit, to be
provided by Borrower Agent to Issuing Bank, in form satisfactory to Administrative Agent and Issuing Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Lender Indemnitees</U>:
Lenders and Secured Bank Product Providers, and their officers, directors, employees, Affiliates, agents and attorneys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Lenders</U>:
lenders party to this Agreement (including Bank of America in its capacity as provider of Swingline Loans) and any Person who hereafter becomes a &#147;Lender&#148; pursuant to an Assignment, other than any Person that shall have ceased to be a
party hereto pursuant to an Assignment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-30- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Lending Office</U>: the office (including any domestic or foreign Affiliate or branch)
designated as such by a Lender or Issuing Bank by notice to Administrative Agent and Borrower Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Letter of Credit</U>: each
Existing Letter of Credit and any standby or documentary letter of credit, foreign guaranty, documentary bankers&#146; acceptance or similar instrument issued by Issuing Bank for the account or benefit of a Borrower or Affiliate of a Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Letter of Credit Subline</U>: $65,000,000; <U>provided</U>, that the Letter of Credit Subline shall be shared ratably among the Lenders
based on the lesser of (a)&nbsp;each Lender&#146;s Commitment and (b)&nbsp;such Lender&#146;s Pro Rata share of the Letter of Credit Subline. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LIBOR</U>: the per annum rate of interest (rounded up to the nearest 1/8th of 1% and in no event less than zero) determined by
Administrative Agent at or about 11:00 a.m. (London time) two Business Days prior to an Interest Period, for a term equivalent to such period, equal to the London Interbank Offered Rate, or comparable or successor rate approved by Administrative
Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Administrative Agent from time to time); <U>provided</U>, that (a)&nbsp;any comparable or successor rate shall be applied by
Administrative Agent, if administratively feasible, in a manner consistent with market practice and (b)&nbsp;if LIBOR shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LIBOR Daily Floating Rate</U>: a fluctuating rate of interest per annum equal to LIBOR with a term equivalent to thirty days at
approximately 11:00 a.m. (London time) two Business Days prior to the date in question, as adjusted from time to time in Lender&#146;s sole discretion for reserve requirements, deposit insurance assessment rates and other regulatory costs;
<U>provided</U>, that if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>LIBOR
Loan</U>: a Loan that bears interest based on LIBOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>License</U>: any license or agreement under which an Obligor is authorized to use
Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Licensor</U>: any Person from whom an Obligor obtains the right to use any Intellectual Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Lien</U>: a Person&#146;s interest in Property securing an obligation owed to, or a claim by, such Person, including any lien, security
interest, pledge, mortgage, hypothecation, assignment, trust, reservation, encroachment, easement, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-way,</FONT></FONT> covenant, condition, restriction, lease, or other title
exception or encumbrance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Lien Waiver</U>: an agreement, in form and substance satisfactory to Administrative Agent, by which
(a)&nbsp;for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Administrative Agent to enter upon the premises and remove the Collateral or to use the
premises to store or dispose of the Collateral; (b)&nbsp;for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold
any Documents in its possession relating to the Collateral as agent for Administrative Agent, and agrees to deliver the Collateral to Administrative Agent upon request; (c)&nbsp;for any Collateral held by a repairman, mechanic or bailee, such Person
acknowledges Administrative Agent&#146;s Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Administrative Agent upon request; and (d)&nbsp;for any Collateral subject to a Licensor&#146;s
Intellectual Property rights, the Licensor grants to Administrative Agent the right, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> such Licensor, to enforce Administrative Agent&#146;s Liens with
respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-31- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Loan</U>: a loan made pursuant to <B>Section</B><B></B><B>&nbsp;2.1</B>, and any Swingline
Loan, Overadvance Loan or Protective Advance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Loan Documents</U>: this Agreement, Other Agreements and any other Security Documents.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Loan Year</U>: each 12 month period commencing on the Closing Date or on an anniversary of the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Lubricants</U>: Inventory consisting of motor oil, hydraulic oil, gear oil, cutting oil, grease, and various chemicals and solvents of a
similar nature. For avoidance of doubt, Lubricants are not Feedstocks, Intermediate Products or Refined Products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Margin Stock</U>: as
defined in Regulation U of the Board of Governors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Material Adverse Effect</U>: a material adverse change in, or a material adverse
effect on (a)&nbsp;the business, assets, Properties, condition (financial or otherwise) or results of operations of the Borrowers and their Subsidiaries, taken as a whole; (b)&nbsp;the value of any material portion of the Collateral; (c)&nbsp;the
rights and remedies of Administrative Agent or any Lender under the Loan Documents, (d)&nbsp;the ability of Parent, PHR, any Future Intermediation Subsidiary or any Obligor to perform its obligations under any Loan Document to which it is a party;
or (e)&nbsp;the validity or enforceability against Parent, PHR, any Future Intermediation Subsidiary or any Obligor of any Loan Document to which it is a party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Material Contract</U>: any agreement or arrangement to which a Borrower, Restricted Subsidiary, any Future Intermediation Subsidiary or PHR
is party (other than the Loan Documents)&nbsp;(a) that is deemed to be a material contract under any securities law applicable to such Person, including the Securities Act of 1933; (b) for which breach, termination, nonperformance or failure to
renew could reasonably be expected to have a Material Adverse Effect; (c)&nbsp;that relates to Material Debt; or (d)&nbsp;that relates to any Intermediation Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Material Debt</U>: Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any
one or more of the Borrowers, their Restricted Subsidiaries, PHR and any Future Intermediation Subsidiary in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Debt, the &#147;principal amount&#148; of the
obligations of the Borrowers or any Restricted Subsidiary in respect of any Hedging Agreement at any time shall be the Hedging Termination Value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Merchandise Inventory</U>: Inventory (other than (a)&nbsp;Lubricants not for sale at a retail location and (b)&nbsp;Petroleum Inventory)
held by any Borrower for retail sale in the Ordinary Course of Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Mid Pac</U>: as defined in the introductory paragraph hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Moody&#146;s</U>: Moody&#146;s Investors Service, Inc., and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Multiemployer Plan</U>: any employee benefit plan of the type described in Section&nbsp;4001(a)(3) of ERISA, to which an Obligor or ERISA
Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Net Proceeds</U>: with respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments) received by
a Borrower or Restricted Subsidiary in cash from such disposition, net of (a)&nbsp;reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b)&nbsp;amounts applied to
repayment of Debt secured by a Permitted Lien senior to Administrative Agent&#146;s Liens on Collateral sold; (c)&nbsp;transfer or similar taxes; and (d)&nbsp;reserves for indemnities, until such reserves are no longer needed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-32- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>NOLV Percentage</U>: the net orderly liquidation value of Merchandise Inventory or Lubricants,
as applicable, expressed as a percentage of cost, expected to be realized at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent appraisal of the Borrowers&#146;
Merchandise Inventory or Lubricants, as applicable, performed by an appraiser and on terms satisfactory to the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><FONT
STYLE="white-space:nowrap">Non-Consenting</FONT> Lender</U>: any Lender that does not approve any consent, waiver or amendment that (i)&nbsp;requires the approval of each Lender or each affected Lender, in each case, in accordance with the terms of
<B>Section</B><B></B><B>&nbsp;15.1</B> and (ii)&nbsp;has been approved by the Required Lenders (or, in the case of any consent, waiver or amendment that requires the approval of each Lender or each affected Lender, by all Lenders or all affected
Lenders). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt</U>: Debt (a)&nbsp;as to which neither the Company nor any of its
Restricted Subsidiaries, (i)&nbsp;provides any guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or instrument that would constitute Debt) or (ii)&nbsp;is directly or indirectly liable (as a
guarantor or otherwise); (b) the incurrence of which will not result in any recourse against any of the assets of the Company or its Restricted Subsidiaries; and (c)&nbsp;no default with respect to which would permit (upon notice, lapse of time or
both) any holder of any other Debt (&#147;<U>Other Debt</U>&#148;) of the Company or any of its Restricted Subsidiaries to declare pursuant to the express terms governing such Debt a default on such Other Debt or cause the payment thereof to be
accelerated or payable prior to its stated maturity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Notes Collateral</U>: the Collateral, as defined in the Secured Notes Indenture
as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Notes Proceeds Collateral Account</U>: the Collateral Account, as defined in the Secured Notes Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Notice of Borrowing</U>: a request by Borrower Agent of a Borrowing of Loans, in the form of <B>Exhibit B</B> or otherwise reasonably
satisfactory to Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Notice of Conversion/Continuation</U>: a request by Borrower Agent of a conversion or
continuation of any Loans as LIBOR Loans, in form satisfactory to Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Obligations</U>: all (a)&nbsp;principal of and
premium, if any, on the Loans, (b)&nbsp;LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c)&nbsp;interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors
under Loan Documents, (d)&nbsp;Secured Bank Product Obligations, and (e)&nbsp;other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, whether now existing or hereafter arising, whether evidenced by a
note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or
contingent, due or to become due, primary or secondary, or joint or several; <U>provided</U>, that Obligations of an Obligor shall not include its Excluded Swap Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Obligor</U>: each Borrower, Guarantor or other Person that is liable for payment of any Obligations or that has granted a Lien on its
assets in favor of Administrative Agent to secure any Obligations (other than Parent, PHR or any Future Intermediation Subsidiary). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>OFAC</U>: Office of Foreign Assets Control of the U.S. Treasury Department. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Ordinary Course of Business</U>: the ordinary course of business of any Borrower or Restricted Subsidiary, undertaken in good faith and
consistent with Applicable Law and past practices. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-33- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Organic Documents</U>: with respect to any Person, its charter, certificate or articles of
incorporation, bylaws, articles of organization, limited liability company agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust
agreement, or similar agreement or instrument governing the formation or operation of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>OSHA</U>: the Occupational Safety
and Hazard Act of 1970. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Other Agreement</U>: the Engagement Letter, any Intermediation Access Agreement, the Collateral Rights
Agreement and all LC Documents, fee letters, Borrower Materials, and promissory notes now or hereafter delivered by an Obligor or other Person to Administrative Agent or any Lender in connection with any transactions relating hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Other Connection Taxes</U>: Taxes imposed on a Recipient as a result of a present or former connection between the Recipient and the
jurisdiction imposing such Tax (other than connections arising from the Recipient having executed, delivered, become a party to, performed obligations or received payments under, received or perfected a Lien or engaged in any other transaction
pursuant to, enforced, or sold or assigned an interest in, any Loan or Loan Document). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Other Taxes</U>: all present or future stamp,
court, 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 Lien under, or otherwise with
respect to, any Loan Document, except Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <B>Section</B><B></B><B>&nbsp;14.4(c)</B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Overadvance</U>: as defined in <B>Section</B><B></B><B>&nbsp;2.1.5</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Overadvance Loan</U>: a Base Rate Loan (with interest determined pursuant to clause (b)&nbsp;of the definition of &#147;Base Rate&#148;)
made when an Overadvance exists or is caused by the funding thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Parent</U>: Par Pacific Holdings, Inc., a Delaware corporation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Parent Guaranty</U>: that certain Guaranty, dated as of the date hereof, by the Parent in favor of the Administrative Agent on behalf
of the Secured Parties, as may be amended, amended and restated, supplemented or otherwise modified from time to time as permitted by the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Participant</U>: as defined in <B>Section</B><B></B><B>&nbsp;14.2.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Patriot Act</U>: the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, Pub. L. <FONT STYLE="white-space:nowrap">No.&nbsp;107-56,</FONT> 115 Stat. 272 (2001). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Payment Condition Events</U>: Permitted
Acquisitions, Distributions pursuant to <B>Section</B><B></B><B>&nbsp;10.2.3(e)(ii)</B> and <B>Section</B><B></B><B>&nbsp;10.2.3(h)</B>, deemed Investments made by virtue of the designation of an Unrestricted Subsidiary, deemed Investments made by
virtue of the designation of a Future Intermediation Subsidiary, Investments pursuant to <B>Section</B><B></B><B>&nbsp;10.2.4(d)(iv)</B>, redemptions of the Secured Notes pursuant to <B>Section</B><B></B><B>&nbsp;10.2.15(d)</B> and any other event
in the Loan Documents that is subject to satisfaction of the Payment Conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Payment Conditions</U>: with respect to any
applicable payment or transaction, each of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) as of the date of any such payment or transaction, and after
giving effect thereto, no Default shall exist or has occurred and is continuing, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) such payment or transaction shall not create negative
book net worth of the Borrower Group; </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-34- </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) either (x)&nbsp;(A) average Availability during the immediately preceding 60 consecutive day
period and Availability at any time<B> </B>during the immediately preceding 10 consecutive Business Day period, in each case on a pro forma basis shall have been greater than the greater of (I) $17,500,000 and (II) 30% of the Borrowing Base then in
effect and (B)&nbsp;after giving effect to the payment or transaction, on a pro forma basis using the most recent calculation of the Borrowing Base immediately prior to any such payment or transaction, Availability shall be greater than the greater
of (I) $17,500,000 and (II) 30% of the Borrowing Base then in effect or (y)&nbsp;(A) average Availability during the immediately preceding 60 consecutive day period and Availability at any time<B> </B>during the immediately preceding 10 consecutive
Business Day period, in each case on a pro forma basis shall have been greater than the greater of (I) $10,000,000 and (II) 15% of the Borrowing Base then in effect, (B)&nbsp;after giving effect to the payment or transaction, on a pro forma basis
using the most recent calculation of the Borrowing Base immediately prior to any such payment or transaction, Availability shall be greater than the greater of (I) $10,000,000 and (II) 15% of the Borrowing Base then in effect, and (C)&nbsp;as of the
date of any such payment or transaction, and after giving effect thereto, on a pro forma basis (including with respect to periods prior to the Closing Date), the Borrower Group Fixed Charge Coverage Ratio (1)&nbsp;for the four-Fiscal Quarter period
ending on the last day of the most recent Fiscal Quarter or (2)&nbsp;during a Financial Reporting Trigger Period, for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ending on the last day of the most recent month, prior to the date of
such payment or transaction for which Administrative Agent has received financial statements in accordance with <B>Section</B><B></B><B>&nbsp;10.1.2(a), 10.1.2(b) </B>or <B>10.1.2(c)</B> shall be at least 1.00 to 1.00 and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) receipt by Administrative Agent of a certificate of a Senior Officer of the Borrower Agent certifying as to compliance with the preceding
clauses and demonstrating (in reasonable detail) the calculations required thereby (each, a &#147;<U>Payment Conditions Certificate</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Payment Item</U>: each check, draft or other item of payment payable to any Obligor, including those constituting proceeds of any
Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>PBGC</U>: the Pension Benefit Guaranty Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Pension Funding Rules</U>: Code and ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans
set forth in, for plan years ending prior to the Pension Protection Act of 2006 effective date, Section&nbsp;412 of the Code and Section&nbsp;302 of ERISA, both as in effect prior to such act, and thereafter, Sections 412, 430 and 436 of the Code
and Sections 302 and 303 of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Pension Plan</U>: any employee pension benefit plan (as defined in Section&nbsp;3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by an Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a
multiple employer or other plan described in Section&nbsp;4064(a) of ERISA, has made contributions at any time during the preceding five plan years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Acquisition</U>: an Acquisition by any Borrower or any of its Restricted Subsidiaries, provided that (a)&nbsp;the Person to be
(or the property of which is to be) so purchased or otherwise acquired shall be engaged in substantially the same lines of business as one or more of the businesses of the Borrowers and their Restricted Subsidiaries or in a business or businesses
reasonably related thereto; (b)&nbsp;immediately before giving effect to such Acquisition, no Event of Default shall have occurred and be continuing; (c)&nbsp;at the time of such Acquisition and immediately thereafter, (i)&nbsp;no Default shall have
occurred and be continuing, and (ii)&nbsp;the Payment Conditions have been satisfied; (d)&nbsp;if such acquired Person has outstanding Debt at the time of such Acquisition, such Debt is permitted pursuant to <B>Section</B><B></B><B>&nbsp;10.2.1</B>;
(e)&nbsp;(i) any such newly-created or acquired Subsidiary shall comply with the requirements of <B>Section</B><B></B><B>&nbsp;10.1.13 </B>or (ii)&nbsp;if such Subsidiary is a Future Intermediation Subsidiary, no proceeds of Loans shall be used to
make such Acquisition and (f)&nbsp;with respect to any Acquisition for which the consideration with respect to such Acquisition exceeds $5,000,000, the Borrowers shall have delivered to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-35- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Administrative Agent and each Lender, at least five Business Days prior to the date on which such Acquisition is to be consummated, a certificate of a Senior Officer, in form and substance
reasonably satisfactory to Administrative Agent, certifying that all of the requirements set forth in this definition have been satisfied or will be satisfied on or prior to the consummation of such Acquisition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Contingent Obligations</U>: Contingent Obligations (a)&nbsp;arising from endorsements of Payment Items for collection or deposit
in the Ordinary Course of Business; (b)&nbsp;arising from Hedging Agreements permitted hereunder; (c)&nbsp;existing on the Closing Date, and any extension or renewal thereof that does not increase the amount of such Contingent Obligation when
extended or renewed; (d)&nbsp;incurred in the Ordinary Course of Business with respect to surety, appeal or performance bonds, or other similar obligations; (e)&nbsp;arising from customary indemnification obligations in favor of purchasers in
connection with dispositions of Equipment and other assets permitted hereunder; (f)&nbsp;arising under the Loan Documents; (g)&nbsp;arising by operation of law; or (h)&nbsp;in an aggregate amount of $10,000,000 or less at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Discretion</U>: a determination made in the exercise, in good faith, of reasonable credit judgment (from the perspective of a
secured, asset-based lender). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Investment</U>: any Investment permitted under <B>Section</B><B></B><B>&nbsp;10.2.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Lien</U>: as defined in <B>Section</B><B></B><B>&nbsp;10.2.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Parent Payments</U>: the declaration and payment of dividends or distributions by the Company to, or the making of loans to the
Parent in amounts sufficient for the Parent to pay, in each case without duplication: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">franchise taxes, excise taxes and other fees, taxes and expenses, in each case, to the extent required to maintain the Parent&#146;s existence or to conduct business in a jurisdiction; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">so long as the Company is (x)&nbsp;treated as a pass-through or disregarded entity for tax purposes, and of which the Parent is an owner, member or partner (directly or through one or more entities that are treated as
pass-through entities for tax purposes) or (y)&nbsp;a member of an affiliated, consolidated, combined, unitary or similar group that includes the Parent, amounts equal to the amounts of federal, state and local income taxes that would be owed (or
estimated would be owed), to the extent such income taxes are attributable to the income of the Company or one or more of its Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, PHR or a
Future Intermediation Subsidiary, in amounts equal to the amounts that would be required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries, PHR or a Future Intermediation Subsidiary, as applicable;
<U>provided</U>, that in each case the amount of such payments or loans in any fiscal year does not exceed the amount that the Company and its Restricted Subsidiaries would be hypothetically required to pay in respect of federal, state and local
taxes for such fiscal year as if the Company and its Restricted Subsidiaries (and Unrestricted Subsidiaries, PHR and Future Intermediation Subsidiaries to the extent described above) computed and filed their tax returns on a stand-alone basis and
did not take into account net operating losses or carryforwards or other tax attributes of the Parent or the Parent&#146;s Affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">so long as the Company is a member of an affiliated or consolidated group for U.S. federal income tax purposes, payments made under Section&nbsp;4 of the Tax Sharing Agreement effective April&nbsp;1, 2014, or any
successor or extended agreement, whether to Parent or any Affiliate of Parent and whether renewed as a payment in lieu of taxes, compensation or indemnity, in each case without duplication with payments made under (2)&nbsp;above; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-36- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">general corporate administrative, operating and overhead costs and expenses of the Parent to the extent attributable to the Company and its Consolidated Subsidiaries including but not limited to software and other
intellectual property license, fees and expenses of independent auditors, reserve engineers and legal counsel to the Parent; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">(x) salary, bonus and other benefits payable to employees, consultants, directors, officers and managers of the Parent in the ordinary course of business to the extent attributable to the Company and its Consolidated
Subsidiaries and (y)&nbsp;indemnification claims made by employees, consultants, directors, officers and managers of the Parent in the ordinary course of business to the extent attributable to the Company and its Consolidated Subsidiaries; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">payments of principal, interest on, and mandatory repurchases or redemption with respect to, the Senior Notes. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Parent Payments (G&amp;A)</U>: Permitted Parent Payments described in clauses (4)&nbsp;and (5) of the definition of Permitted
Parent Payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Parent Payments (Tax)</U>: Permitted Parent Payments described in clauses (1)&nbsp;through (3) of the
definition of Permitted Parent Payments (to the extent a payment of taxes). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Purchase Money Debt</U>: Purchase Money Debt of
Borrowers and Restricted Subsidiaries that is unsecured or secured only by a Purchase Money Lien, as long as the aggregate amount does not exceed the greater of (a) $35,000,000 and (b) 5.0% of the Company&#146;s Consolidated Net Tangible Assets (as
defined in the Secured Notes Indenture) at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Unsecured Debt</U>: unsecured Debt incurred by Obligors in the form of
one or more series of senior unsecured notes or loans; <U>provided</U> that such Debt (a)&nbsp;meets the Permitted Unsecured Debt Conditions, (b)&nbsp;has no financial maintenance covenants and (c)&nbsp;does not contain any provisions that
cross-default to any Default hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Permitted Unsecured Debt Conditions</U>: of an applicable Debt are that such Debt (a)&nbsp;is
not scheduled to mature prior to the date that is 91 days after the latest maturity of the Loans, (b)&nbsp;does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption,
repurchase, prepayment or sinking fund obligation (except customary asset sale or change of control provisions that provide for the prior repayment in full of the Loans and all other Obligations), in each case prior to 91 days after the latest
maturity of the Loans at the time such Debt is incurred, (c)&nbsp;is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors and (d)&nbsp;has covenants, defaults and remedy provisions and other terms and conditions
(other than interest, fees, premiums and funding discounts) that are, taken as a whole, substantially identical to, or less favorable to the investors providing such Debt than, those set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Person</U>: any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated
organization, Governmental Authority or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Petroleum Inventory</U>: Inventory consisting of refined petroleum products,
crude oil, condensate, natural gas liquids, liquefied petroleum gases, asphalt, ethanol, biofuels, other renewable fuels, or any blend thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>PHR</U>: Par Hawaii Refining, LLC, a Delaware limited liability company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>PHR/FIS Distribution</U>: Distributions made by PHR or a Future Intermediation Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>PHR Refinery</U>: the refinery of PHR located in Kapolei, Hawaii. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-37- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Plan</U>: any employee benefit plan (as defined in Section&nbsp;3(3) of ERISA) maintained for
employees of an Obligor or ERISA Affiliate, or to which an Obligor or ERISA Affiliate is required to contribute on behalf of its employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Platform</U>: as defined in <B>Section</B><B></B><B>&nbsp;15.3.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Prime Rate</U>: for any date, a per annum rate equal to the greatest of (a)&nbsp;the rate of interest announced by Bank of America from
time to time as its prime rate for such day; (b)&nbsp;the Federal Funds Rate for such day, plus 0.50%; or (c)&nbsp;LIBOR for a 30 day interest period as of such day, plus 1.0%. The rate announced by Bank of America as its prime rate is based on
various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such rate. Any change in such rate publicly
announced by Bank of America shall take effect at the opening of business on the day specified in the announcement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Pro Rata</U>: with
respect to any Lender, a percentage (rounded to the ninth decimal place) determined (a)&nbsp;by dividing the amount of such Lender&#146;s Commitment by the aggregate outstanding Commitments; or (b)&nbsp;following termination of the Commitments, by
dividing the amount of such Lender&#146;s Loans and LC Obligations by the aggregate outstanding Loans and LC Obligations or, if all Loans and LC Obligations have been paid in full and/or Cash Collateralized, by dividing such Lender&#146;s and its
Affiliates&#146; remaining Obligations by the aggregate remaining Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Properly Contested</U>: with respect to any obligation
of an Obligor, (a)&nbsp;the obligation is subject to a bona fide dispute regarding amount or the Obligor&#146;s liability to pay; (b)&nbsp;the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and
diligently pursued; (c)&nbsp;appropriate reserves have been established in accordance with GAAP; <FONT STYLE="white-space:nowrap">(d)&nbsp;non-payment</FONT> could not have a Material Adverse Effect, nor result in forfeiture or sale of any assets of
the Obligor; (e)&nbsp;no Lien is imposed on assets of the Obligor, unless bonded and stayed to the satisfaction of Administrative Agent; and (f)&nbsp;if the obligation results from entry of a judgment or other order, such judgment or order is stayed
pending appeal or other judicial review. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Property</U>: any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Protective Advances</U>: as defined in <B>Section</B><B></B><B>&nbsp;2.1.6</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Purchase Money Debt</U>: (a)&nbsp;Debt (other than the Obligations), including Capital Leases, for payment of any of the purchase price and
costs of installation of fixed assets; (b)&nbsp;Debt (other than the Obligations), including Capital Leases, incurred within 20 days before or one year after acquisition of any fixed assets, for the purpose of financing any of the purchase price
thereof; and (c)&nbsp;any renewals, extensions or refinancings (but not increases) thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Purchase Money Lien</U>: a Lien that
secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease or a purchase money security interest under the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Qualified ECP</U>: an Obligor with total assets exceeding $10,000,000, or that constitutes an &#147;eligible contract participant&#148;
under the Commodity Exchange Act and can cause another Person to qualify as an &#147;eligible contract participant&#148; under Section&nbsp;1a(18)(A)(v)(II) of such act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RCRA</U>: the Resource Conservation and Recovery Act (42 U.S.C. &#167;&#167; 6991-6991i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Real Estate</U>: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures,
parking areas or other improvements thereon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-38- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Receivables</U>: as to a Borrower, all accounts receivable, whether billed or unbilled, and
all rights to payment from any credit card issuer or credit card processor, in each case, arising out of the sale of Inventory in the Ordinary Course of Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Recipient</U>: Administrative Agent, any Issuing Bank, any Lender or any other recipient of a payment to be made by an Obligor under a Loan
Document or on account of an Obligation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Refinancing Conditions</U>: the following conditions for Refinancing Debt: (a)&nbsp;it is in
an aggregate principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced (other than an increase in an aggregate principal amount resulting solely from any capitalized or payment in kind interest or,
solely with respect to the Secured Notes, an increase in the principal amount to the extent permitted by the Loan Documents; (b)&nbsp;it has a final maturity no sooner than, a weighted average life no less than, and an interest rate no greater than,
the Debt being extended, renewed or refinanced; <U>provided</U>, that in the case of Refinancing Debt with respect to debt permitted under Section&nbsp;10.2.1(f), the final maturity of such Refinancing Debt shall be no sooner than April&nbsp;16,
2023; (c) if the Debt being extended, renewed or refinanced is subordinated, it is subordinated to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced or otherwise on terms and conditions acceptable to
Administrative Agent; (d)&nbsp;unless approved by the Administrative Agent in its sole discretion, the representations, covenants and defaults applicable to it are no less favorable (taken as a whole in any material respect) to Borrowers, than those
applicable to the Debt being extended, renewed or refinanced; (e)&nbsp;no additional Lien is granted to secure it; (f)&nbsp;no additional Person is obligated on such Debt; and (g)&nbsp;upon giving effect to it, no Default exists. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Refinancing Debt</U>: Borrowed Money that is the result of an extension, renewal or refinancing of Debt permitted under
<B>Section</B><B></B><B>&nbsp;10.2.1(f)</B>, <B>(h), (i)</B> or <B>(k)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Refined Products</U>: all gasoline, diesel, aviation fuel,
fuel oil, propane, ethanol, transmix, and other products processed, refined or blended from Feedstocks and Intermediate Products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Refineries</U>: collectively, the PHR Refinery and the Wyoming Refinery. The term &#147;Refineries&#148; shall also include any refinery
acquired by a Borrower or a Restricted Subsidiary of any Borrower after the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Reimbursement Date</U>: as defined in
<B>Section</B><B></B><B>&nbsp;2.2.2</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Release</U>: any depositing, spilling, leaking, pumping, pouring, placing, emitting,
discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing. &#147;<U>Released</U>&#148; has a correlative meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Renewable Fuel Standards</U>: the regulatory requirements set forth in 40 C.F.R. Part 80, Subpart M, &#167;&#167; 80.1400 et seq. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Renewable Identification Numbers</U>: any &#147;renewable identification number&#148; as defined in 40 C.F.R. &#167; 80.1401 and regulated
as part of Renewable Fuel Standards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Rent and Charges Reserve</U>: reserves which may be taken by the Administrative Agent in its
Permitted Discretion with respect to Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible Lubricants Inventory, Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil and Eligible <FONT
STYLE="white-space:nowrap">In-Transit</FONT> Products in an amount up to the aggregate of, without duplication, (a)&nbsp;all past due rent, storage, transportation, terminaling and other amounts owing by a Borrower to any landlord, warehouseman,
terminal owner or operator, pipeline, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible Lubricants Inventory,
Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil or Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products or could assert a Lien </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-39- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
on any such Inventory, and (b)&nbsp;if the owner or operator of a facility, pipeline or other location where any Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible
Lubricants Inventory, Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil or Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products is located has not subordinated all Liens that are or may be held by it on such
Inventory and granted access to such Inventory pursuant to an agreement satisfactory to the Administrative Agent, an amount equal to one month of rent, storage, terminaling, transportation and other amounts payable to the applicable owner or
operator of such facility, pipeline or other location; <U>provided</U> that any Rent and Charges Reserve taken with respect to any location at which any Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible Lubricants
Inventory, Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil or Eligible <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products is located shall not exceed the value of such Inventory stored at such location. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Report</U>: as defined in <B>Section</B><B></B><B>&nbsp;13.2.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Reportable Event</U>: any event set forth in Section&nbsp;4043(c) of ERISA, other than an event for which the 30 day notice period has been
waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Required Lenders</U>: two or more unaffiliated Secured Parties holding more than 50% of (a)&nbsp;the aggregate outstanding
Commitments; or (b)&nbsp;following termination of the Commitments, the aggregate outstanding Loans and LC Obligations or, if all Loans and LC Obligations have been paid in full, the aggregate remaining Obligations; <U>provided</U>, <U>however</U>,
that Commitments, Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a Loan or LC Obligation by the Secured Party that
funded the applicable Loan or issued the applicable Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Restricted Investment</U>: any Investment other than a Permitted
Investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Restricted Subsidiary</U>: any Subsidiary that is not (a)&nbsp;an Unrestricted Subsidiary or a direct or indirect
Subsidiary of an Unrestricted Subsidiary and (b)&nbsp;PHR or a Future Intermediation Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Restrictive Agreement</U>: an
agreement (other than a Loan Document, the Secured Notes Indenture or any agreement providing for an Intermediation Facility) that conditions or restricts the right of any Borrower, Restricted Subsidiary or other Obligor to incur or repay Borrowed
Money, to grant, convey, create or impose Liens on any assets, to declare or make Distributions, to modify, extend or renew any agreement evidencing Borrowed Money, or to repay any intercompany Debt or that requires the consent of other Persons in
connection with any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Revolver Usage</U>: (a)&nbsp;the aggregate amount of outstanding Loans; <U>plus</U> (b)&nbsp;the
aggregate Stated Amount of outstanding Letters of Credit, except to the extent Cash Collateralized by Borrowers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Royalties</U>: all
royalties, fees, expense reimbursement and other amounts payable by a Borrower under a License. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>S&amp;P</U>: Standard&nbsp;&amp;
Poor&#146;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Sale and Leaseback
Transaction</U>: with respect to the Company or any of its Restricted Subsidiaries, any arrangement relating to equipment and real property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such equipment and
real property to a Person, and the Company or a Restricted Subsidiary leases it from such Person; <U>provided</U> that any such arrangements with respect to catalyst or precious metals that are entered into in the ordinary course of business shall
not be deemed to be Sale and Leaseback Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Sanctioned Person</U>: at any time, (a)&nbsp;any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state or
other sanctions authority, (b)&nbsp;any Person operating, organized or resident in a Designated Jurisdiction or (c)&nbsp;any Person owned or controlled by any such Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-40- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Sanctions</U>: economic or financial sanctions or trade embargoes imposed, administered or
enforced from time to time by (a)&nbsp;the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b)&nbsp;the United Nations Security Council,
the European Union, Her Majesty&#146;s Treasury of the United Kingdom or other sanctions authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Secured Bank Product
Obligations</U>: Debt, obligations and other liabilities with respect to Bank Products owing by an Obligor to a Secured Bank Product Provider (to the extent not entered into in connection with an Intermediation Facility); <U>provided</U>, that
Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Secured Bank Product Provider</U>:
(a)&nbsp;Bank of America or any of its Affiliates; and (b)&nbsp;any Person that (i)&nbsp;at the time it enters into a Bank Product is a Lender or any of its Affiliates or (ii)&nbsp;at the time it (or its Affiliate) becomes a Lender, is a party to a
Bank Product with an Obligor, in each case in its capacity as a party to such Bank Product (even if such Person ceases to be a Lender or such Person&#146;s Affiliate ceases to be a Lender), provided that such Bank Product is not secured by the Notes
Collateral and such provider delivers written notice to Administrative Agent, in form and substance satisfactory to Administrative Agent, within 10 days following the later of the Closing Date or creation of the Bank Product, (i)&nbsp;describing the
Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount, (ii)&nbsp;agreeing to be bound by <B>Section</B><B></B><B>&nbsp;13.13</B> and (iii)&nbsp;designating any
Hedging Agreements as Secured Bank Product Obligations to be pari passu with the Loans to the extent applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Secured Notes</U>:
the Company and Financeco&#146;s 7.750% senior secured notes due 2025 issued pursuant to the Secured Notes Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Secured Notes
Collateral Trustee</U>: Wilmington Trust, National Association, in its capacity as the collateral trustee under the Secured Notes Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Secured Notes Indenture</U>: the indenture dated as of December&nbsp;21, 2017 (as amended and supplemented from time to time), among the
Company, Financeco, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Secured Parties</U>: Administrative Agent, Issuing Banks, Lenders and Secured Bank Product Providers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Securities Account Control Agreement</U>: control agreement satisfactory to Administrative Agent executed by an institution maintaining a
Securities Account for an Obligor, to perfect Administrative Agent&#146;s Lien on such account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Security Documents</U>: this
Agreement, the Guaranties, the Parent Guaranty, IP Assignments, Deposit Account Control Agreements, Securities Account Control Agreements and all other documents, instruments and agreements now or hereafter securing (or given with the intent to
secure) any Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Senior Notes</U>: Parent&#146;s existing 5.00% convertible senior notes due June&nbsp;15, 2021 issued
pursuant to the Senior Notes Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Senior Notes Indenture</U>: the indenture dated as of June&nbsp;21, 2016 (as amended and
supplemented from time to time), between Parent and Wilmington Trust, National Association, as trustee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-41- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Senior Officer</U>: the chairman of the board, president, chief executive officer, chief
financial officer, controller, treasurer or any senior vice president of a Borrower or, if the context requires, any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Settlement Report</U>: a report summarizing Loans and participations in LC Obligations outstanding as of a given settlement date, allocated
to Lenders on a Pro Rata basis in accordance with their Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Solvent</U>: as to any Person, such Person (a)&nbsp;owns Property
whose fair salable value is greater than the amount required to pay all of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than
the probable total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c)&nbsp;is able to pay all of its debts as they mature; (d)&nbsp;has capital that is not
unreasonably small for its business and is sufficient to carry on its business and transactions and all business and transactions in which it is about to engage; (e)&nbsp;is not &#147;insolvent&#148; within the meaning of Section&nbsp;101(32) of the
Bankruptcy Code; and (f)&nbsp;has not incurred (by way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay
or defraud either present or future creditors of such Person or any of its Affiliates. &#147;<U>Fair salable value</U>&#148; means the amount that could be obtained for assets within a reasonable time, either through collection or through sale under
ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Specified Obligor</U>: an Obligor that is not then an &#147;eligible contract participant&#148; under the Commodity Exchange Act
(determined prior to giving effect to <B>Section</B><B></B><B>&nbsp;5.10</B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Standard Letter of Credit Practice</U>: for Issuing
Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has
advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a)&nbsp;which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b)&nbsp;which laws or letter of
credit practices are required or permitted under (i)&nbsp;the International Standby Practices 1998 (International Chamber of Commerce Publication No.&nbsp;590) or (ii)&nbsp;the Uniform Customs and Practice for Documentary Credits 2007 Revision
(International Chamber of Commerce Publication No.&nbsp;600); each of (i)&nbsp;and (ii) above, as adopted by the International Chamber of Commerce and including any subsequent revisions thereof as of the date such Letter of Credit is issued, as
chosen in the applicable Letter of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Stated Amount</U>: with respect to any outstanding Letter of Credit, including any
automatic increase or tolerance (whether or not then in effect) provided by the Letter of Credit or related LC Documents, the amount of such Letter of Credit that is or may become available to be drawn. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Stated Termination Date</U>: as defined in the definition of &#147;Termination Date&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Structured Hydrocarbon Supply Arrangement</U>: a transaction or series of transactions entered into by a Borrower pursuant to which one or
more third parties supplies, or agrees to supply, to such Borrower Hydrocarbons of a type that, at the time of such supply, are used or produced in the Ordinary Course of Business of the Borrowers and their Restricted Subsidiaries, including,
without limitation, such transactions that include sales by such Borrower of similar Hydrocarbons to such third parties and later purchases (or options to purchase) by such Borrower of similar Hydrocarbons from such third parties and/or their
affiliates and such transactions that include the provision by such Borrower to such third parties of related storage and other related services or the leasing by such Borrower of related storage facilities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-42- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Subsidiary</U>: any entity more than 50% of whose voting securities or Equity Interests is
owned by a Borrower or combination of Borrowers (including indirect ownership through other entities in which a Borrower directly or indirectly owns more than 50% of the voting securities or Equity Interests). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Swap Obligations</U>: with respect to an Obligor, its obligations under a Hedging Agreement that constitutes a &#147;swap&#148; within the
meaning of Section&nbsp;1a(47) of the Commodity Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Sweep Trigger Period</U>: the period (a)&nbsp;commencing on the day that
an Event of Default occurs, or Availability for a period of five (5)&nbsp;consecutive Business Days is less than the greater of (i) $6,000,000 and (ii) 12.5% of the Borrowing Base on such day; and (b)&nbsp;continuing until the day
(i)&nbsp;Availability has been greater than the greater of (A) $6,000,000 and (B) 12.5% of the Borrowing Base and (ii)&nbsp;no Event of Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of
forty-five (45)&nbsp;consecutive calendar days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Swingline Loan</U>: any Borrowing of Base Rate Loans (with interest determined
pursuant to clause (b)&nbsp;of the definition of &#147;Base Rate&#148;) funded with Bank of America&#146;s funds, until such Borrowing is settled among Lenders or repaid by Borrowers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Synthetic Lease</U>: (a)&nbsp;any <FONT STYLE="white-space:nowrap">so-called</FONT> synthetic,
<FONT STYLE="white-space:nowrap">off-balance</FONT> sheet or tax retention lease, or (b)&nbsp;an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Tax Reserve</U>: the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted Discretion in
respect of federal and state excise taxes and sales taxes that will be payable by the Borrowers in connection with sales of Inventory included in the calculation of the Borrowing Base. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Taxes</U>: 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Termination Date</U>: December&nbsp;21, 2022 (the &#147;<U>Stated Termination Date</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Transactions</U>: with respect to the Obligors, the execution, delivery and performance by the Obligors of this Agreement and each other
Loan Document and the borrowing of Loans by the Borrowers, the use of the proceeds thereof, the issuance or deemed issuance of Letters of Credit hereunder, the guarantee of the Obligations and the grant of Liens by the Obligors on Collateral
pursuant to the Loan Documents and with respect to Parent, PHR and any Future Intermediation Subsidiary, the execution, delivery and performance by Parent, PHR and any Future Intermediation Subsidiary of each Loan Document to which such Person is a
party and the guarantee of the Obligations pursuant to the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Transferee</U>: any actual or potential Eligible Assignee,
Participant or other Person acquiring an interest in any Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>UCC</U>: the Uniform Commercial Code as in effect in the State
of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-43- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Unfinanced Capital Expenditures</U>: for any period, Capital Expenditures made by such Person
during such period (including those funded by the proceeds of Collateral) and not financed or funded from the proceeds of Debt (other than the Loans), issuances of Equity Interests, Asset Dispositions or casualty events or condemnation awards in
respect of Equipment or Real Estate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Unrestricted Subsidiary</U>: (a)&nbsp;any Subsidiary of the Company (including any newly acquired
or newly formed Subsidiary of the Company) that is designated by the board of directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the board of directors of the Company as certified in a certificate delivered to the
Administrative Agent by a Senior Officer of the Company; (b)&nbsp;each Subsidiary of an Unrestricted Subsidiary, whenever it shall become such a Subsidiary; and (c)&nbsp;each Foreign Subsidiary that is as of the Closing Date listed on <B>Schedule
9.1.18</B> shall be deemed to be and shall constitute an Unrestricted Subsidiary notwithstanding anything to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The board of
directors of the Company may designate any Subsidiary of the Company to become an Unrestricted Subsidiary if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) such Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) has no Debt other than <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Debt; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless
the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained, in light of all the circumstances, at the time from Persons who are not
Affiliates of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct
or indirect contractual obligation (x)&nbsp;to subscribe for additional Equity Interests or (y)&nbsp;to maintain or preserve such Person&#146;s financial condition or to cause such Persons to achieve any specified levels of operating results; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of the Company or any of its Restricted
Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) does not own any Equity Interest of, or own or hold any Lien on any property of, the Company or any Restricted
Subsidiary of the Company; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) would constitute an Investment which the Company could make in compliance with
<B>Section</B><B></B><B>&nbsp;10.2.4</B>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the Payment Conditions are satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the preceding, (a)&nbsp;if, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements in clause
(A)&nbsp;as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any Debt of such Subsidiary shall be deemed to be incurred as of such date and (b)&nbsp;no Subsidiary may be
designated as an Unrestricted Subsidiary hereunder unless such Subsidiary is or substantially contemporaneously with such designation becomes designated as an &#147;Unrestricted Subsidiary&#148; under and within the meaning of the Secured Notes
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Unused Line Fee Rate</U>: a per annum rate equal to (a) 0.375%, if Revolver Usage was less than 50% of the Commitments
during the preceding calendar quarter, or (b) 0.250%, if Revolver Usage was 50% or more of the Commitments during such quarter. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Upstream Payment</U>: Distribution by a Restricted Subsidiary made ratably with respect to its
Equity Interests and Distributions by a Borrower to another Borrower or made with respect to Debt held by a holder of Equity Interests (other than holders of Equity Interests in the Company); it being understood and agreed that nothing in this
definition shall permit or deemed to permit any Distribution by an Obligor with respect to Debt held by a holder of Equity Interest that is not an Obligor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>U.S. Person</U>: &#147;United States Person&#148; as defined in Section&nbsp;7701(a)(30) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>U.S. Tax Compliance Certificate</U>: as defined in <B>Section</B><B></B><B>&nbsp;5.9.2(b)(iii)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Valuation Method</U>: the benchmark market pricing, methods and criteria used in connection with the initial field examination and
inventory appraisal performed prior to the Closing Date (including, for the avoidance of doubt, OPIS and Platts as of the initial field examination and inventory appraisal) and such benchmarks, methods and criteria, and revisions thereof, as may be
mutually agreed by the Administrative Agent and the Borrower Agent from time to time to address the results of any field examination or inventory appraisal performed after the Closing Date and other due diligence or other information with respect to
the Borrowers&#146; business or assets of which the Administrative Agent becomes aware after the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Vehicles</U>: all cars,
trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate of title law of any state and all tires and other appurtenances to any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Voting Stock</U>: of any Person as of any date, the Equity Interests of such Person that is at the time entitled to vote in the election of
the board of directors of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>WPC</U>: as defined in the introductory paragraph hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Write-Down and Conversion Powers</U>: the write-down and conversion powers of the applicable EEA Resolution Authority from time to time
under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which powers are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Wyoming Refinery</U>: the refinery of Hermes located in Newcastle, Wyoming. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.2. <U>Accounting Terms</U>. </B>Under the Loan Documents (except as otherwise specified therein), all accounting terms shall be
interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited financial statements of Parent and its Subsidiaries
delivered to Administrative Agent before the Closing Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP if Borrowers&#146; certified public accountants concur
in such change, the change is disclosed to Administrative Agent, and all relevant provisions of the Loan Documents are amended in a manner satisfactory to Required Lenders to take into account the effects of the change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.3. <U>Uniform Commercial Code</U>. </B>As used herein, the following terms are defined in accordance with the UCC in effect in the State
of New York from time to time: &#147;Chattel Paper,&#148; &#147;Commercial Tort Claim,&#148; &#147;Commodity Account&#148;, &#147;Deposit Account,&#148; &#147;Document,&#148; &#147;Equipment,&#148; &#147;General Intangibles,&#148; &#147;Goods,&#148;
&#147;Instrument,&#148; &#147;Investment Property,&#148; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;Letter-of-Credit</FONT></FONT> Right,&#148; &#147;Payment Intangible&#148;, &#147;Securities Account&#148; and
&#147;Supporting Obligation.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.4. <U>Certain Matters of Construction</U>. </B>The terms &#147;herein,&#148; &#147;hereof,&#148;
&#147;hereunder&#148; and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. In the computation of periods of time from
a specified date to a later specified date, &#147;from&#148; means &#147;from and including,&#148; and &#147;to&#148; and &#147;until&#148; each mean &#147;to but excluding.&#148; The terms &#147;including&#148;
</P>
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and &#147;include&#148; shall mean &#147;including, without limitation&#148; and, for purposes of each Loan Document, the parties agree that the rule of <I>ejusdem generis</I> shall not be
applicable to limit any provision. Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a)&nbsp;laws include all related regulations, interpretations, supplements,
amendments and successor provisions; (b)&nbsp;any document, instrument or agreement include any amendments, restatements, supplements, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any
section mean, unless the context otherwise requires, a section of this Agreement; (d)&nbsp;any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference;
(e)&nbsp;any Person include such Person&#146;s successors and assigns; (f)&nbsp;time of day mean time of day at Administrative Agent&#146;s notice address under <B>Section</B><B></B><B>&nbsp;15.3.1</B>; or (g)&nbsp;except as expressly provided,
discretion of Administrative Agent, any Issuing Bank or any Lender mean the sole and absolute discretion of such Person. All calculations of Value, Borrowing Base components, Loans, Letters of Credit, Obligations and other amounts herein shall be
denominated in Dollars, unless expressly provided otherwise, and all<I> </I>determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents shall be made in light of the circumstances
existing at such time. Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to the Administrative Agent (and not necessarily calculated in accordance with GAAP). Borrowers
shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Administrative Agent, any Issuing Bank or any Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party
by reason of such party having, or being deemed to have, drafted the provision. Reference to a Borrower&#146;s &#147;knowledge&#148; or similar concept means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have
obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;2. CREDIT FACILITIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.1. <U>Commitment</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.1. <U>Loans</U>. Each Lender agrees, severally on a Pro Rata basis up to its Commitment, on the terms set forth herein, to make Loans to
Borrowers from time to time after the Closing Date (but not on the Closing Date) through the Commitment Termination Date. The Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for
a Loan if Revolver Usage at such time plus the requested Loan would exceed the Borrowing Base. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.2. <U>Notes</U>. Loans and interest
accruing thereon shall be evidenced by the records of Administrative Agent and the applicable Lender. At the request of a Lender, Borrowers shall deliver promissory note(s) to such Lender, evidencing its Loan(s). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.3. <U>Use of Proceeds</U>. The proceeds of Loans shall be used by Borrowers solely (a)&nbsp;to refinance certain existing Debt under the
Existing Credit Agreements of Borrowers and their Restricted Subsidiaries; (b)&nbsp;to pay fees and transaction expenses incurred with respect to this credit facility and fees, expenses, premiums and prepayment penalties incurred in respect of the
refinancing described in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (a)&nbsp;above; (c) to pay Obligations in accordance with this Agreement; and (d)&nbsp;for ongoing working capital and for other lawful, general corporate, limited liability
company or partnership purposes of Borrowers and their Subsidiaries, including without limitation to finance permitted restricted payments, share repurchases, acquisitions, permitted Capital Expenditures and other Investments of Borrowers and their
Subsidiaries. Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan proceeds to any Subsidiary, joint venture partner or other
Person, (i)&nbsp;to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or </P>
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funding of the Loan, is the subject of any Sanction; (ii)&nbsp;in any manner that would result in a violation of a Sanction by any Person (including any Secured Party or other individual or
entity participating in a transaction); or (iii)&nbsp;for any purpose that would violate the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.4. <U>Voluntary Reduction or Termination of Commitments.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least thirty
(30)&nbsp;days&#146; prior written notice to Administrative Agent, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable; <U>provided</U> that such
notice may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Administrative Agent on or prior to the specified effective date) if such
condition is not satisfied. On the Termination Date, Borrowers shall make Full Payment of all Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Borrowers may permanently
reduce the Commitments, on a ratable basis for all Lenders, upon at least thirty (30)&nbsp;days&#146; prior written notice to Administrative Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each
reduction shall be in a minimum amount of $10,000,000, or an increment of $5,000,000 in excess thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.5. <U>Overadvances</U>. If
Revolver Usage exceeds the Borrowing Base (&#147;<U>Overadvance</U>&#148;) at any time, the excess amount shall be payable by Borrowers <B>on demand</B> by Administrative Agent, but all such Loans shall nevertheless constitute Obligations secured by
the Collateral and entitled to all benefits of the Loan Documents. Administrative Agent may require Lenders to fund Overadvance Loans and to forbear from requiring Borrowers to cure an Overadvance, as long as the total Overadvance is not known by
Administrative Agent to exceed 10% of the Borrowing Base and does not continue for more than 30 consecutive days without the consent of Required Lenders. In no event shall Overadvance Loans be required that would cause Revolver Usage to exceed the
aggregate Commitments. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by Administrative Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Obligor be
deemed a beneficiary of this Section nor authorized to enforce any of its terms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.6. <U>Protective Advances</U>. Administrative Agent
shall be authorized, in its discretion, at any time that any conditions in <B>Section</B><B></B><B>&nbsp;6</B> are not satisfied, to make Base Rate Loans (the rate of which is based on clause (b)&nbsp;of the definition of Base Rate)
(&#147;<U>Protective Advances</U>&#148;) (a) up to an aggregate amount equal to 10.0% of the aggregate amount of Commitment outstanding at any time, if Administrative Agent deems such Loans necessary or desirable to preserve or protect Collateral,
or to enhance the collectability or repayment of Obligations, as long as such Loans do not cause Revolver Usage to exceed the aggregate Commitments; or (b)&nbsp;to pay any other amounts chargeable to Obligors under any Loan Documents, including
interest, costs, fees and expenses. Lenders shall participate on a Pro Rata basis in Protective Advances outstanding from time to time. Required Lenders may at any time revoke Administrative Agent&#146;s authority to make further Protective Advances
under clause (a)&nbsp;by written notice to Administrative Agent. Absent such revocation, Administrative Agent&#146;s determination that funding of a Protective Advance is appropriate shall be conclusive. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.1.7. <U>Increase in Commitments</U>. Borrowers may request an increase in Commitments from time to time upon notice to Administrative Agent
by adding to this Agreement one or more Eligible Assignees that are not already Lenders hereunder to issue additional Commitments and become Lenders hereunder that are reasonably satisfactory to Administrative Agent (not to be unreasonably withheld,
delayed or conditioned) or by allowing one or more existing Lenders to increase their respective Commitments, as long as (a)&nbsp;the requested increase is in a minimum amount of </P>
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$10,000,000 and is offered on the same terms as existing Commitments, except for a closing fee specified by Borrowers, (b)&nbsp;increases under this Section do not exceed $75,000,000 in the
aggregate and no more than three (3)&nbsp;increases are made, (c)&nbsp;no reduction in Commitments pursuant to <B>Section</B><B></B><B>&nbsp;2.1.4</B> has occurred prior to the requested increase, and (d)&nbsp;the requested increase does not cause
the Commitments to exceed 90% of any applicable cap under the Secured Notes Indenture. Administrative Agent shall promptly notify Lenders of the requested increase and, within 10 Business Days thereafter, each Lender shall notify Administrative
Agent if and to what extent such Lender commits to increase its Commitment. Any Lender not responding within such period shall be deemed to have declined an increase. If Lenders fail to commit to the full requested increase, Eligible Assignees may
issue additional Commitments and become Lenders hereunder. Administrative Agent may allocate, in its discretion, the increased Commitments among committing Lenders and, if necessary, Eligible Assignees. Provided the conditions set forth in
<B>Section</B><B></B><B>&nbsp;6.2</B> are satisfied, total Commitments </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">shall be increased by the requested amount (or such lesser amount committed by
Lenders and Eligible Assignees) on a date agreed upon by Administrative Agent and Borrower Agent, but no later than 45 days following Borrowers&#146; increase request. Administrative Agent, Borrowers, and new and existing Lenders shall execute and
deliver such documents and agreements as Administrative Agent deems appropriate to evidence the increase in and allocations of Commitments. On the effective date of an increase, the Revolver Usage and other exposures under the Commitments shall be
reallocated among Lenders, and settled by Administrative Agent if necessary, in accordance with Lenders&#146; adjusted shares of such Commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.2. <U>Letter of Credit Facility</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2.1. <U>Issuance of Letters of Credit</U>. From and after the Closing Date, each Existing Letter of Credit shall be deemed, for all purposes
of this Agreement, to be a Letter of Credit used for the account of the Borrowers on the Closing Date. The Issuing Banks shall also issue Letters of Credit from time to time until 15 days prior to the Termination Date (or until the Commitment
Termination Date, if earlier), on the terms set forth herein, including the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower acknowledges that Issuing
Bank&#146;s issuance of any Letter of Credit is conditioned upon Issuing Bank&#146;s receipt of an LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily
require for issuance of a letter of credit of similar type and amount.&nbsp;&nbsp;&nbsp;&nbsp;Each LC Request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be irrevocable
and shall be made in writing by a Senior Officer and delivered to Issuing Bank via facsimile or other electronic method of transmission reasonably acceptable to Issuing Bank. Issuing Bank shall have no obligation to issue any Letter of Credit unless
(i)&nbsp;Issuing Bank receives an LC Request and LC Application at least three Business Days prior to the requested date of issuance; (ii)&nbsp;each LC Condition is satisfied; and (iii)&nbsp;if a Defaulting Lender exists, such Lender or Borrowers
have entered into arrangements satisfactory to Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. If, in sufficient time to act, Issuing Bank receives written notice from Administrative Agent or
Required Lenders that an LC Condition has not been satisfied, Issuing Bank shall not issue the requested Letter of Credit until such notice is withdrawn in writing. Prior to receipt of any such notice, Issuing Bank shall not be deemed to have
knowledge of any failure of LC Conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Letters of Credit may be requested by a Borrower for its own account or the account of any
other Obligor (other than PHR or a Future Intermediation Subsidiary, except with respect to insurance policies carried by all Obligors) to support obligations incurred in the Ordinary Course of Business, or as otherwise approved by Administrative
Agent and the applicable Issuing Bank. Increase, renewal or extension of a Letter of Credit shall be treated as issuance of a new Letter of Credit, except that Issuing Bank may require a new LC Application in its discretion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by the
beneficiary. In connection with any Letter of Credit, none of Administrative Agent, any Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to
be represented by any Documents; any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or
legal effect of any Documents or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or LC Document; any
deviation from instructions, delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in
transmission or delivery of any messages, by mail, cable, telegraph, telex, facsimile, <FONT STYLE="white-space:nowrap">e-mail,</FONT> telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any
Letter of Credit or the proceeds thereof; or any consequences arising from causes beyond the control of any Issuing Bank, Administrative Agent or any Lender, including any act or omission of a Governmental Authority. The rights and remedies of any
Issuing Bank under the Loan Documents shall be cumulative. Each Issuing Bank shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any Letter of Credit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC Documents, each Issuing
Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been signed, sent or made
by a proper Person. Each Issuing Bank may consult with and employ legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be fully protected in any
action taken in good faith reliance upon, any advice given by such experts. Each Issuing Bank may employ agents and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> in connection with any matter
relating to Letters of Credit or LC Documents, and shall not be liable for the negligence or misconduct of agents and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> selected with reasonable care.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Borrowers are responsible for preparing or approving the final text of the Letter of Credit as issued by Issuing Bank, irrespective of
any assistance Issuing Bank may provide such as drafting or recommending text or by Issuing Bank&#146;s use or refusal to use text submitted by Borrowers. Borrowers are solely responsible for the suitability of the Letter of Credit for
Borrowers&#146; purposes. With respect to any Letter of Credit containing an &#147;automatic amendment&#148; to extend the expiration date of such Letter of Credit, Issuing Bank, in its sole and absolute discretion, may give notice of nonrenewal of
such Letter of Credit and, if Borrowers do not at any time want such Letter of Credit to be renewed, Borrowers will so notify Administrative Agent and Issuing Bank at least 15 calendar days before Issuing Bank is required to notify the beneficiary
of such Letter of Credit or any advising bank of such nonrenewal pursuant to the terms of such Letter of Credit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2.2. <U>Reimbursement;
Participations</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If Issuing Bank honors any request for payment under a Letter of Credit, Borrowers shall pay to Issuing Bank, on
the same day (&#147;<U>Reimbursement Date</U>&#148;), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Loans from the Reimbursement Date until payment by Borrowers. The obligation
of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid under any and all circumstances whatsoever, including: (i)&nbsp;any lack of
validity, enforceability, or legal effect of any Letter of Credit or this Agreement or any term or provision therein or herein; (ii)&nbsp;payment against presentation of any draft, demand or claim for payment under any Drawing Document which proves
to be fraudulent, forged, or invalid in any respect or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of
the beneficiary of such Letter </P>
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of Credit; (iii)&nbsp;Issuing Bank or any of its branches or affiliates being the beneficiary of any Letter of Credit; (iv)&nbsp;Issuing Bank or any correspondent honoring a drawing against a
Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit; (v)&nbsp;the existence of any claim,
<FONT STYLE="white-space:nowrap">set-off,</FONT> defense or other right that any Borrower or any of its Subsidiaries may have at any time against any beneficiary, any assignee of proceeds, Issuing Bank or any other Person; (vi)&nbsp;any other event,
circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this <B>Section</B><B></B><B>&nbsp;2.2.2(a)</B>, constitute a legal or equitable defense to or discharge of, or provide a right of <FONT
STYLE="white-space:nowrap">set-off</FONT> against, any Borrower&#146;s or any of its Subsidiaries&#146; reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against Issuing
Bank, the beneficiary or any other Person; or (vii)&nbsp;the fact that any Default or Event of Default shall have occurred and be continuing. Whether or not Borrower Agent submits a Notice of Borrowing, Borrowers shall be deemed to have requested a
Borrowing of Base Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender shall fund its Pro Rata share of such Borrowing whether or not the Commitments have terminated, an Overadvance exists
or is created thereby, or the conditions in <B>Section</B><B></B><B>&nbsp;6 </B>are satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Lender hereby irrevocably and
unconditionally purchases from Issuing Bank, without recourse or warranty, an undivided Pro Rata participation in all LC Obligations outstanding from time to time. Issuing Bank is issuing Letters of Credit in reliance upon this participation. If
Borrowers do not make a payment to Issuing Bank when due hereunder, Administrative Agent shall promptly notify Lenders and each Lender shall within one Business Day after such notice pay to Administrative Agent, for the benefit of Issuing Bank, such
Lender&#146;s Pro Rata share of such payment. Upon request by a Lender, Issuing Bank shall provide copies of Letters of Credit and LC Documents in its possession at such time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The obligation of each Lender to make payments to Administrative Agent for the account of Issuing Bank in connection with Issuing
Bank&#146;s payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this Agreement under all
circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, noncompliant, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing Bank of a requirement that exists for its protection (and not a Borrower&#146;s protection) or that does not materially prejudice a
Borrower; any honor of an electronic demand for payment even if a draft is required; any payment of an item presented after a Letter of Credit&#146;s expiration date if authorized by the UCC or applicable customs or practices; or any setoff or
defense that an Obligor may have with respect to any Obligations. No Issuing Bank assumes any responsibility for any failure or delay in performance or any breach by any Borrower or other Person of any obligations under any LC Documents. No Issuing
Bank makes to Lenders any express or implied warranty, representation or guaranty with respect to any Letter of Credit, Collateral, LC Document or Obligor. No Issuing Bank shall be responsible to any Lender for any recitals, statements, information,
representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any LC Documents; the validity, genuineness, enforceability, collectability, value or sufficiency of any Collateral or the
perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action taken or omitted to be taken in connection with any
Letter of Credit or LC Document except as a result of its gross negligence or willful misconduct. Each Issuing Bank may (but is not obligated to) refrain from taking any action with respect to a Letter of Credit until it receives written
instructions (and in its discretion, appropriate assurances) from the Lenders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-50- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2.3. <U>Cash Collateral</U>. Subject to <B>Section</B><B></B><B>&nbsp;2.1.5</B>, if at any
time (a)&nbsp;an Event of Default exists, (b)&nbsp;the Commitment Termination Date has occurred, or (c)&nbsp;the Termination Date is scheduled to occur within 5 Business Days, then Borrowers shall, at Issuing Bank&#146;s or Administrative
Agent&#146;s request, Cash Collateralize the stated amount of each outstanding Letters of Credit and all other LC Obligations. Borrowers shall, at Issuing Bank&#146;s or Administrative Agent&#146;s request at any time, Cash Collateralize the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fronting Exposure of any Defaulting Lender. If Borrowers fail to provide any Cash Collateral as required hereunder, Lenders may (and shall upon direction of
Administrative Agent) advance, as Loans, the amount of Cash Collateral required (whether or not the Commitments have terminated, an Overadvance exists or the conditions in <B>Section</B><B></B><B>&nbsp;6</B> are satisfied). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2.4. <U>Resignation of Issuing Bank</U>. Issuing Bank may resign at any time upon notice to Administrative Agent and Borrowers. From the
effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and other obligations of an Issuing Bank hereunder relating to
any Letter of Credit issued by it prior to such date. Administrative Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2.5. <U>Indemnification.</U>In addition to (and not in any way in limitation of) any other terms or provisions of this Agreement or any
other Loan Document or LC Document providing for the indemnification of any Issuing Bank or otherwise, each Borrower agrees to indemnify, defend and hold harmless each Issuing Bank Indemnitee (to the fullest extent permitted by law) from and against
any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually
incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any Issuing Bank Indemnitee
(other than Taxes, which shall be governed by <B>Section</B><B></B><B>&nbsp;5.8</B>) (collectively, the &#147;<U>Letter of Credit Indemnified Costs</U>&#148;), and which arise out of or in connection with, or as a result of this Agreement, any
Letter of Credit, any LC Document, or any Drawing Document referred to in or related to any Letter of Credit, or any action or proceeding arising out of any of the foregoing (whether administrative, judicial or in connection with arbitration); in
each case, including that resulting from such Issuing Bank Indemnitee&#146;s own negligence, whether brought by a third party or by a Borrower or any other Obligor; <U>provided</U>, <U>however</U>, that such indemnity shall not be available to any
Issuing Bank Indemnitee claiming indemnification to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction to
have resulted directly from the gross negligence or willful misconduct of the Issuing Bank Indemnitee claiming indemnity. This indemnification provision shall survive termination of this Agreement and all Letters of Credit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">2.2.6. <U>Limitation of Liability. </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The liability of Issuing Bank (or any other Indemnitee) under, in connection with or arising out of any Letter of Credit (or <FONT
STYLE="white-space:nowrap">pre-advice),</FONT> regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by Borrowers that are caused directly by Issuing Bank&#146;s gross negligence or willful
misconduct in (i)&nbsp;honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit, (ii)&nbsp;failing to honor a presentation under a Letter of
Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii)&nbsp;retaining Drawing Documents presented under a Letter of Credit. Issuing Bank shall be deemed to have acted with due diligence and reasonable care if
Issuing Bank&#146;s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-51- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;3. INTEREST, FEES AND CHARGES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.1. <U>Interest</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.1.1. <U>Rates and Payment of Interest.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Obligations shall bear interest (i)&nbsp;if a Base Rate Loan, at the Base Rate in effect from time to time, plus the Applicable Margin;
(ii)&nbsp;if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii)&nbsp;if any other Obligation not paid when due (including, to the extent permitted by law, interest not paid when due), at the Base Rate
(the rate of which is based on clause (b)&nbsp;of the definition thereof) in effect from time to time, plus the Applicable Margin for Base Rate Loans based on clause (b)&nbsp;of the definition of &#147;Base Rate&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) During an Insolvency Proceeding with respect to any Obligor, or during any other Event of Default if Required Lenders in their discretion
so elect, Obligations shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Administrative Agent and Lenders due to an Event of Default are difficult to ascertain and
that the Default Rate is fair and reasonable compensation for this. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Interest shall accrue from the date a Loan is advanced or
Obligation is not paid when due, until paid in full by Borrowers, and shall in no event be less than zero at any time. Interest accrued on the Loans shall be due and payable in arrears, (i)&nbsp;on the first day of each quarter with respect to a
Base Rate Loan, and on the last day of the applicable Interest Period with respect to a LIBOR Loan (except in the case of a LIBOR Loan with an Interest Period of more than 90 days&#146; duration, each day prior to the last day of such Interest
Period that occurs at intervals of 90 days&#146; duration after the first day of such Interest Period); (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid; and (iii)&nbsp;on the Commitment Termination Date.
Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall
be due and payable on demand. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.1.2. <U>Application of LIBOR to Outstanding Loans.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any portion of the Base
Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Administrative Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made,
converted or continued as a LIBOR Loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Whenever Borrowers desire to convert or continue Loans as LIBOR Loans, Borrower Agent shall
give Administrative Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Administrative Agent shall notify each
Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest
Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period for any LIBOR Loan, Borrowers shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected to
convert such Loan into a Base Rate Loan. Administrative Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the
definition of LIBOR. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.1.3. <U>Interest Periods</U>. In connection with the making, conversion or continuation of any
LIBOR Loans, Borrowers shall select an interest period (&#147;<U>Interest Period</U>&#148;) to apply, which interest period shall be 30, 60, 90 or 180 days (or, with the consent of all Lenders, such longer period not to exceed 360 days);
<U>provided</U>, <U>however</U>, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Interest Period shall begin on the date the Loan is made or continued as, or converted
into, a LIBOR Loan, and shall expire on the numerically corresponding day in the calendar month at its end; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) if any Interest Period
begins on a day for which there is no corresponding day in the calendar month at its end or if such corresponding day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day of such month; and
if any Interest Period would otherwise expire on a day that is not a Business Day, the period shall expire on the next Business Day; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) no Interest Period shall extend beyond the Termination Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.1.4. <U>LIBOR Successor Rate</U>. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the
Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower Agent or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrower Agent) that the
Borrower Agent or Required Lenders (as applicable) have determined, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) adequate and reasonable means do not exist for ascertaining
LIBOR for any requested Interest Period, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public
statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the &#147;<U>Scheduled Unavailability Date</U>&#148;), or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) syndicated loans currently being executed, or that include language similar to that contained in this definition, are being executed
or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">then, reasonably promptly after such
determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Obligors may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any
mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks
(any such proposed rate, a &#147;<U>LIBOR Successor Rate</U>&#148;), together with any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth
Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Obligors unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that
such Required Lenders do not accept such amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If no LIBOR Successor Rate has been determined and the circumstances under clause
(i)&nbsp;above exist or the Scheduled Unavailability Date has occurred (as applicable),&nbsp;the Administrative Agent will promptly so notify the Borrower Agent and each Lender. Thereafter, (x)&nbsp;the obligation of the Lenders to make or maintain
LIBOR Loans shall be suspended, (to the extent of the affected LIBOR Loans or Interest Periods), and (y)&nbsp;the LIBOR component shall no longer be utilized in determining the Base Rate.&nbsp;Upon receipt of such notice, the Borrower Agent may
revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans (to the extent of the affected LIBOR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that
in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used above: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Screen Rate</U>&#148; means the LIBOR quote on the applicable Reuters screen page the Administrative Agent uses to determine
LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Successor Rate Conforming Changes</U>&#148; means, with respect to any proposed LIBOR Successor Rate, any conforming changes to
the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of
such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice
is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.2. <U>Fees</U>.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.2.1.
<U>Unused Line Fee</U>. Borrowers shall pay to Administrative Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Fee Rate times the amount by which the Commitments exceed the average daily Revolver Usage during any quarter.
Such fee shall be payable quarterly in arrears, on the first day of each quarter and on the Commitment Termination Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.2.2. <U>LC
Facility Fees</U>. Borrowers shall pay (a)&nbsp;to Administrative Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin for LIBOR Loans times the average daily Stated Amount of Letters of Credit, which fee shall be payable
quarterly in arrears, on the first day of each quarter; (b)&nbsp;to the applicable Issuing Bank, for its own account, a fronting fee equal to 0.125% per annum on the Stated Amount of each Letter of Credit, which fee shall be payable quarterly in
arrears, on the first day of each quarter; and (c)&nbsp;to the applicable Issuing Bank, for its own account, all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of
Credit, which charges shall be paid as and when incurred. During an Event of Default, the fee payable under clause (a)&nbsp;shall be increased by 2% per annum to the extent the Default Rate is applied pursuant to
<B>Section</B><B></B><B>&nbsp;3.1.1(b)</B> hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.2.3. <U>Engagement and Fee Letters</U>. Borrowers shall pay all fees set forth in
the Engagement Letter and any fee letters executed in connection with this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.3. <U>Computation of Interest, Fees</U><U>,
Yield Protection</U>. </B>All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Administrative Agent of any interest, fees
or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under
<B>Section</B><B></B><B>&nbsp;3.2</B> are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under
<B>Section</B><B></B><B>&nbsp;3.4, 3.6, 3.7,</B> <B>3.9 </B>or<B> 5.8</B>, submitted to Borrower Agent by Administrative Agent or the affected Lender shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall
pay such amounts to the appropriate party within 10 days following receipt of the certificate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.4. <U>Reimbursement Obligations</U>.</B> Borrowers shall pay all Extraordinary Expenses
promptly upon request. Borrowers shall also reimburse Administrative Agent for all reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> legal, accounting, appraisal, consulting, and
other fees, costs and expenses incurred by it in connection with (a)&nbsp;negotiation and preparation of any Loan Documents, including any amendment or other modification thereof; (b)&nbsp;administration of and actions relating to any Collateral,
Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority of Administrative Agent&#146;s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and
(c)&nbsp;subject to the limits of <B>Section</B><B></B><B>&nbsp;10.1.1(b)</B>, each inspection, audit or appraisal with respect to any Obligor or Collateral, whether prepared by Administrative Agent&#146;s personnel or a third party; <U>provided</U>
that reasonable and documented legal fees shall be limited to one firm of counsel to the Administrative Agent and the Lenders taken as a whole and an additional local law firm in each applicable jurisdiction and, in the case of an actual or
perceived conflict of interest as determined by the affected party, one additional firm of counsel to such affected party and one additional firm of local counsel to such affected party in each applicable jurisdiction. All reasonable and documented
legal, accounting and consulting fees shall be charged to Borrowers by Administrative Agent&#146;s professionals at their full hourly rates, regardless of any alternative fee arrangements that Administrative Agent, any Lender or any of their
Affiliates may have with such professionals that otherwise might apply to this or any other transaction. Borrowers acknowledge that counsel may provide Administrative Agent with a benefit (such as a discount, credit or accommodation for other
matters) based on counsel&#146;s overall relationship with Administrative Agent, including fees paid hereunder. If, for any reason (including inaccurate reporting in any Borrower Materials), it is determined that a higher Applicable Margin should
have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Borrowers shall immediately pay to Administrative Agent, for the ratable benefit of Lenders, an amount equal to the difference between the
amount of interest and fees that would have accrued using the proper margin and the amount actually paid. All amounts payable by Borrowers under this Section shall be due on demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.5. <U>Illegality</U>.</B> If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender to make, maintain or fund LIBOR Loans, or to determine or charge interest rates based upon LIBOR, or any Governmental Authority has imposed material restrictions on the authority of such Lender to
purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Administrative Agent, any obligation of such Lender to make or continue LIBOR Loans or to convert Base Rate Loans to LIBOR
Loans shall be suspended until such Lender notifies Administrative Agent that the circumstances giving rise to such determination no longer exist. Upon delivery of such notice, Borrowers shall prepay or, if applicable, convert all LIBOR Loans of
such Lender to Base Rate Loans (the rate of which is based on clause (b)&nbsp;of the definition of &#147;Base Rate&#148;), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to
such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.6. <U>Inability to Determine Rates</U>.</B> Administrative Agent will promptly notify Borrower Agent and Lenders if, in connection with
any Loan or request for a Loan, (a)&nbsp;Administrative Agent determines that (i)&nbsp;Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable Loan amount or Interest Period, or (ii)&nbsp;adequate
and reasonable means do not exist for determining LIBOR for the Interest Period; or (b)&nbsp;Administrative Agent or Required Lenders determine for any reason that LIBOR for the Interest Period does not adequately and fairly reflect the cost to
Lenders of funding the Loan. Thereafter, Lenders&#146; obligations to make or maintain affected LIBOR Loans and utilization of the LIBOR component (if affected) in determining Base Rate shall be suspended until Administrative Agent (upon instruction
by Required Lenders) withdraws the notice. Upon receipt of such notice, Borrower Agent may revoke any pending request for a LIBOR Loan or, failing that, will be deemed to have requested a Base Rate Loan (the rate of which is based on clause
(b)&nbsp;of the definition of &#147;Base Rate&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.7. <U>Increased Costs</U><U>; Capital Adequacy</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.7.1. <U>Increased Costs Generally</U>. If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) impose, modify or deem applicable any reserve, liquidity, 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 reserve requirement reflected in calculating LIBOR) or any Issuing Bank; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) subject any Recipient to Taxes (other than (i)&nbsp;Indemnified Taxes, (ii)&nbsp;Taxes described in clauses (b)&nbsp;through (d) of the
definition of Excluded Taxes, and (iii)&nbsp;Connection Income Taxes) with respect to any Loan, Letter of Credit, Commitment or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) impose on any Lender, any Issuing Bank or interbank market any other condition, cost or expense (other than Taxes) affecting any Loan,
Letter of Credit, participation in LC Obligations, Commitment or Loan Document; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result thereof shall be to increase the cost to a Lender of
making or maintaining any Loan or Commitment, or converting to or continuing any interest option for a Loan, or to increase the cost to a Lender or an Issuing Bank 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 a Lender or an Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender or Issuing Bank, Borrowers will pay to it such additional amount(s) as will compensate it for the additional costs incurred or reduction suffered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.7.2. <U>Capital Requirements</U>. If a Lender or an Issuing Bank determines that a Change in Law affecting such Lender or Issuing Bank or
its holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender&#146;s, Issuing Bank&#146;s or holding company&#146;s capital as a consequence of this Agreement, or
such Lender&#146;s or Issuing Bank&#146;s Commitments, Loans, Letters of Credit or participations in LC Obligations or Loans, to a level below that which such Lender, Issuing Bank or holding company could have achieved but for such Change in Law
(taking into consideration its policies with respect to capital adequacy), then from time to time Borrowers will pay to such Lender or Issuing Bank, as the case may be, such additional amounts as will compensate it or its holding company for the
reduction suffered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.7.3. <U>LIBOR Loan Reserves</U>. If any Lender is required to maintain reserves with respect to liabilities or
assets consisting of or including Eurocurrency funds or deposits, Borrowers shall pay additional interest to such Lender on each LIBOR Loan equal to the costs of such reserves allocated to the Loan by the Lender (as determined by it in good faith,
which determination shall be conclusive). The additional interest shall be due and payable on each interest payment date for the Loan; <U>provided</U>, <U>however</U>, that if the Lender notifies Borrowers (with a copy to Administrative Agent) of
the additional interest less than 10 days prior to the interest payment date, then such interest shall be payable 10 days after Borrowers&#146; receipt of the notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">3.7.4. <U>Compensation</U>. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section
shall not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender or an Issuing Bank for any increased costs incurred or reductions suffered more than nine months (plus any period of
retroactivity of the Change in Law giving rise to the demand) prior to the date that such Lender or Issuing Bank notifies Borrower Agent of the applicable Change in Law and of such Lender&#146;s or Issuing Bank&#146;s intention to claim compensation
therefor. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.8. <U>Mitigation</U>. </B>If any Lender gives a notice under
<B>Section</B><B></B><B>&nbsp;3.5</B> or requests compensation under <B>Section</B><B></B><B>&nbsp;3.7</B>, or if Borrowers are required to pay any Indemnified Taxes or additional amounts with respect to a Lender under
<B>Section</B><B></B><B>&nbsp;5.8</B>, then at the request of Borrower Agent, such Lender shall use reasonable efforts to designate a different Lending Office or to assign its rights and obligations hereunder to another of its offices, branches or
Affiliates, if, in the judgment of such Lender, such designation or assignment (a)&nbsp;would eliminate the need for such notice or reduce amounts payable or to be withheld in the future, as applicable; and (b)&nbsp;would not subject the Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful. Borrowers shall pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.9. <U>Funding Losses</U>.</B> If for any reason (a)&nbsp;any Borrowing, conversion or continuation of a LIBOR Loan does not occur on the
date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of a LIBOR Loan occurs on a day other than the end of its Interest Period, (c)&nbsp;Borrowers fail to
repay a LIBOR Loan when required hereunder, or (d)&nbsp;a Lender (other than a Defaulting Lender) is required to assign a LIBOR Loan prior to the end of its Interest Period pursuant to <B>Section</B><B></B><B>&nbsp;14.4</B>, then Borrowers shall pay
to Administrative Agent its customary administrative charge and to each Lender all losses, expenses and fees arising from redeployment of funds or termination of match funding. For purposes of calculating amounts payable under this Section, a Lender
shall be deemed to have funded a LIBOR Loan by a matching deposit or other borrowing in the London interbank market for a comparable amount and period, whether or not the Loan was in fact so funded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.10. <U>Maximum Interest</U>.</B> Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to
be paid under the Loan Documents shall not exceed the maximum rate of <FONT STYLE="white-space:nowrap">non-usurious</FONT> interest permitted by Applicable Law (&#147;<U>maximum rate</U>&#148;). If Administrative Agent or any Lender shall receive
interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether the interest contracted for, charged
or received by Administrative Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a)&nbsp;characterize any payment that is not principal as an expense, fee or premium rather than interest;
(b)&nbsp;exclude voluntary prepayments and the effects thereof; and (c)&nbsp;amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;4. LOAN ADMINISTRATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.1. <U>Manner of Borrowing and Funding Loans</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.1.1. <U>Notice of Borrowing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Whenever Borrowers desire funding of Loans, Borrower Agent shall give Administrative Agent a Notice of Borrowing. Such notice must be
received by Administrative Agent by 11:00 a.m. (i)&nbsp;on the requested funding date, in the case of Base Rate Loans, and (ii)&nbsp;at least two Business Days prior to the requested funding date, in the case of LIBOR Loans. Notices received after
such time shall be deemed received on the next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify (A)&nbsp;the amount of the Borrowing, (B)&nbsp;the requested funding date (which must be a Business Day), (C) whether the
Borrowing is to be made as a Base Rate Loan or LIBOR Loan, and (D)&nbsp;in the case of a LIBOR Loan, the applicable Interest Period (which shall be deemed to be 30 days if not specified). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Unless payment is otherwise made by Borrowers, the becoming due of any Obligation (whether
principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request for a Base Rate Loan (the rate of which is based on clause
(b)&nbsp;of the definition of &#147;Base Rate&#148;) on the due date in the amount due and the Loan proceeds shall be disbursed as direct payment of such Obligation. In addition, Administrative Agent may, at its option, charge such amount against
any operating, investment or other account of a Borrower maintained with Administrative Agent or any of its Affiliates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If a Borrower
maintains a disbursement account with Administrative Agent or any of its Affiliates, then presentation for payment in the account of a Payment Item when there are insufficient funds to cover it shall be deemed to be a request for a Base Rate Loan
(the rate of which is based on clause (b)&nbsp;of the definition of &#147;Base Rate&#148;) on the presentation date, in the amount of the Payment Item. Proceeds of the Loan may be disbursed directly to the account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.1.2. <U>Fundings by Lenders</U>. Except for Borrowings to be made as Swingline Loans, Administrative Agent shall endeavor to notify Lenders
of each Notice of Borrowing (or deemed request for a Borrowing) by 1:00 p.m. on the proposed funding date for a Base Rate Loan or by 3:00 p.m. at least two Business Days before a proposed funding of a LIBOR Loan. Each Lender shall fund its Pro Rata
share of a Borrowing in immediately available funds not later than 3:00 p.m. on the requested funding date, unless Administrative Agent&#146;s notice is received after the times provided above, in which case Lender shall fund by 11:00 a.m. on the
next Business Day. Subject to its receipt of such amounts from Lenders, Administrative Agent shall disburse the Borrowing proceeds as directed by Borrower Agent to the extent permitted by this Agreement. Unless Administrative Agent shall have
received (in sufficient time to act) written notice from a Lender that it does not intend to fund its share of a Borrowing, Administrative Agent may assume that such Lender has deposited or promptly will deposit its share with Administrative Agent,
and Administrative Agent may disburse a corresponding amount to Borrowers. If a Lender&#146;s share of a Borrowing or of a settlement under <B>Section</B><B></B><B>&nbsp;4.1.3(b)</B> is not received by Administrative Agent, then Borrowers agree to
repay to Administrative Agent on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate applicable to the Borrowing. A Lender or an Issuing Bank may fulfill its obligations under Loan
Documents through one or more Lending Offices, and this shall not affect any obligation of Obligors under the Loan Documents or with respect to any Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.1.3. <U>Swingline Loans; Settlement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) To fulfill any request for a Base Rate Loan hereunder, Bank of America may in its discretion advance Swingline Loans to Borrowers, up to an
aggregate outstanding amount of $15,000,000. Swingline Loans shall constitute Loans for all purposes, except that payments thereon shall be made to Bank of America for its own account until Lenders have funded their participations therein as
provided below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Settlement of Loans, including Swingline Loans, among Lenders, Bank of America and Administrative Agent shall take
place on a date determined from time to time by Administrative Agent (but at least weekly, unless the settlement amount is de minimis), on a Pro Rata basis in accordance with the Settlement Report delivered by Administrative Agent to Lenders.
Between settlement dates, Administrative Agent may in its discretion apply payments on Loans to Swingline Loans, regardless of any designation by Borrowers or any provision herein to the contrary. Each Lender hereby purchases, without recourse or
warranty, an undivided Pro Rata participation in all Swingline Loans outstanding from time to time until settled. If a Swingline Loan cannot be settled among Lenders, whether due to an Obligor&#146;s Insolvency Proceeding or for any other reason,
each Lender shall pay the amount of its participation in the Loan to Administrative Agent, in immediately available funds, within one Business Day after Administrative Agent&#146;s request therefor. Lenders&#146; obligations to make settlements and
to fund participations are absolute, irrevocable and unconditional, without offset, counterclaim or other defense, and whether or not the Commitments have terminated, an Overadvance exists or the conditions in <B>Section</B><B></B><B>&nbsp;6</B> are
satisfied. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.1.4. <U>Notices</U>. Borrowers may request, convert or continue Loans, select interest rates
and transfer funds based on telephonic or <FONT STYLE="white-space:nowrap">e-mailed</FONT> instructions to Administrative Agent. Borrowers shall confirm each such request by prompt delivery to Administrative Agent of a Notice of Borrowing or Notice
of Conversion/Continuation, if applicable, but if it differs materially from the action taken by Administrative Agent or Lenders, the records of Administrative Agent and Lenders shall govern. Neither Administrative Agent nor any Lender shall have
any liability for any loss suffered by a Borrower as a result of Administrative Agent or any Lender acting upon its understanding of telephonic or <FONT STYLE="white-space:nowrap">e-mailed</FONT> instructions from a person believed in good faith by
Administrative Agent or any Lender to be a person authorized to give such instructions on a Borrower&#146;s behalf. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.2. <U>Defaulting
Lender</U>.</B> Notwithstanding anything herein to the contrary: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.2.1. <U>Reallocation of Pro Rata Share; Amendments</U>. For purposes
of determining Lenders&#146; obligations or rights to fund, participate in or receive collections with respect to Loans and Letters of Credit (including existing Swingline Loans, Protective Advances and LC Obligations), Administrative Agent may in
its discretion reallocate Pro Rata shares by excluding a Defaulting Lender&#146;s Commitments and Loans from the calculation of shares. A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification of a Loan
Document, except as provided in <B>Section</B><B></B><B>&nbsp;15.1.1(c)</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.2.2. <U>Payments; Fees</U>. To the extent the Borrowers or
any other Obligors are required to pay any amounts to a Defaulting Lender hereunder or under any other Loan Documents, Administrative Agent may, in its discretion, receive and retain any amounts payable to a Defaulting Lender under the Loan
Documents, and a Defaulting Lender shall be deemed to have assigned to Administrative Agent such amounts until all Obligations owing to Administrative Agent, <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Lenders and other Secured Parties
have been paid in full. Administrative Agent may use such amounts to cover the Defaulting Lender&#146;s defaulted obligations, to Cash Collateralize such Lender&#146;s Fronting Exposure, to readvance the amounts to Borrowers or to repay Obligations.
A Lender shall not be entitled to receive any fees accruing hereunder while it is a Defaulting Lender and its unfunded Commitment shall be disregarded for purposes of calculating the unused line fee under <B>Section</B><B></B><B>&nbsp;3.2.1</B>, and
the Borrowers shall not be required to pay such unused line fee to such Defaulting Lender (or Administrative Agent for the benefit of such Defaulting Lender). If any LC Obligations owing to a Defaulting Lender are reallocated to other Lenders, fees
attributable to such LC Obligations under <B>Section</B><B></B><B>&nbsp;3.2.2</B> shall be paid to such Lenders. Administrative Agent shall be paid all fees attributable to LC Obligations that are not reallocated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">4.2.3. <U>Status; Cure</U>. Administrative Agent may determine in its reasonable discretion that a Lender constitutes a Defaulting Lender and
the effective date of such status shall be conclusive and binding on all parties, absent manifest error. Borrowers, Administrative Agent and Issuing Bank may agree in writing that a Lender has ceased to be a Defaulting Lender, whereupon Pro Rata
shares shall be reallocated without exclusion of the reinstated Lender&#146;s Commitments and Loans, and the Revolver Usage and other exposures under the Commitments shall be reallocated among Lenders and settled by Administrative Agent (with
appropriate payments by the reinstated Lender, including payment of any breakage costs for reallocated LIBOR Loans) in accordance with the readjusted Pro Rata shares. Unless expressly agreed by Borrowers, Administrative Agent and Issuing Bank, or as
expressly provided herein with respect to <FONT STYLE="white-space:nowrap">Bail-In</FONT> Actions and related matters, no reallocation or Commitments and Loans to <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Lenders or reinstatement of a
Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Loan, to make a payment in respect of LC Obligations or otherwise to perform obligations hereunder<I> </I>shall not relieve any
other Lender of its obligations under any Loan Document. No Lender shall be responsible for default by another Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.3. <U>Number and Amount of LIBOR Loans; Determination of Rate</U>.</B> Each Borrowing of
LIBOR Loans when made shall be in a minimum amount of $1,000,000, plus an increment of $500,000 in excess thereof. No more than three (3)&nbsp;Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and
beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose. Upon determining LIBOR for any Interest Period requested by Borrowers, Administrative Agent shall promptly notify Borrowers thereof
by telephone or electronically and, if requested by Borrowers, shall confirm any telephonic notice in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.4. <U>Borrower
Agent</U>.</B> Each Borrower hereby designates the Company (&#147;<U>Borrower Agent</U>&#148;) as its representative and agent for all purposes under the Loan Documents, including requests for and receipt of Loans and Letters of Credit, designation
of interest rates, delivery or receipt of communications, preparation and delivery of Borrower Materials, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in
respect of compliance with covenants), and all other dealings with Administrative Agent, any Issuing Bank or any Lender. Borrower Agent hereby accepts such appointment. Administrative Agent and Lenders shall be entitled to rely upon, and shall be
fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered by Borrower Agent on behalf of any Borrower. Administrative Agent and Lenders may give any notice or communication with a Borrower hereunder
to Borrower Agent on behalf of such Borrower. Each of Administrative Agent, Issuing Bank and Lenders shall have the right, in its discretion, to deal exclusively with Borrower Agent for all purposes under the Loan Documents. Each Borrower agrees
that any notice, election, communication, delivery, representation, agreement, action, omission or undertaking on its behalf by Borrower Agent shall be binding upon and enforceable against it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.5. <U>One Obligation</U>.</B> The Loans, LC Obligations and other Obligations constitute one general obligation of Borrowers and are
secured by Administrative Agent&#146;s Lien on all Collateral; <U>provided</U>, <U>however</U>, that Administrative Agent, each Issuing Bank and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each
Borrower to the extent of any Obligations jointly or severally owed by such Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.6. <U>Effect of Termination</U>.</B> On the
effective date of the termination of all Commitments, the Obligations shall be immediately due and payable, and each Secured Bank Product Provider may terminate its Bank Products to the extent permitted by the agreements covering such Bank Products.
Until Full Payment of the Obligations, all undertakings of Borrowers contained in the Loan Documents shall continue, and Administrative Agent shall retain its Liens in the Collateral and all of its rights and remedies under the Loan Documents.
Administrative Agent shall not be required to terminate its Liens unless it receives Cash Collateral or a written agreement, in each case satisfactory to it, protecting Administrative Agent and Lenders from dishonor or return of any Payment Item
previously applied to the Obligations. <B>Sections 2.2, 3.4, 3.6, 3.7, 3.9, 5.4,</B> <B>5.8, 5.9</B>, <B>5.10</B>, <B>13, 15.2</B>, this<B> </B>Section, and each indemnity or waiver given by an Obligor or Lender in any Loan Document, shall survive
Full Payment of the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;5. PAYMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.1. <U>General Payment Provisions</U>.</B> All payments of Obligations shall be made in Dollars, without offset, counterclaim or defense of
any kind, free and clear of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon on the due date. Any payment after such time shall be deemed made on the next Business Day. Any payment of a LIBOR Loan
prior to the end of its Interest Period shall be accompanied by all amounts due under <B>Section</B><B></B><B>&nbsp;3.9</B>. Borrowers agree that after an Event of Default has occurred and is continuing, Administrative Agent shall have the
continuing, exclusive right to apply and reapply payments and proceeds of Collateral against the Obligations, in such manner as Administrative Agent deems advisable, but whenever possible, any prepayment of Loans shall be applied first to Base Rate
Loans and then to LIBOR Loans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-60- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.2. <U>Repayment of Loans</U>.</B> Loans shall be due and payable in full on the Termination
Date, unless payment is sooner </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">required hereunder. Loans may be prepaid from time to time, without penalty or premium. Subject to
<B>Section</B><B></B><B>&nbsp;2.1.5</B>, if an Overadvance exists at any time, Borrowers shall, on the sooner of Administrative Agent&#146;s demand or the first Business Day after any Borrower has knowledge thereof, repay Loans in an amount
sufficient to reduce Revolver Usage to the Borrowing Base. If any Asset Disposition includes the disposition of Accounts, Inventory, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil, <FONT STYLE="white-space:nowrap">In-Transit</FONT>
Products or Exchange Agreements (to the extent not constituting Intermediation Collateral or Asset Dispositions of Inventory, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude Oil, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products
or Exchange Agreements in the Ordinary Course of Business), Borrowers shall apply Net Proceeds to repay Loans equal to the greater of (a)&nbsp;the net book value of such Accounts, Inventory, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Crude
Oil, <FONT STYLE="white-space:nowrap">In-Transit</FONT> Products or Exchange Agreements or (b)&nbsp;the reduction in Borrowing Base resulting from the disposition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.3. <U>Payment of Other Obligations</U>.</B> Obligations other than Loans, including LC Obligations and Extraordinary Expenses, shall be
paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, <B>on demand</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.4. <U>Marshaling;
Payments Set Aside</U>.</B> None of Administrative Agent or Lenders shall be under any obligation to marshal any assets in favor of any Obligor or against any Obligations. If any payment by or on behalf of Borrowers is made to Administrative Agent,
any Issuing Bank or any Lender, or if Administrative Agent, any Issuing Bank or any Lender exercises a right of setoff, and any of such payment or setoff is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by Administrative Agent, an Issuing Bank or a Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then the Obligation originally intended to be satisfied, and all
Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if such payment or setoff had not occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.5. <U>Application and Allocation of Payments</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.5.1. <U>Application</U>. Payments made by Borrowers hereunder shall be applied (a)<U>&nbsp;first</U>, as specifically required hereby;
(b)<U>&nbsp;second</U>, to Obligations then due and owing; (c)<U>&nbsp;third</U>, to other Obligations specified by Borrowers; and (d)<U>&nbsp;fourth</U>, as determined by Administrative Agent in its discretion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.5.2. <U>Post-Default Allocation</U>. Notwithstanding anything in any Loan Document to the contrary, during an Event of Default, monies to be
applied to the Obligations, whether arising from payments by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>first</U>, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Administrative Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>second</U>, to all amounts owing to Bank of America and Administrative Agent on Swingline Loans, Protective Advances, and Loans and
participations that a Defaulting Lender has failed to settle or fund; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>third</U>, to all amounts owing to Issuing Bank, ratably
among each Issuing Bank in proportion to the respective amounts described in this clause payable to it; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>fourth</U>, to all
Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing to Lenders; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)
<U>fifth</U>, to all Obligations (other than Secured Bank Product Obligations) constituting interest; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>sixth</U>, to Cash
Collateralize all LC Obligations; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>seventh</U>, to all Loans, and to Secured Bank Product Obligations arising under Hedging
Agreements (including Cash Collateralization thereof) that are pari passu with the Loans and up to the amount of the Bank Product Reserve existing therefor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>eighth</U>, to all other Secured Bank Product Obligations; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>last</U>, to all remaining Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amounts shall be applied to payment of each category of Obligations only after Full Payment of amounts payable from time to time under all preceding
categories. If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding Obligations in the category. Monies and proceeds obtained from an Obligor shall not be applied to its Excluded Swap Obligations, but
appropriate adjustments shall be made with respect to amounts obtained from other Obligors to preserve the allocations in any applicable category. Administrative Agent shall have no obligation to calculate the amount of any Secured Bank Product
Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider. If the provider fails to deliver the calculation within five days following request, Administrative Agent may assume the amount is zero. The
allocations set forth in this Section are solely to determine the rights and priorities among Secured Parties, and may be changed by agreement of the affected Secured Parties, without the consent of any Obligor. This Section is not for the benefit
of or enforceable by any Obligor, and each Borrower and other Obligor irrevocably waives the right to direct the application of any payments or Collateral proceeds subject to this Section. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.5.3. <U>Erroneous Application</U>. Administrative Agent shall not be liable for any application of amounts made by it in good faith and, if
any such application is subsequently determined to have been made in error, the sole recourse of any Secured Party or other Person to which such amount should have been made shall be to recover the amount from the Person that actually received it
(and, if such amount was received by a Secured Party, the Secured Party agrees to return it). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.6. <U>Dominion Account</U>. </B>The
ledger balance in the main Dominion Account as of the end of a Business Day shall be applied to the Obligations at the beginning of the next Business Day, during any Sweep Trigger Period and during any Cash Dominion Period. If a credit balance
results from such application, it shall not accrue interest in favor of Borrowers and shall be made available to Borrowers as long as no Event of Default exists. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.7. <U>Account Stated</U>. </B>Administrative Agent shall maintain, in accordance with its customary practices, loan account(s) evidencing
the Debt of Borrowers hereunder. Any failure of Administrative Agent to record anything in a loan account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder. Entries made in a
loan account shall constitute presumptive evidence of the information contained therein. If any information contained in a loan account is provided to or inspected by any Person, the information shall be conclusive and binding on such Person for all
purposes absent manifest error, except to the extent such Person notifies Administrative Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.8. <U>Taxes</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.8.1. <U>Payments Free of Taxes; Obligation to Withhold; Tax Payment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) All payments of Obligations by Obligors shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.
If Applicable Law (as determined by Administrative Agent in its good faith discretion) requires the deduction or withholding of any Tax from any such payment by Administrative Agent or an Obligor, then Administrative Agent or such Obligor shall be
entitled to make such deduction or withholding, taking into account information and documentation provided pursuant to <B>Section</B><B></B><B>&nbsp;5.9</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-62- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If Administrative Agent or any Obligor is required by any Applicable Law to withhold or
deduct Taxes from any payment, then (i)&nbsp;Administrative Agent or such Obligor, to the extent required by Applicable Law, shall apply such withholding or deduction and timely pay the full amount to be withheld or deducted to the relevant
Governmental Authority, and (ii)&nbsp;to the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the
sum it would have received had no such withholding or deduction been made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.8.2. <U>Payment of Other Taxes</U>.Without limiting the
foregoing, Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at Administrative Agent&#146;s option, timely reimburse Administrative Agent for payment of, any Other Taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.8.3. <U>Tax Indemnification</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower shall indemnify and hold harmless, on a joint and several basis, each Recipient against any Indemnified Taxes (including
those Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by a Recipient or required to be withheld or deducted from a payment to a Recipient, and any penalties, interest and 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. Each Borrower shall make payment within 10 days after demand for any amount or
liability payable under this Section. A certificate as to the amount of such payment or liability delivered to Borrowers by a Lender or an Issuing Bank (with a copy to Administrative Agent), or by Administrative Agent on its own behalf or on behalf
of any Recipient, shall be conclusive absent manifest error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Lender and Issuing Bank shall indemnify and hold harmless, on a
several basis, (i)&nbsp;Administrative Agent against any Indemnified Taxes attributable to such Lender or Issuing Bank (but only to the extent Borrowers have not already paid or reimbursed Administrative Agent therefor and without limiting
Borrowers&#146; obligation to do so), (ii) Administrative Agent and Obligors, as applicable, against any Taxes attributable to such Lender&#146;s failure to maintain a Participant register as required hereunder, and (iii)&nbsp;Administrative Agent
and Obligors, as applicable, against any Excluded Taxes attributable to such Lender or Issuing Bank, in each case, that are payable or paid by Administrative Agent or an Obligor in connection with any Obligations, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Lender and Issuing Bank shall make payment within 10 days after demand for any amount
or liability payable under this Section. A certificate as to the amount of such payment or liability delivered to any Lender or any Issuing Bank by Administrative Agent shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.8.4. <U>Evidence of Payments</U>. As soon as practicable after payment of Taxes by any Obligor pursuant to this Section, Borrower Agent
shall deliver to Administrative Agent a copy of a receipt issued by the appropriate Governmental Authority evidencing the payment, a copy of any return required by Applicable Law to report the payment, or other evidence of payment reasonably
satisfactory to Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.8.5. <U>Treatment of Certain Refunds</U>. Unless required by Applicable Law, at no time shall
Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or an Issuing Bank, nor have any obligation to pay to any Lender or any Issuing Bank, any refund of Taxes withheld or deducted from funds paid for the
account of a Lender or an Issuing Bank. If a Recipient determines in its discretion, exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by Borrowers or with respect to which a Borrower has paid
additional amounts pursuant to this Section, it shall pay Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrowers with respect to the Taxes
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-63- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
giving rise to such refund), net of all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including Taxes) incurred by such Recipient, and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), <U>provided</U> that Borrowers agree, upon request by the Recipient, to repay the amount paid over to Borrowers (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Recipient if the Recipient is required to repay such refund to the Governmental Authority. Notwithstanding anything herein to the contrary, no Recipient shall be
required to pay any amount to Borrowers if such payment would place the Recipient in a less favorable net <FONT STYLE="white-space:nowrap">after-Tax</FONT> position than it 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 with respect to such Tax had never been paid. In no event shall Administrative Agent or any Recipient be required to make its tax
returns (or any other information relating to its Taxes that it deems confidential) available to any Obligor or other Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.8.6.
<U>Survival</U>. Each party&#146;s obligations under <B>Sections 5.8</B> and <B>5.9</B> shall survive the resignation or replacement of Administrative Agent or any assignment of rights by or replacement of a Lender or an Issuing Bank, the
termination of the Commitments, and the repayment, satisfaction, discharge or Full Payment of any Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.9. <U>Lender Tax
Information</U>.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.9.1. <U>Status of Lenders</U>. Any Lender that is entitled to an exemption from or reduction of withholding Tax
with respect to payments of Obligations shall deliver to Borrowers and Administrative Agent properly completed and executed documentation reasonably requested by Borrowers or Administrative Agent as will permit such payments to be made without or at
a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrowers or Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers or Administrative Agent to
enable them to determine whether such Lender is subject to backup withholding or information reporting requirements. Notwithstanding the foregoing, such documentation (other than documentation described in <B>Sections 5.9.2(a), (b) </B>and<B>
(d)</B>) shall not be required if a Lender reasonably believes delivery of the documentation would subject it to any material unreimbursed cost or expense or would materially prejudice its legal or commercial position. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.9.2. <U>Documentation</U>. Without limiting the foregoing, if any Borrower is a U.S. Person, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Any Lender that is a U.S. Person shall deliver to Borrowers and Administrative Agent on or prior to the date on which such Lender becomes a
Lender hereunder (and from time to time thereafter upon reasonable request of Borrowers or Administrative Agent), executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-9,</FONT> certifying that such Lender is exempt from U.S. federal backup
withholding Tax; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and 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 hereunder (and from time to time thereafter upon reasonable request of Borrowers or Administrative Agent),
whichever of the following is applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the
United States is a party, (x)&nbsp;with respect to payments of interest under any Loan Document, executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, establishing an exemption from or reduction of U.S. federal withholding Tax pursuant to the &#147;interest&#148; article of such tax treaty, and
(y)&nbsp;with respect to other payments under the Loan Documents, IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, establishing an
exemption from or reduction of U.S. federal withholding Tax pursuant to the &#147;business profits&#148; or &#147;other income&#148; article of such tax treaty; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-64- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-8ECI;</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section&nbsp;881(c) of the Code,
(x)&nbsp;a certificate in form satisfactory to Administrative Agent to the effect that such Foreign Lender is not a &#147;bank&#148; within the meaning of Section&nbsp;881(c)(3)(A) of the Code, a &#147;10&nbsp;percent shareholder&#148; of a Borrower
within the meaning of Section&nbsp;881(c)(3)(B) of the Code, or a &#147;controlled foreign corporation&#148; described in Section&nbsp;881(c)(3)(C) of the Code (&#147;<U>U.S. Tax Compliance Certificate</U>&#148;), and (y)&nbsp;executed copies of IRS
Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-8IMY,</FONT>
accompanied by IRS Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, a U.S. Tax
Compliance Certificate in form satisfactory to Administrative Agent, IRS Form <FONT STYLE="white-space:nowrap">W-9,</FONT> and/or other certification documents from each beneficial owner, as applicable; <U>provided</U> 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 on behalf of each such direct and indirect partner;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and 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 hereunder (and from time to time thereafter upon the reasonable request of Borrowers or Administrative Agent), executed copies 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
Borrowers or Administrative Agent to determine the withholding or deduction required to be made; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) if payment of an Obligation to a
Lender 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&nbsp;1471(b) or 1472(b) of the Code), such
Lender shall deliver to Borrowers and Administrative Agent at the time(s) prescribed by law and otherwise as reasonably requested by Borrowers or Administrative Agent such documentation prescribed by Applicable Law (including
Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrowers or Administrative Agent as may be necessary for them to comply with their obligations under FATCA and to determine that such Lender has
complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (d), &#147;FATCA&#148; shall include any amendments made to FATCA after the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.9.3. <U>Redelivery of Documentation</U>. If any form or certification previously delivered by a Lender or Administrative Agent pursuant to
this Section expires or becomes obsolete or inaccurate in any respect, such Lender or Administrative Agent, as applicable shall promptly update the form or certification or notify Borrowers and Administrative Agent in writing of its inability to do
so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.10. <U>Nature and Extent of Each Borrower&#146;s Liability</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.10.1. <U>Joint and Several Liability</U>. Each Borrower agrees that it is jointly and severally liable for, and absolutely and
unconditionally guarantees to Administrative Agent and Lenders the prompt payment and performance of, all Obligations, except its Excluded Swap Obligations. Each Borrower agrees that its guaranty obligations hereunder constitute a continuing
guaranty of payment and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that such obligations are absolute and unconditional, irrespective of (a)&nbsp;the genuineness, validity, regularity,
enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which any Obligor is or may become </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-65- </P>


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a party or be bound; (b)&nbsp;the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by
Administrative Agent or any Lender with respect thereto; (c)&nbsp;the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for any Obligations or any action, or the absence of any
action, by Administrative Agent or any Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any Obligor; (e)&nbsp;any election by Administrative Agent or any Lender in an Insolvency Proceeding for the
application of Section&nbsp;1111(b)(2) of the Bankruptcy Code; (f)&nbsp;any borrowing or grant of a Lien by any other Borrower, as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession</FONT></FONT> under
Section&nbsp;364 of the Bankruptcy Code or otherwise; (g)&nbsp;the disallowance of any claims of Administrative Agent or any Lender against any Obligor for the repayment of any Obligations under Section&nbsp;502 of the Bankruptcy Code or otherwise;
or (h)&nbsp;any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except Full Payment of the Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.10.2. <U>Waivers</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or otherwise, to compel Administrative Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or
security for the payment or performance of any Obligations before, or as a condition to, proceeding against such Borrower. Each Borrower waives all defenses available to a surety, guarantor or accommodation
<FONT STYLE="white-space:nowrap">co-obligor</FONT> other than Full Payment of Obligations and waives, to the maximum extent permitted by law, any right to revoke any guaranty of Obligations as long as it is a Borrower. It is agreed among each
Borrower, Administrative Agent and Lenders that the provisions of this <B>Section</B><B></B><B>&nbsp;5.10</B> are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Administrative Agent and
Lenders would decline to make Loans and issue Letters of Credit. Each Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Administrative Agent and Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate, including realization
upon Collateral by judicial foreclosure or nonjudicial sale or enforcement, without affecting any rights and remedies under this <B>Section</B><B></B><B>&nbsp;5.10</B>. If, in taking any action in connection with the exercise of any rights or
remedies, Administrative Agent or any Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable Laws pertaining to &#147;election of
remedies&#148; or otherwise, each Borrower consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election of remedies that
results in denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower&#146;s obligation to pay the full amount of the Obligations. Each Borrower
waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for Obligations, even though that election of remedies destroys such Borrower&#146;s rights of subrogation against
any other Person. Administrative Agent may bid Obligations, in whole or part, at any foreclosure, trustee or other sale, including any private sale, and the amount of such bid need not be paid by Administrative Agent but shall be credited against
the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between
such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this <B>Section</B><B></B><B>&nbsp;5.10</B>, notwithstanding that any present or future law or court
decision may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.10.3. <U>Extent of Liability; Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything herein to the contrary, each Borrower&#146;s liability under this <B>Section</B><B></B><B>&nbsp;5.10</B> shall not
exceed the greater of (i)&nbsp;all amounts for which such Borrower is primarily liable, as described in clause (c)&nbsp;below, and (ii)&nbsp;such Borrower&#146;s Allocable Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If any Borrower makes a payment under this <B>Section</B><B></B><B>&nbsp;5.10</B> of any Obligations (other than amounts for which such
Borrower is primarily liable) (a &#147;<U>Guarantor Payment</U>&#148;) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if
each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower&#146;s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to
receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, ratably based on their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The
&#147;<U>Allocable Amount</U>&#148; for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this <B>Section</B><B></B><B>&nbsp;5.10</B> without rendering such payment voidable under Section&nbsp;548 of the
Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<B>Section</B><B></B><B>&nbsp;5.10.3(a)</B> shall not limit the liability of any Borrower to pay or guarantee Loans made directly or indirectly to it (including Loans advanced hereunder to any other Person and then
<FONT STYLE="white-space:nowrap">re-loaned</FONT> or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support its business, Secured Bank Product Obligations incurred to support
its business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. Administrative Agent and Lenders shall have the right, at any
time in their discretion, to condition Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of Loans and Letters of Credit to a Borrower based on that
calculation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Obligor that is a Qualified ECP when its guaranty of or grant of Lien as security for a Swap Obligation becomes
effective hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Specified Obligor with respect to such Swap Obligation as may be needed by such Specified Obligor from time to
time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP&#146;s obligations
and undertakings under this <B>Section</B><B></B><B>&nbsp;5.10</B> voidable under any applicable fraudulent transfer or conveyance act). The obligations and undertakings of each Qualified ECP under this Section shall remain in full force and effect
until Full Payment of all Obligations. Each Obligor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a &#147;keepwell, support or other agreement&#148; for the benefit of,
each Obligor for all purposes of the Commodity Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.10.4. <U>Joint Enterprise</U>. Each Borrower has requested that
Administrative Agent and Lenders make this credit facility available to Borrowers on a combined basis, in order to finance Borrowers&#146; business most efficiently and economically. Borrowers&#146; business is a mutual and collective enterprise,
and the successful operation of each Borrower is dependent upon the successful performance of the integrated group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease
administration of the facility, all to their mutual advantage. Borrowers acknowledge that Administrative Agent&#146;s and Lenders&#146; willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an
accommodation to Borrowers and at Borrowers&#146; request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">5.10.5. <U>Subordination</U>. Each Borrower hereby subordinates any claims,
including any rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of the
Obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;6. CONDITIONS PRECEDENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.1. <U>Conditions Precedent to </U><U>Closing</U>.</B> This Agreement shall become effective on the date (&#147;<U>Closing Date</U>&#148;)
that each of the following conditions has been satisfied (or waived in accordance with <B>Section</B><B></B><B>&nbsp;15.1.1(d)(i)</B> hereof): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Loan Document shall have been duly executed and delivered to Administrative Agent by each of the signatories thereto, and Parent, PHR
and each Obligor shall be in compliance with all terms of each Loan Document to which it is a party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Administrative Agent shall have
received (i)&nbsp;acknowledgments of all filings or recordations necessary to perfect its Liens in the Collateral, or arrangements reasonably satisfactory to the Administrative Agent for such filings and recordations shall have been made (and all
filing and recording fees and taxes in connection therewith shall have been duly paid or arrangements reasonably satisfactory to the Administrative Agent for the payment of such fees and taxes shall have been made), and (ii)&nbsp;UCC and Lien
searches and other evidence reasonably satisfactory to Administrative Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Administrative Agent shall have received any landlord waivers, estoppels or collateral access letters to the extent reasonably requested by
Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Administrative Agent shall have received duly executed Deposit Account Control Agreements on each Deposit
Account (i)&nbsp;that is a collections account and (ii)&nbsp;as required by <B>Section</B><B></B><B>&nbsp;8.5(b)</B>, Securities Account Control Agreements and agreements establishing each Dominion Account and related lockbox, in form and substance,
and with financial institutions, reasonably satisfactory to Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Administrative Agent shall have received
certificates, in form and substance satisfactory to it, from a knowledgeable Senior Officer of each Borrower certifying that, after giving effect to the Transactions, (i)&nbsp;the Borrowers and the Obligors, taken as a whole, are Solvent;
(ii)&nbsp;no Default exists; (iii)&nbsp;the representations and warranties set forth in <B>Section</B><B></B><B>&nbsp;9</B> and any other Loan Document are true and correct in all material respects (without duplication of any materiality qualifier
contained therein); and (iv)&nbsp;such Borrower has complied with all agreements and conditions to be satisfied by it under the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Administrative Agent shall have received a certificate of a duly authorized officer of Parent, PHR and each Obligor, certifying
(i)&nbsp;that attached copies of such Person&#146;s Organic Documents, as applicable, are true and complete, and in full force and effect, without amendment except as shown; (ii)&nbsp;that an attached copy of resolutions authorizing execution and
delivery of the Loan Documents is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this credit facility;
and (iii)&nbsp;to the title, name and signature of each Person authorized to sign the Loan Documents on behalf of such Person, as applicable. Administrative Agent may conclusively rely on this certificate until it is otherwise notified by such
Person in writing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Administrative Agent shall have received a written opinion of Porter Hedges LLP, as well as any local counsel to
Parent, PHR and the Obligors, in form and substance satisfactory to Administrative Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-68- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Administrative Agent shall have received copies of the charter documents of Parent, PHR and
each Obligor, certified by the Secretary of State or other appropriate official of such Person&#146;s jurisdiction of organization. Administrative Agent shall have received good standing certificates for Parent, PHR and each Obligor, issued by the
Secretary of State or other appropriate official of such Person&#146;s jurisdiction of organization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Administrative Agent shall have
received certificates of insurance for the insurance policies carried by Obligors, as well as all necessary endorsements naming Administrative Agent as an additional insured and lender loss payee with respect to the Collateral, as the case may be,
all in compliance with the Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) No event shall have occurred or circumstance exist since December&nbsp;31, 2016 that has or
could reasonably be expected to have a Material Adverse Effect and no material adverse change in the quality, quantity or value of any Collateral shall have occurred since December&nbsp;31, 2016. Administrative Agent shall have completed its
business, financial and legal due diligence of Obligors, including a field examination and inventory appraisal (other than with respect to refinery hydrocarbon inventory), with results satisfactory to Administrative Agent. No changes or developments
shall have occurred, and no new or additional information, shall have been received or discovered by Administrative Agent or the Lenders regarding Parent, PHR and the Obligors after the date such due diligence investigation has completed that
(i)&nbsp;either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (ii)&nbsp;purports to materially adversely affect the Transactions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Borrowers shall have paid all reasonable and documented fees and expenses to be paid to Administrative Agent and Lenders on the Closing
Date (provided that invoices for expenses shall have been delivered to Borrower Agent one Business Day prior to the Closing Date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l)
Administrative Agent shall have received a certificate of a duly authorized Senior Officer of each Borrower demonstrating that upon giving effect to the issuance or deemed issuance of Letters of Credit and the funding of the Secured Notes, and the
payment by Borrowers of all fees and expenses incurred in connection herewith as well as any payables stretched beyond their customary payment practices, Availability (based on such Borrowing Base Report) shall be at least $20,000,000. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) Administrative Agent shall have received evidence satisfactory to Administrative Agent that Company shall have consummated the transactions
contemplated by the Secured Notes Indenture and that the gross proceeds of the Secured Notes received by the Company shall be in an aggregate amount not less than $300,000,000. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) Administrative Agent shall have received (i)&nbsp;pro forma consolidated financial statements of the Parent and its Subsidiaries giving
effect to the Transactions and the funding of the Secured Notes on the Closing Date and a <FONT STYLE="white-space:nowrap">one-year</FONT> forecast prepared by management of the Company (each in form reasonably satisfactory to Administrative Agent)
including (A)&nbsp;a balance sheet, (B)&nbsp;an income statement, and (C)&nbsp;such additional information as Administrative Agent may reasonably request, regarding projections for the 2018 fiscal year, (ii)&nbsp;consolidated financial statements of
the Parent and its Subsidiaries for the Fiscal Quarter ended September&nbsp;30, 2017, and (iii)&nbsp;the annual (or other audited) financial statements of Parent and its Subsidiaries for the Fiscal Years ended 2014, 2015 and 2016 and all amendments
thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) The Administrative Agent and Lenders shall be satisfied with the capital structure of the Company and its Subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) Administrative Agent shall have received evidence that the Existing Credit Agreements have been, or on the Closing Date are being,
terminated and all Liens securing obligations under the Existing Credit Agreements have been, or on the Closing Date are being, released. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-69- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) Administrative Agent shall have received, at least five Business Days prior to the Closing
Date, all documentation and other information required by Governmental Authorities under applicable &#147;know your customer&#148; and anti-money laundering rules and regulations, including the PATRIOT Act, that has been reasonably requested by the
Administrative Agent or the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.2. <U>Conditions Precedent to All Credit Extensions</U>. </B>Administrative Agent, Issuing Bank
and Lenders shall not be required to fund any Loans or arrange for issuance of any Letters of Credit to or for the benefit of Borrowers, unless the Closing Date shall have occurred and the following conditions are satisfied (or waived in accordance
with <B>Section </B><B>15.1.1(d)</B> hereof): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No Default or Event of Default shall exist at the time of, or result from, such funding
or issuance; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The representations and warranties of Parent, PHR, each Future Intermediation Subsidiary and each Obligor in the Loan
Documents to which they are a party shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) on the date of, and upon giving effect to, such funding or issuance (except for
representations and warranties that expressly relate to an earlier date); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) With respect to issuance of a Letter of Credit, the Issuing
Bank shall have received an LC Request and LC Application at least three Business Days prior to the requested date of issuance and the LC Conditions shall have been satisfied; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Administrative Agent shall have received a Notice of Borrowing with respect to the funding of any Loan; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) solely with respect to the first funding of Loans, the Administrative Agent shall have received a Borrowing Base Report as of
November&nbsp;30, 2017 within five (5)&nbsp;Business Days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its sole discretion). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each request (or deemed request) by Borrowers for funding of a Loan or issuance of a Letter of Credit shall constitute a representation by Borrowers that the
foregoing conditions are satisfied on the date of such request and on the date of such funding or issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;7. COLLATERAL </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.1. <U>Grant of Security Interest</U>.</B> To secure the prompt payment and performance of the Obligations, each Obligor hereby grants to
Administrative Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all of the following Property of such Obligor, whether now owned or hereafter acquired, and wherever located: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all Accounts and CC Receivables (excluding Accounts and CC Receivables constituting identifiable proceeds of Notes Collateral); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all Inventory; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all
Renewable Identification Numbers (including any Renewable Identification Numbers that the Parent has registered for itself and its Subsidiaries and allocated to such Obligor, which shall be deemed to be the property of such Obligor and constitute
part of the Collateral); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all Investment Property, Chattel Paper, General Intangibles (excluding Intellectual Property), Documents,
Commercial Tort Claims and Instruments, to the extent relating to the items in clauses (a), (b) and (c); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all Deposit Accounts and
Securities Accounts (excluding the Notes Proceeds Collateral Account), cash and Cash Equivalents; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all books and records (including customer lists, files, correspondence, tapes, computer
programs, print-outs and computer records) pertaining to the foregoing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all proceeds of (including proceeds of business
interruption and other insurance), and Supporting Obligations (including <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights) with respect to, any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything herein to the contrary, in no event shall the security interest or Lien attach to, or the term &#147;Collateral&#148; be deemed to
include, any Excluded Property. For the avoidance of doubt, the entirety of this <B>Section</B><B></B><B>&nbsp;7</B> does not apply to PHR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.2. <U>Lien on Deposit Accounts; Securities Accounts; Cash </U><U>Collateral</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">7.2.1. <U>Deposit Accounts; Securities Accounts</U>. To further secure the prompt payment and performance of the Obligations, each Obligor
hereby grants to Administrative Agent a continuing security interest in and Lien upon all amounts credited to any Deposit Account and Securities Account of such Obligor, including sums in any blocked, lockbox, sweep or collection account, in each
case, except for the Notes Proceeds Collateral Account. Each Obligor hereby authorizes and directs each bank or other depository or securities intermediary to deliver to Administrative Agent, upon request of Administrative Agent, all balances in any
Deposit Account and Securities Account maintained for such Obligor, without inquiry into the authority or right of Administrative Agent to make such request. Administrative Agent hereby agrees that it will not issue any such request unless an Event
of Default has occurred and is continuing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">7.2.2. <U>Cash Collateral</U>. Cash Collateral may be invested, at Administrative Agent&#146;s
discretion (and with the consent of Borrower Agent, as long as no Event of Default exists), but Administrative Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor, and shall have no responsibility for
any investment or loss. As security for the Obligations, each Obligor hereby grants to Administrative Agent a security interest in and Lien upon all Cash Collateral held from time to time and all proceeds thereof, whether held in a Cash Collateral
Account or otherwise. After an Event of Default has occurred and is continuing, Administrative Agent may apply Cash Collateral to the payment of such Obligations as they become due, in such order as Administrative Agent may elect. Each Cash
Collateral Account and all Cash Collateral shall be under the sole dominion and control of Administrative Agent, and no Obligor or other Person shall have any right to any Cash Collateral, until Full Payment of the Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.3. <U>Other Collateral</U>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">7.3.1. <U>Certain After-Acquired Collateral</U>. Obligors shall promptly notify Administrative Agent in writing if, after the Closing Date,
any Borrower obtains any interest in any Collateral consisting of (a)&nbsp;Deposit Accounts (other than an Excluded Account), (b) Securities Accounts (other than Excluded Accounts), (c) Intellectual Property that is material to such Obligor&#146;s
business or (d)&nbsp;Chattel Paper, Documents, Instruments or Investment Property, in each case with an individual value of or face amount in excess of $1,000,000, and, upon Administrative Agent&#146;s request, shall promptly take such actions as
Administrative Agent deems appropriate to effect Administrative Agent&#146;s duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the
possession of a third party, at Administrative Agent&#146;s request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.4. <U>Limitations</U>. </B>The Lien on Collateral granted hereunder is given as security only and shall not subject Administrative Agent
or any other Secured Party to, or in any way modify, any obligation or liability of Obligors relating to any Collateral. In no event shall the grant of any Lien under any Loan Document secure an Excluded Swap Obligation of the granting Obligor. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.5. <U>Further Assurances</U>. </B>All Liens granted to Administrative Agent under the Loan
Documents are for the benefit of Secured Parties. Promptly upon request, Obligors shall deliver such instruments and agreements, and shall take such actions, as Administrative Agent deems appropriate under Applicable Law to evidence or perfect its
Lien on any Collateral, or otherwise to give effect to the intent of this Agreement. Each Obligor authorizes Administrative Agent to file any financing statement that describes the Collateral of such Obligor and ratifies any action taken by
Administrative Agent before the Closing Date to effect or perfect its Lien on any Collateral. In addition, the Obligors shall, from time to time upon the reasonable request of the Administrative Agent, (i)&nbsp;provide or cause the Parent to provide
to the Administrative Agent such further confirmation of the Renewable Identification Numbers allocated to and deemed owned by any Obligor, (ii)&nbsp;execute such further documents and instruments and take such further actions to confirm the status
of such Renewable Identification Numbers as part of the Collateral hereunder, and (iii)&nbsp;endeavor to obtain from such other creditors of the Parent or its subsidiaries, additional acknowledgements or other agreements recognizing that Renewable
Identification Numbers allocated to such Obligor in the foregoing manner constitute property of such Obligor and accordingly are part of the Collateral hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.6. <U>Certain Limited Exclusions</U>. </B>(a) Notwithstanding <B>Section</B><B></B><B>&nbsp;7.1</B>, the Collateral shall not include,
and no Obligor shall be deemed to have granted a security interest in, any of such Obligor&#146;s right, title or interest in the following (collectively, the &#147;<U>Excluded Property</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any Real Estate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any
Equipment, Vehicles and rolling stock, and any accessories thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any lease, license, permit or agreement (referred to solely for
purpose of this <FONT STYLE="white-space:nowrap">sub-clause</FONT> (iii)&nbsp;as a &#147;<U>Contract</U>&#148;), in each case in existence on the date hereof or upon acquisition of the relevant Obligor party thereto, to the extent that a grant of a
security interest therein would violate or invalidate such lease, license, permit or agreement or create a right of termination in favor of any other party thereto or otherwise require consent thereunder (other than to the extent that any such term
would be rendered ineffective pursuant to Sections <FONT STYLE="white-space:nowrap">9-406,</FONT> <FONT STYLE="white-space:nowrap">9-407,</FONT> <FONT STYLE="white-space:nowrap">9-408</FONT> or <FONT STYLE="white-space:nowrap">9-409</FONT> of the
Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other Applicable Law (including the Bankruptcy Code) or principles of equity and only so long as such prohibition or consent requirement was not
created in contemplation or anticipation of the Collateral requirements under this Agreement); <U>provided</U> that: (A)&nbsp;rights to payment under any such Contract otherwise constituting Excluded Property shall be included in the Collateral to
the extent permitted under such Contract or by <FONT STYLE="white-space:nowrap">Section&nbsp;9-406</FONT> or <FONT STYLE="white-space:nowrap">Section&nbsp;9-408</FONT> of the Uniform Commercial Code and (B)&nbsp;all proceeds paid or payable to the
Company or any other Obligor from any sale, transfer or assignment of such Contract and all rights to receive such proceeds shall be included in the Collateral; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) other
Property to the extent the Administrative Agent determines that the cost of obtaining or perfecting a lien or security interest therein is excessive in relation to the benefit afforded to the Lenders thereby; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;(1) Property subject to a purchase money security agreement or capital lease agreement evidencing or governing purchase money and
capital lease obligations that are permitted to be incurred pursuant to the Loan Documents to the extent the granting of a security interest therein is validly prohibited thereby or otherwise requires consent (but only so long as such prohibition or
consent requirement was not created in contemplation or anticipation of the Collateral requirements under the Loan Documents) and/or </P>
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(2)&nbsp;any lease, license, permit or agreement, in each case in existence on the Closing Date or upon acquisition of the relevant Obligor party thereto, to the extent that a grant of a security
interest therein would violate or invalidate such lease, license, permit or agreement or create a right of termination in favor of any other party thereto or otherwise require consent thereunder (after giving effect to the applicable anti-assignment
provisions of the UCC or other Applicable Law, the assignment of which is expressly deemed effective under the UCC or other Applicable Law notwithstanding such prohibition), but only so long as such restriction or consent requirement was not created
in contemplation or anticipation of the Collateral requirements under the Loan Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) pledges and security interests prohibited
or restricted by Applicable Law (including any requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained (it being understood that there shall be no obligation to obtain such consent)) (after giving
effect to the applicable anti-assignment provisions of the UCC, the assignment of which is expressly deemed effective under the UCC or other Applicable Law notwithstanding such prohibition); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) deposit accounts solely for the purpose of payroll and withholding tax and other fiduciary deposit accounts; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any assets (including Equity Interests) owned by a Foreign Subsidiary or an Unrestricted Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">intent-to-use</FONT></FONT> trademark application prior to the filing
of a &#147;Statement of Use&#148; or &#147;Amendment to Allege Use&#148; with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or
enforceability of such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">intent-to-use</FONT></FONT> trademark application under applicable federal law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) any governmental licenses or state or local franchises, charters and authorizations to the extent the granting of security interests
therein are prohibited or restricted thereby; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) any Intermediation Collateral; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights to the extent not perfected by
the filing of a UCC financing statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Obligors shall not be required to take any action under the law of any <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction to create or perfect a security interest in such assets, including any intellectual property registered in any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction (and no security
agreements or pledge agreements governed under the laws of any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction shall be required). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.7. <U>Collateral Rights Agreement</U>. </B>Notwithstanding anything herein to the contrary, the Liens and security interests granted to
Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by Administrative Agent hereunder are subject to the provisions of the Collateral Rights Agreement and any Intermediation Access Agreement. In the event of any
conflict between the terms of the Collateral Rights Agreement or any Intermediation Access Agreement and this Agreement, the terms of the Collateral Rights Agreement or such any Intermediation Access Agreement shall govern and control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;8. COLLATERAL ADMINISTRATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.1. <U>Borrowing Base Reports</U>.</B> Borrowers shall deliver to Administrative Agent (and Administrative Agent shall promptly deliver
same to Lenders) a Borrowing Base Report (i)&nbsp;as of the close of business of the previous month by the 20th day of each month, (ii)&nbsp;during any Borrowing Base Reporting Trigger Period, as of the close of business of the previous week by
Wednesday of each week and (iii)&nbsp;at such other times as Administrative Agent may request after a Default or Event of Default has </P>
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occurred and is continuing. All information (including calculation of Availability) in a Borrowing Base Report shall be certified by Borrower Agent. Administrative Agent may from time to time
adjust any such report (a)&nbsp;to reflect Administrative Agent&#146;s reasonable estimate of declines in value of Collateral, due to collections received in the Dominion Account or otherwise; (b)&nbsp;to adjust advance rates to reflect changes in
dilution, quality, mix and other factors affecting Collateral; and (c)&nbsp;to the extent any information or calculation does not comply with this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.2. <U>Accounts</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.2.1. <U>Records and Schedules of Accounts</U>. Each Borrower shall keep accurate and complete records of its Accounts, including all
payments and collections thereon, and shall submit to Administrative Agent sales, collection, reconciliation and other reports in form reasonably satisfactory to Administrative Agent, on such periodic basis as Administrative Agent may reasonably
request. Each Borrower shall also provide to Administrative Agent, on or before the 20th day of each month and, during any Borrowing Base Reporting Trigger Period, by Wednesday of each week, a detailed aged trial balance of all Accounts as of the
end of the preceding month and, during any Borrowing Base Reporting Trigger Period, as of the end of the preceding week, specifying each Account&#146;s Account Debtor name and address, amount, invoice date and due date, showing any discount,
allowance, credit, authorized return or dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Administrative Agent may
reasonably request; <U>provided</U> that Administrative Agent and the Lenders understand that information delivered during a Borrowing Base Reporting Trigger Period may be preliminary and subject to customary
<FONT STYLE="white-space:nowrap">month-end</FONT> adjustments. If any Account in an aggregate face amount of $1,000,000 or more ceases to be an Eligible Accounts Receivable, Borrowers shall notify Administrative Agent of such occurrence promptly
(and in any event within two Business Days) after any Borrower has knowledge thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.2.2. <U>Taxes</U>. If an Account of any Borrower
includes a charge for any Taxes, Administrative Agent is authorized, during the continuance of an Event of Default, in its discretion, to pay the amount thereof to the proper taxing authority for the account of such Borrower and to charge Borrowers
therefor; <U>provided</U>, <U>however</U>, that neither Administrative Agent nor Lenders shall be liable for any Taxes that may be due from Borrowers or with respect to any Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.2.3. <U>Account Verification</U>. Whether or not a Default or an Event of Default has occurred and is continuing, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative Agent shall have the right at any time, in the name of Administrative Agent, any designee of Administrative Agent or any Borrower, to verify the
validity, amount or any other matter relating to any Accounts of Borrowers by mail, telephone or otherwise. Borrowers shall cooperate fully with Administrative Agent in an effort to facilitate and promptly conclude any such verification process.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.2.4. <U>Maintenance of Dominion Account</U> . Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements
acceptable to Administrative Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Administrative Agent) from each lockbox servicer and Dominion Account bank, establishing Administrative Agent&#146;s control over and Lien
in the lockbox or Dominion Account, which may be exercised by Administrative Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such
servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Administrative Agent may<B><I>, </I></B>during any Sweep Trigger Period, require immediate transfer of all funds in such
account to a Dominion Account maintained with Bank of America. Administrative Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with
respect to any Payment Items accepted by any bank. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.2.5. <U>Proceeds of Collateral</U> . Borrowers shall request in writing and otherwise take all
reasonably necessary steps to ensure that all payments on Accounts or otherwise relating to the Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Restricted Subsidiary receives cash
or Payment Items with respect to any Collateral, it shall hold same in trust for Administrative Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.3. <U>Proceeds of Notes</U><U> Collateral</U>.</B> Identifiable proceeds of Asset Dispositions of Notes Collateral, and identifiable
proceeds of insurance resulting from casualty of the Notes Collateral and of awards arising from condemnation of the Notes Collateral to the extent deposited in the Notes Proceeds Collateral Account, (i)&nbsp;may not be commingled with any other
funds and (ii)&nbsp;shall at all times remain segregated funds, separate and apart from any other funds of the Borrowers and their Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.4. <U>Equipment</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.4.1. <U>Records and Schedules of Equipment</U>. Each Obligor shall keep accurate and complete records of its Equipment, including kind,
quality, quantity, cost, acquisitions and dispositions thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.4.2. <U>Condition of Equipment</U>. With respect to the Obligors&#146;
obligations in connection with the operation of their business, the Equipment is in good operating condition and repair, and all necessary replacements and repairs have been made so that the value and operating efficiency of such Equipment is
preserved at all times, reasonable wear and tear excepted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.5. <U>Deposit Accounts</U><U>; Securities Accounts</U>. </B>(a)
<B>Schedule 8.5</B> sets forth all Deposit Accounts and Securities Accounts maintained by Borrowers and other Obligors, including all Dominion Accounts as of the Closing Date. Each Borrower and other Obligors shall take all actions necessary to
establish Administrative Agent&#146;s control of each such Deposit Account (i)&nbsp;that is a collections account and (ii)&nbsp;as required by <B>Section</B><B></B><B>&nbsp;8.5(b)</B> and each such Securities Account and each new Deposit Account and
Securities Account opened after the Closing Date (other than (A)&nbsp;accounts exclusively used for payroll, withholding tax and other fiduciary deposit accounts and (B)&nbsp;accounts containing not more than $25,000 individually and $500,000 in the
aggregate for all such accounts at any time (each an &#147;<U>Excluded Account</U>&#148; and collectively for all such accounts in clauses (A)&nbsp;and (B) above, the &#147;<U>Excluded Accounts</U>&#148;)). Each Borrower and each other Obligor shall
be the sole account holder of each Deposit Account and Securities Account and shall not allow any other Person (other than Administrative Agent,) to have control over a Deposit Account or a Securities Account (other than the Notes Proceeds
Collateral Account) or any Property deposited therein. Each Borrower and each other Obligor shall promptly notify Administrative Agent of any opening or closing of a Deposit Account or a Securities Account (other than an Excluded Account) and, with
the consent of Administrative Agent, will amend <B>Schedule 8.5</B> to reflect same. Each Borrower shall (i)&nbsp;request in writing and otherwise take such reasonable steps to ensure that all Account Debtors forward payment directly to lockboxes
and Dominion Accounts maintained pursuant to and in accordance with <B>Section</B><B></B><B>&nbsp;8.2.4</B>, and (ii)&nbsp;deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt
thereof, all cash, checks, drafts or other similar items of payment relating to or constituting payments made in respect of any and all Collateral (whether or not otherwise delivered to a lockbox) into one or more Dominion Accounts. All Net Proceeds
of the sale or other disposition of any Collateral, shall be deposited directly into the applicable Dominion Accounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Commencing on
the date that is ninety (90)&nbsp;days after the Closing Date (or such later date as may be agreed to by the Administrative Agent in its sole discretion) and continuing until Full Payment of the Obligations, each Borrower and the other Obligors
shall cause all funds or other property of such Borrower or Obligor maintained in any Deposit Accounts or Securities Accounts to be solely maintained in Deposit Accounts or Securities Accounts held with Bank of America, N.A. or any of its
</P>
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Affiliates, except for (i)&nbsp;Excluded Accounts and (ii)&nbsp;other operating and Deposit Accounts maintained with financial institutions located in Hawaii with whom the Obligors currently have
accounts, with an aggregate average monthly balance for all such accounts not to exceed $10,000,000; <U>provided</U> that the Administrative Agent may increase such $10,000,000 threshold or approve additional financial institutions located in Hawaii
in its sole discretion. At all times starting on the Closing Date, all operating and Deposit Accounts described in <B><FONT STYLE="white-space:nowrap">sub-clause</FONT> (ii)</B>&nbsp;above shall be subject to a Deposit Account Control Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.6. <U>General Provisions</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.6.1. <U>Location of Collateral</U>. All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by the
Borrowers at locations owned or leased by an Obligor, at customer locations or at manufacturer locations or other locations for the purposes of repair or servicing of such Collateral, except that the Borrowers may make sales or other dispositions of
Collateral in accordance with <B>Section</B><B></B><B>&nbsp;10.2.8</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.6.2. <U>Insurance of Collateral; Condemnation Proceeds</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Obligor shall maintain insurance with respect to the Collateral in accordance with <B>Section</B><B></B><B>&nbsp;10.1.8</B>. From time
to time upon request, the Borrowers shall provide Administrative Agent with reasonably detailed information as to the insurance so carried; <U>provided</U>, that if Real Estate secures any Obligations at any time, flood hazard diligence,
documentation and insurance shall comply with all applicable Flood Laws or otherwise shall be reasonably satisfactory to all Lenders. Unless Administrative Agent shall agree otherwise, each policy shall include satisfactory endorsements
(i)&nbsp;showing Administrative Agent as lender loss payee in respect of the property insurance policies relating to the Collateral and additional insured in respect of the liability insurance policies, as applicable; (ii)&nbsp;requiring 30 days
prior written notice to Administrative Agent in the event of cancellation of the policy for any reason whatsoever; and (iii)&nbsp;specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of any
Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance, Administrative Agent may, at its option, but shall
not be required to, procure the insurance and charge Borrowers therefor. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim with respect to Collateral, as long as the proceeds are used to repay the
Loans. If an Event of Default exists only Administrative Agent shall be authorized to settle, adjust and compromise such claims. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any
proceeds of insurance with respect to any Collateral (other than proceeds from workers&#146; compensation or D&amp;O insurance) and any awards arising from condemnation of any Collateral shall be paid to Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.6.3. <U>Protection of Collateral</U>. All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping any
Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Administrative Agent to any Person to realize upon any Collateral, shall be borne and paid by Obligors.
Administrative Agent shall not be liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Administrative Agent&#146;s actual
possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Borrowers&#146; sole risk. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">8.6.4. <U>Defense of Title</U>. Each Obligor shall defend its title to Collateral and Administrative Agent&#146;s Liens therein against all
Persons, claims and demands, except Permitted Liens. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-76- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.7. <U>Power of Attorney</U>. </B>Each Obligor hereby irrevocably constitutes and appoints
Administrative Agent (and all Persons designated by Administrative Agent) as such Borrower&#146;s and such Obligor&#146;s true and lawful attorney (and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">agent-in-fact)</FONT></FONT>
for the purposes provided in this Section. Administrative Agent, or Administrative Agent&#146;s designee, may, without notice and in either its or a Borrower&#146;s or an Obligor&#146;s name, but at the cost and expense of the Borrowers and the
other Obligors: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Endorse any Obligor&#146;s name on any Payment Item or other proceeds of Collateral (including proceeds of insurance)
that come into Administrative Agent&#146;s possession or control; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) During an Event of Default to the extent any of the following
relate to the Collateral, (i)&nbsp;notify any Account Debtors of the assignment of their Accounts, demand and enforce payment of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts;
(ii)&nbsp;settle, adjust, modify, compromise, discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral; (iii)&nbsp;sell or assign any Accounts and other Collateral upon such terms, for
such amounts and at such times as Administrative Agent deems advisable; (iv)&nbsp;collect, liquidate and receive balances in Deposit Accounts, Securities Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral;
(v)&nbsp;prepare, file and sign an Obligor&#146;s name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi)&nbsp;receive, open and dispose of mail
addressed to any Obligor, and notify postal authorities to deliver any such mail to an address designated by Administrative Agent; (vii)&nbsp;endorse any Chattel Paper, Document, Instrument, bill of lading, or other document or agreement relating to
any Accounts, Inventory or other Collateral; (viii)&nbsp;use an Obligor&#146;s stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix)&nbsp;use information contained in any data processing, electronic or
information systems relating to Collateral; (x)&nbsp;make and adjust claims under insurance policies; (xi)&nbsp;take any action as may be necessary or appropriate to obtain payment under any letter of credit, banker&#146;s acceptance or other
instrument for which an Obligor is a beneficiary; and (xii)&nbsp;take all other actions as Administrative Agent deems appropriate to fulfill an Obligor&#146;s obligations under the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;9. REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.1. <U>General Representations and Warranties</U>.</B> To induce Administrative Agent and Lenders to enter into this Agreement and to make
available the Commitments, Loans and Letters of Credit, each Borrower represents and warrants, as applicable, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.1.
<U>Organization; Powers</U>. PHR, each Future Intermediation Subsidiary, each Borrower and each of its Restricted Subsidiaries (a)&nbsp;is a legal entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, and (b)&nbsp;has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its business as now conducted, and is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such qualifications, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
None of PHR, any Future Intermediation Subsidiary or any Obligor is an EEA Financial Institution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.2. <U>Authority;
Enforceability</U>. The Transactions are within PHR&#146;s, any Future Intermediation Subsidiary&#146;s and each Obligor&#146;s corporate, limited liability company or partnership powers, as applicable, and have been duly authorized by all necessary
corporate, limited liability company or partnership, as applicable, and, if required, equity holder action (including, without limitation, any action required to be taken by any class of directors or other governing body of PHR, any Future
Intermediation Subsidiary, any Borrower or any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Loan Document to which PHR, any Future Intermediation Subsidiary and an Obligor is
a party has been duly executed and delivered by such Person and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors&#146; rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-77- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.3. <U>Approvals; No Conflicts</U>. The Transactions (a)&nbsp;do not require any consent or
approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or other equity holders or any class of directors or other governing body, whether interested or
disinterested, of PHR, any Future Intermediation Subsidiary, any Borrower or any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the
consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect, other than (i)&nbsp;the recording and filing of the Security Documents as required by this Agreement, and
(ii)&nbsp;those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, or could, individually or in the aggregate, not reasonably be expected to have a Material Adverse Effect, (b)&nbsp;will not
violate any Sanctions or Applicable Law or any Organic Documents of PHR, any Future Intermediation Subsidiary, any Borrower or any Restricted Subsidiary, or any order of any Governmental Authority, (c)&nbsp;will not violate or result in a default
under any Material Contract, or give rise to a right thereunder to require any payment to be made by any Borrower, any Restricted Subsidiary, any Future Intermediation Subsidiary or PHR and (d)&nbsp;will not result in the creation or imposition of
any Lien on any Property of PHR, any Future Intermediation Subsidiary, any Borrower or any Restricted Subsidiary (other than the Liens created by the Loan Documents). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.4. <U>Financial Condition; No Material Adverse Effect</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Borrower Agent has heretofore furnished to Administrative Agent and the Lenders (a)&nbsp;the consolidated balance sheet and statements
of operations, stockholders&#146; equity and cash flows of Parent and its Subsidiaries as of and for the Fiscal Year ended December&nbsp;31, 2016, reported on by Deloitte&nbsp;&amp; Touche LLP, independent public accountants and
(b)&nbsp;consolidated balance sheet and statements of operations, stockholders&#146; equity and cash flows of Parent and its Subsidiaries for the Fiscal Quarter ended September&nbsp;30, 2017, and the pro forma financial statements described in
<B>Section</B><B></B><B>&nbsp;6.1(n)</B>. Such financial statements are prepared in accordance with GAAP and present fairly, in all material respects, the financial position and results of operations and cash flows of Parent and its Subsidiaries
(<I>mutatis mutandis</I>) as of such date and for such period in accordance with GAAP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Since December&nbsp;31, 2016, there has been no
event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) No Borrower nor any
Restricted Subsidiary has, on the date hereof after giving effect to the Transactions, any Material Debt (including Disqualified Capital Stock) or any contingent liabilities, <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet liabilities or
partnerships, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except for this Agreement, the Secured Notes under the Secured Notes Indenture or as shown on
<B>Schedule 9.1.4</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.5. <U>Litigation</U>. There are no actions, suits, investigations or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of any Borrower, threatened in writing against or affecting PHR, any Future Intermediation Subsidiary, the Borrowers or any Restricted Subsidiary or any of their respective Properties
(i)&nbsp;that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii)&nbsp;that involve any Loan Document or the Transactions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.6. <U>Accounts</U>. Administrative Agent may rely, in determining which Accounts are Eligible Accounts Receivable, on all statements and
representations made by Borrowers with respect thereto. Borrowers warrant, with respect to each Account shown as an Eligible Accounts Receivable in a Borrowing Base Report, that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-78- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) it is genuine and in all material respects what it purports to be; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) it arises out of a completed, <I>bona fide</I> sale and delivery of goods or rendition of services in the Ordinary Course of Business, and
substantially in accordance with any purchase order, contract or other document relating thereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) it is for a sum certain, maturing as
stated in the applicable invoice, a copy of which has been furnished or is available to Administrative Agent on request; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) it is not
subject to any offset, Lien (other than Liens in favor of Administrative Agent), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Administrative Agent; and it
is absolutely owing by the Account Debtor, without contingency in any respect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) no purchase order, agreement, document or Applicable
Law restricts assignment of the Account to Administrative Agent (regardless of whether, under the UCC, the restriction is ineffective), and the applicable Borrower is the sole payee or remittance party shown on the invoice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) no extension, compromise, settlement, modification, credit, deduction or return has been authorized or is in process with respect to the
Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Administrative Agent hereunder; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) to the Borrowers&#146; knowledge, (i)&nbsp;there are no facts or circumstances that are reasonably likely to impair the enforceability or
collectability of such Account; (ii)&nbsp;the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Borrower&#146;s customary credit standards, is Solvent, is not contemplating or subject to an
Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii)&nbsp;there are no proceedings or actions threatened or pending against any Account Debtor that could, individually or in the aggregate, reasonably be
expected to have a material adverse effect on the Account Debtor&#146;s financial condition. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.7. <U>Environmental Matters</U>. Except
for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the
Borrowers and the Subsidiaries and each of their respective Properties and operations thereon are, and within all applicable statute of limitation periods have been, in compliance with applicable Environmental Laws; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Borrowers and the Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their
Properties, with such Environmental Permits being currently in full force and effect, and none of the Borrowers nor the Subsidiaries has received any written notice or otherwise has knowledge that any such existing Environmental Permit is likely to
be revoked, suspended or adversely modified or that any application for any new Environmental Permit or renewal of any existing Environmental Permit will be protested or denied; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) there are no claims, demands, suits, orders, inquiries, investigations, written requests for information or proceedings concerning any
violation of, or any liability (including as a potentially responsible party) under, any applicable Environmental Law that is pending or, to any Borrower&#146;s knowledge, threatened against any Borrower or any Subsidiary or any of their respective
Properties or as a result of any operations at such Properties and no Borrower or Subsidiary has received any Environmental Notice; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-79- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) none of the Properties of any Borrower or any Subsidiary contain or to any Borrower&#146;s
knowledge have contained any: (i)&nbsp;underground storage tanks; (ii)&nbsp;asbestos-containing materials; (iii)&nbsp;landfills or dumps; (iv)&nbsp;hazardous waste management units as defined pursuant to RCRA or any comparable state law; or
(v)&nbsp;sites on or nominated for the National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated or published pursuant to any comparable state law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) there has been no Release or, to any Borrower&#146;s knowledge, threatened Release, of Hazardous Materials at, on, under or from any
Borrower&#146;s or any Subsidiary&#146;s Properties, there are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required under applicable Environmental Laws at such Properties and, to the knowledge of the
Borrowers, none of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating from any other real property in quantities or concentrations that would require remediation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) neither any Borrower nor any Restricted Subsidiary has received any written notice asserting an alleged liability or obligation under any
applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials at, under, or Released or threatened to be Released from any real properties offsite any Borrower&#146;s or
any Subsidiary&#146;s Properties and, to the Borrowers&#146; knowledge, there are no conditions or circumstances that could reasonably be expected to result in the receipt of such written notice; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) there has been no exposure of any Person or Property to any Hazardous Materials as a result of or in connection with the operations and
businesses of any of the Borrowers&#146; or the Subsidiaries&#146; Properties that could reasonably be expected to form the basis for a claim for damages or compensation and, to the Borrowers&#146; knowledge, there are no conditions or circumstances
that could reasonably be expected to result in the receipt of notice regarding such exposure. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.8. <U>Surety Obligations</U>. No
Borrower or Restricted Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.9. <U>Compliance with the Laws and Agreements; No Defaults</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower and each Subsidiary is in compliance, and its Properties and business operations are in compliance, with all Applicable Laws
(including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism Laws, and laws regarding collection and payment of Taxes), and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises,
exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so (other than failure to comply with Anti-Terrorism Laws), individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There have been no citations, notices or orders of material noncompliance issued to any Borrower or Subsidiary under any Applicable Law. No Inventory has been
produced in violation of the FLSA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) None of the Borrowers or any Restricted Subsidiary is in default, nor has any event or circumstance
occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require any Borrower or a Restricted Subsidiary to redeem or make any offer to redeem, under any indenture,
note, credit agreement, instrument or other agreement pursuant to which any Material Debt is outstanding or by which, any Borrower or any Restricted Subsidiary or any of their Properties is bound. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) No Default has occurred and is continuing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-80- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.10. <U>Investment Company Act, etc.</U> None of PHR, any Future Intermediation Subsidiary or
any Obligor is (a)&nbsp;an &#147;investment company&#148; or a company &#147;controlled&#148; by an &#147;investment company,&#148; within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended or
(b)&nbsp;subject to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority to incur Debt. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.11. <U>Taxes</U>. Each Borrower and its Restricted Subsidiaries has timely filed or caused to be filed all income and other material tax
returns and reports required to have been filed and has paid or caused to be paid all income and other material Taxes required to have been paid by it, except to the extent being Properly Contested. The charges, accruals and reserves on the books of
each Borrower and its Restricted Subsidiaries in respect of Taxes are adequate for any Taxes properly accrued but not yet due as of the applicable dates of such books. There are no Liens relating to Taxes other than Excepted Liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.12. <U>ERISA</U>. Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Borrowers, the Subsidiaries and each ERISA Affiliate have complied with ERISA and, where applicable, the Code
regarding each Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) no ERISA Event has occurred or is reasonably expected to occur and each Plan is, and has been, established and
maintained in compliance with its terms, ERISA and, where applicable, the Code; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) no act, omission or transaction has occurred which
could result in imposition on any Borrower, any Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i)&nbsp;either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m)&nbsp;of section 502 of ERISA or a tax imposed
pursuant to Chapter 43 of Subtitle D of the Code or (ii)&nbsp;breach of fiduciary duty liability damages under section 409 of ERISA; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
full payment when due has been made of all amounts which the Borrowers, the Subsidiaries or any ERISA Affiliate is required under the terms of each Plan or Applicable Law to have paid as contributions to such Plan as of the date hereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) neither the Borrowers, the Subsidiaries nor any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as
defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by a Borrower, a Subsidiary or any ERISA Affiliate in its sole discretion
at any time without any material liability. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.13. <U>Governmental Approvals</U>. Each Borrower and Restricted Subsidiary has, is in
compliance with, and is in good standing with respect to, all Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties, except as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. All necessary import, export or other licenses, permits or certificates for the import or handling of any goods or other Collateral have been procured and are in effect, and Borrowers and Restricted Subsidiaries
have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral, except where noncompliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-81- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.14. <U>Disclosure; No Material Misstatements</U>. PHR and the Borrowers have disclosed or
made available for disclosure to Administrative Agent and the Lenders all material agreements, instruments and corporate or other restrictions to which PHR, the Company or any of its Restricted Subsidiaries is subject, and all other matters known to
it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of PHR, the Borrowers or any
Restricted Subsidiary to Administrative Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or under any other Loan Document (as modified or
supplemented by other information so furnished) contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.15. <U>Insurance</U>. The Borrowers have, and have caused all of their Subsidiaries to maintain, with financially sound and reputable
insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations (including hazard insurance). Administrative Agent
has been named as additional insured in respect of such liability insurance policies, and Administrative Agent has been named as lender loss payee with respect to property loss insurance for all items of Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.16. <U>Burdensome Contracts</U>. No Borrower or Restricted Subsidiary is party or subject to any Restrictive Agreement, except as shown on
<B>Schedule 9.1.16</B>. No Restrictive Agreement (including for this purpose the Secured Notes Indenture and agreements providing for any Intermediation Facility) prohibits the execution, delivery or performance of any Loan Document by an Obligor.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.17. <U>Restriction on Liens</U>. Neither any Borrower nor any of the Restricted Subsidiaries is a party to any material agreement or
arrangement (other than (a)&nbsp;Purchase Money Debt permitted by <B>Section</B><B></B><B>&nbsp;10.2.1(c)</B>, but then only on the Property subject of such Purchase Money Debt, and (b)&nbsp;restrictions under instruments creating Permitted Liens,
but then only on the Property subject of such Lien), or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to Administrative Agent on or in respect of their Properties to secure
the Obligations and the Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.18. <U>Capital Structure</U>. <B>Schedule 9.1.18</B> shows, for each Borrower and each of its
Subsidiaries, its jurisdiction of organization, authorized and issued Equity Interests, holders of its Equity Interests (other than the holders of the Equity Interests in the Company), and agreements binding on such holders with respect to such
Equity Interests, in each case as of the Closing Date. Except as disclosed on <B>Schedule 9.1.18</B>, in the five years preceding the Closing Date, no Borrower or Restricted Subsidiary has acquired any substantial assets from any other Person nor
been the surviving entity in a merger or combination. Each Borrower has good title to its Equity Interests in its Restricted Subsidiaries, subject only to the Secured Notes Collateral Trustee&#146;s Lien, and all such Equity Interests are duly
issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> There are no outstanding purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests, phantom rights or powers of attorney
relating to Equity Interests of any Borrower or Restricted Subsidiary (other than relating to Equity Interests in the Company). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.19.
<U>Location of Business and Offices</U>. <B>Schedule 9.1.19</B> shows, as of the Closing Date, the name of each Obligor as listed in the public records of its jurisdiction of organization, such Obligor&#146;s organizational identification number in
its jurisdiction of organization, and the address for such Obligor&#146;s principal place of business and chief executive office. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.20.
<U>Trade Relations</U>. There exists no actual or threatened termination, limitation or modification of any business relationship between the Borrowers and their Restricted Subsidiaries, taken as a whole on one hand, and any customer or supplier, or
any group of customers or suppliers, on the other hand, who individually or in the aggregate are material to the business of such Borrower and its Restricted Subsidiaries, taken as a whole, except in each case, as could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. There exists no condition or circumstance that could reasonably be expected to materially impair the ability of any Borrower or Restricted Subsidiary to conduct its business
at any time hereafter in substantially the same manner as conducted on the Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-82- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.21. <U>Properties; Titles, Intellectual Property; Licenses; Etc</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower and each Restricted Subsidiary has good and valid title to, valid leasehold interests in, or valid easements, rights of way
or other property interests in all of its material real and personal Property that constitutes Collateral free and clear of all Liens except Permitted Liens. All Liens of Administrative Agent in the Collateral are duly perfected, first priority
Liens, subject only to Permitted Liens that are expressly allowed to have priority over Administrative Agent&#146;s Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All
material leases, easements, rights of way and other agreements necessary for the conduct of the business of the Borrowers and the Restricted Subsidiaries are valid and subsisting, in full force and effect, and there exists no default or event or
circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, which could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each Borrower and each Restricted Subsidiary owns, or is licensed to use, all Intellectual Property material to its business, and to
the Borrowers&#146; knowledge, the use thereof by such Borrower and such Restricted Subsidiary, as applicable, does not infringe upon the 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. There is no pending or, to any Borrower&#146;s knowledge, threatened Intellectual Property Claim with respect to any Borrower, any Restricted Subsidiary or any of their Property
(including any Intellectual Property) that could reasonably be expected to result in a Material Adverse Effect. All Intellectual Property owned, used or licensed by, or otherwise subject to any interests of, any Borrower or Restricted Subsidiary as
of the Closing Date is shown on <B>Schedule 9.1.21</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.22. <U>Maintenance of Properties</U>. Except for such acts or failures to act
as could not be reasonably expected to have a Material Adverse Effect, the Properties owned, leased or used by the Borrowers and their Restricted Subsidiaries that are necessary to or useful in the conduct of their businesses are in good operating
condition and repair, subject to ordinary wear and tear. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.23. <U>Payable Practices</U>. No Borrower or Restricted Subsidiary has made
any material change in its historical accounts payable practices from those in effect on the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.24. <U>Hedging
Agreements</U>. <B>Schedule 9.1.24</B>, as of the Closing Date, sets forth, a true and complete list of all Hedging Agreements of the Borrowers and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date,
termination date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied), the counterparty to each such agreement and whether such Hedging
Agreements are secured hereunder or under the Secured Notes Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.25. <U>Security Documents</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The provisions of this Agreement are effective to create, in favor of the Administrative Agent for the benefit of the Secured Parties, a
legal, valid and enforceable Lien on, and security interest in, all of the Collateral described herein, and (i)&nbsp;when financing statements and other filings in appropriate form are filed in the offices set forth on <B>Schedule 9.1.25(a)</B> and
(ii)&nbsp;upon the taking of possession or control by Administrative Agent of the Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to Administrative Agent
to the extent possession or control by Administrative Agent is required by this Agreement), the Liens created by this Agreement shall constitute fully perfected first priority Liens on, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-83- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and security interests in, all right, title and interest of the Obligors in the Collateral covered thereby (other than such Collateral in which a security interest cannot be perfected under the
Uniform Commercial Code as in effect at the relevant time in the relevant jurisdiction), in each case free of all Liens other than Permitted Liens, and prior and superior to all other Liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Security Document delivered pursuant to <B>Section</B><B>&nbsp;7.4, Section</B><B></B><B>&nbsp;7.6</B> or
<B>Section</B><B></B><B>&nbsp;10.1.13</B>, upon execution and delivery thereof, is effective to create in favor of Administrative Agent, for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, all of
the Collateral thereunder, and when all appropriate filings or recordings are made in the appropriate offices as may be required under Applicable Law or possession or control is conferred to Administrative Agent, such Security Document will
constitute fully perfected first priority Liens on, and security interests in, all right, title and interest of the Obligors in the Collateral covered thereby (other than such Collateral in which a security interest cannot be perfected under the
Uniform Commercial Code as in effect at the relevant time in the relevant jurisdiction), in each case free of all Liens other than Permitted Liens, and prior and superior to all other Liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.26. <U>Use of Loans and Letters of Credit</U>. The proceeds of the Loans and the Letters of Credit shall be used to pay fees and
transaction expenses in connection with the Transactions, to refinance the existing Debt of the Borrowers and their Subsidiaries, to pay fees, expenses, premiums, and prepayment penalties incurred in respect of the refinancing above, to pay
Obligations in accordance with this Agreement and for ongoing working capital and for other lawful, general corporate, limited liability company or partnership purposes of Borrowers and their Subsidiaries, including without limitation to finance
permitted restricted payments, share repurchases, acquisitions, permitted Capital Expenditures and other Investments of Borrowers and their Subsidiaries. The Borrowers and their Subsidiaries are not engaged principally, or as one of its or their
important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock. No part of the proceeds of any Loan or Letter of Credit will be used, whether immediate,
incidental or ultimate, to buy or carry, or to reduce or refinance any Debt incurred to buy or carry, Margin Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.27. <U>Solvency</U>. Each of the Borrowers is Solvent and the Obligors, taken as a whole, are Solvent. None of PHR, any Future
Intermediation Subsidiary or any Obligor is planning to take any action described in <B>Section</B><B></B><B>&nbsp;12.1(h)</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.28.
<U>Common Enterprise</U>. Each Borrower and Restricted Subsidiary and their business operations are closely integrated with one another into a single, interdependent and collective, common enterprise so that any benefit received by any one of them
from the financial accommodations provided under this Agreement will be to the direct benefit of the others. The Borrowers and their Restricted Subsidiaries intend to render services to or for the benefit of each other, to purchase or sell and
supply goods to or from or for the benefit of each other, to make loans, advances and provide other financial accommodations to or for the benefit of each other and to provide administrative, marketing, payroll and management services to or for the
benefit of each other (in each case, except as may be prohibited by this Agreement). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.29. <U>Broker&#146;s Fees</U>. No broker&#146;s
or finder&#146;s fee, commission or similar compensation will be payable by any Borrower or any Restricted Subsidiary with respect to the Transactions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.30. <U>Employee Matters</U>. As of the Closing Date, (a)&nbsp;neither any Borrower nor any Restricted Subsidiary, nor any of their
respective employees, is subject to any collective bargaining agreement, (b)&nbsp;no petition for certification or union election is pending or, to the knowledge of any Borrower or any Restricted Subsidiary, contemplated with respect to the
employees thereof and no union or collective bargaining unit has sought such certification or recognition with respect to the employees of any Borrower or any Restricted Subsidiary, and (c)&nbsp;there are no strikes, slowdowns, work stoppages or
controversies pending or, to the knowledge of any Borrower, threatened between any Borrower or any Restricted Subsidiary and its respective employees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-84- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.31. <U>Anti-Corruption Laws</U>. The Borrowers have developed and implemented and maintain
in effect internal controls, policies and procedures, management oversight, monitoring, audit and training designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with
applicable Anti-Corruption Laws and applicable Sanctions. The Borrowers, their Subsidiaries and, to the knowledge of the Borrowers, their respective officers, employees, directors and agents are in compliance with Anti-Corruption Laws and applicable
Sanctions. None of (a)&nbsp;the Borrowers, any Subsidiary or any of their respective directors or officers, or (b)&nbsp;to the knowledge of any Borrower, any employee or agent of the Borrowers or any Subsidiary that will act in any capacity in
connection with or benefit from the credit facility established hereby, is a Sanctioned Person or otherwise subject to Sanctions. No Borrowing or Letter of Credit, use of proceeds or other transaction will violate Anti-Corruption Laws or applicable
Sanctions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">9.1.32. <U>OFAC</U>. None of the Borrowers or their Subsidiaries or, to the knowledge of any Borrower or Subsidiary, any
director, officer, employee, agent, affiliate or representative thereof, is or is owned or controlled by any individual or entity that is currently the subject or target of any Sanction or is located, organized or resident in a Designated
Jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.2. <U>Complete Disclosure</U></B><B>.</B> No Loan Document or financial statement delivered to Administrative Agent
and the Lenders contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make the statements contained therein not materially misleading. There is no fact or circumstance that any Obligor has failed to
disclose to Administrative Agent in writing that could reasonably be expected to have a Material Adverse Effect. The financial statements of the Parent and its Subsidiaries, and of the Company and its Consolidated Subsidiaries, as applicable
hereafter delivered to Administrative Agent and Lenders under this Agreement are prepared in accordance with GAAP and present fairly, in all material respects, the financial position and results of operations as of the date and for the period set
forth therein in accordance with GAAP. All projections delivered from time to time to Administrative Agent and Lenders have been prepared in good faith, based on assumptions believed by management of the Borrowers to be reasonable at the time made,
it being recognized by Administrative Agent and the Lenders that such projections as they relate to future events are not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from
the projected results set forth therein by a material amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;10. COVENANTS AND CONTINUING AGREEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.1. <U>Affirmative Covenants</U>.</B> Until Full Payment of all Obligations, each Borrower (on behalf of itself and its Restricted
Subsidiaries or Subsidiaries, as applicable) and each Restricted Subsidiary by its execution of this Agreement, covenants and agrees with the Administrative Agent, Issuing Banks and the Lenders that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.1. <U>Inspections; Appraisals</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower shall, and shall cause each Restricted Subsidiary to, permit Administrative Agent from time to time, subject (except when an
Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or any Restricted Subsidiary, inspect, audit and make extracts from any Borrower&#146;s or Restricted Subsidiary&#146;s
books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower&#146;s or Restricted Subsidiary&#146;s business, financial condition, assets, prospects and results of operations. Lenders may
participate in any such visit or inspection, at their own expense. Neither Administrative Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with any
Borrower or any of its Subsidiaries. Borrowers acknowledge that all inspections, appraisals and reports are prepared by Administrative Agent and Lenders for their purposes, and Borrowers shall not be entitled to rely upon them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-85- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Borrower shall, and shall cause each Restricted Subsidiary to, permit Administrative
Agent to (i)&nbsp;examine any Borrower&#146;s or Restricted Subsidiary&#146;s books and records or any other financial or Collateral matters as Administrative Agent deems appropriate (other than with respect to refinery hydrocarbon inventory), and
each Borrower shall, and shall cause each Restricted Subsidiary to, permit Administrative Agent to (ii)&nbsp;examine any Borrower&#146;s or Restricted Subsidiary&#146;s books and records or any other financial or Collateral matters as Administrative
Agent deems appropriate, including field collection examinations (which examinations shall be limited to (A)&nbsp;one time per Loan Year or (B)&nbsp;two times per Loan Year if the second examination is initiated on the day that Availability for a
period of three (3)&nbsp;consecutive Business Days is less than the greater of (1) $7,500,000 and (2) 15% of the Borrowing Base on such day) and inventory appraisals (other than with respect to refinery hydrocarbon inventory) at the discretion of
the Administrative Agent; <U>provided</U>, <U>however</U>, that none of the foregoing limits shall apply if an examination or appraisal is initiated during a Default. Each Borrower shall, and shall cause each Restricted Subsidiary to, reimburse
Administrative Agent for all reasonable and documented charges, costs and expenses of Administrative Agent in connection with foregoing examinations and appraisals (including any inspections made pursuant to
<B>Section</B><B></B><B>&nbsp;10.1.1(a)</B>), and Borrowers agree to pay Administrative Agent&#146;s then standard charges for examination activities, including reasonable and documented charges for Administrative Agent&#146;s internal examination
and appraisal groups, as well as the reasonable and documented charges of any third party used for such purposes. No Borrowing Base calculation shall include Collateral acquired in a Permitted Acquisition or otherwise outside the Ordinary Course of
Business until completion of applicable field examinations and appraisals (which shall not be included in the limits provided above) satisfactory to Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.2. <U>Financial Statements; Other Information</U>. The Borrowers will furnish to Administrative Agent for prompt delivery to the Lenders
(the documents required to be delivered pursuant to clauses (a), (b) and (c)&nbsp;below shall be deemed to have been delivered on the date on which such documents are posted on the Securities and Exchange Commission&#146;s website at www.sec.gov):
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Annual Financial Statements</U>. As soon as available, but in any event in accordance with then Applicable Law and not later than
ninety (90)&nbsp;days after the end of each Fiscal Year of the Parent, its audited consolidated balance sheet and related statements of operations, stockholders&#146; equity and cash flows as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous Fiscal Year, all reported on by Deloitte&nbsp;&amp; Touche LLP or other independent public accountants of recognized national standing (without a &#147;going concern&#148; or like qualification
or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Parent
and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied and the related unaudited consolidating balance sheet and related statement of operations, and such additional information as may be sufficient to calculate
the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case, as of the end of and for such year, setting forth in each case in comparative form the figures for the previous Fiscal Year. The Parent will include an
additional summary presentation, either on the face of the audited financial statements, in the footnotes thereto, or in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; filed in its Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> of the financial condition and results of operations of the Company and its Consolidated Subsidiaries separate from the financial condition and results of operations of the Parent or any
other direct or indirect parent of the Company and/or the Unrestricted Subsidiaries of the Company, as applicable.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-86- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Quarterly Financial Statements</U>. As soon as available, but not later than sixty
(60)&nbsp;days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the Company, the Company&#146;s and its Consolidated Subsidiaries&#146; internally prepared consolidated and consolidating balance sheet and related
statement of operations, and such additional information as may be sufficient to calculate the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case, as of the end of such Fiscal Quarter and the then elapsed
portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by a Senior Officer of
the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Consolidated Subsidiaries on a consolidated and consolidating basis in accordance with GAAP consistently applied or as
prepared in accordance with the requirements of the SEC, subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments and the absence of footnotes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Monthly Financial Statements</U>. During a Financial Reporting Trigger Period, as soon as available, but in any event not later than
(i)&nbsp;sixty (60) days after the end of each month that is the end of each Fiscal Quarter of the Company and (ii)&nbsp;thirty (30) days after the end of each other month of each Fiscal Year of the Company, its consolidated and consolidating
balance sheet and related statement of operations, and such additional information as may be sufficient to calculate the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case as of the end of such month and the
then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by a
Senior Officer of the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied or as
prepared in accordance with the requirements of the SEC, subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments and the absence of footnotes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Annual Financial Projections</U>. Not later than sixty (60)&nbsp;days after the end of each Fiscal Year, an annual business plan, budget
and projections of Company&#146;s consolidated balance sheet and related statement of operations, and such additional information as may be sufficient to calculate the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio
and Availability for the next Fiscal Year, quarter by quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Certificate of Senior Officer &#150; Compliance</U>. Concurrently
with any delivery of financial statements under <B>Section</B><B></B><B>&nbsp;10.1.2(a)</B>, <B>Section</B><B></B><B>&nbsp;10.1.2(b) </B>and, if applicable, <B>Section</B><B></B><B>&nbsp;10.1.2(c)</B>, a Compliance Certificate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Certificate of Insurer/Broker &#150; Insurance Coverage</U>. Concurrently with any delivery of financial statements under
<B>Section</B><B></B><B>&nbsp;10.1.2(a)</B>, a certificate of insurance coverage from each insurer or insurance broker with respect to the insurance required by <B>Section</B><B></B><B>&nbsp;10.1.8</B>, in form and substance reasonably satisfactory
to the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Other Accounting Reports</U>. Promptly upon receipt thereof, a copy of each other report or letter
(except standard and customary correspondence) submitted to Parent, any Borrower or any Restricted Subsidiaries by independent accountants in connection with any annual, interim or special audit made by them of the books of Parent, any such Borrower
or any such Restricted Subsidiary, and a copy of any response by Parent, any such Borrower or any such Restricted Subsidiary, or the board of directors or other governing body, as applicable, of Parent, any such Borrower or any such Restricted
Subsidiary, to such letter or report. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>SEC and Other Filings; Reports to Shareholders</U>. Promptly after the same become publicly
available, copies of all periodic and other reports, proxy statements and other materials filed by Parent, the Company or any Restricted Subsidiary with the SEC, or with any national or foreign securities exchange (except standard and customary
correspondence), or distributed by Parent to its shareholders generally, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-87- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Default Notices Under Material Contracts</U>. Promptly after the furnishing thereof,
copies of any notice of Default furnished to or by any Person pursuant to the terms of any Material Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Information Regarding
Obligors</U>. Prompt written notice (and in any event not less than ten (10)&nbsp;Business Days prior thereto (or such shorter period as may be agreed by Administrative Agent in its sole discretion)) of any change (i)&nbsp;in any Obligor&#146;s
corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties, (ii)&nbsp;in the location of any Obligor&#146;s chief executive office or principal place of business,
(iii)&nbsp;in any Obligor&#146;s identity or corporate structure, (iv)&nbsp;in any Obligor&#146;s jurisdiction of organization or such Person&#146;s organizational identification number in such jurisdiction of organization, and (v)&nbsp;in any
Obligor&#146;s federal taxpayer identification number. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) <U>Notices of Certain Changes</U>. Promptly, but in any event within ten
(10)&nbsp;Business Days after the execution thereof, copies of any amendment, modification or supplement to the certificate or articles of incorporation, <FONT STYLE="white-space:nowrap">by-laws,</FONT> any preferred stock designation or any other
Organic Document of Parent, PHR, any Borrower, any Restricted Subsidiary or any Future Intermediation Subsidiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>Trade
Payables</U>. At Administrative Agent&#146;s request, a listing of each Borrower&#146;s or Restricted Subsidiary&#146;s trade payables specifying the trade creditor and balance due, and a detailed trade payable aging, all in form satisfactory to
Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) <U>Other Requested Information</U>. Promptly following any written request therefor, such other information
regarding the operations, business affairs, Collateral and financial condition of Parent, PHR, any Future Intermediation Subsidiary, any Borrower or any Restricted Subsidiary or any other Obligor (including, without limitation, any Plan and any
reports or other information required to be filed with respect thereto under the Code or under ERISA), or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.3. <U>Notices of Material Events</U>. The Borrowers will furnish to Administrative Agent (for prompt delivery to the Lenders) prompt
written notice of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the occurrence of any Default; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any
arbitrator or Governmental Authority against or affecting any Borrower or any Affiliate thereof not previously disclosed in writing to Administrative Agent or any material adverse development in any action, suit, proceeding, investigation or
arbitration (whether or not previously disclosed to the Administrative Agent) that, in either case, could reasonably be expected to result in a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(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 a Material Adverse Effect or could reasonably be expected to result in liability of the Borrowers and their Subsidiaries in an aggregate amount exceeding $10,000,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) any material change in account policies or financial reporting practices by any Obligor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) receipt of any Environmental Notice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) the closure of any Refinery, or a cessation of a material portion of the business activities of the Borrowers and their Restricted
Subsidiaries, taken as a whole; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-88- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each notice delivered under this <B>Section</B><B></B><B>&nbsp;10.1.3</B> shall be accompanied by a statement of
a Senior Officer of the Borrowers setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.4. <U>Existence; Conduct of Business</U>. PHR, each Future Intermediation Subsidiary, and each Borrower will, and will cause each
Restricted Subsidiary to, do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, consents, privileges and franchises material to the conduct
of its business and maintain, including, if necessary, its qualification to do business in each other jurisdiction in which its Properties are located or the ownership of its Properties requires such qualification, except where the failure to so
maintain such qualification to do business in each other jurisdiction, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; <U>provided</U> that the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under <B>Section</B><B></B><B>&nbsp;10.2.8</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.5. <U>Payment of Tax
Liabilities</U>. Each Borrower will, and will cause each Restricted Subsidiary to, pay its income and other material Taxes before the same shall become delinquent or in default, except where such Taxes are being Properly Contested. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.6. <U>Performance of Obligations under Loan Documents</U>. The Borrowers will repay the Loans according to the reading, tenor and effect
thereof, and PHR, each Future Intermediation Subsidiary and each Borrower will, and will cause each Restricted Subsidiary to, do and perform every act and discharge all of the obligations to be performed and discharged by them under the Loan
Documents, including, without limitation, this Agreement, at the time or times and in the manner specified. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.7. <U>Operation and
Maintenance of Properties</U>. Each Borrower, at its own expense, will, and will cause each Restricted Subsidiary to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) operate its
Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all Applicable Law,
including, without limitation, applicable Environmental Laws, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) preserve, maintain and keep in good repair, condition and working order (ordinary wear and tear excepted) all Property material to the
conduct of its business, including, without limitation, all equipment, machinery and facilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.8. <U>Insurance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Borrowers will, and will cause each Restricted Subsidiary to, maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations (including hazard insurance). The loss payable clauses or provisions in
any insurance policy or policies insuring any of the Collateral for the Loans shall be endorsed in favor of and made payable to Administrative Agent as its interests may appear and such policies shall name Administrative Agent as an &#147;additional
insured&#148; and &#147;lender loss payee&#148;, as applicable, and provide that the insurer will give at least thirty (30)&nbsp;days&#146; prior notice of any cancellation to Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If any building secures any Obligations and is located in an area designated a &#147;flood
hazard area&#148; in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), each Borrower will, and will cause each Restricted Subsidiary to, obtain flood insurance in such reasonable total
amount as the Administrative Agent may from time to time reasonably require, and otherwise to ensure compliance with Applicable Law (including any applicable Flood Laws). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.9. <U>Books and Records</U>. Each Borrower will, and will cause each Restricted Subsidiary to, keep proper books of record and account in
which full, true and correct entries in all material respects are made of all dealings and transactions in relation to its business and activities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.10. <U>Compliance with Laws</U>. The Borrowers will, and will cause each Subsidiary to, comply with all Applicable Laws, including FLSA,
OSHA, Environmental Laws, Anti-Terrorism Laws, Anti-Corruption Laws and laws regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary for the ownership or operation of its Properties or conduct of its business,
except where the failure to do so (other than with respect to Anti-Terrorism Laws or Anti-Corruption Laws), individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrowers will maintain in
effect and enforce policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.11. <U>Compliance with Material Contracts</U>. Each Borrower will, and will cause each Restricted Subsidiary, PHR and each Future
Intermediation Subsidiary to, comply with all Material Contracts, except to the extent that such noncompliance, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.12. <I></I><U>Environmental Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except for matters that individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, each Borrower
shall at its sole expense: (i)&nbsp;comply, and shall cause its Properties and operations and each Subsidiary and each Subsidiary&#146;s Properties and operations to comply, with applicable Environmental Laws; (ii)&nbsp;not Release or threaten to
Release, and shall cause each Subsidiary not to Release or threaten to Release, any Hazardous Material on, under, about or from any of such Borrower&#146;s or its Subsidiaries&#146; Properties except in compliance with applicable Environmental Laws;
(iii)&nbsp;timely obtain or file and maintain in full force and effect, and shall cause each Subsidiary to timely obtain or file and maintain in full force and effect, all Environmental Permits required under applicable Environmental Laws in
connection with the operation or use of such Borrower&#146;s or its Subsidiaries&#146; Properties or business; (iv)&nbsp;promptly commence and diligently prosecute to completion, and shall cause each Subsidiary to promptly commence and diligently
prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the &#147;<U>Remedial Work</U>&#148;) in the event any
Remedial Work is required under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future Release or threatened Release of any Hazardous Material on, under, about or from any of the
Borrower&#146;s or its Subsidiaries&#146; Properties; and (v)&nbsp;conduct, and cause each of its Subsidiaries to conduct, their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous Materials that
could reasonably be expected to form the basis for a claim for damages or compensation under any Environmental Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Borrowers will
promptly, but in no event later than ten (10)&nbsp;Business Days after the receipt of notice by any member of the executive management team of the occurrence of a triggering event, notify the Administrative Agent and the Lenders in writing of any
Release of Hazardous Materials, any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or lawsuit by any Person against any Borrower or any Restricted Subsidiary or their Properties of which any
Borrower has knowledge in connection with any Environmental Laws if any Borrower could reasonably anticipate that such action will result in liability in excess of $5,000,000, not fully covered by insurance, subject to normal deductibles. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-90- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.13. <U>Future Subsidiaries</U>. The Borrowers will promptly notify Administrative Agent
upon any Person becoming a Subsidiary and, if such Person is not an Excluded Subsidiary, cause it within 30 days after such Person becomes a Subsidiary, to become a borrower under this Agreement (subject to the Administrative Agent&#146;s prior
written consent, not to be unreasonably withheld or delayed) or to guaranty the Obligations in a manner reasonably satisfactory to Administrative Agent, and (except in the case of a Future Intermediation Subsidiary) to execute and deliver such
documents, instruments and agreements and to take such other actions as Administrative Agent shall reasonably require to evidence and perfect a Lien in favor of Administrative Agent on the Collateral of such Person, including delivery of such legal
opinions (including in the case of the guaranty by any Future Intermediation Subsidiary), in form and substance reasonably satisfactory to Administrative Agent, as it shall deem appropriate. Notwithstanding anything in this Agreement to the
contrary, the Company shall not permit any Subsidiary to guarantee the Senior Notes or the Secured Notes unless such Subsidiary is a Guarantor and provides a Guaranty with respect to the Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.14. <U>ERISA Compliance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, the
Borrowers will promptly furnish and will cause the Subsidiaries and any ERISA Affiliate to promptly furnish to the Administrative Agent immediately upon becoming aware of the occurrence of any &#147;prohibited transaction,&#148; as described in
section 406 of ERISA or in section 4975 of the Code, in connection with any Plan or any trust created thereunder, a written notice signed by a Senior Officer of the Borrower, such Restricted Subsidiary or such ERISA Affiliate, as the case may be,
specifying the nature thereof, what action the Borrower, such Subsidiary or such ERISA Affiliate is taking or proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service or the Department of
Labor with respect thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect, each Borrower will ensure that neither it nor any of its Subsidiaries, at any time: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) engages in, or permits
any ERISA Affiliate to engage in, any transaction in connection with which a Borrower, a Subsidiary or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m)&nbsp;of section 502 of
ERISA or a tax imposed by Chapter 43 of Subtitle D of the Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii) fails to make, or permits any ERISA Affiliate to fail to make, full
payment when due of all amounts which, under the provisions of any Plan, agreement relating thereto or Applicable Law, a Borrower, a Subsidiary or any ERISA Affiliate is required to pay as contributions thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii) contributes to or assumes an obligation to contribute to, or permits any ERISA Affiliate to contribute to or assume an obligation to
contribute to (i)&nbsp;any employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by such
entities in their sole discretion at any time without any material liability, or (ii)&nbsp;other than such plan that is or was in effect on any date preceding the Closing Date, any employee pension benefit plan, as defined in section 3(2) of ERISA,
that is subject to Title IV of ERISA, section 302 of ERISA or section 412 of the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-91- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.15. <U>Compliance with Terms of Leaseholds</U>. Each Borrower will, and will cause all of
its Restricted Subsidiaries to, make all payments and otherwise perform all obligations in respect of all material leases of real property to which any Borrower or any of its Restricted Subsidiaries is or is to be a party, keep such leases in full
force and effect and not allow such leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, notify Administrative Agent of any default by any party with respect to such leases and cooperate with the
Administrative Agent in all respects to cure any such default, and cause each of its Restricted Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not be reasonably likely to have a
Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.16. <U>Licenses Affecting Collateral</U>. Borrowers will (a)&nbsp;keep each License affecting any
Collateral (including the manufacture, distribution or disposition of Inventory) or any other material Property of each Borrower and its Subsidiaries in full force and effect, except where failure to have such License in full force and effect,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; (b)&nbsp;promptly notify Administrative Agent of any proposed modification to any such License, or entry into any new License, in each case at
least 30 days prior to its effective date; (c)&nbsp;pay all Royalties when due except to the extent they are being Properly Contested; and (d)&nbsp;notify Administrative Agent of any default or breach asserted by any Person to have occurred under
any License. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.17. <U>Post-Closing Undertakings</U>. Borrowers will, and will cause each other Obligor to, comply with the
requirements set forth on <B>Schedule 10.1.17</B> within the time periods set forth therein (as any such period may be extended by Administrative Agent in its sole discretion). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.1.18. <U>Landlord and Storage Agreements</U>. Upon the reasonable request of Administrative Agent, the Borrowers shall, and shall cause
each of their Restricted Subsidiaries to, provide to the Administrative Agent, copies of all material lease, storage, pipeline and similar agreements and material amendments and modifications thereto, between any Borrower or any Restricted
Subsidiary and any landlord, warehouseman, processor, shipper, bailee or other Person that owns or operates any premises or facility where any Borrowing Base Assets are located. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.2. <U>Negative Covenants</U>.</B> Until Full Payment of all Obligations, each Borrower (on behalf of itself and its Restricted
Subsidiaries or Subsidiaries, as applicable) and each Restricted Subsidiary by its execution of this Agreement, covenants and agrees with the Administrative Agent, Issuing Banks and the Lenders that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.1. <U>Debt</U>. It will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, guarantee or suffer
to exist any Debt, except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Obligations arising under the Loan Documents or any guaranty of or suretyship arrangement for the
Obligations arising under the Loan Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) accounts payable and accrued expenses, liabilities or other obligations to pay the
deferred purchase price of Property or services, from time to time incurred in the Ordinary Course of Business to the extent, in each case, not past due for more than sixty (60)&nbsp;days after the date on which such accounts payable, accrued
expenses, liabilities or other obligations were created or incurred unless being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Permitted Purchase Money Debt; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-92- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Debt arising from performance or appeal bonds or surety obligations required by Applicable
Law in connection with the operation of the Properties of any Borrower or any Restricted Subsidiary and in the Ordinary Course of Business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) to the extent permitted by <B>Section</B><B></B><B>&nbsp;10.2.4(d)</B> and with respect to Foreign Subsidiaries,
<B>Section</B><B></B><B>&nbsp;10.2.4(k),</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(i) intercompany Debt between the Borrowers, between any Borrower and any Restricted
Subsidiary (other than Excluded Subsidiaries) or between Restricted Subsidiaries (other than Excluded Subsidiaries); <U>provided</U>, that all such Debt (other than sales of Hydrocarbons in the Ordinary Course of Business) shall be
(A)&nbsp;evidenced by a master intercompany note, in form and substance reasonably satisfactory to Administrative Agent (the &#147;<U>Intercompany Note</U>&#148;), and (B)&nbsp;unsecured and subordinated in right of payment to the payment in full of
the Obligations pursuant to the terms of the Intercompany Note, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(ii) intercompany Debt owing by any Borrower or any Restricted Subsidiary
to any Excluded Subsidiary, PHR or any Future Intermediation Subsidiary, <U>provided</U> that such Debt is evidenced by the Intercompany Note to which such Excluded Subsidiary, PHR or any Future Intermediation Subsidiary is a party and is unsecured
and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the Intercompany Note or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(iii)
intercompany Debt owing by an Excluded Subsidiary to any Borrower or a Restricted Subsidiary, provided that such Debt is evidenced by an Intercompany Note; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Debt incurred in connection with Environmental and Necessary Capex in an amount not to exceed the greater of $50,000,000 and 2.0% of
Consolidated Net Tangible Assets (as defined in the Secured Note Indenture) at the time incurred, at any time outstanding in the aggregate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Debt owing to insurance companies (or their affiliates) or to finance companies, to finance insurance premiums payable to insurance
companies in connection with insurance policies purchased by a Borrower or a Restricted Subsidiary in the Ordinary Course of Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;(i) Debt with respect to the Secured Notes made on the Closing Date pursuant to the Secured Notes Indenture in an aggregate principal
amount not to exceed $300,000,000, (ii) Debt constituting Pari Passu Lien Hedge Agreements (as defined in and permitted under the Secured Notes Indenture) and guarantees thereof and (iii)&nbsp;Debt with respect to Secured Notes issued after the
Closing Date, subject to such Secured Notes being permitted under the Secured Notes Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Borrowed Money set forth on <B>Schedule
10.2.1(i)</B>, but only to the extent outstanding on the Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Debt with respect to Bank Products incurred in the Ordinary
Course of Business; <U>provided</U> that any Bank Products constituting Hedging Agreements are permitted by <B>Section</B><B></B><B>&nbsp;10.2.13</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Debt that is in existence when a Person becomes a Restricted Subsidiary or that is secured by an asset (other than Accounts) when acquired
by a Borrower or a Restricted Subsidiary (in each case other than an Intermediation Facility), as long as such Debt was not incurred in contemplation of such Person becoming a Subsidiary or such acquisition, and as long as such Debt (i)&nbsp;was
assumed by the Borrower or a Restricted Subsidiary in connection with a Permitted Acquisition or (ii)&nbsp;is in an aggregate principal amount for all such Debt not to exceed $10,000,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Permitted Contingent Obligations; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-93- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) Refinancing Debt (other than an Intermediation Facility) as long as each Refinancing
Condition is satisfied; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) Permitted Unsecured Debt that is contractually subordinated to the Obligations in an aggregate principal
amount not to exceed $50,000,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) the unsecured guarantee by the Company of any Intermediation Facility on substantially the same
terms as its unsecured guarantee of the J. Aron Intermediation Agreement in effect on the Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) obligations relating to net
Hydrocarbon balancing positions arising in the Ordinary Course of Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) Debt incurred in connection with any Hawaii Retail
Property Sale and Leaseback Transaction (including Debt represented by Capital Leases), and any amendments, renewals, extensions, refundings, restructurings, replacements or refinancings of such Debt, in whole or in part, and whether with the
original counterparties to such Hawaii Retail Property Sale and Leaseback Transaction or one or more replacement or additional counterparties; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) Debt under any Sale and Leaseback Transaction in an aggregate principal amount not to exceed the greater of (a) $35,000,000 and (b) 5.0% of
the Company&#146;s Consolidated Net Tangible Assets (as defined in the Secured Notes Indenture) and any refinancing, refunding, renewal or extension of any such Debt; <U>provided</U> that, except to the extent otherwise permitted hereunder, the
principal amount of any such Debt is not increased above the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension and the direct and contingent obligors with respect to such Debt are not
changed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.2. <U>Liens</U>. Each Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit
to exist any Lien on any of its Properties (now owned or hereafter acquired), except the following (collectively, &#147;<U>Permitted Liens</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Liens securing the payment of any Obligations pursuant to the Loan Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Excepted Liens; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Purchase
Money Liens securing Permitted Purchase Money Debt; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Liens on property (other than Accounts) existing at the time such property is
acquired by a Borrower or a Restricted Subsidiary of a Borrower; <U>provided</U> that (i)&nbsp;such Liens were not created in contemplation of such acquisition, (ii)&nbsp;such Liens do not extend to any assets other than those being acquired by such
Borrower or such Restricted Subsidiary and (iii)&nbsp;the applicable Debt secured by such Lien is permitted under <B>Section</B><B></B><B>&nbsp;10.2.1(k)</B>;<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) any interest or title of a lessor under any lease or sublease entered into by any Borrower or any Restricted Subsidiary in the Ordinary
Course of Business and covering only the assets so leased or subleased; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Liens on unearned premiums in respect of insurance policies
securing insurance premium financing permitted under <B>Section</B><B></B><B>&nbsp;10.2.1(g)</B>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Liens solely on Notes Collateral
securing Debt permitted by <B>Section</B><B></B><B>&nbsp;10.2.1(h)</B>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Liens securing Debt permitted by
<B>Section</B><B></B><B>&nbsp;10.2.1(j) </B>(other than Debt constituting Obligations); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-94- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Liens not otherwise permitted by this <B>Section</B><B></B><B>&nbsp;10.2.2 </B>so long as
securing obligations other than Borrowed Money and neither (i)&nbsp;the aggregate outstanding principal amount of the obligations secured thereby nor (ii)&nbsp;the aggregate book value (determined, in the case of each such Lien, as of the date such
Lien is incurred) of the assets subject thereto exceeds (as to the Borrowers and all Restricted Subsidiaries) $15,000,000 in the aggregate at any one time, provided that no such Lien shall extend to or cover any Collateral (other than cash); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) [reserved]; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Liens (other
than on Collateral) arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases, participation and development agreements, farmout and <FONT STYLE="white-space:nowrap">farm-in</FONT> agreements, contracts
for drilling, operating and producing property, contracts for construction, repair or improvement to equipment or property, division orders, contracts for purchase and sale of Hydrocarbons, interconnection agreements, contracts for transportation,
processing, fractionation, storage or exchange of Hydrocarbons, unitization and pooling declarations, orders and agreements, area of mutual interest agreements, gas balancing or deferred production agreements, production sharing agreements,
injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits, licenses or agreements, or production payment agreements and interests, in each case, arising in the Ordinary Course of
Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Liens arising out of conditional sale, title retention, consignment or similar arrangements, or that are contractual rights
of <FONT STYLE="white-space:nowrap">set-off,</FONT> relating to the sale or purchase of goods entered into by the Company or any of its Restricted Subsidiaries in the Ordinary Course of Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or
other brokerage accounts incurred in the Ordinary Course of Business and not for speculative purposes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) Liens solely on any cash
earnest money deposits made by the Company or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement not prohibited by this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) Liens solely on Hawaii Retail Property securing obligations and Debt incurred in connection with Hawaii Retail Property Sale and Leaseback
Transactions; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) Liens securing obligations and Debt incurred in connection with <B>Section</B><B></B><B>&nbsp;10.2.1(r)</B> and
solely on the equipment and real property that are the subject of such Sale and Leaseback Transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.3. <U>Distributions; Upstream
Payments</U>. The Borrowers will not, and will not permit any of their Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Distributions except Upstream Payments, and except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Company may declare and pay Distributions with respect to its Equity Interests payable solely in additional shares of its Equity
Interests (other than Disqualified Capital Stock); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Borrowers and each Restricted Subsidiary may purchase, redeem or otherwise
acquire its common Equity Interests with the proceeds received from the substantially concurrent issue of new common Equity Interests by Parent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) if no Event of Default then exists or would result from the making of such Distribution, the Company or its Restricted Subsidiaries or make
payments to employees, officers or directors of Parent or its Subsidiaries upon termination of employment or service in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives
pursuant to management incentive plans or in connection with the death or disability of such employees, officers or directors in an aggregate amount not to exceed $2,500,000 in any Fiscal Year; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-95- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the Company may make Distributions to repurchase Equity Interests of the Parent in connection
with the administration of its equity-based compensation plans from time to time in effect in connection with the repurchase of Equity Interests from employees, directors and other such recipients to satisfy federal, state or local tax withholding
obligations of such employees, directors and other recipients with respect to income deemed earned as the result of options, stock grants or other awards made under such plans; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;(i) the Company may declare and pay Distributions to the Parent in amounts sufficient to make (A)&nbsp;Permitted Parent Payments
(Tax), (B) Permitted Parent Payments (G&amp;A) not to exceed the Consolidated G&amp;A Cap or, in respect of Permitted Parent Payments (G&amp;A) attributable to the Borrower Group, the Borrower Group G&amp;A Cap (in each case, over any given
four-Fiscal Quarter period or, during a Financial Reporting Trigger Period or a Covenant Trigger Period, for any given twelve-month period) and (C)&nbsp;so long as no Default has occurred and is continuing, Permitted Parent Payments described in
clause (6)&nbsp;of the definition thereof in respect of payments of interest on the Senior Notes, and (ii)&nbsp;the Company may declare and pay Distributions to the Parent in amounts sufficient to make other Permitted Parent Payments (not included
in the immediately preceding clause (i)) so long as at the time of such Distribtuion and immediately thereafter, the Payment Conditions are satisfied; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) the Company may declare and pay Distributions to the Parent from the Net Proceeds attributable to any Hawaii Retail Property Sale and
Leaseback Transaction up to an aggregate amount not to exceed the lesser of (i)&nbsp;the fair market value of the Hawaii Retail Property sold pursuant to any Hawaii Retail Property Sale and Leaseback Transaction and (ii) $100,000,000,
<U>provided</U> that no Event of Default has occurred and is continuing immediately before or after such Distribution; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) the Company
may declare and pay Distributions to the Parent, so long as at the time of such Distribution and immediately thereafter, the Payment Conditions have been satisfied. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.4. <U>Investments, Loans and Advances</U>. The Borrowers will not, and will not permit any Restricted Subsidiary to, make or permit to
remain outstanding any Investments in or to any Person, except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Investments in Restricted Subsidiaries or disclosed on <B>Schedule
10.2.4</B>, in each case to the extent existing on the Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Accounts arising in the Ordinary Course of Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Cash Equivalents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
Investments (i)&nbsp;made by any Borrower in or to any Guarantors (for the avoidance of doubt, other than Parent) or another Borrower, (ii)&nbsp;made by any Restricted Subsidiary in or to any Borrower or any Guarantor (for the avoidance of doubt,
other than Parent), (iii) of cash made by the Company to PHR so long as such Investment is funded with the substantially contemporaneous contribution of cash to the Company by the Parent or its Subsidiaries (other than the Company and its
Subsidiaries) (other than a Specified Equity Contribution), and in the case of a loan, are evidenced by the Intercompany Note and (iv)&nbsp;of cash made by the Borrower or any Restricted Subsidiary to PHR or any Future Intermediation Subsidiary so
long as at the time of such Investment and immediately thereafter, the Payment Conditions are satisfied, and in the case of a loan, are evidenced by the Intercompany Note; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-96- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Investments in stock, obligations or securities received in settlement of debts arising from
Investments permitted under <B>Section</B><B></B><B>&nbsp;10.2.4(b)</B> owing to any Borrower or any Restricted Subsidiary as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts or upon the enforcement of
any Lien in favor of any Borrower or any of its Restricted Subsidiaries; <U>provided</U> that the Borrower Agent shall give Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time
under this<B> Section</B><B></B><B>&nbsp;10.2.4(e)</B> exceeds $5,000,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Investments received in consideration for any Asset
Disposition permitted under <B>Section</B><B></B><B>&nbsp;10.2.8</B> (other than <B>Section</B><B></B><B>&nbsp;10.2.8(f)</B>); <U>provided</U> that the Borrowers and the Restricted Subsidiaries shall take appropriate steps to grant a first priority
perfected Lien in such Investments constituting Collateral in favor of Administrative Agent for the benefit of the Secured Parties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)
advances to officers, directors and employees of Parent, the Borrowers and their Restricted Subsidiaries in an aggregate amount not to exceed $5,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business
purposes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) any purchases of Equity Interests permitted under <B>Section</B><B></B><B>&nbsp;10.2.3</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Permitted Acquisitions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)
Investments (including Debt and other obligations) received in connection with the bankruptcy or reorganization of suppliers or in settlement of delinquent obligations of, and other disputes with, suppliers in the Ordinary Course of Business; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) other Investments (including controlling interests in Persons in the same or a similar line of business as the Borrower) not to exceed
$5,000,000 in the aggregate at any time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.5. <U>Fundamental Changes</U>. Each Borrower will not, and will not permit any Consolidated
Subsidiary to, (a)&nbsp;engage (directly or indirectly) in any business other than those businesses in which the Borrowers and their Restricted Subsidiaries are engaged on the Closing Date (or which are reasonably related thereto or are reasonable
extensions thereof but not any trading business or similar activities) or allow any material change to be made in the character of its business; (b)&nbsp;change its name or conduct business under any fictitious name; (c)&nbsp;change its tax, charter
or organizational identification number; or (d)&nbsp;change its form or state of organization; <U>provided</U>, in the case of <B>clause (b)</B>, <B>(c)</B>, and <B>(d)</B>, Borrowers and the applicable Consolidated Subsidiaries have
(i)&nbsp;complied with <B>Section</B><B></B><B>&nbsp;10.1.2(k)</B> and given written notice of such change in accordance therewith and (ii)&nbsp;taken all actions necessary or advisable to maintain the continuous validity, perfection and the same or
better priority of Administrative Agent&#146;s security interest in the Collateral granted or intended to be granted and agreed to hereby or as Administrative Agent may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.6. <U>Proceeds of Loans</U>. Each Borrower will not permit the proceeds of the Loans to be used for any purpose </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">other than those permitted by <B>Section</B><B></B><B>&nbsp;9.1.26</B>. Neither any Borrower nor any Person acting on behalf of any Borrower has taken or will
take any action which might cause any of the Loan Documents to violate Regulations T, U or X or any other regulation of the Board of Governors or to violate Section&nbsp;7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder,
in each case as now in effect or as the same may hereinafter be in effect. Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan
proceeds to any Subsidiary, joint venture partner or other Person, (i)&nbsp;to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding of the Loan, is
the subject of any Sanction; (ii)&nbsp;in any manner that would result in a violation of a Sanction by any Person (including any Secured Party or other individual or entity participating in a transaction); or (iii)&nbsp;for any purpose that would
breach the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.7. <U>Mergers, Etc</U>. Each Borrower will not, and will not permit any Restricted
Subsidiary to, merge into or with or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all
or substantially all of its Property to any other Person (whether now owned or hereafter acquired) (any such transaction, a &#147;consolidation&#148;), or liquidate or dissolve; except that (a)&nbsp;any Restricted Subsidiary of a Borrower may
participate in a consolidation with any other Restricted Subsidiary of a Borrower or a Borrower (provided that if a Borrower or Guarantor is consolidated with such Restricted Subsidiary, such Borrower or such Guarantor, as applicable, shall be the
continuing or surviving entity and if a Borrower is consolidated with a Guarantor, such Borrower shall be the continuing or surviving entity) and (b)&nbsp;any Borrower or Restricted Subsidiary may participate in a consolidation with any Unrestricted
Subsidiary (provided that if a Borrower or a Restricted Subsidiary is consolidated with an Unrestricted Subsidiary, such Borrower or Restricted Subsidiary shall be the continuing or surviving entity). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.8. <U>Sales of Properties</U>. The Borrowers will not, and will not permit any Restricted Subsidiary to make any Asset Disposition except
for: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the sale of Inventory in the Ordinary Course of Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the sale or transfer in the Ordinary Course of Business of Equipment or other goods that are obsolete, worn out or no longer necessary for,
or used or useful in, the business of the Borrowers or the Restricted Subsidiaries or are replaced substantially contemporaneously by other comparable Equipment or goods; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Asset Disposition (other than an Asset Disposition (i)&nbsp;of Accounts or (ii)&nbsp;to PHR or any Future Intermediation Subsidiary
unless such Property has substantially contemporaneously been contributed by Parent or its Subsidiaries (other than the Company and its Subsidiaries) and was otherwise never Property of the Company and its Subsidiaries); <U>provided</U> that no
Event of Default has occurred and is continuing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the transfer of Property by a Restricted Subsidiary or a Guarantor to a Borrower or
another Guarantor (for the avoidance of doubt, other than to Parent); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the sale of the Borrowers&#146; treasury stock and the sale or
issuance of any Subsidiary&#146;s Equity Interests to a Borrower or any Guarantor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Asset Dispositions constituting Investments
permitted under <B>Section</B><B></B><B>&nbsp;10.2.4</B> or constituting Distributions permitted by <B>Section</B><B></B><B>&nbsp;10.2.3</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) discounts granted to settle collection of Accounts or the sale of defaulted Accounts arising in the Ordinary Course of Business in
connection with the compromise or collection thereof and not in connection with any financing transaction as long as (i)&nbsp;such Accounts are not Eligible Accounts Receivables and (ii)&nbsp;the aggregate amount of all such Accounts so disposed
does not exceed $5,000,000 in any Fiscal Year; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) the Hawaii Retail Property Sale and Leaseback Transaction; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">provided, that (i)&nbsp;each Asset Disposition described in this <B>Section</B><B></B><B>&nbsp;10.2.8</B> (other than pursuant to
<B>Section</B><B></B><B>&nbsp;10.2.8(d), (f), (g) or (h)</B>) (A) shall be for fair market value and (B)&nbsp;in the case of an Asset Disposition of Collateral (other than in the Ordinary Course of Business) shall be for 100% cash or Cash
Equivalents, (ii)&nbsp;to the extent a mandatory prepayment of Secured Notes is required by the Secured Notes Indenture, as applicable, in each case as a result of such Asset Disposition, the Borrowers shall make such mandatory prepayments,
(iii)&nbsp;in the case of an Asset Disposition to which <B>Section</B><B></B><B>&nbsp;5.2</B> applies, the Borrowers shall comply with the terms of such Section and (iv)&nbsp;all payments with respect to an Asset Disposition of Collateral are
deposited in a Dominion Account to the extent required by <B>Section</B><B></B><B>&nbsp;8.2.5</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-98- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary set forth in this
<B>Section</B><B></B><B>&nbsp;10.2.8</B>, neither the Borrower nor any Restricted Subsidiary shall make any Asset Disposition of any Refinery. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.9. <U>Transactions with Affiliates</U>. <B><I></I></B>The Borrowers will not, and will not permit any Restricted Subsidiary to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Company (other than the Company or another Restricted Subsidiary) (each, an &#147;<U>Affiliate Transaction</U>&#148;), unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Affiliate Transaction is on terms that taken as a whole are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by such Borrower or such Restricted Subsidiary with an unrelated Person; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Borrower Agent delivers to the Administrative Agent with respect to any Affiliate Transaction or series of related Affiliate
Transactions (other than sales of Hydrocarbons among the Borrowers and their Affiliates in the Ordinary Course of Business) involving aggregate consideration in excess of $40,000,000, a resolution of the board of directors of the Borrower Agent
certifying that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the disinterested members, if any, of the board of directors of the Borrower Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.10. <U>Subsidiaries</U>. Each Borrower will not, and will not permit any Subsidiary to, create or acquire any additional Subsidiary
unless such Borrower gives prior written notice to the Administrative Agent of such creation or acquisition and complies with <B>Section</B><B></B><B>&nbsp;10.1.13</B>. Each Borrower shall not, and shall not permit any Restricted Subsidiary to,
sell, assign or otherwise dispose of any Equity Interests in any Subsidiary except in compliance with <B>Section</B><B></B><B>&nbsp;10.2.8(c)</B> or <B>(e)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.11. <U>Limitation on Issuance of Equity Interests</U>. Each Borrower shall not permit any Restricted Subsidiary to issue any Equity
Interest (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, any Equity Interest, except for Equity Interest issued to an Obligor. The Borrowers and the Subsidiaries shall comply with
<B>Section</B><B></B><B>&nbsp;10.1.13</B> with respect to any such issued Equity Interests. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.12. <U>Restrictive Agreements</U>. Each
Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Restrictive Agreement (other than this Agreement, the other Security Documents, documents governing Purchase Money Liens securing
Permitted Purchase Money Debt, the Secured Notes Indenture or documents governing other Debt permitted hereunder). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.13. <U>Hedging
Agreements</U>. Each Borrower will not, and will not permit any Restricted Subsidiary to, enter into any Hedging Agreements except to hedge risks arising in the Ordinary Course of Business and not for speculative purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.14. <U>Sale and Leaseback</U>. Each Borrower shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale and
Leaseback Transaction, except as permitted under <B>Section</B><B></B><B>&nbsp;10.2.1</B> and <B>Section</B><B></B><B>&nbsp;10.2.8</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.15. <U>Amendments to Organic Documents, Secured Notes, Intermediation Facility,
Subordinated Debt or Fiscal Year End; Prepayments of Secured Notes and Subordinated Debt</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Borrower shall not, and shall not
permit any Restricted Subsidiary to, amend, supplement or otherwise modify (or permit to be amended, supplemented or modified) its Organic Documents in a manner that would be adverse to the Lenders in any material respect, except to the extent
required by Applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Borrower shall not, and shall not permit any Restricted Subsidiary to, (i)&nbsp;change the last day
of its Fiscal Year from December&nbsp;31 of each year, or the last days of the first three Fiscal Quarters in each of its Fiscal Years from March&nbsp;31, June&nbsp;30 and September&nbsp;30 of each year, respectively or (ii)&nbsp;make any material
change in accounting treatment or reporting practices, except as required by GAAP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each Borrower shall not, and shall not permit any
Restricted Subsidiary to: (i)&nbsp;call, make or offer to make any optional or voluntary redemption of or otherwise optionally or voluntarily redeem (whether in whole or in part) the Secured Notes; <U>provided</U> that the Company may
(x)&nbsp;refinance the Secured Notes with Refinancing Debt (other than an Intermediation Facility) as long as each Refinancing Condition is satisfied, (y)&nbsp;redeem any Secured Notes in a principal amount not exceeding the cash proceeds of any
sale of Equity Interests (other than Disqualified Capital Stock) of Parent that are contributed to the Company or (z)&nbsp;redeem any Secured Notes if the Payment Conditions are satisfied, or (ii)&nbsp;amend, modify, waive or otherwise change,
consent or agree to any amendment, supplement, modification, waiver or other change to, any of the terms of the Secured Notes or the Secured Notes Indenture if the effect thereof would be to shorten its maturity or average life or increase the
amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest thereon, provided that the foregoing shall not prohibit the execution of supplemental indentures to add guarantors if required by the terms
of the Secured Notes Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Company shall not, and shall not permit PHR or any Future Intermediation Subsidiary to amend,
modify, waive or otherwise change, or consent or agree to any amendment, supplement, modification, waiver or other change to, any of the terms of any Intermediation Facility in a manner that would be materially more disadvantageous to the Lenders,
taken as a whole, compared to the terms of the J. Aron Intermediation Agreement in effect on Closing Date, taken as a whole. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Each
Borrower shall not, and shall not permit any Restricted Subsidiary to, prior to the date that is <FONT STYLE="white-space:nowrap">ninety-one</FONT> (91)&nbsp;days after the Stated Termination Date: (i)&nbsp;call, make or offer to make any optional
or voluntary redemption of or otherwise optionally or voluntarily redeem (whether in whole or in part) any Debt that is contractually subordinated to the Loans (other than intercompany Debt); or (ii)&nbsp;amend, modify, waive or otherwise change, or
consent or agree to any amendment, supplement, modification, waiver or other change to, any of the terms of any Debt that is contractually subordinated to the Loans (other than intercompany Debt) if the effect thereof would be to shorten its
maturity or average life, increase the amount of any payment of principal thereof, remove or weaken the subordination provisions thereof, shorten any period for payment of interest thereon or in any other manner that would be adverse to any Borrower
or any Restricted Subsidiaries or the Lenders in any material respect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.16. <U>Tax Consolidation</U>. Each Borrower shall not, and
shall not permit any Restricted Subsidiary to, file or consent to the filing of any consolidated income tax return with any Person other than a group the common parent of which is the Company or a Restricted Subsidiary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.17. <U>Plans</U>. Each Borrower shall not, and shall not permit any Restricted Subsidiary to, become a party to any Multiemployer Plan or
Foreign Plan, other than any in existence on the Closing Date, except where becoming such a party could not reasonably be expected to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-100- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.18. <U>Additional Deposits in the Notes Proceeds Collateral Account Prohibited</U>. Each
Borrower shall not, and shall not permit any Restricted Subsidiary to, deposit any funds or other Property in, or credit any funds or other Property to, the Notes Proceeds Collateral Account other than (a)&nbsp;identifiable proceeds of Asset
Dispositions of Notes Collateral and (b)&nbsp;identifiable proceeds of insurance resulting from casualty of the Notes Collateral and of awards arising from condemnation of the Notes Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.2.19. <U>Limitation on Activities of the Company</U>. In the case of the Company, notwithstanding anything to the contrary in this
Agreement or any other Loan Document, the Company shall not conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations or own any assets other than (i)&nbsp;its ownership of the Equity
Interests of its Subsidiaries and activities incidental thereto, (ii)&nbsp;activities incidental to the maintenance of its existence and compliance with Applicable Law and legal, tax and accounting matters related thereto and activities relating to
its employees, (iii)&nbsp;activities relating to the performance of obligations under the Loan Documents and the documentation governing other Debt to which it is a party that is permitted by <B>Section</B><B></B><B>&nbsp;10.2.1</B>, (iv)&nbsp;the
making of Distributions permitted to be made by the Company pursuant to <B>Section</B><B></B><B>&nbsp;10.2.3</B> and (v)&nbsp;the receipt of Distributions permitted to be made to the Company under <B>Section</B><B></B><B>&nbsp;10.2.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.3. <U>Financial Covenants</U>. </B>As long as any Commitments or Obligations are outstanding, Borrowers shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.3.1. <U>Fixed Charge Coverage Ratio</U>. Have a Fixed Charge Coverage Ratio as of the last day of each month for the <FONT
STYLE="white-space:nowrap">12-month</FONT> period then ending of at least 1.00 to 1.00 while a Covenant Trigger Period is in effect, measured for the most recent period for which financial statements were delivered hereunder prior to the Covenant
Trigger Period and as of the last day of each month for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ending thereafter until the Covenant Trigger Period is no longer in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.3.2. <U>Borrower Group Fixed Charge Coverage Ratio</U>. Have a Borrower Group Fixed Charge Coverage Ratio as of the last day of each month
for the <FONT STYLE="white-space:nowrap">12-month</FONT> period then ending of at least 1.00 to 1.00 while a Covenant Trigger Period is in effect, measured for the most recent period for which financial statements were delivered hereunder prior to
the Covenant Trigger Period and as of the last day of each month for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ending thereafter until the Covenant Trigger Period is no longer in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">10.3.3. <U>Right to Cure Fixed Charge Coverage Ratio</U>. Solely for purposes of determining compliance with the Fixed Charge Coverage Ratio
set forth in <B>Section</B><B></B><B>&nbsp;10.3.1</B> and the Borrower Group Fixed Charge Coverage Ratio set forth in <B>Section</B><B></B><B>&nbsp;10.3.2</B>, net cash proceeds of common equity contributions by Parent to the Company and made up to
five Business Days after the day on which financial statements are required to be delivered for any applicable measurement period will be included in the calculation of EBITDA for such month for purposes of determining compliance with such Fixed
Charge Coverage Ratio and such Borrower Group Fixed Charge Coverage Ratio for such applicable measurement period and any subsequent measurement period that includes such month (any such equity contribution so included in the calculation of EBITDA, a
&#147;<U>Specified Equity Contribution</U>&#148;); <U>provided</U> that (i)&nbsp;no more than five (5)&nbsp;Specified Equity Contributions shall be made during the term of this Agreement; (ii)&nbsp;no more than two (2)&nbsp;Specified Equity
Contributions shall be made during any <FONT STYLE="white-space:nowrap">12-month</FONT> period, (iii)&nbsp;the amount of any Specified Equity Contribution shall be no greater than 110% of the amount required to cause the Borrowers to be in
compliance with the Fixed Charge Coverage Ratio and the Borrower Group Fixed Charge Coverage Ratio, and (iv)&nbsp;all Specified Equity Contributions shall be disregarded for purposes of determining any baskets, tests, or pro forma tests set forth in
the covenants in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-101- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;11. GUARANTY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.1. <U>Guaranty</U>.</B> For value received, the sufficiency of which is hereby acknowledged, and in consideration of credit and/or
financial accommodation heretofore or hereafter from time to time made or granted to the Borrowers and the other Obligors by the Secured Parties, each Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Administrative Agent,
for the ratable benefit of the Secured Parties, the full and prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of the Guaranteed Obligations (as
hereafter defined) and the punctual performance of all of the terms contained in the documents executed by such Guarantor in favor of one or more Secured Parties in connection with the Guaranteed Obligations. This Guaranty is a guaranty of payment
and performance and is not merely a guaranty of collection. As used herein, the term &#147;<U>Guaranteed Obligations</U>&#148; means any and all existing and future Obligations of any Obligor to any Secured Party, whether associated with any credit
or other financial accommodation made to or for the benefit of any Obligor by any Secured Party or otherwise and whenever created, arising, evidenced or acquired<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>(including all renewals,
extensions, amendments, refinancings and other modifications thereof and all costs, attorneys&#146; fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof); <U>provided</U>, however, that the
definition of &#147;Guaranteed Obligations&#148; shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of
determining any obligations of any Guarantor. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities which may be or hereafter become unenforceable or shall be
an allowed or disallowed claim under any proceeding or case commenced by or against any Guarantor or any Obligor under the Bankruptcy Code, any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally
(collectively, &#147;<U>Debtor Relief Laws</U>&#148;), and shall include interest that accrues after the commencement by or against any Obligor of any proceeding under any Debtor Relief Laws. Anything contained herein to the contrary
notwithstanding, the obligations of each Guarantor hereunder at any time shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance
under Section&nbsp;548 of the Bankruptcy Code or any comparable provisions of any similar federal or state law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.2. <U>No Setoff
o</U><U>r Deductions; Taxes; Payments</U>.</B> Each Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any levies, imposts, duties, charges, fees, deductions, withholdings,
compulsory loans, restrictions or conditions of any nature (other than Taxes, which shall be governed by <B>Section</B><B></B><B>&nbsp;5.8</B>) now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or authority
therein unless such Guarantor is compelled by law to make such deduction or withholding. If any such obligation (other than one arising with respect to Taxes) is imposed upon a Guarantor with respect to any amount payable by it hereunder, such
Guarantor will pay to the applicable Secured Party, on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable such Secured Party to receive the same net amount which such
Secured Party would have received on such due date had no such obligation been imposed upon such Guarantor. Each Guarantor will deliver promptly to such Secured Party certificates or other valid vouchers for all charges deducted from or paid with
respect to payments made by such Guarantor hereunder. The obligations of each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.3. <U>Rights of Secured Parties</U>.</B> Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to
time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a)&nbsp;amend (including increase), modify, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or
the terms of the Guaranteed Obligations or any part thereof; (b)&nbsp;take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations;
(c)&nbsp;apply such security and direct the order or manner of sale thereof as the Secured Parties </P>
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in their sole discretion may determine; and (d)&nbsp;release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality
of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge
of such Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.4. <U>Certain Waivers</U>.</B> Each Guarantor waives to the fullest extent permitted by law (a)&nbsp;any defense
arising by reason of any disability or other defense of any Obligor or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of any Obligor; (b)&nbsp;any defense based
on any claim that such Guarantor&#146;s obligations exceed or are more burdensome than those of any Borrower or any other Obligor; (c)&nbsp;the benefit of any statute of limitations affecting such Guarantor&#146;s liability hereunder; (d)&nbsp;any
right to require any Secured Party to proceed against any Borrower or any other Obligor, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in any Secured Party&#146;s power whatsoever and any defense
based upon the doctrines of marshalling of assets or of election of remedies; (e)&nbsp;any benefit of and any right to participate in any security now or hereafter held by any Secured Party; (f)&nbsp;any defense relating to the failure of any
Secured Party to comply with the Applicable Laws in connection with the sale or other disposition of Collateral for all or any part of the Guaranteed Obligations; (g)&nbsp;any amendment or waiver of the term of any Guaranteed Obligation;
(h)&nbsp;any law or regulation of any jurisdiction or any other event affecting any term of a Guaranteed Obligation; (i)&nbsp;any fact or circumstance related to the Guaranteed Obligations which might otherwise constitute a defense to the
obligations of such Guarantor under this Guaranty and (j)&nbsp;any and all other defenses or benefits that may be derived from or afforded by Applicable Law limiting the liability of or exonerating guarantors or sureties, other than the defense that
the Guaranteed Obligations have been fully performed and indefeasibly paid in full in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Guarantor expressly waives all setoffs
and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to
the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or
enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, <FONT STYLE="white-space:nowrap">non-perfection</FONT> or extent of any
Collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses
it may now have or hereafter acquire in any way relating to any or all of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.5. <U>Obligations Independent</U>.</B> The
obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against each Guarantor
to enforce this Guaranty whether or not the Borrowers or any other person or entity is joined as a party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.6.
<U>Subrogation</U>.</B> No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until Full Payment of all Guaranteed Obligations and any
amounts payable under this Guaranty. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to Administrative
Agent (for the benefit of itself and the other Secured Parties) to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.7. <U>Termination; Reinstatement</U>.</B> This Guaranty is a continuing and irrevocable
guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until Full Payment of all Guaranteed Obligations and any amounts payable under this Guaranty. Notwithstanding the foregoing, this Guaranty
shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any Guarantor is made, or any Secured Party exercises its right of setoff, in respect of the Guaranteed Obligations and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Secured Party in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not such Secured Party is in
possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.8. <U>Subordination</U>.</B> Each Guarantor hereby subordinates the payment of all obligations and indebtedness of any Obligor owing to
such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Obligor to such Guarantor as subrogee of any Secured Party or resulting from such Guarantor&#146;s performance under this Guaranty, to the
Full Payment of all Guaranteed Obligations. If the Administrative Agent so requests, any such obligation or indebtedness of any Obligor to any Guarantor shall be enforced and performance received by such Guarantor as trustee for the Administrative
Agent and the proceeds thereof, as well as any other amounts received by such Guarantor in violation of this Section, shall be paid over to the Administrative Agent on account of the Guaranteed Obligations, but without reducing or affecting in any
manner the liability of such Guarantor under this Guaranty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.9. <U>Stay of Acceleration</U>.</B> In the event that acceleration of
the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Guarantor or any Obligor under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by any
Guarantor immediately upon demand by Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.10. <U>Expenses</U>.</B> Each Guarantor shall pay on demand all
reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable attorneys&#146; fees and expenses) in any way relating to the enforcement or protection of any
Secured Party&#146;s rights under this Guaranty or in respect of the Guaranteed Obligations, including any incurred during any &#147;workout&#148; or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation,
protection or enforcement of any rights of any Secured Party in any proceeding under any Debtor Relief Laws. The obligations of each Guarantor under this paragraph shall survive the Full Payment of the Guaranteed Obligations and termination of this
Guaranty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.11. <U>Miscellaneous</U>.</B> Administrative Agent&#146;s books and records showing the amount of the Guaranteed
Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor and conclusive, absent manifest error, for the purpose of establishing the amount of the Guaranteed Obligations. No failure by any
Secured Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not
affect the enforceability or validity of any other provision herein. Unless otherwise agreed by the Administrative Agent and each Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or
hereafter given by any Guarantor or any other guarantor for the benefit of the Secured Parties or any term or provision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.12. <U>Condition of </U><U>Obligor</U><U>s</U>.</B> Each Guarantor acknowledges and agrees that it has the sole responsibility for, and
has adequate means of, obtaining from the Borrowers and the other Obligors and any other guarantor such information concerning the financial condition, business and operations of the Obligors and any such other guarantor as each Guarantor requires,
and that the Secured Parties have no </P>
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duty, and each Guarantor is not relying on any Secured Party at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of the Obligors
or any other guarantor (the guarantor waiving any duty on the part of any Secured Party to disclose such information and any defense relating to the failure to provide the same). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.13. <U>Additional Guarantors</U>.</B> Each Person that is required to become a party to this Guaranty pursuant to
<B>Section</B><B></B><B>&nbsp;10.1.13</B> shall become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Person of a supplement in form reasonably satisfactory to Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;12. EVENTS OF DEFAULT; REMEDIES ON DEFAULT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.1. <U>Events of Default</U>.</B> Each of the following shall be an &#147;<U>Event of Default</U>&#148; if it occurs for any reason
whatsoever, whether voluntary or involuntary, by operation of law or otherwise: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Parent, PHR, any Future Intermediation Subsidiary or
any Obligor fails to pay principal on any Loan when due (whether at stated maturity, on demand, upon acceleration or otherwise), or Parent, PHR, any Future Intermediation Subsidiary or any Obligor fails to pay any interest, fee or any other
Obligation, and such failure continues unremedied for a period of three (3)&nbsp;Business Days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any representation, warranty or other
written statement of Parent, PHR, any Future Intermediation Subsidiary or an Obligor made in connection with any Loan Documents or the borrowings hereunder is incorrect or misleading in any material respect (without duplication of any materiality
qualifier contained therein) when given; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) PHR, any Future Intermediation Subsidiary or an Obligor breaches or fails to perform any
covenant contained in (i)<B>&nbsp;Section</B><B></B><B>&nbsp;10.1.2</B> and such breach or failure continues for a period of three (3)&nbsp;Business Days, and (ii)<B>&nbsp;Section</B><B></B><B>&nbsp;7.2, 7.4</B>, <B>7.6, 8.1, 8.2.4, 8.2.5, 8.3,
8.6.2, 10.1.1, 10.1.3, 10.1.4, 10.1.17, 10.2 </B>or <B>10.3</B>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) PHR, any Future Intermediation Subsidiary or an Obligor breaches or
fails to perform any other covenant contained in any Loan Documents, and such breach or failure is not cured within 30 days after a Senior Officer of PHR, any Future Intermediation Subsidiary or such Obligor, as applicable, has knowledge thereof or
receives notice thereof from Administrative Agent, whichever is sooner; <U>provided</U>, <U>however</U>, that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period or
is a willful breach by an Obligor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; Parent repudiates, revokes or
attempts to revoke its Parent Guaranty or any breach of the Parent Guaranty occurs (after the expiration of any applicable grace period); PHR or any Future Intermediation Subsidiary repudiates, revokes or attempts to revoke its Guaranty; Parent, an
Obligor or third party denies or contests the validity or enforceability of any Loan Documents (or any material provision thereof) or Obligations, or the perfection or priority of any Lien granted to Administrative Agent; or any Loan Document ceases
to be in full force or effect for any reason (other than a waiver or release by Administrative Agent and Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Any
(i)&nbsp;failure of any Obligor to make any payment or (ii)&nbsp;other breach or default of any Obligor occurs under any instrument or agreement to which it is a party or by which it or any of its Properties is bound, in each case relating to any
Material Debt, and if, in the case of clause (ii), the maturity of, termination of or any payment with respect to such Material Debt may be accelerated, caused or demanded due to such breach; Any failure of PHR or any Future Intermediation
Subsidiary to make any payment when due under any Intermediation Facility (beyond any applicable grace or cure period), any notice of acceleration is sent by any Intermediation Counterparty to PHR or any Future Intermediation Subsidiary pursuant to
any Intermediation Facility, or any acceleration of Debt under any Intermediation Facility occurs; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Any Borrower or any of its Restricted Subsidiaries to pay final judgments aggregating in
excess of $10,000,000 (excluding amounts covered by insurance), which judgments are either (i)&nbsp;not paid within thirty (30)&nbsp;days after the date payment is due or (ii)&nbsp;not discharged or stayed for a period of thirty (30)&nbsp;days from
the date of such judgment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) An Insolvency Proceeding is commenced by Parent, PHR, any Future Intermediation Subsidiary or an Obligor;
Parent, PHR, any Future Intermediation Subsidiary or an Obligor makes an offer of settlement, extension or composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any
of the business of Parent, PHR, any Future Intermediation Subsidiary or an Obligor; or an Insolvency Proceeding is commenced against Parent, PHR, any Future Intermediation Subsidiary or an Obligor and Parent, PHR, any Future Intermediation
Subsidiary or such Obligor, as applicable, consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by Parent, PHR, any Future Intermediation Subsidiary or such Obligor, as applicable, the petition is
not dismissed within 30 days after filing, or an order for relief is entered in the proceeding; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Parent, PHR, any Future Intermediation
Subsidiary or any Obligor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that, when taken together with all other ERISA Events that have
occurred, has resulted or could reasonably be expected to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC in an amount exceeding $10,000,000 in the aggregate, or that constitutes grounds for appointment of a trustee
for or termination by the PBGC of any Pension Plan or Multiemployer Plan; an Obligor or ERISA Affiliate fails to pay when due any installment payment with respect to its withdrawal liability under Section&nbsp;4201 of ERISA under a Multiemployer
Plan that could reasonably be expected to have a Material Adverse Effect; or any event similar to the foregoing occurs or exists with respect to a Foreign Plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) A Change of Control occurs; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Any Obligor, PHR or any Future Intermediation Subsidiary repudiates, revokes or attempts to revoke any subordination agreement in favor of
the Administrative Agent; or any Obligor, PHR, any Future Intermediation Subsidiary or third party denies or contests the validity or enforceability of any subordination agreement in favor of the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.2. <U>Remedies upon Default</U>.</B> If an Event of Default described in <B>Section</B><B></B><B>&nbsp;12.1(h)</B> occurs with respect
to Parent or any Obligor, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Commitments shall terminate, without any action by
Administrative Agent or notice of any kind. In addition, or if any other Event of Default exists, Administrative Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the following from time to
time: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon they shall be due
and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Borrowers and the other Obligors to the fullest extent permitted by law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing Base; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) require Obligors to Cash Collateralize their LC Obligations, Secured Bank Product Obligations
and other Obligations that are contingent or not yet due and payable, and if any Obligors fail to deposit such Cash Collateral, Administrative Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Loans
(whether or not an Overadvance exists or is created thereby, or the conditions in <B>Section</B><B></B><B>&nbsp;6</B> are satisfied); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) exercise any other rights or remedies afforded under any agreement, by law, at equity or otherwise, including the rights and remedies of a
secured party under the UCC. Such rights and remedies include the rights to (i)&nbsp;take possession of any Collateral; (ii)&nbsp;require Obligors to assemble Collateral, at Obligors&#146; expense, and make it available to Administrative Agent at a
place designated by Administrative Agent; (iii)&nbsp;enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by an Obligor, Obligors agree not to charge for such
storage); and (iv)&nbsp;sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in lots or in
bulk, at such locations, all as Administrative Agent, in its discretion, deems advisable. Each Obligor agrees that 10 days&#146; notice of any proposed sale or other disposition of Collateral by Administrative Agent shall be reasonable, and that any
sale conducted on the internet or to a licensor of Intellectual Property shall be commercially reasonable. Administrative Agent may conduct sales on any Obligor&#146;s premises, without charge, and any sale may be adjourned from time to time in
accordance with Applicable Law. Administrative Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Administrative Agent may purchase any Collateral at public or, if
permitted by law, private sale and, in lieu of actual payment of the purchase price, may credit bid and set off the amount of such price against the Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.3. <U>License</U>.</B> Administrative Agent is hereby granted an irrevocable, <FONT STYLE="white-space:nowrap">non-exclusive</FONT>
license or other right to use, license or <FONT STYLE="white-space:nowrap">sub-license</FONT> (without payment of royalty or other compensation to any Person) any or all Intellectual Property of Obligors, computer hardware and software, trade
secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or
remedies with respect to, any Collateral. Each Obligor&#146;s rights and interests under Intellectual Property shall inure to Administrative Agent&#146;s benefit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.4. <U>Setoff</U>.</B> At any time during an Event of Default, Administrative Agent, Issuing Bank, Lenders, and any of their Affiliates
are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever
currency) at any time owing by Administrative Agent, such Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against the Obligations, whether or not Administrative Agent, such Issuing Bank, such Lender or
such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Administrative Agent, such Issuing Bank, such Lender or such
Affiliate different from the branch or office holding such deposit or obligated on such indebtedness. The rights of Administrative Agent, each Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Person may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.5. <U>Remedies Cumulative; No Waiver</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">12.5.1. <U>Cumulative Rights</U>. All agreements, warranties, guaranties, indemnities and other undertakings of Parent, PHR, each Future
Intermediation Subsidiary and the Obligors under the Loan Documents are cumulative and not in derogation of each other. The rights and remedies of Administrative Agent, any Issuing Bank, the Lenders and any other Secured Party under the Loan
Documents are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any other rights or remedies available by agreement, by law, at equity or otherwise. All such rights and remedies
shall continue in full force and effect until Full Payment of all Obligations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">12.5.2. <U>Waivers</U>. No waiver or course of dealing shall be established by (a)&nbsp;the
failure or delay of Administrative Agent or any Lender to require strict performance by Parent, PHR, any Future Intermediation Subsidiary or any Obligor under any Loan Document, or to exercise any rights or remedies with respect to Collateral or
otherwise; (b)&nbsp;the making of any Loan or issuance of any Letter of Credit during a Default, Event of Default or other failure to satisfy any conditions precedent; or (c)&nbsp;acceptance by Administrative Agent or any Lender of any payment or
performance by Parent, PHR, any Future Intermediation Subsidiary or an Obligor under any Loan Documents in a manner other than that specified therein. Any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied
by satisfaction of such covenant on a subsequent date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;13. ADMINISTRATIVE AGENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.1. <U>Appointment, Authority and Duties of Administrative Agent</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">13.1.1. <U>Appointment and Authority</U>. Each Secured Party appoints and designates Bank of America as Administrative Agent under all Loan
Documents. The Administrative Agent may, and each Secured Party authorizes the Administrative Agent to, enter into all Loan Documents to which the Administrative Agent is intended to be a party and accept all Security Documents. Any action taken by
the Administrative Agent in accordance with the provisions of the Loan Documents, and the exercise by the Administrative Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be
authorized by and binding upon all Secured Parties. Without limiting the generality of the foregoing, Administrative Agent shall have the sole and exclusive authority to (a)&nbsp;act as the disbursing and collecting agent for Lenders with respect to
all payments and collections arising in connection with the Loan Documents; (b)&nbsp;execute and deliver, as Administrative Agent, each Loan Document, including any Intermediation Access Agreement, the Collateral Rights Agreement and any
intercreditor or subordination agreement, and accept delivery of each Loan Document; (c)&nbsp;act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and for all other purposes stated
therein; (d)&nbsp;manage, supervise or otherwise deal with Collateral; and (e)&nbsp;take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral or under any Loan Documents, Applicable Law or otherwise. The
Administrative Agent alone shall be authorized to determine eligibility and applicable advance rates under the Borrowing Base in accordance with the terms of this Agreement, whether to impose or release any reserve, or whether any conditions to
funding or issuance of a Letter of Credit have been satisfied, which determinations and judgments, if exercised in good faith, shall exonerate the Administrative Agent from liability to any Secured Party or other Person for any error in judgment. In
addition to the foregoing, each Secured Party hereby irrevocably authorizes the Administrative Agent, at Administrative Agent&#146;s option and discretion, to enter into, or amend, the Collateral Rights Agreement (or similar agreements with the same
or similar purpose) or any Intermediation Access Agreement. Any such Collateral Rights Agreement or any Intermediation Access Agreement entered into by Administrative Agent on behalf of the Secured Parties shall be binding upon each Secured Party.
Each Lender (and each Person that becomes a Lender hereunder pursuant to <B>Section</B><B></B><B>&nbsp;14.3</B>) and each other Secured Party hereby authorizes and directs the Administrative Agent to enter into the Collateral Rights Agreement or any
Intermediation Access Agreement on behalf of such Secured Party and agrees that the Administrative Agent may take such actions on its behalf as is contemplated by the terms of the Collateral Rights Agreement or any Intermediation Access Agreement.
Administrative Agent shall notify the Secured Parties of the effectiveness of the Collateral Rights Agreement or any Intermediation Access Agreement when executed and shall provide a copy of the executed Collateral Rights Agreement or any
Intermediation Access Agreement to the Secured Parties as and when effective. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">13.1.2. <U>Duties</U>. The title of &#147;Administrative Agent&#148; is used solely as a matter
of market custom and the duties of the Administrative Agent are administrative in nature only. The Administrative Agent has no duties except those expressly set forth in the Loan Documents, and in no event does the Administrative Agent have any
agency, fiduciary or implied duty to or relationship with any Secured Party or other Person by reason of any Loan Document or related transaction. The conferral upon the Administrative Agent of any right shall not imply a duty to exercise such
right, unless instructed to do so by Required Lenders in accordance with this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">13.1.3. <U>Agent Professionals</U>. The
Administrative Agent may perform its duties through agents and employees. The Administrative Agent may consult with and employ Agent Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith
reliance upon, any advice given by an Agent Professional. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents, employees or Agent Professionals selected by it with reasonable care. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">13.1.4. <U>Instructions of Required Lenders</U>. The rights and remedies conferred upon the Administrative Agent under the Loan Documents may
be exercised without the necessity of joining any other party, unless required by Applicable Law. In determining compliance with a condition for any action hereunder, including satisfaction of any condition in <B>Section</B><B></B><B>&nbsp;6</B>,
the Administrative Agent may presume that the condition is satisfactory to a Secured Party unless the Administrative Agent has received notice to the contrary from such Secured Party before the Administrative Agent takes the action. The
Administrative Agent may request instructions from Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan Documents or Collateral, and may seek assurances to its satisfaction from
Secured Parties of their indemnification obligations against Claims that could be incurred by the Administrative Agent. The Administrative Agent may refrain from any act until it has received such instructions or assurances, and shall not incur
liability to any Person by reason of so refraining. Instructions of Required Lenders shall be binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting pursuant to instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent of specific parties shall be required to the extent provided in
<B>Section</B><B></B><B>&nbsp;15.1.1</B>. In no event shall the Administrative Agent be required to take any action that it determines in its discretion is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to
liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.2. <U>Agreements Regarding Collateral and Borrower Materials</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">13.2.1. <U>Lien Releases; Care of Collateral</U>. Secured Parties authorize Administrative Agent to release any Lien with respect to any
Collateral (a)&nbsp;upon Full Payment of the Obligations; (b)&nbsp;that is the subject of a disposition or Lien that Borrower Agent certifies in writing is an Asset Disposition permitted pursuant to <B>Section</B><B></B><B>&nbsp;10.2.8</B> or a
Permitted Lien entitled to priority over Administrative Agent&#146;s Liens (and Administrative Agent may rely conclusively on any such certificate without further inquiry); (c) that does not constitute a material part of the Collateral that Borrower
Agent certifies in writing as such (and the Administrative Agent may rely conclusively on such certificate without further inquiry); (d) upon a Subsidiary becoming an Unrestricted Subsidiary or a Future Intermediation Subsidiary in accordance with
the terms of the Loan Documents; or (e)&nbsp;subject to <B>Section</B><B></B><B>&nbsp;15.1</B>, with the consent of Required Lenders. Secured Parties authorize Administrative Agent to subordinate its Liens to any Purchase Money Lien or other Lien
entitled to priority hereunder. Administrative Agent has no obligation to assure that any Collateral exists or is owned by an Obligor, or is cared for, protected or insured, nor to assure that Administrative Agent&#146;s Liens have been properly
created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.2.2. <U>Possession of Collateral</U>. Administrative Agent and Secured Parties appoint each
Lender as agent (for the benefit of Secured Parties) for the purpose of perfecting Liens in any Collateral held or controlled by such Lender, to the extent such Liens are perfected by possession or control. If any Lender obtains possession or
control of any Collateral, it shall notify Administrative Agent thereof and, promptly upon Administrative Agent&#146;s request, deliver such Collateral to Administrative Agent or otherwise deal with it in accordance with Administrative Agent&#146;s
instructions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.2.3. <U>Reports</U>. Administrative Agent shall promptly provide to Lenders, when complete, any field examination, audit
or appraisal report prepared for Administrative Agent with respect to any Obligor or Collateral (&#147;<U>Report</U>&#148;). Reports and other Borrower Materials may be made available to Lenders by providing access to them on the Platform, but
Administrative Agent shall not be responsible for system failures or access issues that may occur from time to time. Each Lender agrees (a)&nbsp;that Reports are not intended to be comprehensive audits or examinations, and that Administrative Agent
or any other Person performing an audit or examination will inspect only limited information and will rely significantly upon Borrowers&#146; books, records and representations; (b)&nbsp;that Administrative Agent makes no representation or warranty
as to the accuracy or completeness of any Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including any Report; and (c)&nbsp;to keep all Borrower Materials confidential and strictly
for such Lender&#146;s internal use, not to distribute any Report or other Borrower Materials (or the contents thereof) to any Person (except to such Lender&#146;s Participants, attorneys and accountants), and to use all Borrower Materials solely
for administration of the Obligations. Each Lender shall indemnify and hold harmless Administrative Agent and any other Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Borrower
Materials, as well as from any Claims arising as a direct or indirect result of Administrative Agent furnishing same to such Lender, via the Platform or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.3. <U>Reliance </U><U>By</U><U> Administrative Agent</U></B><B>.</B> Administrative Agent shall be entitled to rely, and shall be fully
protected in relying, upon any certification, notice or other communication (including those by telephone, telex, telegram, telecopy, <FONT STYLE="white-space:nowrap">e-mail</FONT> or other electronic means) believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person. Administrative Agent shall have a reasonable and practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for
any delay in acting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.4. <U>Action </U><U>Upon</U><U> Default</U></B><B>.</B> Administrative Agent shall not be deemed to have
knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in <B>Section</B><B></B><B>&nbsp;6</B>, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof.
If any Lender acquires knowledge of a Default, Event of Default or failure of any such conditions, it shall promptly notify Administrative Agent and the other Lenders thereof in writing. Each Secured Party (other than the Administrative Agent)
agrees that, except as otherwise provided in any Loan Documents or with the written consent of Administrative Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations)
or assert any rights relating to any </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.5. <U>Ratable Sharing</U></B><B>.</B> If any Lender obtains any payment or reduction of any Obligation, whether through <FONT
STYLE="white-space:nowrap">set-off</FONT> or otherwise, in excess of its ratable share of such Obligation, such Lender shall forthwith purchase from Secured Parties participations in the affected Obligation as are necessary to share the excess
payment or reduction on a Pro Rata basis or in accordance with <B>Section</B><B></B><B>&nbsp;5.5.2</B>, as applicable. If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the
purchase price restored to the extent of such recovery, but without interest. Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the full amount thereof to
Administrative Agent for application under <B>Section</B><B></B><B>&nbsp;4.2.2</B> and it shall provide a written statement to Administrative Agent describing the Obligation affected by such payment or reduction. Notwithstanding anything to the
contrary set forth in any Loan Document, no Lender shall set off against a Dominion Account without Administrative Agent&#146;s prior consent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.6. <U>Indemnification</U>. EACH SECURED PARTY SHALL INDEMNIFY AND HOLD HARMLESS AGENT
INDEMNITEES AND ISSUING BANK INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE, WHETHER BROUGHT BY A THIRD PARTY OR BY A BORROWER OR ANY
OTHER OBLIGOR OR AFFILIATE THEREOF, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR THE ADMINISTRATIVE AGENT (IN THE CAPACITY OF ADMINISTRATIVE AGENT).</B> In Administrative Agent&#146;s Permitted
Discretion, it may reserve for any Claims made against an Agent Indemnitee or an Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to making any distribution of Collateral
proceeds to Secured Parties. If Administrative Agent is sued by any receiver, trustee or other Person for any alleged preference or fraudulent transfer, then any monies paid by Administrative Agent in settlement or satisfaction of such proceeding,
together with all interest, costs and expenses (including attorneys&#146; fees) incurred in the defense of same, shall be promptly reimbursed to Administrative Agent by each Secured Party to the extent of its Pro Rata share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.7. <U>Limitation on Responsibilities of Administrative Agent</U></B><B>.</B> Administrative Agent shall not be liable to any Secured
Party for any action taken or omitted to be taken under the Loan Documents, except for losses directly and solely caused by Administrative Agent&#146;s gross negligence or willful misconduct. Administrative Agent does not assume any responsibility
for any failure or delay in performance or any breach by any Obligor, Lender or other Secured Party of any obligations under the Loan Documents. Administrative Agent does not make any express or implied representation, warranty or guarantee to
Secured Parties with respect to any Obligations, Collateral, Liens, Loan Documents, Borrower Materials or Obligors. No Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations or warranties
contained in any Loan Documents or Borrower Materials; the execution, validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any
Collateral, or the validity, extent, perfection or priority of any Lien therein; the validity, enforceability or collectability of any Obligations; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or
legal status of any Obligor or Account Debtor. No Agent Indemnitee shall have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance by any Obligor of any terms of the Loan
Documents, or the satisfaction of any conditions precedent contained in any Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.8. <U>Successor Administrative Agent
and <FONT STYLE="white-space:nowrap">Co-Agents</FONT></U></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.8.1. <U>Resignation; Successor Administrative Agent</U>. Administrative
Agent may resign at any time by giving at least 30 days written notice thereof to Lenders and Borrowers. If Administrative Agent is a Defaulting Lender under clause (d)&nbsp;of the definition thereof, Required Lenders may, to the extent permitted by
Applicable Law, remove such Administrative Agent by written notice to Borrowers and Administrative Agent. Required Lenders may appoint a successor to replace the resigning or removed Administrative Agent, which successor shall be (a)&nbsp;a Lender
or an Affiliate of a Lender; or (b)&nbsp;a financial institution reasonably acceptable to Required Lenders and (provided no Default or Event of Default exists) Borrowers. If no successor agent is appointed prior to the effective date of
Administrative Agent&#146;s resignation or removal, then Administrative Agent may appoint a successor agent that is a financial institution acceptable to it (which shall be a Lender unless no Lender accepts the role) or in the absence of such
appointment, Required Lenders shall automatically on such date assume all rights and duties of Administrative Agent hereunder. Upon acceptance by any successor Administrative Agent of its appointment hereunder, such successor Administrative Agent
shall thereupon succeed to and become vested with all the powers and duties of the retiring Administrative Agent without further act. On the </P>
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effective date of its resignation or removal, the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder but shall continue to have all rights and
protections under the Loan Documents with respect to actions taken or omitted to be taken by it (i)&nbsp;while Administrative Agent and (ii)&nbsp;after such resignation or removal for as long as the retiring or removed Administrative Agent continues
to act in any capacity hereunder or under the other Loan Documents, including (A)&nbsp;acting as collateral agent or otherwise holding any collateral security on behalf of any of the Lenders and (B)&nbsp;in respect of any actions taken in connection
with transferring the agency to any successor Administrative Agent, including the indemnification set forth in <B>Sections 13.6</B> and <B>15.2</B>, and all rights and protections under this <B>Section</B><B></B><B>&nbsp;13</B>. Any successor to
Bank of America by merger or acquisition of stock or this loan shall continue to be Administrative Agent hereunder without further act on the part of any Secured Party or Obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.8.2. <U><FONT STYLE="white-space:nowrap">Co-Agent</FONT></U>. If appropriate under Applicable Law, Administrative Agent may appoint a Person
to serve as a <FONT STYLE="white-space:nowrap">co-collateral</FONT> agent or separate collateral agent under any Loan Document. Each right, remedy and protection intended to be available to Administrative Agent under the Loan Documents shall also be
vested in such agent. Secured Parties shall execute and deliver any instrument or agreement that Administrative Agent may request to effect such appointment. If any such agent shall die, dissolve, become incapable of acting, resign or be removed,
then all the rights and remedies of the agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Administrative Agent until appointment of a new agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.9. <U>Due Diligence and <FONT STYLE="white-space:nowrap">Non-Reliance</FONT></U></B><B>.</B> Each Secured Party acknowledges and agrees
that it has, independently and without reliance upon Administrative Agent or any other Secured Parties, and based upon such documents, information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own
decision to enter into this Agreement and to fund Loans and participate in LC Obligations hereunder. Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors. Each Secured Party
acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations. Each Secured
Party will, independently and without reliance upon any other Secured Party, and based upon such financial statements, documents and information as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making
Loans and participating in LC Obligations, and in taking or refraining from any action under any Loan Documents. Except for notices, reports and other information expressly requested by a Lender, Administrative Agent shall have no duty or
responsibility to provide any Secured Party with any notices, reports or certificates furnished to Administrative Agent by any Obligor or any credit or other information concerning the affairs, financial condition, business or Properties of any
Obligor (or any of its Affiliates) which may come into possession of Administrative Agent or its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.10. <U>Remittance of
Payments and Collections</U></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.10.1. <U>Remittances Generally</U>. All payments by any Secured Party to Administrative Agent shall
be made by the time and on the day set forth in this Agreement, in immediately available funds. If no time for payment is specified or if payment is due on demand by Administrative Agent and request for payment is made by Administrative Agent by
1:00 p.m. on a Business Day, payment shall be made by such Secured Party not later than 3:00 p.m. on such day, and if request is made after 1:00 p.m., then payment shall be made by 11:00 a.m. on the next Business Day. Payment by Administrative Agent
to any Secured Party shall be made by wire transfer, in the type of funds received by Administrative Agent. Any such payment shall be subject to Administrative Agent&#146;s right of offset for any amounts due from such payee under the Loan
Documents. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.10.2. <U>Failure to Pay</U>. If any Secured Party fails to pay any amount when due by it to
Administrative Agent pursuant to the terms hereof, such amount shall bear interest, from the due date until paid in full, at the greater of the Federal Funds Rate or the rate determined by Administrative Agent as customary for interbank compensation
for two Business Days and thereafter at the Default Rate for Base Rate Loans (the rate of which is based on clause (b)&nbsp;of the definition of &#147;Base Rate&#148;). In no event shall Obligors be entitled to credit for any interest paid by a
Secured Party to Administrative Agent, nor shall a Defaulting Lender be entitled to interest on amounts held by Administrative Agent pursuant to <B>Section</B><B></B><B>&nbsp;4.2</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">13.10.3. <U>Recovery of Payments</U>. If Administrative Agent pays an amount to a Secured Party in the expectation that a related payment will
be received by Administrative Agent from an Obligor and such related payment is not received, then Administrative Agent may recover such amount from the Secured Party. If Administrative Agent determines that an amount received by it must be returned
or paid to an Obligor or other Person pursuant to Applicable Law or otherwise, then Administrative Agent shall not be required to distribute such amount to any Secured Party. If any amounts received and applied by Administrative Agent to Obligations
held by a Secured Party are later required to be returned by Administrative Agent pursuant to Applicable Law, such Secured Party shall pay to Administrative Agent, on demand, its share of the amounts required to be returned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.11. <U>Individual Capacities</U></B><B>.</B> As a Lender, Bank of America shall have the same rights, obligations and remedies under the
Loan Documents as any other Lender, and the terms &#147;Lenders,&#148; &#147;Required Lenders&#148;, &#147;Secured Party&#148; or any similar term shall include Bank of America in its capacity as a Lender. Administrative Agent, Issuing Bank, Lenders
and their Affiliates may accept deposits from, lend money to, provide letters of credit or Bank Products to, act as financial or other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if they were not
Administrative Agent, Issuing Bank or Lenders hereunder, without any duty to account therefor to any Secured Party. In their individual capacities, Administrative Agent, Issuing Bank, Lenders and their Affiliates may receive information regarding
Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality obligations), and shall have no obligation to provide such information to any Secured Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.12. <U>Titles</U></B>. Each Lender, other than Bank of America, that is designated in connection with this credit facility as an
&#147;Arranger,&#148; &#147;Bookrunner&#148; or &#147;Administrative Agent&#148; of any kind shall have no right or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event have any fiduciary duty to any
Secured Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.13. <U>Bank Product Providers</U></B>. Each Secured Bank Product Provider, by delivery of a notice to Administrative
Agent of a Bank Product, agrees to be bound by the Loan Documents, including <B>Sections 5.5, 13</B>,<B> </B>and <B>15.3.3</B>. Each Secured Bank Product Provider shall indemnify and hold harmless Agent Indemnitees, to the extent not reimbursed by
Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in connection with such provider&#146;s Secured Bank Product Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.14. <U>Collateral Agent</U></B>. Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, all
determinations under this Agreement and the other Loan Documents related, directly or indirectly, to the Collateral, Borrowing Base eligibility standards or criteria, reserves or the implementation or adjustment of reserves, collateral information
rights, access rights, appraisal rights, audit rights, cash management and cash dominion rights and control agreement rights (including, for the avoidance of doubt, any such determinations which are assigned to the Administrative Agent pursuant to
this Agreement and other Loan Documents) shall,&nbsp;be made by the Administrative Agent.&nbsp;Any of the foregoing to the contrary notwithstanding, nothing contained in this Section&nbsp;13.14 shall be deemed to expand the rights of Administrative
Agent or any Lender with respect to Borrowing Base eligibility standards or advance rates applicable to the Borrowing Base or reserves. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.15. <U>No Third Party Beneficiaries</U></B>. This Section&nbsp;13 is an agreement solely
among Secured Parties and Administrative Agent, and shall survive Full Payment of the Obligations. Except as set forth in Section&nbsp;13.8 with respect to the Borrowers, this Section&nbsp;13 does not confer any rights or benefits upon Borrowers or
any other Person. As between Borrowers and Administrative Agent, any action that Administrative Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized and directed by Secured
Parties. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;14. BENEFIT OF AGREEMENT; ASSIGNMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.1. <U>Successors and Assigns</U></B><B>.</B> This Agreement shall be binding upon and inure to the benefit of Borrowers, Administrative
Agent, Issuing Bank, Lenders, Secured Parties, and their respective successors and assigns, except that (a)&nbsp;no Obligor shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b)&nbsp;any assignment
by a Lender must be made in compliance with <B>Section</B><B></B><B>&nbsp;14.3</B>. Administrative Agent may treat the Person which made any Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with
<B>Section</B><B></B><B>&nbsp;14.3</B>. Any authorization or consent of a Lender shall be conclusive and binding on any subsequent transferee or assignee of such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.2. <U>Participations</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.2.1. <U>Permitted Participants; Effect</U>. Subject to <B>Section</B><B></B><B>&nbsp;14.3.3</B>, any Lender may sell to a financial
institution (&#147;<U>Participant</U>&#148;) a participating interest in the rights and obligations of such Lender under any Loan Documents. Despite any sale by a Lender of participating interests to a Participant, such Lender&#146;s obligations
under the Loan Documents shall remain unchanged, it shall remain solely responsible to the other parties hereto for performance of such obligations, it shall remain the holder of its Loans and Commitments for all purposes, all amounts payable by
Borrowers shall be determined as if it had not sold such participating interests, and Borrowers and Administrative Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents. Each Lender shall be solely
responsible for notifying its Participants of any matters under the Loan Documents, and Administrative Agent and the other Lenders shall not have any obligation or liability to any such Participant. A Participant shall not be entitled to receive any
greater payment under <B>Sections 3.7</B> and <B>5.8</B>, 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 such Participant acquired the applicable participation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.2.2. <U>Voting Rights</U>. Each Lender shall retain
the sole right to approve, without the consent of any Participant, any amendment, waiver or other modification of a Loan Document other than that which forgives principal, interest or fees, reduces the stated interest rate or fees payable with
respect to any Loan or Commitment in which such Participant has an interest, postpones the Commitment Termination Date or any date fixed for any regularly scheduled payment of principal, interest or fees on such Loan or Commitment, or releases any
Borrower, Guarantor or substantially all Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.2.3. <U>Participant Register</U>. Each Lender that sells a participation shall,
acting as a <FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent of Borrowers (solely for tax purposes), maintain a register in which it enters the Participant&#146;s name, address and interest in Commitments, Loans (including principal and
stated interest) and LC Obligations. Entries in the register shall be conclusive, absent manifest error, and such Lender shall treat each Person recorded in the register as the owner of the participation for all purposes, notwithstanding any notice
to the contrary. No Lender shall have an obligation to disclose any information in such register except to the extent necessary to establish that a Participant&#146;s interest is in registered form under the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-114- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.2.4. <U>Benefit of <FONT STYLE="white-space:nowrap">Set-off</FONT></U>. Borrowers agree that
each Participant shall have a right of <FONT STYLE="white-space:nowrap">set-off</FONT> in respect of its participating interest to the same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of <FONT
STYLE="white-space:nowrap">set-off</FONT> with respect to any participating interests sold by it. By exercising any right of <FONT STYLE="white-space:nowrap">set-off,</FONT> a Participant agrees to share with Lenders all amounts received through its
<FONT STYLE="white-space:nowrap">set-off,</FONT> in accordance with <B>Section</B><B></B><B>&nbsp;13.5</B> as if such Participant were a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.3. <U>Assignments</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.3.1. <U>Permitted Assignments</U>. A Lender may assign to an Eligible Assignee any of its rights and obligations under the Loan Documents,
as long as (a)&nbsp;each assignment is of a constant, and not a varying, percentage of the transferor Lender&#146;s rights and obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum principal amount of
$5,000,000 (unless otherwise agreed by Administrative Agent in its discretion) and integral multiples of $1,000,000 in excess of that amount; (b)&nbsp;except in the case of an assignment in whole of a Lender&#146;s rights and obligations, the
aggregate amount of the Commitments retained by the transferor Lender is at least $10,000,000 (unless otherwise agreed by Administrative Agent in its discretion); and (c)&nbsp;the parties to each such assignment shall execute and deliver an
Assignment to Administrative Agent for acceptance and recording. Nothing herein shall limit the right of a Lender to pledge or assign any rights under the Loan Documents to secure obligations of such Lender, including a pledge or assignment to a
Federal Reserve Bank; <U>provided</U>, <U>however</U>, that no such pledge or assignment shall release the Lender from its obligations hereunder nor substitute the pledge or assignee for such Lender as a party hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.3.2. <U>Effect; Effective Date</U>. Upon delivery to Administrative Agent of a fully executed Assignment and a processing fee of $3,500
(unless otherwise agreed or waived by Administrative Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this <B>Section</B><B></B><B>&nbsp;14.3</B>. From such effective date, the Eligible
Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all rights and obligations of a Lender thereunder. Upon consummation of an assignment, the transferor Lender, Administrative Agent and Borrowers shall make
appropriate arrangements for issuance of replacement and/or new notes, if applicable. The transferee Lender shall comply with <B>Section</B><B></B><B>&nbsp;5.9</B> and deliver, upon request, an administrative questionnaire satisfactory to
Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.3.3. <U>Certain Assignees</U>. No assignment or participation may be made to a Borrower, Affiliate of a Borrower,
Defaulting Lender or natural person. Administrative Agent shall have no obligation to determine whether any assignment is permitted under the Loan Documents. Assignment by a Defaulting Lender shall be effective only if there is concurrent
satisfaction of all outstanding obligations of the Defaulting Lender under the Loan Documents in a manner satisfactory to Administrative Agent, including payment by the Eligible Assignee or Defaulting Lender to Administrative Agent of an aggregate
amount sufficient upon distribution (through direct payment, purchases of participations or other methods acceptable to Administrative Agent) to satisfy all funding and payment liabilities of the Defaulting Lender. If assignment by a Defaulting
Lender occurs (by operation of law or otherwise) without compliance with the foregoing sentence, the assignee shall be deemed a Defaulting Lender for all purposes until compliance occurs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">14.3.4. <U>Register</U>. Administrative Agent, acting as a <FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent of Borrowers (solely for
tax purposes), shall maintain (a)&nbsp;a copy (or electronic equivalent) of each Assignment delivered to it, and (b)&nbsp;a register for recordation of the names, addresses and Commitments of, and the Loans, principal, interest and LC Obligations
owing to, each Lender. Entries in the register shall be conclusive, absent manifest error, and Borrowers, Administrative Agent and Lenders shall treat each Person recorded in such register as a Lender for all purposes under the Loan Documents,
notwithstanding any notice to the contrary. Administrative Agent may choose to show only one Borrower as the borrower in the register, without any effect on the liability of any Obligor with respect to the Obligations. The register shall be
available for inspection by Borrowers or any Lender, from time to time upon reasonable notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.4. <U>Replacement of Certain Lenders</U></B><B>.</B> If a Lender (a)&nbsp;within the last
120 days was a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, (b)&nbsp;is a Defaulting Lender, or (c)&nbsp;within the last 120 days gave a notice under <B>Section</B><B></B><B>&nbsp;3.5</B> or requested payment or compensation under
<B>Section</B><B></B><B>&nbsp;3.7</B> or <B>5.8</B> (and has not designated a different Lending Office pursuant to <B>Section</B><B></B><B>&nbsp;3.8</B>), then Administrative Agent or Borrower Agent may, upon 10 days&#146; notice to such Lender,
require it to assign its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant to appropriate Assignment(s), within 20 days after such notice; <U>provided</U>, that in the case of any assignment pursuant to clause
(c)&nbsp;above, such assignment will result in a reduction in such compensation or payments thereafter. Administrative Agent is irrevocably appointed as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT>
to execute any such Assignment if the Lender fails to execute it. Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts owed to it under the Loan Documents through the date of assignment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION&nbsp;15. MISCELLANEOUS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.1.
<U>Consents, Amendments and Waivers</U></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.1.1. <U>Amendment</U>. No modification of any Loan Document, including any extension or
amendment of a Loan Document or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of Administrative Agent (with the consent of Required Lenders) and each Obligor party to such Loan Document;
<U>provided</U>, <U>however</U>, that </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) without the prior written consent of Administrative Agent, no modification shall alter any
provision in a Loan Document that relates to any rights, duties or discretion of Administrative Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) without the prior written
consent of each applicable Issuing Bank, no modification shall alter <B>Section</B><B></B><B>&nbsp;2.2</B> or any other provision in a Loan Document that relates to Letters of Credit or any rights, duties or discretion of such Issuing Bank; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) without the prior written consent of each affected Lender, including a Defaulting Lender, no modification shall (i)&nbsp;increase the
Commitment of such Lender; (ii)&nbsp;reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such Lender (except as provided in <B>Section</B><B></B><B>&nbsp;4.2</B>); (iii) extend the Termination Date or the
Stated Termination Date; or (iv)&nbsp;amend this clause (c); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) without the prior written consent of all Lenders (except any Defaulting
Lender), no modification shall (i)&nbsp;waive the conditions precedent contained in <B>Section</B><B></B><B>&nbsp;6.1</B>; (ii) alter <B>Section</B><B></B><B>&nbsp;5.5.2, 7.1</B> (except to add Collateral), <B>13.5</B> or <B>15.1.1</B>; (iii) change
any provision of this <B>Section</B><B></B><B>&nbsp;15.1.1(d)</B> or the definition of &#147;Required Lenders&#148;, or any other provision hereof specifying the number or percentages of Lenders required to amend, waive or otherwise modify any
rights hereunder or any other Loan Document or make any determination or grant any consent hereunder; (iv)&nbsp;amend the definition of Borrowing Base (or any defined term used in such definition) if the effect of such amendment is to increase
borrowing availability; (v)&nbsp;increase the advance rates in the Borrowing Base or modify this Agreement in any way that would have the effect of increasing the advance rates in the Borrowing Base, in each case, beyond such advance rates in effect
on the Closing Date; (vi)&nbsp;release all or substantially all Collateral or all or substantially all of the value of the Guaranty; or (vii)&nbsp;except in connection with a merger, disposition or similar transaction expressly permitted hereby,
release any Obligor from liability for any Obligations; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) without the prior written consent of a Secured Bank Product Provider, no
modification shall affect its relative payment priority under <B>Section</B><B></B><B>&nbsp;5.5.2</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.1.2. <U>Limitations</U>. The agreement of Borrowers or any other Obligors shall not be
required for any modification of a Loan Document that deals solely with the rights and duties of Lenders, Administrative Agent and/or Issuing Bank as among themselves but the parties to such shall provide prompt written notice thereof to the
Borrowers. Only the consent of the parties to any agreement relating to fees or a Bank Product shall be required for modification of such agreement, and no Secured Bank Product Provider (in such capacity) shall have any right to consent to
modification of any Loan Document other than its Bank Product agreement. Any waiver or consent granted by Administrative Agent, any Issuing Bank or any Lenders hereunder shall be effective only if in writing and only for the matter specified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.1.3. <U>Payment for Consents</U>. No Borrower will, directly or indirectly, pay any remuneration or other thing of value, whether by way of
additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or value is concurrently paid, on the
same terms, on a Pro Rata basis to all Lenders providing their consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.2. <U>Indemnity</U></B><B>.</B> <B>EACH OF PHR, ANY FUTURE
INTERMEDIATION SUBSIDIARY AND EACH OBLIGOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS, DAMAGES, LOSSES, LIABILITIES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, THE REASONABLE AND DOCUMENTED FEES, DISBURSEMENTS AND OTHER
CHARGES OF COUNSEL) THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE WITH RESPECT TO THE EXECUTION, DELIVERY, ENFORCEMENT, PERFORMANCE OR ADMINISTRATION OF THE LOAN DOCUMENTS, INCLUDING CLAIMS ASSERTED BY PHR, ANY FUTURE INTERMEDIATION
SUBSIDIARY, ANY BORROWER OR ANY OTHER OBLIGOR OR OTHER PERSON AND, IN ALL CASES, WHETHER OR NOT CAUSED OR ARISING IN WHOLE OR IN PART, OUT OF THE COMPARATIVE OR SOLE NEGLIGENCE OF AN INDEMNITEE.</B> In no event shall any party to a Loan Document
have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim to the extent that it (a)&nbsp;is determined in a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment by a court of competent
jurisdiction to result directly from the bad faith, gross negligence or willful misconduct of such Indemnitee or (b)&nbsp;arises out of or is in connection with any claim, litigation, loss or proceeding not involving an act or omission of any
Obligor or any of its Affiliates and that is brought by an Indemnitee against another Indemnitee (other than against the Administrative Agent, any Issuing Bank or the Arranger in their capacities as such). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.3. <U>Notices</U><U> and Communications</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.3.1. <U>Notice Address</U>. Subject to <B>Section</B><B></B><B>&nbsp;4.1.4</B>, all notices and other communications by or to a party hereto
shall be in writing and shall be given to any Borrower, at Borrower Agent&#146;s address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof (or, in the case of a Person who becomes a
Lender after the Closing Date, at the address shown on its Assignment), or at such other address as a party may hereafter specify by notice in accordance with this <B>Section</B><B></B><B>&nbsp;15.3</B>. Each communication shall be effective only
(a)&nbsp;if given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b)&nbsp;if given by mail, three Business Days after deposit in the U.S. mail, with first-class postage <FONT
STYLE="white-space:nowrap">pre-paid,</FONT> addressed to the applicable address; or (c)&nbsp;if given by personal delivery, when duly delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing, no notice to
Administrative Agent pursuant to <B>Sections 2.1.4, 2.2, 3.1.2 </B>or<B> 4.1.1 </B>shall be effective until actually received by the individual to whose attention at Administrative Agent such notice is required to be sent. Any written communication
that is not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by the noticed party. Any notice received by Borrower Agent shall be deemed received by all Borrowers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.3.2. <U>Communications</U>. Electronic communications (including <FONT
STYLE="white-space:nowrap">e-mail,</FONT> messaging and websites) may be used only in a manner acceptable to Administrative Agent and, unless otherwise agreed by the Administrative Agent, only for routine communications, such as delivery of Borrower
Materials, administrative matters, distribution of Loan Documents and matters permitted under <B>Section</B><B></B><B>&nbsp;4.1.4</B>. Secured Parties make no assurance as to the privacy or security of electronic communications. <FONT
STYLE="white-space:nowrap">E-mail</FONT> and voice mail shall not be effective notices under the Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.3.3. <U>Platform</U>.
Borrower Materials shall be delivered pursuant to procedures approved by Administrative Agent, including electronic delivery (if possible) upon request by Administrative Agent to an electronic system maintained by Administrative Agent
(&#147;<U>Platform</U>&#148;). Borrowers shall notify Administrative Agent of each posting of Borrower Materials on the Platform and the materials shall be deemed received by Administrative Agent only upon its receipt of such notice. Borrower
Materials and other information relating to this credit facility may be made available to Secured Parties on the Platform. The Platform is provided &#147;as is&#148; and &#147;as available.&#148; Administrative Agent does not warrant the accuracy or
completeness of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions in the Borrower Materials or any issues involving the Platform. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, <FONT STYLE="white-space:nowrap">NON-INFRINGEMENT</FONT> OF THIRD PARTY RIGHTS, OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE
ADMINISTRATIVE AGENT WITH RESPECT TO BORROWER MATERIALS OR THE PLATFORM. No Agent Indemnitee shall have any liability to Borrowers, other Obligors, Secured Parties or any other Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) relating to use by any Person of the Platform, including any unintended recipient, nor for delivery of Borrower Materials and other information via the Platform, internet,
<FONT STYLE="white-space:nowrap">e-mail,</FONT> or any other electronic platform or messaging system. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.3.4. <U>Public Information</U>.
Obligors and Secured Parties acknowledge that &#147;public&#148; information may not be segregated from material <FONT STYLE="white-space:nowrap">non-public</FONT> information on the Platform. Secured Parties acknowledge that Borrower Materials may
include Obligors&#146; material <FONT STYLE="white-space:nowrap">non-public</FONT> information, and should not be made available to personnel who do not wish to receive such information or may be engaged in investment or other market-related
activities with respect to an Obligor&#146;s securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.3.5. <U><FONT STYLE="white-space:nowrap">Non-Conforming</FONT>
Communications</U>. Administrative Agent and Lenders may rely upon any communications purportedly given by or on behalf of any Borrower or other Obligor even if they were not made in a manner specified herein, were incomplete or were not confirmed,
or if the terms thereof, as understood by the recipient, varied from a later confirmation. Each Obligor shall indemnify and hold harmless each Indemnitee from any liabilities, losses, costs and expenses arising from any electronic or telephonic
communication purportedly given by or on behalf of any Obligor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.4. <U>Performance of Borrowers&#146; Obligations</U>.
</B>Administrative Agent may, in its discretion at any time and from time to time, at Borrowers&#146; expense, upon notice to Borrower Agent unless an Event of Default exists and is continuing, pay any amount or do any act required of PHR, any
Future Intermediation Subsidiary or any Obligor under any Loan Documents or otherwise lawfully requested by Administrative Agent to (a)&nbsp;enforce any Loan Documents or collect any Obligations; (b)&nbsp;protect, insure, maintain or realize upon
any Collateral; or (c)&nbsp;defend or maintain the validity or priority of Administrative Agent&#146;s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord
claim, or any discharge of a Lien. All reasonable and documented payments, costs and expenses (including Extraordinary Expenses) of Administrative Agent under this Section shall be reimbursed to Administrative Agent by Borrowers and other Obligors,
on demand, with interest from the date incurred until paid in full, at the Default Rate applicable to Base Rate Loans (the rate of which is based on clause (b)&nbsp;of the definition of &#147;Base Rate&#148;). Any payment made or action taken by
Administrative Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan Documents. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.5. <U>Credit Inquiries</U></B><B>.</B> Administrative Agent and Lenders may (but shall have
no obligation) to respond to usual and customary credit inquiries from third parties concerning Parent, any Obligor or Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.6. <U>Severability</U></B><B>.</B> Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be
valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.7. <U>Cumulative Effect; Conflict of Terms</U></B><B>.</B> The provisions of the Loan Documents are cumulative. The parties acknowledge
that the Loan Documents may use several limitations or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific
reference to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.8. <U>Counterparts; Execution</U></B><B>.</B> Any Loan Document may be executed in 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 provided in <B>Section</B><B></B><B>&nbsp;6.1</B>. Delivery of a signature page of any Loan Document by telecopy or other
electronic means shall be effective as delivery of a manually executed counterpart of such agreement. Any signature, contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as manual or
paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the
Uniform Electronic Transactions Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.9. <U>Entire Agreement</U></B><B>.</B> Time is of the essence with respect to all Loan
Documents and Obligations. The Loan Documents constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.10. <U>Relationship with Lenders</U></B><B>.</B> The obligations of each Lender hereunder are several, and no Lender shall be
responsible for the obligations or Commitments of any other Lender. Amounts payable hereunder to each Lender shall be a separate and independent debt. It shall not be necessary for Administrative Agent or any other Lender to be joined as an
additional party in any proceeding for such purposes. Nothing in this Agreement and no action of Administrative Agent, any Issuing Bank, Lenders any other Secured Party or any Affiliate thereof pursuant to the Loan Documents or otherwise shall be
deemed to constitute Administrative Agent and any Secured Party to be a partnership, joint venture or similar arrangement, nor to constitute control of Parent or any Obligor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.11. <U>No Advisory or Fiduciary Responsibility</U></B><B>.</B> In connection with all aspects of each transaction contemplated by any
Loan Document, Borrowers acknowledge and agree that (a)(i) this credit facility and any arranging or other services by Administrative Agent, any Lender, any Issuing Bank, any of their Affiliates or any arranger are
<FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between Parent, PHR, the Obligors and their Affiliates, on one hand, and Administrative Agent, any Issuing Bank, any Lender, any of their Affiliates or any arranger,
on the other hand; (ii)&nbsp;PHR and the Obligors have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii)&nbsp;PHR and the Obligors are capable of evaluating, and understand and
accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b)&nbsp;each of Administrative Agent, Lenders, any Issuing Bank, their Affiliates and any arranger is and has been acting solely as a principal and,
except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Obligors, their Affiliates or any other Person, and has no obligation with respect to the transactions
contemplated by the Loan Documents except as expressly set forth therein; and (c)&nbsp;Administrative Agent, any Issuing Bank, Lenders, their Affiliates and any arranger may be engaged in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-119- </P>


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a broad range of transactions that involve interests that differ from those of Obligors and their Affiliates, and have no obligation to disclose any of such interests to Obligors or their
Affiliates. To the fullest extent permitted by Applicable Law, each of PHR, each Future Intermediation Subsidiary and each Obligor hereby waives and releases any claims that it may have against Administrative Agent, any Issuing Bank, Lenders, their
Affiliates and any arranger with respect to any breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document. Each of PHR, each Future Intermediation Subsidiary and each Obligor hereby agrees that it will not
claim that Administrative Agent, any Issuing Bank, Lenders, their Affiliates or any arranger has rendered advisory services of any nature or owes any agency or fiduciary or similar duty to it in connection with any transaction contemplated by a Loan
Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.12. <U>Confidentiality</U></B>. Each of Administrative Agent, Lenders and Issuing Banks shall maintain the
confidentiality of all Information (as defined below), except that Information may be disclosed (a)&nbsp;to its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives (provided they are
informed of the confidential nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates;
(c)&nbsp;to the extent required by Applicable Law or by any subpoena or other legal process; (d)&nbsp;to any other party hereto; (e)&nbsp;in connection with any action or proceeding relating to any Loan Documents or Obligations; (f)&nbsp;subject to
an agreement containing provisions substantially the same as this Section, to any Transferee or any actual or prospective party (or its advisors) to any Bank Product or to any swap, derivative or other transaction under which payments are to be made
by reference to an Obligor or Obligor&#146;s obligations; (g)&nbsp;to the extent such Information (i)&nbsp;becomes publicly available other than as a result of a breach of this Section or (ii)&nbsp;is available to Administrative Agent, any Lender,
any Issuing Bank or any of their Affiliates on a nonconfidential basis from a source other than Borrowers; (h)&nbsp;on a confidential basis to a provider of a Platform; or (i)&nbsp;with the consent of Borrower Agent. Notwithstanding the foregoing,
Administrative Agent and Lenders may publish or disseminate general information concerning this credit facility for league table, tombstone and advertising purposes, and may use Borrowers&#146; logos, trademarks or product photographs in advertising
materials. As used herein, &#147;<U>Information</U>&#148; means information received from Parent, an Obligor or Subsidiary relating to it or its business that is identified as confidential when delivered. A Person required to maintain the
confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises a degree of care similar to that accorded its own confidential information. Each of Administrative Agent, Lenders and Issuing Bank acknowledges
that (i)&nbsp;Information may include material <FONT STYLE="white-space:nowrap">non-public</FONT> information; (ii)&nbsp;it has developed compliance procedures regarding the use of such information; and (iii)&nbsp;it will handle the material <FONT
STYLE="white-space:nowrap">non-public</FONT> information in accordance with Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.13. <U>GOVERNING LAW</U></B>. <B>UNLESS
EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL
BANKS.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.14. <U>Consent to Forum</U><U>; <FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</U>.</B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.14.1. <U>Forum</U>. <B>EACH OF PHR, EACH FUTURE INTERMEDIATION </B><B>SUBSIDIARY AND EACH OBLIGOR HEREBY CONSENTS TO THE EXCLUSIVE
JURISDICTION OF ANY STATE COURT SITTING IN NEW YORK COUNTY OR THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT
ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH OF PHR, EACH FUTURE INTERMEDIATION SUBSIDIARY AND</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-120- </P>


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<B>EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH COURT&#146;S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR
INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 15.3.1.</B> A final judgment in any proceeding of any
such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or any other manner provided by Applicable Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.14.2. <U>Other Jurisdictions</U>. Nothing herein shall limit the right of Administrative Agent, any Issuing Bank, any Lender or any
Affiliate thereof to bring proceedings against PHR, any Future Intermediation Subsidiary or any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement
shall be deemed to preclude enforcement by Administrative Agent of any judgment or order obtained in any forum or jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">15.14.3.
<U>Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</U>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the
parties, each party hereto (including each Secured Party) acknowledges that any liability arising under a Loan Document of any Secured Party that is an EEA Financial Institution, to the extent such liability is unsecured, may be subject to the
write-down and conversion powers of an EEA Resolution Authority, and agrees and consents to, and acknowledges and agrees to be bound by, (a)&nbsp;the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising under any Loan Documents which may be payable to it by any Secured Party that is an EEA Financial Institution; and (b)&nbsp;the effects of any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action on any such liability,
including (i)&nbsp;a reduction in full or in part or cancellation of any such liability; (ii)&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent
undertaking, 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 any Loan
Document; or (iii)&nbsp;the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.15. <U>Waivers by </U><U>Obligors</U></B>.<B> To the fullest extent permitted by Applicable Law, each of PHR, each Future Intermediation
Subsidiary and each Obligor waives (a)</B><B></B><B>&nbsp;the right to trial by jury (which Administrative Agent, each Issuing Bank and each Lender hereby also waives) in any proceeding or dispute of any kind relating in any way to any Loan
Documents, Obligations or Collateral; (b)</B><B></B><B>&nbsp;presentment, demand, protest, notice of presentment, default, <FONT STYLE="white-space:nowrap">non-payment,</FONT> maturity, release, compromise, settlement, extension or renewal of any
commercial paper, accounts, documents, instruments, chattel paper and guaranties at any time held by Administrative Agent, any Issuing Bank or any Lender on which PHR, a Future Intermediation Subsidiary or an Obligor may in any way be liable, and
hereby ratifies anything Administrative Agent, any Issuing Bank or any Lender may do in this regard; (c)</B><B></B><B>&nbsp;notice prior to taking possession or control of any Collateral; (d)</B><B></B><B>&nbsp;any bond or security that might be
required by a court prior to allowing Administrative Agent, any </B><B>Issuing Bank or any Lender to exercise any rights or remedies; (e)&nbsp;the benefit of all valuation, appraisement and exemption laws; (f)&nbsp;any claim against any party hereto
on any theory of liability, for special, indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto
(which Administrative Agent, each Issuing Bank and each Lender hereby also waives); and (g)&nbsp;notice of acceptance hereof. Each of PHR, each Future Intermediation Subsidiary and each Obligor acknowledges that the foregoing waivers are a material
inducement to Administrative Agent, Issuing Bank and Lenders entering into this Agreement and that they are relying upon the foregoing in their dealings with Obligors. Each of PHR, each Future Intermediation Subsidiary and each Obligor has reviewed
the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial
by the court.</B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.16. <U>Patriot Act Notice</U></B>. Administrative Agent, Issuing Banks and Lenders hereby
notify PHR, each Future Intermediation Subsidiary and the Obligors that pursuant to the Patriot Act, Administrative Agent, Issuing Banks and Lenders are required to obtain, verify and record information that identifies PHR, each Future
Intermediation Subsidiary and each Obligor, including its legal name, address, tax ID number and other information that will allow Administrative Agent, Issuing Banks and Lenders to identify it in accordance with the Patriot Act. Administrative
Agent, Issuing Banks and Lenders will also require information regarding each personal guarantor, if any, and may require information regarding PHR, Future Intermediation Subsidiaries and Obligors&#146; management and owners, such as legal name,
address, social security number and date of birth. PHR, each Future Intermediation Subsidiary and the Obligors shall, promptly upon request, provide all documentation and other information as Administrative Agent, any Issuing Bank or any Lender may
request from time to time in order to comply with any obligations under any &#147;know your customer,&#148; anti-money laundering or other requirements of Applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>15.17. <U>NO ORAL AGREEMENT</U></B><B>.</B><B> THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of page intentionally left blank; signatures begin on following page] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> this Agreement has been executed and delivered as of the date set
forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BORROWERS</B>:</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR PETROLEUM, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MID PAC PETROLEUM, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp; Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HERMES CONSOLIDATED, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WYOMING PIPELINE COMPANY LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HIE RETAIL, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR HAWAII, INC.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">for all Borrowers:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">800 Gessner Road, Suite 875</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Houston, Texas 77025</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Attn: Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Telecopy: (832) <FONT STYLE="white-space:nowrap">518-5203</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Loan and Security Agreement] </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>GUARANTORS</U></B>:</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR HAWAII REFINING, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp; Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR HAWAII SHARED SERVICES, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp; Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR WYOMING HOLDINGS, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR WYOMING, LLC</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial Officer</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAR PETROLEUM FINANCE CORP.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:
William Monteleone</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Chief Financial officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all Guarantors:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">800 Gessner Road, Suite 875</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Houston, Texas 77025</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Attn: Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Telecopy: (832) <FONT STYLE="white-space:nowrap">518-5203</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Loan and Security Agreement] </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><B>AGENT AND LENDERS</B></U>:</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BANK OF AMERICA, N.A.</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Administrative Agent, Issuing
Bank and Lender</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Catherine T. Ngo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Catherine T. Ngo</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Senior Vice
President</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">901 Main Street, 11<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75202</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Attn: Mark Porter</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Telecopy: (214) <FONT STYLE="white-space:nowrap">209-4766</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Loan and Security Agreement] </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>KeyBank National Association</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as a
Lender</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nadine M. Eames </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Nadine M. Eames</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Vice President</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">127 Public Square, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">OH-01-27-0533</FONT></FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Cleveland, OH 44114-1306</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Attn: Nadine Eames, KBBC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">Telecopy: <FONT STYLE="white-space:nowrap">(216)689-8470</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Loan and Security Agreement] </P>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>d466275dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>EXECUTION VERSION </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>dated as of December&nbsp;21, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.
ARON&nbsp;&amp; COMPANY LLC </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR HAWAII REFINING, LLC </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Page </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">DEFINITIONS AND CONSTRUCTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CONDITIONS TO COMMENCEMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TERM OF AGREEMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">COMMENCEMENT DATE TRANSFER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PURCHASE AND SALE OF CRUDE OIL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PURCHASE PRICE FOR CRUDE OIL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TARGET INVENTORY LEVELS AND DIFFERENTIAL ADJUSTMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PURCHASE AND DELIVERY OF PRODUCTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ANCILLARY COSTS; MONTH END INVENTORY; CERTAIN DISPOSITIONS; TANK MAINTENANCE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PAYMENT PROVISIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">DEFERRED PAYMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">INDEPENDENT INSPECTORS; STANDARDS OF MEASUREMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FINANCIAL INFORMATION; CREDIT SUPPORT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">REFINERY TURNAROUND, MAINTENANCE AND CLOSURE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TAXES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">INSURANCE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FORCE MAJEURE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">REPRESENTATIONS, WARRANTIES AND COVENANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">DEFAULT AND TERMINATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SETTLEMENT AT TERMINATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">INDEMNIFICATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 22</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">LIMITATION ON DAMAGES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">AUDIT AND INSPECTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 24</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CONFIDENTIALITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 25</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">GOVERNING LAW</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ASSIGNMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 27</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NOTICES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 28</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NO WAIVER, CUMULATIVE REMEDIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(continued) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Page </B></P>
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<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 29</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 30</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MISCELLANEOUS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE 31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FORWARD JET FUEL TRANSACTION WITH PROVISIONAL PAYMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedules </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:38.35pt; font-size:10pt; font-family:Times New Roman"><B>Schedule</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:49.50pt; font-size:10pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Products and Product Specifications</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Current Month Pricing Benchmarks<B> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amounts</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Operational Volume Range</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Included Tanks</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Determination and Application of Net Deferred Amount</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Daily Settlement Schedule</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Inventory Reports</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initial Inventory Targets</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule J</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Scheduling and Communications Protocol</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule K</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Differential Adjustment Determination Procedures</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule L</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Financing Agreements</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule M</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notices</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule N</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FIFO Balance Final Settlements</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule O</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of <FONT STYLE="white-space:nowrap">Run-out</FONT> Report</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule P</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pricing Group</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule Q</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Trade Sheet</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule R</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule S</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Refinery Production Volume Report</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule T</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initial Acceptable Account Debtors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule U</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Included Locations</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule V</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eligible Hydrocarbon Inventory Locations and Tanks</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule W</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SPM Master Buy/Sell Confirmations</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iii- </P>


<p Style='page-break-before:always'>
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<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule X</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Included Materials</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule Y</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Roll Procedures</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule Z</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transition Adjustment Amount</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;AA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Annex</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;BB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Monthly Jet Fuel Volumes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;CC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Authorized Company Representatives</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;DD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Authorized Third Party Payees</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-iv- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended and Restated Supply and Offtake Agreement (this &#147;<U>Agreement</U>&#148;) is made as of December&nbsp;21, 2017 (the
&#147;<U>Restatement Effective Date</U>&#148;), between J. Aron&nbsp;&amp; Company LLC f/k/a J. Aron&nbsp;&amp; Company (&#147;<U>Aron</U>&#148;), a New York limited liability company, located at 200 West Street, New York, New York 10282-2198, and
Par Hawaii Refining, LLC f/k/a Hawaii Independent Energy, LLC (the &#147;<U>Company</U>&#148;), a Hawaii limited liability company, located at 800 Gessner Road, Suite 875, Houston, Texas 77024 (each referred to individually as a
&#147;<U>Party</U>&#148; or collectively as the &#147;<U>Parties</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company owns and operates a crude oil
refinery and related assets located in Kapolei, Hawaii (the &#147;<U>Refinery</U>&#148;) for the processing and refining of Crude Oil (as defined below) and other feedstocks and the recovery therefrom of refined products; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company and Aron entered into a Supply and Offtake Agreement, dated as of June&nbsp;1, 2015, providing for a supply and
offtake transaction under which Aron agreed to supply Crude Oil to the Company to be processed at the Refinery and purchase all Products (as defined below) from the Company produced at the Refinery (such agreement, as from time to time amended prior
to the date hereof, the &#147;<U>Original Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, as contemplated, on the Commencement Date (as defined
below), Aron purchased from the Company or Existing Supplier/Offtaker (as defined below) all Crude Oil and Products then being held by either entity at the Included Locations (as defined below); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties have agreed that, for the Term of this Agreement, the Company will provide professional consulting, liaison, and
other related services to assist Aron in the marketing and sale of the refined products acquired by Aron hereunder in accordance with the terms and conditions of the Marketing and Sales Agreement (as defined below); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company and Aron wish to amend and restate in its entirety the Original Agreement as hereinafter provided; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, it is contemplated that upon the termination of this Agreement, Aron will sell and the Company will purchase all of
Aron&#146;s Crude Oil and Products inventory held at the Included Locations in accordance with the term and conditions of the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement (as defined below) and Aron will transfer to the
Company, through novations or reassignments, various contractual rights pursuant to the termination provisions provided herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW,
THEREFORE</B>, in consideration of the premises and respective promises, conditions, terms and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties do agree as
follows: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFINITIONS AND CONSTRUCTION </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Definitions</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
purposes of this Agreement, including the foregoing recitals, the following terms shall have the meanings indicated below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABL
Agent</U>&#148; means Bank of America, N.A. in its capacity as administrative agent and collateral agent for the lenders under the ABL Facility, and any successors and assigns in such capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ABL Facility</U>&#148; means the Loan and Security Agreement dated as of the date hereof, among Par LLC and certain of its
subsidiaries as <FONT STYLE="white-space:nowrap">co-borrowers,</FONT> and certain subsidiaries of Par LLC as guarantors, the ABL Agent, and the banks and other financial institutions party thereto, as amended, restated, supplemented or otherwise
modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acceptable Account Debtors</U>&#148; means such account debtors as Aron, in its reasonable judgment,
from time to time determines are acceptable as account debtors for purposes of determining whether an Account will qualify as an Eligible Receivable for purposes hereof; provided that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) each of the Initial Acceptable Account Debtors shall constitute an Acceptable Account Debtor for purposes hereof, subject
to clause (c)&nbsp;below; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) from time to time the Company may propose to Aron that a new entity constitute an Acceptable
Account Debtor for purposes hereof, in which case Aron shall make an examination and evaluation of such entity and determine whether to accept such entity as Acceptable Account Debtor; provided further that (i)&nbsp;in connection with such proposal,
the Company shall obtain and provide to Aron such information as Aron shall reasonably request in connection with its determination as to whether such entity shall be accepted as an Acceptable Account Debtor; (ii)&nbsp;based on such information and
such factors and considerations as Aron deems relevant, but in any event consistent with the standards and practices that Aron and its Affiliates generally and consistently apply in evaluating the eligibility of receivables in the context of secured
financing transactions, which may include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits) and reputational considerations relating to such entity, Aron will promptly endeavor to
make such determination and apprise the Company thereof, (iii)&nbsp;such entity shall only be accepted as and constitute an Acceptable Account Debtors if Aron, in its reasonable judgment makes an affirmative decision that such entity be so accepted,
and (iv)&nbsp;once added to the list of Acceptable Account Debtors, such entity shall be subject to clause (c)&nbsp;below; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) An entity that at any time constitutes an Acceptable Account Debtor may, upon ten (10)&nbsp;Business Days&#146; prior
written notice by Aron to the Company, be removed from such status and cease to be an Acceptable Account Debtor for purposes hereof; provided that Aron bases such determination on such information and such factors and considerations as Aron deems
relevant in its commercially reasonable judgment, but in any event consistent with the standards and practices that Aron and its Affiliates generally and consistently apply in evaluating the eligibility of receivables in the context of secured
financing transactions, which may include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits) and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
reputational considerations relating to such entity; and provided further that if the Company objects to such change in status and so notifies Aron in writing of its objection prior to the
expiration of such ten (10)&nbsp;Business Day period, then such change in status shall not take effect until three (3)&nbsp;Business Days after the end of such ten (10)&nbsp;Business Day period, during which the Parties shall confer and the Company
may provide any additional information regarding Aron&#146;s determination; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing paragraphs (b)&nbsp;and (c),
for any account debtor that posts (i)&nbsp;a customary trade letter of credit from a US bank, the US branch of a foreign branch or an Acceptable Foreign Bank that has an Investment Grade Rating, or (ii)&nbsp;cash collateral, to support its payment
obligations with respect to any account, any credit-based considerations (but excluding other considerations which are not credit-based) made by Aron in making its determination as to whether such account debtor shall be accepted as or remain as an
Acceptable Account Debtor shall be deemed to have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acceptable Foreign Bank</U>&#148; means any foreign bank or <FONT
STYLE="white-space:nowrap">non-US</FONT> branch of a foreign bank that is acceptable to Aron in accordance with its internal policies and procedures in effect from time to time, consistently applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounts</U>&#148; means all present and future accounts, as defined in the UCC, of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acknowledgment Agreement</U>&#148; means the Acknowledgment Agreement dated as of the date hereof among Aron, the Company, the Notes
Collateral Trustee, and the ABL Agent, as amended, restated, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Actual
Forward Delivered Volumes</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.4(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Product
Transaction</U>&#148; has the meaning specified in the Marketing and Sales Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Obligations</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;17.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Party</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;17.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, in relation to any Person, any entity controlled, directly or
indirectly, by such Person, any entity that controls, directly or indirectly, such Person, or any entity directly or indirectly under common control with such Person. For this purpose, &#147;control&#148; of any entity or Person means ownership of a
majority of the issued shares or voting power or control in fact of the entity or Person; provided, however, a Permitted Holder shall not be deemed to be an Affiliate of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agency Agreement</U>&#148; means that certain Agency Agreement by and between the Company and Aron, dated as of even date herewith.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Monthly Product Sales Fee</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.6</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Monthly Purchased Products Fee</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.8</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Purchase Proceeds</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.5(b)(iv)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Sale Receipts</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.5(a)(iv)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ancillary Contract</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;20.1(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ancillary Costs</U>&#148; means, to the extent reasonably demonstrated by Aron by
trade ticket, invoice or other supporting documentation, all freight, pipeline, transportation, storage, tariffs and other costs and expenses incurred as a result of the purchase, movement and storage of Crude Oil or Products undertaken in
connection with or required for purposes of this Agreement (whether or not arising under Aron Procurement Contracts and regardless of the point at which or terms upon which delivery is made under any such Aron Procurement Contract), including,
ocean-going freight and other costs associated with waterborne movements, inspection costs and fees, wharfage, port and dock fees, vessel demurrage, lightering costs, ship&#146;s agent fees, import charges, waterborne insurance premiums, fees and
expenses, broker&#146;s and agent&#146;s fees, load or discharge port charges and fees, pipeline transportation costs, pipeline transfer and pumpover fees, pipeline throughput and scheduling charges (including any fees and charges resulting from
changes in nominations undertaken to satisfy delivery requirements under this Agreement), pipeline and other common carrier tariffs, blending, tankage, linefill and throughput charges, pipeline demurrage, superfund and other comparable fees,
processing fees (including fees for water or sediment removal or feedstock decontamination), merchandise processing costs and fees, any charges imposed by any Governmental Authority (including transfer taxes (but not taxes on the net income of Aron)
and customs and other duties), user fees, fees and costs for any credit support provided to any third party with respect to any transactions contemplated by this Agreement and any pipeline compensation or reimbursement payments that are not timely
paid by the pipeline to Aron. Notwithstanding the foregoing, the following shall not be considered Ancillary Costs: (i)&nbsp;Aron&#146;s hedging costs in connection with this Agreement or the transactions contemplated hereby (but such exclusion
shall not change or be deemed to change the manner in which Related Hedges are addressed under <U>Articles 19 and 20</U> below), (ii) any costs for which Aron has otherwise been compensated under this Agreement and the Transaction Documents by the
inclusion of the full amount thereof in any other payment made hereunder, including pursuant to any <FONT STYLE="white-space:nowrap">true-up,</FONT> adjustment, or netting mechanism provided for thereunder, or (iii)&nbsp;any costs which Aron has
agreed, in accordance with the express terms hereof, shall be solely for Aron&#146;s own account.<B><I> </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable
Law</U>&#148; means (i)&nbsp;any law, statute, regulation, code, ordinance, license, decision, order, writ, injunction, decision, directive, judgment, policy, decree and any judicial or administrative interpretations thereof, (ii)&nbsp;any
agreement, concession or arrangement with any Governmental Authority and (iii)&nbsp;any license, permit or compliance requirement, including Environmental Law, in each case as may be applicable to either Party or the subject matter of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aron Crude Purchases</U>&#148; means, for any month, any volumes delivered under Aron Procurement Contracts during
such month. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aron Procurement Contract</U>&#148; means a procurement contract entered into by Aron
for the purchase or sale of Crude Oil to be processed or sold at the Refinery, which may be (i)&nbsp;a contract with any Third Party Supplier or third party purchaser of Crude Oil (other than the Company or an Affiliate of the Company) or a contract
with the Company (or an Affiliate of the Company) or such other contract to the extent the Parties deem such contract to be an Aron Procurement Contract for purposes hereof or (ii)&nbsp;a contract with the Company entered into pursuant to
<U>Section</U><U></U><U>&nbsp;5.3(g)(i)</U> which shall provide for the purchase by Aron from the Company of Crude Oil delivered to Aron at the Crude Intake Point. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aron&#146;s Policies and Procedures</U>&#148; shall have the meaning specified in <U>Section</U><U></U><U>&nbsp;14.4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Arrangement Fee</U>&#148; has the meaning assigned to such term in the Fee Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment of Claims Act</U>&#148; means the Assignment of Claims Act of 1940, as it may be amended from time to time, together with
all regulations promulgated from time to time in respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Associated Person</U>&#148; has the meaning assigned to such
term in <U>Section</U><U></U><U>&nbsp;18.4(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Holiday</U>&#148; means any day (other than a Saturday or Sunday) on
which banks are authorized or required to close in the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankrupt</U>&#148; means a Person that (i)&nbsp;is
dissolved, other than pursuant to a consolidation, amalgamation or merger, (ii)&nbsp;becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due, (iii)&nbsp;makes a
general assignment, arrangement or composition with or for the benefit of its creditors, (iv)&nbsp;institutes a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors&#146; rights, or a petition is presented for its <FONT STYLE="white-space:nowrap">winding-up</FONT> or liquidation, (v)&nbsp;has a resolution passed for its <FONT STYLE="white-space:nowrap">winding-up,</FONT> official management
or liquidation, other than pursuant to a consolidation, amalgamation or merger, (vi)&nbsp;seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
for all or substantially all of its assets, (vii)&nbsp;has a secured party take possession of all or substantially all of its assets, or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or
against all or substantially all of its assets, (viii)&nbsp;files an answer or other pleading admitting or failing to contest the allegations of a petition filed against it in any proceeding of the foregoing nature, (ix)&nbsp;causes or is subject to
any event with respect to which, under Applicable Law, has an analogous effect to any of the foregoing events, (x)&nbsp;has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy under any bankruptcy or insolvency law or
other similar law affecting creditors&#146; rights and such proceeding is not dismissed within fifteen (15)&nbsp;days or (xi)&nbsp;takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing events. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; means chapter 11 of Title 11, U.S. Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Barrel</U>&#148; means <FONT STYLE="white-space:nowrap">forty-two</FONT> (42)&nbsp;net U.S. gallons, measured at 60&deg; F. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Agreements</U>&#148; means any agreements hereafter entered into between the Company and a third party pursuant to which the
Company acquires any rights to use Included Product Pipelines or the Included Product Tanks.<B><I> </I></B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Best Available Inventory Data</U>&#148; means daily inventory reports produced by the
Company or third parties in respect of the Crude Storage Tanks, Included Product Tanks and Included Product Pipelines, in the form specified in <U>Schedule H</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Billing Due Report</U>&#148; has the meaning as specified in <U>Section</U><U></U><U>&nbsp;11.7(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>BPH Pipelines</U>&#148; has the meaning specified on <U>Schedule U</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>BS&amp;W</U>&#148; means basic sediment and water. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day that is not a Saturday, Sunday, or Bank Holiday. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means an event or series of events by which: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Par LLC at any time ceases to own 100% of the Equity Interests of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Par Pacific Holdings, Inc. (&#147;<U>Par Pacific</U>&#148;) at any time ceases to own 100% of the Equity Interests of Par
LLC; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, but excluding the Permitted Holders or any employee benefit plan of such person or its subsidiaries, any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes
the &#147;beneficial owner&#148; (as defined in Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
&#147;beneficial ownership&#148; of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an &#147;<U>option right</U>&#148;)), directly or
indirectly, of 30% or more of the Equity Interests of Par Pacific entitled to vote for members of the board of directors or equivalent governing body of Par Pacific on a fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Par Pacific consolidates with, or merges with
or into, any Person, or any Person consolidates with, or merges with or into Par Pacific, in any such event pursuant to a transaction in which any of the outstanding voting stock of Par Pacific or such other Person is converted into or exchanged for
cash, securities or other property, other than any such transaction where (A)&nbsp;the voting stock of Par Pacific outstanding immediately prior to such transaction is converted into or exchanged for voting stock of the surviving or transferee
Person constituting a majority of the outstanding shares of such voting stock of such surviving or transferee Person (immediately after giving effect to such issuance) or (B)&nbsp;immediately after such transaction, no &#147;person&#148; or
&#147;group&#148; (as such terms are used in Section&nbsp;13(d) and 14(d) of the Exchange Act) (other than a holding company created to hold Par Pacific or any other direct or indirect parent of the Company; <I>provided</I> that holders of the
voting stock of Par Pacific prior to such creation continue to hold at least a majority of the voting stock of such holding company), becomes, directly or indirectly, the beneficial owner of more than 50% of the voting power of the voting stock of
the surviving or transferee Person; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the adoption of a plan relating to the liquidation or dissolution of Par
Pacific, Par LLC, or the Company; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) any Person or two or more Persons acting in concert shall have acquired by
contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of, the power to exercise, directly or indirectly, a controlling influence over the management or
policies of Par Pacific, or control over the equity securities of Par Pacific entitled to vote for members of the board of directors or equivalent governing body of Par Pacific on a fully-diluted basis (and taking into account all such securities
that such Person or group has the right to acquire pursuant to any option right) representing 30% or more of the combined voting power of such securities and such contract or arrangement shall have continued in effect for 30 consecutive days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; has the meaning specified in the Lien Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Trust and Intercreditor Agreement</U>&#148; means the Collateral Trust and Intercreditor Agreement dated as of the date
hereof among the Notes Issuers, the Notes Collateral Trustee, and certain other secured parties, as amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commencement Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.3.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commencement Date Crude Oil Volumes</U>&#148; means the total quantity of Crude Oil in the Crude Storage Tanks purchased by Aron on
the Commencement Date, pursuant to the Inventory Sales Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commencement Date Products Volumes</U>&#148; means the total
quantities of the Products in the Product Storage Facilities purchased by Aron on the Commencement Date, pursuant to the Inventory Sales Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commencement Date Purchase Value</U>&#148; means, with respect to the Commencement Date Volumes, initially the Estimated Commencement
Date Value until the Definitive Commencement Date Value has been determined and thereafter the Definitive Commencement Date Value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commencement Date Volumes</U>&#148; means, collectively, the Commencement Date Crude Oil Volumes and the Commencement Date Products
Volumes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commercial Accounts</U>&#148; means all Accounts other than Government Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Crude Reimbursement Obligation</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.11(c).</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Included Locations</U>&#148; has the meaning specified in the Storage Facilities Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Inventory Sales Agreement</U>&#148; means the purchase and sale agreement, in
form and in substance mutually agreeable to the Parties, dated as of the Commencement Date, pursuant to which the Company is selling and transferring to Aron the portion of the Commencement Date Volumes then owned by the Company for the Commencement
Date Purchase Value related thereto, free and clear of all liens, claims and encumbrances of any kind, other than Permitted S&amp;O Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Product Reimbursement Obligation</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.1(f)(iii).</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Purchase Agreement</U>&#148; has the meaning specified in the Marketing and Sales Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Sourcing Transaction</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;18.2(o)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract Nominations</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.4(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Controlled Account</U>&#148; has the meaning specified in the Pledge and Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Counterparty Crude Sales Fee</U>&#148; means, with respect to any month, the sum of all Crude Sales Fees relating to all Counterparty
Crude Sales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Counterparty Crude Sales</U>&#148; means all sales of Barrels of Crude Oil under Aron Procurement Contracts made by
Aron during any month at the direction of the Company to a counterparty other than the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Buy Leg</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;5.3(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Delivery Point</U>&#148; means the outlet flange of the
Crude Storage Tanks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Differential</U>&#148; means the Differential applicable to the relevant Pricing Benchmark for Crude
Oil as specified in <U>Schedule B </U>and adjusted monthly pursuant to <U>Schedule K</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Differential Adjustment
Settlement Amount</U>&#148; has the meaning specified in <U>Schedule K</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Intake Point</U>&#148; means the inlet flange
of the Crude Storage Tanks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Oil</U>&#148; means crude oil of any type or grade, excluding any Sludge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Payment Undertaking</U>&#148; means, with respect to a Refinery Procurement Contract, a written undertaking by Aron in the form
of <U>Schedule AA</U> hereto, subject to revisions as reasonably necessary to account for payment due dates occurring prior to completion of delivery of Crude Oil to the Company or otherwise, in each case in form and substance satisfactory to Aron
under which Aron irrevocably agrees to remit or cause or otherwise arrange for the remittance to the relevant Third Party Supplier of funds sufficient to pay the Crude Procurement Payment due to such Third Party Supplier under such Refinery
Procurement Contract on the relevant Procurement Due Date without discount, deduction, <FONT STYLE="white-space:nowrap">set-off</FONT> or counterclaim; provided </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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that (i)&nbsp;such remittance of the full Crude Procurement Payment shall in no way limit the Company&#146;s obligation hereunder to reimburse Aron therefor and to compensate Aron for any
Ancillary Costs in connection therewith and (ii)&nbsp;in no event shall such undertaking obligate Aron to make, cause or arrange for any remittance of a prepayment under a Refinery Procurement Contract unless the Parties have agreed to such
additional terms and conditions not inconsistent with this Agreement as Aron may, in its discretion, require in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Procurement Payment</U>&#148; means, with respect to a Refinery Procurement Contract, the payment due to the Third Party
Supplier thereunder as reflected in the invoice provided by such Third Party Supplier to the Company with respect to the volume of Crude Oil delivered thereunder to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Procurement Request</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Sales Fee</U>&#148; means, for any month, the number of Barrels sold by Aron in connection with any Counterparty Crude Sale
multiplied by the Crude Sales Fee Rate for such Counterparty Crude Sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Sales Fee Rate</U>&#148; means, with respect to
any Counterparty Crude Sale under which Aron is seller, the fee per Barrel agreed to by Aron and the Company in connection with such Counterparty Crude Sale that shall be due from the Company to Aron with respect to each Barrel sold thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Sell Leg</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.3(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crude Storage Tanks</U>&#148; means any of the tanks at the Refinery listed on <U>Schedule E</U> that store Crude Oil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cumulative Daily Forward Settlement</U>&#148; means, for any Forward Delivery Month, (x)&nbsp;the sum of the Daily Forward
Settlements paid to Aron for all days occurring during such month minus (y)&nbsp;the sum of the Daily Forward Settlements paid to the Company for all days occurring during such month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Current Deferred Payment Amount</U>&#148; has the meaning specified on <U>Schedule F</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Current Month Pricing Benchmark(s)</U>&#148; means, for any month and with respect to a particular Pricing Group, the pricing index,
formula or benchmark plus or minus the applicable Differential (if any) set forth on and determined in accordance with <U>Schedule B</U> for such month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Customer</U>&#148; has the meaning specified in the Marketing and Sales Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily Forward Settlement</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.8</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily Prices</U>&#148; means, with respect to a particular grade of Crude Oil or type of Product, the pricing index, formula or
benchmark indicated on <U>Schedule B</U> as the relevant daily price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily Produced Volume</U>&#148; means, for any day, the
actual aggregate volume of Jet Fuel delivered by the Company to Aron at the Products Delivery Point during such day determined using the Forward Volume Determination Procedures, except as otherwise adjusted pursuant to
<U>Section</U><U></U><U>&nbsp;31.7(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily Product Purchases</U>&#148; means, for any day and Product Group, Aron&#146;s
estimate of the aggregate volume of such Product purchased during such day pursuant to Included Purchase Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily
Product Sales</U>&#148; means, for any day and Product Group, Aron&#146;s estimate of the aggregate sales volume of such Product sold during such day, pursuant to (a)&nbsp;any Included Sales Transaction, and (b)&nbsp;any Additional Product
Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means any event that, with notice or the passage of time, would constitute an Event of Default.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Interest Rate</U>&#148; means the lesser of (i)&nbsp;the per annum rate of interest calculated on a daily basis using
the prime rate published in the <I>Wall Street Journal</I> for the applicable day (with the rate for any day for which such rate is not published being the rate most recently published) plus two hundred (200)&nbsp;basis points and (ii)&nbsp;the
maximum rate of interest permitted by Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Party</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;19.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deferral Arrangement Fee</U>&#148; has the meaning specified in the Fee Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deferral Fee</U>&#148; has the meaning specified in <U>Schedule F</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deferred Payment Availability Fee</U>&#148; has the meaning specified in <U>Schedule F</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deferred Payment Termination Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.6(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deferred Payment Credit Support Amount</U>&#148; means, as of any day, the product of (i) 0.85 and (ii)&nbsp;sum of (A)&nbsp;the
Eligible Receivables as most recently reported by the Company pursuant to <U>Section</U><U></U><U>&nbsp;11.7(a)</U> and subject to any adjustments by Aron pursuant to <U>Section</U><U></U><U>&nbsp;11.7(b)</U>; and (B)&nbsp;the Eligible Hydrocarbon
Inventory Value as of such day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Definitive Commencement Date Value</U>&#148; has the meaning specified in the Inventory Sales
Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delivery Date</U>&#148; means any calendar day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delivery Month</U>&#148; means (i)&nbsp;the month in which Crude Oil is to be delivered to the Refinery in accordance with the
relevant Procurement Contract, or (ii)&nbsp;the month in which Product is to be delivered to the Refinery in accordance with the relevant Refinery Product Contract or Included Product Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delivery Point</U>&#148; means a Crude Delivery Point or a Products Delivery Point, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deposit Account Control Agreements</U>&#148; means agreements in writing, in form and
substance reasonably satisfactory to Aron, by and among Aron, the Company and each bank at which a Controlled Account is at any time maintained which provides that such bank will comply with instructions originated by Aron directing disposition of
the funds in the deposit account without further consent by the Company and has such other terms and conditions as Aron may reasonably require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Affiliate</U>&#148; means, in the case of Aron, Goldman, Sachs&nbsp;&amp; Co. LLC, and in the case of the Company, Par
Pacific and Par LLC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Differential</U>&#148; means, for each Current Month Pricing Benchmark, the amount added to or subtracted
from the reference pricing source to determine such Current Month Pricing Benchmark. The Differentials applicable during the Term, as shall be set forth on <U>Schedule B</U> and as may be adjusted from time to time pursuant to
<U>Section</U><U></U><U>&nbsp;7.4</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Differential Adjustment Month</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.4(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disposed Quantity</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.4(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disposition Amount</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.4(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Hydrocarbon Inventory</U>&#148; means, as of any day, the Hydrocarbons
(including, for the avoidance of doubt, gasoline blendstock) owned by the Company and held for sale or that consists of raw materials and, in each case, that are subject to a valid, first priority perfected Lien and security interest in favor of
Aron, including, without limitation, at any time and with respect to any such Hydrocarbons, the aggregate volume of such Hydrocarbons constituting linefill; provided that, unless Aron shall otherwise elect in its reasonable discretion, Eligible
Hydrocarbon Inventory shall not include any Hydrocarbon: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) that is held on consignment or not otherwise owned by the
Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) that is obsolete or returned or repossessed or used goods taken in trade; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) that is unmerchantable, constitutes Sludge or damaged product or constitutes product that is permanently <FONT
STYLE="white-space:nowrap">off-spec;</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) that is subject to any other Lien whatsoever (other than Permitted Liens
(as defined in the Pledge and Security Agreement)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) that consists solely of chemicals (other than commodity chemicals
maintained in bulk), samples, prototypes, supplies, or packing and shipping materials; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) that has been sold to a
customer of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) that is not (i)&nbsp;located at a location owned or leased by the Company and set forth on
<U>Schedule V</U> hereto, or (ii)&nbsp;in transit between any such locations (other than via pipeline movement within the Refinery and Storage Facilities); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) that is not currently either usable or salable, at market price, in the
normal course of the Company&#146;s business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) that contains or bears any Intellectual Property (as defined in the
Pledge and Security Agreement) licensed to the Company by any Person, if it would restrict Aron from selling or otherwise disposing of such Hydrocarbon Inventory in accordance with the terms of the Pledge and Security Agreement without infringing
the rights of the licensor of such Intellectual Property or violating any contract with such licensor (and without payment other than any ordinary course royalty payments or similar payments due with respect to the sale or disposition of such
Inventory pursuant to the applicable license agreement for such Intellectual Property) and as to which the Company has not delivered to Aron a consent or sublicense agreement from such licensor in form and substance acceptable to Aron if requested;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) that is not identified on <U>Schedule X</U>, unless otherwise mutually agreed by the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Hydrocarbon Inventory Value</U>&#148; means, as of any day, the aggregate value of the then existing Eligible Hydrocarbon
Inventory, determined based on the applicable then current Daily Prices; provided that to the extent the price of any such Eligible Hydrocarbon Inventory is hedged under Swap Contracts (as defined in the Pledge and Security Agreement), such
aggregate value shall be increased or decreased (as appropriate) by the then current aggregate <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> value of such Swap Contracts as determined by Aron based on
its then current methodology for marking outstanding positions; provided further that such Swap Contracts shall only include those that have been designated by the Company (which designation shall be no less frequent than monthly) to hedge the
Company&#146;s price exposure with respect to Eligible Hydrocarbon Inventory. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Receivables</U>&#148; means Accounts
created by the Company that in each case satisfy the criteria set forth below as reasonably determined by Aron: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) such
Accounts arise from the actual and bona fide sale and delivery of refined petroleum products by the Company to an Acceptable Account Debtor in the ordinary course of the Company&#146;s business which transactions are completed in accordance with the
terms and provisions contained in any documents related thereto and are evidenced by an invoice delivered to the relevant Acceptable Account Debtor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) such Accounts (i)&nbsp;are not unpaid more than fifteen (15)&nbsp;days after the original due date therefor and
(ii)&nbsp;are not unpaid more than forty-five (45)&nbsp;days after the date of the original invoice thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) such
Accounts comply with the following terms and conditions: (i)&nbsp;the amounts shown on any invoice delivered to Aron or schedule thereof delivered to Aron shall be true and complete, (ii)&nbsp;no payments shall be made thereon except payments
immediately delivered to the Receivables Collection Account, (iii)&nbsp;no credit, discount, allowance or extension or agreement for any of the foregoing shall be granted to any Acceptable Account Debtor except for credits, discounts, allowances or
extensions made </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
or given in the ordinary course of the Company&#146;s business in accordance with practices and policies previously disclosed to Aron and (iv)&nbsp;none of the transactions giving rise thereto
will violate any Applicable Law, all documentation relating thereto will be legally sufficient under such Applicable Law and all such documentation will be legally enforceable in accordance with its terms; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) such Accounts do not arise from sales on consignment, guaranteed sale, sale and return, sale on approval, or other terms
under which payment by the account debtor may be conditional or contingent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) such Accounts do not consist of percentage
of completion accounts or progress billings (such that the obligation of the account debtors with respect to such Accounts is conditioned upon the Company&#146;s satisfactory completion of any further performance under the agreement giving rise
thereto), bill and hold invoices or retainage invoices, except as to bill and hold invoices, if Aron shall have received an agreement in writing from the Acceptable Account Debtor, in form and substance reasonably satisfactory to Aron, confirming
the unconditional obligation of the account debtor to take the goods related thereto and pay such invoice; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) such
Accounts are not owing by creditors of or suppliers to the Company or an Affiliate or employee of the Company, excluding HIE Retail and the Mid Pac Group; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) if such Accounts arise from the sale and delivery of refined petroleum products by the Company to HIE Retail and the Mid
Pac Group, such sale shall have arisen in the ordinary course of the Company&#146;s or such Affiliate&#146;s business, be made upon fair and reasonable terms not less favorable to the Company or such Affiliate than it would obtain in a comparable
arm&#146;s length transaction with a Person which is not an Affiliate of the Company, be promptly invoiced upon delivery and provide for payment thereunder being due no later than three Business Days after invoicing; provided that the amount of such
Accounts from HIE Retail or the Mid Pac Group taken individually shall not constitute more than ten percent (10%) of the sum of all Eligible Receivables at any time (but the portion of the Accounts not in excess of such percentage shall be deemed
Eligible Receivables); provided further that the aggregate amount of such Accounts shall not constitute more than eighteen percent (18%) of the sum of all Eligible Receivables at any time (but the portion of the Accounts not in excess of such
percentage shall be deemed Eligible Receivables); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) there are no facts, events or occurrences which would materially
impair the validity, enforceability or collectability of such Accounts or reduce the amount payable or materially delay payment thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such Accounts are subject to the first priority, valid and perfected security interest in favor of Aron pursuant to the
Lien Documents and each Acceptable Account Debtor has been instructed that all payments in respect of such Accounts are to be made directly to the Receivables Collection Account; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) such Accounts are not subject to any other Liens and any goods giving rise
thereto are not, and were not at the time of the sale thereof, subject to any Liens, in each case, other than Permitted S&amp;O Liens; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) neither the Acceptable Account Debtor nor any officer or employee of the Acceptable Account Debtor with respect to such
Accounts is an officer, employee, agent or Affiliate of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) there are no proceedings or actions which are
pending or, to the knowledge of the Company, threatened against the account debtor with respect to such Accounts which might result in any material adverse change in any such account debtor&#146;s financial condition (including, without limitation,
any bankruptcy, dissolution, liquidation, reorganization or similar proceeding); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) such Account is not owed by an
account debtor that has (i)&nbsp;applied for, suffered, or consented to the appointment of any receiver, interim receiver, receiver-manager, custodian, trustee, or liquidator of its assets, (ii)&nbsp;had possession of all or a material part of its
property taken by any receiver, interim receiver, receiver-manager, custodian, trustee or liquidator, (iii)&nbsp;filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication
as bankrupt, <FONT STYLE="white-space:nowrap">winding-up,</FONT> or voluntary or involuntary case or other Insolvency Proceeding under any Federal, State, foreign or other bankruptcy laws (other than post-petition accounts payable of an account
debtor that is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession</FONT></FONT> under the Bankruptcy Code and reasonably acceptable to Aron), (iv) admitted in writing its inability, or is generally unable to,
pay its debts as they become due, (v)&nbsp;become insolvent, or (vi)&nbsp;ceased operation of its business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) such
Account is not owed by an account debtor that has sold all or substantially all its assets (unless such Account has been assumed by a Person that shall have acquired such assets and otherwise satisfies the requirements set forth in this definition);
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) such Account is not owed by an account debtor that has Accounts classified as ineligible under clause (b)&nbsp;above
which constitute more than twenty-five percent (25%) of the total Accounts of such account debtor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) the account debtor
is not located in a state requiring the filing of a &#147;Notice of Business Activities Report&#148; or similar report in order to permit the Company to seek judicial enforcement in such State of payment of such Account, unless the Company has
qualified to do business in such state or has filed a &#147;Notice of Business Activities Report&#148; or equivalent report for the then current year or such failure to file and inability to seek judicial enforcement is capable of being remedied
without any material delay or material cost; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) such Accounts do not include any billing for interest, fees or late
charges (but the portion of the Accounts in excess of such amounts shall be deemed Eligible Receivables if such Accounts are otherwise Eligible Receivables); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) which indicates any Person other than the Company as payee or remittance
party or is owed in any currency other than U.S. dollars; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) which is owed by an account debtor (i)&nbsp;that maintains
its chief executive office in the United States and is organized under applicable law of the United States or any State of the United States or (ii)&nbsp;(A) that maintains an Investment Grade Rating, (B)&nbsp;the obligations of which under any
Account that is to be an Eligible Receivable are supported by a customary trade letter of credit from a US bank, the US branch of a foreign branch or an Acceptable Foreign Bank that has an Investment Grade Rating or (C)&nbsp;the obligations of which
under any Account that is to be an Eligible Receivable are supported by credit insurance that is in form and substance and by an issuer reasonably satisfactory to Aron; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) such Accounts are owed by account debtors that at all times are Acceptable Account Debtors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) no portion of any such Accounts is evidenced by a promissory note or other instrument or by chattel paper; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) such Accounts are not otherwise subject to any potential offset, counterclaim, dispute, deduction, discount, recoupment,
reserve, defense, chargeback, rebate, credit or allowance (provided that if such Accounts are otherwise Eligible Receivables, the portion of such Accounts in excess of the amount at any time and from time to time owed by the Company to the
Acceptable Account Debtor or claimed owed by such Acceptable Account Debtor may be deemed Eligible Receivables); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) if
the Account is a Commercial Account, then it shall be an Eligible Receivable only if it satisfies the following additional criteria: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) the aggregate amount of such Accounts owing by a single account debtor do not constitute more than twenty-five percent
(25%) of the sum of all Eligible Receivables (but the portion of the Accounts not in excess of such percentage shall be deemed Eligible Receivables); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) the account debtors with respect to such Accounts are not any foreign government, the United States of America, any State,
political subdivision, department, agency or instrumentality thereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(III) such Accounts are owed by account debtors
whose total indebtedness to such the Company does not exceed the credit limit with respect to such account debtors as determined by the Company from time to time, to the extent such credit limit as to any account debtor is established consistent
with the current practices and policies of the Company as of the Commencement Date and such credit limit is reasonably acceptable to Aron (but the portion of the Accounts not in excess of such credit limit may be deemed Eligible Receivables if such
Accounts are otherwise Eligible Receivables); and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) if the Account is a Government Account and otherwise satisfies the criteria
for an Eligible Receivable it shall be an Eligible Receivable except for any portion thereof: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) against which the
applicable U.S. Governmental Authority has exercised its right of setoff or deduction or has formally notified the Company of its intention to do so; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) to the extent such Government Account is offset by a deferred revenue deposit related to such Government Account (but only
to the extent of such deferred revenue deposit; provided, if and to the extent any such deferred revenue deposit exceeds the related Government Account (such excess, the &#147;Deferred Revenue Excess&#148;), such Deferred Revenue Excess shall
further reduce the total Eligible Receivables on a dollar for dollar basis); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(III) as to which the Company shall not
have executed a Notice of Assignment and an Instrument of Assignment with respect to the underlying Government Contract and any other agreements, instruments and documents and performed all acts that Aron may reasonably require to ensure compliance
with the Assignment of Claims Act (or any other similar state laws); provided, however, that the filing of such Notice of Assignment and Instrument of Assignment with the applicable U.S. Governmental Authority shall not occur until required pursuant
to the Lien Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">provided that, in determining the amount of the Accounts to be included in as Eligible Receivables, the face amount
of an Account shall be reduced, to the extent not reflected in such face amount, by (i)&nbsp;the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or
other allowances (including any amount that the Company may be obligated to rebate to a customer pursuant to the terms of any agreement or understanding (written or oral)); (ii) the aggregate amount of all cash received in respect of such Account
but not yet applied by the Company to reduce the amount of such Account or (iii)&nbsp;the amount of any Reserve established for such Accounts by Aron. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude Inventory</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Product Inventory</U>&#148; has
the meaning specified in <U>Section</U><U></U><U>&nbsp;9.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Law</U>&#148; means any existing or past
Applicable Law, policy, judicial or administrative interpretation thereof or any legally binding requirement that governs or purports to govern the protection of persons, natural resources or the environment (including the protection of ambient air,
surface water, groundwater, land surface or subsurface strata, endangered species or wetlands), occupational health and safety and the manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal, transportation,
release or management of solid waste, industrial waste or hazardous substances or materials. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Pledge Agreement</U>&#148; means the Equity Pledge Agreement,
dated as of the Commencement Date, by and between Par LLC and Aron, pursuant to which Par LLC pledged to Aron, and granted Aron a first lien in, all Equity Interests of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; has the meaning specified in the Pledge and Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EST</U>&#148; means the prevailing time in the Eastern time zone. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Commencement Date Value</U>&#148; has the meaning specified in the Inventory Sales Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Daily Net Crude Sales</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;10.1(c)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Daily Net Product Sales</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;10.1(c)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Monthly Forward Value</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.7(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Termination Amount</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;20.2(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Estimated Yield</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; means an occurrence of the events or circumstances described in <U>Section</U><U></U><U>&nbsp;19.1</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Quantity</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchanged Confirmations</U>&#148; mean, with respect to an Aron Procurement Contract that is confirmed by Aron and the Third Party
Supplier exchanging confirmations rather than jointly executing a single confirmation, the confirmations so exchanged by Aron and such Third Party Supplier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Materials</U>&#148; means any materials other than Crude Oil or Products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Financing Agreements</U>&#148; means the Financing Agreements listed on <U>Schedule L</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Supplier/Offtaker</U>&#148; means Barclays Bank PLC, a public limited company organized under the laws of England and Wales.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Supplier/Offtaker Inventory Sales Agreement</U>&#148; means the purchase and
sale agreements, in form and in substance reasonably satisfactory to Aron, dated as of the Commencement Date, pursuant to which the Existing Supplier/Offtaker and the Company is selling and transferring to Aron the portion of the Commencement Date
Volumes then owned by the Existing Supplier/Offtaker and the Company for the Commencement Date Purchase Value related thereto, free and clear of all liens, claims and encumbrances of any kind, other than Permitted S&amp;O Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Expiration Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fed Funds Rate</U>&#148; means the rate set forth in H.15(519) or in H.15 Daily Update for the most recently preceding Business Day
under the caption &#147;Federal funds (effective)&#148;; provided that if no such rate is so published for any of the immediately three preceding Business Days, then such rate shall be the arithmetic mean of the rates for the last transaction in
overnight Federal funds arranged by each of three leading brokers of U.S. dollar Federal funds transactions prior to 9:00 a.m., EST, on that day, which brokers shall be selected by Aron in a commercially reasonable manner. For purposes hereof,
&#147;H.15(519)&#148; means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of the Federal Reserve System, available through the worldwide website of the Board of Governors of the
Federal Reserve System at http://www.federalreserve.gov/releases/h15/, or any successor site or publication and &#147;H.15 Daily Update&#148; means the daily update of H.15(519), available through the worldwide website of the Board of Governors of
the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update/, or any successor site or publication. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fee
Letter</U>&#148; means that certain letter from Aron to the Company, dated as of May&nbsp;8, 2017, and as from time to time thereafter amended and/or restated, which identifies itself as the &#147;Fee Letter&#148; for purposes hereof, and pursuant
to which the Parties have set forth the amounts for and other terms relating to certain fees payable hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FIFO Balance
Final Settlement</U>&#148; has the meaning specified in <U>Schedule N</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financing Agreement</U>&#148; means any credit
agreement, indenture or other financing agreement under which the Company or any of its Affiliates may incur or become liable for indebtedness for borrowed money (including capitalized lease obligations and reimbursement obligations with respect to
letters of credit) but only if the covenants thereunder limit or otherwise apply to any of the business, assets or operations of the Company and/or any of its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Force Majeure</U>&#148; means any cause or event reasonably beyond the control of a Party, including fires, earthquakes, lightning,
floods, explosions, storms, adverse weather, landslides and other acts of natural calamity or acts of God; navigational accidents or maritime peril; vessel damage or loss; strikes, grievances, actions by or among workers or lock-outs (whether or not
such labor difficulty could be settled by acceding to any demands of any such labor group of individuals and whether or not involving employees of the Company or Aron); accidents at, closing of, or restrictions upon the use of mooring facilities,
docks, ports, pipelines, harbors, railroads or other navigational or transportation mechanisms; disruption or breakdown of, explosions or accidents to wells, storage plants, refineries, terminals, machinery or other facilities; acts of war,
hostilities (whether declared or undeclared), civil commotion, embargoes, blockades, terrorism, sabotage or acts of the public enemy; any act or omission of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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Governmental Authority; good faith compliance with any order, request or directive of any Governmental Authority; curtailment, interference, failure or cessation of supplies reasonably beyond the
control of a Party; or any other cause reasonably beyond the control of a Party, whether similar or dissimilar to those above and whether foreseeable or unforeseeable, which, by the exercise of due diligence, such Party could not have been able to
avoid or overcome. Solely for purposes of this definition, the failure of any Third Party Supplier to deliver Crude Oil pursuant to any Aron Procurement Contract, whether as a result of Force Majeure as defined above, &#147;force majeure&#148; as
defined in such Aron Procurement Contract, breach of contract by such Third Party Supplier or any other reason, shall constitute an event of Force Majeure for Aron under this Agreement with respect to the quantity of Crude Oil subject to that Aron
Procurement Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Delivery Month</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Jet Fuel Transaction</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Transaction Commencement Date</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Transaction Early Termination</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Transaction Obligations</U>&#148; means all of the Company&#146;s obligations to Aron from time to time arising under this
<U>Article 31</U> in respect of the Forward Jet Fuel Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Volume Determination Procedures</U>&#148; mean, for
any specified period, procedures for determining the volume of Jet Fuel or other Product that has been delivered by the Company to Aron at the Products Delivery Point during such period using available meters, gauges and other measuring equipment or
methods, which procedures shall be developed by the Company in consultation with Aron and shall be satisfactory to Aron in its commercially reasonable judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Framework Agreement</U>&#148; means that certain Framework Agreement, dated as of September&nbsp;25, 2013 (as may be amended,
restated, supplemented or otherwise modified from time to time), by and among Tesoro Hawaii, LLC, a Hawaii limited liability company, Hawaii Pacific Energy, LLC, a Delaware limited liability company, and Existing Supplier/Offtaker. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FTZ</U>&#148; means a foreign trade zone authorized in accordance with the Foreign Trade Zone Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles in the U.S. set out in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and the Financial Accounting Standards Board as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Government Accounts</U>&#148; means Accounts owing directly by any U.S. Governmental Authority to a Loan Party under a prime contract
entered into between such U.S. Governmental Authority and such Loan Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means any federal, state, regional, local, or municipal
governmental body, agency, instrumentality, authority or entity established or controlled by a government or subdivision thereof, including any legislative, administrative or judicial body, or any person purporting to act therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantor</U>&#148; means Par LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guaranty</U>&#148; means the Guaranty, dated as of the Restatement Effective Date, from the Guarantor provided to Aron in connection
with this Agreement and the transactions contemplated hereby, in form and substance satisfactory to Aron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous
Substances</U>&#148; means any explosive or radioactive substances or wastes and any toxic or hazardous substances, materials, wastes, contaminants or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances defined or listed as &#147;hazardous substances,&#148; &#147;hazardous materials,&#148; &#147;hazardous wastes&#148; or &#147;toxic
substances&#148; (or similarly identified), regulated under or forming the basis for liability under any applicable Environmental Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>HIE Retail</U>&#148; means HIE Retail, LLC, a Hawaii limited liability company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Honolulu 10 Inch Pipeline</U>&#148; has the meaning specified on <U>Schedule U</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>HST</U>&#148; means the prevailing time in Hawaii. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hydrocarbons</U>&#148; means crude oil, intermediate feedstocks, blendstocks, and finished and unfinished petroleum products,
including without limitation, asphalt, gasoline, diesel fuels, fuel oil and jet fuels; <U>provided</U> that such term shall not include solvents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Identified Facilities</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;14.4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Company Product Tanks</U>&#148; means all Included Product Tanks owned by the Company or any Affiliate of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Locations</U>&#148; means, collectively, the Crude Storage Tanks and the Product Storage Facilities, as more particularly
described on <U>Schedule E</U> and <U>Schedule U</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Product Pipelines</U>&#148; means the Product pipelines or
sections thereof owned or leased by the Company or by a third party that is listed on <U>Schedule U</U>, as such schedule may from time to time be amended by the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Product Tanks</U>&#148; means the Product storage tanks owned and operated by the Company or by third parties as further
identified and described on <U>Schedule E</U>, including, as applicable with respect to the inventory report provided by such third party, any related facilities or pipelines used in connection with such tanks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Purchase Transaction</U>&#148; means (i)&nbsp;an agreement entered into by Aron at the request of the Company under
<U>Section</U><U></U><U>&nbsp;2.3</U> of the Marketing and Sales Agreement, pursuant to which Aron purchases any Products from a third party (a &#147;<U>Product Supplier</U>&#148;), or (ii)&nbsp;an agreement with the Company entered into pursuant to
<U>Section</U><U></U><U>&nbsp;8.1(c)(i)</U> which shall provide for purchase by Aron from the Company of Products delivered to Aron at the Products Intake Point. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Sales Transaction</U>&#148; has the meaning specified in the Marketing and
Sales Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Tanks</U>&#148; means the Crude Storage Tanks and Included Product Tanks, as more particularly
described on <U>Schedule E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Included Third Party Product Tanks</U>&#148; means any Included Product Tanks other than
Included Company Product Tanks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indenture</U>&#148; means the Indenture, dated as of December&nbsp;21, 2017, among the Notes
Issuers, Wilmington Trust, National Association as trustee, and the Notes Collateral Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Independent Inspection
Company</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;12.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Index Purchase Value</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;7.5(b)(iv)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Index Sale Value</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.5(a)(iv)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Infrared Thermography</U>&#148; means the use of infrared images taken on four
sides of each tank with the average value determined used to determine the level of Sludge from the appropriate strapping table, with values adjusted from Gross Standard Volume (GSV) to reflect Sludge volumes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Acceptable Account Debtors</U>&#148; means the entities listed on <U>Schedule T</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Estimated Yield</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;2.1(v)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Margin Amount</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;4.3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interim Differential Adjustment Month</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.4(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interim Payment</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;10.1(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inventory Report</U>&#148; has the meaning as specified in <U>Section</U><U></U><U>&nbsp;11.7(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inventory Sales Agreements</U>&#148; means the Company Inventory Sales Agreement and the Existing Supplier/Offtaker Inventory Sales
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment Grade Rating</U>&#148; means a rating of <FONT STYLE="white-space:nowrap">BBB-</FONT> or better by
Standard&nbsp;&amp; Poor&#146;s Rating Services and Baa3 or better by Moody&#146;s Investors Service, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Jet Fuel</U>&#148;
means the Jet Fuel Product Group described on <U>Schedule P </U>hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Latest Commencement Date</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;2.3(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liabilities</U>&#148; means any losses, liabilities, charges, damages, deficiencies,
assessments, interests, fines, penalties, costs and expenses (collectively, &#147;<U>Costs</U>&#148;) of any kind (including reasonable attorneys&#146; fees and other fees, court costs and other disbursements), including any Costs directly or
indirectly arising out of or related to any suit, proceeding, judgment, settlement or judicial or administrative order and any Costs arising from compliance or <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Environmental Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR</U>&#148; means, as of the date of any determination, the London Interbank Offered Rate for three-month U.S. dollar deposits
appearing on Reuters Screen LIBOR01 Page (or any successor page) at approximately 11:00 a.m. (London time). If such rate does not appear on Reuters Screen LIBOR01 Page (or otherwise on such screen or its successor), LIBOR shall be determined by
reference to such other comparable publicly available service for displaying eurodollar rates as the Parties, acting reasonably, select. LIBOR shall be established on the last Business Day of a calendar quarter and shall be in effect for the
following three months in the next calendar quarter. If any Governmental Authority having jurisdiction over the quotation or determination of the London Interbank Offered Rates declares that it will no longer supervise or sanction such rates for
purposes of interest rates on loans, then Aron shall select a successor rate in its commercially reasonable discretion consistent with industry practice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien Documents</U>&#148; means the Pledge and Security Agreement, the Deposit Account Control Agreements and any other instruments,
documents and agreements delivered by or on behalf of the Company and its Affiliates in order to grant to and perfect in favor of Aron a security interest in and lien on all real, personal or mixed property of any nature of the Company and its
Affiliates (subject to customary exclusions acceptable to Aron) as security for the obligations of the Company pursuant to this Agreement and the other Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liens</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;18.2(l)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidated Amount</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;19.2(f)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidity</U>&#148; means, as of any day, an amount equal to (a)&nbsp;all unrestricted cash and cash equivalents of the Company held
in Controlled Accounts, plus (b)&nbsp;the excess, if any, of the Deferred Payment Credit Support Amount over the Current Deferred Payment Amount or, if no excess exists, then zero (provided that if as of such day a reduction in the Current Deferred
Payment Amount has been determined or is required under Section&nbsp;11.4 but payment of such reduction has not yet been made by the Company, the amount determined under this definition shall be decreased by the amount of such reduction). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Marketing and Sales Agreement</U>&#148; means the products marketing and sales agreement, dated as of the Commencement Date, between
the Company and Aron pursuant to which the Product purchased by Aron hereunder shall from time to time be marketed and sold by the Company for Aron&#146;s account or otherwise, as amended, supplemented, restated or otherwise modified from time to
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Master Agreement</U>&#148; means the ISDA Master Agreement, dated as of June&nbsp;1, 2015, between the Company and Aron,
including the Schedule thereto, amended and restated as of the date hereof, and all other schedules, annexes and exhibits thereto and all confirmations from time to time issued thereunder and subject thereto, amended and restated as of the date
hereof (the &#147;<U>Amended and Restated Master Agreement</U>&#148;), and as further amended, supplemented, restated or otherwise modified from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Master Agreement Termination Event</U>&#148; means, with respect to a party, any
&#147;Event of Default&#148; under the Master Agreement with respect to such party or any &#147;Additional Termination Event&#148; under the Master Agreement for which such party is the sole Affected Party thereunder (other than the &#147;Event of
Default&#148; referred to in Part 1(h) of the Schedule to the Master Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Measured Crude Quantity</U>&#148; means, for
any Delivery Date, the total quantity of Crude Oil that, during such Delivery Date, was withdrawn and lifted by and delivered to the Company at the Crude Delivery Point, as evidenced by either meter readings and meter tickets for that Delivery Date
and tank gaugings conducted at the beginning and end of such Delivery Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Measured Product Quantity</U>&#148; means, for any
Delivery Date, the total quantity of a particular Product that, during such Delivery Date, was delivered by the Company to Aron at the Products Intake Point, as evidenced by either (i)&nbsp;meter readings and meter tickets for that Delivery Date or
(ii)&nbsp;tank gaugings conducted at the beginning and end of such Delivery Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mid Pac Group</U>&#148; means Mid Pac
Petroleum, LLC, a Delaware limited liability company, and its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Cover Costs</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;7.7</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Crude Forecast</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;5.2(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Crude Oil <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>&#148; has
the meaning specified in <U>Schedule C</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Forward <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>&#148; has
the meaning specified in <U>Section</U><U></U><U>&nbsp;31.4(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Forward Volume</U> has the meaning specified in
<U>Section</U><U></U><U>&nbsp;31.2</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Market Structure Roll Fees</U>&#148; has the meaning specified in <U>Schedule
Y</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Net Crude Run</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;6.3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Net Crude Sales</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Net Product Group Sales</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Produced Volume</U>&#148; means, for any Forward Delivery Month, the actual aggregate volume of Jet Fuel delivered by the
Company to Aron at the Products Delivery Point during such Month determined using the Forward Volume Determination Procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Product Purchase Adjustment</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.5(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Product Sale Adjustment</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;7.5(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Product <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>&#148; has the
meaning specified in <U>Schedule C</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;10.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Volume Shortfall</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;31.5(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgage</U>&#148; means the Mortgage and Security Agreement, dated as of the
Commencement Date, between the Company, as mortgagor and Aron, as mortgagee, granting Aron a lien on all real property and improvements owned by the Company and related asset of the Company as further described therein, as amended, supplemented,
restated or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Nomination Cutoff Date</U>&#148; means, with respect to any Aron Procurement
Contract, the date and time (if any) by which Aron is required to provide its nominations to the Third Party Supplier thereunder for the next delivery for which nominations are then due or can then be made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Affected</FONT> Party</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;17.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;19.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notes</U>&#148; means the 7.75% Senior Secured Notes due 2025 issued
under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notes Collateral Trustee</U>&#148; means Wilmington Trust, National Association in its capacity as
collateral trustee under the Collateral Trust and Intercreditor Agreement, and any successors and assigns in such capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notes Issuers</U>&#148; means Par LLC and Par Petroleum Finance Corp. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NSV</U>&#148; means, with respect to any measurement of volume, the total liquid volume, excluding sediment and water and free water,
corrected for the observed temperature to 60&deg; F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Operational Volume Range</U>&#148; means the range of operational volumes
for any given set of associated Crude Storage Tanks for each type of Crude Oil and for any given set of associated Product Storage Facilities for each group of Products, between the minimum volume and the maximum volume, as set forth on <U>Schedule
D</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Agreement</U>&#148; has the meaning specified in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Effective Date</U>&#148; means June&nbsp;1, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Barrels</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.3(g)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Product Barrels</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.1(c)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Outstanding Forward Amount</U>&#148; means, as of any date of determination, the present value, using the Discount Rate set forth in
the Fee Letter, of future cash flows that equal the then remaining Monthly Forward Volumes multiplied by the corresponding Specified Index Price for such month utilized in the calculations thereof as of the Forward Transaction Commencement Date.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Par LLC</U>&#148; means Par Petroleum, LLC f/k/a Hawaii Pacific Energy, LLC, a Delaware
limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Party</U>&#148; or &#147;<U>Parties</U>&#148; has the meaning specified in the preamble to this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment Undertaking</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;18.2(r)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Holders</U>&#148; means Whitebox Advisors LLC, Zell Credit Opportunities Master Fund, L.P. and each of their respective
Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted S&amp;O Liens</U>&#148; means: (a)&nbsp;Liens for taxes, assessments, judgments, governmental charges or
levies, or claims not yet delinquent or the <FONT STYLE="white-space:nowrap">non-payment</FONT> of which is being diligently contested in good faith by appropriate proceedings and for which adequate reserves have been made; (b)&nbsp;Liens of
mechanics, laborers, suppliers, workers, materialmen, and other similar liens incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if such reserve or appropriate provision, if any, as shall be
required by GAAP shall have been made therefore; (c)&nbsp;Liens securing rental, storage, throughput, transportation, handling or other similar fees or charges owing from time to time to carriers, bailees, transporters or warehousemen, solely to the
extent of such fees or charges; and (d)&nbsp;Liens (1) incurred in the ordinary course of business in connection with the purchase or shipping of goods or assets (or the related assets and proceeds thereof), which Liens arise by operation of law in
favor of the seller or shipper of such goods or assets, only attach to such goods or assets and cease to be in effect upon payment in full of the purchase price for such goods or assets, and (2)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148;
means an individual, corporation, partnership, limited liability company, joint venture, trust or unincorporated organization, joint stock company or any other private entity or organization, Governmental Authority, court or any other legal entity,
whether acting in an individual, fiduciary or other capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pipeline Cutoff Date</U>&#148; means, with respect to any third
party Included Product Pipeline, the date and time by which a shipper on such Included Product Pipeline is required to provide its nominations to the entity that schedules and tracks Products in such Included Product Pipeline for the next shipment
period for which nominations are then due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledge and Security Agreement</U>&#148; means that certain Pledge and Security
Agreement by and between the Company and Aron, dated of June&nbsp;1, 2015, as amended and restated as of the date hereof (the &#147;<U>Amended and Restated Pledge and Security Agreement</U>&#148;), and as further amended, restated, supplemented or
otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pricing Group</U>&#148; means any of the Product Groups listed as a pricing group on
<U>Schedule P</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prior ABL Credit Agreement</U>&#148; means that certain ABL Credit Agreement, dated as
of September&nbsp;25, 2013 (as amended by that First Amendment and Waiver to ABL Credit Agreement dated as of February&nbsp;7, 2014, that Second Amendment and Waiver to ABL Credit Agreement dated as of March&nbsp;30, 2015, and as further amended,
restated, supplemented or otherwise modified from time to time), by and among Hawaii Independent Energy, LLC, formerly known as Tesoro Hawaii, LLC, a Hawaii limited liability company, its subsidiaries party thereto, and each other entity that
becomes a borrower thereunder, as borrowers, Hawaii Pacific Energy, LLC, a Delaware limited liability company, as guarantor, the lenders party thereto, and Deutsche Bank AG New York Branch, as administrative agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Procurement Contract</U>&#148; means any Aron Procurement Contract or Refinery Procurement Contract, or such other contract to the
extent the Parties mutually deem such contract to be a Procurement Contract for purposes hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Procurement Contract
Assignment</U>&#148; means an instrument, in form and substance reasonably satisfactory to Aron, by which the Company assigns to Aron all rights and obligations under a Refinery Procurement Contract and Aron assumes such rights and obligations
thereunder, subject to terms reasonably satisfactory to Aron providing for the automatic reassignment thereof to the Company in connection with the termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Procurement Due Date</U>&#148; means, with respect to a Refinery Procurement Contract or Refinery Product Contract, the date on which
the Crude Procurement Payment or Product Procurement Payment under the applicable Contract is due to be paid, which date shall occur after the delivery date under such Refinery Procurement Contract or Refinery Product Contract (unless otherwise
expressly agreed by Aron). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product</U>&#148; means any of the petroleum products listed on <U>Schedule A</U>, as from time to
time amended by mutual agreement of the Parties, excluding any Sludge. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Buy Leg</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;8.1(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Differential</U>&#148; means any Differential applicable to a relevant Pricing
Benchmark except for the Current Month Pricing Benchmark for Crude Oil as shall be set forth on <U>Schedule B</U> and as may be adjusted from time to time pursuant to <U>Section</U><U></U><U>&nbsp;7.4</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Differential Adjustment Settlement Amount</U>&#148; has the meaning specified in <U>Schedule K</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Group</U>&#148; means Crude Oil or a group of Products as specified on <U>Schedule P</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Linefill</U>&#148; means, at any time and for any grade of Product, the aggregate volume of linefill of that Product on the
Included Product Pipelines for which Aron is treated as the exclusive owner by the Included Product Pipelines; provided that such volume shall be determined by using the volumes reported on the monthly or daily statements, as applicable, from the
Included Product Pipelines. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Payment Undertaking</U>&#148; means, with respect to a Refinery Product
Contract, a written undertaking by Aron in the form of <U>Schedule AA</U>, subject to revisions as reasonably necessary to account for payment due dates occurring prior to completion of delivery of Products to the Company or otherwise, in each case
in form and substance satisfactory to Aron under which Aron irrevocably agrees to remit or cause or otherwise arrange for the remittance to the relevant Third Party Seller of funds sufficient to pay the Product Procurement Payment due to such Third
Party Seller under such Refinery Product Contract on the relevant Procurement Due Date without discount, deduction, <FONT STYLE="white-space:nowrap">set-off</FONT> or counterclaim; provided that (i)&nbsp;such remittance of the full Product
Procurement Payment shall in no way limit the Company&#146;s obligation hereunder to reimburse Aron therefor and to compensate Aron for any Ancillary Costs in connection therewith and (ii)&nbsp;in no event shall such undertaking obligate Aron to
make, cause or arrange for any remittance of a prepayment under a Refinery Product Contract unless the Parties have agreed to such additional terms and conditions not inconsistent with the terms of this Agreement as Aron may, in its discretion,
require in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Procurement Fee</U>&#148; has the meaning specified in the Marketing and Sales
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Procurement Payment</U>&#148; means, with respect to a Refinery Product Contract, the payment due to the
Third Party Supplier thereunder as reflected in the invoice provided by such Third Party Supplier to the Company with respect to the volume of Products delivered thereunder to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Sales Fee</U>&#148; has the meaning specified in the Marketing and Sales Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Sell Leg</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.1(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Storage Facilities</U>&#148; means, collectively, Included Product Tanks and Included Product Pipelines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Products Delivery Point</U>&#148; means, with respect to any delivery of Product from an Included Location, (i)&nbsp;in the case of
delivery from the Refinery Product Storage Tanks, (A)&nbsp;if the Product is to be transported via the Honolulu 10 Inch Pipeline, the last permanent flange of the Honolulu 10 Inch Pipeline and (B)&nbsp;if the Product is to be transported via any of
the BPH Pipelines, the last permanent flange of the relevant BPH Pipeline, and (ii)&nbsp;in the case of delivery from any Product Storage Facility other than the Refinery Product Storage Tanks, the outlet flange of the Included Product Tank at such
Product Storage Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Products Intake Point</U>&#148; means (i)&nbsp;in the case of the Refinery Product Storage Tanks, the
inlet flange of the Refinery Product Storage Tanks and (ii)&nbsp;in the case of any Product Storage Facility other than the Refinery Product Storage Tanks, the inlet flange of the Included Product Tanks at such Product Storage Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Products Offtake Point</U>&#148; means the delivery point at which Aron transfers title to Products in accordance with sales
transactions executed pursuant to the Marketing and Sales Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Projected Monthly Run Volume</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;7.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Provisional Payment</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;31.3</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivables Collection Account</U>&#148; means the deposit account identified in and
subject to a Deposit Account Control Agreement which is the exclusive account maintained by the Company for the collection of all its Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivables Report</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;11.7(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery</U>&#148; has the meaning specified in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Crude Purchase Fee</U>&#148; has the meaning specified in <U>Schedule C</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Crude Purchase Fee Price</U>&#148; has the meaning specified in the Fee Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Facilities</U>&#148; means (i)&nbsp;all the facilities located at the Refinery, and (ii)&nbsp;any associated or adjacent
facility used by the Company to carry out the terms of this Agreement, excluding, however, the Crude Oil receiving and Products delivery facilities, pipelines, tanks and associated facilities which constitute the Storage Facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Procured Barrels</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.3(g)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Procured Product Barrels</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.1(c)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Procurement Contract</U>&#148; means a procurement contract entered into by the Company with any Third Party Supplier for
the purchase by the Company of Crude Oil, which Crude Oil is to be resold by the Company to Aron at the time such Crude Oil passes the Crude Intake Point. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Product Contract</U>&#148; means a procurement contract entered into by the Company with any third party seller for the
purchase by the Company of Product, which Product is to be resold by the Company to Aron at the time such Product passes the Products Intake Point. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinery Product Storage Tanks</U>&#148; means the Included Product Tanks owned by the Company and located adjacent to the Refinery
used for the storage of Products, as identified on <U>Schedule E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Regulatory Event</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.6</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Hedges</U>&#148; means any transactions from time to time entered into by Aron
with third parties unrelated to Aron or its Affiliates to hedge Aron&#146;s exposure resulting from this Agreement or any other Transaction Document and Aron&#146;s rights and obligations hereunder or thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Remaining Tenor</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Storage and Transportation Arrangements</U>&#148; means such designations and other binding contractual arrangements
hereafter entered into, in form and substance reasonably satisfactory to Aron, pursuant to which the Company (or its Affiliates) hereafter shall provide Aron with the Company&#146;s (or its Affiliates&#146;) full right to use the third party
Included Product Pipelines and third party Included Product Tanks, pursuant to the terms and conditions of the Base Agreements or such other agreements creating the Company&#146;s rights in and to such facilities and the rights of existing third
parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reserves</U>&#148; means as of any date of determination, such amounts as Aron may from
time to time reasonably and in good faith establish and revise pursuant to the standards and practices that Aron and its Affiliates generally and consistently apply in evaluating the eligibility of receivables in the context of secured financing
transactions, reducing the amount of Accounts that would otherwise be Eligible Receivables: (a)&nbsp;to reflect events, conditions, contingencies or risks which, as determined by Aron in good faith, adversely affect, or would have a reasonable
likelihood of adversely affecting, such Account or the amount that might be received by Aron the sale or other disposition or realization upon such Account (but without duplication to the extent already addressed in the criteria which establishes
Eligible Receivables) or (b)&nbsp;to reflect Aron&#146;s good faith belief that (1)&nbsp;any collateral report (including the reports to be provided pursuant to <U>Section</U><U></U><U>&nbsp;11.7(a)</U>) or financial information furnished by or on
behalf of the Company to Aron is or may have been incomplete, inaccurate or misleading in any material respect or (2)&nbsp;the information being used by Aron is no longer current as a result of any such collateral report or financial information not
having been provided or having been provided after its required delivery date. Without limiting the generality of the foregoing, Reserves may, at Aron&#146;s option, be established to reflect: (A)&nbsp;dilution with respect to the Accounts (based on
the ratio of the aggregate amount of <FONT STYLE="white-space:nowrap">non-cash</FONT> reductions in such Accounts for any period to the aggregate dollar amount of the sales for such period), if such dilution as calculated by Aron for any period is
or is reasonably anticipated to be greater than five percent (5%); (B) returns, discounts, claims (including, without limitation, warranty claims), credits and allowances of any nature that are not paid pursuant to the reduction of Accounts; or
(C)&nbsp;sales, excise or similar taxes included in the amount of any such Accounts reported to Aron. To the extent that an event, condition or matter as to any Eligible Receivable or Eligible Hydrocarbon Inventory is addressed pursuant to the
treatment thereof within the applicable definition of such term, Aron shall not also establish a Reserve to address the same event, condition or matter. The amount of any Reserve established by Aron shall have a reasonable relationship to the event,
condition or other matter which is the basis for such Reserve as determined by Aron in good faith in its reasonable judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restatement Effective Date</U>&#148; has the meaning specified in the introductory paragraph of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revised Estimated Yield</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Run-out</FONT> Report</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.3(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Scheduled Differential Adjustment Month</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.4(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Amount</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;19.2(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shortfall Settlement Date</U>&#148; means, for any Forward Delivery Month in which a
Monthly Volumetric Shortfall occurs, the same day as the Monthly <FONT STYLE="white-space:nowrap">True-up</FONT> Amount for such month is due under <U>Section</U><U></U><U>&nbsp;10.2</U> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shortfall Value</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;31.2</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sludge</U>&#148; means a semi-solid slurry consisting of hydrocarbons, sediment,
paraffin and water, produced from a process or as a result of solids separated from suspension in a liquid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sourcing
Transaction</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;18.2(r)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Indebtedness</U>&#148;
means any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) of the Company in respect of borrowed money. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Schedule</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;30.9</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Schedule Change</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;30.9</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Transaction</U>&#148; means (a)&nbsp;any transaction (including an agreement with respect thereto) now existing or
hereafter entered into between Aron (or any of its Designated Affiliates) and the Company (or any of its Designated Affiliates)&nbsp;(i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity
option, commodity spot transaction, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, weather swap, weather derivative, weather option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase
transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these
transactions) or (ii)&nbsp;which is a type of transaction that is similar to any transaction referred to in clause (i)&nbsp;that is currently, or in the future becomes, recurrently entered into the financial markets (including terms and conditions
incorporated by reference in such agreement) and that is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, or
economic indices or measures of economic risk or value, (b)&nbsp;any combination of these transactions and (c)&nbsp;any other transaction identified as a Specified Transaction in this agreement or the relevant confirmation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM</U>&#148; means the self-contained single-point mooring buoy offshore terminal facility maintained by the Company offshore of the
Refinery for the purposes of mooring and transferring Crude Oil and Product cargoes from oceangoing vessels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM Buy/Sell Crude
Transaction</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5.3(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM Buy/Sell Product
Transaction</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;8.1(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM Buy/Sell Transaction</U>&#148;
means any SPM Buy/Sell Crude Transaction or SPM Buy/Sell Product Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM Delivery Point</U>&#148; means, with respect
to any Aron Procurement Contract that contemplates delivery at the SPM, the delivery point specified in such Aron Procurement Contract at which title to the Crude Oil or Products being sold thereunder is to be transferred from the Third Party
Supplier thereunder to Aron. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM Master Buy/Sell Crude Confirmation</U>&#148; means the master confirmation for SPM
Buy/Sell Crude Transactions in the form provided on <U>Schedule W</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>SPM Master Buy/Sell Product Confirmation</U>&#148; means
the master confirmation for SPM Buy/Sell Product Transactions in the form provided on <U>Schedule W</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT
STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement</U>&#148; means the purchase and sale agreement, in the form provided on <U>Schedule R</U>, to be dated as of the Termination Date, pursuant to which the Company shall buy Crude
Oil and Products from Aron subject to the provisions of this Agreement and any other terms agreed to by the Parties thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Storage Facilities</U>&#148; means the storage, loading and offloading facilities located at the Refinery including the Crude Storage
Tanks and the Refinery Product Storage Tanks and the land, piping, marine facilities, truck facilities and other facilities related thereto, together with existing or future modifications or additions, which are excluded from the definition of
Refinery. In addition, the term &#147;Storage Facilities&#148; includes all other Company Included Locations, except those storage, loading and offloading facilities which are used exclusively to store Excluded Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Storage Facilities Agreement</U>&#148; means the storage facilities agreement, in form and substance mutually agreeable to the
Parties, to be dated as of the Commencement Date, between the Company and Aron, pursuant to which the Company has granted to Aron an exclusive right to use the Storage Facilities (to the extent that such exclusive right can be granted) in connection
with this Agreement; provided that such storage facilities agreement shall also grant Aron the right to use the SPM for receiving delivery of material to the extent contemplated by this Agreement, it being acknowledged that Aron shall only receive
and concurrently transfer to the Company title to materials delivered at the SPM Delivery Point and shall not at any time hold, store or transport any materials at or through the SPM or the pipelines, hoses and other infrastructure connecting the
SPM to the Crude Storage Tanks or Refinery Product Storage Tanks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiaries</U>&#148; means, with respect to any Person (the
&#147;parent&#148;), any corporation, partnership, joint venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent&#146;s consolidated financial statements if
such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, partnership, joint venture, limited liability company, association or other entity (a)&nbsp;of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power, or in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supplier&#146;s Inspector</U>&#148; means any Person selected by Aron in a commercially reasonable manner that is acting as an agent
for Aron or that (1)&nbsp;is a licensed Person who performs sampling, quality analysis and quantity determination of the Crude Oil and Products purchased and sold hereunder, (2)&nbsp;is not an Affiliate of any Party and (3)&nbsp;in the reasonable
judgment of Aron, is qualified and reputed to perform its services in accordance with Applicable Law and industry practice, to perform any and all inspections required by Aron. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tank Maintenance</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.5(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Target Month End Crude Volume</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.2(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Target Month End Product Volume</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;7.3(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax</U>&#148; or &#147;<U>Taxes</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;15.1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;3.1</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Amount</U>&#148; means, without duplication, the total net amount owed by one Party to the other Party upon
termination of this Agreement under <U>Section</U><U></U><U>&nbsp;20.2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date</U>&#148; has the meaning
specified in <U>Section</U><U></U><U>&nbsp;20.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date Crude Oil Volumes</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;20.1(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date Product Volumes</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;20.1(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date Volumes</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;20.1(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Reconciliation Statement</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;20.2(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party Seller</U>&#148; means any seller of Product under a Refinery Product
Contract (other than an Affiliate of the Company). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party Supplier</U>&#148; means any seller of Crude Oil under a
Procurement Contract (other than the Company or any Affiliate of the Company). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Commencement Date</U>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;31.2</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Cutoff Date</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;31.9</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Document</U>&#148; means any of this Agreement, Marketing and Sales
Agreement, the Inventory Sales Agreements, the Storage Facilities Agreement, the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement, the Required Storage and Transportation Arrangements, the Fee Letter, any SPM Master
Buy/Sell Crude Confirmation, any SPM Master Buy/Sell Product Confirmation, the Lien Documents, the Guaranty and any other agreement or instrument contemplated hereby or executed in connection herewith, including any guarantees or other credit
support documents as may be from time to time provided by the Company and/or its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transition Adjustment
Amount</U>&#148; has the meaning specified on <U>Schedule Z</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Governmental Authority</U>&#148; means the federal
government of the United States of America or any agency or instrumentality thereof or any state of the United States of America approved by Aron or any agency or instrumentality thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Volume Determination Procedures</U>&#148; means (a)&nbsp;in respect of determining the
NSV of Crude Oil in the Crude Storage Tanks or Products in the Included Company Product Tanks, the Company&#146;s ordinary daily and <FONT STYLE="white-space:nowrap">month-end</FONT> procedures, which include manually gauging each Crude Storage Tank
or Included Company Product Tank on the last day of the month to ensure that the automated tank level readings are accurate to within a tolerance of two inches; provided that if the automated reading cannot be calibrated to be within such tolerance,
the Company shall use the manual gauge reading in its calculation of <FONT STYLE="white-space:nowrap">month-end</FONT> inventory; (b)&nbsp;in respect of determining the NSV of Products in the Included Third Party Product Tanks, using the volumes
reported on the most recently available daily reports or monthly statements in respect of such tanks; and (c)&nbsp;in respect of the linefill in the Company-owned Included Product Pipelines, such pipelines shall be deemed full, except when products
owned by third parties are flowing through such pipelines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Weekly Projection</U>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;5.2(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Construction of Agreement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Unless otherwise specified, reference to, and the definition of any document (including this Agreement) shall be deemed a
reference to such document as may be, amended, supplemented, revised or modified from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Unless otherwise
specified, all references to an &#147;Article,&#148; &#147;Section,&#148; or Schedule&#148; are to an Article or Section hereof or a Schedule attached hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All headings herein are intended solely for convenience of reference and shall not affect the meaning or interpretation of
the provisions of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Unless expressly provided otherwise, the word &#147;including&#148; as used herein
does not limit the preceding words or terms and shall be read to be followed by the words &#147;without limitation&#148; or words having similar import. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Unless expressly provided otherwise, all references to days, weeks, months and quarters mean calendar days, weeks, months
and quarters, respectively. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Unless expressly provided otherwise, references herein to &#147;consent&#148; mean the
prior written consent of the Party at issue, which shall not be unreasonably withheld, delayed or conditioned. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) A
reference to any Party to this Agreement or another agreement or document includes the Party&#146;s permitted successors and assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Unless the contrary clearly appears from the context, for purposes of this Agreement, the singular number includes the
plural number and vice versa; and each gender includes the other gender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Except where specifically stated otherwise,
any reference to any Applicable Law or agreement shall be a reference to the same as amended, supplemented or <FONT STYLE="white-space:nowrap">re-enacted</FONT> from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Unless otherwise expressly stated herein, any reference to &#147;volume&#148;
shall be deemed to refer to actual NSV, unless such volume has not been yet been determined, in which case, volume shall be an estimated net volume determined in accordance with the terms hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The words &#147;hereof,&#148; &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) For the
purposes of this Agreement, any reference to the &#147;first month&#148; shall be the period from and including the Commencement Date to and including June&nbsp;30, 2015. Any reference to the &#147;prior month&#148; means the period from and
including the Commencement Date of the Original Agreement (as defined therein) to and including the day immediately preceding the Commencement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3 The Parties acknowledge that they and their counsel have reviewed and revised this Agreement and that no presumption of contract
interpretation or construction shall apply to the advantage or disadvantage of the drafter of this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONDITIONS TO COMMENCEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Conditions to Obligations of Aron</U>. The obligations of Aron contemplated by this Agreement shall be subject to satisfaction by the
Company of the following conditions precedent on and as of the Commencement Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company Inventory Sales
Agreement shall have been duly executed by the Company and, pursuant thereto, the Company shall have agreed to transfer to Aron on the Commencement Date, all right, title and interest in and to the portion of the Commencement Date Volumes subject
thereto, free and clear of all Liens, other than Permitted S&amp;O Liens; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Existing Supplier/Offtaker Inventory
Sales Agreement shall have been duly executed by the Existing Supplier/Offtaker and the Company and, pursuant thereto, the Existing Supplier/Offtaker and the Company shall have agreed to transfer to Aron on the Commencement Date, all right, title
and interest in and to the portion of the Commencement Date Volumes subject thereto, free and clear of all Liens, other than Permitted S&amp;O Liens; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall have agreed to a form of the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement
in form and in substance satisfactory to Aron; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Company shall have duly executed the Storage Facilities Agreement
in form and in substance satisfactory to Aron and provided Aron satisfactory documentation that it has secured, for the benefit of Aron, full, unencumbered storage and usage rights of the Storage Facilities; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Company shall have duly executed the Marketing and Sales Agreement in
form and in substance satisfactory to Aron; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Company shall have duly executed the Agency Agreement in form and in
substance satisfactory to Aron; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company shall have provided Aron with evidence, in a form reasonably satisfactory
to Aron, that the Commencement Date Volumes will be sold to Aron free and clear of any Liens, other than Permitted S&amp;O Liens; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Aron shall have received evidence, reasonably satisfactory to it, confirming that, as of the Commencement Date,
(i)&nbsp;the Framework Agreement between the Company and the Existing Supplier/Offtaker has been terminated and all obligations thereunder have been satisfied (other than customary indemnification and similar contingent obligations that expressly
survive such termination); (ii) the Prior ABL Credit Agreement has been terminated and all obligations thereunder have been satisfied (other than customary indemnification and similar contingent obligations that expressly survive such termination)
and (iii)&nbsp;there are no other Existing Financing Agreements outstanding; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company shall have duly executed the
Fee Letter and performed any terms and conditions thereof to be performed by the Company on or before the Commencement Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) [Reserved]; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The Company shall have delivered to Aron a certificate signed by an appropriate officer of the Company certifying as to
incumbency, due authorization, board approval and resolutions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Company shall have delivered to Aron an opinion of
counsel, in form and substance satisfactory to Aron, covering such matters as Aron shall reasonably request, including: good standing; existence and due qualification; power and authority; due authorization and execution; enforceability; no
conflicts; provided that, subject to Aron&#146;s consent, certain of such opinions may be delivered by the General Counsel of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) No action or proceeding shall have been instituted nor shall any action by a Governmental Authority be threatened, nor
shall any order, judgment or decree have been issued or proposed to be issued by any Governmental Authority as of the Commencement Date to set aside, restrain, enjoin or prevent the transactions and performance of the obligations contemplated by
this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Neither the Refinery nor any of the Included Locations shall have been affected adversely or
threatened to be affected adversely by any loss or damage, whether or not covered by insurance, unless such loss or damages would not have a material adverse effect on the usual, regular and ordinary operations of the Refinery or the Included
Locations; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) The Company shall have delivered to Aron insurance certificates evidencing
the effectiveness of the insurance policies and endorsements required by <U>Article 16</U> below; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) The Company shall
have complied with all covenants and agreements hereunder that it is required to comply with on or before the Commencement Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) All representations and warranties of the Company and its Affiliates contained in the Transaction Documents shall be true
and correct on and as of the Commencement Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) The Company shall have delivered to Aron such other certificates,
documents and instruments as may be reasonably necessary to consummate the transactions contemplated herein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) The
Company shall have entered into the Lien Documents granting and perfecting in favor of Aron the security interest and lien contemplated thereby and all actions necessary to perfect the Liens granted thereunder shall have been completed, including
(i)&nbsp;the filing of UCC financing statements, (ii)&nbsp;the submission of the Mortgage for filing with appropriate Governmental Authorities, and (iii)&nbsp;the delivery of any certificates and transfer instruments required under the Pledge and
Security Agreement or the Equity Pledge Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) The Company shall have duly executed the Environmental Indemnity
Agreement in form and in substance satisfactory to Aron; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) Aron shall have received written confirmation that
(i)&nbsp;all UCC filings in favor of the Existing Supplier/Offtaker or the creditors under the Existing Financing Agreements have been authorized for termination and that applicable termination statements shall be submitted for filing upon the
Commencement Date, (ii)&nbsp;any mortgages in favor of the Existing Supplier/Offtaker or such creditors have been authorized for release and that applicable mortgage releases shall be submitted for filing upon the Commencement Date and
(iii)&nbsp;all liens in favor of the Existing Supplier/Offtaker or such creditors have been terminated or will be terminated upon proper filing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Aron shall have received written confirmation that, with respect to all Governmental Accounts (i)&nbsp;assignment of claims
in favor of Aron under the Assignment of Claims Act of 1940, as amended (31 U.S.C. 3727, 41 U.S.C. 15), in form reasonably satisfactory to Aron, shall have been duly executed and filed with the relevant account debtors and (ii)&nbsp;all assignment
of claims under such Act previously filed in favor of any other party have been cancelled; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) A report of bulk sale or
transfer with respect to the transfers contemplated by the Company Inventory Sales Agreement and the Existing Supplier/Offtaker Inventory Sales Agreement shall have been filed with the Hawaii Department of Taxation and Aron shall have received a
certificate from the Hawaii Director of Taxation confirming that Aron, as purchaser thereunder, has no liability with respect to any Hawaii state taxes due from either of the sellers thereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) On or prior to the Commencement Date, the Company shall have provided to Aron
an expected Product yield for the Refinery based on its then current operating forecast for the Refinery (the &#147;<U>Initial Estimated Yield</U>&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) Aron shall have received payment of all fees, expenses and other amounts due and payable on or prior to the Commencement
Date required to be reimbursed or paid by the Company hereunder, under the Fee Letter or any other Transaction Document on or prior to such date, including (i)&nbsp;the Arrangement Fee, (ii)&nbsp;the Deferral Arrangement Fee and
(iii)&nbsp;reimbursement or payment of Aron&#146;s estimated <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of Aron and its Affiliates (including reasonable fees, charges and disbursements of
Aron&#146;s counsel, experts and consultants). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) The Initial Margin Amount shall have been posted with Aron as
contemplated by <U>Section</U><U></U><U>&nbsp;4.3</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Conditions to Obligations of the Company</U>. The obligations of the
Company contemplated by this Agreement shall be subject to satisfaction by Aron of the following conditions precedent on and as of the Commencement Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron shall have duly executed the Company Inventory Sales Agreement in form and substance satisfactory to the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Aron shall have duly executed the Existing Supplier/Offtaker Inventory Sales Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Aron shall have duly executed the Storage Facilities Agreement in form and in substance satisfactory to the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Aron shall have duly executed the Marketing and Sales Agreement in form and in substance satisfactory to the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Aron shall have duly executed the Agency Agreement in form and in substance satisfactory to the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Aron shall have agreed to the form of the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement in
form and in substance satisfactory to the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Aron shall have duly executed the Fee Letter; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) [Reserved]; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Aron shall have executed the Lien Documents to the extent its signature is required thereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) All representations and warranties of Aron contained in the Transaction
Documents shall be true and correct on and as of the Commencement Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Aron shall have complied with all covenants
and agreements hereunder that it is required to comply with on or before the Commencement Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) Aron shall have
delivered to the Company such other certificates, documents and instruments as may be reasonably necessary to consummate the transactions contemplated herein; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) Aron shall have delivered satisfactory evidence of its federal form 637 license. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 <U>Status of Certain Conditions and Other Provisions</U>. The Parties acknowledge that the Commencement Date occurred on June&nbsp;1, 2015
(the &#147;<U>Commencement Date</U>&#148;) under the Original Agreement and that, on and as of such date, various conditions were satisfied and other provisions complied with as contemplated under the Original Agreement, including without limitation
the conditions set forth in Sections 2.1 and 2.2 and the determinations, transfer and payments contemplated under Article 4. The retention of the foregoing provisions in this Agreement shall not be deemed to imply that any of such conditions or
other provisions were not satisfied or complied with on and as of the Commencement Date, and any defined terms used in Sections 2.1 and 2.2 shall be defined solely for purposes of Sections 2.1 and 2.2 as such terms were defined as of the
Commencement Date. Such provisions have been retained for good order&#146;s sake and to provide a convenient record thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4
<U>Post-Commencement Date Undertakings</U>. From and after the Commencement Date, the Company may endeavor to negotiate and implement designations and other binding contractual arrangements, in form and substance reasonably satisfactory to Aron,
pursuant to which the Company may transfer and assign to Aron the Company&#146;s (or its Affiliates&#146;) right to use any storage or transportation facility as may hereafter be identified by the Company; provided that (i)&nbsp;upon and
concurrently with implementing any such assignment, designation or arrangement, any such storage or transportation facility shall be added to the appropriate Schedule hereto as an additional Included Crude Tank, Included Product Tank or Included
Product Pipeline, as applicable, and such assignment, designation or arrangement shall constitute a Required Storage and Transportation Arrangement hereunder; (ii)&nbsp;to the extent requested by Aron, the Parties shall amend the Company Inventory
Sales Agreement and any other applicable Transaction Document to include any inventory transferred to Aron as a result of such assignment, designation or arrangement; and (iii)&nbsp;without limiting the generality of the foregoing, the addition of
an Included Location shall be subject to satisfaction of Aron&#146;s Policies and Procedures (as defined in <U>Section</U><U></U><U>&nbsp;14.4(a)</U> below), which shall be applied in a nondiscriminatory manner as provided in
<U>Section</U><U></U><U>&nbsp;14.4(b)(i)</U> below. In addition, if the relevant storage or transportation facility fails to satisfy Aron&#146;s Policies and Procedures, then, upon the Company&#146;s request, Aron shall consult with the Company in
good faith to determine whether based on further information provided by the Company such storage or transportation facility complies with Aron&#146;s Policies and Procedures and/or whether additional actions or procedures can be taken or
implemented so that, as a result, such storage or transportation facility would comply with Aron&#146;s Policies and Procedures and, based on such further information and/or the implementation of such additional actions or procedures, Aron will from
time to time reconsider whether such storage or transportation facility satisfies clause (iii)&nbsp;above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 <U>UCC Filings</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) From and after the Commencement Date, the Company will cooperate with Aron to cause to be prepared, and filed, in such
jurisdictions as Aron shall deem necessary or appropriate, <FONT STYLE="white-space:nowrap">UCC-1</FONT> financing statements reflecting (i)&nbsp;Aron as owner of all Crude Oil and Products in the Included Locations and (ii)&nbsp;Aron as a secured
party with respect to the Collateral to perfect Aron&#146;s security interest under the Lien Documents. The Company shall execute and deliver to Aron, and the Company hereby authorizes Aron to file (with or without the Company&#146;s signature), at
any time and from time to time, all such financing statements, amendments to financing statements, continuation financing statements, termination statements, relating to such Crude Oil and Products and the Collateral, and other documents and
instruments, all in form satisfactory to Aron, as Aron may request, to confirm Aron&#146;s ownership of such Crude Oil and Products and to otherwise accomplish the purposes of this Agreement and as required pursuant to the Lien Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the generality of the foregoing, the Company ratifies and authorizes the filing by Aron of any financing
statements filed prior to the Commencement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6 <U>Additional Conditions Relating to Amended and Restated Supply and Offtake
Agreement</U>. In connection with and as a condition to the execution by the Parties of the amendment and restatement of this Agreement on the Restatement Effective Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron shall have received a fully executed copy of the Acknowledgment Agreement in form and substance satisfactory to Aron;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Parties have entered into the Amended and Restated Pledge and Security Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Parties have entered into the Amended and Restated Master Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Aron shall have received a fully executed copy of the Guaranty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Notes have been issued pursuant to the Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Aron has received evidence of the effectiveness of the ABL Facility; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company has provided to Aron confirmation, in form and substance satisfactory to Aron, that all Transaction Documents
remain in full force and effect; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Parties have prepared and appended hereto a full amended and restated set of
Schedules; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) To the extent required by Aron, updated and amended UCC filings shall have
been filed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Company shall have provided certified board resolutions authoring the amendment and restated
contemplated hereby and transactions subject hereto and to the other Transaction Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The Company shall have
delivered to Aron a certificate signed by an appropriate officer of the Company certifying as to incumbency, due authorization, board approval and resolutions; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Company shall have delivered to Aron an opinion of counsel, in form and substance satisfactory to Aron, covering such
matters as Aron shall reasonably request, including: good standing; existence and due qualification; power and authority; due authorization and execution; enforceability; no conflicts; provided that, subject to Aron&#146;s consent, certain of such
opinions may be delivered by the General Counsel of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) All representations and warranties of the Company and
its Affiliates contained in the Transaction Documents shall be true and correct on and as of the Restatement Effective Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Aron shall have received from the Company payment of or reimbursement for all fees, costs, and expenses (including all
reasonable attorneys&#146; fees and expenses) incurred by Aron in connection with the negotiation, preparation and execution of this Agreement and all other documents and transactions being executed in connection herewith; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Aron shall have received payment of all fees, expenses and other amounts due and payable by the Company on or prior to the
Restatement Effective Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Aron shall have received a bailee letter, in form and substance satisfactory to Aron,
executed by Mid Pac Petroleum, LLC (&#147;Mid Pac&#148;), relating to each location operated by Mid Pac at which the Company maintains any inventory; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) Aron shall have taken actions to terminate the Mortgage and the Equity Pledge Agreement and to release any Liens associated
with such documents, including any fixture filings. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TERM OF AGREEMENT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1
<U>Term</U>. The Original Agreement became effective on the Original Effective Date with the Commencement Date (as acknowledged in <U>Section</U><U></U><U>&nbsp;2.3</U> above) occurring on June&nbsp;1, 2015. This Agreement constitutes a continuation
of the term of the Original Agreement and, subject to <U>Section</U><U></U><U>&nbsp;3.2</U>, shall continue for a period ending at 11:59:59 p.m., EST on May&nbsp;31, 2021 (the &#147;<U>Term</U>&#148;; the last day of such Term being herein referred
to as the &#147;<U>Expiration Date</U>,&#148; except as provided in <U>Section</U><U></U><U>&nbsp;3.2</U> below). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Changing the Term</U>. The Parties may, no later than one hundred twenty (120)&nbsp;days
prior to the then current Expiration Date, by mutual agreement, elect to extend the Term of this Agreement for an additional one year period following such current Expiration Date and, upon the effectiveness of such mutual agreement, the last day of
such additional one year period shall be the Expiration Date hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 <U>Obligations upon Termination</U>. In connection with the
termination of the Agreement on the Expiration Date, the Parties shall perform their obligations relating to termination pursuant to <U>Article</U><U></U><U>&nbsp;20</U>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 4 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>COMMENCEMENT
DATE TRANSFER </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Transfer and Payment on the Commencement Date</U>. The Parties acknowledge that Aron&#146;s obligations
hereunder (other than its obligation under <U>Section</U><U></U><U>&nbsp;2.3</U> above) shall commence on the Commencement Date only if the Commencement Date Volumes shall be sold and transferred to Aron as provided under the Inventory Sales
Agreements, against payment of the Estimated Commencement Date Value made as provided therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Post-Commencement Date
Reconciliation and <FONT STYLE="white-space:nowrap">True-Up</FONT></U>. The Parties further acknowledge that the determination and payment of the Definitive Commencement Date Value shall be made as provided in the Inventory Sales Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 <U>Initial Margin Amount</U>. The Company shall post with Aron on the Commencement Date and maintain during the Term cash in the amount of
$7,033,475 (the &#147;<U>Initial Margin Amount</U>&#148;); provided, as further agreed by the Parties, all or a portion of such amount may be posted by Aron holding back a portion of the amount payable to the Company under the Company Inventory
Sales Agreement. The Initial Margin Amount shall (i)&nbsp;constitute credit support for all of the Company&#146;s obligations under the Transaction Documents, (ii)&nbsp;be subject to the applicable provisions of this Agreement, including
<U>Section</U><U></U><U>&nbsp;13.4(a)</U>, and (iii)&nbsp;except as otherwise applied in accordance with the terms of the Transaction Documents, be returned to the Company only if the Transaction Documents have been terminated and all the
Company&#146;s obligations under the Transactions Documents have been satisfied in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4 <U>Transition Adjustment Amount</U>.
Promptly after the Commencement Date, Aron shall determine in accordance with the procedure and methodology set forth on <U>Schedule Z</U> hereto the Transition Adjustment Amount and, after such determination is made, Aron shall provide to the
Company written notice of such amount, together with a statement setting forth in reasonable detail Aron&#146;s calculation thereof. If such notice is given at least two Business Days prior to the date on which payment with respect to the Definitive
Commencement Date Value is to be made under the Inventory Sales Agreement, then the Party obligated to pay such Transition Adjustment Amount (as provided on <U>Schedule Z</U>) shall pay such amount on such payment date under the Inventory Sales
Agreement and, to the extent appropriate, the Transition Adjustment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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Amount shall be aggregated with or netted against the amount being paid by one Party to the other under the Inventory Sales Agreement. If such notice is given at a later date than specified in
the preceding sentence, then the Party obligated to pay the Transition Adjustment Amount (as provided in <U>Schedule Z</U>) shall be obligated to pay such amount no later than the second Business Day following the date such notice is given. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 5 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PURCHASE AND
SALE OF CRUDE OIL </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 <U>Sale of Crude Oil</U>. On and after the Commencement Date through the end of the Term, and subject to
(a)&nbsp;Aron&#146;s ability to procure Crude Oil in accordance with the terms hereof, (b)&nbsp;its receipt of Crude Oil under Aron Procurement Contracts and (c)&nbsp;the Company&#146;s maintenance of the Base Agreements and Required Storage and
Transportation Arrangements, if any, and compliance with the terms and conditions hereof, Aron will endeavor, in a commercially reasonable manner, to enter into Aron Procurement Contracts which will accommodate, in the aggregate, monthly deliveries
of Crude Oil of up to an average of ninety-four thousand (94,000) Barrels per day and the Company agrees to purchase and receive from Aron all such Crude Oil as provided herein. Aron shall, in accordance with the terms and conditions hereof, have
the right to be the exclusive owner of Crude Oil in the Crude Storage Tanks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Monthly and Weekly Forecasts and Projections</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) No later than the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day of the month preceding
a Delivery Month, the Company shall provide Aron with a preliminary written forecast of the Target Month End Crude Volume and Target Month End Product Volume for the Delivery Month. During the first
(1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>) month of deliveries of Crude Oil made pursuant to this Agreement, the Target Month End Crude Volume and Target Month End Product Volume shall be the amounts set forth on <U>Schedule I</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No later than the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day of the month preceding
a Delivery Month, the Company shall provide Aron with a written forecast of the Refinery&#146;s anticipated Crude Oil requirements for the following Delivery Month and the immediately following month (each, a &#147;<U>Monthly Crude
Forecast</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No later than 5:00 p.m., EST on Friday, the Company shall provide Aron with a written summary of
the Refinery&#146;s projected Crude Oil runs for the upcoming production week (each, a &#147;<U>Weekly Projection</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Company shall promptly notify Aron in writing upon learning of any material change in any Monthly Crude Forecast or
Weekly Projection or if it is necessary to delay any previously scheduled pipeline nominations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Parties
acknowledge that the Company is solely responsible for providing the Monthly Crude Forecast and the Weekly Projection and for making any adjustments thereto, and the Company agrees that all such forecasts and projections shall be prepared in good
faith, with due regard to all available and reliable historical </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


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information and the Company&#146;s then-current business prospects, and in accordance with such standards of care as are generally applicable in the U.S. oil refining industry; provided, however,
the Parties acknowledge and agree that such forecasts and projections are only estimates, and the Company shall have no liability to Aron for any differences between such forecasts and projections provided by Producer in good faith and the actual
crude requirements or runs. The Company acknowledges and agrees that (i)&nbsp;Aron shall be entitled to rely and act, and shall be fully protected in relying and acting, upon all such forecasts and projections, and (ii)&nbsp;Aron shall not have any
responsibility to make any investigation into the facts or matters stated in such forecasts or projections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Procurement of Crude
Oil</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As of the Commencement Date, Aron may have entered into or novated from the Existing Supplier/Offtaker one or
more Aron Procurement Contracts for the purchase of Crude Oil to be processed at the Refinery. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From time to time
during the Term of this Agreement, the Company may propose that one or more additional Aron Procurement Contracts be entered into, including any such additional Aron Procurement Contract as may be entered into in connection with the expiration of an
outstanding Aron Procurement Contract. If the Parties mutually agree to seek additional Aron Procurement Contracts, then the Company shall endeavor to identify quantities of Crude Oil that may be acquired from one or more Third Party Suppliers under
contracts that provide for one or more shipment(s) of Crude Oil. The Company may negotiate with any such Third Party Supplier regarding the price and other terms of such potential additional Aron Procurement Contract. The Company shall have no
authority to bind Aron to, or enter into on Aron&#146;s behalf, any additional Aron Procurement Contract or Procurement Contract Assignment, and the Company shall not represent to any third party that it has such authority. If the Company has
negotiated an offer from a Third Party Supplier for an additional Aron Procurement Contract (and if relevant, Procurement Contract Assignment) that the Company wishes to be executed, the Company shall apprise Aron in writing, using the applicable
trade sheet included in <U>Schedule Q</U> (the &#147;<U>Crude Procurement Request</U>&#148;), of the terms of such offer, and Aron shall promptly, but no later than two (2)&nbsp;Business Days after the Company&#146;s delivery of such applicable
trade sheet (at which time the Crude Procurement Request shall terminate), determine and advise the Company as to whether Aron desires to accept such offer. If Aron indicates its desire to accept such offer, then Aron shall promptly endeavor to
formally communicate its acceptance of such offer to the Company and such Third Party Supplier so that the Third Party Supplier and Aron may enter into a binding additional Aron Procurement Contract (and if relevant, Procurement Contract Assignment)
provided that any additional Aron Procurement Contract (and, if relevant, related Procurement Contract Assignment) shall require Aron&#146;s express agreement and Aron shall not have any liability under or in connection with this Agreement if for
any reason it, acting in good faith, does not agree to any proposed additional Aron Procurement Contract or related Procurement Contract Assignment. If any Aron Procurement Contract is a term contract pursuant to which Aron may, from time to time,
nominate a shipment by a Nomination Cutoff Date for expected delivery during a designated month, Aron will apprise the Company of such timing requirements relating to such Nomination Cutoff Date. The Company acknowledges that the confirmation of an
Aron Procurement Contract with a Third Party Supplier may be effected by Exchanged Confirmations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Aron may, in its discretion, acting in good faith, elect to reject any such
offer to enter into an Aron Procurement Contract, provided that from time to time during the Term hereof Aron shall, upon the reasonable request of the Company, consult with the Company regarding those counterparties that Aron would be prepared to
trade with as of the time of such consultation upon review of acceptable documentation as further contemplated herein. Aron&#146;s decision to reject any such offer shall be based on such factors and considerations as Aron deems relevant, which may
include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits), reputational considerations, prior or current interactions between Aron and the proposed Third Party Supplier, the
presence or absence of trading documentation between Aron and the proposed Third Party Supplier, the presence or absence of a <FONT STYLE="white-space:nowrap">pre-existing</FONT> trading relationship with the proposed Third Party Supplier or the
suitability of the proposed Third Party Supplier for such transaction. Without limiting the foregoing, any proposed Third Party Supplier shall be required to satisfy Aron&#146;s internal requirements and policies as they relate to any applicable
&#147;know-your-customer&#148; rules, anti-money laundering policies and procedures, laws, rules and regulations (including without limitation, the Patriot Act, rules and regulations of the Office of Foreign Assets Control) and other similar client
identification and business conduct standard and dealing policies and procedures (including reputational considerations), in each case, as consistently applied by Aron and to have provided to Aron all material documentation and other information
required by such policies and procedure and applicable regulatory authorities. Notwithstanding the foregoing, Aron shall not reject any such offer to enter into an Aron Procurement Contract with any counterparty based solely on the fact that such
offer was presented to it by the Company hereunder where, at such time, Aron would otherwise have transacted with such counterparty on such terms and under all other applicable policies and limitations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the Company determines, in its reasonable judgment, that it is commercially beneficial for the Refinery to run a
particular grade and/or volume of Crude Oil that is available from a Third Party Supplier that is not a counterparty with which Aron is then prepared to enter into a contract, then the Company may execute a Refinery Procurement Contract to acquire
such Crude Oil for the Company&#146;s account, with such Crude Oil constituting Other Barrels pursuant to <U>Section</U><U></U><U>&nbsp;5.3(g)(ii)</U> below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) With respect to each shipment of Crude Oil delivered under an Aron Procurement Contract and/or a Procurement Contract
Assignment that provides for delivery at the SPM Delivery Point, (i)&nbsp;the Company and Aron shall automatically be deemed to have entered into a buy/sell transaction (each, an &#147;<U>SPM Buy/Sell Crude Transaction</U>&#148;) subject to and in
accordance with the terms and conditions of the SPM Master Buy/Sell Crude Confirmation, with the Company buying such shipment of Crude Oil from Aron at the SPM Delivery Point (the &#147;<U>Crude Buy Leg</U>&#148;) and selling an equal quantity and
quality of Crude Oil to Aron at the Crude Intake Point (the &#147;<U>Crude Sell Leg</U>&#148;), (ii) under the Crude Buy Leg of each SPM Buy/Sell Crude Transaction, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


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Company shall purchase from Aron the quantity of Crude Oil delivered under the relevant shipment with delivery and transfer of title and risk of loss all occurring at the SPM Delivery Point on
the same basis as transfer of title and risk of loss are to occur under the Aron Procurement Contract and/or a Procurement Contract Assignment so that, simultaneously with the transfer of title to such Crude Oil from the Third Party Supplier to
Aron, title to such Crude Oil is transferred from Aron to the Company and (iii)&nbsp;under the Crude Sell Leg of such SPM Buy/Sell Crude Transaction, the Company shall sell to Aron Crude Oil in a quantity equal to, and of a grade and quality at
least equivalent to, that of the Crude Oil purchased by the Company under the Crude Buy Leg of such SPM Buy/Sell Crude Transaction, with delivery and transfer of title and risk of loss occurring at and as such Crude Oil passes the Crude Intake
Point. With respect to each SPM Buy/Sell Crude Transaction, the parties acknowledge and agree that (A)&nbsp;any quantity shortfall, or grade or quality deficiency, with respect to the Crude Oil delivered under the Crude Sell Leg shall be borne by
and is solely for the account of the Company, (B)&nbsp;as a result of the foregoing arrangements, title to Crude Oil shall be held exclusively by the Company at all times as and after such Crude Oil passes the SPM Delivery Point, while such Crude
Oil is being held in or transported by any subsea hoses, subsea pipelines or other infrastructure connecting the SPM Delivery Point to the Crude Intake Point and until such Crude Oil passes the Crude Intake Point, (C)&nbsp;all such Crude Oil in
which the Company holds title shall be subject to the security interest and lien in favor of Aron under the Lien Documents, (D)&nbsp;for purposes of calculating inventory measurements, determining cash settlements under <U>Sections 10.1</U> and
<U>10.2</U> and calculating any fees due hereunder or under any other Transaction Document, quantities of Crude Oil in which the Company has title as contemplated by clause (B)&nbsp;above shall not be counted as quantities of Crude Oil held in an
Included Location and (E)&nbsp;for purposes hereof, neither an SPM Buy/Sell Crude Transaction nor the Crude Buy Leg or Crude Sell Leg thereunder shall constitute an Aron Procurement Contract, a Procurement Contract Assignment, or a Refinery
Procurement Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) For deliveries of Crude Oil not made via the SPM Delivery Point, title for each quantity of
Crude Oil shall pass to Aron as the Crude Oil passes the Crude Intake Point. The Parties acknowledge that the consideration due from Aron to the Company for any Crude Oil that is not delivered under a Procurement Contract will be reflected in the
Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amounts determined following delivery and in accordance with <U>Schedule C</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The following provisions shall be applicable to Refinery Procured Barrels: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No later than the fifth (5th) Business Day of the month preceding a Delivery Month, the Company shall inform Aron whether
the Company has purchased or intends to purchase any Crude Oil that is being procured under a Refinery Procurement Contract for delivery during such Delivery Month (&#147;Refinery Procured Barrels&#148;). In connection with each such quantity of
Refinery Procured Barrels, the Company shall provide to Aron a trade ticket stating the quantity, grade and delivery terms of such Refinery Procured Barrels expected to be delivered to the Crude Storage Tanks during such Delivery Month and, provided
no Default or Event of Default with respect to the Company has </P>
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occurred and is then continuing, the Company and Aron shall enter into an Aron Procurement Contract under which Aron shall purchase such quantity from the Company as and when it passes the Crude
Intake Point and Aron shall promptly provide to the Company a written confirmation of such Aron Procurement Contract. If any change occurs in the quantity, grade or delivery terms of the Refinery Procured Barrels that the Company expects to procure
for delivery during such month, the Company shall promptly advise Aron of such change and the related Aron Procurement Contract shall be modified accordingly. With respect to any such confirmation issued by Aron to the Company in connection with an
Aron Procurement Contract with the Company, if Aron does not receive from the Company either acceptance or notification of a bona fide error within five Business Days after receipt of such confirmation, then the Company shall be deemed to have
accepted such confirmation, and such confirmation shall be effective and binding upon the Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In the event that
the Company enters into a Refinery Procurement Contract, but does not enter into a related Aron Procurement Contract pursuant to a trade ticket as contemplated under <U>Section</U><U></U><U>&nbsp;5.3(g)(i)</U> above, and the Crude Oil procured under
such Refinery Procurement Contract is delivered to the Crude Storage Tanks (&#147;<U>Other Barrels</U>&#148;), then such Other Barrels shall be deemed sold to Aron as and when they pass the Crude Intake Point at the Current Month Pricing Benchmark,
provided that prior to the delivery of any Other Barrels hereunder, the Parties shall establish procedures and mechanisms, reasonably satisfactory to Aron, for determining and reporting specific volumes of such Other Barrels. With respect to any
Other Barrels that the Company expects to deliver to the Crude Storage Tanks, the Company shall give Aron written notice of such expected delivery at least ten (10)&nbsp;Business Days preceding the expected delivery month for such Other Barrels and
in such notice the Company shall provide to Aron the quantity, grade and delivery terms of such Other Barrels expected to be delivered. If thereafter any change occurs in the quantity, grade or delivery terms of the Other Barrels that the Company
expects to procure for delivery during such month, the Company shall promptly advise Aron of such change. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Concurrently
with or promptly after entering into an Aron Procurement Contract pursuant to <U>Section</U><U></U><U>&nbsp;5.3(b)</U>, Aron and the Company may agree to the terms of the intermonth time spread transaction that the Parties have entered into in
connection with such Aron Procurement Contract, which (unless otherwise agreed by Aron) shall consist of a time spread based on the period between cargo pricing and the expected delivery month, with pricing based on the first nearby ICE Brent
Futures for the Cargo Pricing Window (as defined in <U>Schedule K</U>) and the ICE Brent calendar month swap for the relevant expected delivery month; provided that the Parties agree that each such time spread shall be a &#147;Transaction&#148;
under and subject to the Master Agreement and Aron shall issue a confirmation of each such time spread confirming it as a &#147;Transaction&#148; under and subject to the Master Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>Nominations under Aron Procurement Contracts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Concurrently with its delivery of a Monthly Crude Forecast to Aron, the Company shall provide to Aron the Company&#146;s
Target Month End Crude Volume and Target Month End Product Volumes for the related Delivery Month if different from the Target Month End Crude Volume and/or Target Month End Product Volumes for the related Delivery Month previously provided in
<U>Section</U><U></U><U>&nbsp;5.2(a)</U>.&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Delivery Month, based on its Projected Monthly Run Volume, Crude Oil volumes then in Included Locations, shipments previously nominated under Aron Procurement
Contracts, Other Barrels being delivered under Refinery Procurement Contracts and such other information as it deems relevant, the Company shall determine, in its commercially reasonable judgment, (i)&nbsp;the additional shipments of Crude Oil under
Aron Procurement Contracts that the Company desires be delivered to the Included Locations during such Delivery Month and (ii)&nbsp;the aggregate number of shipments of Crude Oil under Aron Procurement Contracts that the Company desires be in
transit but not delivered during such Delivery Month. With respect to each shipment under an Aron Procurement Contract that the Company desires be delivered by a specified Delivery Month, the Company shall notify Aron of such shipment at least 15
Business Days prior to the first applicable Nomination Cutoff Date for such month, if any (each, a &#147;<U>Shipment Notification</U>&#148;). As part of such Projected Monthly Run Volume, the Company may specify the grade of such Projected Monthly
Run Volume, provided that such grades and their respective quantities specified by the Company shall fall within the grades and quantities then available to be nominated by Aron under the outstanding Aron Procurement Contracts. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Provided that the Company provides Aron with the Projected Monthly Run Volume and the Shipment Notifications as required
under <U>Section</U><U></U><U>&nbsp;5.4(a)</U>, Aron and the Company shall consult regarding scheduling and other selections and nominations (collectively, &#147;<U>Contract Nominations</U>&#148;) to be made by Aron under then outstanding Aron
Procurement Contracts on or before any applicable Nomination Cutoff Dates taking into account the quantities of Other Barrel being acquired pursuant to Refinery Procurement Contracts. To the extent reasonably practicable and in accordance with its
consultation with the Company, Aron shall endeavor to make Contract Nominations that reflect the quantity of each grade specified by the Company in such Projected Monthly Run Volume. Should any Contract Nomination not be accepted by any Third Party
Supplier under an Aron Procurement Contract, Aron shall promptly advise the Company and use commercially reasonable efforts with the Company and such Third Party Supplier to revise the Contract Nomination subject to the terms of any such Aron
Procurement Contract. Aron shall provide the Company with confirmation of each such Contract Nomination that is made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
The Parties agree that the Company may, from time to time, request that Aron make adjustments or modifications to Contract Nominations it has previously made under the Aron Procurement Contracts. Promptly following receipt of any such request, Aron
will use its commercially reasonable efforts to make such adjustment or modification, subject to any limitations or restrictions under the relevant Aron Procurement Contracts. Any additional cost or expenses incurred as a result of such an
adjustment or modification shall constitute an Ancillary Cost hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Aron shall not nominate or to its knowledge otherwise acquire any Crude Oil
with characteristics that are not previously approved by the Company for use at the Refinery, such approval to be in the Company&#146;s sole and absolute discretion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In addition to the nomination process, Aron and the Company shall follow the mutually agreed communications protocol as set
forth on <U>Schedule J</U> hereto, with respect to ongoing daily coordination with feedstock suppliers, including purchases or sales of Crude Oil or other feedstocks outside of the normal nomination procedures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Each of the Company and Aron agrees to use commercially reasonable efforts in preparing the forecasts, projections and
nominations required by this Agreement in a manner intended to maintain Crude Oil and Product operational volumes within the Operational Volume Range. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Prior to entering into any Ancillary Contract that is intended for the exclusive benefit of the Company in connection with
this Agreement and does not by its terms expire or terminate on or before the Expiration Date, Aron will endeavor, in good faith and subject to any confidentiality restrictions, to afford the Company an opportunity to review and comment on such
Ancillary Contract or the terms thereof and to confer with the Company regarding such Ancillary Contract and terms, and if Aron enters into any such Ancillary Contract without the Company&#146;s consent, the Company shall not be obligated to assume
such Ancillary Contract pursuant to <U>Section</U><U></U><U>&nbsp;20.1(c)</U> below.<B><I> </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5 <U>Transportation, Storage and
Delivery of Crude Oil</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron shall have the exclusive right to inject (except for such injections by the Company
otherwise contemplated hereby, which result in title to any injected Crude Oil being transferred to Aron), store and withdraw Crude Oil in and from the Crude Storage Tanks as provided in the Storage Facilities Agreement. Aron shall have exclusive
right to store Crude Oil in the Crude Storage Tanks as provided in the Storage Facilities Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Provided no
Default or Event of Default has occurred and is continuing, the Company shall be permitted to withdraw from the Crude Storage Tanks and take delivery of Crude Oil on any day and at any time. The withdrawal and receipt of any Crude Oil by the Company
at the Crude Delivery Point shall be on an &#147;ex works&#148; basis (EXW Incoterms 2010). Aron shall be responsible only for arranging transportation and delivery of Crude Oil into the Crude Storage Tanks and the Company shall bear sole
responsibility for arranging the withdrawal of Crude Oil from the Crude Storage Tanks. The Company shall take all commercially reasonable actions necessary to maintain a connection with the Crude Storage Tanks to enable withdrawal and delivery of
Crude Oil to be made as contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6 <U>Title, Risk of Loss and Custody</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Title to and risk of loss of the Crude Oil shall pass from the Company to Aron at the Crude Intake Point. Aron shall retain
title to and risk of loss of such Crude Oil during the time such Crude Oil is held in any Storage Facilities.&nbsp;&nbsp;&nbsp;&nbsp;Title to and risk of loss of the Crude Oil shall pass from Aron to the Company at the Crude Delivery Point. The
Company shall assume custody of the Crude Oil as it passes the Crude Delivery Point. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) During the time any Crude Oil or Products are held in any Storage Facilities,
the Company, in its capacity as operator of the Storage Facilities and pursuant to the Storage Facilities Agreement, shall be solely responsible for compliance with all Applicable Laws, including all Environmental Laws, pertaining to the possession,
handling, use and processing of such Crude Oil or Products and shall indemnify and hold harmless Aron, its Affiliates and their agents, representatives, contractors, employees, directors and officers, for all Liabilities directly or indirectly
arising therefrom except to the extent such Liabilities are caused by or attributable to any of the matters for which Aron is indemnifying the Company pursuant to <U>Article</U><U></U><U>&nbsp;21</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At and after transfer of any Crude Oil at the Crude Delivery Point, the Company and its Affiliates shall be solely
responsible for compliance with all Applicable Laws, including all Environmental Laws pertaining to the possession, handling, use and processing of such Crude Oil and shall indemnify and hold harmless Aron, its Affiliates and their agents,
representatives, contractors, employees, directors and officers, for all Liabilities directly or indirectly arising therefrom. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) To the extent the Company wishes to sell any Crude Oil to any third party, the Company acknowledges that it shall not have
the authority to agree to such sale without Aron&#146;s prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7 <U>Contract Documentation, Confirmations and
Conditions</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron&#146;s obligations to deliver Crude Oil under this Agreement shall be subject to (i)&nbsp;the
Company identifying and negotiating potential Aron Procurement Contracts, in accordance with <U>Section</U><U></U><U>&nbsp;5.3</U>, that are acceptable to both the Company and Aron relating to a sufficient quantity of Crude Oil to meet the
Refinery&#146;s requirements, (ii)&nbsp;the Company performing its obligations hereunder with respect to providing Aron with timely nominations, forecasts and projections (including Projected Monthly Run Volumes, as contemplated in
<U>Section</U><U></U><U>&nbsp;5.4(a)</U>) so that Aron may make timely nominations under the Aron Procurement Contracts, (iii)&nbsp;all of the terms and conditions of the Aron Procurement Contracts, (iv)&nbsp;any other condition set forth in
<U>Section</U><U></U><U>&nbsp;5.1</U> above and (v)&nbsp;no Event of Default having occurred and continuing with respect to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In documenting each Aron Procurement Contract, Aron will endeavor and cooperate with the Company, in good faith and in a
commercially reasonable manner, to obtain the Third Party Supplier&#146;s agreement that a copy of such Aron Procurement Contract may be provided to the Company; provided that this <U>Section</U><U></U><U>&nbsp;5.7(b)</U> in no way limits the
Company&#146;s rights to consent to all Aron Procurement Contracts as contemplated by <U>Section</U><U></U><U>&nbsp;5.3</U>. In addition, to the extent it is permitted to do so, Aron will endeavor to keep the Company apprised of, and consult with
the Company regarding, the terms and conditions being incorporated into any Aron Procurement Contract under negotiation with a Third Party Supplier. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company acknowledges and agrees that, subject to the terms and conditions
of this Agreement, it is obligated to purchase and take delivery of all Crude Oil acquired by Aron under Aron Procurement Contracts executed in connection herewith and subject to the terms and conditions specified in
<U>Section</U><U></U><U>&nbsp;5.4</U> above. In the event of a dispute, Aron will provide, to the extent legally and contractually permissible, to the Company, a copy of the Aron Procurement Contract in question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5.8 <U>DISCLAIMER OF WARRANTIES</U>. EXCEPT FOR THE WARRANTY OF TITLE WITH RESPECT TO CRUDE OIL OR PRODUCTS DELIVERED HEREUNDER, NEITHER PARTY
MAKES ANY WARRANTY, CONDITION OR OTHER REPRESENTATION, WRITTEN OR ORAL, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS OR SUITABILITY OF SUCH CRUDE OIL OR PRODUCTS FOR ANY PARTICULAR PURPOSE OR OTHERWISE. FURTHER, NEITHER PARTY MAKES ANY WARRANTY
OR REPRESENTATION THAT SUCH CRUDE OIL OR PRODUCTS CONFORMS TO THE SPECIFICATIONS IDENTIFIED IN ANY CONTRACT WITH ANY THIRD PARTY SUPPLIER. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9 <U>Quality Claims and Claims Handling</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The failure of any Crude Oil or Product that Aron hereunder sells to the Company to meet the specifications or other
quality requirements applicable thereto as stated in an Aron Procurement Contract for that Crude Oil or Product shall be for the sole account of the Company and shall not entitle the Company to any reduction in the amounts due by it to Aron
hereunder; provided, however, that any claims made by Aron with respect to such <FONT STYLE="white-space:nowrap">non-conforming</FONT> Crude Oil or Product shall be for the Company&#146;s account and resolved in accordance with this
<U>Section</U><U></U><U>&nbsp;5.9</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Parties shall consult with each other and coordinate how to handle and
resolve any claims arising in the ordinary course of business (including claims related to Crude Oil, Products, pipeline, tank transfers, or ocean transportation, and any dispute, claim, or controversy arising hereunder between Aron and any of its
vendors who supply goods or services in conjunction with Aron&#146;s performance of its obligations under this Agreement) made by or against Aron. In all instances wherein claims are made by a third party against Aron which will be for the account
of the Company, the Company shall have the right, subject to <U>Section</U><U></U><U>&nbsp;5.9(d)</U>, to either direct Aron to take commercially reasonable actions in the handling of such claims or assume the handling of such claims in the name of
Aron, all at the Company&#146;s cost and expense; provided that Aron may require that the Company assume the handling of any such claim. To the extent that the Company believes that any claim should be made by Aron for the account of the Company
against any third party (whether a Third Party Supplier, terminal facility, pipeline, storage facility or otherwise), and subject to <U>Section</U><U></U><U>&nbsp;5.9(d)</U> and the terms and conditions of the Agency Agreement, Aron will take any
commercially reasonable actions as requested by the Company either directly, or by allowing the Company to do so, to prosecute such claim all at the Company&#146;s cost and expense and all recoveries resulting from the prosecution of such claim
shall be for the account of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Aron shall, in a commercially reasonable manner, cooperate with the Company
in prosecuting any such claim and shall be entitled to assist in the prosecution of such claim at the Company&#146;s expense, if the Company so requests. In the event that Aron assists in the prosecution of such claim not at the request of Company,
such prosecution shall be at Aron&#146;s sole cost and expense. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything in
<U>Section</U><U></U><U>&nbsp;5.9(b)</U> or <U>Section</U><U></U><U>&nbsp;5.9(c)</U> to the contrary, Aron may notify the Company that Aron is retaining control over or limiting its participation in the resolution of any claim referred to in
<U>Section</U><U></U><U>&nbsp;5.9(b)</U> or <U>Section</U><U></U><U>&nbsp;5.9(c)</U> if Aron, in its reasonable judgment, has determined that it has commercially reasonable business considerations for doing so based on any relationships that Aron or
any of its Affiliates had, has or may have with the third party involved in such claim; provided that, subject to such considerations, Aron shall use commercially reasonable efforts to resolve such claim, at the Company&#146;s expense and for the
Company&#146;s account. In addition, any claim that is or becomes subject to <U>Article 21</U> shall be handled and resolved in accordance with the provisions of <U>Article 21</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.10 <U>Communications</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Party shall promptly provide to the other copies of any and all written communications and documents between it and
any third party which in any way relate to Ancillary Costs, including but not limited to written communications and documents with Included Product Pipelines, provided that Aron has received such communications and documents in respect of the
Included Product Pipelines and/or any communications and documents related to the nominating, scheduling and/or chartering of vessels; provided that neither Party shall be obligated to provide to the other any such materials that contain proprietary
or confidential information and, in providing any such materials, such Party may redact or delete any such proprietary or confidential information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to any proprietary or confidential information referred to in <U>Section</U><U></U><U>&nbsp;5.10(a)</U>, Aron
shall promptly notify the Company of the nature or type of such information and use its commercially reasonable efforts to obtain such consents or releases as necessary to permit such information to be made available to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Parties shall coordinate all nominations and deliveries according to the communications protocol on <U>Schedule J</U>
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.11 <U>Payment Undertakings for Refinery Procurement Contracts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) From time to time, upon the request of the Company, Aron and the Company may endeavor to negotiate with a Third Party
Supplier a Crude Payment Undertaking by Aron under which Aron will agree to remit or cause or otherwise arrange for the remittance to such Third Party Supplier of funds sufficient to pay the Crude Procurement Payment due to such Third Party Supplier
under one or more Refinery Procurement Contracts on the relevant Procurement Due Dates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) To the extent deemed appropriate by Aron, the considerations under
<U>Section</U><U></U><U>&nbsp;5.3(c)</U> applicable to the determining whether Aron elects to enter into a proposed Aron Procurement Contract shall also apply to Aron&#146;s determination regarding whether to execute a Crude Payment Undertaking with
a Third Party Supplier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) For each Crude Payment Undertaking that Aron enters into, the Company shall, automatically and
without any further action by either Party, become obligated to reimburse Aron for, and pay all Ancillary Costs applicable to, the payment made or caused to be made by Aron under such Crude Payment Undertaking (a &#147;<U>Company Crude Reimbursement
Obligation</U>&#148;); provided that (i)&nbsp;the amounts payable by the Company under the Company Crude Reimbursement Obligation shall be determined in accordance with <U>Schedule C</U> hereof and (ii)&nbsp;any security and credit support with
respect to a Company Crude Reimbursement Obligation shall be as provided in this Agreement and other Transaction Documents. The Company Crude Reimbursement Obligation for a Crude Payment Undertaking shall arise at the time as such Crude Payment
Undertaking is entered into by Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Without limiting any other rights or remedies of Aron hereunder (including any
obligations of the Company to indemnify Aron), if any claim of any nature (including any quantity or quality claim) arises under a Refinery Procurement Contract for which Aron has made, or caused to be made, payment under a Crude Payment
Undertaking, then Aron shall, to the same extent as contemplated by <U>Section</U><U></U><U>&nbsp;5.9(b)</U>, <U>Section</U><U></U><U>&nbsp;5.9(c)</U> and <U>Section</U><U></U><U>&nbsp;5.9(d)</U> hereof, cooperate with and take such actions as
reasonably requested by the Company in pursuing or endeavoring to resolve such claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.12 <U>Documentation Discrepancies</U>. If any
dispute arises with a Third Party Supplier or Third Party Seller regarding the terms of any documentation to which Aron is a party, Aron in cooperation with the Company shall use commercially reasonable efforts to resolve such documentation
discrepancy with such Third Party Supplier or Third Party Seller; provided that if such discrepancy has not been resolved within 5 Business Days after Aron has commenced such efforts, then any time thereafter, upon request by Aron, the Company shall
assume full responsibility for communicating with such Third Party Supplier or Third Party Seller and endeavoring to resolve such documentation discrepancy and, following such request, Aron shall not be required to take any further action to resolve
such documentation discrepancy not otherwise required by <U>Section</U><U></U><U>&nbsp;5.9(b)</U> and <U>Section</U><U></U><U>&nbsp;5.9(c)</U> and Aron shall be fully entitled to rely on the terms in any contract that Aron has executed
notwithstanding any discrepancy with any other documentation unless and until a further amendment thereto is agreed by all parties. Without limiting the foregoing, the Company covenants and agrees that any costs, losses or damages that Aron may
incur directly as a result of such a documentation discrepancy (including any differences in the terms reflected in any Exchanged Confirmations) shall constitute Ancillary Costs and be for the account of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PURCHASE PRICE FOR CRUDE OIL </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1 <U>Daily Volumes</U>. Each Business Day the Company shall provide to Aron, by no later than 7:00 pm HST meter tickets and/or meter
readings, and tank gauge readings confirming the Measured Crude Quantity for each Crude Storage Tank for all Delivery Dates since the prior Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2 <U>Purchase Price for Crude Oil</U>. The per Barrel purchase price for the Monthly Net Crude Sales shall equal the Current Month Pricing
Benchmark specified for Crude Oil, subject to the calculation of the Total Monthly Crude Oil <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount as provided for on <U>Schedule C</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3 <U>Refinery Crude Purchase Fee</U>. As used herein: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For any month, the Company shall owe to Aron when due the Refinery Crude Purchase Fee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Monthly Net Crude Run</U>&#148; means, for any month, (i)&nbsp;the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude
Inventory for the prior month, plus (ii)&nbsp;the Aron Crude Purchases for such month, plus (iii)&nbsp;the aggregate quantity of Other Barrels that are actually delivered and received at the Crude Storage Tanks during such month, minus (iv)&nbsp;the
Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude Inventory for such month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Refinery Crude Purchase Fee calculated
under this <U>Section</U><U></U><U>&nbsp;6.3</U> shall be incorporated under <U>Schedule C</U> as an amount due to Aron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4 <U>Material
Crude Grade Changes</U>. If either the Company or Aron concludes in its reasonable judgment that the specifications (including specific gravity and sulfur content of the Crude Oil) of the Crude Oil procured, or projected to be procured, differ
materially from the grades that have generally been run by the Refinery or such grades that the Company may run from time to time acting as a prudent refinery operator, then the Company and Aron will endeavor in good faith to mutually agree on
(i)&nbsp;acceptable price indices for such Crude Oil, and (ii)&nbsp;a settlement payment from one Party to the other that is sufficient to compensate the relevant Party for the relative costs and benefits to each of the price differences between the
prior price indices and the amended price indices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.5 <U>Counterparty Crude Sales</U>. At the request of the Company and subject to the
applicable provisions of <U>Article 5</U> above, Aron may from time to time enter into one or more Counterparty Crude Sales. In such cases, the Counterparty Crude Sales Fee shall be applicable to such Counterparty Crude Sales, and shall be payable
by the Company to Aron hereunder; provided, however, such Counterparty Crude Sales Fee shall not be applicable to any other disposition of Crude Oil made by Aron hereunder or under the Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.6 Upon Aron&#146;s request, the Company will provide documentation evidencing all Barrels of Crude Oil purchased for any month under
Refinery Procurement Contracts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TARGET INVENTORY LEVELS AND DIFFERENTIAL ADJUSTMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1 <U>Target Inventory Levels</U>. Monthly inventory targets for Crude Oil and Products shall be set pursuant to this <U>Article 7</U>. Such
monthly inventory targets for Crude Oil and Products shall be subject to the minimum and maximum inventory levels in <U>Schedule D</U> for each Pricing Group. The Company represents and warrants that the respective Target Month End Crude Volumes and
Target Month End Product Volumes that the Company sets for each month during the Term hereof shall be the Company&#146;s good faith estimate, at the time it sets such targets, of the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude
Inventory and the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Product Inventories at the end of such month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.2 <U>Target
Month End Crude Volume</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) By no later than the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)
Business Day of the month preceding each Delivery Month, the Company shall notify Aron of the aggregate quantity of Crude Oil that the Company expects to run at the Refinery during such Delivery Month (the &#147;<U>Projected Monthly Run
Volume</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For each month of the Term, the Company shall from time to time (but subject to any applicable
notification deadlines specified on <U>Schedule D</U> hereto) specify the &#147;<U>Target Month End Crude Volume</U>&#148; which shall equal (i)&nbsp;the Target Month End Crude Volume for the immediately preceding month, plus (ii)&nbsp;the aggregate
volume of Crude Oil that Aron has nominated under the Aron Procurement Contracts for delivery during that month pursuant to <U>Section</U><U></U><U>&nbsp;5.4(b)</U>, plus (iii)&nbsp;the aggregate volume of the Other Barrels expected to be delivered
during such month, minus (iv)&nbsp;the Projected Monthly Run Volume for that month (except that the Target Month End Crude Volume as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified
as such on <U>Schedule I</U> hereto). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In establishing a Target Month End Crude Volume, the Parties acknowledge that
any increase in a Target Month End Crude Volume is constrained to the extent that the Crude Oil available for delivery under the Aron Procurement Contracts with Third Party Suppliers plus Other Barrels available for delivery during such month are
not greater than the Company&#146;s Crude Oil requirements for the Refinery for the month related to such Target Month End Crude Volume. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Parties may, by mutual agreement, adjust the Target Month End Crude Volume for any month. Any change to a Target Month
End Crude Volume shall affect only the subject month and does not impact the calculation of the Target Month End Crude Volume in subsequent months pursuant to <U>Section</U><U></U><U>&nbsp;7.2(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.3 <U>Target Month End Product Volume</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) By no later than the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day of the month preceding
each Delivery Month, the Company shall provide to Aron its standard <FONT STYLE="white-space:nowrap">run-out</FONT> report substantially in the form of <U>Schedule O</U> (the &#147;<U><FONT STYLE="white-space:nowrap">Run-out</FONT> Report</U>&#148;)
showing the estimated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
quantities of each Product that it expects to produce and deliver to Aron during the following month and the quantities of each Product it expects to sell under the Marketing and Sales Agreement
during such following month (for each Product, the &#147;<U>Projected Monthly Production Volume</U>&#148;), which may, from time to time, be adjusted by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For each month and each type of Product, the Company shall from time to time (but subject to any applicable notification
deadlines specified on <U>Schedule</U><B><U> </U></B><U>D</U> hereto) specify an aggregate quantity and grade that shall be the &#147;<U>Target Month End Product Volume</U>&#148; for that month, which shall represent a volume which may be zero or a
positive number (except that the Target Month End Product Volume for each type of Product as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified as such on <U>Schedule I</U> hereto).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Subject to events of Force Majeure, facility turnarounds, the performance of any third parties (including purchasers
of Products under the Marketing and Sales Agreement), the Company will, in establishing each Target Month End Product Volume, cause such Target Month End Product Volume to be within the applicable range specified for such Product on <U>Schedule
D</U> hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) At any time prior to the beginning of the month to which a Target Month End Product Volume relates (but
subject to any applicable notification deadlines specified on <U>Schedule</U><B><U> </U></B><U>D</U> hereto), the Parties may, by mutual agreement, change such Target Month End Product Volume. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In addition, Aron may adjust the Target Month End Product Volume with the consent of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) For any calendar month in which quantities of Products are delivered by Aron under one or more Additional Product
Transactions entered into during such month pursuant to the Marketing and Sales Agreement, the Target Month End Product Volume of any such Product for the end of such month shall be reduced by the aggregate net quantity of such Product so delivered
to the extent such Additional Product Transactions are entered into after such Target Month End Product Volume is established. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.4
<U>Differential Adjustments</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Pursuant to the procedures set forth in <U>Schedule K</U> hereto, Aron shall
determine for each month during the term hereof whether any adjustment to the Crude Differential is required. Promptly after Aron has completed such calculation, it shall advise the Company in writing as to whether any Crude Differential adjustment
is appropriate and if so the amount of such Crude Differential adjustments. Any such adjusted Crude Differential shall become applicable commencing with the month immediately following the month with respect to which such determination was made.
</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Promptly following each Differential Adjustment Month, Aron shall review the
realized sales data for such Differential Adjustment Month and calculate whether, based on such data, an adjustment to any of the Product Differentials is appropriate (or, in the case of an Interim Differential Adjustment Month, the Product
Differentials identified by whichever Party provides notification thereof); provided that, if Aron determines in its reasonable judgment that the data for such Differential Adjustment Month do not provide a representative basis for such
determination (due to anomalies, distortions or other factors identified by Aron), then Aron may, at its election, make such calculation based on data for the three calendar month period preceding the Differential Adjustment Month. Promptly after
Aron has completed such calculation, it shall advise the Company in writing as to whether any Product Differential adjustments are appropriate and if so the amounts of such Product Differential adjustments. Any such adjusted Product Differentials
shall become applicable commencing with the month immediately following such Differential Adjustment Month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) For any
month for which a Crude Differential adjustment is to be made pursuant to <U>Section</U><U></U><U>&nbsp;7.4(a)</U> or for any Differential Adjustment Month for which any Product Differential adjustments are to be made pursuant to
<U>Section</U><U></U><U>&nbsp;7.4(b)</U>, Aron shall determine either the Product Differential Adjustment Settlement Amount or the Crude Differential Adjustment Settlement Amount and such amount shall be included in the Total Monthly Crude <FONT
STYLE="white-space:nowrap">True-Up</FONT> Amount (in the case of a Crude Differential Adjustment) or Aggregate Monthly Product <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount (in the case of a Product Differential Adjustment) that is
incorporated into the Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Payment for such month or Differential Adjustment Month; provided that, in the case of an Interim Differential Adjustment Month, such determination shall be made only with
respect to those Product Differentials identified in Aron&#146;s notification to the Company relating to such Interim Differential Adjustment Month. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) As used herein, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) &#147;<U>Differential Adjustment Month</U>&#148; means either a Scheduled Differential Adjustment Month or an Interim
Differential Adjustment Month; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) &#147;<U>Interim Differential Adjustment Month</U>&#148; means any month (other than a
Scheduled Differential Adjustment Month) during which either Party notifies the other Party in writing (including via email) on or prior to the last Business Day of such month that, in such notifying Party&#146;s commercially reasonable judgment, a
material change has occurred in one or more of the market differentials used to establish any of the Product Differentials hereunder; provided that for each such Product Differential no more than one Interim Differential Adjustment Month shall occur
between any two consecutive Scheduled Differential Adjustment Months; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) &#147;<U>Scheduled Differential Adjustment
Month</U>&#148; means each January, April, July and October during the term hereof (except for the final month of the Term). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.5
<U>Monthly Product Adjustments</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Monthly Product Sale Adjustment</U>. For each month (or portion thereof)
during the term of the Marketing and Sales Agreement and for each Product Group, Aron shall determine whether an amount is due by one Party to the other (for each Product Group, a &#147;<U>Monthly Product Sale Adjustment</U>&#148;) in accordance
with the following terms and conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) For each Product Group and relevant period, Aron shall determine the
aggregate quantity of Barrels of such Product Group sold during such period under Included Sales Transactions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If,
for any Product Group and relevant period, (i)&nbsp;the Aggregate Sale Receipts exceeds the Index Sale Value (as defined below), then the Monthly Product Sale Adjustment for that Product Group shall equal such excess and shall be due to the Company
and (ii)&nbsp;the Index Sale Value exceeds the Aggregate Sale Receipts, then the Monthly Product Sale Adjustment for that Product Group shall equal such excess and shall be due to Aron; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) If Aron determines that any Monthly Product Sale Adjustment is due, it will include its calculation of such amount in the
documentation provided to the Company for the relevant period pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U> and such Monthly Product Sale Adjustment shall be incorporated as a component of the Monthly
<FONT STYLE="white-space:nowrap">True-Up</FONT> Amount due for such period which, if due to the Company, shall be expressed as a negative number and, if due to Aron, shall be expressed as a positive number; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) As used herein: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) &#147;<U>Aggregate Sale Receipts</U>&#148; shall mean, for any Product Group and relevant period, the sum of the actual
aggregate purchase value invoiced by Aron for all quantities of such Product Group that Aron delivered during such period under Included Sales Transactions with Customers (as defined in the Marketing and Sales Agreement); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) &#147;<U>Index Sale Value</U>&#148; shall mean, for any Product Group and relevant period, the product of (i)&nbsp;the sum
of the aggregate quantity of Barrels of such Product Group sold during such period under Included Sales Transactions, <U>multiplied</U> by (ii)&nbsp;the Current Month Pricing Benchmark for that Product Group and period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Monthly Product Purchase Adjustment</U>. For each month (or portion thereof) during the term of the Marketing and Sales
Agreement and for each Product Group, Aron shall determine whether an amount is due by one Party to the other (for each Product Group, a &#147;<U>Monthly Product Purchase Adjustment</U>&#148;) in accordance with the following terms and conditions:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) For each Product Group and relevant period, Aron shall determine the aggregate quantity of Barrels of such Product
Group purchased during such period under Included Purchase Transactions; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If, for any Product Group and relevant period, (i)&nbsp;the Aggregate
Purchase Proceeds exceeds the Index Purchase Value (as defined below), then the Monthly Product Purchase Adjustment for that Product Group shall equal such excess and shall be due to Aron and (ii)&nbsp;the Index Purchase Value exceeds the Aggregate
Purchase Proceeds, then the Monthly Product Purchase Adjustment for that Product Group shall equal such excess and shall be due to the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) If Aron determines that any Monthly Product Purchase Adjustment is due, it will include its calculation of such amount in
the documentation provided to the Company for the relevant period pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U> and such Monthly Product Purchase Adjustment shall be incorporated as a component of the Monthly
<FONT STYLE="white-space:nowrap">True-Up</FONT> Amount due for such period which, if due to the Company, shall be expressed as a negative number and, if due to Aron, shall be expressed as a positive number; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) As used herein: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) &#147;<U>Aggregate Purchase Proceeds</U>&#148; shall mean, for any Product Group and relevant period, the sum of the
actual aggregate purchase value invoiced to Aron for all quantities of such Product Group that Aron purchased during such period under Included Purchase Transactions with Product Supplier (as defined in the Marketing and Sales Agreement); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) &#147;<U>Index Purchase Value</U>&#148; shall mean, for any Product Group and relevant period, the product of (i)&nbsp;the
sum of the aggregate quantity of Barrels of such Product Group purchased during such period under Included Purchase Transactions, <U>multiplied</U> by (ii)&nbsp;the Current Month Pricing Benchmark for that Product Group and period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.6 <U>Monthly Product Sales Fees</U>. For each month, the applicable Product Sales Fee shall be applied to each Barrel of Product, if any,
sold by Aron under any Included Sales Transaction during such month. With respect to each month, the aggregate monthly value of the Product Sale Fees (the &#147;<U>Aggregate Monthly Product Sales Fee</U>&#148;) shall be calculated pursuant to
<U>Schedule C</U> and shall be due and payable from the Company to Aron as specified in <U>Schedule C</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.7 <U>Monthly Cover Costs</U>.
If, for any month (or portion thereof), Aron reasonably determines that, as a result of the Company&#146;s failure to produce the quantities of Product projected under this Agreement or the Company&#146;s failure to comply with its obligations under
the Marketing and Sales Agreement, Aron retains insufficient quantities of Product to comply with its obligations to any third parties, under Included Sales Transactions, and Aron incurs any additional costs and expenses or related damages in
procuring and transporting Product from other sources for purposes of covering such delivery obligations or the shortfall in the quantity held for its account (collectively, &#147;<U>Monthly Cover Costs</U>&#148;), then the Company shall be obliged
to reimburse Aron for such Monthly Cover Costs, subject to the limitations set forth in <U>Article 22</U>. If Aron determines that any Monthly Cover Costs are due to it, Aron shall promptly communicate such determination to the Company and, subject
to any mitigation of such costs </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
actually achieved by the Company, include the calculation of such amount in the documentation provided to the Company for the relevant period pursuant to <U>Section</U><U></U><U>&nbsp;10.2</U>
and such Monthly Cover Costs shall be incorporated as a component of the Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount due for such period hereunder. If, for any month (or portion thereof), Aron reasonably determines that, as a
result of the Company&#146;s failure to produce the quantities of Product projected under this Agreement or the Company&#146;s failure to comply with its obligations under the Marketing and Sales Agreement, Aron retains insufficient quantities of
Product to comply with its obligations to Company, under any Company Agreements or otherwise pursuant to <U>Section</U><U></U><U>&nbsp;2.6</U> of the Marketing and Sales Agreement, the Company shall be solely responsible for covering any delivery
obligations to third parties or the shortfall in the quantity held for such third parties in connection with the Company&#146;s Product Marketing Operations (as defined in the Marketing and Sales Agreement). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.8 <U>Costs Related to Shortfall</U>. To the extent that Aron is required to cover any shortfall in any Product delivery, under an Included
Sales Transaction, by any inventory it owns and acquires separately from the inventory owned and maintained in connection with this Agreement, any cost or loss incurred by Aron in connection therewith that is not otherwise included as a Monthly
Cover Cost shall constitute an Ancillary Cost that is to be reimbursed to Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.9 <U>Excess Target Levels</U>. No later than five
(5)&nbsp;Business Days prior to the date on which the Company is obligated to establish the Target Month End Crude Volume or the Target Month End Product Volumes for any month, the Company may request that Aron agree to a level for any of the
foregoing that exceeds that applicable maximum level set forth on <U>Schedule D</U> hereto (an &#147;<U>Excess Inventory Level</U>&#148;); provided that such request may be for only such month or for a period of two or more consecutive months
starting with such month, as the Company shall specify in its request. If such request is made in a timely manner, Aron shall promptly review such request and advise the Company as to whether Aron accepts or rejects such Excess Inventory Level;
provided that, Aron is under no obligation to accept any such request. If Aron accepts any request for an Excess Inventory Level, then for all purposes of this Agreement and in lieu of the relevant level set forth on <U>Schedule D</U>, such Excess
Inventory Level shall constitute the maximum level the relevant Product Group for the period specified in such request; provided that, after such period, the applicable level set forth on <U>Schedule D</U> shall be in effect for purposes of this
Agreement. If Aron rejects any such request, then the applicable level set forth on <U>Schedule D</U> shall continue in effect, unless otherwise expressly agreed by the Parties in writing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.10 <U>Excess Inventory Levels</U><B><I>. </I></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If, at any time, either Party determines, with respect to any Product Group, that the aggregate quantity of such Product
Group being held in the Included Locations exceeds the Maximum Inventory Level for such Product Group (such excess, an &#147;<U>Excess Quantity</U>&#148;), such Party shall promptly notify the other Party of the existence and volume of such Excess
Quantity. Within three (3)&nbsp;Business Days after such notice is given, Aron shall advise the Company as to whether Aron accepts such Excess Quantity (in which case <U>Section</U><U></U><U>&nbsp;7.10(b)</U> shall apply) or rejects such Excess
Quantity (in which case <U>Section</U><U></U><U>&nbsp;7.10(c)</U> shall apply). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If Aron accepts an Excess Quantity then, for all purposes of this Agreement,
such Excess Quantity shall constitute the Maximum Inventory Level for the relevant Product Group for the balance of the month in which such Excess Quantity was first identified and, at Aron&#146;s option, for such additional month or months as Aron
may specify; provided that if Aron does not accept such Excess Quantity for any additional month or months, such Excess Quantity shall only be in effect for the then current month and if such Excess Quantity remains after the end of such current
month, the provisions of this <U>Section</U><U></U><U>&nbsp;7.10</U> shall apply anew as of the beginning the following month. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If Aron rejects an Excess Quantity then, for purposes of determining amounts due under <U>Sections 10.1</U> and <U>10.2</U>
of this Agreement, such Excess Quantity shall not be counted as Crude Oil or Products being held at an Included Location. In such case, if the Company is able to segregate in one or more Included Tanks a quantity of the relevant Product Group at
least equal to such Excess Quantity, the Company may, at its option, elect to designate such Included Tanks and purchase from Aron the segregated quantity of such Product Group held in such designated Included Tanks so that the quantity of such
Product Group owned by Aron would not exceed the Maximum Inventory Level for the relevant Product Group after giving effect to such purchase, at a price equal to the product of (a)&nbsp;the volume of such Product Group held in such Included Tanks
and (b)&nbsp;the Current Month Pricing Benchmark for the applicable Product Group. After settlement of such purchase, such Included Tanks shall no longer constitute Included Locations for purposes hereof unless and until Aron determines, in its
reasonable discretion, that Aron&#146;s ownership of the quantities held in such tanks would not result, as of the time of such determination, in the aggregate quantity of the relevant Product Group owned by Aron exceeding the applicable Maximum
Inventory Level. If and when such determination is made, the Parties shall confirm the sale by the Company to Aron of the quantities held in such Included Tanks at a price equal to the product of (a)&nbsp;such quantity and (b)&nbsp;the Current Month
Pricing Benchmark for the applicable Product Group and upon the settlement of such purchase, such Included Tanks shall thereafter again constitute Included Locations for all purposes hereof. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 8 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PURCHASE AND
DELIVERY OF PRODUCTS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.1 <U>Purchase and Sale of Products</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron agrees to purchase and receive from the Company, and the Company agrees to sell and deliver to Aron, the entire
Products output of the Refinery from and including the Commencement Date through the end of the Term of this Agreement, at the prices determined pursuant to this Agreement and otherwise in accordance with the terms and conditions of this Agreement.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From time to time, under the Marketing and Sales Agreement, the Company may propose that Aron enter into an Included
Purchase Transaction with an identified Product Supplier. Such proposal and Aron&#146;s acceptance and rejection of such proposal shall be made pursuant to <U>Section</U><U></U><U>&nbsp;2.3</U> of the Marketing and Sales Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The following provisions shall be applicable to Refinery Procured Product
Barrels: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No later than the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day of the month
preceding a Delivery Month, the Company shall inform Aron whether the Company has purchased or intends to purchase any Product that is being procured under a Refinery Product Contract for delivery during such Delivery Month (&#147;<U>Refinery
Procured Product Barrels</U>&#148;). In connection with each such quantity of Refinery Procured Product Barrels, the Company shall provide to Aron a trade ticket stating the quantity, grade and delivery terms of such Refinery Procured Product
Barrels expected to be delivered to the Refinery Product Storage Tanks or such other location designated by the Company during such Delivery Month and, provided no Default or Event of Default with respect to the Company has occurred and is then
continuing, the Company and Aron shall enter into a Included Purchase Transaction under which Aron shall purchase such quantity from the Company as and when it passes the Products Intake Point and Aron shall promptly provide to the Company a written
confirmation of such Included Purchase Transaction. If any change occurs in the quantity, grade or delivery terms of the Refinery Procured Product Barrels that the Company expects to procure for delivery during such month, the Company shall promptly
advise Aron of such change and the related Included Purchase Transaction shall be modified accordingly. With respect to any such confirmation issued by Aron to the Company in connection with an Included Purchase Transaction with the Company, if Aron
does not receive from the Company either acceptance or notification of a bona fide error within five Business Days after receipt of such confirmation, then the Company shall be deemed to have accepted such confirmation, and such confirmation shall
be effective and binding upon the Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In the event that the Company enters into a Refinery Product Contract, but
does not enter into a related Included Purchase Transaction pursuant to a trade ticket as contemplated under <U>Section</U><U></U><U>&nbsp;8.1(c)</U> above, and the Products procured under such Refinery Product Contract is delivered to the Refinery
Product Storage Tanks or such other location designated by the Company (&#147;<U>Other Product Barrels</U>&#148;), then such Other Product Barrels shall be deemed sold to Aron as and when they pass the Products Intake Point at the Current Month
Pricing Benchmarks, provided that prior to the delivery of any Other Product Barrels hereunder, the Parties shall establish reasonable procedures and mechanisms for determining and reporting specific volumes of such Other Product Barrels. With
respect to any Other Product Barrels that the Company expects to deliver to the Refinery Product Storage Tanks or such other designated Included Product Tanks, the Company shall give Aron written notice of such expected delivery at least ten
(10)&nbsp;Business Days preceding the expected delivery month for such Other Product Barrels and in such notice the Company shall provide to Aron the quantity, grade and delivery terms of such Other Product Barrels expected to be delivered. If
thereafter any change occurs in the quantity, grade or delivery terms of the Other Product Barrels that the Company expects to procure for delivery during such month, the Company shall promptly advise Aron of such change. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) With respect to each shipment of Products delivered under an Included
Purchase Transaction that provides for delivery at the SPM Delivery Point, (i)&nbsp;the Company and Aron shall automatically be deemed to have entered into a buy/sell transaction (each, an &#147;<U>SPM Buy/Sell Product Transaction</U>&#148;) subject
to and in accordance with the terms and conditions of the SPM Master Buy/Sell Product Confirmation, with the Company buying such shipment of Products from Aron at the SPM Delivery Point (the &#147;<U>Product Buy Leg</U>&#148;) and selling an equal
quantity and quality of Product to Aron at the Products Intake Point (the &#147;<U>Product Sell Leg</U>&#148;), (ii) under the Product Buy Leg of each SPM Buy/Sell Product Transaction, the Company shall purchase from Aron the quantity of Product
delivered under the relevant shipment with delivery and transfer of title and risk of loss all occurring at the SPM Delivery Point on the same basis as transfer of title and risk of loss are to occur under the Included Purchase Transaction so that,
simultaneously with the transfer of title to such Products from the Third Party Supplier to Aron, title to such Products is transferred from Aron to the Company and (iii)&nbsp;under the Product Sell Leg of such SPM Buy/Sell Products Transaction, the
Company shall sell to Aron Products in a quantity equal to, and of a grade and quality at least equivalent to, that of the Products purchased by the Company under the Product Buy Leg of such SPM Buy/Sell Product Transaction, with delivery and
transfer of title and risk of loss occurring at and as such Product passes the Products Intake Point. With respect to each SPM Buy/Sell Product Transaction, the parties acknowledge and agree that (A)&nbsp;any quantity shortfall, or grade or quality
deficiency, with respect to the Products delivered under the Product Sell Leg shall be borne by and is solely for the account of the Company, (B)&nbsp;as a result of the foregoing arrangements, title to Product shall be held exclusively by the
Company at all times as and after such Product passes the SPM Delivery Point, while such Product is being held in or transported by any subsea hoses, subsea pipelines or other infrastructure connecting the SPM Delivery Point to the Products Intake
Point and until such Product passes the Products Intake Point, (C)&nbsp;all such Products in which the Company holds title shall be subject to the security interest and lien in favor of Aron under the Lien Documents, (D)&nbsp;for purposes of
calculating inventory measurements, determining cash settlements under <U>Sections 10.1</U> and <U>10.2</U> and calculating any fees due hereunder or under any other Transaction Document, quantities of Products in which the Company has title as
contemplated by clause (B)&nbsp;above shall not be counted as quantities of Products held in an Included Location and (E)&nbsp;for purposes hereof, neither an SPM Buy/Sell Product Transaction nor the Product Buy Leg or Product Sell Leg thereunder
shall constitute a Included Purchase Transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) For purposes of all computations hereunder relating to the value of
any materials held in the Honolulu 10&#148; Pipeline, including without limitation, for the purposes of <U>Sections 10.1</U> and <U>10.2</U> hereof, the <FONT STYLE="white-space:nowrap">per-barrel</FONT> price of any such materials shall equal the
applicable price benchmark for the Slop Product Group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Payment Undertaking for Refinery Product Contracts</U>. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) From time to time, upon the request of the Company, Aron and the Company may
endeavor to negotiate with a Third Party Seller a Product Payment Undertaking by Aron under which Aron will agree to remit or cause or otherwise arrange for the remittance to such Third Party Seller of funds sufficient to pay the Product Procurement
Payment due to such Third Party Seller under one or more Refinery Product Contracts on the relevant Procurement Due Dates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) To the extent deemed appropriate by Aron, the considerations under <U>Section</U><U></U><U>&nbsp;5.3(c)</U> applicable to
the determining whether Aron elects to enter into a proposed Aron Procurement Contract shall also apply to Aron&#146;s determination regarding whether to execute a Product Payment Undertaking with a Third Party Seller. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) For each Product Payment Undertaking that Aron enters into, the Company shall, automatically and without any further
action by either Party, become obligated to reimburse Aron for, and pay all Ancillary Costs applicable to, the payment made or caused to be made by Aron under such Product Payment Undertaking (a &#147;<U>Company Product Reimbursement
Obligation</U>&#148;); provided that (x)&nbsp;the amounts payable by the Company under the Company Product Reimbursement Obligation shall be determined in accordance with <U>Schedule C</U> hereof and (y)&nbsp;any security and credit support with
respect to a Company Product Reimbursement Obligation shall be as provided in this Agreement and other Transaction Documents. The Company Product Reimbursement Obligation for a Product Payment Undertaking shall arise at the time as such Product
Payment Undertaking is entered into by Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Without limiting any other rights or remedies of Aron hereunder
(including any obligations of the Company to indemnify Aron), if any claim of any nature (including any quantity or quality claim) arises under a Refinery Product Contract for which Aron has made, or caused to be made, payment under a Product
Payment Undertaking, then Aron shall, to the same extent as contemplated by <U>Section</U><U></U><U>&nbsp;5.9(b)</U>, <U>Section</U><U></U><U>&nbsp;5.9(c)</U> and <U>Section</U><U></U><U>&nbsp;5.9(d)</U> hereof, cooperate with and take such actions
as reasonably requested by the Company in pursuing or endeavoring to resolve such claim. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.2 <U>Delivery and Storage of Products</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Unless otherwise agreed by Aron, all Products shall be delivered by the Company to Aron at the Products Intake Point of the
Refinery Product Storage Tanks or any other Included Product Tanks (as the case may be) on a DDP (Incoterms 2010) basis, with the Company being responsible for ensuring delivery of such Product into the Refinery Product Storage Tanks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Aron shall have exclusive right (to the extent that such exclusive right can be granted) to store Products in the Refinery
Product Storage Tanks and all other Included Product Tanks as provided under the Storage Facilities Agreement and, if hereafter entered into, any Required Storage and Transportation Arrangements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.3 <U>Expected Yield and Estimated Output</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) From time to time, based on its then current operating forecast for the Refinery, the Company may provide to Aron a revised
expected Product yield for the Refinery (each, a &#147;<U>Revised Estimated Yield</U>&#148; and, together with the Initial Estimated Yield, an &#147;<U>Estimated Yield</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) On the Commencement Date and thereafter as set forth on <U>Schedule J</U>, the Company shall, based on the then current
Estimated Yield and such other operating factors as it deems relevant, prepare and provide to Aron an estimate of the Product quantities it expects to deliver to Aron during such month (each, a &#147;<U>Monthly Product Estimate</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.4 <U>Delivered Quantities</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For each Delivery Date, the Company shall provide to Aron, by no later than 7:00 p.m., HST on the second (2<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP>) Business Day following such Delivery Date, meter tickets and/or meter readings and tank gauge readings confirming the Measured Product Quantity in each Included Product Tank for each Product
delivered during that Delivery Date and other such relevant information including but not limited to Product identifiers and the location of Products, aggregated on a Product Group basis. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Company determines that any meter tickets and/or meter readings and tank gauge readings provided pursuant to clause
(a)&nbsp;above are inaccurate, the Company will provide to Aron such corrected meter tickets and/or meter readings and tank gauge readings by no later than 7:00 p.m., HST on the third (3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>)
Business Day following the date on which such determination is made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.5 <U>Title and Risk of Loss</U>. Title and risk of loss to Products
shall pass from the Company to Aron as Products pass the Products Intake Point. Aron shall retain title and risk of loss through the Included Product Pipelines and in the Included Product Tanks. Title and risk of loss to Products shall pass from
Aron (i)&nbsp;to the Company as Products pass at a Products Delivery Point or (ii)&nbsp;in the case of sales of Product by Aron under the Marketing and Sales Agreement, to the Company or third parties (as the case may be) at a Products Offtake
Point, including tank to tank transfer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.6 <U>Product Specifications</U>. The Company agrees that all Products sold to Aron hereunder
shall conform to the respective specifications set forth on <U>Schedule A</U> or to such other specifications as are from time to time agreed upon by the Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.7 <U>Purchase Price of Products</U>. The per Barrel purchase price for the Monthly Net Product Group Sales for each type of Product Group
sold to Aron hereunder shall equal the Current Month Pricing Benchmark specified for such Product Group, subject to the calculation of the Aggregate Monthly Product <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount as provided for on
<U>Schedule C</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.8 <U>Fees for Included Purchase Transactions</U>. The Product Procurement Fee shall be applied to each Barrel of
Product to be delivered to an Included Location or the Refinery pursuant to an Included Purchase Transaction. With respect to each month, the aggregate monthly value of the Product Procurement Fees (the &#147;<U>Aggregate Monthly Purchased Products
Fee</U>&#148;) shall be calculated pursuant to <U>Schedule C</U> and shall be due and payable from the Company to Aron as specified in <U>Schedule C</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.9 <U>Transportation, Storage and Delivery of Products</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject, store and withdraw
Products in the Storage Facilities as provided in the Storage Facilities Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Pursuant to the Required Storage
and Transportation Arrangements, Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject (except for such injections by the Company otherwise contemplated hereby), store, transport and withdraw Products
in and on the Included Product Pipelines and the Included Product Tanks to the same extent as the Company&#146;s rights to do so prior to the implementation of the Required Storage and Transportation Arrangements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Insofar as any pipeline nominations are required to be made by Aron for any Product prior to any applicable Pipeline Cutoff
Date for any month, Aron shall be responsible for making such pipeline and terminal nominations for that month; provided that, Aron&#146;s obligation to make such nominations shall be conditioned on its receiving from the Company scheduling
instructions for that month a sufficient number of days prior to such Pipeline Cutoff Date so that Aron can make such nominations within the lead times required by such pipelines and terminals. Aron shall not be responsible if an Included Product
Pipeline is unable to accept Aron&#146;s nomination or if the Included Product Pipelines must allocate capacity among its shippers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.10
<U>Material Product Grade Changes</U>. If either the Company or Aron concludes in its reasonable judgment that the specifications or the mix of the constituents of a Pricing Group produced, or projected to be produced, differ materially from those
that have generally been produced by the Refinery or those that the Company may produce from time to time acting as a prudent refinery operator, then the Company and Aron will endeavor in good faith to mutually agree on (i)&nbsp;acceptable price
indices for such Product, and (ii)&nbsp;a settlement payment from one Party to the other sufficient to compensate the relevant Party for the relative costs and benefits to each of the price differences between the prior price indices and the amended
price indices. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 9 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ANCILLARY COSTS; MONTH END INVENTORY; CERTAIN DISPOSITIONS; TANK MAINTENANCE </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.1 <U>Ancillary Costs</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Parties agree that, to the maximum extent reasonably practicable, the Company shall pay directly any item that would
constitute an Ancillary Cost. The Parties shall cooperate and endeavor in a commercially reasonable manner to arrange for all such items to be billed directly to the Company and for the payee of such item to expect payment of such item solely from
the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the foregoing, the Company agrees to reimburse Aron for all
Ancillary Costs incurred by Aron. Such reimbursement shall occur from time to time upon demand of Aron to the Company. When making such demand, Aron shall promptly provide the Company with copies of any relevant trade tickets, invoices or other
supporting documentation for Ancillary Costs incurred by Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) To the extent the Company has not paid or reimbursed
Aron for any Ancillary Costs then outstanding and payable with respect to any month or any adjustments or refunds have occurred with respect to any Ancillary Costs previously paid or reimbursed, Aron may include in the Monthly <FONT
STYLE="white-space:nowrap">True-Up</FONT> Amount for such month as a separate line item on the applicable Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount invoice an amount to compensate the Parties, as appropriate, for such items.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) From time to time upon the reasonable request of either Party, the Parties shall consult to assess whether
(i)&nbsp;Ancillary Costs actually being incurred are consistent with the expectations of the Parties and the terms of this Agreement, (ii)&nbsp;procedures for paying, handling or otherwise dealing with Ancillary Costs can be improved or should be
modified, (iii)&nbsp;documentation relating to substantiation of Ancillary Costs is sufficient and (iv)&nbsp;in any other respect the processing of Ancillary Costs hereunder can or improved or modified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.2 <U>Month End Inventory</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As of 11:59:59 p.m., HST, on the last day of each month, the Company shall apply the Volume Determination Procedures to the
Included Locations, and based thereon shall determine for such month (i)&nbsp;the aggregate volume of Crude Oil held in the Crude Storage Tanks at that time (the &#147;<U>Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude
Inventory</U>&#148;) and (ii)&nbsp;for each Product, the aggregate volume of such Product held in the Refinery Product Storage Tanks and the other Included Product Tanks at that time, plus the Product Linefill for such Product at that time (each, an
&#147;<U>Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Product Inventory</U>&#148;). The Company shall notify Aron of the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude Inventory and each Ending
<FONT STYLE="white-space:nowrap">In-Tank</FONT> Product Inventory by no later than 5:00 p.m., HST on the tenth day thereafter, except that with respect to volume information provided by third parties, the Company shall endeavor to cause third
parties to provide such information to Aron by the tenth (10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) day after the end of such month. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Aron may, or may have Supplier&#146;s Inspector, at Aron&#146;s sole cost and expense, witness all or any aspects of the
Volume Determination Procedures as Aron shall direct. If, in the reasonable judgment of Aron or Supplier&#146;s Inspector, the Volume Determination Procedures have not been applied correctly, then the Company will cooperate with Aron, or
Supplier&#146;s Inspector, to ensure the correct application of the Volume Determination Procedures, including making such revisions to the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude Inventory and any Ending <FONT
STYLE="white-space:nowrap">In-Tank</FONT> Product Inventory as may be necessary to correct any such errors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company agrees that in addition to reporting to Aron the volume
determinations made by the Company pursuant to <U>Section</U><U></U><U>&nbsp;9.2(a)</U>, the Company will provide to Aron copies of all volume reports and statements related to Crude Oil or Products held at any Included Locations or with respect to
any hydrocarbon inventories held by the Company at any other locations including any inventory, quantity, or quality inspection reports prepared by a third party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.3 <U>Calculation of Sales</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For any month, the &#147;<U>Monthly Net Crude Sales</U>&#148; shall be determined as set forth on <U>Schedule C</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For any month, and for each Pricing Group (as defined on <U>Schedule P</U>), the &#147;<U>Monthly Net Product Group
Sales</U>&#148; shall be determined as set forth on <U>Schedule C</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.4 <U>Disposition Following Force Majeure</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary, if Aron decides or is required, due to an event of Force Majeure affecting either
Party or otherwise, to sell to any unrelated third parties, in arm&#146;s length transactions, any quantities of Crude Oil that, based on the then current Monthly Crude Forecast or Weekly Projection, Aron would reasonably have expected to have sold
to the Company (any quantity of Crude Oil so disposed of by Aron being referred to as a &#147;<U>Disposed Quantity</U>&#148;), then the Company shall be obligated to pay to Aron an amount equal to the difference between the price at which such
Disposed Quantity would have been sold to the Company, minus the amount realized in the sale to a third party (the &#147;<U>Disposition Amount</U>&#148;); provided, however, prior to Aron making any such disposition and provided that no Event of
Default with respect to the Company has occurred and is continuing, the Company shall have a period equal to the lesser of (i)&nbsp;ten (10) Business Days from the occurrence of such Force Majeure event or (ii)&nbsp;the remaining time period before
an event of default would occur under the contracts relevant to the Disposed Quantity as a result of such Force Majeure event, in which to arrange the disposition of such Disposed Quantity on commercially reasonable terms and conditions. In no event
shall the Disposed Quantity exceed the aggregate amount of Crude Oil that the Company would have been expected to purchase based on their current Monthly Crude Forecast or Weekly Projection for the period during which the Company is unable to take
delivery of Crude Oil as the result of the Force Majeure event or otherwise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In connection with its selling any
Disposed Quantity, Aron shall promptly determine the Disposition Amount and issue to the Company an invoice for such amount. The Company shall pay to Aron the invoiced amount no later than the second Business Day after the date of such invoice. If,
in connection with the sale of any Disposed Quantity, the Disposition Amount is a negative number, then Aron shall pay the amount of such excess to the Company no later than the second Business Day after the date of such invoice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In connection with any disposition by Aron permitted by this <U>Section</U><U></U><U>&nbsp;9.4</U>, Aron will endeavor, in
good faith, to consult with the Company regarding, and keep the Company apprised of Aron&#146;s negotiations relating to, such disposition so long as, in Aron&#146;s commercially reasonable judgment, doing so does not in any way interfere with or
limit Aron&#146;s ability to execute such disposition in such manner as it deems acceptable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.5 <U>Tank and Pipeline Maintenance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Promptly after the Company completes its annual business plan with respect to any year, it shall notify Aron of any tank
maintenance contemplated with respect to such year that would result in any SPM Delivery Point, Crude Storage Tank, Product Storage Tank or Included Product Pipelines being unavailable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company immediately shall notify Aron orally (followed by prompt written notice) of any previously unscheduled downtime
or maintenance of any SPM Delivery Point, or in the case of any Crude Storage Tank, Product Storage Tank or Included Product Pipeline, any previously unscheduled downtime or maintenance expected to have a duration in excess of ten (10)&nbsp;days.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall give Aron at least thirty (30)&nbsp;days&#146; prior written notice of any scheduled maintenance
that the Company and/or any of its Affiliates intends to conduct on any of the Crude Storage Tanks or the Included Company Product Tanks that would result in such storage tank being taken out of service for a period greater than thirty
(30)&nbsp;days (&#147;<U>Tank Maintenance</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In connection with any Tank Maintenance, the Parties shall
promptly consult and endeavor to agree on adjusted inventory minimum and maximum levels and other appropriate adjustments hereunder that are to apply during the period of such Tank Maintenance, if deemed necessary by the Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Company agrees that it will use its best efforts, consistent with good industry standards and practices, to complete
(and to cause any third parties to complete) any Tank Maintenance as promptly as practicable. The Company shall provide Aron with an initial estimate of the period of any Tank Maintenance and shall regularly update Aron as to the progress of such
Tank Maintenance. If, the Company determines that the expected completion date for Tank Maintenance has or is likely to change by thirty (30)&nbsp;days or more, it shall promptly notify Aron of such determination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.6 <U>Certain Regulatory Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If Aron shall determine, in its reasonable judgment, that as a result of (i)&nbsp;the taking effect of any Applicable Law after the date
hereof, (ii)&nbsp;any change in Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority, (iii)&nbsp;the making or issuance of any request, guideline or directive (whether or not having the force
of law) or any interpretation thereof by any Governmental Authority or the entry of a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment or order in a court of competent jurisdiction (regardless of whether related to Aron) or
(iv)&nbsp;any interpretation of or proposal to implement any of the foregoing by a Governmental Authority, including, without limitation, any of the foregoing events described in clauses (i)-(iv) arising from or relating to either the Federal
Reserve Notice of Proposed Rulemaking or the Federal Reserve 620 Report and whether occurring before or after the Effective Date (each, a &#147;Regulatory Event&#148;), Aron or any of its Affiliates is or would (A)&nbsp;not be
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
permitted to hold, store, transport, buy, finance, sell or own any or certain of the commodities subject to the transactions contemplated by the Transaction Documents, (B)&nbsp;be required to
hold additional capital, or be assessed any additional capital or other charges, on the basis of holding, storing, transporting, buying, financing, selling, or owing any commodities from time to time, including without limitation, any of the
commodities subject to the transactions contemplated by this Agreement and the other Transaction Documents, (C)&nbsp;be unable to perform in any material respect its obligations under this Agreement and the other Transaction Documents, or
(D)&nbsp;were it to continue to hold, store, transport, buy, finance, sell or own any of the commodities subject to the transactions contemplated by this Agreement and the Transaction Documents or perform any such obligations, and taking into
account other commodities and the volumes thereof held by Aron or any of its Affiliates from time to time, be or likely to be required to hold additional capital, or be assessed any additional capital or other charges, or be or likely to be subject
to additional or increased burdens or costs (such additional capital or other charges, burdens and costs, collectively, &#147;Additional Costs&#148;), then it shall notify the Company in writing of such determination (a &#147;Regulatory Event
Notice&#148;). Promptly following the sending of a Regulatory Event Notice, Aron shall propose what actions or steps, if any, either Party or both Parties could implement to alleviate, minimize and/or mitigate the effect of any such Regulatory
Event, and the Company shall consider any such actions or steps in good faith. If, in Aron&#146;s reasonable judgment, such actions or steps can be implemented with respect to the transactions contemplated by this Agreement and the other Transaction
Documents without adversely impacting the business conducted by Aron and its Affiliates generally, including, without limitation, without resulting in Aron or its Affiliates being required to incur any Additional Costs on the basis of holding,
storing, transporting, buying, selling or owing any commodities from time to time, including without limitation, any of the commodities subject to the transactions contemplated by this Agreement and the other Transaction Documents, while preserving
the economic terms and conditions of this Agreement and the other Transaction Documents (including economic benefits, risk allocation, costs and Liabilities), then the Parties shall, in good faith and in a commercially reasonable manner, endeavor to
implement such actions and steps. If, in Aron&#146;s reasonable judgment, no such actions or steps are so identified or the Parties are unable to implement any actions and steps that have been so identified, then Aron may, by written notice to the
Company (a &#147;Regulatory Termination Notice&#148;), elect to terminate this Agreement in the manner provided for in Article 20 on such date Aron shall specify in such notice, which date shall constitute a Termination Date for purposes of Article
20; provided that (x) (unless such Regulatory Event has or is expected to become effective at an earlier date) the date specified in such Regulatory Termination Notice shall occur at least one hundred and twenty (120)&nbsp;days after the date such
notice is given and if practicable on the last day of a month and (y)&nbsp;if the relevant Regulatory Termination Notice relates only to the incurrence of Additional Costs, then if and for so long as the Company exercises its option under
Section&nbsp;9.6(b) below, no termination shall result from such Regulatory Termination Notice. In the case of a Regulatory Termination Notice referred to in clause (y)&nbsp;of the preceding sentence, Aron will also provide to the Company an
estimate of such Additional Costs which Aron shall determine in a commercially reasonable manner based on such information relating to the relevant Regulatory Event as is then available to Aron. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If Aron gives a Regulatory Termination Notice relating to a Regulatory Event Notice that
relates only to the incurrence of Additional Costs, then the Company may elect, by written notice to Aron, to compensate Aron from time to time for such Additional Costs incurred by Aron and so long as the Company compensates Aron for such
Additional Costs, this Agreement shall not be terminated on the basis of such Regulatory Event Notice; provided that (i)&nbsp;upon giving such notice to Aron, the Company shall become obligated to pay all Additional Costs thereafter incurred,
subject to clause (iv)&nbsp;below, and without limiting such obligation Aron may require that the Company execute such further documents or instruments as Aron may request to confirm such obligation, (ii)&nbsp;the amount of such Additional Costs
shall be determined by Aron in accordance with its internal procedures and shall include Additional Costs directly arising from this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby and the portion of
any other Additional Costs allocable, on a pro rata basis, to this Agreement, such Transaction Documents and such transactions, (iii)&nbsp;such Additional Costs shall be invoiced by Aron to the Company on a monthly basis and be due and payable
within three (3)&nbsp;Business Days after invoicing, it being acknowledged that to the extent feasible, Aron will endeavor to include such Additional Costs in the monthly settlement provided for under <U>Section</U><U></U><U>&nbsp;10.2</U> hereof
and (iv)&nbsp;the Company may elect to cease compensating Aron for such Additional Costs by written notice which shall be effective 120 days after being given, in which case Aron may reinstate its Regulatory Termination Notice with respect to such
Additional Costs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) As used herein, &#147;Federal Reserve Notice of Proposed Rulemaking&#148; means the notice of proposed rulemaking
issued by the Board of Governors of the Federal Reserve System titled &#147;Risk-based Capital and Other Regulatory Requirements for Activities of Financing Holding Companies Related to Physical Commodities and Risk-based Capital Requirements for
Merchant Banking Investments&#148; (Docket No. <FONT STYLE="white-space:nowrap">R-1547;</FONT> RIN 7100 <FONT STYLE="white-space:nowrap">AE-58);</FONT> and &#147;Federal Reserve 620 Report&#148; means the Report to the Congress and the Financial
Stability Oversight Council Pursuant to Section&nbsp;620 of the Dodd-Frank Act issued in September 2016 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the
Currency. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PAYMENT PROVISIONS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1
<U>Interim Payments</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For each day, Aron will calculate a provisional payment (each an &#147;<U>Interim
Payment</U>&#148;) by applying the applicable Daily Prices to the Estimated Daily Net Crude Sales and Estimated Daily Net Product Sales for that day, in the manner illustrated on <U>Schedule G</U> and using Best Available Inventory Data; provided
that if inventory data have not been reported on any day within a three (3)&nbsp;Business Day period, Aron will use the inventory data for the day occurring during the thirty (30)&nbsp;day period preceding such calendar day that results in the
largest Estimated Daily Net Crude Sales or the smallest Estimated Daily Net Product Sales (as the case may be), in any case resulting in an amount equal to the highest daily amount that would be payable to Aron; provided further that, if Aron
determines that any inventory data it has used in such determination was inaccurate by at least 20,000 barrels, then Aron shall adjust future Interim Payments to take account of any corrected inventory data. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The &#147;<U>Interim Payment</U>&#148; shall be an amount equal to the value of the Estimated
Daily Net Crude Sales based on the applicable Daily Prices minus the sum of the value of the Estimated Daily Net Product Sales based on the applicable Daily Prices. If this is a negative amount, the absolute value will represent an amount payable to
the Company and if this is a positive amount, it will represent an amount payable to Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to the
Estimated Daily Net Crude Sales and Estimated Daily Net Product Sales, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The inventory data to be used in determining
each shall include the Best Available Inventory Data. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Company shall, at the end of each day, provide to Aron
inventory reports in the form set forth on <U>Schedule H</U>, showing the quantity of Crude Oil held in the Crude Storage Tanks and the quantities of Products held in the Included Product Tanks; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) For the purposes hereof, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) &#147;<U>Estimated Daily Net Crude Sales</U>&#148; &#147;Estimated Daily Net Crude Sales&#148; for any day shall be the
estimate for that day of the Crude Oil volume, excluding any Other Barrels, that equals the Ending Inventory for the Material &#147;#CRUDERUN&#148; (as shown in the Inventory Report), which will equal the total number of Crude Oil Barrels run for
such day, excluding any Other Barrels; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) &#147;<U>Estimated Daily Net Product Sales</U>&#148; for any day and Product
shall be the estimate for that day of the Product volume that equals (A)&nbsp;the total of (w)&nbsp;the aggregate volume of such Product held in the Product Storage Facilities at the end of such day, plus (x)&nbsp;the Daily Product Sales of such
Product for such day, minus (y)&nbsp;the Daily Product Purchases of such Product for such day, minus (z)&nbsp;the aggregate volume of such Product held in the Product Storage Facilities at the beginning of such day, minus (v), the &#147;Daily
Produced Volume&#148;; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) For each day, Aron shall determine the Estimated Daily Net Crude Sales and Estimated Daily
Net Product Sales, in a commercially reasonable manner based on the inventory data and otherwise in the manner contemplated by this <U>Section</U><U></U><U>&nbsp;10.1</U> and <U>Schedule G</U>, and to the extent it deems appropriate taking into
account such other data as may be relevant to the determination of such estimates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Aron shall advise the Company of
the amount of an Interim Payment via invoice issued in accordance with <U>Schedule G</U>. The party obligated to make such Interim Payment shall cause such payment to be made on the applicable Payment Date indicated on <U>Schedule G</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) For any Business Day, the Interim Payment to be determined and advised by Aron shall be the Interim Payment for that day,
provided that if such Business Day is followed by one or more <FONT STYLE="white-space:nowrap">non-Business</FONT> Days (whether weekends or Bank Holidays), then Aron shall determine and advise to the Company the Interim Payment for that Business
Day as well as the Interim Payment each of such following <FONT STYLE="white-space:nowrap">non-Business</FONT> Days and all such Interim Payments shall be due on the same day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2 <U>Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron will use commercially reasonable efforts to provide to the Company, within five (5)&nbsp;Business Days following
receipt of the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Crude Inventory and the Ending <FONT STYLE="white-space:nowrap">In-Tank</FONT> Product Inventory pursuant to <U>Section</U><U></U><U>&nbsp;9.2</U>, a calculation and appropriate
documentation to support such calculation for such month for a monthly <FONT STYLE="white-space:nowrap">true-up</FONT> payment (the &#147;<U>Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>&#148;). The Monthly <FONT
STYLE="white-space:nowrap">True-Up</FONT> Amount for any month shall be equal to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Total Monthly Crude Oil <FONT
STYLE="white-space:nowrap">True-Up</FONT> Amount (as defined in <U>Schedule C</U>); plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Aggregate Monthly
Product <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount (as defined in <U>Schedule C</U>), plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the aggregate
amount of unpaid or unreimbursed Ancillary Costs for such month and any adjustments relating to estimated or paid Ancillary Cost, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the Counterparty Crude Sales Fee<U> </U>for such month, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the Deferral Fee for such month, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the Deferred Payment Availability Fee for such month, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the Monthly Cover Costs; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) any other amount then due from the Company to Aron under this Agreement or any other Transaction Document, minus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any other amount then due from Aron to the Company under this Agreement or any other Transaction Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount is a negative number, then the absolute value of such number shall be
the amount due from Aron to the Company, and if the Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount is a positive number, such amount shall be due from the Company to Aron. The Company shall pay any Monthly <FONT
STYLE="white-space:nowrap">True-Up</FONT> Amount due to Aron no later than the earlier of (i)&nbsp;twenty (20) Business Days after the Company&#146;s receipt of the monthly invoice and all related documentation supporting the invoiced amount or
(ii)&nbsp;the last Business Day of such month. Aron shall pay any Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount due to the Company no later than the earlier of (i)&nbsp;fifteen (15) Business Days after making its definitive
determination of such amount or (ii)&nbsp;the last Business Day of such month. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For purposes of determining the amounts due under clauses (i)&nbsp;and (ii)
of <U>Section</U><U></U><U>&nbsp;10.2(a)</U>, the definitions and formulas set forth in <U>Schedule C</U> shall apply and for purposes of determining the amount due under clause (v)&nbsp;and (vi) of <U>Section</U><U></U><U>&nbsp;10.2(a)</U>, the
definitions and formula set forth in <U>Schedule F</U> shall apply. In addition, the Fee Letter contains various definitions and formulas that shall be applied for purposes of determining certain of the amounts referred to in
<U>Section</U><U></U><U>&nbsp;10.2(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.3 <U>Maximum Inventory Levels</U>. Notwithstanding any transfer of title to Aron to all such
Crude Oil or Products, Aron shall not be obligated at any time to pay for any quantity of Crude Oil or Product under <U>Section</U><U></U><U>&nbsp;10.1</U> or <U>10.2</U> or otherwise hereunder to the extent such payment would relate to an aggregate
quantity of Crude Oil or such Products in the Included Locations in excess of the then applicable maximum level as set forth on <U>Schedule D</U> or as may have been temporarily adjusted under <U>Section</U><U></U><U>&nbsp;7.9</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.4 <U>Invoices</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Invoices shall be prepared and submitted in accordance to <U>Schedule G</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Company in good faith disputes the amount of any invoice issued by Aron relating to any amount payable hereunder
(including Interim Payments, Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amounts or Ancillary Costs), it nonetheless shall pay Aron the full amount of such invoice by the due date and inform Aron in writing of the portion of the invoice
with which it disagrees and why; provided that, to the extent that the Company promptly informs Aron of a calculation error that is obvious on its face, the Company shall pay Aron the undisputed amounts and may retain such disputed amount pending
resolution of such dispute. The Parties shall cooperate in resolving the dispute expeditiously. If the Parties agree that the Company does not owe some or all of the disputed amount or as may be determined by a court pursuant to
<U>Article</U><U></U><U>&nbsp;25</U>, Aron shall return such amount to the Company, together with interest at the Fed Funds Rate from the date such amount was paid, within two (2)&nbsp;Business Days from, as appropriate, the date of their agreement
or the date of the final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> decision of such court. Following resolution of any such disputed amount, Aron will issue a corrected invoice and any residual payment that would be required thereby
will be made by the appropriate Party within two (2)&nbsp;Business Days. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.5 <U>Other Feedstocks</U>. If Aron procures any catfeed or
other <FONT STYLE="white-space:nowrap">non-Crude</FONT> Oil feedstocks for the Company to run at the Refinery, the Parties shall agree in connection with such procurement upon terms for incorporating the purchase of such feedstocks into the daily
and monthly settlements contemplated by <U>Sections</U><U></U><U>&nbsp;10.1</U> and <U>10.2</U> above. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.6 <U>Interest</U>. Interest
shall accrue on late payments under this Agreement at the Default Interest Rate from the date that payment is due until the date that payment is actually received by Aron. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.7 <U>Payment in Full in Same Day Funds</U>. All payments to be made under this Agreement shall be made by wire transfer of same day funds in
U.S. Dollars to such bank account at such bank as the payee shall designate in writing to the payor from time to time. Except as expressly provided in this Agreement, all payments shall be made in full without discount, offset, withholding,
counterclaim or deduction whatsoever for any claims which a Party may now have or hereafter acquire against the other Party, whether pursuant to the terms of this Agreement or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 11 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFERRED PAYMENT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.1
<U>Deferred Payment Period</U>. From and after the Commencement Date until the Deferred Payment Termination Date (the &#147;<U>Deferred Payment Period</U>&#148;), payment of amounts due from the Company to Aron or Aron to the Company under this
Agreement shall be deferred or applied to the extent provided in, and subject to the terms and conditions of, this <U>Article 11</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.2
<U>Daily Deferrals</U>. Aron shall, on each Business Day, pursuant to the terms and conditions set forth on <U>Schedule F</U> hereto, determine whether and the extent to which either (i)&nbsp;payments due hereunder from one Party to the other shall
be subject to deferred settlement or (ii)&nbsp;payments previously deferred hereunder shall be subject to accelerated settlement. Promptly after such determination on any Business Day, Aron shall notify the Company in writing (which include notice
by email) of the results of such determination and the Parties shall effect payment hereunder in accordance with such results. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.3
<U>Invoicing and Other Communications</U>. Aron will make commercially reasonable efforts to incorporate payment deferrals and application under <U>Sections 11.2</U> above in the invoice it issues for Interim Payments and Monthly <FONT
STYLE="white-space:nowrap">True-Up</FONT> Amounts if such information is available prior to such issuance; provided that if such information is not incorporated into such invoice, Aron will thereafter endeavor in a commercially reasonable manner to
apprise the Company, via separate communication, of such information prior to the due date for such Interim Payment or Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.4 <U>Interim Increases or Reductions of Current Deferred Payment Amount</U>. As provided in <U>Schedule F</U> hereto, the Current Deferred
Payment Amount will from time to time increase or decrease based on a combination of variables as determined and applied thereunder, including without limitation changes in the Deferred Payment Credit Support Amount. In addition, as provided in
<U>Schedule F</U>, either Party may elect to prepay an amount that has been deferred prior to its deferred settlement date, which shall result in adjustment to the Current Deferred Payment Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.5 <U>Deferral Fee</U>. In consideration of the payment deferral provided for in this <U>Article 11</U>, the Company shall owe and pay to
Aron, for each month (or portion of a month) during the Deferred Payment Period, the Deferral Fee for such month (or portion of a month). The Deferral Fee shall be calculated as of the end of each month or the last date of the Deferred Payment
Period for the month or portion of a month ending on such date. For purposes of calculating such Deferral Fee, Aron shall determine the Average Deferral Amount for the relevant period in accordance with <U>Schedule F</U>. Each Deferral Fee
calculated as of the end of a month shall be due as provided in <U>Section</U><U></U><U>&nbsp;10.2</U>. A Deferral Fee calculated as of the end of the Deferred Payment Period shall be due pursuant <U>Section</U><U></U><U>&nbsp;19</U> or <U>20</U>,
as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.6 <U>Termination of Deferred Payment Period</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) On the Deferred Payment Termination Date, the Current Deferred Payment Amount
shall be immediately due and payable by the Company to Aron, together any Deferral Fee due with respect to the period ending on such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The &#147;<U>Deferred Payment Termination Date</U>&#148; shall be the earliest to occur of the following: (i)&nbsp;the
Termination Date pursuant to <U>Section</U><U></U><U>&nbsp;20</U>; (ii) upon notice by Aron after the occurrence and during the continuance of any Event of Default with respect to the Company (other than an Event of Default under
<U>Section</U><U></U><U>&nbsp;19.1(d)</U>); (iii) upon the occurrence of an Event of Default with respect to the Company under <U>Section</U><U></U><U>&nbsp;19.1(d)</U>; and (iv)&nbsp;such date as the Parties shall mutually agree in writing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.7 <U>Eligible Receivables and Eligible Hydrocarbon Inventory</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) By no later than 7:00 p.m. HST on each Business Day, the Company shall provide to Aron, via email, reports in form and
substance reasonably satisfactory to Aron as illustrated in <U>Schedule H</U> (the &#147;<U>Receivables Report</U>&#148;, &#147;<U>Billing Due Report</U>&#148; and &#147;<U>Inventory Report</U>&#148;) showing (i)&nbsp;the then current total amount
of Eligible Receivables and a breakdown of such Eligible Receivables by Acceptable Account Debtor, which breakdown shall indicate the amount and remaining tenor of each Eligible Receivable owing by the relevant Acceptable Account Debtor, and
(ii)&nbsp;the inventory quantities that then constitute Eligible Hydrocarbon Inventory, including the quantity and location of each type of inventory. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Promptly after receipt of each Receivables Report, Billing Due Report and Inventory Report, Aron shall calculate the
Deferred Payment Credit Support Amount based on the information provided in such report; provided that Aron may only exclude from such calculation any receivables included in such report that Aron, in its reasonable judgment, determines in good
faith do not constitute Eligible Receivables and any Hydrocarbons that Aron, in its reasonable judgement, determines in good faith do not constitute Eligible Hydrocarbon Inventory. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company, by delivering a Receivables Report, Billing Due Report and Inventory Report shall be deemed to represent and
warrant to Aron (to the same extent as if set forth in this Agreement) that (i)&nbsp;all Accounts identified as Eligible Receivables in such report meet all the requirements of an Eligible Receivable set forth in this Agreement and (ii)&nbsp;all
Hydrocarbons identified as Eligible Hydrocarbon Inventory in such report meet all the requirements of Eligible Hydrocarbon Inventory set forth in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Company agrees that, at least once every 6 months, the Company shall procure and cause to be provided to Aron a due
diligence report prepared by KPMG LLP (or such other independent auditor as shall be acceptable to Aron) and addressed to Aron relating to the Company&#146;s Eligible Receivables and other matters pertaining to the Company and its operations and
financial condition, which report shall be in substance comparable to the reports previously provided by KPMG to the Company&#146;s lenders (a &#147;<U>Receivables Assessment</U>&#148;).&nbsp;The Company further agrees that, if Aron has in its
reasonable judgment identified material discrepancies between those Accounts that the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


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Company has reported as Eligible Receivables and the Accounts that actually qualify as Eligible Receivables, then Aron may require that the Company procure and cause to be provided to Aron one or
more additional Receivables Assessments, provided that Aron shall not be entitled to require more than two additional Receivables Assessments during any 12 month period.&nbsp;All costs of procuring such Receivables Assessment shall be borne by the
Company. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 12 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>INDEPENDENT INSPECTORS; STANDARDS OF MEASUREMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.1 Aron shall be entitled to have Supplier&#146;s Inspector, at Aron&#146;s sole cost and expense, present at any time the Volume
Determination Procedures are to be applied in accordance with the terms of this Agreement and to observe the conduct of Volume Determination Procedures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.2 In addition to its rights under <U>Section</U><U></U><U>&nbsp;12.1</U>, Aron may, from time to time during the Term of this Agreement,
upon reasonable prior notice to the Company, at Aron&#146;s own cost and expense, have Supplier&#146;s Inspector conduct surveys and inspections of any of the Storage Facilities or observe any Crude Oil or Product transmission, handling, metering or
other activities being conducted at such Storage Facilities or the Delivery Points; provided that such surveys, inspections and observations shall not materially interfere with the ordinary course of business being conducted at such Storage
Facilities or the Refinery. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.3 Subject to the Storage Facilities Agreement between Aron and the Company, Aron will have the right to
inspect the Storage Facilities. In the event that recalibration of meters, gauges or other measurement equipment is requested by Aron such as &#147;strapping,&#148; the Parties shall select a mutually agreeable certified and licensed independent
petroleum inspection company (the &#147;<U>Independent Inspection Company</U>&#148;) to conduct such recalibration. The cost of the Independent Inspection Company is to be shared equally by the Company and Aron. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.4 <U>Standards of Measurement</U>. All quantity determinations herein will be corrected to sixty (60)&nbsp;degrees Fahrenheit based on a
U.S. gallon of two hundred thirty one (231)&nbsp;cubic inches and forty two (42)&nbsp;gallons to the Barrel, in accordance with the latest supplement or amendment to <FONT STYLE="white-space:nowrap">ASTM-IP</FONT> petroleum measurement tables (Table
6A of <FONT STYLE="white-space:nowrap">ASTM-IP</FONT> for Feedstocks and Table 6B of <FONT STYLE="white-space:nowrap">ASTM-IP</FONT> for Products). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 13 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FINANCIAL
INFORMATION; CREDIT SUPPORT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.1 <U>Provision of Financial Information</U>. The Company shall provide Aron (i)&nbsp;within ninety
(90)&nbsp;days following the end of each of its fiscal years, (a)&nbsp;a copy of the annual report, containing audited consolidated financial statements of the Company and its consolidated subsidiaries for such fiscal year certified by independent
certified public accountants and (b)&nbsp;the balance sheet, statement of income and statement of cash flow of the Company for such fiscal year, as reviewed by the Company&#146;s independent certified public accountants, and (ii)&nbsp;within
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


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forty five (45)&nbsp;days after the end of its first three fiscal quarters of each fiscal year, a copy of the quarterly report, containing unaudited consolidated financial statements of the
Company and its consolidated subsidiaries for such fiscal quarter; provided that so long as the Company is required to make public filings of its quarterly and annual financial results pursuant to the Exchange Act, such filings are available on the
SEC&#146;s EDGAR database and such filings are made in a timely manner, then the Company will not be required to provide such annual or quarterly financial reports to Aron. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.2 <U>Additional Information</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Upon reasonable notice, the Company shall provide to Aron such additional information as Aron may reasonably request to
enable it to ascertain the current financial condition of the Company, including product reports in the form of <U>Schedule S</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From time to time, upon reasonable request by Aron, the Company shall obtain and provide to Aron additional information
from third party arrangements, if any, but only to the extent the Company may contractually disclose such arrangements to Aron; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall deliver to Aron, in form and detail satisfactory to Aron concurrently with the delivery of the financial
statements referred to in <U>Section</U><U></U><U>&nbsp;13.1</U>, a certificate signed by an appropriate officer of the Company certifying as to Liquidity as of the last day of the fiscal quarter together with a statement showing in reasonable
detail the calculation of such Liquidity; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) On the final Business Day of each week, the Company shall notify Aron as
to the Liquidity as of the close of business on such day (such notification may be by email). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.3 <U>Notification of Certain Events</U>.
The Company shall notify Aron within one (1)&nbsp;Business Day after learning of any of the following events: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The
Company&#146;s or any of its Affiliates&#146; binding agreement to sell, lease, sublease, transfer or otherwise dispose of, or grant any Person (including an Affiliate) an option to acquire, in one transaction or a series of related transactions,
all or a material portion of the Refinery assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company&#146;s or any of its Affiliates&#146; binding agreement
to consolidate or amalgamate with, merge with or into, or transfer all or substantially all of its assets to, another entity (including an Affiliate); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) An early termination of or any notice of any &#147;event of default&#148; under any Base Agreement, if any; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) An amendment to any Financing Agreement; provided that the Company shall notify Aron at least ten (10)&nbsp;Business Days
prior to entering into any new Financing Agreement; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The execution of any agreement or other instrument or the announcement of any
transaction or proposed transaction that contemplates or could or does result in a Change of Control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.4 <U>Credit Support</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) As security for the prompt and complete payment of all amounts due or that may become due from the Company to Aron and the
performance by the Company of all covenants and obligations to be performed by it pursuant to this Agreement and all other Transaction Documents and all outstanding transactions hereunder and thereunder (collectively, the
&#147;<U>Obligations</U>&#148;), the Company hereby pledges, assigns, conveys and transfers to Aron as margin, and hereby grants to Aron a present and continuing security interest in and to, and a general first lien upon and right of set off
against, to amount of U.S. dollars constituting the Initial Margin Amount and all interest and other proceeds from time to time received, receivable or otherwise distributed in respect thereof, or in exchange therefor; provided that (i)&nbsp;the
Company shall effect such pledge, assignment, conveyance and transfer of the Initial Margin Amount as and when required under <U>Section</U><U></U><U>&nbsp;4.3</U> hereof and (ii)&nbsp;once the full amount of the Initial Margin Amount has been so
pledge, assigned conveyed and transferred, the Company agrees that for the duration of the Term, it shall maintain such pledge, assignment, conveyance and transfer and take such action as Aron reasonably requests in order to perfect Aron&#146;s
continuing security interest in, and lien on (and right of setoff against), such amount. Notwithstanding the provisions of Applicable Law, if no Event of Default has occurred and is continuing with respect to Aron, then Aron shall have the right to
sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise use in its business all or any portion of the Initial Margin Amount, free from any claim or right of any nature whatsoever of the Company, including any equity or right of
redemption by the Company. Nothing in this <U>Section</U><U></U><U>&nbsp;13.4(a)</U> shall limit any rights of Aron under any other provision of this Agreement or any other Transaction Documents, including without limitation, under
<U>Section</U><U></U><U>&nbsp;13.4(b)</U> or <U>Article 19</U> below. Aron will exercise reasonable care to assure the safe custody of the Initial Margin Amount to the extent required by Applicable Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As further security for the prompt and complete payment of all amounts due or that may become due hereunder, the Company
shall grant the Lien contemplated by, comply with the terms of and maintain in full force and effect the Lien Documents and assist Aron in maintaining any UCC financing statements or other filings necessary to preserve Aron&#146;s Liens pursuant to
the Lien Documents. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 14 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>REFINERY TURNAROUND, MAINTENANCE AND CLOSURE </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.1 The Company shall be responsible for all operations and maintenance of Included Locations which are, directly or indirectly, owned by the
Company. The Company shall promptly notify Aron in writing of the date for which any inspection, maintenance, restart or turnaround at the Refinery or the Refinery Facilities has been scheduled, or any revision to previously scheduled inspection,
maintenance, restart or turnaround, which may affect receipts of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


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Crude Oil at the Refinery, the SPM or the Storage Facilities, the processing of Crude Oil in the Refinery or the delivery of Products to Aron or by Aron to the Company or any third parties;
provided that, (i)&nbsp;promptly after the Company completes its annual business plan with respect to any year, it shall notify Aron of any such inspection, maintenance, restart or turnaround contemplated with respect to such year and (ii)&nbsp;the
Company shall give Aron at least two (2)&nbsp;months&#146; prior written notice of any such scheduled inspection, maintenance, restart or turnaround. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.2 The Company shall promptly notify Aron orally (followed by prompt written notice) of any previously unscheduled downtime at the Refinery
hydrocracker or Crude Oil unit exceeding twenty-four (24)&nbsp;hours. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.3 In the event of a scheduled shutdown of the Refinery, the
Company shall, to the extent feasible, complete processing of all Crude Oil being charged to, processed at or consumed in the Refinery at that time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.4 (a) Subject to <U>Section</U><U></U><U>&nbsp;14.4(b)</U> below, if at any time Aron determines that all or any portion of the facilities
constituting an Included Location (in each case, &#147;<U>Identified Facilities</U>&#148;) fail to satisfy Aron&#146;s then applicable policies and procedures (such policies and procedures to be in reasonable accordance with and not to exceed
industry, regulatory and customary practices) relating to the prudent maintenance and operation of storage tanks, pipeline facilities, vessels and other infrastructure used to store or transport crude oil and/or refined products
(&#147;<U>Aron&#146;s Policies and Procedures</U>&#148;), and without limiting any other rights and remedies available to Aron hereunder or under any other Transaction Document, Aron may provide the Company notice of such failure so long as such
failure is continuing and, if Aron provides such notice, the following provisions shall be applicable: (i)&nbsp;in the case of any Identified Facilities that are subject to the Storage Facility Agreement, upon such date as Aron shall specify, such
Identified Facilities shall cease to constitute an Included Location (or part of an Included Location) for purposes hereof and any payment to Aron in respect of any Crude Oil or Products held in such Identified Facilities shall become due in
accordance with the provisions of <U>Section</U><U></U><U>&nbsp;10</U> hereof; and (ii)&nbsp;in the case of any Identified Facilities that are subject to a Required Storage and Transportation Arrangement, the Parties shall endeavor as promptly as
reasonably practicable to execute such rights, provide such notices, negotiate such reassignments or terminations and/or take such further actions as Aron deems necessary or appropriate to terminate Aron&#146;s status as the party entitled to use
and/or hold Crude Oil or Products at such Identified Facilities and, concurrently with effecting the termination of such status, such Identified Facilities shall cease to constitute an Included Location (or part of an Included Location) for purposes
hereof and any payment to Aron in respect of any Crude Oil or Products held in such Identified Facilities shall become due in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;10</U> hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Aron&#146;s rights under <U>Section</U><U></U><U>&nbsp;14.4(a)</U> above are subject to the following additional terms and
conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Aron shall apply Aron&#146;s Policies and Procedures with respect to the Included Locations in a <FONT
STYLE="white-space:nowrap">non-discriminatory</FONT> manner as compared with other similar storage tanks and pipeline facilities utilized by Aron in a similar manner; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) If the failure of any Identified Facilities to satisfy Aron&#146;s Policies
and Procedures is a result of Aron&#146;s Policies and Procedures exceeding the standards or requirements imposed under Applicable Law or good and prudent industry practice, then (1)&nbsp;Aron shall not require the removal of such Identified
Facilities as Included Locations until the 120<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after giving the Company written notice of such failure, unless in Aron&#146;s reasonable judgment such failure presents an imminent risk
relating to such Identified Facility in which case Aron may require that such Identified Facility immediately cease to constitute an Included Location and the terms of <U>Section</U><U></U><U>&nbsp;14.4(a)</U> shall immediately become applicable,
(2)&nbsp;during such 120 day period, Aron shall consult with the Company in good faith to determine whether based on further information provided by the Company such Identified Facilities comply with Aron&#146;s Policies and Procedures and/or
whether additional actions or procedures can be taken or implemented so that, as a result, such Identified Facilities would comply with Aron&#146;s Policies and Procedures, and (3)&nbsp;if it is determined that such Identified Facilities do comply
with Aron&#146;s Policies and Procedures or, as a result of such additional actions or procedures, such Identified Facilities become so compliant within such 120 day period, then such Identified Facilities shall not cease to be Included Locations
based on the noncompliance stated in Aron&#146;s notice to the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) If within the 120 day period referred to in
clause (ii)(2) above, the Company has identified and diligently commenced the implementation of additional actions or procedures that are intended to result in such Identified Facilities becoming compliant with Aron&#146;s Policies and Procedures,
but such implementation cannot through commercially reasonable efforts be completed within such 120 day period, then so long as the Company continues to diligently and in a commercially reasonable manner pursue the implementation of such additional
actions and procedures, Aron will extend such 120 day period up for up to an additional 60 days (or such longer period as the Parties may mutually agree) to allow for such implementation to be completed and if such implementation is completed within
such additional 60 day period (or such longer period as the Parties may mutually agree), then such Identified Facilities shall not cease to be Included Locations based on the noncompliance stated in Aron&#146;s notice to the Company; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) If any Identified Facilities cease to be Included Locations pursuant to <U>Section</U><U></U><U>&nbsp;14.4(a)</U> above
and thereafter Aron determines, in its reasonable good faith judgment, that such Identified Facilities have become compliant with Aron&#146;s Policies and Procedures, then Aron shall promptly cooperate with the Company to reestablish such Identified
Facilities as Included Locations hereunder. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 15 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TAXES </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.1 (a) The
Company shall pay and indemnify and hold Aron harmless against, the amount of all sales, use, gross receipts, value added, severance, ad valorem, excise, property, spill, environmental, transaction-based, or similar taxes, duties and fees, howsoever
designated regardless of the taxing authority, and all penalties and interest thereon, except to the extent such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


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penalties and interest are due to the willful misconduct of Aron (each, a &#147;<U>Tax</U>&#148; and collectively, &#147;<U>Taxes</U>&#148;), paid, owing, asserted against, or incurred by Aron
directly or indirectly with respect to the Crude Oil procured and sold to Company hereunder, and the Products purchased and resold to Company hereunder, and other transactions contemplated hereunder to the greatest extent permitted by applicable
law; in the event that the Company is not permitted to pay such Taxes, the amount due hereunder shall be adjusted by Aron such that the Company shall bear the economic burden of the Taxes. The Company shall pay when due such Taxes unless there is an
applicable exemption from such Tax, with written confirmation of such Tax exemption to be contemporaneously provided to Aron. To the extent Aron is required by law to collect such Taxes, one hundred percent (100%) of such Taxes shall be added to
invoices as separately stated charges and paid in full by the Company in accordance with this Agreement, unless the Company is exempt from such Taxes and furnishes Aron with a certificate of exemption; provided, however, that (i)&nbsp;the failure of
Aron to separately state or collect Taxes from the Company shall not alter the liability of the Company for Taxes and (ii)&nbsp;Aron shall only be liable for Taxes if and to the extent that such Taxes have been separately stated and collected from
the Company. Any refund or credit with respect to any Taxes paid or indemnified by Company hereunder shall belong to Company. Aron shall be responsible for all taxes imposed on Aron&#146;s net or gross (or any derivative thereof) income, and the
Company shall be responsible for all taxes imposed on the Company&#146;s net or gross (or any derivative thereof) income. For avoidance of doubt, no taxes described in the immediately preceding sentence shall include gross receipts taxes described
in the first sentence of this Section&nbsp;15.1(a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In addition to paragraph (a), the Company shall complete and file all necessary
property tax returns on Aron&#146;s behalf with respect to Crude Oil and Products, regardless of whether property tax laws place the obligation to do so on Aron or the Company, disclose Aron&#146;s ownership interest therein, and pay such amounts as
due. Provided that the Company pays (or indemnifies Aron for) all property taxes, the Company shall have the first right to claim income tax credits for such property taxes paid and shall be solely responsible for the extent to which such credits
are available to or realized by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.2 If the Company disagrees with Aron&#146;s determination that any Tax is due with respect
to transactions under this Agreement, the Company shall have the right to seek an administrative determination from the applicable taxing authority, or, alternatively, the Company shall have the right to contest any asserted claim for such Taxes,
subject to its agreeing to indemnify Aron for the entire amount of such contested Tax should such Tax be deemed applicable. Aron agrees to reasonably cooperate with the Company, in the event the Company determines to contest any such Taxes. Company
shall be responsible for all costs and expenses incurred by Company or Aron in the event Company decides to seek an administrative determination from the applicable taxing authority or to contest any such Taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.3 (a) The Company and Aron shall promptly inform each other in writing of any assertion by a taxing authority of additional liability for
Taxes in respect of said transactions. Any legal proceedings or any other action against Aron with respect to such asserted liability shall be under Aron&#146;s direction but the Company shall be kept reasonably informed and consulted by Aron. Any
legal proceedings or any other action against the Company with respect to such asserted liability shall be under the Company&#146;s direction but Aron shall be consulted. In any event, the Company and Aron shall fully cooperate with each other as to
the asserted liability. Each Party shall bear all the reasonable costs of any action undertaken by the other at the Party&#146;s request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In addition to paragraph (a)&nbsp;and other information sharing requirements applicable to
Aron and the Company, Aron and the Company shall seasonably and from time to time as is otherwise reasonable exchange and share information with each other as necessary to properly report, defend, challenge, and pay Taxes (including but not limited
to sales taxes and fuel taxes and file tax returns (including without limitation any returns referred to in Section&nbsp;15.1(b)), including information that supports and demonstrates total sales, sales that are exempt from Tax, and sales that are
subject to Tax at a reduced rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.4 Any other provision of this Agreement to the contrary notwithstanding, this <U>Article 15</U> shall
survive until ninety (90)&nbsp;days after the expiration of the statute of limitations for the assessment, collection, and levy of any Tax. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 16 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>INSURANCE
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.1 <U>Insurance Coverages</U>. The Company shall procure and maintain in full force and effect throughout the Term of this
Agreement insurance coverages of the following types and amounts and with insurance companies rated not less than <FONT STYLE="white-space:nowrap">A-X</FONT> by A.M. Best Company, or otherwise equivalent in respect of the Company&#146;s properties
and operations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Property damage including business interruption coverage on an &#147;all risk&#148; basis, including
but not limited to flood, earthquake, windstorm, and tsunami, covering damage to the Refinery Facilities and the Storage Facilities on a repair or replacement cost basis in an amount sufficient to repair major components of such Facilities as
reasonably determined pursuant to an engineering report prepared by an expert recognized by underwriters for such purpose or loss limited reasonably acceptable to Aron. Aron shall be named as a <FONT STYLE="white-space:nowrap">co-loss</FONT> payee
under such property damage coverage related to the Collateral, and the losses, if any, for property damage with respect to the Collateral shall be payable to Aron for distribution by it to itself and to the Company, as their respective interests may
appear, or order, except that, unless underwriters have been otherwise instructed by notice in writing from Aron, in the case of any loss involving any damage to the Collateral that is less than $10,000,000, the underwriters shall pay directly for
the repair or replacement or other charges involved or, if the Company shall have first fully repaired the damage or replaced the damaged property and paid the cost thereof, or discharged any other charges directly related thereto, then the
underwriters may pay the Company as reimbursement therefor without first obtaining the written consent thereto of Aron. Business interruption and extra expense coverage shall include at least 18 months indemnity period and shall be in an amount
equal to the projected net income plus costs that would necessarily continue from such Facilities based upon the Company&#146;s reasonable estimate thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Commercial general liability coverage which includes bodily injury, broad
form property damage and contractual liability, cross suit liability, products and completed operations liability, sudden and accidental pollution liability (excluding events that result in acidic deposition), liability arising out of wharfinger,
terminal operator and/or stevedoring operations and loss, and contamination or degradation of Aron&#146;s Crude Oil and Products inventory coverage in a minimum amount of $1,000,000 per occurrence and $2,000,000 in the aggregate, which coverage may
be self-insured by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;(i) Workers compensation in the amount required by Applicable Law, and
(ii)&nbsp;employer&#146;s liability with a minimum amount of $1,000,000 per accident, $1,000,000 per disease, and $1,000,000 aggregate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Commercial automobile liability insurance in a minimum amount of $1,000,000 per accident. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Umbrella/excess liability coverage providing coverage on a follow-form basis with respect the coverage required under
<U>Sections 16.1(b)</U> (not including contamination or degradation of Aron&#146;s Crude Oil and Products inventory), <U>(c)(ii)</U> and <U>(d)</U>&nbsp;in a minimum amount of $500,000,000 per occurrence and in the aggregate; provided that, to the
extent such limit exceeds the insurance limits available or the insurance limits available at commercially reasonable rates in the insurance marketplace, the Company will maintain the highest insurance limit available at commercially reasonable
rates; provided further however, that the Company will promptly notify Aron of the Company&#146;s inability to procure and maintain such limit of coverage. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Pollution legal liability coverage (excluding events that result in acidic deposition) in a minimum amount of $100,000,000
per occurrence and in the aggregate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Charterer&#146;s liability insurance (if applicable) in a minimum amount of
$50,000,000 per occurrence and in the aggregate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.2 <U>Additional Insurance Requirements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The foregoing policies shall include or provide that the underwriters waive all rights of subrogation against Aron and the
insurance is primary without contribution from Aron&#146;s insurance. The foregoing policies with the exception of those listed in <U>Sections 16.1</U> <U>(c)</U>, <U>(d)</U> and <U>(g)</U>&nbsp;shall include Aron, its subsidiaries, and affiliates
and their respective directors, officers, employees and agents as additional insured with respect to the Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
The Company shall cause its insurance carriers or its authorized insurance broker to furnish Aron with insurance certificates, in Acord form or equivalent, evidencing the existence of the coverages and the endorsements required above. The Company
shall provide thirty (30)&nbsp;days&#146; written notice prior to cancellation or material modification of insurance becoming effective. The Company also shall provide renewal certificates prior to expiration of the policy. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall comply with all notice and reporting requirements in the foregoing policies and timely pay all premiums.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Company shall be responsible for any deductibles or retentions that are
applicable to the insurance required pursuant to <U>Section</U><U></U><U>&nbsp;16.1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.3 <U>Aron Insurance Requirements</U>. Aron
shall, at Aron&#146;s expense, carry and maintain in full force and effect throughout the Term of this Agreement all risk cargo insurance for the full market value with respect to the Crude Oil and Products that it owns. Aron shall pay all premiums
required to maintain these policies in effect. In the event that the market value or potential full replacement cost of all Crude Oil and Products exceeds the insurance limits available or the insurance limits available at commercially reasonable
rates in the insurance marketplace, Aron will maintain the highest insurance limit available at commercially reasonable rates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.4 <U>No
Reduction or Release</U>. The mere purchase and existence of insurance does not reduce or release either Party from any liability incurred or assumed under this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 17 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FORCE
MAJEURE </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.1 If a Party is rendered unable by an event of Force Majeure to perform in whole or in part any obligation or condition of
this Agreement (the &#147;<U>Affected Party</U>&#148;), it shall not be liable to the other Party to perform such obligation or condition (except for payment and indemnification obligations) for so long as the event of Force Majeure exists and to
the extent that performance is hindered by such event of Force Majeure; provided, however, that the Affected Party shall use any commercially reasonable efforts to avoid or remove the event of Force Majeure. During the period that performance by the
Affected Party of a part or whole of its obligations has been suspended by reason of an event of Force Majeure, the other Party (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Affected</FONT> Party</U>&#148;) likewise may suspend the performance
of all or a part of its obligations to the extent that such suspension is commercially reasonable, except for any payment and indemnification obligations. The Parties acknowledge that if, as a result of a Force Majeure, the Company were to suspend
its receipt and/or processing of Crude Oil, then Aron would be entitled to suspend, to a comparable extent, its purchasing of Products. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.2 The Affected Party shall give prompt oral notice to the <FONT STYLE="white-space:nowrap">Non-Affected</FONT> Party of its declaration of
an event of Force Majeure, to be followed by written notice within twenty-four (24)&nbsp;hours after receiving such oral notice of the occurrence of a Force Majeure event, including, to the extent feasible, the details and the expected duration of
the Force Majeure event and the volume of Crude Oil or Products affected. The Affected Party also shall promptly notify the <FONT STYLE="white-space:nowrap">Non-Affected</FONT> Party when the event of Force Majeure is terminated. However, the
failure or inability of the Affected Party to provide such notice within the time periods specified above shall not preclude it from declaring an event of Force Majeure. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.3 In the event the Affected Party&#146;s performance is suspended due to an event of Force Majeure in excess of thirty (30)&nbsp;consecutive
days after the date that notice of such event is given, and so long as such event is continuing, the <FONT STYLE="white-space:nowrap">Non-Affected</FONT> Party, in its sole discretion, may terminate or curtail its obligations under this Agreement
affected by such event of Force Majeure (the &#147;<U>Affected Obligations</U>&#148;) by giving notice of such termination or curtailment to the Affected </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


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Party, and neither Party shall have any further liability to the other in respect of such Affected Obligations to the extent terminated or curtailed, except for the rights and remedies previously
accrued under this Agreement, any payment and indemnification obligations by either Party under this Agreement and the obligations set forth in <U>Article</U><U></U><U>&nbsp;20</U>. Without limiting any rights of any
<FONT STYLE="white-space:nowrap">Non-Affected</FONT> Party under this <U>Article 17</U>, the parties agree that following notice of an event of Force Majeure, they will consult in good faith to assess potential actions or steps with respect thereto.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.4 If any Affected Obligation is not terminated pursuant to this <U>Article</U><U></U><U>&nbsp;17</U> or any other provision of this
Agreement, performance shall resume to the extent made possible by the end or amelioration of the event of Force Majeure in accordance with the terms of this Agreement; provided, however, that the term of this Agreement shall not be extended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.5 The Parties acknowledge and agree that the right of Aron to declare a Force Majeure based upon any failure by a Third Party Supplier to
deliver Crude Oil under a Aron Procurement Contract is solely for purposes of determining the respective rights and obligations as between Aron and the Company with respect to any Crude Oil delivery affected thereby, and any such declaration shall
not excuse the default of such Third Party Supplier under one or more Aron Procurement Contracts. Any claims that Aron may have as a result of such Third Party Supplier&#146;s failure shall be subject to <U>Section</U><U></U><U>&nbsp;5.9</U> and any
other applicable provisions of this Agreement relating to claims against third parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.6 If at any time during the Term any of the
Required Storage and Transportation Arrangements cease to be in effect (in whole or in part) or any of the applicable Included Product Pipelines or Included Product Tanks cease, in whole or in part, to be available to Aron pursuant to the Required
Storage and Transportation Arrangements, and the foregoing is a result of or attributable to any owner or operator of such Included Product Pipelines or Included Product Tanks becoming Bankrupt or breaching or defaulting in any of its obligations
relating to the Required Storage and Transportation Arrangements, then: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall promptly use commercially
reasonable efforts to establish for Aron&#146;s benefit alternative and/or replacement storage and transportation arrangements no less favorable to Aron (in Aron&#146;s reasonable judgment) than those that have ceased to be available; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Until such alternative and/or replacement arrangements complying with clause (a)&nbsp;above have been established, each
Party shall be deemed to have been affected by an event of Force Majeure and its obligations under this Agreement shall be curtailed to the extent such performance is hindered by such lack of effectiveness of any Required Storage and Transportation
Arrangements or the availability of any pipeline or storage facility related thereto; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Without limiting the
generality of the foregoing, in no event shall Aron have any obligation under or in connection with this Agreement to store Crude Oil or Product in any pipeline or store Crude Oil or Product in any storage facility at any time from and after the
owner or operator thereof becoming Bankrupt. If any such storage facility is an Included Location then Aron may, in its discretion, elect upon written notice </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


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to the Company that such storage facility shall cease to be an Included Location as of a date specified in such written notice in which case any Crude Oil or Product held by Aron therein shall be
purchased by the Company in accordance with the applicable provisions of <U>Sections 10.1</U> and <U>10.2</U> hereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 18
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>REPRESENTATIONS, WARRANTIES AND COVENANTS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.1 <U>Mutual Representations</U>. Each Party represents and warrants to the other Party as of the Effective Date and each sale of Crude Oil
or Refined Products hereunder, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) It is an &#147;Eligible Contract Participant,&#148; as defined in
Section&nbsp;1a(18) of the Commodity Exchange Act, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) It is a &#147;forward contract merchant&#148; in
respect of this Agreement and this Agreement and each sale of Crude Oil or Products hereunder constitutes a &#147;forward contract,&#148; as such term is used in Section&nbsp;556 of the Bankruptcy Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and in
good standing under such laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) It has the corporate, governmental or other legal capacity, authority and power to
execute and deliver the Transaction Documents and to perform its obligations under this Agreement, and has taken all necessary action to authorize the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The execution, delivery and performance of the Transaction Documents and the performance of its obligations thereunder and
the consummation of the transactions contemplated thereby do not violate or conflict with any Applicable Law, any provision of its constitutional documents, any order or judgment of any court or Governmental Authority applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Except for the filing of <FONT
STYLE="white-space:nowrap">UCC-1</FONT> or <FONT STYLE="white-space:nowrap">UCC-3</FONT> financing statements and the Lien Documents in applicable state and county filing offices, all governmental and other authorizations, approvals, consents,
notices and filings that are required to have been obtained or submitted by it with respect to the Transaction Documents have been obtained or submitted and are in full force and effect, and all conditions of any such authorizations, approvals,
consents, notices and filings have been complied with. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Its obligations under the Transaction Documents constitute its
legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors&#146; rights generally and subject, as to enforceability, to
equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) No Event of Default or Default has occurred and is continuing with respect to
such Party, and no such event or circumstance would occur as a result of its entering into or performing its obligations under the Transaction Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, Governmental Authority, official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or its ability to perform its obligations under the
Transaction Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) It is not relying upon any representations of the other Party other than those expressly set
forth in this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) It has entered into this Agreement as principal (and not as advisor, agent, broker or in any
other capacity, fiduciary or otherwise), with a full understanding of the material terms and risks of the same, and is capable of assuming those risks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) It has made its trading and investment decisions (including their suitability) based upon its own judgment and any advice
from its advisors as it has deemed necessary and not in reliance upon any view expressed by the other Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The other
Party (i)&nbsp;is acting solely in the capacity of an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> contractual counterparty with respect to this Agreement, (ii)&nbsp;is not acting as a financial advisor or fiduciary or in any similar
capacity with respect to this Agreement and (iii)&nbsp;has not given to it any assurance or guarantee as to the expected performance or result of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) It is not bound by any agreement that would preclude or hinder its execution, delivery, or performance of this Agreement.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Neither it nor any of its Affiliates has been contacted by or negotiated with any finder, broker or other intermediary
in connection with the sale of Crude Oil or Products hereunder who is entitled to any compensation with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) None of its directors, officers, employees or agents or those of its Affiliates has received or will receive any
commission, fee, rebate, gift or entertainment of significant value in connection with this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.2 <U>Company&#146;s
Representations and Covenants</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby represents, warrants, covenants and agrees as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will deliver true and complete copies of the Base Agreements and all amendments thereto to Aron as and when
such agreements are entered into by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company shall in all material respects perform its obligations
under and comply with the terms of the Base Agreements and Required Storage and Transportation Arrangements as and when such agreements are entered into by the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall maintain and pursue diligently all its material rights
under the Base Agreements and Required Storage and Transportation Arrangements and take all reasonable steps to enforce its rights and any rights granted to the Company thereunder as and when such agreements are entered into by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) With respect to any Aron Procurement Contract, Included Purchase Transaction, buy/sell transaction or other transaction
subject hereto in which Aron is receiving delivery of any Crude Oil or Products from a vessel, the Company covenants and agrees that it will use commercially reasonable efforts to provide, or cause to be provided, a safe berth for such vessel free
of all wharfage, dockage and quay dues or than those dues being contested in good faith for which adequate reserves have been established in accordance with GAAP, which such vessel can proceed to, lie at, and depart from, always safely afloat. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Company shall not modify, amend or waive rights arising under any of the Base Agreements or the Required Storage and
Transportation Arrangements as and when such agreements are entered into by the Company without the prior written consent of Aron; provided, however, that if the Company provides Aron with notice, the Company may make such modifications or
amendments, including extensions or elections under any of the foregoing, that do not adversely affect Aron&#146;s rights thereunder, degrade, reduce or limit the standards applicable to the operator thereunder or otherwise interfere with
Aron&#146;s rights to use the Included Product Pipelines and Included Product Tanks subject thereto without the prior written consent of Aron. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Company shall not cause or permit any of the Crude Oil or Products held at the Included Locations to become subject to
any Liens, except for Permitted S&amp;O Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company represents and warrants that the Storage Facilities have
been maintained, repaired, inspected and serviced in accordance with good and prudent industry standards and Applicable Law and are in good working order and repair in all respects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company (i)&nbsp;represents and warrants that each Included Location is within the FTZ and (ii)&nbsp;covenants and
agrees that it will cause (and take such actions as are necessary to cause) each Included Location at all times during the Term of this Agreement to continue to be within FTZ or to otherwise be entitled to the benefits of being within the FTZ
(should any FTZ designation change). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Neither Company nor any Affiliate shall, from and after the Effective Date, enter
into any Financing Agreement (an &#147;<U>Additional Financing Agreement</U>&#148;) unless such Additional Financing Agreement, at the time it is entered into, (i)&nbsp;contains provisions that recognize the respective rights and obligations of the
Parties under this Agreement and the other Transaction Documents, (ii)&nbsp;does not adversely affect in any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


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respect any of Aron&#146;s rights or remedies under this Agreement or the other Transaction Documents and (iii) recognizes that Aron is the owner of Crude Oil and Products to the extent
contemplated hereby and by the other Transaction Documents, free and clear of any liens of any lender or other creditor that is party to such Financing Agreement, other than Permitted S&amp;O Liens. Neither Company nor any Affiliate shall modify or
amend (including any extensions of or elections under), or waive any rights arising under, any Additional Financing Agreement without the prior written consent of Aron, if doing so would (i)&nbsp;adversely affect in any respect any of Aron&#146;s
rights or remedies under this Agreement or the other Transaction Documents or (ii)&nbsp;cause such Additional Financing Agreement to no longer recognize that Aron is the owner of Crude Oil and Products to the extent contemplated hereby and by the
other Transaction Documents, free and clear of any liens of any lender or other creditor that is party to such Financing Agreement, other than Permitted S&amp;O Liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) To the extent deemed necessary or appropriate by Aron, the Company shall cause acknowledgements and/or releases (including
without limitation, amendments or termination of UCC financing statements), in form and substance satisfactory to Aron, to be duly executed by lenders or other creditors that are party to Financing Agreements, confirming the release of any lien in
favor of such lender or other creditor, other than Permitted S&amp;O Liens, that might apply to or be deemed to apply to any Crude Oil and/or Products of which Aron is the owner as contemplated by this Agreement and the other Transaction Documents
or the priority of the Lien granted to Aron under the Lien Documents, and agreeing to provide Aron with such further documentation as it may reasonably request in order to confirm the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) In the event the Company becomes Bankrupt, and to the extent permitted by Applicable Law, the Company intends that
(i)&nbsp;Aron&#146;s right to liquidate, collect, net and set off rights and obligations under this Agreement and liquidate and terminate this Agreement shall not be stayed, avoided, or otherwise limited by the Bankruptcy Code, including sections
362(a), 547, 548 or 553 thereof; (ii)&nbsp;Aron shall be entitled to the rights, remedies and protections afforded by and under, among other sections, sections 362(b)(6), 362(b)(17), 362((b)(27), 362(o), 546(e), 546(g), 546(j), 548(d), 553, 556,
560, 561 and 562 of the Bankruptcy Code; and (iii)&nbsp;any cash, securities or other property provided as performance assurance, credit, support or collateral with respect to the transactions contemplated hereby shall constitute &#147;margin
payments&#148; as defined in section 101(38) of the Bankruptcy Code and all payments for, under or in connection with the transactions contemplated hereby, shall constitute &#147;settlement payments&#148; as defined in section 101(51A) of the
Bankruptcy Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) The Company agrees that each of them shall have no interest in or the right to dispose of, and shall
not permit the creation of, or suffer to exist, any security interest, lien, encumbrance, charge or other claim of any nature (collectively, &#147;<U>Liens</U>&#148;), other than Permitted S&amp;O Liens, with respect to, any quantities of Crude Oil
prior to the delivery thereof by Aron to the Company at the Crude Delivery Point or any quantities of Products after delivery thereof to Aron at a Products Intake Point (collectively, &#147;<U>Aron&#146;s Property</U>&#148;). The Company authorizes
Aron to file at any time and from time to time any Uniform Commercial Code financing statements describing the quantities of Aron&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Property subject to this Agreement and Aron&#146;s ownership thereof and title thereto, as well as any cash, accounts receivables, inventory or other Collateral on which the Company has granted
to Aron as a first priority Lien pursuant to the Lien Documents, and the Company shall execute and deliver to Aron, and the Company hereby authorizes Aron to file (with or without the Company&#146;s signature), at any time and from time to time, all
amendments to financing statements, assignments, continuation financing statements, termination statements, and other documents and instruments, in form reasonably satisfactory to Aron, as Aron may reasonably request, to provide public notice of
Aron&#146;s ownership of and title to the quantities of Aron&#146;s Property subject to this Agreement and to otherwise protect Aron&#146;s interest therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The Parties acknowledge that, as provided herein and in the other Transaction Documents, Crude Oil and Products owned by
Aron may be subject to Permitted S&amp;O Liens. Notwithstanding the foregoing, the Company covenants and agrees that (i)&nbsp;the Company in its capacity as owner and/or operator of any Storage Facilities shall not have or assert any Permitted
S&amp;O Lien with respect to any Crude Oil or Products owned by Aron (excluding, however, any Permitted S&amp;O Lien granted to the Company by Aron pursuant to the Storage Facilities Agreement), (ii) the permissibility or existence of any Permitted
S&amp;O Liens does not, and shall not be deemed to, in any way limit the Company&#146;s obligations hereunder and the other Transactions Documents to pay amounts that are or could be the basis for any third parties (whether or not a Governmental
Authority) asserting or enforcing, or attempting to assert or enforce, any Permitted S&amp;O Lien, including any obligations of the Company with respect to Ancillary Costs or Taxes and (iii)&nbsp;the permissibility or existence of any Permitted
S&amp;O Liens does not, and shall not be deemed to, limit any rights and remedies of Aron hereunder or under other Transactions Documents (subject, however, to the right of the Company to exercise any available rights, remedies, or defenses
hereunder or under the other Transactions Documents). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) To the extent that Aron, under any Aron Procurement Contract or
Included Purchase Transaction, is obligated to make available or provide any berthing, terminalling or other marine-related facilities or services, the Company covenants and agrees that it will (or will cause) such facilities or services to be
provided as and when required in accordance with the terms and conditions of such Aron Procurement Contract or Included Purchase Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) If, in connection with the Company&#146;s procurement of Crude Oil or Products from any third party (a &#147;<U>Company
Sourcing Transaction</U>&#148;), Aron enters into Aron Procurement Contract or Included Purchase Transaction with the Company to purchase such Crude Oil or Products from the Company and thereunder agrees to make a prepayment to the Company for such
Crude Oil or Products, then the Company covenants and agrees, with respect to such Company Sourcing Transaction, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)
any bill of lading issued under any Company Sourcing Transaction (including without limitation any change to delivery location for the relevant shipment) shall be nonnegotiable; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the funds prepaid by Aron to the Company under the related Aron Procurement
Contract or Included Purchase Transaction shall be used exclusively by the Company to make payment to the seller under such Company Sourcing Transaction and the date by which any prepayment from Aron is due to be made shall be fixed so that promptly
after the Company&#146;s receipt of such funds it shall be required remit the same to the seller under such Company Sourcing Transaction or to post such funds as cash collateral to support a letter of credit issued to the seller under such Company
Sourcing Transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) The volume of Sludge held in any Included Tanks shall be determined from time to time as
follows:<B><I> </I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) on an annual basis, the Company shall determine the volume of Sludge in each Included Tank
using Infrared Thermography to make such determination; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) so long as no Default or Event of Default with respect to the
Company has occurred and is continuing, Aron may at any time require that the Company determine within thirty (30)&nbsp;Business Days the volume of Sludge in each Included Tank using Infrared Thermography if no such determination has been made in
the immediately preceding six (6)&nbsp;months and the annual determination to be made under clause (i)&nbsp;above is not scheduled to occur within the next 30 days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) if a Default or Event of Default with respect to the Company has occurred and is continuing, Aron may at any time require
that the Company determine within thirty (30)&nbsp;Business Days the volume of Sludge in each Included Tank using Infrared Thermography; provided that, if the Company does not or is not able to complete such determination within such period, then
Aron may elect to have an Independent Inspection Company make such determination as promptly as practicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Infrared
Thermography shall be used in determining the Sludge volumes to be determined as of any Termination Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) if the
Company makes any volume determination pursuant to the preceding clauses, it shall promptly provide the results of such determination to Aron in writing; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) during the Term hereof, for purposes of calculations under Sections 10.1 and 10.2, Aron shall use the most recently Sludge
volumes determined pursuant to the foregoing clauses to calculate the volumes of Crude Oil and Products owned by Aron in the Included Tanks. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) The Company shall be the importer of record of all shipments of Crude Oil or Products held in the Included Tanks. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) In connection with Aron&#146;s procurement of Crude Oil or Products, whether
from the Company or any third party, under an Aron Procurement Contract or an Included Purchase Transaction (each a &#147;<U>Sourcing Transaction</U>&#148;) or Aron&#146;s provision of a Crude Payment Undertaking or Product Payment Undertaking
(each, a &#147;<U>Payment Undertaking</U>&#148;) with respect to any Refinery Procurement Contract or Refinery Product Contract, the Company covenants and agrees that any costs, losses or damages that Aron may incur directly as a result of such
Sourcing Transaction or Payment Undertaking, including due to failure by the Company or any such third party to deliver the Crude Oil or Products subject to such Sourcing Transaction, Refinery Procurement Contract or Refinery Product Contract, shall
constitute Ancillary Costs and be for the account of the Company and claims arising in connection therewith shall be subject to <U>Section</U><U></U><U>&nbsp;5.9 </U>hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) The Company covenants and agrees that it shall be solely responsible for conducting any line flushes using the SPM and any
and all Liabilities arising as a result of or in connection with any such line flushes, and acknowledges that Aron shall have no involvement or role in or responsibility of any nature with respect to such activities and that the Company will
endeavor to procure for Aron from any third parties involved in any such line flush, including vessel operator and charterers and Third Party Suppliers, written acknowledgment or confirmation in form and substance satisfactory to Aron acknowledging
and confirming the foregoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>Minimum Liquidity</U>. The Company covenants and agrees that it shall not permit the
Liquidity of the Company for any three consecutive Business Days to be less than $15,000,000 at any time with at least $7,500,000 of such Liquidity consisting of cash and cash equivalents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <U>Subsidiaries</U>. As of the date hereof, the Company has no Subsidiaries. The Company covenants and agrees that it shall
not create or acquire any Subsidiaries without the written consent of Aron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.3 <U>Acknowledgment</U>. The Company acknowledges and
agrees that (1)&nbsp;Aron is a merchant of Crude Oil and Products and may, from time to time, be dealing with prospective counterparties, or pursuing trading or hedging strategies, in connection with aspects of Aron&#146;s business which are
unrelated hereto and that such dealings and such trading or hedging strategies may be different from or opposite to those being pursued by or for the Company, (2)&nbsp;Aron may, in its sole discretion, determine whether to advise the Company of any
potential transaction with a Third Party Supplier and prior to advising the Company of any such potential transaction Aron may, in its discretion, determine not to pursue such transaction or to pursue such transaction in connection with another
aspect of Aron&#146;s business and Aron shall have no liability of any nature to the Company as a result of any such determination, (3)&nbsp;Aron has no fiduciary or trust obligations of any nature with respect to the Refinery or the Company or any
of its Affiliates, (4)&nbsp;Aron may enter into transactions and purchase Crude Oil or Products for its own account or the account of others at prices more favorable than those being paid by the Company hereunder and (5)&nbsp;nothing herein shall be
construed to prevent Aron, or any of its partners, officers, employees or Affiliates, in any way from purchasing, selling or otherwise trading in Crude Oil, Products or any other commodity for its or their own account or for the account of others,
whether prior to, simultaneously with or subsequent to any transaction under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.4 <U>Economic Sanctions/Anti-Bribery
Provisions. </U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Party shall comply with relevant applicable laws and regulations
pertaining to bribery and corruption in connection with this Agreement and has instituted and maintains policies and procedures reasonably designed to ensure compliance with all applicable laws, regulations, rules and requirements of the United
Kingdom, the United States of America or any other applicable jurisdiction relating to anti-bribery or anti-money laundering. Each party agrees that it shall take reasonable steps to ensure that individuals and entities performing services for or on
its behalf has complied with all applicable laws and regulations pertaining to bribery and corruption in connection with this agreement. Without limiting the generality of the foregoing, each Party covenants and agrees that it shall not, directly or
indirectly engage in other acts or transactions, in each case, if this is in violation of or inconsistent with the anti-bribery or anti-money laundering legislation of any applicable government, including, as applicable, U.S. Foreign Corrupt
Practices Act, the U.K. Anti-Terrorism, Crime and Security Act 2001 and the applicable country legislation implementing either the United Nations Convention against Corruption or the OECD Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Party further represents, warrants and agrees that (i)&nbsp;no provision
of this Agreement shall be interpreted to require it or any of its Affiliates to take, or refrain from taking, any action that would cause it or any of its Affiliates to violate or be subject to penalty under applicable economic sanctions laws and
regulations of the United Kingdom, the European Union, the United Nations or the United States of America, including U.S. laws restricting participation in or compliance with certain foreign boycotts, directly or indirectly, as contained in the U.S.
Export Administration Act of 1979 and the U.S. Internal Revenue Code; (ii)&nbsp;neither Party, nor any of its respective directors, officers, subsidiaries, agents, employees or controlled affiliates, is an individual or entity (each, an
&#147;<U>Associated Person</U>&#148;) that is (i)&nbsp;the subject of any sanctions administered or enforced by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, the United Nations Security Council, the European
Union, Her Majesty&#146;s Treasury or other applicable sanctions authority or pursuant to the U.S. Iran Sanctions Act, or (ii)&nbsp;located, organized, or resident in a country or territory that is the subject of applicable sanctions (including,
without limitation, the Crimea region of Ukraine (as defined under applicable sanctions), Cuba, Iran, North Korea, Sudan, and Syria); and, further, neither it nor any of its respective Associated Persons shall, directly or indirectly, use the
proceeds, if any, received from the other Party, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Associated Person, to fund any activities or business of or with any Associated Person
or in any country or territory that, at the time of such funding, is the subject of the foregoing economic sanctions, or in any manner that will result in a violation of such sanctions by any Associated Person, unless permitted by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company represents, warrants and covenants to Aron that no Crude Oil or Products originate or will originate from, are
or will be derived in whole or in part from any article which is grown, produced, or manufactured in, or have been transported through, the Crimea region of Ukraine (as defined under applicable sanctions), Cuba, Iran, North Korea, Sudan, Syria, or
any other country or territory that is the subject of the foregoing economic sanctions, for so long as such country or territory is the subject of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
economic sanctions. The Company further agrees that, in no event, shall Aron be obligated to take delivery of any Crude Oil or Products, whether from the Company or any other party, that would
violate the representation, warranty and covenant in the preceding sentence. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 19 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFAULT AND TERMINATION </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.1 <U>Events of Default</U>. Notwithstanding any other provision of this Agreement, the occurrence of any of the following shall constitute
an &#147;<U>Event of Default</U>&#148;: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Either Party fails to make payment when due (i)&nbsp;under <U>Article 10</U>,
<U>Article</U><U></U><U>&nbsp;20</U> or any Company Purchase Agreement within one (1)&nbsp;Business Day after a written demand therefor or (ii)&nbsp;under any other provision hereof or any other Transaction Document within five (5)&nbsp;Business
Days; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Other than a default described in <U>Section</U><U></U><U>&nbsp;19.1(a)</U>, <U>19.1(c)</U>, or
<U>19.1(k)</U>, either Party (or, if applicable, any Affiliate of such Party that is party to a Transaction Document) fails to perform any material obligation or covenant to the other under this Agreement or any other Transaction Document, which is
not cured to the reasonable satisfaction of the other Party (in its reasonable discretion) within ten (10)&nbsp;Business Days after the date that such Party receives written notice that such obligation or covenant has not been performed; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Either Party (or, if applicable, any Affiliate of such Party that is party to a Transaction Document) breaches any material
representation or material warranty made or repeated or deemed to have been made or repeated by the Party, or any warranty or representation proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have
been made or repeated under any Transaction Document; provided, however, that if such breach is curable, such breach is not cured to the reasonable satisfaction of the other Party within ten (10)&nbsp;Business Days after the date that such Party
receives notice that corrective action is needed; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Either Party becomes Bankrupt; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Either Party or any of its Designated Affiliates (1)&nbsp;defaults under a Specified Transaction and, after giving effect
to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or any early termination of, that Specified Transaction, (2)&nbsp;defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three (3)&nbsp;Business
Days if there is no applicable notice requirement or grace period) or (3)&nbsp;disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to
operate it or act on its behalf); or either Party or any Affiliate of such Party that is party to any credit support document provided pursuant hereto or in connection herewith, disaffirms, disclaims, repudiates or rejects, in whole or in party,
such credit support document or its obligations thereunder; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) A Master Agreement Termination Event occurs with respect to either Party;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) A Change of Control; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company fails, after giving effect to any applicable notice requirement or grace period, to perform its obligations
under, comply with, or maintain in any material respect a Base Agreement or the Required Storage and Transportation Arrangements, if any; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Company or any of its Subsidiaries sells, leases, subleases, transfers or otherwise disposes of, in one transaction or
a series of related transactions, all or a material portion of the assets of the Refinery; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Company
(i)&nbsp;consolidates or amalgamates with, merges with or into, or transfers all or substantially all of its assets to, another entity (including an Affiliate) or any such consolidation, amalgamation, merger or transfer is consummated, and
(ii)&nbsp;(A) the successor entity resulting from any such consolidation, amalgamation or merger or the Person that otherwise acquires all or substantially all of the assets of the Company does not assume, in a manner reasonably satisfactory to
Aron, all of the Company&#146;s obligations hereunder and under the other Transaction Documents, or (B)&nbsp;in the reasonable judgment of Aron, the creditworthiness of the resulting, surviving or transferee entity, taking into account any
guaranties, is materially weaker than the Company immediately prior to the consolidation, amalgamation, merger or transfer; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The Company fails to perform or observe any term, covenant or agreement contained in any of
<U>Section</U><U></U><U>&nbsp;5(b)(i)</U> (Liens), <U>Section</U><U></U><U>&nbsp;5(b)(ii)</U> (Indebtedness), <U>Section</U><U></U><U>&nbsp;5(b)(v)</U> (Asset Dispositions), or <U>Section</U><U></U><U>&nbsp;5(b)(vi)</U> (Transactions with
Affiliates) of the Pledge and Security Agreement; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) There shall occur, after giving effect to any applicable notice
requirement or grace period, either (A)&nbsp;a default, event of default or other similar condition or event (however described) in respect of the Company under one or more agreements or instruments relating to Specified Indebtedness (other than the
indebtedness under the Transaction Documents) in an aggregate amount of not less than One Million dollars ($1,000,000) which has resulted in such Specified Indebtedness becoming due and payable under such agreements and instruments before it would
have otherwise been due and payable or (B)&nbsp;a default by the Company in making one or more payments on the due date thereof in an aggregate amount of not less than One Million dollars ($1,000,000) under such agreements or instruments (after
giving effect to any applicable notice requirement or grace period); or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) There shall occur (i)&nbsp;any failure of any Note Issuer or any Affiliate of
a Note Issuer to make any payment when due (beyond any applicable grace or cure period) under the ABL Facility, the Indenture or any other Secured Debt (as defined in the Indenture) or (ii)&nbsp;any default, event of default or other similar
condition or event (however described) in respect of any Note Issuer or any Affiliate of a Note Issuer under the Indenture or the ABL Facility and such default, event or condition has resulted in the indebtedness or obligations of such Note Issuer
or Affiliate becoming due and payable thereunder before they would otherwise have been due and payable; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) Any of the
following: (i)&nbsp;the Guarantor fails to perform or otherwise defaults in any obligation under the Guaranty, (ii)&nbsp;the Guarantor becomes Bankrupt, (iii)&nbsp;the Guaranty expires or terminates or ceases to be in full force and effect prior to
the satisfaction of all obligations of the Company to Aron under this Agreement and the other Transaction Documents, or (iv)&nbsp;the Guarantor disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, the
Guaranty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.2 <U>Remedies Upon Event of Default</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding any other provision of this Agreement, if any Event of Default with respect to the Company, on the one
hand, or Aron, on the other hand (such defaulting Party, the &#147;<U>Defaulting Party</U>&#148;) has occurred and is continuing, Aron (where the Company is the Defaulting Party) or the Company (where Aron is the Defaulting Party) (such <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Party or Parties, the &#147;<U><FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party</U>&#148;) may, without notice, (i)&nbsp;declare all of the Defaulting Party&#146;s obligations under this
Agreement to be forthwith due and payable, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Defaulting Party, including the Current Deferred Payment Amount as contemplated under
<U>Section</U><U></U><U>&nbsp;11.8(a)</U> and/or (ii)&nbsp;subject to <U>Section</U><U></U><U>&nbsp;19.2(c)</U>, exercise any rights and remedies provided or available to the Non-Defaulting Party under this Agreement or at law or equity, including
all remedies provided under the Uniform Commercial Code and as provided under this <U>Section</U><U></U><U>&nbsp;19.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding any other provision of this Agreement, if an Event of Default has occurred and is continuing with respect
to the Defaulting Party, the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party shall have the right, immediately and at any time(s) thereafter, to terminate this Agreement (and any other contract or agreement that may then be outstanding
among the Parties that relates specifically to this Agreement, including any Transaction Document) and, subject to <U>Section</U><U></U><U>&nbsp;19.2(c)</U>, to liquidate and terminate any or all rights and obligations under this Agreement and such
other Transaction Documents; provided that, in the event Aron is the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party, this Agreement shall not be deemed to have terminated in full until Aron shall have disposed of all Crude Oil and
Products owned or maintained by Aron in connection herewith. The Settlement Amount (as defined below) shall be calculated in a commercially reasonable manner based on such liquidated and terminated rights and obligations and shall be payable by one
Party to the other. The &#147;<U>Settlement Amount</U>&#148; shall mean the amount, expressed in U.S. Dollars, of losses and costs that are or would be incurred by the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party (expressed as a
positive number) or gains that are or would be realized by the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party (expressed as a negative number) as a result of the liquidation and termination of all rights and obligations under this
Agreement and such other Transaction Documents. The determination of the Settlement Amount shall include (without duplication): (x) the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
losses and costs (or gains) incurred or realized (and determined in a commercially reasonable manner) by the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party in terminating,
transferring, redeploying or otherwise modifying any outstanding Procurement Contracts, (y)&nbsp;the losses and costs (or gains) incurred or realized (and determined in a commercially reasonable manner) by the
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party in terminating and liquidating any transactions evidenced by confirmations subject hereto (including the SPM Master Buy/Sell Crude Confirmation, SPM Master Buy/Sell Product Confirmation
and any other buy/sell confirmation hereunder) and (z)&nbsp;all losses and costs (or gains) incurred or realized by the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party, as a result of the
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party&#146;s terminating, liquidating, maintaining, obtaining or reestablishing any Related Hedges (including, if Aron is the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party, all
hedging transactions relating to the Monthly Market Structure Roll Fees). If the Settlement Amount is a positive number it shall be due to the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party and if it is a negative number, the absolute
value thereof shall be due to the Defaulting Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Settlement Amount shall be determined by the <FONT
STYLE="white-space:nowrap">Non-Defaulting</FONT> Party, acting in good faith, in a commercially reasonable manner. The <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party shall determine the Settlement Amount commencing as of the date on
which such termination occurs by reference to such futures, forward, swap and options markets as it shall select in its commercially reasonable judgment; provided that the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party is not required
to effect such terminations and/or determine the Settlement Amount on a single day, but rather may effect such terminations and determine the Settlement Amount over a commercially reasonable period of time. Without limiting the generality of the
foregoing, it is agreed that for purposes of determining the Settlement Amount: (1)&nbsp;all fees hereunder and under the Fee Letter (other than the Refinery Crude Purchase Fee Price applicable to the Refinery Crude Purchase Fee) shall be due to
Aron and determined by Aron based on the applicable minimum inventory levels specified in <U>Schedule D</U> and current forward curve and applicable Benchmark Prices as of the date of determination of the Settlement Amount; (2)&nbsp;for the period
following the date of determination of the Settlement Amount, the Refinery Crude Purchase Fee Price applicable to the Refinery Crude Purchase Fee shall be included in the Settlement Amount based on an assumed net daily crude runs of 60,000 Barrels
per day through the Expiration Date; (3)&nbsp;to the extent the Fee Letter provides for the calculation of any amount to be included in the Settlement Amount, the provisions of the Fee Letter shall be controlling for such purpose; and (4)&nbsp;to
the extent the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party deems it commercially reasonable to do so, it may in referencing prices in the futures, forward, swap and options markets for purposes of calculating various elements of the
Settlement Amount endeavor to align the dates as of which such reference prices are determined. In calculating the Settlement Amount, the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party shall discount to present value (in any
commercially reasonable manner based on London interbank rates for the applicable period and currency) any amount which would be due at a later date and shall add interest (at a rate determined in the same manner) to any amount due prior to the date
of the calculation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Without limiting any other rights or remedies hereunder, if an Event of
Default has occurred and is continuing and Aron is the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party, Aron may, in its discretion, (i)&nbsp;withhold or suspend its obligations, including any of its delivery or payment obligations,
under this Agreement or any other Transaction Documents, (ii)&nbsp;withdraw from storage any and all of the Crude Oil and/or Products then in the Included Locations, (iii)&nbsp;otherwise arrange for the disposition of any Crude Oil and/or Products
subject to any outstanding Aron Procurement Contract or Included Purchase Transaction and/or the modification, settlement or termination of such outstanding Aron Procurement Contract or Included Purchase Transaction in such manner as it elects and
(iv)&nbsp;liquidate in a commercially reasonable manner any credit support, margin or collateral, to the extent not already in the form of cash (including applying any other margin or collateral) and apply and set off such credit support, margin or
collateral or the proceeds thereof against any obligation owing by the Company to Aron (including without limitation the Initial Margin Amount). Aron shall be under no obligation to prioritize the order with respect to which it exercises any one or
more rights and remedies available hereunder. The Company shall in all events remain liable to Aron for any amount payable by the Company in respect of any of its obligations remaining unpaid after any such liquidation, application and set off. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Without limiting any other rights or remedies hereunder, if an Event of Default has occurred and is continuing and the
Company is the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party, the Company may, in its discretion, (i)&nbsp;withhold or suspend its obligations, including any of its delivery or payment obligations, under this Agreement and/or
(ii)&nbsp;otherwise arrange for the settlement or termination of the Parties&#146; outstanding commitments hereunder, the sale in a commercially reasonable manner of Crude Oil and/or Product for Aron&#146;s account, and the replacement of the supply
and offtake arrangement contemplated hereby with such alternative arrangements as it may procure. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The <FONT
STYLE="white-space:nowrap">Non-Defaulting</FONT> Party shall set off (i)&nbsp;the Settlement Amount (if due to the Defaulting Party), plus any performance security (including any other margin or collateral) then held by the <FONT
STYLE="white-space:nowrap">Non-Defaulting</FONT> Party pursuant to the Transaction Documents, plus (at the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party&#146;s election) any or all other amounts due to the Defaulting Party hereunder
(including under <U>Article</U><U></U><U>&nbsp;10</U>), against (ii)&nbsp;the Settlement Amount (if due to the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party), plus any performance security (including any other margin or collateral)
then held by the Defaulting Party, plus (at the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party&#146;s election) any or all other amounts due to the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party hereunder (including under
<U>Article</U><U></U><U>&nbsp;10</U>), so that all such amounts shall be netted to a single liquidated amount payable by one Party to the other (the &#147;<U>Liquidated Amount</U>&#148;). The Party with the payment obligation shall pay the
Liquidated Amount to the applicable other Parties within one (1)&nbsp;Business Day after such amount has been determined. In addition, the Parties acknowledge that, in connection with an Event of Default hereunder, the
<FONT STYLE="white-space:nowrap">Step-out</FONT> Inventory Sales Agreement may be terminated and with respect thereto any rights and remedies available hereunder, under any other agreement between the Parties hereto or the parties thereto, or at law
or equity may be exercised. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) No delay or failure on the part of the
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party in exercising any right or remedy to which it may be entitled on account of any Event of Default shall constitute an abandonment of any such right, and the
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party shall be entitled to exercise such right or remedy at any time during the continuance of an Event of Default. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party&#146;s
rights under this <U>Section</U><U></U><U>&nbsp;19.2</U> shall be in addition to, and not in limitation or exclusion of, any other rights which the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party may have (whether by agreement,
operation of law or otherwise), including any rights of recoupment, setoff, combination of accounts or other rights under any credit support that may from time to time be provided in connection with this Agreement. The Defaulting Party shall
indemnify and hold the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party harmless from all reasonable costs and expenses, including reasonable attorney fees, incurred in the exercise of any remedies hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If an Event of Default has occurred and is continuing, the <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party
may, without limitation on its rights under this <U>Section</U><U></U><U>&nbsp;19.2</U>, set off amounts which the Defaulting Party owes to it against any amounts which it owes to the Defaulting Party (whether hereunder, under any other contract or
agreement or otherwise and whether or not then due). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Parties acknowledge and agree that this Agreement is intended
to be a &#147;master netting agreement&#148; as such term is defined in section 101(38A) of the Bankruptcy Code. As used in this <U>Section</U><U></U><U>&nbsp;19.2</U>, unless otherwise expressly provided, each reference to &#147;this
Agreement&#148; shall, and shall be deemed to, be a reference to &#147;this Agreement and the other Transaction Documents.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 20 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SETTLEMENT
AT TERMINATION </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.1 Upon expiration or termination of this Agreement for any reason other than as a result of an Event of Default (in
which case the Expiration Date or such other date as the Parties may agree shall be the &#147;<U>Termination Date</U>&#148;; provided that if such date is not a Business Day, any payments due on such date shall be made on the immediately preceding
Business Day), the Parties covenant and agree to proceed as provided in this <U>Article</U><U></U><U>&nbsp;20</U>; provided that (x)&nbsp;this Agreement shall continue in effect following the Termination Date until all obligations are finally
settled as contemplated by this <U>Article</U><U></U><U>&nbsp;20</U> and (y)&nbsp;the provisions of this <U>Article</U><U></U><U>&nbsp;20</U> shall in no way limit the rights and remedies which the
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Party may have as a result of an Event of Default, whether pursuant to <U>Article</U><U></U><U>&nbsp;19</U> above or otherwise: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any Aron Procurement Contract does not either (i)&nbsp;by its terms automatically become assigned to the Company on and
as of the Termination Date in a manner which releases Aron from all obligations thereunder for all periods following the Termination Date or (ii)&nbsp;by its terms, expire or terminate on and as of the Termination Date, then the Parties shall
promptly negotiate and enter into, with each of the then existing Third Party Suppliers, assignments, assumptions and/or such other documentation, in form and substance reasonably satisfactory to the Parties, pursuant to which, as of the Termination
Date, (w)&nbsp;such Aron Procurement Contract shall be assigned to the Company or shall be terminated, (x)&nbsp;all rights and obligations of Aron under each of the then outstanding Aron Procurement Contracts shall be assigned to the Company,
(y)&nbsp;the Company shall assume all of such obligations to be paid or performed following such termination, and (z)&nbsp;Aron shall be released by such Third Party Suppliers </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
and the Company from any further obligations thereunder. In connection with the assignment or reassignment of any Aron Procurement Contract, the Parties shall endeavor, in a commercially
reasonable manner, to facilitate the transitioning of the supply and payment arrangements, including any change in payment terms, under the relevant Aron Procurement Contracts so as to prevent any material disruption in the supply of Crude Oil
thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If, pursuant to the Marketing and Sales Agreement, any sales commitments are outstanding which, by their
terms, extend beyond the Termination Date, then the Parties shall promptly negotiate and enter into, with each of the purchasers thereunder, assignments, assumptions and/or such other documentation, in form and substance reasonably satisfactory to
the Parties, pursuant to which, as of the Termination Date, (i)&nbsp;such sales commitment shall be assigned (or reassigned) to the Company or shall be terminated, (ii)&nbsp;all rights and obligations of Aron with respect to each then outstanding
sales commitment shall be assigned to the Company, (iii)&nbsp;the Company shall assume all of such obligations to be paid or performed following such termination, and (iv)&nbsp;Aron shall be released by the purchasers thereunder and the Company from
any further obligations with respect to such sales commitments. In connection with the assignment or reassignment of any Aron Procurement Contract, the Parties shall endeavor, in a commercially reasonable manner, to facilitate the transitioning of
the Product marketing and sales arrangements so as to prevent any material disruption in the distribution of Products from the Refinery. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event that Aron has become a party to any other third party service contract in connection with this Agreement and
the transactions contemplated hereby, including any pipeline, terminalling, storage and shipping arrangement including but not limited to the Required Storage and Transportation Arrangements (an &#147;<U>Ancillary Contract</U>&#148;) and such
Ancillary Contract does not by its terms expire or terminate on and as of the Termination Date, then the Parties shall promptly negotiate and enter into with each service provider thereunder such instruments or other documentation, in form and
substance reasonably satisfactory to the Parties, pursuant to which as of the Termination Date (i)&nbsp;such Ancillary Contract shall be assigned to the Company or shall be terminated, (ii)&nbsp;all rights and obligations of Aron with respect to
each then outstanding Ancillary Contract shall be assigned to the Company, (iii)&nbsp;the Company shall assume all of such obligations to be paid or performed following such termination, and (iv)&nbsp;Aron shall be released by the third party
service providers thereunder and the Company from any further obligations with respect to such Ancillary Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The
volume of Crude Oil and Products at the Included Locations shall be purchased and transferred as contemplated in the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement. The Crude Oil volumes measured by Supplier&#146;s
Inspector at the Termination Date and recorded in Supplier&#146;s Inspector&#146;s final inventory report shall be the &#147;<U>Termination Date Crude Oil Volumes</U>&#148; for the purposes of this Agreement and the Product volumes measured by
Supplier&#146;s Inspector at the Termination Date and recorded in Supplier&#146;s Inspector&#146;s final inventory report shall be the &#147;<U>Termination Date Product Volumes</U>&#148; for purposes of this Agreement, and such Termination Date
Crude Oil Volumes and Termination Date Product Volumes shall collectively be referred to as the &#147;<U>Termination Date Volumes</U>.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Aron shall promptly reconcile and determine the Termination Amount pursuant
to <U>Section</U><U></U><U>&nbsp;20.2</U>. The Parties shall promptly exchange all information necessary to determine the estimates and final calculations contemplated by <U>Section</U><U></U><U>&nbsp;20.2</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Aron shall have no further obligation to purchase and shall not purchase or pay for Crude Oil or Products, or incur any
such purchase obligations on and after the Termination Date. Except as may be required for Aron to fulfill its obligations hereunder until the Termination Date or during any obligatory notice period pursuant to any Aron Procurement Contract, Aron
shall not be obligated to purchase, take title to or pay for any Crude Oil or Products following the Termination Date or such earlier date as the Parties may determine in connection with the transitioning of such supply arrangements to the Company.
Notwithstanding anything to the contrary herein, no Delivery Date shall occur later than the calendar day immediately preceding the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.2 <U>Termination Amount</U>.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The &#147;<U>Termination Amount</U>&#148; shall equal: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any unpaid amounts owed by the Company to Aron pursuant to the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory
Sales Agreement, plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all unpaid amounts payable hereunder by the Company to Aron in respect of Crude Oil delivered
on or prior to the Termination Date, plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) all Ancillary Costs incurred through the Termination Date that have not
yet been paid or reimbursed by the Company, plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) in the case of an early termination, the amount reasonably
determined by Aron as the breakage costs it incurred in connection with the termination, unwinding or redeploying of all Related Hedges as a result of such early termination, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the aggregate amount due under <U>Section</U><U></U><U>&nbsp;10.2(a)</U>, calculated as of the Termination Date with such
date being the final day of the last monthly period for which such calculations are to be made under this Agreement; provided that, if such amount under <U>Section</U><U></U><U>&nbsp;10.2(a)</U> is due to Aron, then such amount will be included in
this Termination Amount as a positive number and if such amount under <U>Section</U><U></U><U>&nbsp;10.2(a)</U> is due to the Company, then such amount will be included in this Termination Amount as a negative number, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any unpaid portion of any fee owed to Aron pursuant to <U>Article 11</U>; plus </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any FIFO Balance Final Settlement that is determined to be due pursuant to
<U>Schedule N</U>; provided that, if such FIFO Balance Final Settlement is due to Aron, then such amount will be included in this Termination Amount as a positive number and if such amount under <U>Section</U><U></U><U>&nbsp;10.2(a)</U> would be due
to the Company, then such amount will be included in this Termination Amount as a negative number, plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) the Current
Deferred Payment Amount, minus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) all unpaid amounts payable hereunder by Aron to the Company in respect of Product
delivered on or prior to the Termination Date, minus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) all unpaid amounts payable under the Marketing and Sales
Agreement by Aron to the Company for services provided up to the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the foregoing amounts shall be aggregated or netted to a single
liquidated amount owing from one Party to the other. If the Termination Amount is a positive number, it shall be due to Aron and if it is a negative number, the absolute value thereof shall be due to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Parties acknowledge that one or more of the components of the Termination Amount will not be able to be definitively
determined by the Termination Date and therefore agree that Aron shall, in a commercially reasonable manner, estimate in good faith each of such components and use such estimated components to determine an estimate of the Termination Amount (the
&#147;<U>Estimated Termination Amount</U>&#148;); provided that the Parties agree that Aron shall continue to hold the Initial Margin Amount until final settlement is completed pursuant to Section&nbsp;20.2(c). Without limiting the generality of the
foregoing, the Parties agree that the amount due under <U>Section</U><U></U><U>&nbsp;20.2(a)(i)</U> above shall be estimated by Aron in the same manner and using the same methodology as it used in preparing the Estimated Commencement Date Value, but
applying the &#147;<U><FONT STYLE="white-space:nowrap">Step-Out</FONT> Prices</U>&#148; as indicated in <U>Schedule B</U> and other price terms provided for herein with respect to the purchase of the Termination Date Volumes. Aron shall use its
commercially reasonable efforts to prepare, and provide the Company with, an initial Estimated Termination Amount, together with appropriate supporting documentation, at least five (5)&nbsp;Business Days prior to the Termination Date. To the extent
reasonably practicable, Aron shall endeavor to update its calculation of the Estimated Termination Amount by no later than 12:00 p.m. HST on the Business Day prior to the Termination Date. If Aron is able to provide such updated amount, that amount
shall constitute the Estimated Termination Amount and shall be due and payable by no later than 5:00 p.m., HST on the Business Day preceding the Termination Date. Otherwise, the initial Estimated Termination Amount shall be the amount payable on the
Termination Date. If the Estimated Termination Amount is a positive number, it shall be due to Aron and if it is a negative number, the absolute value thereof shall be due to the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) On or before ten (10)&nbsp;Business Days following the Termination Date, Aron shall prepare, and provide the Company with,
(i)&nbsp;a statement showing the calculation, as of the Termination Date, of the Termination Amount, (ii)&nbsp;a statement (the &#147;<U>Termination Reconciliation Statement</U>&#148;) reconciling the Termination Amount with the sum of the Estimated
Termination Amount pursuant to <U>Section</U><U></U><U>&nbsp;20.2(b)</U> and the Initial </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Margin Amount and indicating any amount remaining to be paid by one Party to the other as a result of such reconciliation. Within one (1)&nbsp;Business Day after receiving the Termination
Reconciliation Statement and the related supporting documentation, the Parties will make any and all payments required pursuant thereto. Promptly after receiving such payment (but in any event within five (5)&nbsp;Business Days), Aron shall
(x)&nbsp;cause any filing or recording of any UCC financing forms to be terminated, (y)&nbsp;release and terminate all Lien Documents pursuant to one or more instruments mutually acceptable to the Parties and (z)&nbsp;deliver, <FONT
STYLE="white-space:nowrap">re-assign,</FONT> reconvey and transfer, as applicable, to the Company any other Collateral or credit support held or maintained by Aron (including, without limitation, the remaining balance, if any, of the Initial Margin
Amount after giving effect to this <U>Article 20</U>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything herein to the contrary, Aron shall not
have any obligation to make any payment contemplated by this <U>Section</U><U></U><U>&nbsp;20.2</U>, transfer of title to Crude Oil or Products or to otherwise cooperate in the transition matters described in <U>Section</U><U></U><U>&nbsp;20.1</U>
unless (i)&nbsp;the Company shall have performed its obligations under the <FONT STYLE="white-space:nowrap">Step-Out</FONT> Inventory Sales Agreement and this <U>Section</U><U></U><U>&nbsp;20.02</U> as and when required pursuant to the terms hereof
and thereof, and (ii)&nbsp;except as otherwise agreed by the Parties, the Master Agreement and all Transactions outstanding thereunder have been terminated and all amounts due with respect to such terminated Transactions shall have been paid in
full.. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.3 <U>Transition Services</U>. To the extent necessary to facilitate the transition to the Purchasers of the storage and
transportation rights and status contemplated hereby, each Party shall take such additional actions, execute such further instruments and provide such additional assistance as the other Party may from time to time reasonably request for such
purposes. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 21 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>INDEMNIFICATION; EXPENSES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.1 To the fullest extent permitted by Applicable Law and except as specified otherwise elsewhere in the Transaction Documents, Aron shall
defend, indemnify and hold harmless the Company, its Affiliates, and their directors, officers, employees, representatives, agents and contractors for and against any Liabilities directly or indirectly arising out of (i)&nbsp;any breach by Aron of
any covenant or agreement contained herein or made in connection herewith or any representation or warranty of Aron made herein or in connection herewith proving to be false or misleading, (ii)&nbsp;any failure by Aron to comply with or observe any
Applicable Law, (iii)&nbsp;Aron&#146;s negligence or willful misconduct, or (iv)&nbsp;injury, disease, or death of any person or damage to or loss of any property, fine or penalty, any of which is caused by Aron or its employees, representatives,
agents or contractors in exercising any rights or performing any obligations hereunder or in connection herewith, except to the extent that any Liability arising under clause (iv)&nbsp;has resulted from the negligence or willful misconduct on the
part of the Company, its Affiliates or any of their respective employees, representatives, agents or contractors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.2 To the fullest extent permitted by Applicable Law and except as specified otherwise
elsewhere in this Agreement, the Company shall defend, indemnify and hold harmless Aron, its Affiliates, and their directors, officers, employees, representatives, agents and contractors for and against any Liabilities directly or indirectly arising
out of (i)&nbsp;any breach by the Company of any covenant or agreement contained herein or made in connection herewith or any representation or warranty of the Company made herein or in connection herewith proving to be false or misleading,
including, without limitation the Company&#146;s obligation for payment of taxes pursuant to <U>Section</U><U></U><U>&nbsp;15.1</U>, (ii) the Company&#146;s transportation, handling, storage, refining or disposal of any Crude Oil or the products
thereof, including any conduct by the Company on behalf of or as the agent of Aron under the Required Storage and Transportation Arrangements, (iii)&nbsp;the Company&#146;s failure to comply with its obligations under the terminalling, pipeline and
lease agreements underlying the Required Storage and Transportation Arrangements, (iv)&nbsp;the Company&#146;s negligence or willful misconduct, (v)&nbsp;any failure by the Company to comply with or observe any Applicable Law, (vi)&nbsp;injury,
disease, or death of any person or damage to or loss of any property, fine or penalty, any of which is caused by the Company or its employees, representatives, agents or contractors in exercising any rights or performing any obligations hereunder or
in connection herewith, (vii)&nbsp;actual or alleged presence or release of Hazardous Substances in connection with the Transaction Documents or the transactions contemplated thereby, or any liability under any Environmental Law related in any way
to or asserted in connection with the Transaction Documents or the transactions contemplated thereby or (viii)&nbsp;any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory, whether brought by a third party or by the Company, and regardless of whether Aron is a party thereto, except to the extent that any Liability arising under clause (vi), (vii) or (viii)&nbsp;above has resulted from the
negligence or willful misconduct on the part of Aron, its Affiliates or any of their respective employees, representatives, agents or contractors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.3 The Parties&#146; obligations to defend, indemnify, and hold each other harmless under the terms of the Transaction Documents shall not
vest any rights in any third party (whether a Governmental Authority or private entity), nor shall they be considered an admission of liability or responsibility for any purposes other than those enumerated in the Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.4 Each Party agrees to notify the other as soon as practicable after receiving notice of any claim or suit brought against it within the
indemnities of this Agreement, shall furnish to the other the complete details within its knowledge and shall render all reasonable assistance requested by the other in the defense; provided that, the failure to give such notice shall not affect the
indemnification provided hereunder, except to the extent that the indemnifying Party is materially adversely affected by such failure. Each Party shall have the right but not the duty to participate, at its own expense, with counsel of its own
selection, in the defense and settlement thereof without relieving the other of any obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.5 The Company shall pay
(i)&nbsp;all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by Aron and its Affiliates (including the reasonable fees, charges and disbursements of counsel and tax
consultants for Aron) in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction 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) and (ii)&nbsp;all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by Aron and its Affiliates in
connection with the enforcement or protection of Aron&#146;s rights under or in connection with this Agreement and the other Transaction Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 22 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>LIMITATION ON DAMAGES </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES&#146; LIABILITY FOR DAMAGES IS LIMITED TO DIRECT, ACTUAL DAMAGES ONLY (WHICH INCLUDE ANY AMOUNTS DETERMINED UNDER <U>ARTICLE</U><U></U><U>&nbsp;19</U>) AND NEITHER PARTY SHALL BE LIABLE FOR SPECIFIC
PERFORMANCE, LOST PROFITS OR OTHER BUSINESS INTERRUPTION DAMAGES, OR SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, IN TORT, CONTRACT OR OTHERWISE, OF ANY KIND, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE
PERFORMANCE, THE SUSPENSION OF PERFORMANCE, THE FAILURE TO PERFORM, OR THE TERMINATION OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT, SUCH LIMITATION SHALL NOT APPLY WITH RESPECT TO (I)&nbsp;ANY THIRD PARTY CLAIM FOR WHICH INDEMNIFICATION IS AVAILABLE
UNDER THIS AGREEMENT OR (II)&nbsp;ANY BREACH OF <U>ARTICLE</U><U></U><U>&nbsp;24</U>. EACH PARTY ACKNOWLEDGES THE DUTY TO MITIGATE DAMAGES HEREUNDER. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 23 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AUDIT AND
INSPECTION </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the Term of this Agreement each Party and its duly authorized representatives, upon reasonable notice and during normal working
hours, shall have access to the accounting records and other documents maintained by the other Party, or any of the other Party&#146;s contractors and agents, which relate to this Agreement; provided that, neither this Section nor any other
provision hereof shall entitle the Company to have access to any records concerning any hedges or offsetting transactions or other trading positions or pricing information that may have been entered into with other parties or utilized in connection
with any transactions contemplated hereby or by any other Transaction Document. The right to inspect or audit such records shall survive termination of this Agreement for a period of two (2)&nbsp;years following the Termination Date. Each Party
shall preserve, and shall cause all contractors or agents to preserve, all of the aforesaid documents for a period of at least two (2)&nbsp;years from the Termination Date. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 24 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONFIDENTIALITY </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24.1 In
addition to the Company&#146;s confidentiality obligations under the Transaction Documents, the Parties agree that the specific terms and conditions of this Agreement, including any list of counterparties, the Transaction Documents and the drafts of
this Agreement exchanged by the Parties and any information exchanged between the Parties, including calculations of any fees or other amounts paid by the Company to Aron under this Agreement and all information received by Aron from the Company
relating to the costs of operation, operating conditions, and other commercial information of the Company not made available to the public, are confidential and shall not be disclosed to any third party, except (i)&nbsp;as may be required by court
order or Applicable Laws or as requested by a Governmental Authority, (ii)&nbsp;to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such Party&#146;s or its Affiliates&#146; employees, directors, shareholders, auditors, consultants, banks, lenders, financial advisors and legal advisors for purposes of administering,
negotiating, considering, processing or evaluating this Agreement and the other Transaction Documents or the transactions contemplated thereby, or (iii)&nbsp;to such Party&#146; insurance providers, solely for the purpose of procuring insurance
coverage or confirming the extent of existing insurance coverage; provided that, prior to any disclosure permitted by this clause (iii), such insurance providers shall have agreed in writing to keep confidential any information or document subject
to this <U>Section</U><U></U><U>&nbsp;24.1</U>. The confidentiality obligations under this Agreement shall survive termination of this Agreement for a period of two (2)&nbsp;years following the Termination Date. The Parties shall be entitled to all
remedies available at law, or in equity, to enforce or seek relief in connection with the confidentiality obligations contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24.2 In the case of disclosure covered by clause (i)&nbsp;of <U>Section</U><U></U><U>&nbsp;24.1</U>, to the extent practicable and in
conformance with the relevant court order, Applicable Law or request, the disclosing Party shall notify the other Party in writing of any proceeding of which it is aware which may result in disclosure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24.3 <U>Tax Disclosure</U>. Notwithstanding anything herein to the contrary, the Parties (and their respective employees, representatives or
other agents) are authorized to disclose to any person the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to the
Parties relating to that treatment and structure, without the Parties imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not
apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, &#147;tax structure&#148; is limited to any facts that may be relevant to that treatment. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 25 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>GOVERNING
LAW </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25.1 THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25.2 EACH OF THE PARTIES HEREBY
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITUATED IN THE CITY OF NEW YORK, (WITHOUT RECOURSE TO ARBITRATION UNLESS BOTH PARTIES AGREE IN WRITING), AND TO SERVICE OF PROCESS BY
CERTIFIED MAIL, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN <U>ARTICLE</U><U></U><U>&nbsp;27</U>. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO PERSONAL JURISDICTION, WHETHER ON
GROUNDS OF VENUE, RESIDENCE OR DOMICILE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25.3 Each Party waives, to the fullest extent permitted by Applicable Law, any right it may have
to a trial by jury in respect of any proceedings relating to this agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 26 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ASSIGNMENT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">26.1 This
Agreement shall inure to the benefit of and be binding upon the Parties hereto, their respective successors and permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">26.2
The Company shall not assign this Agreement or its rights or interests hereunder in whole or in part, or delegate its obligations hereunder in whole or in part, without the express written consent of Aron. Aron may, without the Company&#146;s
consent, assign and delegate all of Aron&#146;s rights and obligations hereunder to (i)&nbsp;any Affiliate of Aron, provided that the obligations of such Affiliate hereunder are guaranteed by The Goldman Sachs Group, Inc. or (ii)&nbsp;any <FONT
STYLE="white-space:nowrap">non-Affiliate</FONT> Person that succeeds to all or substantially all of its assets and business and assumes Aron&#146;s obligations hereunder, whether by contract, operation of law or otherwise, provided that the
creditworthiness of such successor entity, in the Company&#146;s reasonable credit judgment, is equal or superior to the creditworthiness of Aron immediately prior to such assignment. Any other assignment by Aron shall require the Company&#146;s
consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">26.3 Any attempted assignment in violation of this <U>Article 26 </U>shall be null and void <I>ab initio</I> and the <FONT
STYLE="white-space:nowrap">non-assigning</FONT> Party shall have the right, without prejudice to any other rights or remedies it may have hereunder or otherwise, to terminate this Agreement effective immediately upon notice to the Party attempting
such assignment. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 27 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>NOTICES </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All invoices, notices, requests
and other communications given pursuant to this Agreement shall be in writing and sent by email or nationally recognized overnight courier. A notice shall be deemed to have been received when transmitted by email to the other Party&#146;s email set
forth in <U>Schedule M</U>, or on the following Business Day if sent by nationally recognized overnight courier to the other Party&#146;s address set forth in <U>Schedule M</U> and to the attention of the person or department indicated. A Party may
change its address or email address by giving written notice in accordance with this Section, which is effective upon receipt. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE
28 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>NO WAIVER, CUMULATIVE REMEDIES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">28.1 The failure of a Party hereunder to assert a right or enforce an obligation of the other Party shall not be deemed a waiver of such right
or obligation. The waiver by any Party of a breach of any provision of, or Event of Default or Default under, this Agreement shall not operate or be construed as a waiver of any other breach of that provision or as a waiver of any breach of another
provision of, Event of Default or Default under, this Agreement, whether of a like kind or different nature. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">28.2 Each and every right granted to the Parties under this Agreement or allowed it by law or
equity shall be cumulative and may be exercised from time to time in accordance with the terms thereof and Applicable Law. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 29
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">29.1 This Agreement shall not be construed as creating a partnership, association or joint venture between the Parties. It is understood that
each Party is an independent contractor with complete charge of its employees and agents in the performance of its duties hereunder, and nothing herein shall be construed to make such Party, or any employee or agent of the Company, an agent or
employee of the other Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">29.2 Neither Party shall have the right or authority to negotiate, conclude or execute any contract or legal
document with any third person; to assume, create, or incur any liability of any kind, express or implied, against or in the name of the other; or to otherwise act as the representative of the other, unless expressly authorized in writing by the
other. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 30 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>MISCELLANEOUS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.1 If
any Article, Section or provision of this Agreement shall be determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed to be deleted from this
Agreement and the remaining portions of this Agreement shall remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.2 The terms of this Agreement constitute
the entire agreement between the Parties with respect to the matters set forth in this Agreement, and no representations or warranties shall be implied or provisions added in the absence of a written agreement to such effect between the Parties.
This Agreement shall not be modified or changed except by written instrument executed by the Parties&#146; duly authorized representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.3 No promise, representation or inducement has been made by either Party that is not embodied in this Agreement or the Transaction
Documents, and neither Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.4
Time is of the essence with respect to all aspects of each Party&#146;s performance of any obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.5 Nothing
expressed or implied in this Agreement is intended to create any rights, obligations or benefits under this Agreement in any person other than the Parties and their successors and permitted assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.6 All audit rights, payment, confidentiality and indemnification obligations and obligations under this Agreement shall survive for the
time periods specified herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.7 This Agreement may be executed by the Parties in separate counterparts and initially
delivered by facsimile transmission or otherwise, with original signature pages to follow, and all such counterparts shall together constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.8 All transactions hereunder are entered into in reliance on the fact that this Agreement and all such transactions constitute a single,
integrated agreement between the Parties, and the Parties would not have otherwise entered into any other transactions hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30.9
The Parties agree, that notwithstanding anything to the contrary in Section&nbsp;30.2 or otherwise herein, the Parties may amend any item on <U>Schedule E</U>, <U>M</U>, <U>P</U>, <U>T</U>, <U>X</U>, <U>CC</U> or <U>DD</U> (each a &#147;<U>Specified
Schedule</U>&#148; and, collectively, the &#147;<U>Specified Schedules</U>&#148;) from time to time in accordance with the following procedures (each such amend, a &#147;<U>Specified Schedule Change</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Specified Schedule Change shall be evidenced by an exchange of emails between the parties which shall specifically reference the item
being changed and indicate the nature of the Specified Schedule Change (which may include, without limitation, the removal or addition of a Tank on <U>Schedule E</U>, change to the notice addresses and parties on <U>Schedule M</U>, the removal or
addition of or change to a Pricing Group on <U>Schedule P</U>, changes to account debtors listed on <U>Schedule T</U>, changes relating to Included Materials on <U>Schedule X</U>, changes to representatives listed on <U>Schedule CC</U> or changes to
payees listed on <U>Schedule DD</U>), the effective date of such Specified Schedule Change and, if such Specified Schedule Change is known to be temporary (such as in the case of Tank being temporarily removed from service), the date or expected
date as of which such Specified Schedule Change is to cease being effective. Either Party may initiate this email exchange, but such email exchange shall only be effective to bind the Parties once the second Party has responded via email in a manner
sufficient to confirm its agreement to the Specified Schedule Change reflected in the initial email. Other than a Specified Schedule Change, any amendment to any schedule hereto shall only be effective if evidenced by except by a written instrument
executed by the Parties&#146; duly authorized representatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) An exchange of emails complying with the terms of this
<U>Section</U><U></U><U>&nbsp;30.9</U> shall (notwithstanding anything to the contrary herein) constitute an amendment of relevant Specified Schedule with respect to the Specified Schedule Change memorialized in such emails. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) With respect to <U>Schedule E</U>, whenever as a result of any Specified Schedule Change in accordance with the foregoing procedures, a
Tank is (i)&nbsp;included on <U>Schedule E</U>, it shall constitute an Included Location for purposes thereof and (ii)&nbsp;excluded from such <U>Schedule E</U>, it shall not constitute an Included Location, in each case as of the relevant effective
date. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 31 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FORWARD JET FUEL TRANSACTION WITH PROVISIONAL PAYMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.1 <U>Forward Transaction</U>. Pursuant to the terms and conditions of this Article 31, the Parties have entered to a forward transaction
for the sale by the Company and the purchase by Aron of volumes of Jet Fuel (as defined below) to be delivered over an agreed period with payment to be made by Aron in a provisional payment subject to subsequent intra-month and monthly true ups (the
&#147;<U>Forward Jet Fuel Transaction</U>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.2 <U>Transaction Commencement</U>. Subject to satisfaction of the conditions in
<U>Section</U><U></U><U>&nbsp;31.9</U>, commencing on May&nbsp;8, 2017 or such later date as the Parties shall agree (the &#147;<U>Forward Transaction Commencement Date</U>&#148;), the Company shall be obligated to sell and deliver to Aron, and Aron
shall be obligated to purchase and receive from the Company, the monthly Jet Fuel volumes as indicated on <U>Schedule BB</U> hereto; <U>provided</U> that (i)&nbsp;each calendar month listed on <U>Schedule BB</U> during which Jet Fuel volumes are to
be delivered under the Forward Jet Fuel Transaction shall be a &#147;<U>Forward Delivery Month</U>&#148; hereunder, (ii)&nbsp;the price specified on such Schedule for each Forward Delivery Month shall be the &#147;<U>Specified Index Price</U>&#148;
for such month and (iii)&nbsp;the Jet Fuel volume to be delivered by the Company during any Forward Delivery Month shall be the &#147;<U>Monthly Forward Volume</U>&#148; for such month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.3 <U>Provisional Payment</U>. Provided that the conditions in <U>Section</U><U></U><U>&nbsp;31.9</U> have been satisfied and no Default or
Event of Default with respect to the Company has occurred and is continuing on the Forward Transaction Commencement Date, Aron shall pay to the Company, a provisional payment under the Forward Jet Fuel Transaction in the amount of $30,039,211.30
(the &#147;Provisional Payment&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.4 <U>Monthly <FONT STYLE="white-space:nowrap">True-Up</FONT> under Forward Jet Fuel
Transaction</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For each Forward Delivery Month, Aron shall determine the actual volume of Jet Fuel that the Company
has delivered during such month under the Forward Jet Fuel Transaction (the &#147;<U>Actual Forward Delivered Volume</U>&#148;), which shall equal the lesser of (A)&nbsp;the Monthly Forward Volume for such month and (B)&nbsp;the Monthly Produced
Volume for Jet Fuel for such month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For each Forward Delivery Month, Aron shall determine a true up payment (the
&#147;<U>Monthly Forward <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount</U>&#148;) which shall equal: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;(x)
the Current Month Pricing Benchmark for Jet Fuel for such month minus the Specified Index Price for such Forward Delivery Month, multiplied by (y)&nbsp;the Actual Forward Delivered Volume for such month, multiplied by
<FONT STYLE="white-space:nowrap">-1;</FONT> minus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Cumulative Daily Forward Settlement for such Forward Delivery
Month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Monthly Forward <FONT STYLE="white-space:nowrap">True-Up</FONT> Amount shall be incorporated as provided in
Schedule C hereto and as result shall be paid as part of the Monthly <FONT STYLE="white-space:nowrap">True-up</FONT> Amount due under <U>Section</U><U></U><U>&nbsp;10.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.5 <U>Volume Shortfalls</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If for any Forward Delivery Month, the Monthly Forward Volume exceeds the Actual Forward Delivered Volume (a
&#147;<U>Monthly Volumetric Shortfall</U>&#148;), then the Company shall be obligated to compensate Aron for such Monthly Volumetric Shortfall no later than the Shortfall Settlement Date by making a cash payment to Aron in an amount equal to the
product of (x)&nbsp;the Monthly Volumetric Shortfall and (y)&nbsp;the Specified Index Price for such Forward Delivery Month (the &#147;<U>Shortfall Value</U>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Company has not settled a Monthly Volumetric Shortfall on or before
the Shortfall Settlement Date, then (A)&nbsp;an Event of Default with respect to the Company shall occur hereunder and (B)&nbsp;without limiting the foregoing, interest shall accrue on such Shortfall Value (based on actual days elapsed over a 365
day year) during each monthly period from and after such Shortfall Settlement Date until such settlement occurs, at an annual rate of equal to the Discount Rate specified in the Fee Letter for the first monthly period which rate shall increase by 1%
for each subsequent monthly period, all of which accrued interest shall be due from time to time upon demand by Aron and in any event no later than the settlement of such Monthly Volumetric Shortfall. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.6 <U>Delivery and Specifications</U>. Unless otherwise agreed by Aron, all deliveries of Jet Fuel delivered under the Forward Jet Fuel
Transaction shall be in accordance with <U>Section</U><U></U><U>&nbsp;8.5</U> above and all such Products shall conform to the specification requirements under <U>Section</U><U></U><U>&nbsp;8.6</U> above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.7 <U>Adjustment to Interim Payments</U>. For each Forward Delivery Month, the Interim Payments determined for each day during such month
under <U>Section</U><U></U><U>&nbsp;10.1</U> hereof shall be adjusted in accordance with the following provisions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) For
each day during a Forward Delivery Month, Aron shall estimate (i)&nbsp;the Daily Produced Volume for such day using the Best Available Inventory Data; <U>provided</U> that if inventory data have not been reported on any day within a three
(3)&nbsp;Business Day period, Aron will use the inventory data for the day occurring during the thirty (30)&nbsp;day period preceding such calendar day that results in the smallest Estimated Daily Net Product Sales for Jet Fuel; <U>provided</U>
<U>further</U> that, if any Party determines that any inventory data Aron has used in such determination was materially inaccurate, then Aron shall adjust future Daily Forward Settlements to take account of any corrected inventory data, and
(ii)&nbsp;the aggregate volume of Jet Fuel that has been delivered to Aron from the first day of such Forward Delivery Month through such day, up to an aggregate volume not exceeding the Monthly Forward Volume for such Forward Delivery Month (the
&#147;<U>Estimated Monthly Forward Volume</U>&#148;). All such estimates shall be made by Aron in a commercially reasonable manner based on the available inventory data and otherwise in the manner contemplated above, and to the extent it deems
appropriate taking into account such other data as may be relevant to the determination of such estimates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If, as of
any day during a Forward Delivery Month, the Estimated Monthly Forward Volume equals the Monthly Forward Volume for such month, then for such day (or portion of such day) and for all days occurring thereafter during such month, the Daily Produced
Volume shall be zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.8 <U>Daily Forward Settlements</U>. For each day during a Forward Delivery Month, Aron shall calculate a
provisional settlement with respect to the Daily Produced Volume for such day (each, a &#147;<U>Daily Forward Settlement</U>&#148;) as provided in this <U>Section</U><U></U><U>&nbsp;31.8</U>. For purposes of this calculation, (i)&nbsp;the Daily
Price for each day shall be the Daily Price for the Jet Fuel Product Group as determined under <U>Section</U><U></U><U>&nbsp;10.1</U> and (ii)&nbsp;the Specified Index Price for such day shall be the Specified Index Price for the Forward Delivery
Month during which such day occurs. The Daily Forward Settlement for any day shall equal (x)&nbsp;the Specified Index Price for such month </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>


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minus the Daily Price multiplied by the (y)&nbsp;Daily Produced volume. If the resulting figure is positive, that amount shall be due from the Company to Aron. If the resulting figure is
negative, the absolute value of that amount shall be due from Aron to the Company. Payment of the Daily Forward Settlement for any day shall be due on the same date as the Interim Payment for that day and shall be, as appropriate, aggregated with or
netted against such Interim Payment determined under <U>Section</U><U></U><U>&nbsp;10.1(a)</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.9 <U>Conditions</U>. The
obligation of Aron to purchase Jet Fuel and make the payments for such Jet Fuel contemplated by this <U>Article 31</U> shall be subject to satisfaction of the following conditions precedent on and as of a date occurring no later than May&nbsp;8,
2017 (the &#147;<U>Transaction Cutoff Date</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All representations and warranties of the Company contained
herein shall be true and correct on and as of such date and no Default or Event of Default with respect to the Company shall have occurred and be continuing; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Aron shall have received such certificates, documents, instruments and opinion letters from the Company and its
representatives as Aron may reasonably request in connection with the commencement of the Forward Jet Fuel Transaction, including an officer&#146;s certificate dated as of the Forward Transaction Commencement Date confirming that no Default or Event
of Default with respect to the Company has occurred and is continuing on such day and all other applicable conditions to the Forward Transaction Commencement Date are then satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company agrees that it will use its commercially reasonable efforts to cause each of the foregoing conditions to be satisfied on or before the Transaction
Cutoff Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.10 <U>Remedies upon Event of Default</U>. If an Event of Default with respect to the Company occurs and Aron exercises
its remedies under <U>Section</U><U></U><U>&nbsp;19.2</U> hereof, then without limiting any rights and remedies that Aron may have thereunder, under the Transaction Documents or otherwise, it is agreed that with respect to the Forward Jet Fuel
Transaction: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Aron shall terminate, <FONT STYLE="white-space:nowrap">close-out</FONT> and liquidate the Forward Jet
Fuel Transaction (including, without limitation, all obligations to make any Provisional Payments thereunder) and determine a Settlement Amount (as defined in <U>Section</U><U></U><U>&nbsp;19.2(b)</U> hereof) for the Forward Jet Fuel Transaction;
provided that such Settlement Amount shall be determined with respect to the period from the date of such termination through the end of the final Forward Delivery Month (the &#147;<U>Remaining Tenor</U>&#148;) by calculating, for each Forward
Delivery Month (or portion thereof) during the Remaining Tenor, the product of the relevant Monthly Forward Volume and Specified Index Price, discounting each such product from the end of the relevant Forward Delivery Month to the date of
termination at a discount rate based on LIBOR as determined by Aron in a commercially reasonable manner, and taking the sum of such discounted amounts; provided further that such Settlement Amount shall also take account of any Forward Transaction
Obligations then due and owing and all losses and costs which Aron incurs as a result of maintaining, terminating or obtaining any related hedge positions and in doing so Aron may use such pricing and rate references as Aron deems appropriate in its
commercially reasonable judgment, including references to such futures, forward, swap and options markets as it shall select in its reasonable judgment; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Settlement Amount determined under clause (i)&nbsp;above shall constitute
a Settlement Amount for all purposes of <U>Section</U><U></U><U>&nbsp;19.2</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing shall in no way limit or be deemed to limit
Aron&#146;s rights under the Lien Documents, including its rights to apply the proceeds of any collateral to any obligations secured thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.11 <U>Settlement at Termination</U>. In the event this Agreement terminates pursuant to <U>Article 20</U> hereof, the following provisions
shall apply with respect to the Forward Jet Fuel Transaction: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All amounts due between the parties (including any
Settlement Amount determined under clause (i)&nbsp;above) shall be included in the Termination Amount under <U>Section</U><U></U><U>&nbsp;20.2(a)</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In determining the Estimated Termination Amount and the Termination Holdback Amount, Aron may, in its commercially
reasonable judgment, take account of any amounts due under the Forward Jet Fuel Transaction that will not be definitively determined as of the Termination Date and/or which will be subject to any <FONT STYLE="white-space:nowrap">true-up</FONT> or
adjustment following the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.12 <U>Early Termination of Forward Jet Fuel Transaction</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions hereof, the Company may, in its sole discretion and upon no less than 45 days&#146;
notice to Aron and effective on the first calendar day of the following month for purposes of determining the Outstanding Forward Amount, terminate the Forward Jet Fuel Transaction, in whole but not in part, at any time following Forward Transaction
Commencement Date (a &#147;<U>Forward Transaction Early Termination</U>&#148;). In order to effectuate any Forward Transaction Early Termination, the Company shall on the proposed date of such Forward Transaction Early Termination pay to Aron, in
immediately available funds, and without any <FONT STYLE="white-space:nowrap">set-off</FONT> or counterclaim, an amount equal to the Outstanding Forward Amount as of such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the conditions specified in Section&nbsp;31.12(a), at the Company&#146;s request, the Parties hereby agree
that a Forward Transaction Early Termination shall occur effective on December&nbsp;21, 2017 and that, accordingly, the Company shall be obligated to pay to Aron $26,438,149.52 on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">31.13 <U>Use of Proceeds</U>. The Parties acknowledge that the payments received from Aron under the Forward Jet Fuel Transaction were used to
make a <FONT STYLE="white-space:nowrap">one-time</FONT> &#147;restricted payment&#148; under Section&nbsp;5(b)(iii)(C) of the Pledge and Security Agreement as in effect at the time of such payments, which Section has been deleted as of the
Restatement Effective Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, each Party hereto has caused this Agreement to be executed by its duly authorized
representative as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>J. ARON&nbsp;&amp; COMPANY LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ John Eleoterio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">John Eleoterio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PAR HAWAII REFINING, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Supply and Offtake Agreement] </I></P>
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<TYPE>EX-10.3
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<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>EXECUTION VERSION </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of December&nbsp;21, 2017, is made
between Par Hawaii Refining, LLC, a Hawaii limited liability company (the &#147;<U>Company</U>&#148;), and J. Aron&nbsp;&amp; Company LLC, a New York limited liability company (&#147;<U>Aron</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company owns and operates a crude oil refinery and related assets located in Kapolei, Hawaii (the
&#147;<U>Refinery</U>&#148;) for the processing and refining of Crude Oil (as defined below) and other feedstocks and the recovery therefrom of refined products; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company and Aron entered into a Supply and Offtake Agreement, dated as of June&nbsp;1, 2015, providing for a supply and
offtake transaction under which Aron agreed to supply Crude Oil to the Company to be processed at the Refinery and purchase all Products (as defined below) from the Company produced at the Refinery (such agreement, as from time to time amended prior
to the date hereof, the &#147;<U>Original S&amp;O Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, as a condition precedent to Aron&#146;s
obligations under the S&amp;O Agreement, the Company and Aron entered into a Pledge and Security Agreement dated as of June&nbsp;1, 2015 (the &#147;<U>Original Security Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company and Aron wish to amend and restate the Original S&amp;O Agreement and have entered into the Amended and Restated
Supply and Offtake Agreement dated as of the date hereof (the &#147;<U>S&amp;O Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, it is a
condition precedent to effectiveness of the S&amp;O Agreement that the Company and Aron enter into this Agreement amending and restating the Original Security Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 1 <U>Definitions; Interpretation.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Terms Defined in S&amp;O Agreement</U>. Subject to <U>Section</U><U></U><U>&nbsp;1(c)</U>, all capitalized terms used in this Agreement
(including in the recitals hereof)&nbsp;and not otherwise defined herein shall have the meanings assigned to them in the S&amp;O Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Certain Defined Terms</U> . As used in this Agreement, the following terms shall have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounts</U>&#148; means any and all of the Company&#146;s accounts, as such term is defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acknowledgment Agreement</U>&#148; has the meaning
specified in the S&amp;O Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Attributable Indebtedness</U>&#148; means, on any date, (i)&nbsp;in respect of any capital
lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (ii)&nbsp;in respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Books</U>&#148; means all books, records and other written, electronic or other
documentation in whatever form maintained now or hereafter by or for the Company in connection with the ownership of its assets or the conduct of its business or evidencing or containing information relating to the Collateral, including:
(i)&nbsp;ledgers; (ii)&nbsp;records indicating, summarizing, or evidencing the Company&#146;s assets (including Inventory and Rights to Payment), business operations or financial condition; (iii)&nbsp;computer programs and software;
(iv)&nbsp;computer discs, tapes, files, manuals, spreadsheets; (v)&nbsp;computer printouts and output of whatever kind; (vi)&nbsp;any other computer prepared or electronically stored, collected or reported information and equipment of any kind; and
(vii)&nbsp;any and all other rights now or hereafter arising out of any contract or agreement between the Company and any service bureau, computer or data processing company or other Person charged with preparing or maintaining any of the
Company&#146;s books or records or with credit reporting, including with regard to the Company&#146;s Accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CDX</U>&#148;
means the Central Data Exchange system of the EPA, through which all required reports are uploaded electronically and through which is gained access to EMTS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Chattel Paper</U>&#148; means any and all of the Company&#146;s chattel paper, as such term is defined in <FONT
STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC, including all Electronic Chattel Paper. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148;
has the meaning set forth in <U>Section</U><U></U><U>&nbsp;2(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commercial Tort Claims</U>&#148; means any and all of the
Company&#146;s commercial tort claims, as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC, including any described in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control Agreement</U>&#148; means any control agreement or other agreement with any securities intermediary, bank or other Person
establishing Aron&#146;s control with respect to any Deposit Accounts, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights or Investment Property, for purposes of Article 8 or Sections <FONT
STYLE="white-space:nowrap">9-104,</FONT> <FONT STYLE="white-space:nowrap">9-106</FONT> and <FONT STYLE="white-space:nowrap">9-107</FONT> of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Controlled Account</U>&#148; means any Deposit Account or securities account of the Company that is subject to a Control Agreement in
form and substance satisfactory to Aron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crack Spread Hedge</U>&#148; means a cash-settled commodity transaction entered into
between Company and any Person (including an option, swap, floor, cap, collar, forward sale or forward purchase) which is provided for the purpose of managing the Company&#146;s risk with respect to the spread created by the purchase by a party of
Crude Oil for delivery in the future and the sale by such party of gasoline, diesel, jet fuel and/or heating oil under contract for future delivery (regardless of whether such transaction is effected by means of one or more futures contracts or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> hedging agreements); <I>provided</I> that a Crack Spread Hedge may be based on a single agreement or trade or on a combination of agreements or trades that
are intended to collectively constitute a Crack Spread Hedge. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Crack Spreads</U>&#148; means the spread created by the purchase of Crude Oil for
delivery in the future and the sale of gasoline, diesel, jet fuel and/or heating oil under contract for future delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debtor
Relief Laws</U>&#148; means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of
the United States or other applicable jurisdictions from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means any event that with the
giving of notice or the passing of time or both would be an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deposit Account</U>&#148; means any deposit
account, as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC, maintained by or for the benefit of the Company, whether or not restricted or designated for a particular purpose; provided, however, the term
&#147;Deposit Account&#148; shall exclude the Excluded Accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disposition</U>&#148; means the sale, transfer, license, lease
or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims
associated herewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Documents</U>&#148; means any of the Company&#146;s documents, as such term is defined in <FONT
STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Chattel Paper</U>&#148; means any and all of the
Company&#146;s electronic chattel paper, as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>EMTS</U>&#148; means the EPA Moderated Transaction System as defined in 40 C.F.R. &#167;80.1401 and regulated under Renewable Fuel
Standards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equipment</U>&#148; means any and all of the Company&#146;s equipment, including any and all fixtures, as such terms
are defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; has the meaning
specified in the S&amp;O Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated and rulings issued thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; means any &#147;Event of
Default&#148; under the S&amp;O Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Accounts</U>&#148; means: (i)&nbsp;Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of the Company&#146;s employees (including, without limitation, pension fund accounts and 401(k) accounts), (ii)&nbsp;any Deposit Account exclusively used for the posting of cash collateral to support
obligations arising under cash-collateralized letters of credit or exposure from Hedging Agreements permitted under this Agreement and the S&amp;O Agreement, and (iii)&nbsp;any Note Collateral Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Assets</U>&#148; means (i)&nbsp;any property (other than equipment or
inventory), including any contract, lease, permit, license, license agreement, other agreement or instrument to which the Company is a party or any of its rights or interests thereunder, solely to the extent that the grant of a security interest in
such property (A)&nbsp;is prohibited by Applicable Law, (B)&nbsp;requires a consent of any Governmental Authority pursuant to Applicable Law that has not been obtained, or (C)&nbsp;is prohibited by, or constitutes a breach or default under, or
results in the termination of or requires any consent not obtained under, any such contract, lease, permit, license, license agreement, other agreement or instrument, or Applicable Law with respect thereto, evidencing, governing, or giving rise to
such property, (ii)&nbsp;any trademarks, trade names and other intellectual property, (iii)&nbsp;Accounts and CC Receivables (as defined in the Security Agreement (as defined in the Collateral Trust and Intercreditor Agreement)) constituting
identifiable proceeds of the Note Collateral, (iv)&nbsp;Equity Interests in any Subsidiary of the Company, and (v)&nbsp;Excluded Accounts; <I>provided</I>, <I>however</I>, that (x)&nbsp;with respect to any property that constitutes Excluded Assets
solely by operation of clause (i)&nbsp;of this sentence, the Collateral shall include and such security interest shall automatically attach to such property immediately at such time as such prohibition, breach, default, termination (or right of
termination) would be rendered ineffective pursuant to <FONT STYLE="white-space:nowrap">Section&nbsp;9-406,</FONT> <FONT STYLE="white-space:nowrap">9-407,</FONT> <FONT STYLE="white-space:nowrap">9-408</FONT> or
<FONT STYLE="white-space:nowrap">9-409</FONT> of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other Applicable Law, and (y)&nbsp;any such property shall cease to constitute Excluded Assets at such time as
the condition causing such prohibition, breach, default, termination (or right of termination) no longer exists and, in each case, to the extent severable, the security interest therein shall attach immediately to any portion of such property that
would not result in the above specified consequences and are not subject to such prohibitions specified in this proviso. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>General Intangibles</U>&#148; means any and all of the Company&#146;s general intangibles, as such term is defined in <FONT
STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Goods</U>&#148; means any and all of the Company&#146;s goods,
as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantee</U>&#148; means, as
to any Person, (i)&nbsp;any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the &#147;primary
obligor&#148;) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (A)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (B)&nbsp;to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
payment or performance of such Indebtedness or other obligation, (C)&nbsp;to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or
cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (D)&nbsp;entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (ii)&nbsp;any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to
the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by
the guaranteeing Person in good faith. The term &#147;Guarantee&#148; as a verb has a corresponding meaning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedging
Agreement</U>&#148; means any Swap Contract relating to Crude Oil, Products, other feedstocks, other refined petroleum products or other hydrocarbons (including without limitation any such agreement relating to Crack Spreads, time spreads and grade
differentials), entered into by a Person in the ordinary course of business and for <FONT STYLE="white-space:nowrap">non-speculative</FONT> purposes, that hedges or mitigates risks to which such Person or any of its Subsidiaries has actual exposure.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) all obligations of such Person for borrowed money and
all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers&#146; acceptances, bank guaranties, surety bonds and similar instruments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) net obligations of such Person under any Swap Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) indebtedness (excluding prepaid interest thereon) secured by a Lien on
property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) capital leases and Synthetic Lease Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference <U>plus</U> accrued and unpaid dividends; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) all Guarantees of such Person in respect of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is
itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made <FONT STYLE="white-space:nowrap">non-recourse</FONT> to such Person. The amount of any net
obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any obligation in respect of any capital lease or Synthetic Lease Obligation, as applicable, as of any date shall
be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insolvency Proceeding</U>&#148;
means (a)&nbsp;any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, <FONT STYLE="white-space:nowrap">winding-up</FONT> or relief
of debtors, or (b)&nbsp;any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of any Person&#146;s creditors generally or any substantial portion of such
Person&#146;s creditors, in each case undertaken under Debtor Relief Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Instruments</U>&#148; means any and all of the
Company&#146;s instruments, as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property</U>&#148; means the intellectual property of the Company listed on <U>Schedule 2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Inventory</U>&#148; means any of the Company&#146;s inventory, as such term is defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment</U>&#148; means, for any Person, any direct or
indirect acquisition or investment by such Person, whether by means of (i)&nbsp;the purchase or other acquisition of Equity Interests or other securities of another Person, (ii)&nbsp;a loan, advance or capital contribution to, Guarantee or
assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or Equity Interest (or similar equity participation) in, another Person, including any partnership or joint venture interest in such other Person and any
arrangement pursuant to which the investor Guarantees any Indebtedness of such other Person, or (iii)&nbsp;the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business
unit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment Property</U>&#148; means any of the Company&#146;s investment property, as such term is defined in <FONT
STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights</U>&#148; means any and all
of the Company&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">letter-of-credit</FONT></FONT> rights, as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means any security interest, lien, encumbrance, charge or other claim of any nature. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Note Collateral</U>&#148; means assets of the Company on which the Company has granted,
or hereinafter grants, Liens to secure obligations under the Indenture, the Notes and certain pari passu hedging agreements and pari passu indebtedness pursuant to the Security Agreement, Mortgages and other Security Documents (each as defined in
the Collateral Trust and Intercreditor Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Note Collateral Account</U>&#148; means any Collateral Account (as defined in
the Indenture as in effect as of the date hereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Income</U>&#148; means, for any period, for the Company and its
Subsidiaries on a consolidated basis, the net income of the Company and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period calculated in accordance with GAAP (which, without limiting the generality of the
foregoing, shall reflect as an expense the full amount of federal and state income taxes that the Company and its Subsidiaries would have owed as a standalone corporate group with the Company as the ultimate parent reporting entity of such group).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Security Agreement</U>&#148; has the meaning specified in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Par Pacific</U>&#148; means Par Pacific Holdings, Inc., a Delaware corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Letters of Credit</U>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;5(b)(ii)(M)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Liens pursuant to any Transaction Document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Liens existing on the date hereof securing Indebtedness listed on <U>Schedule 4</U> and any permitted renewals or
extensions thereof; <I>provided</I> that (1)&nbsp;the property covered thereby is not changed, (2)&nbsp;the amount of Indebtedness secured or benefited thereby is not increased except as contemplated by <U>Section</U><U></U><U>&nbsp;5(b)(ii)(B)</U>,
(3) the direct or any contingent obligor with respect thereto is not changed, and (4)&nbsp;any renewal or extension of the obligation secured or benefitted thereby is permitted by <U>Section</U><U></U><U>&nbsp;5(b)(ii)(B)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Liens for Taxes, assessments or governmental charges or levies not yet due or which are being contested in good faith and
by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Liens in respect of property or assets of the Company imposed by law, which were incurred in the ordinary course of
business and do not secure Indebtedness for borrowed money, such as carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s or other like Liens arising in the ordinary course of business, and (1)&nbsp;which do not
in the aggregate materially detract from the value of the Company&#146;s property or assets or materially impair the use thereof in the operation of the business of the Company or (2)&nbsp;are not overdue for a period of more than 30 days or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Liens upon assets of the Company subject to capital leases and leases giving
rise to Synthetic Lease Obligations to the extent such capital leases and leases giving rise to Synthetic Lease Obligations are permitted by <U>Section</U><U></U><U>&nbsp;5(b)(ii)(E)</U>; <I>provided</I> that (1)&nbsp;such Liens only serve to secure
the payment of Indebtedness arising under such capital lease obligation or leases giving rise to Synthetic Lease Obligations and (2)&nbsp;the Lien encumbering the asset giving rise to the such capital lease obligation or leases giving rise to
Synthetic Lease Obligations does not encumber other assets of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Liens upon equipment or machinery acquired
after Effective Date and used in the ordinary course of business of the Company or any of its Subsidiaries to secure Indebtedness permitted by <U>Section</U><U></U><U>&nbsp;5(b)(ii)(F)</U> and <U>Section</U><U></U><U>&nbsp;5(b)(ii)(G)</U>;
<I>provided</I>, that in all events, the Lien encumbering the equipment or machinery so acquired does not encumber any other asset of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Liens arising out of the existence of judgments or awards in an aggregate amount not to exceed $5,000,000 in respect of
which the Company or any of its Subsidiaries shall in good faith be prosecuting an appeal or proceedings for review and in respect of which there shall have been secured a subsisting stay of execution pending such appeal or proceedings; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) statutory and common law landlords&#146; Liens under leases to which the Company is a party; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Liens or deposits in the ordinary course of business in connection with workers&#146; compensation, unemployment insurance
and other social security legislation, other than any Lien imposed by ERISA; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Liens on cash collateral or deposits to
secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) easements, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> restrictions and
other similar encumbrances affecting real property, including minor title deficiencies, which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or
materially interfere with the ordinary conduct of the business of the applicable Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) Liens incurred in the
ordinary course of business in connection with (1)&nbsp;the shipping of goods or assets, which Liens are in favor of the shipper of such goods or assets with respect amounts due to such shipper for the carriage of such goods or assets and only
attach to such goods or assets or (2)&nbsp;the purchase of goods or assets, which Liens arise by operation of law in favor of the seller of such goods or assets, only attach to such goods or assets and cease to be in effect upon payment in full of
the purchase price for such goods or assets; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) bankers&#146; Liens, rights of setoff
and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the Company, in each case granted in the ordinary course of business in favor of the bank or banks with which such
accounts are maintained, securing amounts owing to such bank or banks with respect to cash management and operating account arrangements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) Liens granted in the ordinary course of business on insurance policies, proceeds thereof and the unearned portion of
insurance premiums with respect thereto securing the financing of the unpaid cost of the insurance policies to the extent the financing is permitted under <U>Section</U><U></U><U>&nbsp;5(b)(ii)(L)</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) Liens on cash collateral posted solely to secure the Company&#146;s reimbursement obligations under Permitted Letters of
Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledged Collateral</U>&#148; means any and all (i)&nbsp;Investment Property of the Company constituting Collateral;
(ii)&nbsp;Instruments constituting Collateral; (iii)&nbsp;securities, property, interest, dividends and other payments and distributions issued as an addition to, in redemption of, in renewal or exchange for, in substitution or upon conversion of,
or otherwise on account of, any of the foregoing; (iv)&nbsp;certificates and instruments now or hereafter representing or evidencing any of the foregoing; (v)&nbsp;rights, interests and claims with respect to the foregoing, including under any and
all related agreements, instruments and other documents, and (vi)&nbsp;cash and <FONT STYLE="white-space:nowrap">non-cash</FONT> proceeds of any of the foregoing, in each case whether presently existing or owned or hereafter arising or acquired and
wherever located, and as from time to time received or receivable by, or otherwise paid or distributed to or acquired by, the Company; <I>provided</I> that Pledged Collateral shall not include at any time any Equity Interests in any Subsidiary of
the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proceeds</U>&#148; means all proceeds, as such term is defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Proceeds Account</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;10(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Party</U>&#148; means, with respect to any Person, such Person&#146;s
Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person&#146;s Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rights to Payment</U>&#148; means any and all of the Company&#146;s Accounts constituting Collateral and any and all of the
Company&#146;s rights and claims to the payment or receipt of money or other forms of consideration of any kind in, to and under or with respect to its Chattel Paper, Documents, General Intangibles, Instruments, Investment Property, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights, Proceeds and Supporting Obligations, in each case, to the extent constituting Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>RIN</U>&#148; or &#147;<U>Renewable Identification Number</U>&#148; means any Renewable
Identification Number as defined in 40 C.F.R. &#167; 80.1401 and regulated as part of Renewable Fuel Standards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>RVO</U>&#148;
means any Renewable Volume Obligation as defined in 40 C.F.R. &#167; 80.1407 and regulated as part of Renewable Fuel Standards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;O Agreement</U>&#148; has the meaning specified in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Obligations</U>&#148; means all obligations of the Company to Aron under or in connection with the S&amp;O Agreement and the
other Transaction Documents, including all fees due from the Company thereunder and all other amounts payable by the Company to Aron thereunder or in connection therewith, and, in each case, whether now existing or hereafter arising, and whether due
or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and including interest that accrues after the commencement by or against the Company of any Insolvency Proceeding naming such Person as the debtor in
such proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Hedging Agreement</U>&#148; means a Hedging Agreement that is a Crack Spread Hedge, a time spread
hedge or a grade or basis differential hedge. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Supporting Obligations</U>&#148; means all supporting obligations, as such term is
defined in <FONT STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swap Contract</U>&#148; means (i)&nbsp;any and
all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or
subject to any master agreement, and (ii)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swap Termination Value</U>&#148; means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (i)&nbsp;for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(ii)&nbsp;for any date prior to the date referenced in <U>clause (i)</U>, the amount(s) determined as the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> value(s) for such Swap Contracts, as determined
based upon one or more <FONT STYLE="white-space:nowrap">mid-market</FONT> or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include Aron or any Affiliate of Aron). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Synthetic Lease Obligation</U>&#148; means the monetary obligation of a Person under
(i)&nbsp;a <FONT STYLE="white-space:nowrap">so-called</FONT> synthetic, <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet or tax retention lease, or (ii)&nbsp;an agreement for the use or possession of property creating obligations that do
not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Documents</U>&#148; has the meaning specified in the S&amp;O Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCC</U>&#148; means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Terms Defined in UCC</U>. Where applicable and except as otherwise defined herein, terms used in this Agreement shall have the meanings
assigned to them in the UCC; <I>provided</I>, <I>however</I>, that to the extent that the UCC is used to define any term herein and such term is defined differently in different Articles of the UCC, the definition of such term contained in Article 9
shall govern. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Interpretation</U>. The rules of interpretation set forth in Section&nbsp;1.2 of the S&amp;O Agreement shall be
applicable to this Agreement and are incorporated herein by this reference. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Amendment and Restatement</U>. This Agreement amends
and restates the Original Security Agreement. The obligations of the Company under the Original Security Agreement and the grant of security interest in the Collateral by the Company under the Original Security Agreement shall continue under this
Agreement but solely to the extent of the security interest in the Collateral as defined in this Agreement, and, to such extent, shall not in any event be terminated, extinguished or annulled, but shall hereafter be governed by this Agreement. All
references to the Original Security Agreement in any Transaction Document (other than this Agreement) or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof. It is
understood and agreed that the Original Security Agreement is being amended and restated by entry into this Agreement on the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2 <U>Security Interest</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Grant of Security Interest</U>. As security for the payment and performance of the Secured Obligations, the Company hereby grants to
Aron a security interest in all of the Company&#146;s right, title and interest in, to and under all of its personal property, wherever located and whether now existing or owned or hereafter acquired or arising, including the following property
(collectively, the &#147;<U>Collateral</U>&#148;): (i) all Inventory, including, but not limited to Crude Oil and Products; (ii)&nbsp;all Accounts; (iii)&nbsp;all RINs; (iv)&nbsp;all Investment Property, Chattel Paper, General Intangibles,
Commercial Tort Claims, Documents and Instruments, in each case, to the extent relating to items in clauses (i), (ii) and (iii); (v) all Deposit Accounts and cash and cash equivalents; (vi)&nbsp;books and records relating to clauses (i)&nbsp;through
(v); and (vi)&nbsp;all Proceeds of (including proceeds of business interruption and other insurance), and Supporting Obligations (including <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights) with
respect to, any of the foregoing;<I>&nbsp;provided</I>, <I>however</I>, that notwithstanding any other provision set forth in this <U>Section</U><U></U><U>&nbsp;3</U>, this Agreement shall not at any time constitute a grant of a security interest in
any property that is, at such time, an Excluded Asset, and the term &#147;Collateral&#148; and each of the defined terms incorporated therein shall exclude the Excluded Assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Company Remains Liable</U>. Anything herein to the contrary notwithstanding, (i)&nbsp;the
Company shall remain liable under any contracts, agreements and other documents included in the Collateral, to the extent set forth therein, to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been
executed, (ii)&nbsp;the exercise by Aron of any of the rights granted to Aron hereunder or under any other Transaction Document shall not release the Company from any of its duties or obligations under any such contracts, agreements and other
documents included in the Collateral, and (iii)&nbsp;Aron shall not have any obligation or liability under any such contracts, agreements and other documents included in the Collateral by reason of this Agreement, nor shall Aron be obligated to
perform any of the obligations or duties of the Company thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Collateral hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Continuing Security Interest</U>. The Company agrees that this Agreement shall create a continuing security interest in the Collateral
which shall remain in effect until terminated in accordance with <U>Section</U><U></U><U>&nbsp;23</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Acknowledgment
Agreement</U>. The Company acknowledges and agrees that Aron, the Notes Collateral Trustee, the ABL Agent, and the Company are parties to the Acknowledgment Agreement and that nothing in this Agreement limits Aron&#146;s rights under the
Acknowledgment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3 <U>Perfection and Priority</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Financing Statements, Etc</U>. The Company hereby authorizes Aron to file at any time and from time to time any financing statements
describing the Collateral, and the Company shall execute and deliver to Aron, and the Company hereby authorizes Aron to file (with or without the Company&#146;s signature)&nbsp;at any time and from time to time, all amendments to financing
statements, continuation financing statements, termination statements, assignments, affidavits, reports, notices and all other documents and instruments, in form satisfactory to Aron, as Aron may reasonably request, to perfect and continue
perfected, maintain the priority of or provide notice of Aron&#146;s security interest in the Collateral and to accomplish the purposes of this Agreement. Without limiting the generality of the foregoing, the Company (i)&nbsp;ratifies and authorizes
the filing by Aron of any financing statements filed with respect to the Collateral prior to the date hereof and (ii)&nbsp;shall from time to time take the actions specified in <U>subsections (b)</U><U></U>&nbsp;through <U>(j)</U>&nbsp;below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>[Reserved]</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Instrument Collateral</U>. Anything to the contrary notwithstanding, so long as no Event of Default shall have occurred and be continuing, (i)&nbsp;the Company may retain for collection in the ordinary course any Instruments received by the
Company in the ordinary course of business, and Aron shall, promptly upon request of the Company, make appropriate arrangements for making any other Instruments constituting Collateral available to the payor of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any such Instrument for purposes of presentation, collection or renewal (any such arrangement to be effected, to the extent required under Applicable Law to continue perfected Aron&#146;s
security interest hereunder in such Instruments, against trust receipt or like document), and (ii)&nbsp;the Company may retain any additional Pledged Collateral consisting of Instruments, as long as the aggregate amount of any such Instruments so
retained by the Company shall not exceed $1,000,000. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Transfer of Security Interest Other Than by Delivery</U>. If for any reason
Pledged Collateral cannot be delivered to or for the account of Aron as provided in <U>subsection 3(c)</U>, the Company shall promptly take such other steps as may be necessary or as shall be reasonably requested from time to time by Aron to effect
a transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to Aron pursuant to the UCC. To the extent practicable, the Company shall thereafter deliver the Pledged Collateral to or for the account of Aron as
provided in <U>subsection 3(c)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>[Reserved]</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Documents, Etc.</U>The Company shall deliver to Aron, or an agent designated by it, appropriately endorsed or accompanied by appropriate
instruments of transfer or assignment, all Documents and Chattel Paper, and all other Rights to Payment at any time evidenced by promissory notes, trade acceptances or other instruments, in each case, to the extent constituting Collateral and not
already delivered hereunder pursuant to this <U>Section</U><U></U><U>&nbsp;3</U>; <I>provided</I>, <I>however</I>, that unless an Event of Default shall have occurred and be continuing, the Company shall not be required to deliver any Document,
Chattel Paper, promissory note, trade acceptance or other instrument, as long as the aggregate amount of any such Collateral so retained by the Company shall not exceed $1,000,000. Upon the request of Aron, the Company shall mark all Documents and
Chattel Paper constituting Collateral with such legends as Aron shall reasonably specify. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Bailees</U>. Any Person (other than Aron)
at any time and from time to time holding all or any portion of the Collateral shall be deemed to, and shall, hold the Collateral as the agent of, and as pledge holder for, Aron. At any time and from time to time, Aron may give notice to any such
Person holding all or any portion of the Collateral that such Person is holding the Collateral as the agent and bailee of, and as pledge holder for, Aron, and obtain such Person&#146;s written acknowledgment thereof. Without limiting the generality
of the foregoing, the Company will join with Aron in notifying any Person who has possession of any Collateral of Aron&#146;s security interest therein and obtaining an acknowledgment from such Person that it is holding the Collateral for the
benefit of Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Control</U>. The Company shall cause all Deposit Accounts and securities accounts (other than Excluded Accounts)
to be Controlled Accounts, and the Company will cooperate with Aron in obtaining control (as defined in the UCC)&nbsp;of Collateral consisting of any Deposit Accounts, Electronic Chattel Paper, Investment Property (excluding the Equity Interests of
any Subsidiary) or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights, including delivery of Control Agreements, as Aron may reasonably request, to perfect and continue perfected, maintain the
priority of or provide notice of Aron&#146;s security interest in such Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) [Reserved.] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Purchase Money Security Interests</U>. To the extent the Company uses the proceeds of any of the Secured Obligations to purchase
Collateral, subject to the requirements of the S&amp;O Agreement, the Company&#146;s repayment of the Secured Obligations shall apply on a <FONT STYLE="white-space:nowrap">&#147;first-in,</FONT>
<FONT STYLE="white-space:nowrap">first-out&#148;</FONT> basis so that the portion of the Secured Obligations used to purchase a particular item of Collateral shall be paid in the chronological order in which the Company purchased the Collateral.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4 <U>Representations and Warranties</U>. So long as any of the Secured Obligations (other than contingent indemnification
obligations) remain unsatisfied, the Company represents and warrants to Aron that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Location of Chief Executive Office and
Collateral</U>. The Company&#146;s chief executive office and principal place of business (as of the Commencement Date) is located at the address set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>, and all other locations (as of the Commencement
Date) where the Company conducts business or Collateral is kept are set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Locations of
Books</U>. All locations where Books pertaining to the Rights to Payment are kept, including all equipment necessary for accessing such Books and the names and addresses of all service bureaus, computer or data processing companies and other Persons
keeping any Books or collecting Rights to Payment for the Company, are set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Jurisdiction of Organization and Names</U>. The Company&#146;s jurisdiction of organization is set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>; and the Company&#146;s exact legal name is as set forth in the first paragraph of this Agreement.
All trade names and trade styles under which the Company presently conducts its business operations are set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>, and, except as set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>, the Company has not, at any
time in the past: (i)&nbsp;been known as or used any other corporate, trade or fictitious name; (ii)&nbsp;changed its name; (iii)&nbsp;been the surviving or resulting corporation in a merger or consolidation; or (iv)&nbsp;acquired through asset
purchase or otherwise any business of any Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Collateral</U>. The Company has rights in or the power to transfer the
Collateral, and the Company is the sole and complete owner of the Collateral (or, in the case of after-acquired Collateral, at the time the Company acquires rights in such Collateral, will be the sole and complete owner thereof), free from any Lien
other than Permitted Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Enforceability; Priority of Security Interest</U>. (i)&nbsp;This Agreement creates a security interest
which is enforceable against the Collateral in which the Company now has rights and will create a security interest which is enforceable against the Collateral in which the Company hereafter acquires rights at the time the Company acquires any such
rights; and (ii)&nbsp;Aron has a perfected and first priority security interest in the Collateral, in which the Company now has rights, and will have a perfected and first priority security interest in the Collateral in which the Company hereafter
acquires rights at the time the Company acquires any such rights, in each case, subject to Permitted Liens and securing the payment and performance of the Secured Obligations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Other Financing Statements</U>. Other than (i)&nbsp;financing statements disclosed to Aron
and (ii)&nbsp;financing statements in favor of Aron, no effective financing statement naming the Company as debtor, assignor, grantor, mortgagor, pledgor or the like and covering all or any part of the Collateral is on file in any filing or
recording office in any jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Rights to Payment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Rights to Payment represent valid, binding and enforceable obligations of the account debtors or other Persons obligated thereon,
representing, bona fide transactions completed in accordance with the terms and provisions contained in any documents related thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the Company has not assigned any of its rights under the Rights to Payment except as provided in this Agreement or as set forth in the
other Transaction Documents; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) all Rights to Payment comply in all material respects with Applicable Law concerning form, content
and manner of preparation and execution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Inventory</U>. No Inventory is stored with any bailee, warehouseman or similar Person or
on any premises leased to the Company, nor has any Inventory been consigned to the Company or consigned by the Company to any Person or is held by the Company for any Person under any &#147;bill and hold&#148; or other arrangement, except as set
forth in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>[Reserved]</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>[Reserved].</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)
<U>Deposit Accounts</U>. The names and addresses of all financial institutions at which the Company maintains its Deposit Accounts, and the account numbers and account names of such Deposit Accounts, are set forth in <U>Schedule 1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>Instrument Collateral</U>. (i)&nbsp;The Company has not previously assigned any interest in any Instruments (other than such interests
as will be released on or before the date hereof), (ii)&nbsp;no Person other than the Company owns an interest in the Instruments (whether as joint holders, participants or otherwise), and (iii)&nbsp;no material default exists under or in respect of
the Instruments of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) [Reserved]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) <U>Investment Property; Instruments; and Chattel Paper</U>. All securities accounts of the Company and Investment Property of the Company
are set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>, and all Instruments and Chattel Paper held by the Company are also set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) <U>Control Agreements</U>. No Control Agreements exist with respect to any Collateral other than any Control Agreements in favor of Aron.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p)
<U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights</U>. The Company does not have any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights
except as set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) <U>Commercial Tort Claims</U>. The Company does not have any Commercial
Tort Claims except as set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) <U>Real Property Leases</U>. Except as set forth on
<U>Schedule 1</U>, the Company is not and will not become a lessee under any real property lease or other agreement governing the location of Collateral at the premises of another Person pursuant to which the lessor or such other Person may obtain
any rights in any of the Collateral, and no such lease or other such agreement now prohibits, restrains, impairs or will prohibit, restrain or impair the Company&#146;s right to remove any Collateral from the premises at which such Collateral is
situated, except for the usual and customary restrictions contained in such leases of real property. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) <U>Insurance</U>. Aron is named
as loss payee or additional insured, as appropriate, on each insurance policy identified on <U>Schedule 1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 5
<U>Covenants</U>. So long as any of the Secured Obligations (other than contingent indemnification obligations) remain unsatisfied, the Company agrees that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>General Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Defense of Collateral</U>. The Company will appear in and defend any action, suit or proceeding which may affect to a material extent
its title to, or right or interest in, or Aron&#146;s right or interest in, the Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Preservation of Collateral</U>. The
Company will do and perform all reasonable acts that may be necessary and appropriate to maintain, preserve and protect the Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>Compliance with Laws, Etc</U>. The Company will comply in all material respects with all laws, regulations and ordinances, and all
policies of insurance, relating in a material way to the possession, operation, maintenance and control of the Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)
<U>Location of Books and Chief Executive Office</U>. The Company will: (A)&nbsp;keep all Books pertaining to the Rights to Payment at the locations set forth in <U>Schedule</U><U></U><U>&nbsp;1</U>; and (B)&nbsp;give at least 30 days&#146; prior
written notice to Aron of (1)&nbsp;any changes in any such location where Books pertaining to the Rights to Payment are kept, including any change of name or address of any service bureau, computer or data processing company or other Person
preparing or maintaining any Books or collecting Rights to Payment for the Company or (2)&nbsp;any changes in the location of the Company&#146;s chief executive office or principal place of business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>Location of Collateral</U>. The Company will: (A)&nbsp;keep the Collateral at the locations set forth in
<U>Schedule</U><U></U><U>&nbsp;1,</U> or at such other locations as may be disclosed in writing to Aron pursuant to <U>clause (B)</U>&nbsp;and will not remove any such Collateral from such locations (other than in connection with sales of Inventory
in the ordinary course of the Company&#146;s business, other dispositions permitted by <U>Section</U><U></U><U>&nbsp;5(b)(i)</U>, as otherwise permitted under the S&amp;O Agreement and movements of Collateral from one disclosed location to another
disclosed location within the United States), except upon at least 30 days&#146; prior written notice of any removal to Aron; and (B)&nbsp;give Aron at least 30 days&#146; prior written notice of any change in the locations set forth in
<U>Schedule</U><U></U><U>&nbsp;1</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) <U>Change in Name, Identity or Structure</U>. The Company will give at least 30 days&#146;
prior written notice to Aron of (A)&nbsp;any change in its name, (B)&nbsp;any change in its jurisdiction of organization, (C)&nbsp;any change in its registration as an organization (or any new such registration); and (D)&nbsp;any changes in its
identity or structure in any manner which might make any financing statement filed hereunder incorrect or seriously misleading; <I>provided</I> that the Company shall not change its jurisdiction of organization to a jurisdiction outside of the
United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <U>Maintenance of Records</U>. The Company will keep separate, accurate and complete Books with respect to the
Collateral, disclosing Aron&#146;s security interest hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) <U>Leased Premises; Collateral Held by Warehouseman, Bailee,
Etc</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) The Company will use commercially reasonable efforts to obtain from each Person from whom the Company leases any premises,
and from each other Person at whose premises any Collateral is at any time present (including any bailee, warehouseman or similar Person), within 45 days of (1)&nbsp;the Restatement Effective Date or (2)&nbsp;if later, the date the Company enters
into a lease of or a contract to hold Collateral at any premises, any such collateral access, subordination, landlord waiver, bailment, consent and estoppel agreements, as Aron may reasonably require, in form and substance satisfactory to Aron;
<I>provided</I> that, with respect to any such Person that is an Affiliate of the Company, the Company will cause such Person to deliver to Aron a &#147;bailee&#146;s letter&#148; in substantially the form attached as <U>Exhibit A</U> hereto no
later than 45 days after the Restatement Effective Date or, if later, the date such lease or contract is entered into. In the event that any such Person becomes an Affiliate of the Company after the Restatement Effective Date, the Company will cause
such Person to deliver such bailee&#146;s letter no later than 45 days after the date such Person becomes an Affiliate of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) The Company will use commercially reasonable efforts to obtain from each Person (other than Aron) with whom the Company has entered into a
catalyst lease, within 45 days of (1)&nbsp;the Restatement Effective Date or (2)&nbsp;if later, the date the Company enters into such catalyst lease, such consent to collateral assignment or attornment agreement as Aron may reasonably require, in
form and substance satisfactory to Aron; <I>provided</I> that, with respect to any such Person that is an Affiliate of the Company, the Company will cause such Person to deliver to Aron such consent to collateral assignment or attornment agreement
no later than 45 days after (1)&nbsp;the Restatement Effective Date or (2)&nbsp;if later, the date such lease is entered into. In the event that such Person becomes an Affiliate of the Company after the Restatement Effective Date, the Company will
cause such Person to deliver such consent to collateral assignment or attornment agreement no later than 15 days after the date such Person becomes an Affiliate of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) <U>Rights to Payment</U>. The Company will: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) with such frequency as Aron may reasonably require but no more than once per fiscal quarter,
or as may be required under the S&amp;O Agreement, furnish to Aron full and complete reports, in form and substance satisfactory to Aron, with respect to the Accounts; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) if any Accounts arise from contracts with the United States or any department, agency or instrumentality thereof, promptly notify Aron
thereof and execute any documents and instruments and take any other steps reasonably requested by Aron in order that all monies due and to become due thereunder shall be assigned to Aron and notice thereof be given to the Federal authorities
sufficient for such security interest to be recognized under the Federal Assignment of Claims Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) (1) upon the reasonable request of
Aron&nbsp;at any time, notify all or any designated portion of the account debtors and other obligors on the Rights to Payment of the security interest hereunder, and (2)&nbsp;upon the occurrence and during the continuance of an Event of Default and
upon the request of Aron,&nbsp;notify the account debtors and other obligors on the Rights to Payment or any designated portion thereof that payment shall be made directly to Aron or to such other Person or location as Aron shall specify; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(D) take any and all actions, including actions requested by Aron, to ensure that all Accounts of the Company will be paid to a bank deposit
account at a bank acceptable to Aron and with which Aron has entered into a Control Agreement in favor of Aron (the &#147;<U>Collection Account</U>&#148;) and pursuant to which Aron has a perfected security interest therein and, if any Person
obligated on an Account constituting Collateral pays directly to the Company, the Company shall promptly remit such sums to the Collection Account. Until deposited in the Collection Account, any such amounts to be remitted shall be held in trust for
the benefit of Aron and shall be segregated from other funds of the Company. Upon the occurrence of an Event of Default, Aron shall have the right to notify the customers or obligors under any Accounts of the assignment of such Accounts to Aron and
to direct such customers or obligors to make payment of all amounts due or to become due directly to Aron or to such other account designated by Aron; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(E) without limiting the Company&#146;s obligations under (D), upon the occurrence and during the continuance of any Event of Default and the
exercise of remedies by Aron under any Transaction Document, establish such lockbox or similar arrangements for the payment of the Accounts and other Rights to Payment as Aron shall require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As used in this Section&nbsp;5(a)(ix), the term &#147;Accounts&#148; shall exclude any Accounts constituting identifiable proceeds of the Note Collateral.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) <U>Instruments, Investment Property, Etc</U>. Upon the request of Aron, the Company will (A)&nbsp;promptly deliver to Aron, or an
agent designated by it, appropriately endorsed or accompanied by appropriate instruments of transfer or assignment, all Instruments, Documents, Chattel Paper and certificated securities with respect to any Investment Property, all letters of credit,
and all other Rights to Payment, in each case, constituting Collateral and at any time evidenced by promissory notes, trade acceptances or other instruments, (B)&nbsp;cause any securities intermediaries to show on their books that Aron is the
entitlement holder with respect </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to any Investment Property constituting Collateral, and/or obtain Control Agreements in favor of Aron from such securities intermediaries, in form and substance satisfactory to Aron, with respect
to any Investment Property constituting Collateral, as reasonably requested by Aron, and (C)&nbsp;provide such notice, obtain such acknowledgments and take all such other action, with respect to any Chattel Paper, Documents and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights, in each case, constituting Collateral, as Aron shall reasonably specify. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) <U>Deposit Accounts and Securities Accounts</U>. The Company will give Aron prompt notice of the establishment of any new Deposit Account
and of any new securities account (other than an Excluded Account) established by the Company with respect to any Investment Property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) <U>Inventory</U>. The Company will not store any Inventory with a bailee, warehouseman or similar Person or on premises leased to the
Company other than in Included Locations (solely to the extent contemplated and permitted under the S&amp;O Agreement) and those locations identified in <U>Schedule 1</U>, and will not dispose of any Inventory on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">bill-and-hold,</FONT></FONT> guaranteed sale, sale and return, sale on approval, consignment or similar basis, and will not acquire any Inventory from any Person on any such basis, without in each case giving Aron prior
written notice thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) [Reserved.] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv) <U>Notices, Reports and Information</U><U>.</U> The Company will (A)&nbsp;notify Aron of any other modifications of or additions to the
information contained in <U>Schedule</U><U></U><U>&nbsp;1</U> (including any acquisition or holding of an interest in any Chattel Paper, Commercial Tort Claims and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Letter-of-Credit</FONT></FONT> Rights constituting Collateral); (B)&nbsp;notify Aron of any material claim made or asserted against the Collateral by any Person and of any change in
the composition of the Collateral or other event which could materially adversely affect the value of the Collateral or Aron&#146;s Lien thereon; (C)&nbsp;furnish to Aron such listings, descriptions and schedules with respect to Inventory, and such
other reports and other information in connection with the Collateral, as Aron may reasonably request, all in reasonable detail; and (D)&nbsp;upon the reasonable request of Aron make such demands and requests for information and reports as the
Company is entitled to make in respect of the Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv) [Reserved]. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi) <U>Insurance</U>. (A)&nbsp;The Company shall carry and maintain in full force and effect, at the expense of the Company all insurance
coverages with financially sound and reputable insurance companies and comply with all agreements in respect thereof as required by Article 16 of the S&amp;O Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) The Company shall take all actions, including actions requested by Aron, to ensure that all insurance proceeds payable to the Company with
respect to the Collateral will be paid to a bank deposit account at a bank acceptable to Aron and with which Aron has entered into a Control Agreement in favor of Aron (the &#147;<U>Insurance Proceeds Account</U>&#148;) and pursuant to which Aron
has a perfected security interest therein and, if any insurance proceeds with respect to the Collateral are paid directly to the Company, the Company shall promptly remit such sums to the Insurance Proceeds Account. Until deposited in the Insurance
Proceeds Account, any such amounts to be remitted shall be held in trust for the benefit of Aron and shall be segregated from other funds of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvii) <U>RINs</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) Nothing in the S&amp;O Agreement or any of the Transaction Documents shall be interpreted or deemed to impart any responsibility to Aron
to comply with Renewable Fuel Standards (including requirements therein for RVOs and RINs) as an &#147;obligated party&#148; pursuant to 40 C.F.R. Part 80, as amended from time to time, by virtue of the transactions contemplated by this Agreement
and the S&amp;O Agreement. Notwithstanding any other terms or provisions of the S&amp;O Agreement, in all transactions under the S&amp;O Agreement and the other Transaction Documents, the Company has complied and shall comply with Renewable Fuel
Standards (including requirements therein for RVOs and RINs) as an &#147;obligated party&#148; pursuant to 40 C.F.R. Part 80, as amended from time to time and remains solely responsible for the proper accounting of RINS, as well as the replacement
of any invalid RINs that are required in connection with such obligation or any other activities or transactions of the Company and any and all costs and expenses associated therewith. The Company has registered with the EPA under a separate company
identification number (the &#147;<U>Company ID</U>&#148;) and established an account in the CDX and EMTS under the Company ID (&#147;<U>EMTS Account</U>&#148;), provided that, commencing January&nbsp;1, 2018, Par Pacific shall register for itself
and its subsidiaries under a single identification number, with allocations to its subsidiaries, including the Company. Any RINs allocated to the Company in the foregoing manner shall be the property of the Company and constitute part of the
Collateral hereunder. Promptly following the submission of annual reports by Par Pacific into its CDX Account on or around March&nbsp;31 of each year, the Company shall provide copies of all such reports to Aron. In addition, the Company shall, from
time to time upon the reasonable request of Aron, (i)&nbsp;provide or cause Par Pacific to provide to Aron such further confirmation of the RINs allocated to and owned by the Company, (ii)&nbsp;execute such further documents and instruments and take
such further actions to confirm the status of such RINs as part of the Collateral hereunder, and (iii)&nbsp;endeavor to obtain from such other creditors of Par Pacific or its subsidiaries, additional acknowledgements or other agreements recognizing
that RINs allocated to the Company in the foregoing manner constitute property of the Company and accordingly are part of the Collateral hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) At any time after the occurrence and during the continuation of an Event of Default (and without limiting any other rights or remedies of
Aron hereunder, under any other Transaction Document or otherwise), the Company agrees that, upon the request of Aron, it will promptly execute such documents and take such actions as Aron deems necessary or appropriate to enable Aron to execute
transactions relating to the RINS associated with any renewable fuels that are part of the Collateral hereunder, including, without limitation, appointment of an entity designated by Aron as authorized to execute transactions on the EMTS system and
enter into product transfer documents or similar agreements for the transfer of RINs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Specified Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Liens</U>. The Company will not create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether
now owned or hereafter acquired, other than Permitted Liens, except to the extent such property, asset or revenue constitutes Note Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Indebtedness</U>. The Company will not create, incur, assume or suffer to exist any
Indebtedness, except: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) Indebtedness under the Transaction Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) (i) Indebtedness outstanding on the date hereof and listed on <U>Schedule 4</U>, (ii) Indebtedness under the Indenture or the Notes, and
(iii)&nbsp;Indebtedness under the ABL Facility and, in each case, any refinancings, refundings, renewals or extensions thereof; <I>provided</I> that (1)&nbsp;the aggregate principal amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder and (2)&nbsp;the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or
extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Company or Aron than the terms of any agreement or instrument governing the
Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) Guarantees of the Company in respect of Indebtedness otherwise permitted hereunder or under the S&amp;O Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(D) obligations (contingent or otherwise) of the Company not secured by a Lien existing or arising under any Swap Contract, <U>provided</U>
that (1)&nbsp;such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, assets, or property held or reasonably anticipated by
such Person and not for purposes of speculation; and (2)&nbsp;such Swap Contract does not contain any provision exonerating the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> party from its obligation to make payments on outstanding
transactions to the defaulting party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(E) (i) capital leases and leases giving rise to Synthetic Lease Obligations (excluding the
catalyst leases and leases giving rise to Synthetic Lease Obligations described in clause (ii)&nbsp;of this <U>Section</U><U></U><U>&nbsp;5(b)(ii)(E))</U>, relating to equipment or real estate used in the business of the Company; <I>provided</I>
that at the time any such lease is entered into, the aggregate remaining Indebtedness under all such leases then in existence shall not exceed $10,000,000 and (ii)&nbsp;capital leases and leases giving rise to Synthetic Lease Obligations with
respect to the catalyst and related metals necessary or useful in the operation of the Refinery; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(F) Indebtedness incurred to pay all or
a portion of the purchase price of equipment or machinery used in the ordinary course of business of the Company, not to exceed $5,000,000 outstanding at any time; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(G) Indebtedness incurred to pay all or a portion of the purchase price of equipment or
machinery installed or otherwise utilized or obtained in connection with any turnaround at the Refinery; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(H) Indebtedness of the Company
under <U>Section</U><U></U><U>&nbsp;5(b)(iv)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(I) unsecured Indebtedness arising under intercompany transactions with any Affiliate
entered into in the ordinary course of the Company&#146;s and such Affiliate&#146;s business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(J) Indebtedness arising from the
endorsement of instruments or other payment items for deposit in the ordinary course of business or in respect of netting services, overdraft protection, and other like services in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(K) Indebtedness of the Company with respect to performance bonds, surety bonds, appeal bonds, guarantees or customs bonds required in the
ordinary course of business or in connection with the enforcement of rights or claims of the Company or in connection with judgments that do not result in a Default or an Event of Default, <U>provided</U> that the aggregate outstanding amount of all
such performance bonds, surety bonds, appeal bonds, guarantees and customs bonds permitted by this clause (K)&nbsp;shall not at any time exceed $5,000,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(L) Indebtedness owed to any Person providing property, casualty, liability, or other insurance to the Company, so long as the amount of such
Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of such insurance for the period in which such Indebtedness is incurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(M) reimbursement obligations associated with letters of credit issued (i)&nbsp;solely for the purchase of crude oil, refined products, and
other feedstock acquired by the Company in the ordinary course of business whether such reimbursement obligations are secured or unsecured, or (ii)&nbsp;for general business purposes in the ordinary course of business but, with respect to this
clause (ii), not at any time exceeding $2,000,000 (collectively, letters of credit issued pursuant to clauses (i)&nbsp;or (ii), &#147;<U>Permitted Letters of Credit</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(N) obligations arising under indemnities, guaranties, or contracts for the acquisition of services, supplies or goods, in the ordinary course
of business; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(O) unsecured Indebtedness incurred in the ordinary course of business in an aggregate principal amount not to exceed
$5,000,000 at any time outstanding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>[Reserved</U>.] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) <U>Permitted Hedging</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) The Company shall not create, incur, assume or permit to exist any obligation under any Swap Contract relating to Crude Oil and Product,
other feedstocks, other refined petroleum products or other hydrocarbons other than Specified Hedging Agreements that (I)&nbsp;reference Crude Oil or Products (each as defined in the S&amp;O Agreement), (II) are executed at
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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market prices and are settled based on one or more indices that are highly correlated to the purchase prices and sales prices of the referenced Crude Oil or Products and (III)&nbsp;have a term
not exceeding 18 months; <I>provided</I> that, notwithstanding the foregoing, the Company and its Subsidiaries shall not be in breach of this <U>Section</U><U></U><U>&nbsp;5(b)(iv)(A)</U> by entering into the S&amp;O Agreement and entering into any
transactions thereunder or contemplated thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) The Company shall not, and shall not permit any of its Subsidiaries to, create,
incur, assume or permit to exist any obligation under any Crack Spread Hedges that would result in the aggregate number of Product barrels (based on the notional volumes of such transactions) scheduled to settle thereunder in any single monthly
period, as of any date, exceeding the applicable Maximum Hedged Capacity. As used herein, &#147;<U>Maximum Hedged Capacity</U>&#148; means, as of any day, on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis, (i)&nbsp;for each of the next 6 calendar months (the &#147;<U>Initial Period</U>&#148;), the aggregate volume of Products not exceeding 75% of
the Refinery&#146;s average monthly projected production volume of Products in such Initial Period, (ii)&nbsp;each of the next 6 calendar months immediately following the Initial Period (the &#147;<U>Second Period</U>&#148;), the aggregate volume of
Products not exceeding 50% of the Refinery&#146;s average monthly projected production volume of Products in such Second Period and (iii)&nbsp;for each of the next 6 calendar months immediately following the Second Period (the &#147;<U>Third
Period</U>&#148;), the aggregate volume of Products not exceeding 25% of the Refinery&#146;s average monthly projected production volume of Products in such Third Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>Asset Dispositions</U>. The Company shall not make any Disposition, except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) Dispositions of obsolete or <FONT STYLE="white-space:nowrap">worn-out</FONT> property, whether now owned or hereafter acquired, in the
ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) Dispositions of inventory in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) Dispositions of equipment or real property to the extent that (i)&nbsp;such property is exchanged for credit against the purchase price of
similar replacement property or (ii)&nbsp;the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(D) the Company may lease (as lessee) or license (as licensee) real or personal property in the ordinary course of business so long as any
such lease or license does not create a capital lease obligation or Synthetic Lease Obligation except to the extent permitted by <U>Section</U><U></U><U>&nbsp;5(b)(ii)(E)</U>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(E) the Company may grant licenses, sublicenses, leases or subleases to other Persons not materially interfering with the conduct of the
business of the Company, in each case so long as no such grant otherwise affects Aron&#146;s security interest in the asset or property subject thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(F) the Company may liquidate or otherwise dispose of cash equivalents in the ordinary course of business, in each case for cash at fair
market value; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(G) the Company may dispose of property and assets to the extent such property and assets were
the subject of a casualty or of condemnation proceedings upon the occurrence of an event that gives rise to the receipt by the Company or any of its Subsidiaries of any cash insurance proceeds or condemnation awards payable (i)&nbsp;by reason of
theft, loss, physical destruction, damage, taking or any other similar event with respect to any property or assets of the Company or (ii)&nbsp;under any policy of insurance maintained by any of them; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(H) Dispositions of the Company&#146;s vehicles in the ordinary course of business; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(I) Dispositions of property or assets in transactions not otherwise permitted by this <U>Section</U><U></U><U>&nbsp;5(v)</U> provided the net
sale proceeds received from all assets or property sold pursuant to this clause (H)&nbsp;shall not exceed $5,000,000 in any fiscal year of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) <U>Transactions with Affiliates</U>. Except as otherwise permitted under this Agreement or the S&amp;O Agreement, the Company shall not,
and shall not permit any of its Subsidiaries to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) create any Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) other than intercompany transactions between the Company and Par Pacific or any of its Subsidiaries in the ordinary course of business
related to tax sharing, shared corporate offices space, payroll and other administrative matters (collectively, &#147;<U>Corporate Overhead Expenses</U>&#148;), enter into any transaction, including the purchase, sale or exchange of property or the
rendering of any services, with any Related Party of the Company, or enter into, assume or suffer to exist, or permit any Subsidiary to enter into, assume or suffer to exist, any employment, consulting, management or similar contract with any
Related Party of the Company, except in the ordinary course of the Company&#146;s or such Subsidiary&#146;s business and upon fair and reasonable terms not less favorable to the Company or such Subsidiary than it would obtain in a comparable
arm&#146;s length transaction with a Person not a Related Party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) allocate (or have allocated to it by Par Pacific or any of its
Subsidiaries) Corporate Overhead Expenses other than in a fair, equitable, proportionate and consistent manner; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(D) make or become
obligated to make payment of management or similar fees to Par Pacific; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(D) purchase or otherwise acquire the Equity Interests, assets
(constituting a business unit), obligations or other securities of or any interest in any Affiliate of the Company, or otherwise extend any credit to, guarantee the obligations of or make any additional investments in any Affiliate of the Company.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <U>Investments</U>. Except as otherwise permitted under this Agreement or the S&amp;O Agreement, the Company shall not make any
Investments except for: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) Investments consisting of cash equivalents or securities held in a Controlled Account; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) transactions in the ordinary course of business with Affiliates or third parties entered
into on fair and reasonable terms which, in the case of any transaction with an Affiliate, are on terms not less favorable to the Company than it would obtain in a comparable arm&#146;s length transaction with a Person which is not an Affiliate.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 6 <U>Rights to Payment and Pledged Collateral</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Collection of Rights to Payment</U> . Until Aron exercises its rights hereunder to collect Rights to Payment, the Company shall endeavor
in the first instance diligently and in the ordinary course of its business to collect all amounts due or to become due on or with respect to the Rights to Payment. At the request of Aron, upon the occurrence and during the continuance of any Event
of Default, all remittances received by the Company with respect to the Collateral shall be held in trust for Aron and, in accordance with Aron&#146;s instructions, remitted to Aron or deposited to an account with Aron in the form received (with any
necessary endorsements or instruments of assignment or transfer). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Pledged Collateral</U>. Unless and until an Event of Default
shall have occurred and be continuing, the Company shall be entitled to receive and retain for its own account any cash dividend on or other cash distribution or payment, if any, in respect of the Pledged Collateral; <I>provided</I>, <I>however</I>,
that, the Company shall not be entitled to receive (i)&nbsp;cash paid, payable or otherwise distributed in redemption of, or in exchange for or in substitution of, any Pledged Collateral held by the Company, or (ii)&nbsp;dividends and other
distributions paid or payable in cash in respect of any such Pledged Collateral in connection with a partial or total liquidation or dissolution of any Person whose ownership interests constitute Pledged Collateral or in connection with a reduction
of capital, capital surplus or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-surplus</FONT></FONT> or any other type of recapitalization involving any such Person. At the request of Aron, upon the occurrence and during
the continuance of any Event of Default, Aron shall be entitled to receive all distributions and payments of any nature with respect to any Pledged Collateral, and all such distributions or payments held by the Company shall be held in trust for
Aron and, in accordance with Aron&#146;s instructions, remitted to Aron or deposited to an account with Aron in the form received (with any necessary endorsements or instruments of assignment or transfer). Following the occurrence and during the
continuance of an Event of Default, any such distributions and payments with respect to any Pledged Collateral held in any securities account shall be held and retained in such securities account, in each case as part of the Collateral hereunder.
Additionally, Aron shall have the right, upon the occurrence and during the continuance of an Event of Default, following prior written notice to the Company, to exercise voting rights and to exercise rights to give consents, ratifications and
waivers with respect to any Pledged Collateral, and to exercise all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining thereto, as if Aron were the absolute owner thereof; <I>provided</I> that Aron
shall have no duty to exercise any of the foregoing rights afforded to it and shall not be responsible to the Company or any other Person for any failure to do so or delay in doing so. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) [Reserved.] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Certain
Other Administrative Matters</U>. Upon the occurrence and during the continuance of any Event of Default, Aron may cause any of the Pledged Collateral to be transferred into its name or into the name of its nominee or nominees (subject to the rights
of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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Company specified in this <U>Section</U><U></U><U>&nbsp;6</U>). If available and if otherwise required by this Agreement, Aron shall have the right to exchange uncertificated Pledged Collateral
for certificated Pledged Collateral, and to exchange certificated Pledged Collateral for certificates of larger or smaller denominations, for any purpose consistent with this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7 <U>Authorization; Aron Appointed Attorney-in-Fact</U>. Aron shall have the right to, in the name of the Company, or in the name of
Aron or otherwise, without notice to or assent by the Company, and the Company hereby constitutes and appoints Aron (and any of Aron&#146;s officers, employees or agents designated by Aron) as the Company&#146;s true and lawful <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> with full power and authority to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) file any
of the financing statements which must be filed to perfect or continue perfected, maintain the priority of or provide notice of Aron&#146;s security interest in the Collateral; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) take possession of and endorse any notes, acceptances, checks, drafts, money orders or other forms of payment or security and collect any
Proceeds of any Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) sign and endorse any invoice or bill of lading relating to any of the Collateral, warehouse or storage
receipts, drafts against customers or other obligors, assignments, notices of assignment, verifications and notices to customers or other obligors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) notify the U.S. Postal Service or other postal authorities to change the address for delivery of mail addressed to the Company to such
address as Aron may designate and, without limiting the generality of the foregoing, establish with any Person lockbox or similar arrangements for the payment of the Rights to Payment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) receive, open and dispose of all mail addressed to the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) send requests for verification of Rights to Payment to the customers or other obligors of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) contact, or direct the Company to contact, all account debtors and other obligors on the Rights to Payment and instruct such account
debtors and other obligors to make all payments directly to Aron; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) assert, adjust, sue for, compromise or release any claims under any
policies of insurance; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) exercise dominion and control over, and refuse to permit further withdrawals from, Deposit Accounts
constituting Collateral and maintained with Aron or any other bank, financial institution or other Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) notify each Person
maintaining lockbox or similar arrangements for the payment of the Rights to Payment to remit all amounts representing collections on the Rights to Payment directly to Aron; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) ask, demand, collect, receive and give acquittances and receipts for any and all Rights to
Payment, enforce payment or any other rights in respect of the Rights to Payment and other Collateral, grant consents, agree to any amendments, modifications or waivers of the agreements and documents governing the Rights to Payment and other
Collateral, and otherwise file any claims, take any action or institute, defend, settle or adjust any actions, suits or proceedings with respect to the Collateral, as Aron may deem necessary or desirable to maintain, preserve and protect the
Collateral, to collect the Collateral or to enforce the rights of Aron with respect to the Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) [Reserved.] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) execute any and all endorsements, assignments or other documents and instruments necessary to sell, lease, assign, convey or otherwise
transfer title in or dispose of the Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) execute and deliver to any securities intermediary or other Person any entitlement
order or other notice, document or instrument which Aron may deem necessary or advisable to maintain, protect, realize upon and preserve the Deposit Accounts and Investment Property constituting Collateral and Aron&#146;s security interest therein;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) execute any and all such other documents and instruments, and do any and all acts and things for and on behalf of the Company,
which Aron may deem necessary or advisable to maintain, protect, realize upon and preserve the Collateral and Aron&#146;s security interest therein and to accomplish the purposes of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aron agrees that, except upon the occurrence and during the continuance of an Event of Default, it shall not exercise the power of attorney, or any rights
granted to Aron, pursuant to <U>clauses (b)</U><U></U>&nbsp;through <U>(n)</U>. The foregoing power of attorney is coupled with an interest and irrevocable so long as the Secured Obligations have not been paid and performed in full. The Company
hereby ratifies, to the extent permitted by law, all that Aron shall lawfully and in good faith do or cause to be done by virtue of and in compliance with this <U>Section</U><U></U><U>&nbsp;7</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8 <U>Aron Performance of Company Obligations</U>. Aron may perform or pay any obligation which the Company has agreed to perform or
pay under or in connection with this Agreement, and the Company shall reimburse Aron on demand for any amounts paid by Aron pursuant to this <U>Section</U><U></U><U>&nbsp;8</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 9 <U>Aron&#146;s Duties</U>. Notwithstanding any provision contained in this Agreement, Aron shall have no duty to exercise any of the
rights, privileges or powers afforded to it and shall not be responsible to the Company or any other Person for any failure to do so or delay in doing so. Beyond the exercise of reasonable care to assure the safe custody of Collateral in Aron&#146;s
possession and the accounting for moneys actually received by Aron hereunder, Aron shall have no duty or liability to exercise or preserve any rights, privileges or powers pertaining to the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10 <U>Remedies</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
<U>Remedies</U>. Upon the occurrence and during the continuance of any Event of Default, Aron shall have, in addition to all other rights and remedies granted to it in this Agreement, the S&amp;O Agreement or any other Transaction Document, all
rights and remedies of a secured party under the UCC and other Applicable Law. Without limiting the generality of the foregoing, the Company agrees that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Aron may peaceably and without notice enter any premises of the Company, take possession of
any Collateral, remove or dispose of all or part of the Collateral on any premises of the Company or elsewhere, and otherwise collect, receive, appropriate and realize upon all or any part of the Collateral, and demand, give receipt for, settle,
renew, extend, exchange, compromise, adjust, or sue for all or any part of the Collateral, as Aron may determine. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Aron may require
the Company to assemble all or any part of the Collateral and make it available to Aron at any place and time designated by Aron. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)
[Reserved.] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Aron may secure the appointment of a receiver of the Collateral or any part thereof (to the extent and in the manner
provided by Applicable Law). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Aron may withdraw (or cause to be withdrawn) any and all funds from any Deposit Accounts or securities
accounts constituting Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) Aron may sell, resell, lease, use, assign, transfer or otherwise dispose of any or all of the
Collateral in its then condition or following any commercially reasonable preparation or processing (utilizing in connection therewith any of the Company&#146;s assets, without charge or liability to Aron therefor) at public or private sale, by one
or more contracts, in one or more parcels, at the same or different times, for cash or credit or for future delivery without assumption of any credit risk, all as Aron deems advisable; <I>provided</I>, <I>however</I>, that the Company shall be
credited with the net proceeds of sale only when such proceeds are finally collected by Aron. Aron shall have the right upon any such public sale, and, to the extent permitted by law, upon any such private sale, to purchase the whole or any part of
the Collateral so sold, free of any right or equity of redemption, which right or equity of redemption the Company hereby releases, to the extent permitted by law. Aron shall give the Company such notice of any public or private sale as may be
required by the UCC or other Applicable Law. The Company recognizes that Aron may be unable to make a public sale of any or all of the Pledged Collateral, by reason of prohibitions contained in applicable securities laws or otherwise, and expressly
agrees that a private sale to a restricted group of purchasers for investment and not with a view to any distribution thereof shall be considered a commercially reasonable sale. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) Aron shall not have any obligation to <FONT STYLE="white-space:nowrap">clean-up</FONT> or otherwise prepare the Collateral for sale. Aron
has no obligation to attempt to satisfy the Secured Obligations by collecting them from any other Person liable for them and Aron may release, modify or waive any Collateral provided by any other Person to secure any of the Secured Obligations, all
without affecting Aron&#146;s rights against the Company. The Company waives any right it may have to require Aron to pursue any third Person for any of the Secured Obligations. Aron may comply with any applicable state or federal law requirements
in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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reasonableness of any sale of the Collateral. Aron may sell the Collateral without giving any warranties as to the Collateral. Aron may specifically disclaim any warranties of title or the like.
This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Aron sells any of the Collateral upon credit, the Company will be credited only with payments actually made by the purchaser,
received by Aron and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Aron may resell the Collateral and the Company shall be credited with the proceeds of the sale. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) [Reserved.] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Proceeds
Account</U>. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated at such time as there may exist an Event of Default, Aron may, at its election, (i)&nbsp;retain the proceeds of any sale, collection,
disposition or other realization upon the Collateral (or any portion thereof)&nbsp;in a special purpose <FONT STYLE="white-space:nowrap">non-interest-bearing</FONT> restricted deposit account (the &#147;<U>Proceeds Account</U>&#148;) created and
maintained by Aron for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as Aron may elect to apply such proceeds to the Secured Obligations, and the Company agrees that such retention
of such proceeds by Aron shall not be deemed strict foreclosure with respect thereto; (ii)&nbsp;in any manner elected by Aron, estimate the liquidated amount of any such contingent, unmatured or unliquidated claims and apply the proceeds of the
Collateral against such amount; or (iii)&nbsp;otherwise proceed in any manner permitted by Applicable Law. The Company agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds
Account, the Company shall not have any right of withdrawal with respect to such funds. Accordingly, the Company irrevocably waives until the termination of this Agreement in accordance with <U>Section</U><U></U><U>&nbsp;23</U> the right to make any
withdrawal from the Proceeds Account and the right to instruct Aron to honor drafts against the Proceeds Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Application of
Proceeds</U>. The cash proceeds actually received from the sale or other disposition or collection of the Collateral, and any other amounts received in respect of the Collateral the application of which is not otherwise provided for herein, shall be
applied as provided in Article 19 of the S&amp;O Agreement. Any surplus thereof which exists after payment and performance in full of the Secured Obligations shall be promptly paid over to the Company or otherwise disposed of in accordance with the
UCC or other Applicable Law. The Company shall remain liable to Aron for any deficiency which exists after any sale or other disposition or collection of Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11 <U>Certain Waivers</U>. The Company waives, to the fullest extent permitted by law, (a)&nbsp;any right of redemption with respect
to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling of the Collateral or other collateral or security for the Secured Obligations; (b)&nbsp;any right to require Aron (i)&nbsp;to proceed against any
Person, (ii)&nbsp;to exhaust any other collateral or security for any of the Secured Obligations, (iii)&nbsp;to pursue any remedy in Aron&#146;s power, or (iv)&nbsp;to make or give any presentments, demands for performance, notices of
nonperformance, protests, notices of protests or notices of dishonor in connection with any of the Collateral; and (c)&nbsp;all claims, damages, and demands against Aron arising out of the repossession, retention, sale or application of the proceeds
of any sale of the Collateral, unless such damages, and claims and demands in respect thereof, are determined by a court of competent jurisdiction by final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment to have resulted from
Aron&#146;s gross negligence or willful misconduct. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12 <U>Notices</U>. All notices or other communications hereunder shall be given in the
manner and to the addresses specified in the S&amp;O Agreement, subject to the terms set forth in Article 27 of the S&amp;O Agreement. Each of the Company and Aron may change its address, facsimile number or email address for notices and other
communications hereunder by notice to the other parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 13 <U>No Waiver; Cumulative Remedies</U>. No failure on the part of Aron
to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to Aron. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 14 <U>Costs and Expenses; Indemnification; Other Charges</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Costs and Expenses</U>. The Company agrees to pay: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by Aron and
its Affiliates (including the reasonable fees, charges and disbursements of counsel for Aron), and shall pay all reasonable fees and time charges and disbursements for attorneys who may be employees of Aron, in connection with the preparation,
negotiation, execution, delivery and administration of this Agreement, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including
in connection with the preservation or custody of any Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) all reasonable <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by Aron (including the reasonable fees, charges and disbursements of any counsel for Aron), and shall pay all reasonable fees and time charges for attorneys who may be
employees of Aron, in connection with the enforcement or protection of its rights (A)&nbsp;in connection with this Agreement, including its rights under this Section, (B)&nbsp;in connection with the Secured Obligations, including all such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred during any workout, restructuring or negotiations in respect of the Secured Obligations, and including in or in connection with any Insolvency
Proceeding, and (C)&nbsp;in connection with the protection, sale or collection of, or other realization upon, any of the Collateral, including all expenses of taking, collecting, holding, sorting, handling, preparing for sale, selling, or the like,
and other such expenses of sales and collections of Collateral; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) all title, appraisal (including the allocated cost of internal
appraisal services), survey, audit, environmental inspection, consulting, search, recording, filing and similar costs, fees and expenses incurred or sustained by Aron or any of its Affiliates in connection with this Agreement or the Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Indemnification</U>. The Company hereby agrees to indemnify Aron, any Affiliate thereof (and any agent thereof) and each Related Party
of any of the foregoing Persons (each such Person being called an &#147;<U>Indemnitee</U>&#148;) against, and hold each Indemnitee harmless </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and
hold harmless each Indemnitee from all reasonable fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Company),
other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a result of (i)&nbsp;the execution or delivery of this Agreement or any agreement or instrument contemplated thereby, the performance by the parties hereto
of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii)&nbsp;the Secured Obligations or the use or proposed use of the proceeds therefrom, or (iii)&nbsp;any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Company, and regardless of whether any Indemnitee is a party
thereto; <I>provided</I> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x)&nbsp;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 or (y)&nbsp;result from a claim brought by the Company against an Indemnitee for breach in bad faith of such Indemnitee&#146;s obligations
hereunder or under any other Transaction Document, if the Company has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This Section&nbsp;shall not apply with respect to Taxes
other than any Taxes that represent losses, claims, damages, etc. arising from any <FONT STYLE="white-space:nowrap">non-Tax</FONT> claim. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Payment</U>. All amounts due under this Section shall be payable not later than 10 days after demand therefor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Interest</U>. Any amounts payable to Aron under this <U>Section</U><U></U><U>&nbsp;14</U> or otherwise under this Agreement if not paid
upon demand shall bear interest from the date of such demand until paid in full, at the rate of interest set forth in Section&nbsp;10.6 of the S&amp;O Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Survival</U>. The agreements in this <U>Section</U><U></U><U>&nbsp;14</U> shall survive the termination of the Agreement and the
repayment of all Secured Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 15 <U>Binding Effect</U>. This Agreement shall be binding upon, inure to the benefit of and
be enforceable by the Company, Aron, each indemnified Person referred to in <U>Section</U><U></U><U>&nbsp;14</U>, and their respective successors and assigns and shall bind any Person who becomes bound as a debtor to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 16 <U>Governing Law</U>. THIS AGREEMENT SHALL BE GOVERENED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 17
<U>Submission to Jurisdiction</U>. EACH OF THE PARTIES HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITUATED IN THE CITY OF NEW YORK, (WITHOUT RECOURSE TO ARBITRATION UNLESS BOTH
PARTIES AGREE IN </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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WRITING), AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN ARTICLE&nbsp;27 OF THE S&amp;O AGREEMENT. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO PERSONAL JURISDICTION, WHETHER ON GROUNDS OF VENUE, RESIDENCE OR DOMICILE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 18 <U>Waiver of Jury Trial</U>. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY PROCEEDINGS RELATING TO THIS AGREEMENT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 19 <U>Entire Agreement; Amendment</U>. THE TERMS OF THIS
AGREEMENT CONSTITUTE THE ENTIRE AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE MATTERS SET FORTH IN THIS AGREEMENT, AND NO REPRESENTATIONS OR WARRANTIES SHALL BE IMPLIED OR PROVISIONS ADDED IN THE ABSENCE OF A WRITTEN AGREEMENT TO SUCH EFFECT
BETWEEN THE PARTIES. THIS AGREEMENT SHALL NOT BE AMENDED EXCEPT BY THE WRITTEN AGREEMENT OF THE PARTIES HERETO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 20
<U>Severability</U>. If any Article, Section or provision of this Agreement shall be determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed
to be deleted from this Agreement and the remaining portions of this Agreement shall remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 21
<U>Counterparts</U>. This Agreement may be executed by the parties in separate counterparts and initially delivered by facsimile transmission or otherwise, with original signature pages to follow, and all such counterparts shall together constitute
one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 22 <U>No Inconsistent Requirements</U>. The Company acknowledges that this Agreement and the other
Transaction Documents may contain covenants and other terms and provisions variously stated regarding the same or similar matters, and agrees that all such covenants, terms and provisions are cumulative and all shall be performed and satisfied in
accordance with their respective terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 23 <U>Termination</U>. Upon termination of the S&amp;O Agreement and the other
Transaction Documents and the performance of the obligations thereunder, the security interests created by this Agreement shall terminate and Aron shall promptly execute and deliver to the Company such documents and instruments reasonably requested
by the Company as shall be necessary to evidence the termination of all security interests given by the Company to Aron hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of page intentionally left blank; signature pages follow] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>COMPANY:</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>PAR HAWAII REFINING, LLC</B></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Monteleone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: William Monteleone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page 1 to Amended and Restated Pledge and Security Agreement </P>

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<TD VALIGN="top" COLSPAN="3"><B>ARON:</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>J. ARON&nbsp;&amp; COMPANY LLC</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John Eleoterio</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Name: John Eleoterio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page 2 to Amended and Restated Pledge and Security Agreement </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>NEWS RELEASE</I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAR PACIFIC HOLDINGS ANNOUNCES CLOSING OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SENIOR SECURED NOTES OFFERING AND ENTRY INTO ABL CREDIT FACILITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HOUSTON, December</B><B></B><B>&nbsp;21, 2017</B> &#150; Par Pacific Holdings, Inc. (NYSE American: PARR) (&#147;Par Pacific&#148; or the
&#147;Company&#148;) today announced that Par Petroleum, LLC (&#147;Par Petroleum&#148;) and Par Petroleum Finance Corp. (&#147;Finance Corp.&#148; and together with Par Petroleum, the &#147;Issuers&#148;), both wholly-owned subsidiaries of the
Company, closed their private offering of $300&nbsp;million aggregate principal amount of 7.750% senior secured notes due 2025 (the &#147;notes&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Issuers intend to use the net proceeds of the offering to repay Par Petroleum&#146;s and its subsidiaries&#146; existing indebtedness under their existing
secured credit facilities, to repay the forward sale amount under the supply and offtake agreements with J. Aron&nbsp;&amp; Company LLC, and for general corporate purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The notes are secured, senior obligations of the Issuers, and interest is payable semi-annually in arrears. The notes are guaranteed on a senior secured basis
by Par Petroleum&#146;s existing and certain future domestic restricted subsidiaries (excluding Finance Corp.) and on a senior unsecured basis only as to the payment of principal and interest by the Company. The notes are initially secured by a
first-priority lien on substantially all of the assets of the Issuers and the subsidiary guarantors other than certain excluded properties, the assets constituting collateral for the supply and offtake agreements with J. Aron&nbsp;&amp; Company LLC
and the assets constituting collateral for the new asset-based secured revolving credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the closing of the notes offering,
Par Petroleum and its subsidiaries also entered into a new asset-based secured revolving credit facility with commitments of $75&nbsp;million in order to provide ongoing working capital and for general corporate purposes. The new facility will be
subject to borrowing base availability and is undrawn at closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The notes were offered in a private offering only to qualified institutional buyers
pursuant to Rule 144A and to certain persons outside of the United States pursuant to Regulation S, each under the Securities Act of 1933, as amended (the &#147;Act&#148;). Neither the notes nor the related guarantees have been, nor will be,
registered under the Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation
or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Par Pacific Holdings </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Par Pacific Holdings, Inc., based in Houston, Texas, owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific&#146;s strategy
is to identify, acquire and operate energy and infrastructure companies with attractive competitive positions. Par Pacific owns and operates one of the largest energy infrastructure networks in Hawaii with a
<FONT STYLE="white-space:nowrap">94,000-bpd</FONT> refinery, a logistics network supplying the major islands of the state and 91 retail locations. In Wyoming, Par Pacific owns a refinery and associated logistics network in a niche market. Par
Pacific also owns 42.3% of Laramie Energy, LLC which has natural gas operations and assets concentrated in the Piceance Basin in Western Colorado. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward-Looking Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release
includes certain &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the
&#147;safe harbor&#148; from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Additionally, forward looking statements are subject
to certain risks, trends, and uncertainties. Par Pacific cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct.&nbsp;Should one of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are
current only as of this date.&nbsp;Par Pacific does not intend to update or revise any forward-looking statements made herein or any other forward looking statements as a result of new information, future events or otherwise except as required by
law.&nbsp;The Company further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this news release. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I></I></B><I>Contact:</I><B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christine Laborde
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director, Investor Relations&nbsp;&amp; Public Affairs </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(832) <FONT STYLE="white-space:nowrap">916-3396</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">claborde@parpacific.com </P>
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