Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the quarterly period ended December 31, 2013
OR
 
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the transition period from                      to                     
Commission File Number: 001-14129

STAR GAS PARTNERS, L.P.
(Exact name of registrants as specified in its charters)

 
 	 	 	
Delaware	 	06-1437793	
(State or other jurisdiction of
incorporation or organization)	 	(I.R.S. Employer
Identification No.)	
 	 	
2187 Atlantic Street,
Stamford, Connecticut	 	06902	
(Address of principal executive office)	 	 	
(203) 328-7310
(Registrant’s telephone number, including area code)
 
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   x     No   ¨
Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers or smaller reporting companies. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	 	¨	  	Accelerated filer	 	x	
 	 	 	 	
Non-accelerated filer	 	¨	  	Smaller reporting company	 	¨	
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Act).    Yes   ¨     No   x
At January 31, 2014, the registrant had 57,467,744 common units outstanding.

 

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
INDEX TO FORM 10-Q

 	 	Page	 	
Part I Financial Information	 	 	 	 	
Item 1 - Condensed Consolidated Financial Statements	 	 	 	 	
Condensed Consolidated Balance Sheets as of December 31, 2013 (unaudited) and September 30, 2013	 	 	3	  	
Condensed Consolidated Statements of Operations (unaudited) for the three months ended December  31, 2013 and December 31, 2012	 	 	4	  	
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended December  31, 2013 and December 31, 2012	 	 	5	  	
Condensed Consolidated Statement of Partners’ Capital (unaudited) for the three months ended December  31, 2013	 	 	6	  	
Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended December  31, 2013 and December 31, 2012	 	 	7	  	
Notes to Condensed Consolidated Financial Statements (unaudited)	 	 	8-18	  	
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations	 	 	19-33	  	
Item 3 - Quantitative and Qualitative Disclosures About Market Risk	 	 	34	  	
Item 4 - Controls and Procedures	 	 	34	  	
 	 	
Part II Other Information:	 	 	 	 	
Item 1 - Legal Proceedings	 	 	35	  	
Item 1A - Risk Factors	 	 	35	  	
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds	 	 	35	  	
Item 6 - Exhibits	 	 	35	  	
Signatures	 	 	36	  	
 
2

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)	  	December 31,
2013	 	 	September 30,
2013	 	
 	  	(unaudited)	 	 	 	 	
ASSETS	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	83,234	  	 	$	85,057	  	
Receivables, net of allowance of $8,034 and $7,928, respectively	  	 	202,814	  	 	 	96,124	  	
Inventories	  	 	84,290	  	 	 	68,150	  	
Fair asset value of derivative instruments	  	 	3,258	  	 	 	646	  	
Current deferred tax assets, net	  	 	24,222	  	 	 	32,447	  	
Prepaid expenses and other current assets	  	 	25,152	  	 	 	23,456	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	422,970	  	 	 	305,880	  	

Property and equipment, net	  	 	51,821	  	 	 	51,323	  	
Goodwill	  	 	201,130	  	 	 	201,130	  	
Intangibles, net	  	 	64,481	  	 	 	66,790	  	
Deferred charges and other assets, net	  	 	7,162	  	 	 	7,381	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	747,564	  	 	$	632,504	  	

LIABILITIES AND PARTNERS’ CAPITAL	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	39,477	  	 	$	18,681	  	
Revolving credit facility borrowings	  	 	100,348	  	 	 	—  	  	
Fair liability value of derivative instruments	  	 	1,037	  	 	 	3,999	  	
Accrued expenses and other current liabilities	  	 	87,368	  	 	 	87,142	  	
Unearned service contract revenue	  	 	49,626	  	 	 	40,608	  	
Customer credit balances	  	 	50,078	  	 	 	70,196	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	327,934	  	 	 	220,626	  	

Long-term debt	  	 	124,487	  	 	 	124,460	  	
Long-term deferred tax liabilities, net	  	 	14,616	  	 	 	19,292	  	
Other long-term liabilities	  	 	7,757	  	 	 	8,845	  	
 	 	 	
Partners’ capital	  	 	 	 	 	 	 	 	
Common unitholders	  	 	295,427	  	 	 	282,289	  	
General partner	  	 	42	  	 	 	3	  	
Accumulated other comprehensive loss, net of taxes	  	 	(22,699	) 	 	 	(23,011	) 	
 	  	 	 	 	 	 	 	 	
Total partners’ capital	  	 	272,770	  	 	 	259,281	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and partners’ capital	  	$	747,564	  	 	$	632,504	  	
 	  	 	 	 	 	 	 	 	
See accompanying notes to condensed consolidated financial statements.
 
3

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 	  	Three Months Ended
December 31,	 	
(in thousands, except per unit data - unaudited)	  	2013	 	 	2012	 	
 	 	 	
Sales:	  	 	 	 	 	 	 	 	
Product	  	$	463,387	  	 	$	454,470	  	
Installations and service	  	 	57,223	  	 	 	62,055	  	
 	  	 	 	 	 	 	 	 	
Total sales	  	 	520,610	  	 	 	516,525	  	
Cost and expenses:	  	 	 	 	 	 	 	 	
Cost of product	  	 	358,577	  	 	 	356,613	  	
Cost of installations and service	  	 	53,443	  	 	 	57,221	  	
(Increase) decrease in the fair value of derivative instruments	  	 	(5,458	) 	 	 	7,965	  	
Delivery and branch expenses	  	 	68,400	  	 	 	68,387	  	
Depreciation and amortization expenses	  	 	4,359	  	 	 	4,358	  	
General and administrative expenses	  	 	5,406	  	 	 	4,491	  	
Finance charge income	  	 	(1,004	) 	 	 	(1,088	) 	
 	  	 	 	 	 	 	 	 	
Operating income	  	 	36,887	  	 	 	18,578	  	
Interest expense, net	  	 	(3,623	) 	 	 	(3,417	) 	
Amortization of debt issuance costs	  	 	(421	) 	 	 	(492	) 	
 	  	 	 	 	 	 	 	 	
Income before income taxes	  	 	32,843	  	 	 	14,669	  	
Income tax expense	  	 	13,555	  	 	 	4,917	  	
 	  	 	 	 	 	 	 	 	
Net income	  	$	19,288	  	 	$	9,752	  	
General Partner’s interest in net income	  	 	109	  	 	 	53	  	
 	  	 	 	 	 	 	 	 	
Limited Partners’ interest in net income	  	$	19,179	  	 	$	9,699	  	

 	  	 	 	 	 	 	 	 	
Basic and diluted income per Limited Partner Unit (1):	  	$	0.29	  	 	$	0.15	  	

Weighted average number of Limited Partner units outstanding:	  	 	 	 	 	 	 	 	
Basic and Diluted	  	 	57,511	  	 	 	60,556	  	

(1)	See Note 13 Earnings Per Limited Partner Unit.	
See accompanying notes to condensed consolidated financial statements.
 
4

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 	  	Three Months Ended
December 31,	 	
(in thousands - unaudited)	  	2013	 	 	2012	 	
 	 	 	
Net income	  	$	19,288	  	 	$	9,752	  	
 	 	 	
Other comprehensive income:	  	 	 	 	 	 	 	 	
Unrealized gain on pension plan obligation (1)	  	 	528	  	 	 	664	  	
Tax effect of unrealized gain on pension plan	  	 	(216	) 	 	 	(271	) 	
 	  	 	 	 	 	 	 	 	
Total other comprehensive income	  	 	312	  	 	 	393	  	

Total comprehensive income	  	$	19,600	  	 	$	10,145	  	

(1)	These items are included in the computation of net periodic pension cost. See Note 9 - Employee Benefit Plan.	
See accompanying notes to condensed consolidated financial statements.
 
5

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL

 	  	Number of Units	 	  	 	 	 	 	 	 	 	 	 	 	 	
(in thousands - unaudited)	  	Common	 	 	General
Partner	 	  	Common	 	 	General
Partner	 	 	Accum. Other
Comprehensive
Income (Loss)	 	 	Total
Partners’
Capital	 	
Balance as of September 30, 2013	  	 	57,718	  	 	 	326	  	  	$	282,289	  	 	$	3	  	 	$	(23,011	) 	 	$	259,281	  	
 	 	 	 	 	 	 	
Net income	  	 	—  	  	 	 	—  	  	  	 	19,179	  	 	 	109	  	 	 	—  	  	 	 	19,288	  	
Unrealized gain on pension plan obligation (1)	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	528	  	 	 	528	  	
Tax effect of unrealized gain on pension plan	  	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	(216	) 	 	 	(216	) 	
Distributions	  	 	—  	  	 	 	—  	  	  	 	(4,741	) 	 	 	(70	) 	 	 	—  	  	 	 	(4,811	) 	
Retirement of units (2)	  	 	(250	) 	 	 	—  	  	  	 	(1,300	) 	 	 	—  	  	 	 	—  	  	 	 	(1,300	) 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of December 31, 2013 (unaudited)	  	 	57,468	  	 	 	326	  	  	$	295,427	  	 	$	42	  	 	$	(22,699	) 	 	$	272,770	  	

(1)	These items are included in the computation of net periodic pension cost. See Note 9 - Employee Benefit Plan.	
(2)	See Note 3 - Common Unit Repurchase and Retirement.	
See accompanying notes to condensed consolidated financial statements.
 
6

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 	  	Three Months Ended
December 31,	 	
(in thousands - unaudited)	  	2013	 	 	2012	 	
 	 	 	
Cash flows provided by (used in) operating activities:	  	 	 	 	 	 	 	 	
Net income	  	$	19,288	  	 	$	9,752	  	
 	 	 	
Adjustment to reconcile net income to net cash provided by (used in) operating activities:	  	 	 	 	 	 	 	 	
(Increase) decrease in fair value of derivative instruments	  	 	(5,458	) 	 	 	7,965	  	
Depreciation and amortization	  	 	4,779	  	 	 	4,850	  	
Provision for losses on accounts receivable	  	 	796	  	 	 	1,763	  	
Change in deferred taxes	  	 	3,332	  	 	 	864	  	
Changes in operating assets and liabilities:	  	 	 	 	 	 	 	 	
Increase in receivables	  	 	(107,604	) 	 	 	(106,395	) 	
Increase in inventories	  	 	(16,140	) 	 	 	(35,683	) 	
Increase in other assets	  	 	(1,977	) 	 	 	(3,799	) 	
Increase in accounts payable	  	 	21,253	  	 	 	8,878	  	
Decrease in customer credit balances	  	 	(20,119	) 	 	 	(22,603	) 	
Increase in other current and long-term liabilities	  	 	8,711	  	 	 	13,826	  	
 	  	 	 	 	 	 	 	 	
Net cash used in operating activities	  	 	(93,139	) 	 	 	(120,582	) 	

Cash flows provided by (used in) investing activities:	  	 	 	 	 	 	 	 	
Capital expenditures	  	 	(2,992	) 	 	 	(848	) 	
Proceeds from sales of fixed assets	  	 	71	  	 	 	16	  	
 	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(2,921	) 	 	 	(832	) 	

Cash flows provided by (used in) financing activities:	  	 	 	 	 	 	 	 	
Revolving credit facility borrowings	  	 	100,348	  	 	 	36,703	  	
Distributions	  	 	(4,811	) 	 	 	(4,781	) 	
Unit repurchases	  	 	(1,300	) 	 	 	(4,247	) 	
Deferred charges	  	 	—  	  	 	 	(36	) 	
 	  	 	 	 	 	 	 	 	
Net cash provided by financing activities	  	 	94,237	  	 	 	27,639	  	

Net increase (decrease) in cash and cash equivalents	  	 	(1,823	) 	 	 	(93,775	) 	
 	 	 	
Cash and cash equivalents at beginning of period	  	 	85,057	  	 	 	108,091	  	
 	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	  	$	83,234	  	 	$	14,316	  	
 	  	 	 	 	 	 	 	 	
See accompanying notes to condensed consolidated financial statements.
 
7

Table of Contents
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1) Partnership Organization
Star Gas Partners, L.P. (“Star Gas Partners,” the “Partnership,” “we,” “us,” or “our”) is a home heating oil and propane distributor and services provider with one reportable operating segment that principally provides services to residential and commercial customers to heat their homes and buildings. Star Gas Partners is a master limited partnership, which at December 31, 2013, had outstanding 57.5 million common units (NYSE: “SGU”) representing 99.44% limited partner interest in Star Gas Partners, and 0.3 million general partner units, representing 0.56% general partner interest in Star Gas Partners.
The Partnership is organized as follows:
 
 	•	 	The general partner of the Partnership is Kestrel Heat, LLC, a Delaware limited liability company (“Kestrel Heat” or the “general partner”). The Board of Directors of Kestrel Heat (the “Board”) is appointed by its sole member, Kestrel Energy Partners, LLC, a Delaware limited liability company (“Kestrel”).	
 
 	•	 	The Partnership’s operations are conducted through Petro Holdings, Inc. and its subsidiaries (“Petro”). Petro is a Minnesota corporation that is an indirect wholly-owned subsidiary of the Partnership. Petro is subject to Federal and state corporation income taxes. Petro is a Northeast and Mid-Atlantic region retail distributor of home heating oil and propane that at December 31, 2013 served approximately 407,000 full-service residential and commercial home heating oil and propane customers. Petro also sold home heating oil, gasoline and diesel fuel to approximately 58,000 customers on a delivery only basis. In addition, Petro installed, maintained, and repaired heating and air conditioning equipment for its customers, and provided ancillary home services, including home security and plumbing, to approximately 16,000 customers.	
 
 	•	 	Star Gas Finance Company is a 100% owned subsidiary of the Partnership. Star Gas Finance Company serves as the co-issuer, jointly and severally with the Partnership, of its $125 million (excluding discount) 8.875% Senior Notes outstanding at December 31, 2013, that are due 2017. The Partnership is dependent on distributions, including inter-company interest payments from its subsidiaries, to service the Partnership’s debt obligations. The distributions from the Partnership’s subsidiaries are not guaranteed and are subject to certain loan restrictions. Star Gas Finance Company has nominal assets and conducts no business operations. (See Note 11—Long-Term Debt and Bank Facility Borrowings)	
2) Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements include the accounts of Star Gas Partners, L.P. and its subsidiaries. All material inter-company items and transactions have been eliminated in consolidation.
The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Partnership’s business, the results of operations and cash flows for the three month period ended December 31, 2013 and December 31, 2012 are not necessarily indicative of the results to be expected for the full year.
These interim financial statements of the Partnership have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission and should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended September 30, 2013.
 
8

Table of Contents
Reclassification
The accompanying December 31, 2012 consolidated statements of operations have been revised from their previous presentation to reclassify finance charge income of $1,088 and present it separately as an element of operating income. Previously, finance charge income was included in the caption interest income in the consolidated statements of operations. This reclassification was made in order to conform with common industry practice regarding the reporting of finance charge income in operating income, and had no impact on net income, financial position, and cash flows for any period. Interest expense, net consists of:

(in thousands)	  	Three Months Ended December 31,	 	
 	  	2013	 	 	2012	 	
Interest expense	  	$	(3,633	) 	 	$	(3,427	) 	
Interest income	  	 	10	  	 	 	10	  	
 	  	 	 	 	 	 	 	 	
Interest expense, net	  	$	(3,623	) 	 	$	(3,417	) 	
 	  	 	 	 	 	 	 	 	
Comprehensive Income (Loss)
Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the unrealized gain (loss) amortization on the Partnership’s pension plan obligation for its two frozen defined benefit pension plans, and the corresponding tax effect.
Recent Accounting Pronouncements
In the first quarter of fiscal 2014, the Partnership adopted the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. This amendment as clarified by ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement. The adoption of this amendment required added disclosures to enable users of our financial statements to understand the effect of those arrangements on our financial position, and did not impact our results of operations or the amount of assets and liabilities reported.
3) Common Unit Repurchase and Retirement
In July 2012, the Board authorized the repurchase of up to 3.0 million of the Partnership’s common units (“Plan III”). In July 2013, the Board authorized an additional 1.9 million common units to be repurchased under its Plan III common unit repurchase plan. The authorized common unit repurchases may be made from time-to-time in the open market, in privately negotiated transactions or in such other manner deemed appropriate by management. There is no guarantee of the exact number of units that will be purchased under the program and the Partnership may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Partnership’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the common units purchased in the repurchase program will be retired.
Under the Partnership’s second amended and restated credit agreement (see Note 14. Subsequent Events), we must maintain Availability (as defined in the second amended and restated credit facility agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 in order to repurchase common units. During the three months ended December 31, 2013, the Partnership was in compliance with the equivalent covenant in the credit agreement then in effect.
 
9

Table of Contents
 	 	 	 	 	 	 	 	 	 	 	 	 	
(in thousands, except per unit amounts)	 	
Period	 	Total Number of Units
Purchased (a)	 	 	Average Price Paid
per Unit (b)	 	 	Maximum Number
of Units that May
Yet Be Purchased	 	
Plan III - Number of units authorized	 	 	 	 	 	 	 	 	 	 	4,894	  	
Private transaction - Number of units authorized (c)	 	 	 	 	 	 	 	 	 	 	1,150	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	6,044	  	

Plan III - Fiscal year 2012 total	 	 	22	  	 	$	4.26	  	 	 	6,022	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	
Plan III - Fiscal year 2013 total (c)	 	 	3,284	  	 	$	4.63	  	 	 	2,738	  	

Plan III - October 2013 (d)	 	 	250	  	 	$	5.20	  	 	 	2,488	  	
Plan III - November 2013	 	 	—  	  	 	$	—  	  	 	 	2,488	  	
Plan III - December 2013	 	 	—  	  	 	$	—  	  	 	 	2,488	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Plan III - First quarter fiscal year 2014 total	 	 	250	  	 	$	5.20	  	 	 	2,488	  	

(a)	Units were repurchased as part of a publicly announced program, except as noted in a private transaction.	
(b)	Amounts include repurchase costs.	
(c)	Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction.	
(d)	October 2013 common unit repurchases were acquired in a private transaction.	
4) Derivatives and Hedging—Fair Value Measurements and Accounting for the Offsetting of Certain Contracts
The Partnership uses derivative instruments such as futures, options and swap agreements in order to mitigate exposure to market risk associated with the purchase of home heating oil for price-protected customers, physical inventory on hand, inventory in transit and priced purchase commitments. The Partnership has elected not to designate its derivative instruments as hedging derivatives, but rather as economic hedges whose change in fair value is recognized in our statement of operations in the line item (Increase) decrease in the fair value of derivative instruments. Depending on the risk being economically hedged, realized gains and losses are recorded in cost of product, cost of installations and service, or delivery and branch expenses.
To hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers as of December 31, 2013, the Partnership held 1.6 million gallons of physical inventory and had bought 10.0 million gallons of swap contracts, 4.5 million gallons of call options, 6.9 million gallons of put options and 86.0 million net gallons of synthetic calls, all in future months to match anticipated sales. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Partnership, as of December 31, 2013, had bought 57.6 million gallons of future contracts, had sold 76.5 million gallons of future contracts and had sold 16.3 million gallons of future swap contracts. In addition to the previously described hedging instruments, the Partnership as of December 31, 2013, had bought corresponding long and short 38.6 million net gallons of swap contracts and bought 3.9 million gallons of spread contracts (simultaneous long and short positions) to lock-in the differential between high sulfur home heating oil and ultra low sulfur diesel. To hedge a majority of its internal fuel usage for fiscal 2014, the Partnership as of December 31, 2013, had bought 2.4 million gallons of future swap contracts.
To hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers as of December 31, 2012, the Partnership held 2.4 million gallons of physical inventory and had bought 10.2 million gallons of swap contracts, 3.8 million gallons of call options, 7.8 million gallons of put options and 84.8 million net gallons of synthetic calls, all in future months to match anticipated sales. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Partnership, as of December 31, 2012, had bought 66.3 million gallons of future contracts, had sold 76.8 million gallons of future contracts, had bought 13.0 million gallons of diesel swap contracts (for NYS ultra-low sulfur heating oil customers) and had sold 30.8 million gallons of heating oil swap contracts (including 13.0 million gallons designated for NYS ultra-low sulfur heating oil customers). To hedge a majority of its internal fuel usage for fiscal 2013, the Partnership as of December 31, 2012, had bought 2.1 million gallons of future swap contracts.
 
10

Table of Contents
The Partnership’s derivative instruments are with the following counterparties: Bank of America, N.A., Bank of Montreal, Cargill, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Key Bank, N.A., Regions Financial Corporation, Societe Generale, and Wells Fargo Bank, N.A. The Partnership assesses counterparty credit risk and considers it to be low. We maintain master netting arrangements that allow for the non-conditional offsetting of amounts receivable and payable with counterparties to help manage our risks and record derivative positions on a net basis. The Partnership generally does not receive cash collateral from its counterparties and does not restrict the use of cash collateral maintained at counterparties. At December 31, 2013, the aggregate cash posted as collateral in the normal course of business at counterparties was $1.6 million. Positions with counterparties who are also parties to our revolving credit facility are collateralized under that facility. As of December 31, 2013, $5.1 million of hedge positions were secured under the credit facility.
FASB ASC 820-10 Fair Value Measurements and Disclosures, established a three-tier fair value hierarchy, which classified the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Partnership’s Level 1 derivative assets and liabilities represent the fair value of commodity contracts used in its hedging activities that are identical and traded in active markets. The Partnership’s Level 2 derivative assets and liabilities represent the fair value of commodity contracts used in its hedging activities that are valued using either directly or indirectly observable inputs, whose nature, risk and class are similar. No significant transfers of assets or liabilities have been made into and out of the Level 1 or Level 2 tiers. All derivative instruments were non-trading positions and were either a Level 1 or Level 2 instrument. The fair market value of our Level 1 and Level 2 derivative assets and liabilities are calculated by our counter-parties and are independently validated by the Partnership. The Partnership’s calculations are, for Level 1 derivative assets and liabilities, based on the published New York Mercantile Exchange (“NYMEX”) market prices for the commodity contracts open at the end of the period. For Level 2 derivative assets and liabilities the calculations performed by the Partnership are based on a combination of the NYMEX published market prices and other inputs, including such factors as present value, volatility and duration.
The Partnership had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Partnership’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table.

(In thousands)	  	 	  	 	 	 	Fair Value Measurements at Reporting Date Using:	 	
Derivatives Not Designated as Hedging
Instruments Under FASB ASC 815-10	  	Balance Sheet Location	  	Total	 	 	Quoted Prices in
Active Markets for
Identical Assets
Level 1	 	 	Significant Other
Observable Inputs
Level 2	 	 	Significant
Unobservable
Inputs
Level 3	 	
Asset Derivatives at December 31, 2013	 	
Commodity contracts	  	Fair asset and fair liability value of derivative instruments	  	$	17,429	  	 	$	4,714	  	 	$	12,715	  	 	$	—  	  	
 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commodity contract assets at December 31, 2013	  	$	17,429	  	 	$	4,714	  	 	$	12,715	  	 	$	—  	  	

Liability Derivatives at December 31, 2013	 	
Commodity contracts	  	Fair liability and fair asset value of derivative instruments	  	$	(15,208	) 	 	$	(4,897	) 	 	$	(10,311	) 	 	$	—  	  	
 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commodity contract liabilities at December 31, 2013	  	$	(15,208	) 	 	$	(4,897	) 	 	$	(10,311	) 	 	$	—  	  	

Asset Derivatives at September 30, 2013	 	
Commodity contracts	  	Fair asset and fair liability value of derivative instruments	  	$	14,467	  	 	$	1,175	  	 	$	13,292	  	 	$	—  	  	
 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commodity contract assets at September 30, 2013	  	$	14,467	  	 	$	1,175	  	 	$	13,292	  	 	$	—  	  	

Liability Derivatives at September 30, 2013	 	
Commodity contracts	  	Fair liability and fair asset value of derivative instruments	  	$	(17,820	) 	 	$	(519	) 	 	$	(17,301	) 	 	$	—  	  	
 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commodity contract liabilities at September 30, 2013	  	$	(17,820	) 	 	$	(519	) 	 	$	(17,301	) 	 	$	—  	  	

11

Table of Contents
The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.

(In thousands)	  	 	 	  	 	 	 	 	 	 	Gross Amounts Not Offset in the
Statement of Financial Position	 	
Offsetting of Financial Assets (Liabilities) and Derivative Assets
(Liabilities)	  	Gross
Assets
Recognized	 	  	Gross
Liabilities
Offset in the
Statement of
Financial
Position	 	 	Net Assets
(Liabilities)
Presented in
the
Statement of
Financial
Position	 	 	Financial
Instruments	 	  	Cash
Collateral
Received	 	  	Net Amount	 	
Fair asset value of derivative instruments	  	$	14,967	  	  	$	(11,709	) 	 	$	3,258	  	 	$	—  	  	  	$	—  	  	  	$	3,258	  	
Fair liability value of derivative instruments	  	 	2,462	  	  	 	(3,499	) 	 	 	(1,037	) 	 	 	—  	  	  	 	—  	  	  	 	(1,037	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total at December 31, 2013	  	$	17,429	  	  	$	(15,208	) 	 	$	2,221	  	 	$	—  	  	  	$	—  	  	  	$	2,221	  	

Fair asset value of derivative instruments	  	$	7,254	  	  	$	(6,608	) 	 	$	646	  	 	$	—  	  	  	$	—  	  	  	$	646	  	
Fair liability value of derivative instruments	  	 	7,213	  	  	 	(11,212	) 	 	 	(3,999	) 	 	 	—  	  	  	 	—  	  	  	 	(3,999	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total at September 30, 2013	  	$	14,467	  	  	$	(17,820	) 	 	$	(3,353	) 	 	$	—  	  	  	$	—  	  	  	$	(3,353	) 	

 	 	 	 	 	 	 	 	 	 	 	
(In thousands)	  	 	  	 	 	 	 	 	
The Effect of Derivative Instruments on the Statement of Operations	 	
 	  	 	  	Amount of (Gain) or Loss Recognized	 	
Derivatives Not
Designated as Hedging
Instruments Under
FASB ASC 815-10	  	Location of (Gain) or Loss Recognized in
Income on Derivative	  	Three Months Ended
December 31, 2013	 	 	Three Months Ended
December 31, 2012	 	
Commodity contracts	  	Cost of product (a)	  	$	5,311	  	 	$	4,876	  	
Commodity contracts	  	Cost of installations and service (a)	  	$	(8	) 	 	$	(89	) 	
Commodity contracts	  	Delivery and branch expenses (a)	  	$	(39	) 	 	$	(85	) 	
Commodity contracts	  	(Increase) / decrease in the fair value of derivative instruments	  	$	(5,458	) 	 	$	7,965	  	
 
(a)	Represents realized closed positions and includes the cost of options as they expire.	
5) Inventories
The Partnership’s product inventories are stated at the lower of cost or market computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost or market using the FIFO method. The components of inventory were as follows (in thousands):

 	  	December 31, 2013	 	  	September 30, 2013	 	
Product	  	$	66,296	  	  	$	50,197	  	
Parts and equipment	  	 	17,994	  	  	 	17,953	  	
 	  	 	 	 	  	 	 	 	
Total inventory	  	$	84,290	  	  	$	68,150	  	

12

Table of Contents
6) Property and Equipment
Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands):

 	  	December 31, 2013	 	  	September 30, 2013	 	
 	 	 	
Property and equipment	  	$	172,412	  	  	$	170,462	  	
Less: accumulated depreciation	  	 	120,591	  	  	 	119,139	  	
 	  	 	 	 	  	 	 	 	
Property and equipment, net	  	$	51,821	  	  	$	51,323	  	
 	  	 	 	 	  	 	 	 	
7) Other Intangible Assets
Intangibles, net
The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands):

 	  	December 31, 2013	 	  	September 30, 2013	 	
 	  	Gross
Carrying
Amount	 	  	Accum.
Amortization	 	  	Net	 	  	Gross
Carrying
Amount	 	  	Accum.
Amortization	 	  	Net	 	
Customer lists and other intangibles	  	$	288,011	  	  	$	223,530	  	  	$	64,481	  	  	$	288,011	  	  	$	221,221	  	  	$	66,790	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Amortization expense for intangible assets was $2.3 million for the three months ended December 31, 2013, compared to $2.3 million for the three months ended December 31, 2012. Total estimated annual amortization expense related to intangible assets subject to amortization, for the fiscal year ending September 30, 2014, and the four succeeding fiscal years ending September 30, is as follows (in thousands):

 	  	Estimated
Annual Book
Amortization
Expense	 	
2014	  	$	9,188	  	
2015	  	$	9,053	  	
2016	  	$	8,882	  	
2017	  	$	8,362	  	
2018	  	$	7,523	  	
8) Long-Term Debt and Bank Facility Borrowings
The Partnership’s debt is as follows (in thousands):

 	  	December 31, 2013	 	  	September 30, 2013	 	
 	  	Carrying
Amount	 	  	Fair Value (a)	 	  	Carrying
Amount	 	  	Fair Value (a)	 	
8.875% Senior Notes (b)	  	$	124,487	  	  	$	130,938	  	  	$	124,460	  	  	$	130,000	  	
Revolving Credit Facility Borrowings (c)	  	 	100,348	  	  	 	100,348	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total debt	  	$	224,835	  	  	$	231,286	  	  	$	124,460	  	  	$	130,000	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total long-term portion of debt	  	$	124,487	  	  	$	130,938	  	  	$	124,460	  	  	$	130,000	  	

(a)	The Partnership’s fair value estimates of long-term debt are made at a specific point in time, based on Level 2 inputs. Due to the relatively short maturity of the revolving credit facility, the carrying amount approximates fair value.	
 
13

Table of Contents
(b)	The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.5 million at December 31, 2013. Under the terms of the indenture, these notes permit restricted payments after passing certain financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests.	
 
(c)	At December 31, 2013, the Partnership had an amended and restated asset based revolving credit facility agreement with a bank syndicate comprised of fifteen banks that expired in 2016. Under this agreement, the Partnership was permitted to borrow up to $250 million ($350 million during the heating season of December through April of each year) for working capital purposes (subject to certain borrowing base limitations and coverage ratios) and was permitted to issue up to $100 million in letters of credit.	
In January 2014, the Partnership entered into a second amended and restated asset based revolving credit facility agreement with a bank syndicate comprised of fifteen participants, which replaced the existing revolving credit facility. (See Note 14. Subsequent Events).
The second amended and restated revolving credit facility provides the Partnership with the ability to borrow up to $300 million ($450 million during the heating season of December through April of each year) for working capital purposes (subject to certain borrowing base limitations and coverage ratios), including the issuance of up to $100 million in letters of credit and extends the maturity date to June 2017, or January 2019 if the Partnership has met the conditions of the facility termination date as defined in the agreement and as discussed further below. The Partnership can increase the facility size by $100 million without the consent of the bank group. However, the bank group is not obligated to fund the $100 million increase. If the bank group elects not to fund the increase, the Partnership can add additional lenders to the group, with the consent of the Agent, which shall not be unreasonably withheld. Obligations under the second amended and restated credit facility are guaranteed by the Partnership and its subsidiaries and are secured by liens on substantially all of the Partnership’s assets including accounts receivable, inventory, general intangibles, real property, fixtures and equipment.
The interest rate on the second amended and restated credit facility is LIBOR plus (i) 1.75% (if Availability, as defined in the agreement is greater than or equal to $150 million), or (ii) 2.00% (if Availability is greater than $75 million but less than $150 million), or (iii) 2.25% (if Availability is less than or equal to $75 million). The Commitment Fee on the unused portion of the facility is 0.30% per annum.
Under the second amended and restated credit facility, the Partnership is obligated to meet certain financial covenants, including the requirement to maintain at all times either Availability (borrowing base less amounts borrowed and letters of credit issued) of 12.5% of the facility size, or a fixed charge coverage ratio (as defined in the revolving credit facility agreement) of not less than 1.1, which is calculated based upon Adjusted EBITDA for the trailing twelve months. In order to make acquisitions, the Partnership must maintain Availability of $40 million on a historical pro forma and forward-looking basis. In addition, the Partnership must maintain Availability of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding), on a historical forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 in order to pay any distributions to unitholders or repurchase common units (Prior to the January 2014 agreement, the Partnership was required to maintain availability of 17.5% of the facility size, on a historical forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 in order to pay any distributions to unitholders or repurchase common units). Likewise, no inter-company dividends or distributions can be made (including those needed to pay interest or principle on our 8.875% Senior Notes), except to the Partnership or a wholly owned subsidiary of the Partnership, if the immediately preceding covenants have not been met. Certain restrictions are also imposed by the agreement, including restrictions on the Partnership’s ability to incur additional indebtedness, to pay distributions to unitholders, to pay inter-company dividends or distributions, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities.
All outstanding amounts owed under the second amended and restated credit facility become due and payable on the facility termination date of June 1, 2017. If the Partnership has repaid, prepaid or otherwise defeased at least $100 million of our 8.875% Senior Notes and Availability is equal to or greater than the aggregate amount required to repay the remaining outstanding 8.875% Senior Notes (“Payoff Amount”), then the facility termination date is January 14, 2019. However, after June 1, 2017, in the event that Availability is less than the Payoff Amount, the facility termination date shall be three days following such date. Notwithstanding this, all outstanding amounts are subject to acceleration upon the occurrence of events of default which the Partnership considers usual and customary for an agreement of this type, including failure to make payments under the second amended and restated credit facility, non-performance of covenants and obligations or insolvency or bankruptcy (as described in the second amended and restated credit facility).
 
14

Table of Contents
At December 31, 2013, $100.3 million was outstanding under the revolving credit facility and $46.5 million of letters of credit were issued. At September 30, 2013, no amount was outstanding under the revolving credit facility and $44.7 million of letters of credit were issued.
At December 31, 2013, availability was $148.0 million and the Partnership was in compliance with the fixed charge coverage ratio. At September 30, 2013, availability was $164.3 million and the Partnership was in compliance with the fixed charge coverage ratio.
In July 2011, the Partnership’s shelf registration became effective, providing for the sale of up to $250 million in one or more offerings of common units representing limited partnership interests, partnership securities and debt securities; which may be secured or unsecured senior debt securities or secured or unsecured subordinated debt securities. As of December 31, 2013, no offerings under this shelf registration have occurred.
9) Employee Benefit Plan

 	  	Three Months Ended
December 31,	 	
(in thousands)	  	2013	 	 	2012	 	
 	 	 	
Components of net periodic benefit cost:	  	 	 	 	 	 	 	 	
Service cost	  	$	0	  	 	$	0	  	
Interest cost	  	 	690	  	 	 	620	  	
Expected return on plan assets	  	 	(776	) 	 	 	(948	) 	
Net amortization	  	 	528	  	 	 	664	  	
 	  	 	 	 	 	 	 	 	
Net periodic benefit cost	  	$	442	  	 	$	336	  	
 	  	 	 	 	 	 	 	 	
For the three months ended December 31, 2013, the Partnership contributed $0.8 million and expects to make an additional $1.2 million contribution in fiscal 2014 to fund its pension obligation.
10) Income Taxes
Star Gas Partners is a master limited partnership and is not subject to tax at the entity level for Federal and state income tax purposes. However, Star Gas Partners income is derived from its corporate subsidiaries, and these financial statements reflect significant Federal and state income taxes relating to the corporate subsidiaries. For the corporate subsidiaries of Star Gas Partners, a consolidated Federal income tax return is filed. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized if, based on the weight of available evidence including historical tax losses, it is more likely than not that some or all of deferred tax assets will not be realized.
Income and losses of Star Gas Partners are allocated directly to the individual partners. Even though Star Gas Partners will generate non-qualifying Master Limited Partnership income through its corporate subsidiaries, distributions from the corporate subsidiaries to Star Gas Partners are generally included in the determination of qualified Master Limited Partnership income. All or a portion of the distributions received by Star Gas Partners from the corporate subsidiaries could be a dividend or capital gain to the individual partners.
The accompanying financial statements are reported on a fiscal year, however, Star Gas Partners and its Corporate subsidiaries file Federal and state income tax returns on a calendar year.
 
15

Table of Contents
The current and deferred income tax expenses for the three months ended December 31, 2013, and 2012 are as follows (in thousands):

 	  	Three Months Ended	 	
 	  	December 31,	 	
(in thousands)	  	2013	 	  	2012	 	
 	 	 	
Income before income taxes	  	$	32,843	  	  	$	14,669	  	
 	 	 	
Current tax expense	  	$	10,223	  	  	$	4,053	  	
Deferred tax expense	  	 	3,332	  	  	 	864	  	
 	  	 	 	 	  	 	 	 	
Total tax expense	  	$	13,555	  	  	$	4,917	  	
 	  	 	 	 	  	 	 	 	
As of the calendar tax year ended December 31, 2013, Star Acquisitions, a wholly-owned subsidiary of the Partnership, had an estimated Federal net operating loss carry forward (“NOLs”) of approximately $8.3 million. The Federal NOLs, which will expire between 2018 and 2024, are generally available to offset any future taxable income but are also subject to annual limitations of between $1.0 million and $2.2 million.
FASB ASC 740-10-05-6 Income Taxes, Uncertain Tax Position, provides financial statement accounting guidance for uncertainty in income taxes and tax positions taken or expected to be taken in a tax return. At December 31, 2013, we had unrecognized income tax benefits totaling $0.8 million including related accrued interest and penalties of $0.1 million. These unrecognized tax benefits are primarily the result of state tax uncertainties. If recognized, these tax benefits would be recorded as a benefit to the effective tax rate.
We believe that the total liability for unrecognized tax benefits will not materially change during the next 12 months ending December 31, 2014. Our continuing practice is to recognize interest related to income tax matters as a component of income tax expense. We file U.S. Federal income tax returns and various state and local returns. A number of years may elapse before an uncertain tax position is audited and finally resolved. For our Federal income tax returns we have four tax years subject to examination. In our major state tax jurisdictions of New York, Connecticut, Pennsylvania and New Jersey, we have four, four, four and five tax years, respectively, that are subject to examination. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, based on our assessment of many factors including past experience and interpretation of tax law, we believe that our provision for income taxes reflect the most probable outcome. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events.
11) Supplemental Disclosure of Cash Flow Information

 	  	Three Months Ended	 	
 	  	December 31,	 	
(in thousands)	  	2013	 	  	2012	 	
 	 	 	
Cash paid during the period for:	  	 	 	 	  	 	 	 	
Income taxes, net	  	$	6,740	  	  	$	2,541	  	
Interest	  	$	6,208	  	  	$	6,143	  	
Non-cash financing activities:	  	 	 	 	  	 	 	 	
Increase in interest expense - amortization of debt discount on 8.875% Senior Note	  	$	27	  	  	$	25	  	
12) Commitments and Contingencies
The Partnership’s operations are subject to the operating hazards and risks normally incidental to handling, storing and transporting and otherwise providing for use by consumers of hazardous liquids such as home heating oil and propane. As a result, at any given time, the Partnership is generally a defendant in various legal proceedings and litigation arising in the ordinary course of business. The Partnership maintains insurance policies in amounts and with coverages and deductibles we believe are reasonable and prudent. However, the Partnership cannot assure that this insurance will be adequate to protect it from all material expenses related to potential future claims for personal and property damage or that these levels of insurance will be available in the future at economical prices. The Partnership does not carry business interruption insurance. In the opinion of management the Partnership is not a party to any litigation, which individually or in the aggregate could reasonably be expected to have a material adverse effect on the Partnership’s results of operations, financial position or liquidity.
 
16

Table of Contents
13) Earnings (Loss) Per Limited Partner Unit
Income per limited partner unit is computed in accordance with FASB ASC 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. However, for periods in which the Partnership’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Partnership’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Partnership’s contractual participation rights are taken into account.
The following presents the net income allocation and per unit data using this method for the periods presented:

 	  	Three Months Ended	 	
Basic and Diluted Earnings Per Limited Partner:	  	December 31,	 	
(in thousands, except per unit data)	  	2013	 	  	2012	 	
Net income	  	$	19,288	  	  	$	9,752	  	
Less General Partners’ interest in net income	  	 	109	  	  	 	53	  	
 	  	 	 	 	  	 	 	 	
Net income available to limited partners	  	 	19,179	  	  	 	9,699	  	
 	 	 	
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60	  	 	2,665	  	  	 	762	  	
 	  	 	 	 	  	 	 	 	
Limited Partner’s interest in net income under FASB ASC 260-10-45-60	  	$	16,514	  	  	$	8,937	  	

Per unit data:	  	 	 	 	  	 	 	 	
Basic and diluted net income available to limited partners	  	$	0.33	  	  	$	0.16	  	
 	 	 	
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60	  	 	0.04	  	  	 	0.01	  	
 	  	 	 	 	  	 	 	 	
Limited Partner’s interest in net income under FASB ASC 260-10-45-60	  	$	0.29	  	  	$	0.15	  	

Weighted average number of Limited Partner units outstanding	  	 	57,511	  	  	 	60,556	  	
 	  	 	 	 	  	 	 	 	
14) Subsequent Events
Quarterly Distribution Declared
In January 2014, we declared a quarterly distribution of $0.0825 per unit, or $0.33 per unit on an annualized basis, on all common units with respect to the first quarter of fiscal 2014, payable on February 7, 2014, to holders of record on January 30, 2014. In accordance with our Partnership Agreement, the amount of distributions in excess of the minimum quarterly distribution of $0.0675, are distributed 90% to the holders of common units and 10% to the holders of the General Partner units (until certain distribution levels are met), subject to the management incentive compensation plan. As a result, $4.7 million will be paid to the common unit holders, $0.1 million to the General Partner (including $0.05 million of incentive distribution as provided in our Partnership Agreement) and $0.05 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner.
 
17

Table of Contents
Second Amended and Restated Revolving Credit Facility Agreement
In January 2014, the Partnership entered into a second amended and restated $300 million ($450 million during the heating season of December through April of each year) revolving credit facility agreement.
Acquisition
In January 2014, the Partnership entered into a definitive agreement to acquire Griffith Energy Services, Inc. (“Griffith”) of Columbia, Maryland from Central Hudson Enterprises Corporation. Griffith has operations in Virginia, West Virginia, Delaware, District of Columbia, Maryland, and Pennsylvania and serves approximately 50,000 customers.
Under the terms of the agreement, the Partnership will acquire Griffith stock for $69.9 million plus working capital, which will be determined at closing. The Partnership will purchase Griffith utilizing cash on hand and borrowings on its recently restated and amended credit facility. The acquisition is anticipated to close during the second fiscal quarter of 2014, subject to customary closing conditions and regulatory approval.
 
18

Table of Contents
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Statement Regarding Forward-Looking Disclosure
This Quarterly Report on Form 10-Q includes “forward-looking statements” which represent our expectations or beliefs concerning future events that involve risks and uncertainties, including those associated with the effect of weather conditions on our financial performance, the price and supply of the products that we sell, the consumption patterns of our customers, our ability to obtain satisfactory gross profit margins, our ability to obtain new customers and retain existing customers, our ability to make strategic acquisitions, the impact of litigation, our ability to contract for our current and future supply needs, natural gas conversions, future union relations and the outcome of current and future union negotiations, the impact of current and future governmental regulations, including environmental, health, and safety regulations, the ability to attract and retain employees, customer credit worthiness, counterparty credit worthiness, marketing plans, general economic conditions and new technology. All statements other than statements of historical facts included in this Report including, without limitation, the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are forward-looking statements. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “seek,” “estimate,” and similar expressions are intended to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct and actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to, those set forth under the heading “Risk Factors” and “Business Strategy” in our Annual Report on Form 10-K (the “Form 10-K”) for the fiscal year ended September 30, 2013 and under the heading “Risk Factors” in this Quarterly Report on Form 10-Q. Important factors that could cause actual results to differ materially from our expectations (“Cautionary Statements”) are disclosed in the Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q. All subsequent written and oral forward-looking statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. All subsequent written and oral forward-looking statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. Unless otherwise required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this Report.
Overview
The following is a discussion of our historical financial condition and results of our operations and should be read in conjunction with the description of our business and the historical financial and operating data and notes thereto included elsewhere in this Report.
Seasonality
The following matters should be considered in analyzing our financial results. Our fiscal year ends on September 30. All references to quarters and years respectively in this document are to the fiscal quarters and years unless otherwise noted. The seasonal nature of our business has resulted, on average during the last five years, in the sale of approximately 30% of our volume of home heating oil and propane in the first fiscal quarter and 50% of our volume in the second fiscal quarter, the peak heating season. We generally realize net income in both of these quarters and net losses during the quarters ending June and September. In addition, sales volume typically fluctuates from year to year in response to variations in weather, wholesale energy prices and other factors.
 
19

Table of Contents
Degree Day
A “degree day” is an industry measurement of temperature designed to evaluate energy demand and consumption. Degree days are based on how far the average daily temperature departs from 65°F. Each degree of temperature above 65°F is counted as one cooling degree day, and each degree of temperature below 65°F is counted as one heating degree day. Degree days are accumulated each day over the course of a year and can be compared to a monthly or a long-term (multi-year) average to see if a month or a year was warmer or cooler than usual. Degree days are officially observed by the National Weather Service.
Every ten years, the National Oceanic and Atmospheric Administration (“NOAA”) computes and publishes average meteorological quantities, including the average temperature for the last 30 years by geographical location, and the corresponding degree days. The latest and most widely used data covers the years from 1981 to 2010. Our calculations of normal weather are based on these published 30 year averages for heating degree days, weighted by volume for the locations where we have existing operations.
Home Heating Oil Price Volatility
In recent years, the wholesale price of home heating oil has been volatile, resulting in increased consumer price sensitivity to heating costs and increased gross customer losses. As a commodity, the price of home heating oil is generally impacted by many factors, including economic and geopolitical forces. The price of home heating oil is closely linked to the price refiners pay for crude oil, which is the principal cost component of home heating oil. The volatility in the wholesale cost of home heating oil, as measured by the New York Mercantile Exchange (“NYMEX”) price per gallon for the fiscal years ending September 30, 2010, through 2014, on a quarterly basis, is illustrated in the following chart:

 	  	Fiscal 2014 (1)	 	  	Fiscal 2013 (1)	 	  	Fiscal 2012	 	  	Fiscal 2011	 	  	Fiscal 2010	 	
Quarter Ended	  	Low	 	  	High	 	  	Low	 	  	High	 	  	Low	 	  	High	 	  	Low	 	  	High	 	  	Low	 	  	High	 	
December 31	  	$	2.84	  	  	$	3.12	  	  	$	2.90	  	  	$	3.26	  	  	$	2.72	  	  	$	3.17	  	  	$	2.19	  	  	$	2.54	  	  	$	1.78	  	  	$	2.12	  	
March 31	  	 	—  	  	  	 	—  	  	  	 	2.86	  	  	 	3.24	  	  	 	2.99	  	  	 	3.32	  	  	 	2.49	  	  	 	3.09	  	  	 	1.89	  	  	 	2.20	  	
June 30	  	 	—  	  	  	 	—  	  	  	 	2.74	  	  	 	3.09	  	  	 	2.53	  	  	 	3.25	  	  	 	2.75	  	  	 	3.32	  	  	 	1.87	  	  	 	2.35	  	
September 30	  	 	—  	  	  	 	—  	  	  	 	2.87	  	  	 	3.21	  	  	 	2.68	  	  	 	3.24	  	  	 	2.77	  	  	 	3.13	  	  	 	1.92	  	  	 	2.24	  	
 
(1)	Beginning April 1, 2013, the NYMEX contract specifications were changed from high sulfur home heating oil to ultra low sulfur diesel.	
Impact on Liquidity of Wholesale Product Cost Volatility
Our liquidity is adversely impacted in times of increasing wholesale product costs, as we must use more cash to fund our hedging requirements and a portion of the increased levels of accounts receivable and inventory. Our liquidity is also adversely impacted at times by sudden and sharp decreases in wholesale product costs due to the increased margin requirements for futures contracts and collateral requirements for options and swaps that we use to manage market risks.
 
20

Table of Contents
Weather Hedge Contract—Fiscal Years 2013, 2014 and 2015
In July 2012, the Partnership entered into a weather hedge contract for fiscal years 2013, 2014 and 2015, with Swiss Re Financial Products Corporation, under which Star is entitled to receive a payment of $35,000 per heating degree-day shortfall if the total number of heating degree-days in the period covered is less than 92.5% of the ten year average (the “Payment Threshold”). The hedge covers the period from November 1 through March 31, taken as a whole, for each respective fiscal year and has a maximum payout of $12.5 million for each fiscal year. The Partnership did not record any benefit under its weather hedge contract during fiscal 2013 and has not recorded any benefit for the three months ended December 31, 2013.
Per Gallon Gross Profit Margins
We believe home heating oil and propane margins should be evaluated on a cents per gallon basis, before the effects of increases or decreases in the fair value of derivative instruments (as we believe that realized per gallon margins should not include the impact of non-cash changes in the market value of hedges before the settlement of the underlying transaction).
A significant portion of our home heating oil volume is sold to individual customers under an arrangement pre-establishing a ceiling price or fixed price for home heating oil over a fixed period of time, generally twelve months (“price-protected” customers). When these price-protected customers agree to purchase home heating oil from us for the next heating season, we purchase option contracts, swaps and futures contracts for a substantial majority of the heating oil that we expect to sell to these customers. The amount of home heating oil volume that we hedge per price-protected customer is based upon the estimated fuel consumption per average customer per month. In the event that the actual usage exceeds the amount of the hedged volume on a monthly basis, we may be required to obtain additional volume at unfavorable costs. In addition, should actual usage in any month be less than the hedged volume, our hedging losses could be greater, thus reducing expected margins.
Derivatives
FASB ASC 815-10-05 Derivatives and Hedging requires that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities. To the extent derivative instruments designated as cash flow hedges are effective, as defined under this guidance, changes in fair value are recognized in other comprehensive income until the forecasted hedged item is recognized in earnings. We have elected not to designate our derivative instruments as hedging instruments under this guidance, and as a result, the changes in fair value of the derivative instruments are recognized in our statement of operations. Therefore, we experience volatility in earnings as outstanding derivative instruments are marked to market and non-cash gains and losses are recorded prior to the sale of the commodity to the customer. The volatility in any given period related to unrealized non-cash gains or losses on derivative instruments can be significant to our overall results. However, we ultimately expect those gains and losses to be offset by the cost of product when purchased.
New York State Ultra Low Sulfur Fuel Oil Regulation
On July 1, 2012, new regulations went into effect in New York State (an important area of operations for us) that require the use of ultra low sulfur home heating oil (which is essentially ultra low sulfur diesel fuel with a dye additive). The NYMEX continued to trade only the high sulfur home heating oil hedge contract through March 31, 2013. Effective April 1, 2013, the NYMEX contract specifications were changed from high sulfur home heating oil to ultra low sulfur diesel, similar to the New York mandate for home heating oil. Due to the change in the specifications of the NYMEX contract, since April 1, 2013, the Partnership has been required to hedge its purchases of high sulfur home heating oil for sales in states other than New York, with the new NYMEX ultra low sulfur diesel contracts.
 
21

Table of Contents
Because of differences in the price and availability of ultra low sulfur home heating oil and high sulfur home heating oil, we believe that the change in the NYMEX hedge contracts has increased the complexity, costs and risks inherent in hedging the Partnership’s physical inventory and in its sales to price-protected customers, which may impact home heating oil per gallon gross profit margins for these customers.
Income Taxes
Net Operating Loss Carry Forwards
The Partnership and its corporate subsidiaries file Federal and state income tax returns on a calendar year. As of December 31, 2013, our Federal Net Operating Loss carry forwards (“NOLs”) are estimated to be $8.3 million, subject to annual limitations of between $1.0 million and $2.2 million on the amount of such losses that can be used.
Book Versus Tax Deductions
The amount of cash flow that we generate in any given year depends upon a variety of factors including the amount of cash income taxes that our corporate subsidiaries are required to pay. The amount of depreciation and amortization that we deduct for book (i.e., financial reporting) purposes will differ from the amount that our subsidiaries can deduct for tax purposes. The table below compares the estimated depreciation and amortization for book purposes to the amount that our subsidiaries expect to deduct for tax purposes based on currently owned assets. Our subsidiaries file their tax returns based on a calendar year. The amounts below are based on our September 30 fiscal year and are reflective of fixed assets additions and acquisitions up to December 31, 2013.
Estimated Depreciation and Amortization Expense

(in thousands) Fiscal Year	  	Book	 	  	Tax	 	
2014	  	$	18,629	  	  	$	30,391	  	
2015	  	 	17,145	  	  	 	25,643	  	
2016	  	 	15,017	  	  	 	19,388	  	
2017	  	 	12,543	  	  	 	11,998	  	
2018	  	 	10,403	  	  	 	8,532	  	
2019	  	 	9,350	  	  	 	6,806	  	
Non-Deductible Partnership Expenses
The Partnership incurs certain expenses at the Partnership level that are not deductible for Federal or state income tax purposes by our corporate subsidiaries. As a result, our effective tax rate could differ from the statutory rate that would be applicable if such expenses were deductible.
Storm Sandy
On October 29, 2012, the storm known as “Sandy” made landfall in our service area, resulting in widespread power outages for a number of our customers. In addition, certain third-party terminals where we purchase and store liquid product were closed for a short period of time due to damage sustained from the storm or by the loss of power. During the period subsequent to the storm, our operations and systems functioned without any meaningful disruptions.
 
22

Table of Contents
Deliveries of home heating oil and propane were less than expected for certain of our customers who were without power for several weeks subsequent to Sandy. However, since our operations were able to provide uninterrupted service to current and new customers, our sales of diesel fuel increased during the weeks after the storm, as did our service and installation sales, along with the related costs to provide these services.
EBITDA and Adjusted EBITDA (non-GAAP financial measures)
EBITDA (Earnings from continuing operations before net interest expense, income taxes, depreciation and amortization) and Adjusted EBITDA (Earnings from continuing operations before net interest expense, income taxes, depreciation and amortization, (increase) decrease in the fair value of derivatives, gain or loss on debt redemption, goodwill impairment, and other non-cash and non-operating charges) are non-GAAP financial measures that are used as supplemental financial measures by management and external users of our financial statements, such as investors, commercial banks and research analysts, to assess:
 
 	•	 	our compliance with certain financial covenants included in our debt agreements;	
 
 	•	 	our financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;	
 
 	•	 	our ability to generate cash sufficient to pay interest on our indebtedness and to make distributions to our partners;	
 
 	•	 	our operating performance and return on invested capital compared to those of other companies in the retail distribution of refined petroleum products, without regard to financing methods and capital structure; and	
 
 	•	 	the viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.	
The method of calculating Adjusted EBITDA may not be consistent with that of other companies and each of EBITDA and Adjusted EBITDA has its limitations as an analytical tool, should not be considered in isolation and should be viewed in conjunction with measurements that are computed in accordance with GAAP. Some of the limitations of EBITDA and Adjusted EBITDA are:
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect our cash used for capital expenditures;	
 
 	•	 	Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced and EBITDA and Adjusted EBITDA do not reflect the cash requirements for such replacements;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital requirements;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect the cash necessary to make payments of interest or principal on our indebtedness; and	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect the cash required to pay taxes.	
Customer Attrition
We measure net customer attrition on an ongoing basis for our full service residential and commercial home heating oil and propane customers. Net customer attrition is the difference between gross customer losses and customers added through marketing efforts. Customers added through acquisitions are not included in the calculation of gross customer gains. However, additional customers that are obtained through marketing efforts or lost at newly acquired businesses are included in these calculations. Customer attrition percentage calculations include customers added through acquisitions in the denominators of the calculations on a weighted average basis. Gross customer losses are the result of a number of factors, including price competition, move-outs, credit losses and conversion to natural gas. When a customer moves out of an existing home, we count the “move out” as a loss and, if we are successful in signing up the new homeowner, the “move in” is treated as a gain.
 
23

Table of Contents
Gross customer gains and gross customer losses

 	  	Three Months Ended December 31, 2013	 	  	Fiscal Year Ended 2013	 	 	Fiscal Year Ended 2012	 	
 	  	Gross Customer	 	  	Net	 	  	Gross Customer	 	  	Net	 	 	Gross Customer	 	  	Net	 	
 	  	 Gains 	 	  	 Losses 	 	  	 Attrition 	 	  	Gains	 	  	Losses	 	  	Attrition	 	 	Gains	 	  	Losses	 	  	Attrition	 	
First Quarter	  	 	25,800	  	  	 	22,700	  	  	 	3,100	  	  	 	26,100	  	  	 	24,400	  	  	 	1,700	  	 	 	25,700	  	  	 	26,600	  	  	 	(900	) 	
Second Quarter	  	 	 	 	  	 	 	 	  	 	 	 	  	 	13,900	  	  	 	19,300	  	  	 	(5,400	) 	 	 	11,500	  	  	 	19,700	  	  	 	(8,200	) 	
Third Quarter	  	 	 	 	  	 	 	 	  	 	 	 	  	 	7,100	  	  	 	13,600	  	  	 	(6,500	) 	 	 	7,000	  	  	 	13,700	  	  	 	(6,700	) 	
Fourth Quarter	  	 	 	 	  	 	 	 	  	 	 	 	  	 	14,400	  	  	 	18,000	  	  	 	(3,600	) 	 	 	13,000	  	  	 	18,200	  	  	 	(5,200	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total	  	 	25,800	  	  	 	22,700	  	  	 	3,100	  	  	 	61,500	  	  	 	75,300	  	  	 	(13,800	) 	 	 	57,200	  	  	 	78,200	  	  	 	(21,000	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net customer gains (attrition) as a percentage of the home heating oil and propane customer base

 	  	Three Months Ended December 31, 2013	 	 	Fiscal Year Ended 2013	 	 	Fiscal Year Ended 2012	 	
 	  	Gross Customer	 	 	Net	 	 	Gross Customer	 	 	Net	 	 	Gross Customer	 	 	Net	 	
 	  	Gains	 	 	Losses	 	 	Attrition	 	 	Gains	 	 	Losses	 	 	Attrition	 	 	Gains	 	 	Losses	 	 	Attrition	 	
First Quarter	  	 	6.4	% 	 	 	5.6	% 	 	 	0.8	% 	 	 	6.3	% 	 	 	5.9	% 	 	 	0.4	% 	 	 	6.2	% 	 	 	6.4	% 	 	 	(0.2	%) 	
Second Quarter	  	 	 	 	 	 	 	 	 	 	 	 	 	 	3.3	% 	 	 	4.6	% 	 	 	(1.3	%) 	 	 	2.7	% 	 	 	4.7	% 	 	 	(2.0	%) 	
Third Quarter	  	 	 	 	 	 	 	 	 	 	 	 	 	 	1.7	% 	 	 	3.3	% 	 	 	(1.6	%) 	 	 	1.5	% 	 	 	3.1	% 	 	 	(1.6	%) 	
Fourth Quarter	  	 	 	 	 	 	 	 	 	 	 	 	 	 	3.5	% 	 	 	4.3	% 	 	 	(0.8	%) 	 	 	3.0	% 	 	 	4.1	% 	 	 	(1.1	%) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	6.4	% 	 	 	5.6	% 	 	 	0.8	% 	 	 	14.8	% 	 	 	18.1	% 	 	 	(3.3	%) 	 	 	13.4	% 	 	 	18.3	% 	 	 	(4.9	%) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
During the first quarter of fiscal 2014, the Partnership grew its account base by 3,100 accounts or 1,400 accounts greater than the first quarter of fiscal 2013. The change was primarily due to lower gross customer losses of 1,700 slightly reduced by fewer gross customer gains of 300.
During the first quarter of fiscal 2014, we lost 0.7% of our home heating oil accounts to natural gas versus 0.7% for the first quarter of fiscal 2013 and 0.6% for the first quarter of fiscal 2012. Conversions to natural gas are increasing and we believe they may continue to do so as natural gas has become significantly less expensive than home heating oil on an equivalent BTU basis. In addition, the states of New York, Connecticut and Pennsylvania are seeking to encourage homeowners to expand the use of natural gas as a heating fuel through legislation and regulatory efforts.
Consolidated Results of Operations
The following is a discussion of the consolidated results of operations of the Partnership and its subsidiaries, and should be read in conjunction with the historical Financial and Operating Data and Notes thereto included elsewhere in this Quarterly Report.
 
24

Table of Contents
Three Months Ended December 31, 2013
Compared to the Three Months Ended December 31, 2012
Volume
For the three months ended December 31, 2013, retail volume of home heating oil and propane increased by 6.6 million gallons, or 6.8%, to 103.7 million gallons, compared to 97.1 million gallons for the three months ended December 31, 2012. For those locations where the Partnership had existing operations during both periods, which we sometimes refer to as the “base business” (i.e., excluding acquisitions), temperatures (measured on a heating degree day basis) for the three months ended December 31, 2013 were 5.5% colder than the three months ended December 31, 2012 but 1.9% warmer than normal, as reported by the National Oceanic and Atmospheric Administration (“NOAA”). For the twelve months ended December 31, 2013, net customer attrition for the base business was 3.0%. Deliveries of home heating oil and propane were greater in the three months ended December 31, 2013 than the three months ended December 31, 2012 due to the impact of Sandy on deliveries for the three months ended December 31, 2012. Certain of our customers were without power for several weeks subsequent to Sandy, which reduced their consumption during that period. The home heating oil and propane volume impact due to Sandy is included in the chart below under the heading “Other.” Due to various reasons including the significant increase in the price per gallon of home heating oil and propane over the last several years, we believe that our customers are adopting conservation measures to use less of such products. The impact of any such conservation, along with any period-to-period differences in delivery scheduling, the timing of accounts added or lost during the fiscal years, equipment efficiency and other volume variances not otherwise described, are also included in the chart under the heading “Other.” An analysis of the change in the retail volume of home heating oil and propane, which is based on management’s estimates, sampling and other mathematical calculations and certain assumptions, is found below:

(in millions of gallons)	  	Heating Oil
and Propane	 	
Volume - Three months ended December 31, 2012	  	 	97.1	  	
Acquisitions	  	 	0.5	  	
Impact of colder temperatures	  	 	5.0	  	
Net customer attrition	  	 	(3.6	) 	
Other	  	 	4.7	  	
 	  	 	 	 	
Change	  	 	6.6	  	

Volume - Three months ended December 31, 2013	  	 	103.7	  	
 	  	 	 	 	
The following chart sets forth the percentage by volume of total home heating oil sold to residential variable-price customers, residential price-protected customers and commercial/industrial customers for the three months ended December 31, 2013, compared to the three months ended December 31, 2012:

 	  	Three Months Ended	 	
Customers	  	December 31, 2013	 	 	December 31, 2012	 	
Residential Variable	  	 	40.4	% 	 	 	42.2	% 	
Residential Price-Protected	  	 	45.5	% 	 	 	43.5	% 	
Commercial/Industrial	  	 	14.1	% 	 	 	14.3	% 	
 	  	 	 	 	 	 	 	 	
Total	  	 	100.0	% 	 	 	100.0	% 	
 	  	 	 	 	 	 	 	 	
Volume of other petroleum products decreased by 1.8 million gallons, or 10.4%, to 15.0 million gallons for the three months ended December 31, 2013, compared to 16.8 million gallons for the three months ended December 31, 2012. Volume sold for motor fuels were favorably impacted during the three months ended December 31, 2012 due to an increase in demand for motor fuels as a result of Sandy.
 
25

Table of Contents
Product Sales
For the three months ended December 31, 2013, product sales increased $8.9 million, or 2.0%, to $463.4 million, compared to $454.5 million for the three months ended December 31, 2012, as an increase in total volume of 4.3% was somewhat reduced by lower product selling prices.
Installation and Service Sales
For the three months ended December 31, 2013, installation and service sales decreased $4.9 million, or 7.8%, to $57.2 million, compared to $62.1 million for the three months ended December 31, 2012, as the additional revenue from acquisitions of $0.3 million was more than offset by a decrease in the base business of $5.2 million. During the three months ended December 31, 2012, the impact of Sandy favorably impacted service and installation revenues.
Cost of Product
For the three months ended December 31, 2013, cost of product increased $2.0 million, or 0.6%, to $358.6 million, compared to $356.6 million for the three months ended December 31, 2012, as an increase in total volume of 4.3% and was slightly reduced by the impact of lower per gallon wholesale product costs.
Gross Profit—Product
The table below calculates the Partnership’s per gallon margins and reconciles product gross profit for home heating oil and propane and other petroleum products. We believe the change in home heating oil and propane margins should be evaluated before the effects of increases or decreases in the fair value of derivative instruments, as we believe that realized per gallon margins should not include the impact of non-cash changes in the market value of hedges before the settlement of the underlying transaction. On that basis, home heating oil and propane margins for the three months ended December 31, 2013 increased by $0.0212 per gallon, or 2.2%, to $0.9729 per gallon, from $0.9517 per gallon during the three months ended December 31, 2012. Product sales and cost of product include home heating oil, propane, other petroleum products and liquidated damages billings.
 
26

Table of Contents
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Three Months Ended	 	
 	  	December 31, 2013	 	  	December 31, 2012	 	
Home Heating Oil and Propane	  	Amount
(in millions)	 	  	Per
Gallon	 	  	Amount
(in millions)	 	  	Per
Gallon	 	
Volume	  	 	103.7	  	  	 	 	 	  	 	97.1	  	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Sales	  	$	413.7	  	  	$	3.9878	  	  	$	394.6	  	  	$	4.0633	  	
Cost	  	$	312.7	  	  	$	3.0149	  	  	$	302.2	  	  	$	3.1116	  	

Gross Profit	  	$	100.9	  	  	$	0.9729	  	  	$	92.4	  	  	$	0.9517	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Petroleum Products	  	Amount
(in millions)	 	  	Per
Gallon	 	  	Amount
(in millions)	 	  	Per
Gallon	 	
Volume	  	 	15.0	  	  	 	 	 	  	 	16.8	  	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Sales	  	$	  49.7	  	  	$	3.3103	  	  	$	  59.9	  	  	$	3.5698	  	
Cost	  	$	  45.8	  	  	$	3.0517	  	  	$	  54.4	  	  	$	3.2459	  	

Gross Profit	  	$	3.9	  	  	$	0.2586	  	  	$	5.4	  	  	$	0.3239	  	

 	 	 	 	 	 	 	 	 	
Total Product	  	Amount
(in millions)	 	  	Amount
(in millions)	 	
Sales	  	$	463.4	  	  	$	454.5	  	
Cost	  	$	358.6	  	  	$	356.6	  	

Gross Profit	  	$	104.8	  	  	$	97.9	  	
 	  	 	 	 	  	 	 	 	
For the three months ended December 31, 2013, total product gross profit increased by $6.9 million to $104.8 million, compared to $97.9 million for the three months ended December 31, 2012, as the increase in home heating oil and propane volume ($6.3 million), and the impact of higher home heating oil and propane margins ($2.2 million) was somewhat offset by lower other petroleum product gross profit ($1.5 million). During the three months ended December 31, 2012, both volume of other petroleum products and per gallon margins were favorably impacted by an increase in demand as a result of Sandy.
Cost of Installations and Service
For the three months ended December 31, 2013, cost of installation and service decreased by $3.8 million, or 6.6%, to $53.4 million, compared to $57.2 million for the three months ended December 31, 2012, as a $0.3 million increase related to acquisitions was more than offset by a $4.1 million reduction in our base business. During the three months ended December 31, 2012, service and installations costs rose in response to the additional sales from Sandy.
Installation costs for the three months ended December 31, 2013, decreased by $3.5 million, or 15.2%, to $19.2 million, compared to $22.7 million in installation costs for the three months ended December 31, 2012. Installation costs as a percentage of installation sales for the three months ended December 31, 2013 and the three months ended December 31, 2012 were 83.0% and 83.1%, respectively. Service expenses decreased to $34.2 million for the three months ended December 31, 2013, or 100.5%, of service sales, versus $34.5 million, or 99.3% of service sales, for the three months ended December 31, 2012. We achieved a combined profit from service and installation of $3.8 million for the three months ended December 31, 2013, compared to a combined profit of $4.8 million for the three months ended December 31, 2012. This decline of $1.0 million was largely due to the favorable impact of Sandy during the three months ended December 31, 2012 as the demand for new equipment and repairs to existing systems increased as the result of the storm. Management views the service and installation department on a combined basis because many overhead functions and direct expenses such as service technician time cannot be separated or precisely allocated to either service or installation billings.
 
27

Table of Contents
(Increase) Decrease in the Fair Value of Derivative Instruments
During the three months ended December 31, 2013, the change in the fair value of derivative instruments resulted in a $5.5 million credit due to the expiration of certain hedged positions (a $1.8 million credit) and a increase in market value for unexpired hedges (a $3.7 million credit).
During the three months ended December 31, 2012, the change in the fair value of derivative instruments resulted in a $8.0 million charge due to the expiration of certain hedged positions (a $0.3 million charge) and a decrease in the market value for unexpired hedges (a $7.7 million charge).
Delivery and Branch Expenses
For the three months ended December 31, 2013, delivery and branch expense was $68.4 million, unchanged from the three months ended December 31, 2012. On a cents per gallon basis, delivery and branch expenses for the three months ended December 31, 2013, decreased $0.0248 per gallon, or 3.9%, to $0.5949 per gallon compared to $0.6197 per gallon for the three months ended December 31, 2012, due to certain costs being spread over higher volume.
Depreciation and Amortization
For the three months ended December 31, 2013, depreciation and amortization was unchanged at $4.4 million.
General and Administrative Expenses
For the three months ended December 31, 2013, general and administrative expenses increased $0.9 million, or 20.4 %, to $5.4 million, from $4.5 million for the three months ended December 31, 2012, due primarily to higher legal and professional expenses of $0.5 million and an increase in profit sharing expense of $0.2 million.
The Partnership accrues approximately 6% of Adjusted EBITDA as defined in the profit sharing plan for distribution to its employees, and this amount is payable when the Partnership achieves Adjusted EBITDA of at least 70% of the amount budgeted. The dollar amount of the profit sharing pool is subject to increases and decreases in line with increases and decreases in Adjusted EBITDA
Finance Charge Income
For the three months ended December 31, 2013, finance charge income decreased $0.1 million to $1.0 million, compared to $1.1 million for the three months ended December 31,2012, due to lower past due accounts receivable balances.
Interest Expense, net
For the three months ended December 31, 2013, net interest expense increased by $0.2 million, or 6.0% to $3.6 million compared to $3.4 million for the three months ended December 31, 2012 largely due to an increase in average borrowings of $23.2 million under the Partnership’s revolving credit facility.
Amortization of Debt Issuance Costs
For the three months ended December 31, 2013, amortization of debt issuance costs decreased by $0.1 million to $0.4 million, compared to $0.5 million in the three months ended December 31, 2012.
 
28

Table of Contents
Income Tax Expense
For the three months ended December 31, 2013, income tax expense increased by $8.6 million to $13.5 million from $4.9 million for the three months ended December 31, 2012, primarily due to an increase in pretax income of $18.2 million. The Partnership’s effective tax rate was 41.3% for the three months ended December 31, 2013, compared to a rate of 33.5% for the three months ended December 31, 2012. The increase in the 2013 income tax rate compared to the 2012 rate was primarily due to the recording in the three months ended December 31, 2012, of a $1.0 million deferred tax benefit related to an increase in prospective tax deductions.
Net Income
For the three months ended December 31, 2013, net income increased $9.5 million to $19.3 million, from $9.8 million for the three months ended December 31, 2012, as the increase in pretax income of $18.2 million was greater than the increase in income tax expense of $8.6 million.
Adjusted EBITDA
For the three months ended December 31, 2013, Adjusted EBITDA increased by $4.9 million, or 15.8%, to $35.8 million as the impact of an increase in home heating oil and propane volume and higher home heating oil and propane per gallon margins more than offset the decline in net service profitability and lower gross profit from other petroleum products. During the three months ended December 31, 2012, the Partnership’s home heating oil and propane volume was negatively impacted by Sandy, while net service and installation gross profit and gross profit from sales of other petroleum products was positively impacted.
EBITDA and Adjusted EBITDA should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations), but provides additional information for evaluating our ability to make the Minimum Quarterly Distribution.
 
29

Table of Contents
EBITDA and Adjusted EBITDA are calculated as follows:

 	  	Three Months Ended
December 31,	 	
(in thousands)	  	2013	 	 	2012	 	
 	 	 	
Net income	  	$	19,288	  	 	$	9,752	  	
Plus:	  	 	 	 	 	 	 	 	
Income tax expense	  	 	13,555	  	 	 	4,917	  	
Amortization of debt issuance cost	  	 	421	  	 	 	492	  	
Interest expense, net	  	 	3,623	  	 	 	3,417	  	
Depreciation and amortization	  	 	4,359	  	 	 	4,358	  	
 	  	 	 	 	 	 	 	 	
EBITDA (i) (a)	  	 	41,246	  	 	 	22,936	  	
 	 	 	
(Increase) / decrease in the fair value of derivative instruments	  	 	(5,458	) 	 	 	7,965	  	
 	  	 	 	 	 	 	 	 	
Adjusted EBITDA (i) (a)	  	 	35,788	  	 	 	30,901	  	
 	 	 	
Add / (subtract)	  	 	 	 	 	 	
Income tax expense	  	 	(13,555	) 	 	 	(4,917	) 	
Interest expense, net	  	 	(3,623	) 	 	 	(3,417	) 	
Provision for losses on accounts receivable	  	 	796	  	 	 	1,763	  	
Increase in accounts receivables	  	 	(107,604	) 	 	 	(106,395	) 	
Increase in inventories	  	 	(16,140	) 	 	 	(35,683	) 	
Decrease in customer credit balances	  	 	(20,119	) 	 	 	(22,603	) 	
Change in deferred taxes	  	 	3,332	  	 	 	864	  	
Change in other operating assets and liabilities	  	 	27,986	  	 	 	18,905	  	
 	  	 	 	 	 	 	 	 	
Net cash used in operating activities	  	$	(93,139	) 	 	$	(120,582	) 	
 	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	$	(2,921	) 	 	$	(832	) 	
 	  	 	 	 	 	 	 	 	
Net cash provided by financing activities	  	$	94,237	  	 	$	27,639	  	

(i)	Fiscal year 2013 operating income, EBITDA and Adjusted EBITDA have been revised to reflect the reclassification of finance charge income from interest expense, net.	
(a)	EBITDA (Earnings from continuing operations before net interest expense, income taxes, depreciation and amortization) and Adjusted EBITDA (Earnings from continuing operations before net interest expense, income taxes, depreciation and amortization, (increase) decrease in the fair value of derivatives, gain or loss on debt redemption, goodwill impairment, and other non-cash and non-operating charges) are non-GAAP financial measures that are used as supplemental financial measures by management and external users of our financial statements, such as investors, commercial banks and research analysts, to assess:	
 
 	•	 	our compliance with certain financial covenants included in our debt agreements;	
 
 	•	 	our financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;	
 
 	•	 	our ability to generate cash sufficient to pay interest on our indebtedness and to make distributions to our partners;	
 
 	•	 	our operating performance and return on invested capital compared to those of other companies in the retail distribution of refined petroleum products business, without regard to financing methods and capital structure; and	
 
 	•	 	the viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.	
 
30

Table of Contents
The method of calculating Adjusted EBITDA may not be consistent with that of other companies and each of EBITDA and Adjusted EBITDA has its limitations as an analytical tool, should not be considered in isolation and should be viewed in conjunction with measurements that are computed in accordance with GAAP. Some of the limitations of EBITDA and Adjusted EBITDA are:
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect our cash used for capital expenditures.	
 
 	•	 	Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced and EBITDA and Adjusted EBITDA do not reflect the cash requirements for such replacements;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital requirements;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect the cash necessary to make payments of interest or principal on our indebtedness; and	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect the cash required to pay taxes.	
DISCUSSION OF CASH FLOWS
We use the indirect method to prepare our Consolidated Statements of Cash Flows. Under this method, we reconcile net income to cash flows provided by operating activities by adjusting net income for those items that impact net income but do not result in actual cash receipts or payment during the period.
Operating Activities
Due to the seasonal nature of our business, cash is generally used in operations during the winter (our first and second fiscal quarters) as we require additional working capital to support the high volume of sales during this period, and cash is generally provided by operating activities during the spring and summer (our third and fourth quarters) when customer payments exceed the cost of deliveries.
For the three months ended December 31, 2013, cash used in operating activities was $93.1 million or $27.4 million less than cash used in operating activities for the three months ended December 31, 2012, of $120.6 million. To take advantage of market conditions at September 30, 2013, the Partnership increased inventory quantities before the first fiscal quarter to a much greater extent than at September 30, 2012. As a result, cash used to finance inventory purchases was $19.5 million less during the three months ended December 31, 2013 than the three months ended December 31, 2012. The timing of payments for purchases of home heating oil inventory largely contributed to an increase in accounts payable and favorably impacted cash flow from operating activities by $12.4 million more for the three months ended December 31, 2013 than the prior year’s comparable quarter. While the Partnership has significantly increased trade credit over the last several years, this increase represents a timing difference and not a permanent increase in cash. The timing of certain payments ($5.1 million), including insurance and amounts due under the Partnership’s profit sharing plan reduced cash provided by operating activities during the three months ended December 31, 2013, compared to the three months ended December 31, 2012.
Investing Activities
Capital expenditures for the three months ended December 31, 2013, totaled $3.0 million, as we invested in computer hardware and software ($0.6 million), refurbished certain physical plants ($0.6 million), expanded our propane operations ($0.9 million) and made additions to our fleet and other equipment ($0.9 million).
Capital expenditures for the three months ended December 31, 2012, totaled $0.8 million, as we invested in computer hardware and software ($0.1 million), refurbished certain physical plants ($0.1 million), expanded our propane operations ($0.5 million) and made additions to our fleet and other equipment ($0.1 million).
 
31

Table of Contents
Financing Activities
During the three months ended December 31, 2013, we borrowed $100.3 million under our revolving credit facility, paid distributions of $4.7 million to our common unitholders, $0.07 million to our General Partner (including $0.05 million of incentive distributions as provided for in our Partnership Agreement), and repurchased 0.25 million units for $1.3 million.
During the three months ended December 31, 2012, we borrowed $36.7 million under our revolving credit facility, paid distributions of $4.7 million to our common unit holders, $0.06 million to our General Partner (including $0.03 million of incentive distributions as provided for in our Partnership Agreement), and repurchased 1.0 million units for $4.2 million.
FINANCING AND SOURCES OF LIQUIDITY
Liquidity and Capital Resources
Our primary uses of liquidity are to provide funds for our working capital, capital expenditures, distributions on our units, acquisitions and unit repurchases. Our ability to provide funds for such uses depends on our future performance, which will be subject to prevailing economic, financial, business and weather conditions, the ability to pass on the full impact of high product costs to customers, the effects of high net customer attrition, conservation and other factors. Capital requirements, at least in the near term, are expected to be provided by cash flows from operating activities, cash on hand as of December 31, 2013, ($83.2 million) or a combination thereof. To the extent future capital requirements exceed cash on hand plus cash flows from operating activities, we anticipate that working capital will be financed by our revolving credit facility, as discussed below, and repaid from subsequent seasonal reductions in inventory and accounts receivable. If we require additional capital and the credit markets are receptive, we may seek to offer and sell debt or equity securities under our $250 million shelf registration statement.
In January 2014, we entered into a second amended and restated asset-based revolving credit facility, which expires in June 2017 or January 2019 if certain conditions have been met, and which provides us with the ability to borrow up to $300 million ($450 million during the heating season from December through April of each year) for working capital purposes (subject to certain borrowing base limitations and coverage ratios), including the issuance of up to $100 million in letters of credit. We can increase the facility size by $100 million without the consent of the bank group. However, the bank group is not obligated to fund the $100 million increase. If the bank group elects not to fund the increase, we can add additional lenders to the group with the consent of the Agent which shall not be unreasonably withheld. Obligations under the revolving credit facility are guaranteed by us and our subsidiaries and secured by liens on substantially all of our assets, including accounts receivable, inventory, general intangibles, real property, fixtures and equipment. As of December 31, 2013, there were $100.3 million borrowings under our revolving credit facility and $46.5 million in letters of credit were outstanding, primarily for current and future insurance reserves.
Under the terms of the revolving credit facility, we must maintain at all times either Availability (borrowing base less amounts borrowed and letters of credit issued) of 12.5% of the facility size or a fixed charge coverage ratio of not less than 1.1, which is calculated based upon Adjusted EBITDA for the trailing twelve month period. As of December 31, 2013, Availability, as defined in the revolving credit facility agreement, was $148.0 million and the fixed charge coverage ratio for the twelve months ended December 31, 2013, was in excess of 1.1.
 
32

Table of Contents
Maintenance capital expenditures for the remainder of fiscal 2014 are estimated to be approximately $4.0 to $5.0 million, excluding the capital requirements for leased fleet. In addition, we plan to invest an estimated $1.0 million in our propane operations. Distributions during the remainder of fiscal 2014 at the current quarterly level of $0.0825 per unit (subject to the Board’s quarterly determination of the amount of Available Cash), will aggregate approximately $14.2 million to common unit holders, $0.210 million to our General Partner (including $0.144 million of incentive distribution as provided in our Partnership Agreement) and $0.144 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner. For the balance of fiscal 2014, the Partnership’s scheduled interest payments on its Senior Notes, which are due in November 2017, amount to $5.5 million. Based upon certain actuarial assumptions, we estimate that the Partnership will make cash contributions to its frozen defined benefit pension obligations totaling approximately $1.2 million for the remainder of fiscal 2014.
In January 2014, the Partnership entered into a definitive agreement to acquire Griffith Energy Services, Inc. (“Griffith”) of Columbia, Maryland. Griffith has operations in Virginia, West Virginia, Delaware, District of Columbia, Maryland, and Pennsylvania and serves approximately 50,000 customers. Under the terms of the agreement, the Partnership will acquire the equity of Griffith for $69.9 million plus working capital, which will be determined at closing. The Partnership will purchase Griffith utilizing cash on hand and its recently restated and amended credit facility. The acquisition is anticipated to close during the second fiscal quarter of 2014, subject to customary closing conditions and regulatory approval.
Contractual Obligations and Off-Balance Sheet Arrangements
There has been no material change to Contractual Obligations and Off-Balance Sheet Arrangements since our September 30, 2013, Form 10-K disclosure and therefore, the table has not been included in this Form 10-Q.
Recent Accounting Pronouncements
The following new accounting standard was adopted by the Partnership in the quarter ended December 31, 2013, and had no impact on our results of operations or the amount of assets and liabilities reported:
 
 	•	 	ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities.	
 
33

Table of Contents
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to interest rate risk primarily through our bank credit facilities. We utilize these borrowings to meet our working capital needs.
At December 31, 2013, we had outstanding borrowings totaling $224.8 million, of which approximately $100.3 million is subject to variable interest rates under our revolving credit facility. In the event that interest rates associated with this facility were to increase 100 basis points, the after tax impact on future cash flows would be a decrease of $0.6 million.
We also use derivative financial instruments to manage our exposure to market risk related to changes in the current and future market price of home heating oil. The value of market sensitive derivative instruments is subject to change as a result of movements in market prices. Sensitivity analysis is a technique used to evaluate the impact of hypothetical market value changes. Based on a hypothetical ten percent increase in the cost of product at December 31, 2013, the fair market value of these outstanding derivatives would increase by $13.2 million to a value of $15.4 million; and conversely a hypothetical ten percent decrease in the cost of product would decrease the fair market value of these outstanding derivatives by $12.9 million to a negative value of $(10.7) million.
Item 4.
Controls and Procedures
a) Evaluation of disclosure controls and procedures.
The General Partner’s principal executive officer and its principal financial officer evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of December 31, 2013. Based on that evaluation, such principal executive officer and principal financial officer concluded that the Partnership’s disclosure controls and procedures were effective as of December 31, 2013 at the reasonable level of assurance. For purposes of Rule 13a-15(e), the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
b) Change in Internal Control over Financial Reporting.
No change in the Partnership’s internal control over financial reporting occurred during the Partnership’s most recent fiscal quarter that has materially affected or is reasonably likely to materially affect the Partnership’s internal control over financial reporting.
c) The General Partner and the Partnership believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a Partnership have been detected. Therefore, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Our disclosure controls and procedures are designed to provide such reasonable assurances of achieving our desired control objectives, and the principal executive officer and principal financial officer of our general partner have concluded, as of December 31, 2013, that our disclosure controls and procedures were effective in achieving that level of reasonable assurance.
 
34

Table of Contents
PART II OTHER INFORMATION
Item 1.
Legal Proceedings
In the opinion of management, we are not a party to any litigation, which individually or in the aggregate could reasonably be expected to have a material adverse effect on our results of operations, financial position or liquidity.
Item 1A.
Risk Factors
In addition to the other information set forth in this Report, investors should carefully review and consider the information regarding certain factors which could materially affect our business, results of operations, financial condition and cash flows set forth below and in Part I Item 1A. “Risk Factors” in our Fiscal 2013 Form 10-K. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
See Note 3. to the Consolidated Financial Statements for information concerning the Partnership’s repurchase of common units in the three months ended December 31, 2013.
Item 6.
Exhibits
 
(a)	Exhibits Included Within:	

  10.24	  	Second Amended and Restated Revolving Credit Facility Agreement dated January 14, 2014.	
 	 	
  10.25	  	Second Amended and Restated Pledge and Security Agreement dated January 14, 2014.	
 	 	
  10.26	  	Stock Purchase Agreement between Central Hudson Enterprises Corporation and Petro Holdings, Inc. dated as of January 27, 2014.	
 	 	
  31.1	  	Certification of Chief Executive Officer, Star Gas Partners, L.P., pursuant to Rule 13a-14(a)/15d-14(a).	
 	 	
  31.2	  	Certification of Chief Financial Officer, Star Gas Partners, L.P., pursuant to Rule 13a-14(a)/15d-14(a).	
 	 	
  32.1	  	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
 	 	
  32.2	  	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
 	 	
101	  	The following materials from the Star Gas Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended December 31, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Partners’ Capital, (v) the Condensed Consolidated Statements of Cash Flows and (vi) related notes.	
 	 	
101.INS	  	XBRL Instance Document.	
 	 	
101.SCH	  	XBRL Taxonomy Extension Schema Document.	
 	 	
101.CAL	  	XBRL Taxonomy Extension Calculation Linkbase Document.	
 	 	
101.LAB	  	XBRL Taxonomy Extension Label Linkbase Document.	
 	 	
101.PRE	  	XBRL Taxonomy Extension Presentation Linkbase Document.	
 	 	
101.DEF	  	XBRL Taxonomy Extension Definition Linkbase Document.	
 
35

Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf of the undersigned thereunto duly authorized:

Star Gas Partners, L.P.	
(Registrant)	
 	 	
By:	 	Kestrel Heat LLC AS GENERAL PARTNER	

Signature	  	Title	 	Date	 	
 	 	 	 	
/s/    RICHARD F. AMBURY        
Richard F. Ambury	  	Executive Vice President, Chief Financial Officer, Treasurer and Secretary Kestrel Heat LLC (Principal Financial Officer)	 	February 5, 2014	 	

Signature	  	Title	 	Date	 	
 	 	 	 	
/s/    RICHARD G. OAKLEY        
Richard G. Oakley	  	Vice President - Controller Kestrel Heat LLC (Principal Accounting Officer)	 	February 5, 2014	 	
 
36

EXECUTION VERSION
Exhibit 10.24

$450,000,000
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
dated as of January 14, 2014
among
PETROLEUM HEAT AND POWER CO., INC.,
as Borrower
THE OTHER LOAN PARTIES PARTY HERETO,
The Lenders from Time to Time Party Hereto,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and an LC Issuer
BANK OF AMERICA, N.A.,
as Co-Syndication Agent and an LC Issuer
and
RBS CITIZENS, N.A.,
as Co-Syndication Agent
and
KEY BANK NATIONAL ASSOCIATION, REGIONS BANK, WELLS FARGO
CAPITAL FINANCE, LLC and BMO HARRIS BANK, N.A.,
as Co-Documentation Agents
and
J.P. MORGAN SECURITIES LLC,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
and
RBS CITIZENS, N.A.,
as Joint Lead Arrangers and Joint Book Runners

TABLE OF CONTENTS

 	 	 	  	Page	 	
ARTICLE I DEFINITIONS	  	 	2	  	
1.1.	 	Defined Terms	  	 	2	  	
1.2.	 	Accounting Terms; GAAP	  	 	38	  	
 	 	
ARTICLE II THE FACILITY	  	 	39	  	
2.1.	 	The Facility	  	 	39	  	
 	 	2.1.1.      Revolving Loans	  	 	39	  	
 	 	2.1.2.      Facility LCs	  	 	40	  	
 	 	2.1.3.      Non-Ratable Loans	  	 	45	  	
 	 	2.1.4.      Protective Advances, Swingline Loans and Overadvances	  	 	45	  	
2.2.	 	Ratable Loans; Risk Participation	  	 	47	  	
2.3.	 	Payment of the Obligations	  	 	48	  	
2.4.	 	Minimum Amount of Each Advance	  	 	48	  	
2.5.	 	Funding Account	  	 	48	  	
2.6.	 	Reliance Upon Authority; No Liability	  	 	48	  	
2.7.	 	Conversion and Continuation of Outstanding Advances	  	 	48	  	
2.8.	 	Telephonic Notices	  	 	49	  	
2.9.	 	Notification of Advances, Interest Rates and Repayments	  	 	49	  	
2.10.	 	Fees	  	 	49	  	
2.11.	 	Interest Rates	  	 	49	  	
2.12.	 	Eurodollar Advances Post Default; Default Rates	  	 	50	  	
2.13.	 	Interest Payment Dates; Interest and Fee Basis	  	 	50	  	
2.14.	 	Voluntary Prepayments	  	 	51	  	
2.15.	 	Mandatory Prepayments	  	 	51	  	
2.16.	 	Termination of the Commitments; Increase in Aggregate Commitment	  	 	53	  	
2.17.	 	Method of Payment	  	 	54	  	
2.18.	 	Apportionment, Application, and Reversal of Payments	  	 	54	  	
2.19.	 	Settlement	  	 	55	  	
2.20.	 	Indemnity for Returned Payments	  	 	56	  	
2.21.	 	Noteless Agreement; Evidence of Indebtedness	  	 	56	  	
2.22.	 	Lending Installations	  	 	57	  	
2.23.	 	Non-Receipt of Funds by the Agent; Defaulting Lenders	  	 	57	  	
2.24.	 	Limitation of Interest	  	 	60	  	
2.25.	 	Applicable Mortgage Minimum Amount	  	 	60	  	
 	 	
ARTICLE III YIELD PROTECTION; TAXES	  	 	60	  	
3.1.	 	Yield Protection	  	 	60	  	
3.2.	 	Changes in Capital Adequacy Regulations	  	 	62	  	
3.3.	 	Availability of Types of Advances	  	 	63	  	
3.4.	 	Funding Indemnification	  	 	63	  	
3.5.	 	Taxes	  	 	63	  	
3.6.	 	Lender Statements; Survival of Indemnity	  	 	66	  	
3.7.	 	Replacement of Lender	  	 	66	  	
 	 	
ARTICLE IV CONDITIONS PRECEDENT	  	 	67	  	
4.1.	 	Effectiveness	  	 	67	  	
 
ii

 	 	 	 	 	 	 	
4.2.	 	Each Credit Extension	  	 	69	  	
 	 	
ARTICLE V REPRESENTATIONS AND WARRANTIES	  	 	70	  	
5.1.	 	Existence and Standing	  	 	70	  	
5.2.	 	Authorization and Validity	  	 	70	  	
5.3.	 	No Conflict; Government Consent	  	 	70	  	
5.4.	 	Security Interest in Collateral	  	 	71	  	
5.5.	 	Financial Statements	  	 	71	  	
5.6.	 	Material Adverse Change	  	 	71	  	
5.7.	 	Taxes	  	 	71	  	
5.8.	 	Litigation and Contingent Obligations	  	 	72	  	
5.9.	 	Capitalization and Subsidiaries	  	 	72	  	
5.10.	 	ERISA	  	 	72	  	
5.11.	 	Accuracy of Information	  	 	72	  	
5.12.	 	Names; Prior Transactions	  	 	72	  	
5.13.	 	Regulation U	  	 	72	  	
5.14.	 	Material Agreements	  	 	73	  	
5.15.	 	Compliance With Laws	  	 	73	  	
5.16.	 	Ownership of Properties	  	 	73	  	
5.17.	 	Plan Assets; Prohibited Transactions	  	 	73	  	
5.18.	 	Environmental Matters	  	 	73	  	
5.19.	 	Investment and Holding Company Status	  	 	75	  	
5.20.	 	Bank Accounts	  	 	75	  	
5.21.	 	Indebtedness	  	 	75	  	
5.22.	 	Affiliate Transactions	  	 	75	  	
5.23.	 	Real Property; Leases	  	 	75	  	
5.24.	 	Intellectual Property Rights	  	 	75	  	
5.25.	 	Insurance	  	 	76	  	
5.26.	 	Solvency	  	 	76	  	
5.27.	 	Subordinated Indebtedness	  	 	76	  	
5.28.	 	Post-Retirement Benefits	  	 	76	  	
5.29.	 	Common Enterprise	  	 	76	  	
5.30.	 	Reportable Transaction	  	 	77	  	
5.31.	 	Labor Disputes	  	 	77	  	
5.32.	 	Fixed Price Supply Contracts	  	 	77	  	
5.33.	 	Trading and Inventory Policies	  	 	77	  	
5.34.	 	Use of Proceeds	  	 	77	  	
 	 	
ARTICLE VI COVENANTS	  	 	77	  	
6.1.	 	Financial and Collateral Reporting	  	 	77	  	
6.2.	 	Use of Proceeds	  	 	81	  	
6.3.	 	Notices	  	 	82	  	
6.4.	 	Conduct of Business	  	 	83	  	
6.5.	 	Taxes	  	 	84	  	
6.6.	 	Payment of Indebtedness and Other Liabilities	  	 	84	  	
6.7.	 	Insurance; Weather Hedging	  	 	84	  	
6.8.	 	Compliance with Laws	  	 	86	  	
6.9.	 	Maintenance of Properties and Intellectual Property Rights	  	 	86	  	
6.10.	 	Inspection	  	 	86	  	
6.11.	 	Appraisals	  	 	87	  	
6.12.	 	Communications with Accountants	  	 	87	  	
 
iii

 	 	 	 	 	 	 	
6.13.	 	Post-Closing Obligations with respect to Real Property; Mortgage Amendments, Collateral Access Agreements, etc.	  	 	87	  	
6.14.	 	Deposit Account Control Agreements	  	 	89	  	
6.15.	 	Additional Collateral; Further Assurances	  	 	89	  	
6.16.	 	Dividends	  	 	89	  	
6.17.	 	Indebtedness	  	 	90	  	
6.18.	 	Merger	  	 	92	  	
6.19.	 	Sale of Assets	  	 	92	  	
6.20.	 	Investments and Acquisitions	  	 	93	  	
6.21.	 	Liens	  	 	94	  	
6.22.	 	Change of Name or Location; Change of Fiscal Year	  	 	96	  	
6.23.	 	Affiliate Transactions	  	 	96	  	
6.24.	 	Amendments to Agreements	  	 	96	  	
6.25.	 	Prepayment of Indebtedness; Subordinated Indebtedness	  	 	96	  	
6.26.	 	Financial Contracts	  	 	97	  	
6.27.	 	Capital Expenditures	  	 	97	  	
6.28.	 	Financial Covenant	  	 	98	  	
6.29.	 	Depository Banks	  	 	98	  	
6.30.	 	Real Property Purchases	  	 	98	  	
6.31	 	Parent	  	 	98	  	
6.32	 	Fixed Price Supply Contracts; Certain Policies	  	 	98	  	
 	 	
ARTICLE VII DEFAULTS	  	 	99	  	
 	 	
ARTICLE VIII REMEDIES; WAIVERS AND AMENDMENTS	  	 	101	  	
8.1.	 	Remedies	  	 	101	  	
8.2.	 	Waivers by Loan Parties	  	 	103	  	
8.3.	 	Amendments	  	 	103	  	
8.4.	 	Preservation of Rights	  	 	105	  	
 	 	
ARTICLE IX GENERAL PROVISIONS	  	 	105	  	
9.1.	 	Survival of Representations	  	 	105	  	
9.2.	 	Governmental Regulation	  	 	105	  	
9.3.	 	Headings	  	 	106	  	
9.4.	 	Entire Agreement	  	 	106	  	
9.5.	 	Several Obligations; Benefits of this Agreement	  	 	106	  	
9.6.	 	Expenses; Indemnification	  	 	106	  	
9.7.	 	Numbers of Documents	  	 	108	  	
9.8.	 	Accounting	  	 	108	  	
9.9.	 	Severability of Provisions	  	 	108	  	
9.10.	 	Nonliability of Lenders	  	 	108	  	
9.11.	 	Confidentiality	  	 	108	  	
9.12.	 	Nonreliance	  	 	109	  	
9.13.	 	Disclosure	  	 	109	  	
9.14.	 	USA PATRIOT ACT	  	 	109	  	
 	 	
ARTICLE X THE AGENT	  	 	109	  	
10.1.	 	Appointment; Nature of Relationship	  	 	109	  	
10.2.	 	Powers	  	 	110	  	
10.3.	 	General Immunity	  	 	110	  	
10.4.	 	No Responsibility for Credit Extensions, Recitals, etc.	  	 	110	  	
 
iv

 	 	 	 	 	 	 	
10.5.	 	Action on Instructions of the Lenders	  	 	110	  	
10.6.	 	Employment of Agents and Counsel	  	 	111	  	
10.7.	 	Reliance on Documents; Counsel	  	 	111	  	
10.8.	 	Agent’s Reimbursement and Indemnification	  	 	111	  	
10.9.	 	Notice of Default	  	 	111	  	
10.10.	 	Rights as a Lender	  	 	112	  	
10.11.	 	Lender Credit Decision	  	 	112	  	
10.12.	 	Successor Agent	  	 	112	  	
10.13.	 	Delegation to Affiliates	  	 	113	  	
10.14.	 	Execution of Loan Documents	  	 	113	  	
10.15.	 	Collateral Matters	  	 	113	  	
10.16.	 	Co-Agents, Co-Syndication Agents, Co-Documentation Agents, etc.	  	 	115	  	
 	 	
ARTICLE XI SETOFF; RATABLE PAYMENTS	  	 	115	  	
11.1.	 	Setoff	  	 	115	  	
11.2.	 	Ratable Payments	  	 	116	  	
 	 	
ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	  	 	116	  	
12.1.	 	Successors and Assigns	  	 	116	  	
12.2.	 	Participations	  	 	117	  	
12.3.	 	Assignments	  	 	118	  	
12.4.	 	Dissemination of Information	  	 	119	  	
12.5.	 	Tax Treatment	  	 	119	  	
12.6.	 	Assignment by LC Issuer	  	 	120	  	
 	 	
ARTICLE XIII NOTICES	  	 	120	  	
13.1.	 	Notices; Effectiveness; Electronic Communications	  	 	120	  	
13.2.	 	Change of Address, Etc.	  	 	121	  	
 	 	
ARTICLE XIV COUNTERPARTS	  	 	121	  	
 	 	
ARTICLE XV GUARANTY	  	 	121	  	
15.1.	 	Guaranty	  	 	121	  	
15.2.	 	Guaranty of Payment	  	 	122	  	
15.3.	 	No Discharge or Diminishment of Guaranty	  	 	122	  	
15.4.	 	Defenses Waived	  	 	123	  	
15.5.	 	Rights of Subrogation	  	 	124	  	
15.6.	 	Reinstatement; Stay of Acceleration	  	 	124	  	
15.7.	 	Information	  	 	124	  	
15.8.	 	Taxes	  	 	124	  	
15.9.	 	Severability	  	 	124	  	
15.10.	 	Contribution	  	 	125	  	
15.11.	 	Lending Installations	  	 	125	  	
15.12.	 	Liability Cumulative	  	 	125	  	
15.14.	 	Keepwell	  	 	126	  	
 	 	
ARTICLE XVI CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	 	126	  	
16.1.	 	CHOICE OF LAW	  	 	126	  	
16.2.	 	CONSENT TO JURISDICTION	  	 	126	  	
16.3.	 	WAIVER OF JURY TRIAL	  	 	127	  	
 
v

 	 	 	 	 	 	 	
ARTICLE XVII THE BORROWER REPRESENTATIVE	  	 	127	  	
17.1.	 	Appointment; Nature of Relationship	  	 	127	  	
17.2.	 	Powers	  	 	127	  	
17.3.	 	Employment of Agents	  	 	127	  	
17.4.	 	Notices	  	 	128	  	
17.5.	 	Successor Borrower Representative	  	 	128	  	
17.6.	 	Execution of Loan Documents; Borrowing Base Certificate	  	 	128	  	
17.7.	 	Reporting	  	 	128	  	
 	 	
ARTICLE XVIII	  	 	128	  	
 	 	
Effect of Amendment and Restatement of Existing Credit Agreement	  	 	128	  	
EXHIBITS:

EXHIBIT A	  	FORM OF BORROWING NOTICE	
EXHIBIT B	  	FORM OF CONVERSION/CONTINUATION NOTICE	
EXHIBIT C	  	NOTE	
EXHIBIT D	  	FORM OF OPINION	
EXHIBIT E	  	COMPLIANCE CERTIFICATE	
EXHIBIT F	  	JOINDER AGREEMENT	
EXHIBIT G	  	ASSIGNMENT AND ASSUMPTION AGREEMENT	
EXHIBIT H	  	BORROWING BASE CERTIFICATE	
 	 	
SCHEDULES:	  	 	
 	 	
SCHEDULE I	  	COMMITMENTS	
SCHEDULE 1.1A	  	EXISTING LETTERS OF CREDIT	
SCHEDULE 1.1B	  	ELIGIBLE CARRIERS	
SCHEDULE 5.8	  	LITIGATION AND CONTINGENT OBLIGATIONS	
SCHEDULE 5.9	  	CAPITALIZATION AND SUBSIDIARIES	
SCHEDULE 5.12	  	NAMES; PRIOR TRANSACTIONS	
SCHEDULE 5.14	  	MATERIAL AGREEMENTS	
SCHEDULE 5.16	  	OWNERSHIP OF PROPERTIES	
SCHEDULE 5.18	  	ENVIRONMENTAL MATTERS	
SCHEDULE 5.21	  	INDEBTEDNESS	
SCHEDULE 5.22	  	AFFILIATE TRANSACTIONS	
SCHEDULE 5.23	  	REAL PROPERTY; LEASES	
SCHEDULE 5.24	  	INTELLECTUAL PROPERTY RIGHTS	
SCHEDULE 5.25	  	INSURANCE	
SCHEDULE 5.31	  	LABOR MATTERS	
SCHEDULE 5.32	  	FIXED PRICE SUPPLY CONTRACTS	
SCHEDULE 6.20	  	OTHER INVESTMENTS	
SCHEDULE 6.21	  	LIENS	
 
vi

AMENDED AND RESTATED CREDIT AGREEMENT
This Second Amended and Restated Credit Agreement, dated as of January 14, 2014, is among Petroleum Heat and Power Co., Inc., a Minnesota corporation (“ Petro ” or the “ Borrower ”), the other Loan Parties, the Lenders from time to time party hereto, JPMorgan Chase Bank, N.A., a national banking association, as an LC Issuer and as the Agent, Bank of America, N.A., as co-syndication agent and as an LC Issuer (“ Bank of America” ), RBS Citizens, N.A., as co-syndication agent (together with Bank of America, the “ Co-Syndication Agents ”) and Key Bank National Association, Regions Bank, Wells Fargo Capital Finance, LLC and BMO Harris Bank, N.A., as co-documentation agents (each, a “ Co-Documentation Agent ” and collectively, the “ Co-Documentation Agents ”).
RECITALS
WHEREAS, pursuant to that certain Amended and Restated Credit Agreement, dated as of July 3, 2011 (as amended prior to the date hereof, the “ Existing Credit Agreement ”), among Petro, the lenders party thereto (the “ Existing Lenders ”), the other Loan Parties, JPMorgan Chase Bank, N.A., a national banking association, as an issuer of certain letters of credit and as the administrative agent, Bank of America, N.A., as syndication agent and an issuer of certain letters of credit, RBS Citizens, N.A., as documentation agent, and Key Bank National Association, PNC Bank, National Association, Regions Bank, TD Bank, N.A. and Wells Fargo Capital Finance, LLC as senior managing agents, the Existing Lenders made available to the Borrower loans and other extensions of credit in an aggregate amount not to exceed $300,000,000 (as increased to $350,000,000 pursuant to the First Amendment to the Existing Credit Agreement, dated as of November 22, 2011);
WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended and restated in order to provide for extensions of credit in an aggregate amount not to exceed $450,000,000 (subject to the Borrower’s right pursuant to Section 2.16  hereof to request an increase in the Aggregate Commitment by up to $100,000,000 (not to exceed a total of up to $550,000,000)), which extensions of credit will be used by the Borrower for the purposes set forth in  Section 6.2 ;
WHEREAS, the Obligations of the Borrower under the Loan Documents to the Agent and the Lenders will continue to be guaranteed by the Guarantors as set forth in the Guaranty; and
WHEREAS, the Borrower and the other Loan Parties will continue to secure all of their Obligations under the Loan Documents pursuant to the security interests in and liens upon the Collateral as set forth in the Collateral Documents;
NOW THEREFORE, in consideration of these premises and the terms and conditions set forth in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree that the Existing Credit Agreement is hereby amended and restated as of the Effective Date to read in its entirety as follows:
 
1

ARTICLE I
DEFINITIONS
1.1. Defined Terms. As used in this Agreement, the following terms have the meanings specified below:
“2010 Parent Indenture” means the Indenture, among the Parent, Star Gas Finance Company and Union Bank, N.A., as trustee, dated as of November 16, 2010, as amended, supplemented or otherwise modified from time to time.
“2010 Parent Notes” means the 8.875% Senior Notes due 2017 issued pursuant to the 2010 Parent Indenture.
“Account” shall have the meaning given to such term in the Security Agreement.
“Account Debtor” means any Person obligated on an Account.
“Acquisition” means any transaction, or any series of related transactions, consummated after the Effective Date, by which any Loan Party (a) acquires any going business or all or substantially all of the assets of any Person, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the Capital Stock of a Person which has ordinary voting power for the election of directors or other similar management personnel of a Person (other than Capital Stock having such power only by reason of the happening of a contingency) or a majority of the outstanding Capital Stock of a Person.
“Advance” means a borrowing hereunder, (a) made by some or all of the Lenders on the same Borrowing Date, or (b) converted or continued by the Lenders on the same date of conversion or continuation, and consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest Period. The term Advance shall include Non-Ratable Loans, Swingline Loans, Overadvances and Protective Advances unless otherwise expressly provided.
“Affected Lender” is defined in Section 3.7.
“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of the voting Capital Stock of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of Capital Stock, by contract or otherwise.
“Agent” means Chase in its capacity as contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Agent appointed pursuant to  Article X .
 
2

“Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced from time to time pursuant to the terms hereof, which Aggregate Commitment shall be in the amount of $450,000,000;  provided  that, for all purposes of this Agreement (other than the definition of Available Commitment) (i) the Aggregate Commitment shall be deemed to be the Non-Seasonal Availability Amount for each day other than any day during a Seasonal Availability Period and (ii) during a Seasonal Availability Period the Aggregate Commitment shall be equal to $300,000,000  plus  the aggregate amount of increases in the Aggregate Commitment requested by the Borrower during such Seasonal Availability Period subject to the limitations on such requests described in the proviso of the definition of “Seasonal Availability Notice” (it being understood that the Aggregate Commitment shall not exceed $450,000,000 (or if the Aggregate Commitment is increased pursuant to  Section 2.16  hereof, $550,000,000) at any time).
“Aggregate Credit Exposure” means, at any time, the aggregate of the Credit Exposure of all the Lenders.
“Agreement” means this Amended and Restated Credit Agreement, as it may be amended or modified and in effect from time to time.
“Alternate Base Rate” or “ABR” means, for any day, a rate of interest per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.50% and (c) the Eurodollar Rate (excluding the Applicable Margin) for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%,  provided  that, for the avoidance of doubt, the Eurodollar Rate for any day shall be based on the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute page) at approximately 11:00 a.m. London time on such day (without any rounding). Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Rate, respectively.
“Applicable Fee Rate” means 0.30% per annum; provided that the Applicable Fee Rate on the amount by which the Aggregate Commitment exceeds the Non-Seasonal Availability Amount shall be, solely with respect to each day other than any day during a Seasonal Availability Period, 0.20% per annum.
“Applicable Margin” means, (i) with respect to Floating Rate Advances, 0.75% per annum and (ii) with respect to Eurodollar Advances, 1.75% per annum;  provided  that from and after the date of delivery by the Borrower of the financial statements described in  Section 6.1(b)  for the Fiscal Quarter ending as of March 31, 2014 and thereafter, the Applicable Margin will be determined as of the end of each Fiscal Quarter of the Borrower based upon the Applicable Margin Availability for such Fiscal Quarter as set forth in the pricing grid below:
 
3

 	 	 	 	 	 	 	 	 	
Applicable Margin
Availability	  	Eurodollar Advances	 	 	Floating Rate Advances	 	
³ $150,000,000	  	 	1.75	% 	 	 	0.75	% 	
> $75,000,000 but < 150,000,000	  	 	2.00	% 	 	 	1.00	% 	
£ $75,000,000	  	 	2.25	% 	 	 	1.25	% 	
Changes in the Applicable Margin resulting from changes in Applicable Margin Availability shall become effective on the first day of the next succeeding quarter and shall remain in effect until the next change to be effected pursuant to this paragraph. In the event that the Borrower shall fail to deliver the Borrowing Base Certificate with respect to any fiscal quarter, the Applicable Margin shall, from the date such Borrowing Base Certificate was required to be delivered until the date on which it is delivered, be determined by reference to the lowest Applicable Margin Availability in the foregoing grid.
“Applicable Margin Availability” means, at any date, (a) the sum of the Availability (which shall be deemed to include Suppressed Availability for the purpose of calculating Availability pursuant to this definition) on the last day of each of the twelve preceding Fiscal Months (or if fewer than twelve Fiscal Months have elapsed since the Effective Date, the number of Fiscal Months that have actually elapsed since the Effective Date) ending on such date divided by (b) twelve (or such lesser number of Fiscal Months that have actually elapsed since the Effective Date).
“Applicable Mortgages” means any Mortgage with respect to which mortgage recording taxes, documentary stamp taxes, intangible taxes and other similar taxes are payable in connection with each Credit Extension (assuming that no Credit Extensions were then outstanding).
“Applicable Mortgage Minimum Amount” means, at any time, the sum of the limits on the maximum amount of the Obligations secured under all Applicable Mortgages at such time.
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Arrangers” means (i) J.P. Morgan Securities LLC and its successors, (ii) Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors and (iii) RBS Citizens, N.A., each in their capacity as Joint Lead Arrangers and Joint Book Runners.
“Article” means an article of this Agreement unless another document is specifically referenced.
“Assignment Agreement” is defined in Section 12.3(a).
“Authorized Officer” means any of the chief executive officer, chief financial officer, vice president—controller or treasurer of a Loan Party, acting singly.
 
4

“Availability” means, at any time, an amount equal to (x) the lesser of (a) the Aggregate Commitment and (b) the Borrowing Base minus  (y) the Aggregate Credit Exposure;  provided  that the Aggregate Credit Exposure shall not exceed, until the 2010 Parent Notes are discharged or defeased in accordance with Section 8.1 of the 2010 Parent Indenture, the amount permitted under and calculated in accordance with the definition of “Borrowing Base” in the 2010 Parent Indenture.
“Available Commitment” means, at any time, the Aggregate Commitment then in effectminus the Aggregate Credit Exposure at such time;  provided  that, for purposes of  Section 2.10(a) , the aggregate amount of Swingline Loans outstanding shall be deemed to be zero.
“Banking Services” means each and any of the following bank services provided to any Loan Party by any Lender or any of its Affiliates: (a) commercial credit cards, (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services).
“Bankruptcy Code” means Title 11 of the U.S. Code (11 U.S.C. § 101 etseq.) as amended, reformed, or otherwise modified from time to time, and any rule or regulation issued thereunder.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrower” has the meaning specified in the preamble hereto.
“Borrower Representative” means PHI, in its capacity as contractual representative of the Borrower pursuant to  Article XVII .
“Borrowing Base” means, at any time, the sum, without duplication, of:
(a) (i) for the months of May through November in each Fiscal Year, 85% of Eligible Accounts Receivable or (ii) for the months of December through April in each Fiscal Year subject to trailing dilution of not more than 3%, 90% of Eligible Accounts Receivable, plus
(b) (i) for the months of May through November in each Fiscal Year, 80% of Eligible Heating Oil and Other Fuel Inventory or (ii) for the months of December through April in each Fiscal Year, 85% of Eligible Heating Oil and Other Fuel Inventory, plus
(c) the lesser of (i) $7,500,000 and (ii) 40% of Eligible Other Inventory,plus
(d) the lesser of
(i) $80,000,000 and
(ii) the sum of
 
5

(A) 75% of the Mortgage Value of Eligible Real Property, which amount shall be reduced by estimated environmental liabilities determined by the Agent in its Permitted
Discretion on a property-by-property basis (it being understood that the value calculated in this clause (A) for any individual property shall never be less than zero),
(B) 75% of the Net Orderly Liquidation Value of Eligible Vehicles,
(C) 75% of the Net Orderly Liquidation Value of Eligible Machinery and Equipment, and
(D) 50% of the aggregate of the Customer Lists Value,
plus
(e) 100% of cash and Cash Equivalent Investments held in deposit accounts located at, and subject to control agreements in favor of, the Agent, minus
(f) Reserves;
provided that (I) the amount described in clause (d)(i) above shall be automatically reduced on a dollar-for-dollar basis by the Borrowing Base Reduction Amount, (II) Customer Lists shall be reappraised on an annual basis in accordance with Section 6.11and (III) except for (x) assets acquired in a Permitted Acquisition consummated pursuant to Sections 2.15(b)(ii) or (d) ,  (y)  Inventory and  (z)  Accounts, any assets acquired in connection with any Permitted Acquisition shall not be included in the determination of the Borrowing Base;  provided further  that with respect to Griffith Assets, the components described in clauses (a), (b) and (c) above shall be limited to 65% until the Administrative Agent shall have conducted and completed satisfactory diligence on such assets (it being understood that if such diligence has not been completed by the date which is 150 days following the acquisition of the Griffith Assets, such components shall not be included in the calculation of the Borrowing Base until the completion of diligence satisfactory to the Administrative Agent). The Borrowing Base shall be determined based on the most recent Borrowing Base Certificate delivered by the Borrower.
“Borrowing Base Certificate” means a certificate, signed by an Authorized Officer of the Borrower Representative, in the form of  Exhibit H  or another form which is acceptable to the Agent in its Permitted Discretion. Each Borrowing Base Certificate shall set forth, among other things, a calculation of (a) the Borrowing Base and (b) the “Borrowing Base” as defined in the 2010 Parent Indenture.
“Borrowing Base Reduction Amount” means an amount equal to the sum of (a) all Net Cash Proceeds of asset dispositions received by any Loan Party p lus  (b) all insurance or condemnation proceeds received by any Loan Party;  provided that (x) such Net Cash Proceeds or insurance or condemnation proceeds shall be disregarded in determining the Borrowing Base Reduction Amount to the extent they are deposited in a deposit account located at, and subject to control agreements in favor of, the Agent pursuant to  Section 2.15(b)  or  (d) , as applicable, (y) such Net Cash Proceeds or insurance or condemnation proceeds shall be disregarded in
 
6

determining the Borrowing Base Reduction Amount to the extent that within twelve months of the receipt thereof they are reinvested pursuant to  Section 2.15(b)  or  (d) , as applicable, in replacement assets of like value (as determined in a manner satisfactory to the Agent in its Permitted Discretion), and (z) in determining the Borrowing Base Reduction Amount, the amount allocated to any asset that is disposed of or that is the subject of any insurance or condemnation proceeds so received shall be equal to the amount originally allocated to such asset for purposes of determining the Borrowing Base (as determined by the Agent in its Permitted Discretion).
“Borrowing Date” means a date on which an Advance or a Loan is made hereunder.
“Borrowing Notice” is defined in Section 2.1.1(b).
“Business Day” means (a) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago and New York City for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system and dealings in U.S. dollars are carried on in the London interbank market and (b) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.
“Capital Expenditures” means, for any period, without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset (other than pursuant to an Acquisition) which would be classified as a fixed or capital asset on a consolidated balance sheet of the Parent and its Subsidiaries prepared in accordance with GAAP.
“Capital Stock” means any and all corporate stock, units, shares, partnership interests, membership interests, equity interests, rights, securities, or other equivalent evidences of ownership (howsoever designated) issued by any Person.
“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP.
“Capitalized Lease Obligations” of a Person means the aggregate amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP.
“Carry Over Amount” is defined in Section 6.27.
“Cash Equivalent Investments” means (a) short-term obligations of, or fully guaranteed by, the U.S., (b) commercial paper rated A-1 or better by S&P or P-1 or better by Moody’s, (c) demand deposit accounts maintained in the ordinary course of business with any domestic office of any commercial bank organized under the laws of the U.S. or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000, and (d) certificates of deposit issued by and time deposits with any domestic office of any commercial bank organized under the laws of the U.S. or any State thereof that has a combined capital and
 
7

surplus and undivided profits of not less than $500,000,000; provided that, in each case, the same provides for payment of both principal and interest (and not principal alone or interest alone) and is not subject to any contingency regarding the payment of principal or interest.
“Change” is defined in Section 3.2.
“Change in Control” means the occurrence of any of the following events: (i) the partners or shareholders, as the case may be, of the Borrower shall approve any plan or proposal for the liquidation or dissolution of the Borrower; (ii) the General Partner shall cease for any reason to be the sole general partner of the Parent; (iii) the Parent ceases for any reason to beneficially own, directly or indirectly, 100% of all classes of Capital Stock of the Borrower; (iv) the Kestrel Group collectively shall cease for any reason to beneficially own Capital Stock having the voting power to elect all of the directors or other governing board of the General Partner; or (v) a “Change of Control” (or any other defined term having a similar purpose) as defined in the 2010 Parent Indenture shall occur.
“Chase” means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors.
“Co-Documentation Agents” has the meaning specified in the recitals hereto.
“Co-Syndication Agents” has the meaning specified in the recitals hereto.
“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any rule or regulation issued thereunder.
“Collateral” means any and all Property covered by the Collateral Documents and any and all other Property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Agent, on behalf of itself and the Lenders, to secure the Secured Obligations.
“Collateral Access Agreement” means any landlord waiver or other agreement, in form and substance reasonably satisfactory to the Agent, between the Agent and any third party (including any bailee, consignee, customs broker, or other similar Person) in possession of any Collateral or any landlord of any Loan Party for any real Property where any Collateral is located, as such landlord waiver or other agreement may be amended, restated, or otherwise modified from time to time.
“Collateral Documents” means, collectively, the Security Agreement, the Mortgages and any other documents granting a Lien upon the Collateral as security for payment of the Secured Obligations.
“Collateral Shortfall Amount” is defined in Section 2.1.2(l).
“Commitment” means, for each Lender, the obligation of such Lender to make Loans to the Borrower, and participate in Facility LCs issued upon the application of the Borrower, in an aggregate amount not exceeding the amount set forth in  Schedule I  or as set forth in any
 
8

Assignment Agreement that has become effective pursuant to Section 12.3(c), as such amount may be modified from time to time pursuant to the terms hereof.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Commodity Hedging Agreement” means any agreement or arrangement designed solely to protect any Loan Party against fluctuations in the price of petroleum derivative products with respect to quantities of such products that such Loan Party reasonably expects to purchase from suppliers, sell to their customers or need for their inventory during the period covered by such agreement or arrangement.
“Commodities Inventory” means all inventory consisting of petroleum derivative products of, and held for sale by, the Loan Parties.
“Compliance Certificate” is defined in Section 6.1(e).
“Confidential Information Memorandum” means the Confidential Information Memorandum dated December 2013 and furnished to certain Lenders.
“Consolidated Capital Expenditures” means, with reference to any period, the Capital Expenditures of the Parent and its Subsidiaries calculated on a consolidated basis for such period.
“Consolidated EBITDA” means Consolidated Net Incomeplus, to the extent deducted from revenues in determining Consolidated Net Income, (a) Consolidated Interest Expense, (b) expense for taxes paid or accrued, (c) depreciation, (d) amortization and other non-cash charges (including any non-cash impact of Financial Standards Accounting Board Statements 87 and 133), (e) cash contributions to any Plan and (f) extraordinary non-cash losses (as determined in accordance with GAAP) incurred other than in the ordinary course of business, minus ,  to the extent included in Consolidated Net Income, extraordinary gains (as determined in accordance with GAAP) realized other than in the ordinary course of business, all calculated for the Parent and its Subsidiaries on a consolidated basis. For the purposes of calculating Consolidated EBITDA for any period (each, a “ Reference Period ”), (i) if at any time during such Reference Period, the Parent or any Subsidiaries shall have made any Material Disposition, Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (ii) if during such Reference Period, the Parent or any Subsidiaries shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving  pro forma  effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this definition: “Material Acquisition” means any Permitted Acquisition that involves the payment of consideration by the Parent and its Subsidiaries in excess of $500,000; “Material Disposition” means any sale, transfer or other disposition of property or series of related sales, transfers or other dispositions of property that yields gross proceeds to the Parent and the Subsidiaries in excess of $500,000.
 
9

“Consolidated Fixed Charges” means, with reference to any period, without duplication, cash Consolidated Interest Expense, plus  scheduled principal payments on Indebtedness made during such period, plus dividends or distributions paid or made during such Period by the Parent, plus  Capitalized Lease payments, plus  cash contributions to any Plan, all calculated for the Parent and its Subsidiaries on a consolidated basis. For the purposes of calculating Consolidated Fixed Charges for any Reference Period, (i) if at any time during such Reference Period, the Parent or any Subsidiaries shall have made any Material Disposition, Consolidated Fixed Charges for such Reference Period shall be calculated after giving  pro forma  effect thereto as if such Material Disposition occurred on the first day of such Reference Period and (ii) if during such Reference Period, the Parent or any Subsidiaries shall have made a Material Acquisition, Consolidated Fixed Charges for such Reference Period shall be calculated after giving  pro forma  effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this definition: “Material Acquisition” means any Permitted Acquisition that involves the payment of consideration by the Parent and its Subsidiaries in excess of $500,000; and “Material Disposition” means any sale, transfer or other disposition of property or series of related sales, transfers or other dispositions of property that yields gross proceeds to the Parent and the Subsidiaries in excess of $500,000.
“Consolidated Interest Expense” means, with reference to any period, the interest expense of the Parent and its Subsidiaries calculated on a consolidated basis for such period.
“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Parent and its Subsidiaries calculated on a consolidated basis for such period.
“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership.
“Controlled Group” means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Parent or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.
“Conversion/Continuation Notice” is defined in Section 2.7.
“Copyrights” shall have the meaning given to such term in the Security Agreement.
“Credit Exposure” means, as to any Lender at any time, the sum of (a) the aggregate principal amount of its Revolving Loans outstanding at such time, plus  (b) an amount equal to all accrued interest, fees and other charges under this Agreement then owing to it, plus  (c) an amount equal to its Pro Rata Share of the LC Obligations at such time, plus  (d) an amount equal
 
10

to its Pro Rata Share of the aggregate principal amount of Non-Ratable Loans, Swingline Loans, Overadvances and Protective Advances outstanding at such time.
“Credit Extension” means the making of an Advance or the issuance of a Facility LC hereunder.
“Credit Extension Date” means the Borrowing Date for an Advance or the issuance date for a Facility LC.
“Customer Lists” means a list of the Borrower’s customers, specifying each customer’s name, mailing address and phone number.
“Customer Lists Value” means, at the election of the Agent exercising its Permitted Discretion, either (a) the value of the Customer Lists as determined in a manner acceptable to the Agent (in its Permitted Discretion) by an appraiser reasonably acceptable to the Agent or (b) the value of (i) the distressed net orderly enterprise valuation (as determined by the Agent in its Permitted Discretion) of the non-working capital assets of the Loan Parties less (ii) the fair market value of Eligible Real Property less (iii) the Orderly Liquidation Value of Eligible Vehicles less (iv) the Orderly Liquidation Value of Eligible Machinery and Equipment.
“Default” means an event described in Article VII.
“Defaulting Lender” means any Lender that has (a) failed to fund any portion of its Loans or participations in Letters of Credit within three Business Days of the date required to be funded by it hereunder, unless such funding obligations are subject to a good faith dispute between the Borrower and such Lender, (b) notified the Borrower, the Agent, the LC Issuer or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit (it being understood that a Lender shall not be deemed a Defaulting Lender hereunder if its stated intention not to fund is based upon another party’s failure to fulfill its obligations under the applicable agreement), in each case unless such funding obligations are subject to a good faith dispute between the Borrower and such Lender, (c) failed, within three Business Days after request by the Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit, unless such funding obligations are subject to a good faith dispute between the Borrower and such Lender, (d) otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.
 
11

“Deposit Account Control Agreement” means an agreement, in form and substance satisfactory to the Agent (in its Permitted Discretion), among any Loan Party, a banking institution holding such Loan Party’s funds, and the Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by any Loan Party with such banking institution, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.
“Document” shall have the meaning given to such term in the Security Agreement.
“Domestic Subsidiary” means any Subsidiary which is organized under the laws of the U.S. or any state of the U.S.
“Effective Date” means the date that the conditions precedent set forth in Article IV are satisfied.
“Eligibility Definition” means any of the following terms, as defined herein: “Eligible Accounts Receivable”, “Eligible Heating Oil and Other Fuel Inventory”, “Eligible Machinery and Equipment”, “Eligible Other Inventory”, “Eligible Real Property” and “Eligible Vehicles”.
“Eligible Accounts Receivable” means, at any time, the Accounts of a Loan Party which the Agent determines in its Permitted Discretion are eligible as the basis for Credit Extensions hereunder. Without limiting the Agent’s discretion provided herein, Eligible Accounts Receivable shall not include any Account:
(a) which is not subject to a first priority perfected security interest in favor of the Agent;
(b) which is subject to any Lien other than (i) a Lien in favor of the Agent and (ii) a Permitted Lien which does not have priority over the Lien in favor of the Agent;
(c) with respect to which more than 90 days have elapsed since the date of the original invoice therefor or which is more than 60 days past the due date for payment;  provided  that an installment Account that does not otherwise meet the terms of this clause (c) shall nevertheless constitute an Eligible Account Receivable so long as (i) with respect to any particular payment installment of such installment Account, not more than 90 days have elapsed since the date on which the original bill for such particular payment installment was mailed, (ii) no particular payment installment of such installment Account is more than 60 days past the due date for payment and (iii) the aggregate of all such installment Accounts does not exceed $25,000,000;
(d) which is owing by an Account Debtor for which more than 50% of the Accounts owing from such Account Debtor and its Affiliates are ineligible hereunder;
(e) which is owing by an Account Debtor to the extent the aggregate amount of Accounts owing from such Account Debtor and its Affiliates to all Loan Parties exceeds 2% of the aggregate amount of Eligible Accounts Receivable of all Loan Parties;
 
12

(f) with respect to which any covenant, representation, or warranty contained in this Agreement or in the Security Agreement has been breached or is not true;
(g) which (i) does not arise from the sale of goods or performance of services in the ordinary course of business, (ii) is not evidenced by an invoice or other documentation satisfactory to the Agent (in its Permitted Discretion) which has been sent or otherwise delivered to the Account Debtor, (iii) represents a progress billing, (iv) is contingent upon such Loan Party’s completion of any further performance, or (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or any other repurchase or return basis;
(h) for which the goods giving rise to such Account have not been shipped to the Account Debtor or for which the services giving rise to such Account have not been performed by such Loan Party;
(i) with respect to which any check or other instrument of payment has been returned uncollected for any reason;
(j) which is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, custodian, trustee, or liquidator of its assets, (ii) has had possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state or federal bankruptcy laws, (iv) has admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) become insolvent, or (vi) ceased operation of its business;
(k) which is owed by any Account Debtor which has sold all or a substantially all of its assets;
(l) which is owed by an Account Debtor which (i) does not maintain its chief executive office in the U.S. or Canada (other than the Province of Newfoundland) or (ii) is not organized under applicable law of the U.S., any state of the U.S., Canada, or any province of Canada (other than the Province of Newfoundland) unless, in either case, such Account is backed by a Letter of Credit acceptable to the Agent in its Permitted Discretion which is in the possession of the Agent;
(m) which is owed in any currency other than U.S. dollars;
(n) which is owed by (i) the government (or any department, agency, public corporation, or instrumentality thereof) of any country other than the U.S. unless such Account is backed by a Letter of Credit acceptable to the Agent (in its Permitted Discretion) which is in the possession of the Agent, or (ii) the government of the U.S., or any department, agency, public corporation, or instrumentality thereof, unless the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727  et seq . and 41 U.S.C. § 15  et seq .), and any other steps necessary to perfect the Lien of the Agent in such Account have been complied with to the Agent’s satisfaction in its Permitted Discretion;
 
13

(o) which is owed by any Affiliate, director or executive officer of any Loan Party;
(p) which, when added to all other Accounts owing to the Loan Parties by the applicable Account Debtor or any of its Affiliates, does not exceed in face amount (i) in the case of commercial Account Debtors, 2.0% of the total Eligible Accounts Receivable and (ii) in the case of residential Account Debtors, 1.0% of the total Eligible Accounts Receivable;
(q) which is owed by an Account Debtor or any Affiliate of such Account Debtor to which any Loan Party is indebted, but only to the extent of such indebtedness;
(r) which is subject to any counterclaim, deduction, defense, setoff or dispute but only to the extent of any such counterclaim, deduction, defense, setoff or dispute;
(s) which is evidenced by any promissory note, chattel paper, or instrument;
(t) which is owed by an Account Debtor located in any jurisdiction which requires filing of a “Notice of Business Activities Report” or other similar report in order to permit such Loan Party to seek judicial enforcement in such jurisdiction of payment of such Account, unless such Loan Party has filed such report or qualified to do business in such jurisdiction;
(u) with respect to which such Loan Party has made any agreement with the Account Debtor for any reduction thereof, other than discounts and adjustments given in the ordinary course of business; or
(v) which the Agent determines (in its Permitted Discretion) may not be paid by reason of the Account Debtor’s inability to pay or which the Agent otherwise determines (in its Permitted Discretion) is unacceptable for any reason whatsoever.
“Eligible Carrier” means each of the carriers and pipeline companies listed on Schedule 1.1B or otherwise approved from time to time by the Agent in its Permitted Discretion.
“Eligible Heating Oil and Other Fuel Inventory” means, at any time, the Inventory of a Loan Party consisting of propane, home heating oil, diesel fuel and other petroleum derivative products, but excluding natural gas, which the Agent determines in its Permitted Discretion is eligible as the basis for Credit Extensions hereunder and as to which all of the following requirements have been fulfilled to the reasonable satisfaction of the Agent:
(a) such Inventory is owned by such Loan Party, is subject to a first priority perfected Lien in favor of the Agent, and is subject to no other Lien whatsoever other than a Permitted Lien which does not have priority over the Lien in favor of the Agent;
(b) such Inventory is not held on consignment;
 
14

(c) such Inventory is of customary quality and meets all standards applicable to such Inventory, its use or sale imposed by any Governmental Authority having regulatory authority over such matters;
(d) such Inventory is of a type sold in the ordinary course of the business of such Loan Party;
(e) such Inventory is located within the United States (i) in the Buckeye or Colonial pipeline systems, (ii) in commercial storage facilities; (iii) at one of the locations listed in Exhibit A to the Security Agreement; or (iv) in transit to a location described in the foregoing clause (i), (ii) or (iii) with an Eligible Carrier;
(f) such Inventory does not constitute goods in transit unless it is in transit with an Eligible Carrier;
(g) such Inventory is stored in storage facilities of such Loan Party or in commercial storage facilities and if located in a warehouse or other facility leased by such Loan Party, the lessor has delivered to the Agent a waiver, consent and agreement in form and substance satisfactory to the Agent (in its Permitted Discretion) or a Reserve for rent, charges, and other amounts due or to become due with respect to such warehouse or facility has been established by the Agent in its Permitted Discretion;  provided  that any such Inventory stored in any particular commercial storage facility or warehouse does not in the aggregate exceed 15% of the total Eligible Heating Oil and Other Fuel Inventory;
(h) such Inventory has not been delivered to a customer of such Loan Party (regardless of whether such delivery is on a consignment basis) and has not been returned by any customer; and
(i) in the case of any Inventory consisting of any petroleum derivative products other than home heating oil, such Inventory does not exceed 10% of the total Eligible Heating Oil and Other Fuel Inventory.
“Eligible Machinery and Equipment” means, at any time, the Machinery and Equipment (other than Vehicles and items included in the definition of Eligible Other Inventory) of a Loan Party then used or useful in such Loan Party’s business, which the Agent determines in its Permitted Discretion is eligible as the basis for Credit Extensions hereunder and as to which all of the following requirements have been fulfilled to the reasonable satisfaction of the Agent:
(a) such Machinery and Equipment (i) is owned by such Loan Party, (ii) is subject to a first priority perfected Lien in favor of the Agent and (iii) is subject to no other Lien whatsoever other than a Permitted Lien which does not have priority over the Lien in favor of the Agent;
(b) the full purchase price for such Machinery and Equipment has been paid by such Loan Party;
(c) such Machinery and Equipment is located on premises (i) owned by such Loan Party, which premises are subject to a first priority perfected Lien in favor of the
 
15

Agent and to no other Lien whatsoever other than a Permitted Lien which does not have priority over the Lien in favor of the Agent or (ii) leased by such Loan Party with respect to which the Agent has received waiver, consent and agreement in form and substance satisfactory to the Agent;
(d) such Machinery and Equipment is in reasonable repair and working order and is used or held for use by such Loan Party in the ordinary course of business of such Loan Party;
(e) such Machinery and Equipment is not subject to any agreement which materially restricts the ability of the Loan Parties to use, sell, transport or dispose of such Machinery and Equipment or which materially restricts the Agent’s ability to take possession of, sell or otherwise dispose of such Machinery and Equipment; and
(f) such Machinery and Equipment does not constitute “fixtures” under the applicable laws of the jurisdiction in which such Machinery and Equipment is located;
provided,however, that with respect to any item of Machinery or Equipment which is subject to a Permitted Lien and which satisfies each of the eligibility criteria set forth above, only that portion of such item which is in excess of the amount secured by such Permitted Lien shall be deemed to constitute Eligible Machinery and Equipment.
“Eligible Other Inventory” means, at any time, the Inventory of a Loan Party consisting of furnaces, boilers and other heating components and replacement parts, air conditioner and air conditioning components, water purifying equipment and parts, and other related equipment and parts held for resale in the ordinary course of business, but excluding Eligible Heating Oil and Other Fuel Inventory, which the Agent determines in its Permitted Discretion is eligible as the basis for Credit Extensions hereunder. Without limiting the Agent’s discretion provided herein, Eligible Other Inventory shall not include any Inventory:
(a) which is not subject to a first priority perfected Lien in favor of the Agent;
(b) which is subject to any Lien other than (i) a Lien in favor of the Agent and (ii) a Permitted Lien which does not have priority over the Lien in favor of the Agent;
(c) which is, in the Agent’s Permitted Discretion, slow moving, obsolete, unmerchantable, defective, unfit for sale, not salable at prices approximating at least the cost of such Inventory in the ordinary course of business or unacceptable due to age, type, category and/or quantity;
(d) with respect to which any covenant, representation, or warranty contained in this Agreement or the Security Agreement has been breached or is not true;
(e) which does not conform to all standards imposed by any Governmental Authority;
 
16

(f) which is not located in the U.S. or is in transit with a common carrier from vendors and suppliers;
(g) which is located in any location leased by such Loan Party unless (i) the lessor has delivered to the Agent a Collateral Access Agreement or (ii) a Reserve for rent, charges, and other amounts due or to become due with respect to such facility has been established by the Agent in its Permitted Discretion;
(h) which is located in any third party warehouse or is in the possession of a bailee and is not evidenced by a Document, unless (i) such warehouseman or bailee has delivered to the Agent a Collateral Access Agreement and such other documentation as the Agent may require or (ii) an appropriate Reserve has been established by the Agent in its Permitted Discretion;
(i) which is the subject of a consignment by such Loan Party as consignor;
(j) which is perishable;
(k) which contains or bears any Intellectual Property Rights licensed to such Loan Party unless the Agent is satisfied in its Permitted Discretion that it may sell or otherwise dispose of such Inventory without (i) infringing the rights of such licensor, (ii) violating any contract with such licensor, or (iii) incurring any liability with respect to payment of royalties other than royalties incurred pursuant to sale of such Inventory under the current licensing agreement;
(l) which is not reflected in a current inventory report of such Loan Party; or
(m) which the Agent otherwise determines in its Permitted Discretion is unacceptable for any reason whatsoever.
provided,however, that with respect to any item of Equipment which is subject to a Permitted Lien and which satisfies each of the eligibility criteria set forth above, only that portion of such item which is in excess of the amount secured by such Permitted Lien shall be deemed to constitute Eligible Other Inventory.
“Eligible Real Property” means, at any time, any parcel of Material Real Property of any Loan Party as to which each of the following conditions has been satisfied at such time:
(a) (i) a Lien on such parcel of Material Real Property shall have been granted by a Loan Party in favor of the Agent pursuant to a Mortgage, (ii) such Mortgage shall be in full force and effect in favor of the Agent at such time, (iii) such Mortgage shall have been recorded in the appropriate jurisdiction or jurisdictions to perfect the Lien granted pursuant to such Mortgage and (iv) all applicable mortgage recording taxes shall have been paid,  provided  that such Mortgage need not have been so recorded (and any such mortgage recording taxes need not have been so paid) if an effective title insurance policy (naming the Agent as the insured thereunder) shall have been issued that otherwise complies with the requirements of clause (c) (i) or (ii) of this definition and that provides
 
17

“gap” coverage insuring against any exceptions that may arise prior to the actual recording of such Mortgage (and the payment of any such recording taxes);
(b) the Agent and the title insurance company issuing the policy referred to in clause (c) of this definition shall have received maps or plats of an as-built survey of the sites of the Material Real Property covered by such Mortgage certified to the Agent and such title insurance company in a manner reasonably satisfactory to them, dated a date reasonably satisfactory to the Agent and such title insurance company, by an independent professional licensed land surveyor reasonably satisfactory to the Agent and such title insurance company, which maps or plats and the surveys on which they are based shall be made in accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by the American Land Title Association and the American Congress on Surveying and Mapping in 1992, and, without limiting the generality of the foregoing, there shall be surveyed and shown on such maps, plats or surveys the following: (A) the locations on such sites of all the buildings, structures and other improvements and the established building setback lines (where setback information is readily obtainable); (B) the lines of streets abutting such sites and the width thereof; (C) all access and other easements appurtenant to such sites or necessary to use such sites; (D) all roadways, paths, driveways, easements, encroachments and overhanging projections and similar encumbrances affecting such sites, whether recorded, apparent from a physical inspection of such sites or otherwise known to the surveyor; (E) any encroachments on any adjoining property by the building structures and improvements on such sites; and (F) if such sites are described as being on a filed map, a legend or other information relating the survey to said map;
(c) the Agent shall have received in respect of such parcel of Material Real Property (i) a mortgagee’s title policy (or policies) or marked-up unconditional binder (or binders) for such insurance dated a date reasonably satisfactory to the Agent. Each such policy shall (A) be in an amount not less than the Mortgage Value (as of the date such parcel of Material Real Property becomes a parcel of Eligible Real Property) of such parcel of Material Real Property, (B) be issued at ordinary rates, (C) insure that the Mortgage insured thereby creates a valid first Lien on such parcel of Material Real Property free and clear of all defects and encumbrances, except such as may be approved by the Agent (in its Permitted Discretion) and Permitted Mortgage Liens, (D) name the Agent for the benefit of the Lenders as the insured thereunder, (E) be in the form of ALTA Loan Policy—1992 (or such local equivalent thereof as is reasonably satisfactory to the Agent), (F) contain a comprehensive lender’s endorsement and such other endorsements as may be reasonably requested by the Agent and (G) be issued by Chicago Title Insurance Company, First American Title Insurance Company, Lawyers Title Insurance Corporation or any other title company reasonably satisfactory to the Agent (including any such title companies acting as co-insurers or reinsurers) or (ii) in the case of any such parcel of Material Real Property subject to a Mortgage pursuant to the Existing Credit Agreement as of the Effective Date, a date-down endorsement to the mortgagee’s title policy issued by the title company that issued the title policy covering such Existing Mortgage in connection with the Existing Credit Agreement, which endorsement shall update the effective date of such existing title insurance policy and amend the description of the insured Existing Mortgage to include the amendment to
 
18

such Existing Mortgage. The Agent shall have received (x) evidence satisfactory to it (in its Permitted Discretion) that all premiums in respect of each such policy or endorsement, as the case may be, have been paid and (y) a copy of all documents referred to, or listed as exceptions to title, in such title policy (or policies);
(d) the Agent shall have received a Final Appraisal with respect to such parcel of Material Real Property;
(e) with respect to any such parcel of Material Real Property upon which a Mortgage is granted, a summary Phase I environmental report with respect to such parcel of Material Real Property, dated a date satisfactory to the Agent in its Permitted Discretion and in form and substance reasonably satisfactory to the Agent shall have been delivered to the Agent, accompanied by a reliance letter in favor of the Agent and the Lenders in form and substance reasonably satisfactory to the Agent; and
(f) if such parcel of Material Real Property is subject to a ground lease in favor of any Loan Party as lessee, no consent shall be required under such ground lease to mortgage or foreclose upon such parcel of Material Real Property (or such consent shall have been obtained).
“Eligible Vehicles” means, at any time, the Equipment of a Loan Party consisting of trucks, vans and other vehicles used to transport home heating oil, diesel fuel and other petroleum derivative products and other Inventory (other than propane and natural gas), or are used primarily in connection with the provisions of service to customers, which the Agent determines in its Permitted Discretion is eligible as the basis for Credit Extensions hereunder and as to which all of the following requirements have been fulfilled to the reasonable satisfaction of the Agent:
(a) such Equipment (i) is owned by such Loan Party, (ii) is subject to a first priority perfected Lien in favor of the Agent and (iii) is subject to no other Lien whatsoever other than a Permitted Lien which does not have priority over the Lien in favor of the Agent;
(b) the full purchase price for such Equipment has been paid by such Loan Party;
(c) such Equipment is located on premises (i) owned by such Loan Party, which premises are subject to a first priority perfected Lien in favor of the Agent and to no other Lien whatsoever other than a Permitted Lien which does not have priority over the Lien in favor of the Agent, (ii) leased by such Loan Party with respect to which the Agent has received waiver, consent and agreement in form and substance satisfactory to the Agent, or (iii) is both (A) currently being tracked by the Borrower pursuant to a GPS or other similar system and (B) “at or in transit to” a Borrower location, the home of the driver of such Equipment or other location pursuant to a legitimate business purpose;
(d) such Equipment is in reasonable repair and working order and is used or held for use by such Loan Party in the ordinary course of business of such Loan Party;
 
19

(e) such Equipment is not subject to any agreement which materially restricts the ability of the Loan Parties to use, sell, transport or dispose of such Equipment or which materially restricts the Agent’s ability to take possession of, sell or otherwise dispose of such Equipment; and
(f) such Equipment does not constitute “fixtures” under the applicable laws of the jurisdiction in which such Equipment is located;
provided,however, that with respect to any item of Equipment which is subject to a Permitted Lien and which satisfies each of the eligibility criteria set forth above, only that portion of such item which is in excess of the amount secured by such Permitted Lien shall be deemed to constitute Eligible Vehicles.
“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, including without limitation common laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (a) the protection of the environment, (b) the effect of the environment on human health, (c) emissions, discharges or releases of Materials of Environmental Concern into the environment, or (d) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern or the clean-up or other remediation thereof.
“Equipment” has the meaning specified in the Security Agreement.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.
“ERISA Event” means (a) a Reportable Event with respect to any Plan, (b) a determination that any Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Title IV of ERISA), (c) the taking of any steps to terminate any Plan, (d) the withdrawal by any Loan Party or any Controlled Group member from any Multiemployer Plan or the initiation of steps to do so, (e) receipt by any Loan Party or any Controlled Group member of a notice that any Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization, or in “endangered” or “critical status” (within the meaning of Section 432 of the Code or Section 305 or Title IV of ERISA), (f) any Loan Party or any Controlled Group member has incurred or is reasonably expected to incur, any Withdrawal Liability to one or more Multiemployer Plans, or (g) any failure by any Single Employer Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Single Employer Plan, whether or not waived.
“Eurodollar Advance” means an Advance which, except as otherwise provided in Section 2.12, bears interest at the Eurodollar Rate.
“Eurodollar Base Rate” means, with respect to any Eurodollar Advance for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute
 
20

page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “ Eurodollar Base Rate ” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.
“Eurodollar Loan” means a Loan which, except as otherwise provided in Section 2.12, bears interest at the Eurodollar Rate.
“Eurodollar Rate” means, with respect to any Eurodollar Advance for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the sum of (a) the product of (i) the Eurodollar Base Rate for such Interest Period multiplied by  (ii) the Statutory Reserve Rate plus  (b) the Applicable Margin.
“Excluded Swap Obligation” means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligations, and agreed by the Administrative Agent. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security interest is or becomes illegal.
“Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the Agent, (i) taxes imposed on its overall revenue or net income, and franchise taxes (imposed in lieu of net income taxes) imposed on it, by (a) the jurisdiction under the laws of which such Lender or the Agent is incorporated or organized or (b) the jurisdiction in which the Agent’s or such Lender’s principal executive office or such Lender’s applicable Lending Installation is located and (ii) any U.S. federal withholding Taxes imposed under FATCA.
“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced.
“Existing Credit Agreement” has the meaning specified in the Recitals hereto.
 
21

“Existing Lenders” has the meaning specified in the Recitals hereto.
“Existing Letters of Credit” means the letters of credit set forth on Schedule 1.1A that have been issued prior to the Effective Date by the LC Issuers identified on  Schedule 1.1A .
“Existing Mortgages” means each of the mortgages, deeds of trust or other agreements made pursuant to the Existing Credit Agreement by any Loan Party in favor of the Agent for the benefit of the Agent and the Lenders.
“Facility” means the credit facility described in Section 2.1 hereof to be provided to the Borrower on the terms and conditions set forth in this Agreement.
“Facility LC” is defined in Section 2.1.2(a).
“Facility LC Application” is defined in Section 2.1.2(c).
“Facility LC Collateral Account” is defined in Section 2.1.2(j).
“Facility Termination Date” means January 14, 2019 or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof;  provided  that Facility Termination Date shall mean June 1, 2017 unless as of such date (i) the Borrower has repaid, prepaid or otherwise defeased at least $100,000,000 of 2010 Parent Notes and (ii) Availability is equal to or greater than the aggregate amount required to repay the remaining outstanding 2010 Parent Notes (the “ Payoff Amount ”);  provided further  that in the event that Availability is less than the Payoff Amount on any date after June 1, 2017, the Extended Termination Date shall mean the date which is three Business Days following such date.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amendment or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Chicago time) on such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent in its Permitted Discretion.
“Fee Letter” is defined in Section 2.10(c).
“Final Appraisal” means, with respect to any parcel of Material Real Property, a final complete appraisal of the value of such parcel of Material Real Property, as the case may be, commissioned in connection with this Agreement and delivered after the Effective Date and
 
22

valued on an “alternative use” basis which in the Permitted Discretion of the Agent satisfies all applicable requirements of FIRREA and the Uniform Standards of Professional Appraisal Practice.
“Financial Contract” of a Person means (a) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics, or (b) any Rate Management Transaction.
“FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.
“Fiscal Month” means the calendar month.
“Fiscal Quarter” means any of the quarterly accounting periods of the Parent, ending on December 31, March 31, June 30 and September 30 of each year.
“Fiscal Year” means any of the annual accounting periods of the Parent ending on September 30 of each year.
“Fixed Charge Coverage Ratio” means, the ratio, determined as of the end of each Fiscal Month of the Parent for the then most-recently ended 12 Fiscal Months, of (a) Consolidated EBITDA minus  the unfinanced portion of Consolidated Capital Expenditures (excluding, for each such period, actual Capital Expenditures in respect of propane tanks in an amount not to exceed $4,500,000) minus  taxes paid in cash to (b) Consolidated Fixed Charges, all calculated for the Parent and its Subsidiaries on a consolidated basis.
“Fixtures” has the meaning specified in the Security Agreement.
“Floating Rate” means, for any day, a rate per annum equal to (a) the Alternate Base Rate for such dayplus (b) the Applicable Margin, in each case changing when and as the Alternate Base Rate changes.
“Floating Rate Advance” means an Advance which, except as otherwise provided in Section 2.12, bears interest at the Floating Rate.
“Floating Rate Loan” means a Loan which, except as otherwise provided in Section 2.12, bears interest at the Floating Rate.
“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary.
“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.
“Funding Account” is defined in Section 2.5.
 
23

“GAAP” means generally accepted accounting principles in the United States as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in  Section 5.5 .
“General Partner” means Kestrel Heat LLC, a Delaware limited liability company.
“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government.
“Griffith Acquisition” means, the acquisition of Griffith Energy Services, Inc., a New York corporation, by the Borrower, PHI or any of their respective Affiliates.
“Griffith Assets” means, the assets acquired in the Griffith Acquisition.
“Guaranteed Obligations” is defined in Section 15.1.
“Guarantor” means the Parent, the Borrower and each of the Parent’s other direct or indirect Domestic Subsidiaries, including any Person who becomes a Loan Party pursuant to a Joinder Agreement and their successors and assigns.
“Guaranty” means Article XV of this Agreement.
“Indebtedness” of a Person means such Person’s (a) obligations for borrowed money, (b) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (c) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (d) obligations which are evidenced by notes, acceptances, or other instruments, (e) obligations of such Person to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property or any other Off-Balance Sheet Liabilities, (f) Capitalized Lease Obligations, (g) Contingent Obligations for which the underlying transaction constitutes Indebtedness under this definition, (h) the maximum available stated amount of all letters of credit or bankers’ acceptances created for the account of such Person and, without duplication, all reimbursement obligations with respect to letters of credit, (i) Net Mark-to-Market Exposure under all Rate Management Transactions, (j) obligations of such Person under any Sale and Leaseback Transaction, (k) obligations under any liquidated earn-out and (l) any other obligation for borrowed money or other financial accommodation which in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such Person.
“Indemnified Taxes” means any and all Taxes, but excluding Excluded Taxes and Other Taxes.
“Insolvent” with respect to any Multiemployer Plan means the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA.
 
24

“Intellectual Property Rights” means, with respect to any Person, all of such Person’s Patents, Copyrights, Trademarks, and Licenses, all other rights under any of the foregoing, all extensions, renewals, reissues, divisions, continuations and continuations-in-part of any of the foregoing, and all rights to sue for past, present, and future infringement of any of the foregoing.
“Intercompany Notes” is defined in Section 6.17(e).
“Interest Period” means, with respect to a Eurodollar Advance, a period of one, two, three or six months commencing on a Business Day selected by the Borrower Representative pursuant to this Agreement. Such Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter,  provided ,  however ,  that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day,  provided however ,  that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.
“Inventory” has the meaning specified in the Security Agreement.
“Investment” of a Person means any (a) loan, advance, extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade) or contribution of capital by such Person, (b) stocks, bonds, mutual funds, partnership interests, notes, debentures, securities or other Capital Stock owned by such Person, (c) any deposit accounts and certificate of deposit owned by such Person, and (d) structured notes, derivative financial instruments and other similar instruments or contracts owned by such Person;  provided  that any Rate Management Transaction entered into in compliance with  Section 6.17(i)  shall not constitute an “Investment.”
“Joinder Agreement” is defined in Section 6.15(a).
“Kestrel Group” means Kestrel Energy Partners, LLC and any officers, directors or employees of the General Partner owning equity interests in the General Partner.
“LC Exposure” is defined in Section 2.23(c).
“LC Fee” is defined in Section 2.10(b).
“LC Issuer” means each of (a) Chase (or any subsidiary or Affiliate of Chase designated by Chase) and (b) Bank of America, N.A.
“LC Obligations” means, at any time, the sum, without duplication, of (a) the aggregate undrawn stated amount under all Facility LCs outstanding at such time plus  (b) the aggregate unpaid amount at such time of all Reimbursement Obligations.
“LC Payment Date” is defined in Section 2.1.2(d).
 
25

“Lenders” means the lending institutions listed on the signature pages of this Agreement and their respective successors and assigns.
“Lending Installation” means, with respect to a Lender, the LC Issuer or the Agent, the office, branch, subsidiary or Affiliate of such Lender, LC Issuer or the Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender, the LC Issuer or the Agent pursuant to  Section 2.22 .
“Letter of Credit” of a Person means a letter of credit or similar instrument which is issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable.
“Licenses” shall have the meaning given to such term in the Security Agreement.
“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).
“Loan Documents” means this Agreement, any Notes, the Facility LC Applications, the Collateral Documents, the Guaranty and all other agreements, instruments, documents and certificates identified in  Section 4.1  executed and delivered to, or in favor of, the Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Agent or any Lender in connection with the Agreement or the transactions contemplated thereby, but shall not include agreements in connection with Rate Management Transactions. Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Parties” means the Parent, the Borrower and each other Guarantor.
“Loans” means, with respect to a Lender, such Lender’s loans made pursuant to Article II (or any conversion or continuation thereof), including Non-Ratable Loans, Swingline Loans, Overadvances and Protective Advances.
“Machinery” has the meaning specified in the Security Agreement.
“Margin Stock” is defined in Section 5.13.
“Management Fees and Expenses” means any amounts paid by a Loan Party in respect of any management, consulting or other similar arrangement with an equity holder or Affiliate of a Loan Party (other than another Loan Party).
 
26

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, Property, condition (financial or otherwise) or prospects of the Parent and its Subsidiaries taken as a whole or (b) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Agent, the LC Issuer and the Lenders thereunder.
“Material Indebtedness” means Indebtedness in an outstanding principal amount of $1,000,000 or more in the aggregate (or the equivalent thereof in any currency other than U.S. dollars).
“Material Indebtedness Agreement” means any agreement under which any Material Indebtedness was created or is governed or which provides for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness constituting Material Indebtedness is outstanding thereunder).
“Material Real Property” means real property not subject to a mortgage, deed of trust or other similar instrument (other than pursuant hereto) that (i) is owned in fee by any Loan Party and is not subject to a ground lease in favor of any other Person as lessee, (ii) is located in the United States and (iii) (A) has been developed with a facility used of useful in the business of the Loan Parties with respect to which a certificate of occupancy or temporary certificate of occupancy or the local equivalent thereof (or any other similar proof of completion) shall have been issued by the relevant Governmental Authority or (B) is undeveloped and has a book value (excluding soft costs) of at least $100,000.
“Materials of Environmental Concern” means (a) any and all hazardous substances, hazardous materials or toxic substances as defined in the Clean Air Act, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act of 1976, as amended, and the Hazardous Materials Transportation Act and the regulations promulgated thereunder, (b) any substance or materials listed as hazardous or toxic in the United States Department of Transportation Table, by the Environmental Protection Agency or any successor agency or under any applicable Federal, state, local or foreign laws or regulations, (c) any asbestos, poly-chlorinated biphenyls, urea formaldehyde foam, explosives or radioactive waste, (d) any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products, or (e) any other chemical, material or substance which is not classified as hazardous or toxic but exposure to which is prohibited, limited or regulated by any applicable Federal, state, local or foreign authority or other governmental authority having jurisdiction over the Mortgaged Property, including, without limitation, propane and any related petroleum products or by-products.
“Maximum Liability” is defined in Section 15.9.
“Modify” and “Modification” are defined in Section 2.1.2(a).
“Monthly Reports” is defined in Section 4.1(m).
“Moody’s” means Moody’s Investors Service, Inc.
“Mortgage Value” means, with respect to any parcel of Eligible Real Property, the lesser of (a) the maximum stated amount secured by the Lien on such parcel of Eligible Real Property
 
27

granted in favor of the applicable secured mortgagee pursuant to the relevant Mortgage and (b) the value of such parcel of Eligible Real Property set forth in the Final Appraisal delivered with respect thereto.
“Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Agent, for the benefit of the Agent and the Lenders, on real Property of a Loan Party, including the Existing Mortgages and any amendments, modifications or supplements thereto.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Parent or any member of the Controlled Group is obligated to make contributions.
“Net Cash Proceeds” means, if in connection with (a) an asset disposition, cash proceeds net of (i) commissions and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by such Loan Party in connection therewith (in each case, paid to non-Affiliates), (ii) transfer taxes, (iii) amounts payable to holders of senior Liens on such asset (to the extent such Liens constitute Permitted Liens hereunder), if any, and (iv) an appropriate reserve for income taxes in accordance with GAAP established in connection therewith, (b) the issuance or incurrence of Indebtedness, cash proceeds net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith or, (c) an equity issuance, cash proceeds net of underwriting discounts and commissions and other reasonable costs paid to non-Affiliates in connection therewith.
“Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions. As used in this definition, “unrealized losses” means the fair market value of the cost to such Person of replacing such Rate Management Transaction as of the date of determination (assuming the Rate Management Transaction were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Rate Management Transaction as of the date of determination (assuming such Rate Management Transaction were to be terminated as of that date). For the avoidance of doubt, “Net Mark-to-Market Exposure” shall not include the upfront cost of purchasing call or put options.
“Net Orderly Liquidation Value” means, with respect to Inventory, Equipment or Machinery of any Person, the net orderly liquidation value thereof as determined after the Effective Date in a manner acceptable to the Agent (in its Permitted Discretion) by an appraiser reasonably acceptable to the Agent.
“Non-Consenting Lender” is defined in Section 8.3(d).
“Non-Paying Guarantor” is defined in Section 15.10.
“Non-Ratable Loan” and “Non-Ratable Loans” are defined in Section 2.1.3.
 
28

“Non-Seasonal Availability Amount” means $300,000,000;provided that, if the Aggregate Commitment is increased pursuant to  Section 2.16  hereof, the Non-Seasonal Availability Amount shall (if the Borrower so elects on the effective date of any such increase) be deemed to be an amount equal to the Non-Seasonal Availability Amount in effect immediately prior to such increase plus an amount equal to up to the aggregate amount of such increase and all prior increases in Commitments (to the extent such increased Commitments have not since been terminated or reduced in accordance with this Agreement) made pursuant to  Section 2.16 .
“Non-U.S. Lender” is defined in Section 3.5(d).
“Note” is defined in Section 2.21(d).
“Obligations” means, collectively, all unpaid principal of and accrued and unpaid interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans, all LC Obligations, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any Lender, the Agent, the LC Issuer or any indemnified party arising under the Loan Documents;  provided , that for purposes of determining any Guarantor Obligations of any Guarantor under this Agreement, the definition of “Obligations” shall not create any guarantee of (or grant of security interest by any Guarantor to support, if applicable) any Excluded Swap Obligations of such Guarantor.
“Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any Sale and Leaseback Transaction which is not a Capitalized Lease, (c) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (d) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person, but excluding from this clause (d) Operating Leases.
“Operating Lease” of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.
“Operating Lease Obligations” means, as at any date of determination, the amount obtained by aggregating the present values, determined in the case of each particular Operating Lease by applying a discount rate (which discount rate shall equal the discount rate which would be applied under GAAP if such Operating Lease were a Capitalized Lease) from the date on which each fixed lease payment is due under such Operating Lease to such date of determination, of all fixed lease payments due under all Operating Leases of the Parent and its Subsidiaries.
“Other Taxes” is defined in Section 3.5(b).
“Overadvances” has the meaning specified in Section 2.1.4(c).
 
29

“Parent” means Star Gas Partners, L.P., a Delaware limited partnership.
“Parent Subordinated Debt” is defined in Section 6.31.
“Participants” is defined in Section 12.2(a).
“Participant Register” is defined in Section 12.2(c).
“Patents” shall have the meaning given to such term in the Security Agreement.
“Paying Guarantor” is defined in Section 15.10.
“Payment Date” means (a) with respect to interest payments due on any Floating Rate Loan, the first day of each calendar month and the Facility Termination Date, (b) with respect to interest payments due on any Eurodollar Loan, (i) the last day of the applicable Interest Period, (ii) in the case of any Interest Period in excess of three months, the day which is three months after the first day of such Interest Period and (iii) the date on which such Eurodollar Loan is prepaid, whether by acceleration or otherwise, and the Facility Termination Date, and (c) with respect to any payment of LC Fees, Unused Commitment Fees or fronting fees in respect of Letters of Credit, the first day of each calendar month and the Facility Termination Date.
“Payoff Amount” is defined in the definition of “Facility Termination Date”.
“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.
“Permitted Acquisition” means any Acquisition by any Loan Party in a transaction that satisfies each of the following requirements:
(a) such Acquisition is not a hostile or contested acquisition;
(b) the business acquired in connection with such Acquisition is (i) located in the U.S., (ii) organized under U.S. and applicable state laws, and (iii) except for assets not constituting more than 5% of the assets acquired in such Acquisition, not engaged, directly or indirectly, in any line of business other than the businesses in which the Loan Parties are engaged on the Effective Date and any business activities that are substantially similar, related, or incidental thereto;
(c) both before and after giving effect to such Acquisition and the Loans (if any) requested to be made in connection therewith, each of the representations and warranties in the Loan Documents is true and correct (except (i) any such representation or warranty which relates to a specified prior date and (ii) to the extent the Agent and the Lenders have been notified in writing by the Loan Parties that any representation or warranty is not correct and the Required Lenders have explicitly waived in writing compliance with such representation or warranty) and no Default or Unmatured Default exists, will exist, or would result therefrom;
(d) if the consideration for such Acquisition is greater than $5,000,000, as soon as available, but not less than ten days prior to such Acquisition, the Borrower
 
30

Representative has provided the Lenders (i) notice of such Acquisition and (ii) a copy of all business and financial information reasonably requested by the Agent, including  pro forma  historical and projected financial information and cash flow and Availability calculations provided in a manner reasonably acceptable to the Agent;
(e) if the Accounts and Inventory acquired in connection with such Acquisition are proposed to be included in the determination of the Borrowing Base, the Agent shall have conducted an audit and field examination of such Accounts and Inventory to its reasonable satisfaction;
(f) the purchase price of such Acquisition (other than the Griffith Acquisition with respect to which this clause (f) shall not apply) does not exceed $25,000,000;
(g) if such Acquisition is an acquisition of the Capital Stock of a Person, the Acquisition is structured so that the acquired Person shall become a Wholly-Owned Subsidiary of the Borrower and, to the extent required by  Section 6.15(a) , a Loan Party pursuant to the terms of this Agreement;
(h) if such Acquisition is an acquisition of assets, the Acquisition is structured so that the Borrower or a Guarantor shall acquire such assets;
(i) if such Acquisition is an acquisition of Capital Stock, such Acquisition will not result in any violation of Regulation U;
(j) no Loan Party shall, as a result of or in connection with any such Acquisition, assume or incur any direct or contingent liabilities (whether relating to environmental, tax, litigation, or other matters) that could have a Material Adverse Effect;
(k) in connection with an Acquisition of the Capital Stock of any Person, all Liens on property of such Person shall be terminated unless the Agent in its Permitted Discretion consents otherwise, and in connection with an Acquisition of the assets of any Person, all Liens on such assets shall be terminated;
(l) the Borrower Representative shall certify (and provide the Agent with a proforma calculation in form and substance reasonably satisfactory to the Agent), on its behalf and on behalf of the Borrower, to the Agent and the Lenders that, after giving effect to the completion of such Acquisition, Availability (with any Suppressed Availability being included in each calculation of Availability pursuant to this clause (l)) was not less than $40,000,000 for any period of three consecutive days during the six-month period ending on the date on which such Acquisition was consummated and is not projected to be less than $40,000,000 during the six-month period immediately after consummation of such Acquisition (with such projected Availability to be determined by reference to the average projected Availability on the last day of each of the relevant six months), in each case on a  pro forma  basis which includes all consideration given in connection with such Acquisition, other than Capital Stock of the Borrower delivered to the seller(s) in such Acquisition, as having been paid in cash at the time of making such Acquisition; and
 
31

(m) no Default exists or would result therefrom.
“Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment.
“Permitted Liens” is defined in Section 6.21.
“Permitted Mortgage Liens” means the collective reference to Liens described in Section 6.21(iii) and (v).
“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.
“Petro” has the meaning specified in the preamble hereto.
“PHI” means Petro Holdings, Inc., a Minnesota corporation.
“Plan” means any employee pension benefit plan (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and in respect of which any Loan Party or any member of the Controlled Group is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time by Chase or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes.
“Projections” is defined in Section 6.1(d).
“Proposed Change” is defined in Section 8.3(d).
“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.
“Pro Rata Share” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Obligations, Non-Ratable Loans, Swingline loans or Overadvances, a portion equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitment, (b) with respect to Protective Advances or with respect to all Credit Extensions in the aggregate prior to the Facility Termination Date, a portion equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitment, and (c) with respect to Protective Advances or with respect to all Credit Extensions in the aggregate after the Facility Termination Date, a portion equal to a fraction the numerator of which is such Lender’s Credit Exposure and the denominator of which is the Aggregate Credit Exposure;  provided  that, in the case of  Section 2.23  when a Defaulting Lender shall exist, any Defaulting Lender’s Commitment hereunder shall be disregarded for purposes of calculating a Lender’s Pro Rata Share.
 
32

“Protective Advances” is defined in Section 2.1.4(a).
“Purchasers” is defined in Section 12.3(a).
“Qualified Keepwell Provider” means, in respect of any Swap Obligation, each Loan Party that, at the time the relevant guarantee (or grant of the relevant security interest, as applicable) becomes effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a keepwell pursuant to section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Rate Management Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Rate Management Transactions, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions.
“Rate Management Transaction” means any transaction (including any Commodity Hedging Agreement and any other agreement with respect thereto) now existing or hereafter entered by any Loan Party which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures.
“RCRA” is defined in Section 5.18(b).
“Reference Period” is defined in the definition of “Consolidated EBITDA”.
“Register” is defined in Section 12.3(d).
“Regulation D” means Regulation D of the Board as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board relating to reserve requirements applicable to member banks of the Federal Reserve System.
“Regulation U” means Regulation U of the Board as from time to time in effect and any successor or other regulation or official interpretation of said Board relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.
“Reimbursement Obligations” means, at any time, the aggregate of all obligations of the Borrower then outstanding under  Section 2.1.2  to reimburse the LC Issuer for amounts paid by the LC Issuer in respect of any one or more drawings under Facility LCs.
 
33

“Reinvestment Deferred Amount” means with respect to any asset disposition, the aggregate Net Cash Proceeds received in connection therewith that are not applied to prepay the Obligations pursuant to  Section 2.15(b)(i)  as a result of the delivery of a Reinvestment Notice.
“Reinvestment Notice” means a written notice executed by the Borrower Representative stating that no Default or Unmatured Default has occurred and is continuing and that a Loan Party intends and expects to use all or a specified portion of the Net Cash Proceeds of an asset disposition to consummate a Permitted Acquisition and/or acquire assets useful in its business (other than current assets).
“Reinvestment Prepayment Amount” means with respect to any asset disposition, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to consummate Permitted Acquisitions and/or acquire assets useful in the Borrower’s business (other than current assets).
“Reinvestment Prepayment Date” means with respect to any asset disposition, the earlier of (a) the date occurring twelve months after such asset disposition and (b) the date on which a Loan Party shall have determined not to, or shall have otherwise ceased to, consummate Permitted Acquisitions and/or acquire assets useful in its business with all or any portion of the relevant Reinvestment Deferred Amount.
“Rentals” of a Person means the aggregate fixed amounts payable by such Person under any Operating Lease.
“Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.
“Reportable Event” means a “reportable event” as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty days of the occurrence of such event,  provided ,  however , that a failure to meet the minimum funding standards of Sections 412 and 430 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.
“Reports” means reports prepared by Chase or another Person showing the results of appraisals, field examinations or audits pertaining to the Borrower’s assets from information furnished by or on behalf of the Borrower, after Chase has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by Chase.
“Required Lenders” means Lenders in the aggregate having at least a majority of the Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at least a majority of the Aggregate Credit Exposure.
“Reserves” means any and all reserves which the Agent deems necessary, in its Permitted Discretion, to maintain (including, without limitation, reserves for accrued and unpaid interest on the Secured Obligations, volatility reserves (including reserves for amounts owing with respect
 
34

to obligations of the Loan Parties in respect of any Commodity Hedging Agreements that are secured by the Collateral), reserves for rent and usage fees at storage depots and other locations leased by any Loan Party and for consignee’s, warehousemen’s and bailee’s charges, reserves for dilution of Accounts, reserves for Inventory shrinkage, reserves for customs charges and shipping charges related to any Inventory in transit, reserves for contingent liabilities of any Loan Party, reserves for uninsured losses of any Loan Party, reserves for through-put fees and reserves for taxes, fees, assessments, and other governmental charges) with respect to the Collateral or any Loan Party.
“Revolving Loans” means the revolving loans extended by the Lenders to the Borrower pursuant to Section 2.1.1  hereof.
“Risk-Based Capital Guidelines” is defined in Section 3.2.
“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.
“Sale and Leaseback Transaction” means any sale or other transfer of Property by any Person with the intent to lease such Property as lessee.
“Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced.
“Seasonal Availability Notice” means a written notice requesting an increase in the Aggregate Commitments during a Seasonal Availability Period given by the Borrower at least three Business Days prior to the proposed effective date of such increase specifying (i) the first day and length of such period and (ii) the amount of the requested increase in the Aggregate Commitments during such period,  provided  that (i) the Borrower may not deliver any Seasonal Availability Notice if a Default or Event of Default shall have then occurred and be continuing, (ii) the Borrower may not make more than three (3) such increase requests during each Seasonal Availability Period, (iii) each such increase shall be in increments of no less than $25,000,000 and (iv) in the event that the Aggregate Commitments are reduced during a Seasonal Availability Period pursuant to the terms hereof, the Aggregate Commitments may not be increased further pursuant to a Seasonal Availability Notice during such Seasonal Availability Period.
“Seasonal Availability Period” means, until the Facility Termination Date, any period of up to five consecutive months during the period from December 1 of each year through April 30 of the following year, which period may be initiated by a Seasonal Availability Notice. The Seasonal Availability Period may be terminated early by written notice to such effect by the Borrower to the Agent at least three Business Days prior to the effective date of such termination.
“Section” means a numbered section of this Agreement, unless another document is specifically referenced.
“Secured Obligations” means, collectively, (a) the Obligations and (b) all obligations of the Loan Parties in respect of any Commodity Hedging Agreements owing to any Person that is a Lender or an Affiliate of a Lender at the time such agreement is entered into and (c) to the extent
 
35

permitted under applicable debt agreements, Banking Services and Rate Management Transactions (other than Commodity Hedging Agreements) owing to any Person that is a Lender or an Affiliate of a Lender at the time such agreement is entered into.
“Security Agreement” means that certain Amended and Restated Pledge and Security Agreement, dated as of the date hereof, between the Loan Parties and the Agent, for the benefit of the Agent and the Lenders, and any other pledge or security agreement entered into after the Effective Date by any other Loan Party (as required by this Agreement or any other Loan Document), or any other Person, as the same may be amended, restated or otherwise modified from time to time.
“Settlement” is defined in Section 2.19.
“Settlement Date” is defined in Section 2.19.
“Single Employer Plan” means a Plan maintained by the Parent or any member of the Controlled Group for employees of the Parent or any member of the Controlled Group.
“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Agent is subject with respect to the Eurodollar Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of which is subordinated to payment of the Secured Obligations to the written satisfaction of the Agent in its Permitted Discretion.
“Subsidiary” of a Person means, subject to the following sentence, any corporation, partnership, limited liability company, association, joint venture or similar business organization more than 50% of the outstanding Capital Stock having ordinary voting power of which shall at the time be owned or controlled by such Person. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a subsidiary of the Borrower other than an Unrestricted Subsidiary (provided that all references to a “Subsidiary” in Sections 6.1(a), (b) and (c) shall mean each subsidiary of the Borrower).
“Substantial Portion” means Property which represents more than 10% of the consolidated assets of the Parent and its Subsidiaries or property which is responsible for more than 10% of the consolidated net sales or of the Consolidated EBITDA of the Parent and its Subsidiaries, in each case, as would be shown in the consolidated financial statements of the Parent and its Subsidiaries as at the beginning of the twelve-month period ending with the month
 
36

in which such determination is made (or if financial statements have not been delivered hereunder for that month which begins the twelve-month period, then the financial statements delivered hereunder for the quarter ending immediately prior to that month).
“Supporting Letter of Credit” is defined in Section 2.1.2(l).
“Suppressed Availability” means the amount of excess, if any, of the amount of the Borrowing Base over the Aggregate Commitment.
“Swap” means any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
“Swap Obligation” means, with respect to any Person, any obligation to pay or perform under any Swap.
“Swingline Exposure” is defined in Section 2.23(c).
“Swingline Loan” means a Loan made pursuant to Section 2.1.4(b).
“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges, assessments, fees or withholdings (including backup withholding), now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, and any and all liabilities with respect to the foregoing (including any interest, additions to tax or penalties applicable thereto).
“Trademarks” shall have the meaning given to such term in the Security Agreement.
“Transferee” is defined in Section 12.4.
“Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a Eurodollar Advance and with respect to any Loan, its nature as a Floating Rate Loan or a Eurodollar Loan.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests.
“Unliquidated Secured Obligations” means, at any time, any Secured Obligations (or portion thereof) that is contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations.
“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.
 
37

“Unrestricted Subsidiary” means any subsidiary of the Borrower that is designated as such by the board of directors of the Borrower;  provided  that (i) the board of directors of the Borrower shall only be permitted to so designate a subsidiary acquired or organized after April 6, 2012 as an Unrestricted Subsidiary, (ii) any such designation shall be made substantially concurrently with the acquisition or organization of such subsidiary and any Investments made in such subsidiary by the Borrower and its Subsidiaries shall be treated as Investments in an Unrestricted Subsidiary and (iii) immediately after giving effect to any such designation there exists no Default or Event of Default. Subject to the foregoing, the board of directors of the Borrower may designate an Unrestricted Subsidiary to be a Subsidiary;  provided  that no Unrestricted Subsidiary that has been designated as a Subsidiary may again be designated as an Unrestricted Subsidiary.
“Unused Commitment Fee” is defined in Section 2.10(a).
“U.S.” means the United States of America.
“Wholly-Owned Subsidiary” of a Person means, any Subsidiary all of the outstanding Capital Stock of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person.
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA.
The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.
1.2. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;  provided  that if the Borrower notifies the Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Loan Party at “fair value”, as defined therein.
 
38

ARTICLE II
THE FACILITY
2.1. The Facility. Each Lender severally agrees, on the terms and conditions set forth in this Agreement, to (a) make Loans to the Borrower as set forth below and (b) participate in Facility LCs issued upon the request of the Borrower,  provided  that, after giving effect to the making of each such Loan and the issuance of each such Facility LC, such Lender’s Credit Exposure shall not exceed its Commitment;  provided further ,  that the Aggregate Credit Exposure shall not exceed the Aggregate Commitment. The LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in  Section 2.1.2 . The Facility shall be composed of Revolving Loans, Non-Ratable Loans, Protective Advances, Swingline Loans, Overadvances and Facility LCs as set forth below:
2.1.1. Revolving Loans.
(a) Amount. From and including the Effective Date and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make revolving loans (the “ Revolving Loans ”) to the Borrower Representative on behalf of the applicable Borrower and participate in Facility LCs issued for the account of the Borrower as set forth in  Section 2.1.2  below, in aggregate amounts that will not result in (i) such Lender’s Credit Exposure exceeding its Commitment or (ii) the Aggregate Credit Exposure exceeding the lesser of (x) the Aggregate Commitment or (y) the Borrowing Base, subject to the Agent’s authority, in its sole discretion, to make Protective Advances and Overadvances pursuant to the terms of  Section 2.1.4 . The Revolving Loans may consist of Floating Rate Advances or Eurodollar Advances, or a combination thereof, selected by the Borrower Representative in accordance with  Sections 2.1.1(b)  and  2.7 . Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans at any time prior to the Facility Termination Date. The Commitments to extend credit under this  Section 2.1.1(a)  shall expire on the Facility Termination Date.
(b) Borrowing Procedures. The Borrower Representative shall select the Type of Advance and, in the case of each Eurodollar Advance, the Interest Period applicable thereto, from time to time. The Borrower Representative shall give the Agent irrevocable notice in the form of  Exhibit A  (a “ Borrowing Notice ”) not later than 10:00 a.m. (Chicago time) on the Borrowing Date of each Floating Rate Advance and three Business Days before the Borrowing Date for each Eurodollar Advance, specifying: (1) the name of the applicable Borrower, (2) the Borrowing Date, which shall be a Business Day, of such Advance, (3) the aggregate amount of such Advance, (4) the Type of Advance selected;  provided  that, if the Borrower Representative fails to specify the Type of Advance requested, such request shall be deemed a request for a Floating Rate Advance; and (5) the duration of the Interest Period if the Type of Advance requested is a Eurodollar Advance;  provided  that, if the Borrower Representative fails to select the duration of the Interest Period for the requested Eurodollar Advance, the Borrower Representative shall be deemed to have requested on behalf of the applicable Borrower that such Eurodollar Advance be made with an Interest Period of one month.
 
39

(c) The Agent’s Election. Promptly after receipt of a Borrowing Notice (or telephonic notice in lieu thereof) of a requested Floating Rate Advance, the Agent shall elect in its discretion to have the terms of  Section 2.1.1(d)  (pro rata advance by all Lenders),  Section 2.1.3  (advance by the Agent, in the form of a Non-Ratable Loan, on behalf of the Lenders) or  Section 2.1.4(b)  (Swingline Loans) apply to such requested Advance.
(d) Pro Rata Advance. Unless the Agent elects to have the terms of Section 2.1.3 or Section 2.1.4(b) apply to a requested Floating Rate Advance or if a requested Advance is for a Eurodollar Advance, then promptly after receipt of a Borrowing Notice or telephonic notice in lieu thereof as permitted by  Section 2.8 , the Agent shall notify the Lenders by telecopy, telephone, or e-mail of the requested Advance. Not later than noon (Chicago time) on each Borrowing Date, each Lender shall make available its Revolving Loan in funds immediately available in Chicago to the Agent and the Agent will make the funds so received from the Lenders available to the Borrower Representative at the Funding Account as set forth in  Section 2.5 .
2.1.2. Facility LCs.
(a) Issuance. The LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue to the Borrower standby and commercial Letters of Credit (each, and each Existing Letter of Credit, a “ Facility LC ”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“ Modify ,” and each such action a “ Modification ”), from time to time from and including the Effective Date and prior to the Facility Termination Date upon the request of the Borrower Representative for the account of the applicable Borrower;  provided that, the maximum face amount of the Facility LC to be issued or Modified does not exceed the lesser of (i) an amount equal to $100,000,000  minus  the sum of (1) the aggregate undrawn amount of all outstanding Facility LCs at such time plus , without duplication, (2) the aggregate unpaid Reimbursement Obligations with respect to all Facility LCs outstanding at such time and (ii) Availability. On the Effective Date, each Existing Letter of Credit shall be deemed to be a Facility LC issued hereunder for the account of the applicable Borrower. No Facility LC (or any renewal thereof) shall have an expiry date later than the earlier of (x) the fifth (5 th ) Business Day prior to the Facility Termination Date and (y) one year after its issuance;  provided  that any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (x) above).
(b) Participations. Upon the issuance or Modification by the LC Issuer of a Facility LC in accordance with this Section 2.1.2 , the LC Issuer shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the LC Issuer, a participation in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Pro Rata Share.
 
40

(c) Notice. Subject to Section 2.1.2(a), the Borrower Representative, on behalf of the applicable Borrower, shall give the LC Issuer notice prior to 10:00 a.m. (Chicago time) at least three Business Days prior to the proposed date of issuance or Modification of each Facility LC, specifying the beneficiary, the proposed date of issuance (or Modification) and the expiry date of such Facility LC, and describing the proposed terms of such Facility LC and the nature of the transactions proposed to be supported thereby. Upon receipt of such notice, the LC Issuer shall promptly notify the Agent, and the Agent shall promptly notify each Lender, of the contents thereof and of the amount of such Lender’s participation in such proposed Facility LC. The issuance or Modification by the LC Issuer of any Facility LC shall, in addition to the conditions precedent set forth in  Article IV  (the satisfaction of which the LC Issuer shall have no duty to ascertain), be subject to the conditions precedent that such Facility LC shall be reasonably satisfactory to the LC Issuer and that the applicable Borrower shall have executed and delivered such application agreement and/or such other instruments and agreements relating to such Facility LC as the LC Issuer shall have reasonably requested (each, a “ Facility LC Application ”). In the event of any conflict between the terms of this Agreement and the terms of any Facility LC Application, the terms of this Agreement shall control.
(d) Administration; Reimbursement by Lenders. Upon receipt from the beneficiary of any Facility LC of any demand for payment under such Facility LC, the LC Issuer shall notify the Agent and the Agent shall promptly notify the Borrower Representative and each other Lender as to the amount to be paid by the LC Issuer as a result of such demand and the proposed payment date (the “ LC Payment Date ”). The responsibility of the LC Issuer to the Borrower Representative, the Borrower and each Lender shall be only to determine that the documents (including each demand for payment) delivered under each Facility LC in connection with such presentment shall be in conformity in all material respects with such Facility LC. The LC Issuer shall endeavor to exercise the same care in the issuance and administration of the Facility LCs as it does with respect to letters of credit in which no participations are granted, it being understood that in the absence of any gross negligence or willful misconduct by the LC Issuer, each Lender shall be unconditionally and irrevocably liable without regard to the occurrence of any Default or any condition precedent whatsoever, to reimburse the LC Issuer on demand for (i) such Lender’s Pro Rata Share of the amount of each payment made by the LC Issuer under each Facility LC to the extent such amount is not reimbursed by the Borrower pursuant to  Section 2.1.2(e)  below, plus  (ii) interest on the foregoing amount to be reimbursed by such Lender, for each day from the date of the LC Issuer’s demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Chicago time) on such date, from the next succeeding Business Day) to the date on which such Lender pays the amount to be reimbursed by it, at a rate of interest per annum equal to the Federal Funds Effective Rate for the first three days and, thereafter, at a rate of interest equal to the rate applicable to Floating Rate Advances.
(e) Reimbursement by Borrower. The Borrower shall be irrevocably and unconditionally obligated to reimburse the LC Issuer on or before the applicable LC Payment Date for any amounts to be paid by the LC Issuer upon any drawing under any Facility LC, without presentment, demand, protest or other formalities of any kind;  provided  that, neither the Borrower nor any Lender shall hereby be precluded from
 
41

asserting any claim for direct (but not consequential) damages suffered by the Borrower or such Lender to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of the LC Issuer in determining whether a request presented under any Facility LC issued by it complied with the terms of such Facility LC or (ii) the LC Issuer’s failure to pay under any Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. All such amounts paid by the LC Issuer and remaining unpaid by the Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (x) the rate applicable to Floating Rate Advances for such day if such day falls on or before the applicable LC Payment Date and (y) the sum of 2% plus  the rate applicable to Floating Rate Advances for such day if such day falls after such LC Payment Date. The LC Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from the Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in respect of any Facility LC issued by the LC Issuer, but only to the extent such Lender has made payment to the LC Issuer in respect of such Facility LC pursuant to Section 2.1.2(d) . Subject to the terms and conditions of this Agreement (including without limitation the submission of a Borrowing Notice in compliance with  Section 2.1.1(b)  and the satisfaction of the applicable conditions precedent set forth in Article IV ), the Borrower Representative may request an Advance hereunder on behalf of the applicable Borrower for the purpose of satisfying any Reimbursement Obligation.
(f) Obligations Absolute. The Borrower’s obligations under this Section 2.1.2 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or have had against the LC Issuer, any Lender or any beneficiary of a Facility LC. The Borrower further agrees with the LC Issuer and the Lenders that the LC Issuer and the Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligation in respect of any Facility LC shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrower, any of its Affiliates, the beneficiary of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims or defenses whatsoever of the Borrower or of any of its Affiliates against the beneficiary of any Facility LC or any such transferee. The LC Issuer shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Facility LC. The Borrower agrees that any action taken or omitted by the LC Issuer or any Lender under or in connection with each Facility LC and the related drafts and documents, if done without gross negligence or willful misconduct, shall be binding upon the Borrower and shall not put the LC Issuer or any Lender under any liability to the Borrower. Nothing in this  Section 2.1.2(f)  is intended to limit the right of the Borrower to make a claim against the LC Issuer for damages as contemplated by the proviso to the first sentence of  Section 2.1.2(e) .
(g) Actions of LC Issuer. The LC Issuer shall be entitled to rely, and shall be fully protected in relying, upon any Facility LC, draft, writing, resolution, notice,
 
42

consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document believed by it (in its Permitted Discretion) to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the LC Issuer. The LC Issuer shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision of this  Section 2.1.2 , the LC Issuer shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lenders and any future holders of a participation in any Facility LC.
(h) Indemnification. The Borrower hereby agrees to indemnify and hold harmless each Lender, the LC Issuer and the Agent, and their respective directors, officers, agents and employees from and against any and all claims and damages, losses, liabilities, costs or expenses which such Lender, the LC Issuer or the Agent may incur (or which may be claimed against such Lender, the LC Issuer or the Agent by any Person whatsoever) by reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any Facility LC or any actual or proposed use of any Facility LC, including, without limitation, any claims, damages, losses, liabilities, costs or expenses which the LC Issuer may incur by reason of or in connection with (i) the failure of any other Lender to fulfill or comply with its obligations to the LC Issuer hereunder (but nothing herein contained shall affect any rights the Borrower may have against any Defaulting Lender) or (ii) by reason of or on account of the LC Issuer issuing any Facility LC which specifies that the term “Beneficiary” included therein includes any successor by operation of law of the named Beneficiary, but which Facility LC does not require that any drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to the LC Issuer (in its Permitted Discretion), evidencing the appointment of such successor Beneficiary;  provided  that, the Borrower shall not be required to indemnify any Lender, the LC Issuer or the Agent for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (x) the willful misconduct or gross negligence of the LC Issuer in determining whether a request presented under any Facility LC complied with the terms of such Facility LC or (y) the LC Issuer’s failure to pay under any Facility LC after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. Nothing in this  Section 2.1.2(h)  is intended to limit the obligations of the Borrower under any other provision of this Agreement.
(i) Lenders’ Indemnification. Each Lender shall, ratably in accordance with its Pro Rata Share, indemnify the LC Issuer, its Affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees’ gross negligence or willful misconduct or the LC Issuer’s failure to pay under any Facility LC after the
 
43

presentation to it of a request strictly complying with the terms and conditions of the Facility LC) that such indemnitees may suffer or incur in connection with this  Section 2.1.2  or any action taken or omitted by such indemnitees hereunder.
(j) Facility LC Collateral Account. The Borrower agrees that it will, upon the request of the Agent or the Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC Issuer or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Agent in its Permitted Discretion (the “ Facility LC Collateral Account ”) at the Agent’s office at the address specified pursuant to  Article XIII , in the name of the Borrower but under the sole dominion and control of the Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in  Section 8.1 . Nothing in this  Section 2.1.2(j)  shall either obligate the Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by  Section 8.1 . The Borrower hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Secured Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of Chase having a maturity not exceeding thirty days.
(k) Rights as a Lender. In its capacity as a Lender, the LC Issuer shall have the same rights and obligations as any other Lender.
(l) Termination of the Facility. If, notwithstanding the provisions of this Section 2.1.2, any Facility LC is outstanding upon the earlier of (x) the termination of this Agreement and (y) the Facility Termination Date, then upon such termination the Borrower shall deposit with the Agent, for the benefit of the Agent and the Lenders, with respect to all LC Obligations, as the Agent in its discretion shall specify, either (i) a standby letter of credit (a “ Supporting Letter of Credit ”), in form and substance satisfactory to the Agent (in its Permitted Discretion), issued by an issuer satisfactory to the Agent (in its Permitted Discretion), in a stated amount equal to 105% of the difference of (x) the amount of LC Obligations at such time, less (y) the amount on deposit in the Facility LC Collateral Account at such time which is free and clear of all rights and claims of third parties and has not been applied against the Obligations (such difference, the “ Collateral Shortfall Amount ”), under which Supporting Letter of Credit the Agent is entitled to draw amounts necessary to reimburse the Agent, the LC Issuer and the Lenders for payments to be made by the Agent, the LC Issuer and the Lenders under any such Facility LC and any fees and expenses associated with such Facility LC, or (ii) cash, in immediately available funds, in an amount equal to 105% of the Collateral Shortfall Amount to be held in the Facility LC Collateral Account. Such Supporting Letter of Credit or deposit of cash shall be held by the Agent, for the benefit of the Agent and the Lenders, as security for, and to provide for the payment of, the aggregate undrawn amount of such Facility LC remaining outstanding.
 
44

2.1.3. Non-Ratable Loans. Subject to the restrictions set forth in Section 2.1.1(a), the Agent may elect to have the terms of this  Section 2.1.3  apply to any requested Floating Rate Advance and Chase shall thereafter make an Advance, on behalf of the Lenders and in the amount requested, available to the Borrower on the applicable Borrowing Date by transferring same day funds to the Funding Account. Each Advance made solely by the Agent pursuant to this  Section 2.1.3  is referred to in this Agreement as a “Non-Ratable Loan,” and such Advances are referred to as the “Non-Ratable Loans.” Each Non-Ratable Loan shall be subject to all the terms and conditions applicable to other Advances funded by the Lenders, except that all payments thereon shall be payable to Chase solely for its own account. The aggregate amount of Non-Ratable Loans outstanding at any time shall not exceed $20,000,000. The Agent shall not make any Non-Ratable Loan if the requested Non-Ratable Loan exceeds Availability (before giving effect to such Non-Ratable Loan). Non-Ratable Loans may be made even if a Default or Unmatured Default exists, but may not be made if the conditions precedent set forth in  Section 4.2  (other than Section 4.2(a) ) have not been satisfied. The Non-Ratable Loans shall be secured by the Liens granted to the Agent in and to the Collateral and shall constitute Obligations hereunder. All Non-Ratable Loans shall be Floating Rate Advances and are subject to the settlement provisions set forth in  Section 2.19 .
2.1.4. Protective Advances, Swingline Loans and Overadvances.
(a) Protective Advances. Subject to the limitations set forth below, the Agent is authorized by the Borrower and the Lenders, from time to time in the Agent’s sole discretion (but shall have absolutely no obligation to), to make Advances, on behalf of all Lenders, in an aggregate amount outstanding at any time that, when added to the aggregate amount of Overadvances outstanding at such time, does not exceed 5% of the Aggregate Commitment at such time, which the Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required to be paid by the Borrower pursuant to the terms of this Agreement, including costs, fees, and expenses as described in  Section 9.6  (any of such Advances are herein referred to as “ Protective Advances ”);  provided  that, no Protective Advance shall cause the Aggregate Credit Exposure to exceed the Aggregate Commitment. Protective Advances may be made even if the conditions precedent set forth in Section 4.2  have not been satisfied. The Protective Advances shall be secured by the Liens in favor of the Agent in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be Floating Rate Advances, shall bear interest at the default rate set forth in  Section 2.12  and shall be payable on the earlier of demand or the Facility Termination Date. The Required Lenders may at any time revoke the Agent’s authorization to make Protective Advances. Any such revocation must be in writing and shall become effective prospectively upon the Agent’s receipt thereof. At any time that there is sufficient Availability and the conditions precedent set forth in  Section 4.2  have been satisfied, the Agent may request the Lenders to make a Revolving Loan to repay a Protective Advance. At any other time the Agent may require the Lenders to fund their risk participations described in  Section 2.2 .
 
45

(b) Swingline Loans. Subject to the terms and conditions set forth herein, the Agent is authorized by the Borrower and the Lenders, from time to time in the Agent’s sole discretion (but shall have absolutely no obligation to), to make Swingline Loans, on behalf of all Lenders, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $30,000,000 or (ii) the Aggregate Credit Exposure exceeding the lesser of the (x) Aggregate Commitment and (y) the Borrowing Base;  provided  that the Agent shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Agent of such request by telephone (confirmed by facsimile), not later than 11:00 a.m., Chicago time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Agent shall make each Swingline Loan available to the Borrower by means of a credit to the Funding Account (or, in the case of a Swingline Loan made to finance the reimbursement of a Facility LC as provided in  Section 2.1.2(e) , by remittance to the LC Issuer, and in the case of repayment of another Loan or fees or expenses as provided herein, by remittance to the Agent to be distributed to the Lenders) by 2:00 p.m., Chicago time, on the requested date of such Swingline Loan. All Swingline loans shall be Floating Rate Advances, shall bear interest at the default rate set forth in  Section 2.12  and shall be payable on the earlier of demand or the Facility Termination Date.
The Agent may require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. In such event, the Agent shall give the Lenders notice, specifying the aggregate amount of Swingline Loans in which Lenders will participate, as well as each Lender’s Pro Rata Share of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Agent such Lender’s Pro Rata Share of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by transfer of immediately available funds, in the same manner as provided in  Section 2.1.1(d)  (and  Section 2.1.1(d)  shall apply,  mutatis mutandis , to the payment obligations of the Lenders). Any amounts received by the Agent from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Agent of the proceeds of a sale of participations therein shall be promptly remitted by the Agent to the Lenders that shall have made their payments pursuant to this paragraph or retained by the Agent, as their interests may appear;  provided  that any such payment so remitted shall be repaid to the Agent if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.
 
46

(c) Overadvances. Any provision of this Agreement to the contrary notwithstanding, at the request of the Borrower Representative on behalf of the Borrower, the Agent may in its sole discretion (but shall have absolutely no obligation to), make Advances to the Borrower Representative (for the account of the Borrower), on behalf of the Lenders, in amounts that exceed Availability (any such excess Advances are herein referred to collectively as “ Overadvances ”); provided  that, (i) no such event or occurrence shall cause or constitute a waiver of the Agent’s or Lenders’ right to refuse to make any further Swingline Loans, Overadvances, Revolving Loans or Non-Ratable Loans, or issue Facility LCs, as the case may be, at any time that an Overadvance exists, (ii) no Overadvance shall result in a Default or Unmatured Default due to the Borrower’s failure to comply with  Section 2.1.1(a)  for so long as the Agent permits such Overadvance to remain outstanding, but solely with respect to the amount of such Overadvance and (iii) the aggregate amount of Overadvances outstanding at any time, when added to the aggregate amount of Protective Advances outstanding at such time, shall not exceed 5% of the Aggregate Commitment at such time. In addition, Overadvances may be made even if a Default or Unmatured Default exists, but may not be made if the conditions precedent set forth in  Section 4.2  have not been satisfied (other than the condition regarding Availability and other than  Section 4.2(a) ). All Overadvances shall constitute Floating Rate Advances, shall bear interest at the default rate set forth in  Section 2.12,  shall be payable on the earlier of demand or the Facility Termination Date and are subject to the settlement provisions set forth in  Section 2.19 . The authority of the Agent to make Overadvances is limited to an aggregate amount not to exceed 5% of the Borrowing Base at any time, no Overadvance may remain outstanding for more than thirty days and no Overadvance shall cause any Lender’s Credit Exposure to exceed its Commitment or the Aggregate Credit Exposure to exceed the Aggregate Commitment;  provided  that, the Required Lenders may at any time revoke the Agent’s authorization to make Overadvances. Any such revocation must be in writing and shall become effective prospectively upon the Agent’s receipt thereof.
2.2. Ratable Loans; Risk Participation. Except as otherwise provided below, each Advance made in connection with a Revolving Loan shall consist of Loans made by each Lender in an amount equal to such Lender’s Pro Rata Share. Upon the making of an Advance by the Agent in connection with a Non-Ratable Loan, a Swingline Loan, an Overadvance or a Protective Advance (whether before or after the occurrence of a Default or an Unmatured Default and regardless of whether the Agent has requested a Settlement with respect to such Non-Ratable Loan, Swingline Loan, Overadvance or Protective Advance), the Agent shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Agent, without recourse or warranty, an undivided interest and participation in such Non-Ratable Loan, Swingline Loan, Overadvance or Protective Advance in proportion to its Pro Rata Share of the Aggregate Commitment. From and after the date, if any, on which any Lender is required to fund its participation in any Non-Ratable Loan, Swingline Loan, Overadvance or Protective Advance purchased hereunder, the Agent shall promptly distribute to such Lender, such Lender’s Pro Rata Share of all payments of principal and interest and all proceeds of Collateral received by the Agent in respect of such Loan.
 
47

2.3. Payment of the Obligations. The Borrower shall repay the outstanding principal balance of the Loans, together with all other Obligations, including all accrued and unpaid interest thereon, on the Facility Termination Date.
2.4. Minimum Amount of Each Advance. Each Eurodollar Advance shall be in the minimum amount of $5,000,000 and in multiples of $1,000,000 if in excess thereof. Floating Rate Advances may be in any amount.
2.5. Funding Account. The Borrower Representative shall deliver to the Agent, on the Effective Date, a notice setting forth the deposit account of the Borrower Representative (the “ Funding Account ”) to which the Agent is authorized by the Borrower to transfer the proceeds of any Advances requested pursuant to this Agreement. The Borrower Representative may designate a replacement Funding Account from time to time by written notice to the Agent. Any designation by the Borrower Representative of the Funding Account must be reasonably acceptable to the Agent.
2.6. Reliance Upon Authority; No Liability. The Agent is entitled to rely conclusively on any individual’s request for Advances hereunder, so long as the proceeds thereof are to be transferred to the Funding Account. The Agent shall have no duty to verify the identity of any individual representing himself or herself as a person authorized by the Borrower to make such requests on their behalf. The Agent shall not incur any liability to the Borrower as a result of acting upon any notice referred to in  Section 2.1  which the Agent reasonably believes to have been given by an officer or other person duly authorized by the Borrower to request Advances on their behalf or for otherwise acting under this Agreement. The crediting of Advances to the Funding Account shall conclusively establish the obligation of the Borrower to repay such Advances as provided herein.
2.7. Conversion and Continuation of Outstanding Advances. Floating Rate Advances shall continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into Eurodollar Advances pursuant to this  Section 2.7  or are repaid in accordance with this Agreement. Each Eurodollar Advance shall continue as a Eurodollar Advance until the end of the then applicable Interest Period therefor, at which time such Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such Eurodollar Advance is or was repaid in accordance with this Agreement or (y) the Borrower Representative shall have given the Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurodollar Advance continue as a Eurodollar Advance for the same or another Interest Period. Subject to the terms of  Section 2.4 , the Borrower Representative may elect from time to time to convert all or any part of a Floating Rate Advance into a Eurodollar Advance on behalf of the applicable Borrower. The Borrower Representative shall give the Agent irrevocable notice in the form of Exhibit B (a “ Conversion/Continuation Notice ”) of each conversion of a Floating Rate Advance into a Eurodollar Advance or continuation of a Eurodollar Advance not later than 10:00 a.m. (Chicago time) at least three Business Days prior to the date of the requested conversion or continuation, specifying (i) the requested date, which shall be a Business Day, of such conversion or continuation, (ii) the aggregate amount and Type of the Advance which is to be converted or continued, and (iii) the amount of such Advance which is to be converted into or continued as a Eurodollar Advance and the duration of the Interest Period applicable thereto.
 
48

2.8. Telephonic Notices. The Borrower hereby authorizes the Lenders and the Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Agent or any Lender in good faith believes to be acting on behalf of the Borrower Representative, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower Representative agrees to deliver promptly to the Agent a written confirmation, if such confirmation is requested by the Agent or any Lender, of each telephonic notice signed by an Authorized Officer of the Borrower Representative. If the written confirmation differs in any material respect from the action taken by the Agent and the Lenders, the records of the Agent and the Lenders shall govern absent manifest error.
2.9. Notification of Advances, Interest Rates and Repayments. Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. Promptly after notice from the LC Issuer, the Agent will notify each Lender of the contents of each request for issuance of a Facility LC hereunder or any Modification. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.
2.10. Fees.
(a) Unused Commitment Fee. The Borrower agrees to pay to the Agent, for the account of each Lender in accordance with such Lender’s Pro Rata Share, an unused commitment fee at a per annum rate equal to the Applicable Fee Rate on the average daily Available Commitment, such fee to be payable in arrears on each Payment Date hereafter and on the Facility Termination Date (the “ Unused Commitment Fee ”).
(b) LC Fees. The Borrower shall pay to the Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata Shares, a letter of credit fee at a per annum rate equal to the Applicable Margin for Eurodollar Loans in effect from time to time on the average daily undrawn stated amount under each Facility LC, such fee to be payable in arrears on each Payment Date (the “ LC Fee ”). The Borrower shall also pay to the LC Issuer for its own account (x) a fronting fee of 0.125% per annum of the face amount of the Facility LC, based on average daily undrawn amounts under each Facility LC and payable in arrears on each Payment Date, and (y) documentary and processing charges in connection with the issuance or Modification of and draws under Facility LCs in accordance with the LC Issuer’s standard schedule for such charges as in effect from time to time.
(c) Agent and Arranger Fees. The Borrower agrees to pay all fees and expenses payable to the Agent, Arrangers and Lenders.
2.11. Interest Rates. Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurodollar Advance into a Floating Rate Advance pursuant to  Section 2.7 , to but excluding the date it is paid or is converted into a Eurodollar Advance
 
49

pursuant to Section 2.7 hereof, at a rate per annum equal to the Floating Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Agent as applicable to such Eurodollar Advance based upon the Borrower Representative’s selections under  Sections 2.1.1  and  2.7  and otherwise in accordance with the terms hereof. No Interest Period may end after the Facility Termination Date. If at any time Loans are outstanding with respect to which the Borrower Representative has not delivered a notice to the Agent specifying the basis for determining the interest rate applicable thereto, those Loans shall bear interest at the Floating Rate.
2.12. Eurodollar Advances Post Default; Default Rates. Notwithstanding anything to the contrary contained hereunder, during the continuance of a Default or Unmatured Default the Agent or the Required Lenders may, at their option, by notice to the Borrower Representative (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of  Section 8.3  requiring unanimous consent of the Lenders to reductions in interest rates), declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a default in the payment of the principal, interest or any other amount due hereunder or under another Loan Document, the Agent or the Required Lenders may, at their option, by notice to the Borrower Representative (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of  Section 8.3  requiring unanimous consent of the Lenders to reductions in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period  plus  2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time  plus  2% per annum and (iii) the LC Fee shall be increased by 2% per annum,  provided  that, during the continuance of a Default under subsection (f) or (g) of Article VII, the interest rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Credit Extensions without any election or action on the part of the Agent or any Lender.
2.13. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof and at maturity. Interest accrued on each Eurodollar Advance shall be payable on each Payment Date. Interest on all Advances, Unused Commitment Fees and LC Fees shall be calculated for actual days elapsed on the basis of a 360-day year (or 365/366 days, in the case of Loans the interest rate payable on which is based on the Prime Rate). Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. After giving effect to any Loan, Advance, continuation, or conversion of any Eurodollar Rate Loan, there may not be more than six different Interest Periods in effect hereunder.
 
50

2.14. Voluntary Prepayments. Subject to Section 2.25, the Borrower may from time to time prepay, but without penalty or premium, all or any portion of the outstanding Floating Rate Advances. The Borrower may also from time to time prepay, subject to the payment of any funding indemnification amounts required by  Section 3.4  but without penalty or premium, all outstanding Eurodollar Advances, or, in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Eurodollar Advances upon three Business Days’ prior notice to the Agent.
2.15. Mandatory Prepayments
(a) Borrowing Base Compliance. Except for Overadvances permitted pursuant to Section 2.1.4(c), the applicable Borrower shall immediately repay the Revolving Loans, Swingline Loans, Reimbursement Obligations and/or Non-Ratable Loans (and, if required, cash collateralize any undrawn Facility LC in the manner contemplated in  Section 2.1.2(j) ) if at any time the Aggregate Credit Exposure exceeds the lesser of (i) the Aggregate Commitment and (ii) the Borrowing Base (or, until the 2010 Parent Notes are discharged or defeased in accordance with Section 8.1 of the 2010 Parent Indenture, the amount permitted under and calculated in accordance with the definition of “Borrowing Base” in the 2010 Parent Indenture) to the extent required to eliminate such excess.
(b) Sale of Assets. (i) Except as set forth in Section 2.15(b)(ii), immediately upon receipt by the General Partner, the Borrower or any of its Subsidiaries of the Net Cash Proceeds of any asset disposition (other than (A) sales of inventory in the ordinary course of business and (B) up to $10,000,000 per Fiscal Year of Net Cash Proceeds from sales of obsolete or worn-out property in the ordinary course of business), the General Partner or applicable Borrower shall prepay the Obligations, or shall cause the applicable Subsidiary to deliver funds to the Agent for application to the Obligations, in an amount equal to all such Net Cash Proceeds. Any such prepayment shall be applied  first , to pay the principal of the Overadvances and Protective Advances,  second , to pay the principal of the Non-Ratable Loans and  third , to pay the principal of the Revolving Loans (including the Swingline Loans) without a concomitant reduction in the Aggregate Commitment.
(ii) So long as the 2010 Parent Indenture is in effect, notwithstanding Section 2.15(b)(i), if (x) the Borrower Representative delivers to the Agent a Reinvestment Notice with respect to an asset disposition and (y) the Reinvestment Deferred Amount related thereto is deposited in a deposit account located at, and subject to control agreements in favor of, the Agent, then such Reinvestment Deferred Amount may be (i) used to consummate Permitted Acquisitions and/or (ii) reinvested to acquire assets useful in the Borrower’s business (other than current assets);  provided  that on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant asset disposition shall be applied toward the prepayment of the Obligations as set forth in  Section 2.15(b)(i) .
(c) Issuance of Debt or Equity. If any Loan Party or any of its respective Subsidiaries issues Capital Stock or Indebtedness (other than Indebtedness permitted by  Sections 6.17(a),(c), (d), (e), (f), (g), (h), (j) and (k)) , no later than the Business Day following the date of receipt of any Net Cash Proceeds of such issuance or receipt of such
 
51

dividend, distribution, loan or advance, the Borrower, or applicable Loan Party, shall prepay the Obligations in an amount equal to all such Net Cash Proceeds. Any such prepayment shall be applied  first , to pay the principal of the Overadvances and Protective Advances,  second , to pay the principal of the Non-Ratable Loans and  third , to pay the principal of the Revolving Loans (including the Swingline Loans) without a concomitant reduction in the Aggregate Commitment. Notwithstanding the foregoing, so long as the 2010 Parent Indenture is in effect, all or any portion of any Net Cash Proceeds of any such issuance that is deposited in a deposit account located at, and subject to control agreements in favor of, the Agent may be (i) used to consummate Permitted Acquisitions and/or (2) reinvested to repair, rebuild or purchase replacement property, in each case within 12 months after the receipt of such Net Cash Proceeds, and if not so used or reinvested within such period, shall be applied as set forth in the first sentence of this  Section 2.15(c) .
(d) Insurance/Condemnation Proceeds. Any insurance or condemnation proceeds to be applied to the Obligations in accordance with  Section 6.7(d)  shall be applied as follows: (i) insurance proceeds from casualties or losses to cash or Inventory shall be applied,  first , to the Overadvances and Protective Advances, pro rata,  second , to the Non-Ratable Loans, third , to the Revolving Loans (including the Swingline Loans), and  fourth , to cash collateralize outstanding Facility LCs; and (ii) insurance or condemnation proceeds from casualties or losses to Equipment, Fixtures and real Property shall be applied  first , to pay the principal of the Overadvances and Protective Advances,  second , to pay the principal of the Non-Ratable Loans and  third , to pay the principal of the Revolving Loans (including Swingline Loans). The Aggregate Commitment shall not be permanently reduced by the amount of any such prepayments. If the precise amount of insurance or condemnation proceeds allocable to Inventory as compared to Equipment, Fixtures and real Property is not otherwise determined, the allocation and application of those proceeds shall be determined by the Agent, in its Permitted Discretion. Notwithstanding the foregoing, so long as the 2010 Parent Indenture is in effect, all or any portion of such insurance or condemnation proceeds that is deposited in a deposit account located at, and subject to control agreements in favor of, the Agent may be (i) used to consummate Permitted Acquisitions and/or (2) reinvested to repair, rebuild or purchase replacement property, in each case within 12 months after the receipt of such proceeds, and if not so used or reinvested within such period, shall be applied as set forth in the first sentence of this  Section 2.15(d) .
(e) General. Without in any way limiting the foregoing, immediately upon receipt by any Loan Party of proceeds of any sale of any Collateral, the Borrower shall cause such Loan Party to deliver such proceeds to the Agent, or deposit such proceeds in a deposit account subject to a Deposit Account Control Agreement. All of such proceeds shall be applied as set forth above or otherwise as provided in  Section 2.18 . Nothing in this  Section 2.15  shall be construed to constitute Agent’s or any Lender’s consent to any transaction that is not permitted by other provisions of this Agreement or the other Loan Documents.
 
52

2.16. Termination of the Commitments; Increase in Aggregate Commitment
(a) Without limiting Section 2.3 or Section 8.1, (a) the Aggregate Commitment shall expire on the Facility Termination Date and (b) the Aggregate Credit Exposure and all other unpaid Obligations shall be paid in full by the Borrower on the Facility Termination Date.
(b) The Borrower may terminate this Agreement with at least five Business Days’ prior written notice thereof to the Agent and the Lenders, upon (i) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Facility LCs (or alternatively, with respect to each such Facility LC, the furnishing to the Agent of a cash deposit or Supporting Letter of Credit as required by  Section 2.1.2(l) ), (iii) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon, and (iv) the payment in full of any amount due under  Section 3.4 .
(c) The Borrower shall have the right to increase the Aggregate Commitment by obtaining additional Commitments, either from one or more of the Lenders or another lending institution  provided  that (i) any such request for an increase shall be in a minimum amount of $25,000,000, (ii) the Aggregate Commitment does not exceed $550,000,000, (iii) the Borrower may make a maximum of two such requests, (iv) the Agent has approved the identity of any such new Lender, such approval not to be unreasonably withheld, (v) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and (vi) the procedures described in  Section 2.16(d)  have been satisfied.
(d) Any amendment hereto to effect such an increase or addition shall be in form and substance satisfactory to the Agent and shall only require the written signatures of the Agent, the Borrower and the Lender(s) being added or increasing their Commitment. As a condition precedent to such an increase, Borrower shall deliver to the Agent a certificate of each Loan Party (in sufficient copies for each Lender) signed by an authorized officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of the Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and (B) no Default or Unmatured Default exists. Promptly following the effectiveness of any such amendment, the Agent will provide a copy thereof to the Lenders.
(e) Within a reasonable time after the effective date of any increase, the Agent shall, and is hereby authorized and directed to, revise the Commitments set forth on  Schedule I  hereto to reflect such increase and shall distribute such revised schedule to each of the Lenders and the Borrower, whereupon such revised schedule shall replace the old schedule and become part of this Agreement. On the Business Day on which any such increase becomes effective, all outstanding Floating Rate Advances and Eurodollar Advances shall be reallocated among the Lenders (including any newly added Lenders)
 
53

in accordance with the Lenders’ respective revised Pro Rata Shares (and shall be deemed repaid in connection with any such reallocation).
2.17. Method of Payment
(a) All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Agent at the Agent’s address specified pursuant to  Article XIII , or at any other Lending Installation of the Agent specified in writing by the Agent to the Borrower Representative, by noon (local time) on the date when due and shall be applied ratably by the Agent among the Lenders. Any payment received by the Agent after such time shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue. Solely for purposes of determining the amount of Loans available for borrowing purposes, checks and cash or other immediately available funds from collections of items of payment and proceeds of any Collateral shall be applied in whole or in part against the Obligations, on the day of receipt, subject to actual collection. Each payment delivered to the Agent for the account of any Lender shall be delivered promptly by the Agent to such Lender in the same type of funds that the Agent received at its address specified pursuant to  Article XIII  or at any Lending Installation specified in a notice received by the Agent from such Lender.
(b) At the election of the Agent, all payments of principal, interest, reimbursement obligations in connection with Facility LCs, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to  Section 9.6 ), and other sums payable under the Loan Documents, may be paid from the proceeds of Advances made hereunder whether made following a request by the Borrower Representative pursuant to  Section 2.1  or a deemed request as provided in this  Section 2.17  or may be deducted from the Funding Account or any other deposit account of the Borrower maintained with the Agent. The Borrower hereby irrevocably authorizes (i) the Agent to make an Advance for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Non-Ratable Loans, Swingline Loans, Overadvances and Protective Advances) and that all such Advances shall be deemed to have been requested pursuant to  Section 2.1  and (ii) the Agent to charge the Funding Account or any other deposit account of the Borrower maintained with Chase for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.
2.18. Apportionment, Application, and Reversal of Payments. Except as otherwise required pursuant to Section 2.19, principal and interest payments shall be apportioned ratably among the Lenders as set forth in this Article II and payments of the fees shall, as applicable, be apportioned ratably among the Lenders, except for fees payable solely to the Agent or the LC Issuer and except as provided in  Section 2.10(c) . All payments shall be remitted to the Agent and all such payments not relating to principal or interest of specific Loans or not constituting payment of specific fees as specified by the Borrower Representative, and all proceeds of any Collateral received by the Agent, shall be applied, ratably, subject to the provisions of this Agreement, first , to pay any fees, indemnities, or expense reimbursements including amounts
 
54

then due to the Agent from the Borrower (other than in connection with Rate Management Transactions and Banking Services), second , to pay any fees or expense reimbursements then due to the Lenders from the Borrower (other than in connection with Rate Management Transactions and Bank Services),  third , to pay interest due in respect of the Overadvances and Protective Advances,  fourth , to pay the principal of the Overadvances and Protective Advances,  fifth , to pay interest due in respect of the Non-Ratable Loans,  sixth , to pay interest due in respect of the Revolving Loans and Swingline Loans (other than Non-Ratable Loans, Overadvances and Protective Advances),  seventh , to pay or prepay principal of the Non-Ratable Loans,  eighth , to pay or prepay principal of the Revolving Loans and Swingline Loans (other than Non-Ratable Loans, Overadvances and Protective Advances) and unpaid reimbursement obligations in respect of Facility LCs,  ninth , to pay an amount to the Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Facility LCs and the aggregate amount of any unpaid reimbursement obligations in respect of Facility LCs, to be held as cash collateral for such Obligations,  tenth , to payment of any amounts owing with respect to obligations of the Loan Parties in respect of any Rate Management Transactions (including Commodity Hedging Agreements) and Banking Services that are secured by the Collateral, and  eleventh , to the payment of any other Secured Obligation due to the Agent or any Lender by the Borrower. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower Representative, or unless a Default is in existence, neither the Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan, except (a) on the expiration date of the Interest Period applicable to any such Eurodollar Loan or (b) in the event, and only to the extent, that there are no outstanding Floating Rate Loans and, in any event, the Borrower shall pay the Eurodollar breakage losses in accordance with Section 3.4 . The Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.
2.19. Settlement. Each Lender’s funded portion of the Loans is intended by the Lenders to be equal at all times to such Lender’s Pro Rata Share of the outstanding Loans. Notwithstanding such agreement, the Agent, Chase, and the Lenders agree (which agreement shall not be for the benefit of or enforceable by the Loan Parties) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among them as to the Loans, including the Non-Ratable Loans, Swingline Loans and Overadvances shall take place on a periodic basis as follows. The Agent shall request settlement (a “ Settlement ”) with the Lenders on at least a weekly basis, or on a more frequent basis at the Agent’s election, by notifying the Lenders of such requested Settlement by telecopy, telephone, or e-mail no later than 12:00 noon (Chicago time) on the date of such requested Settlement (the “ Settlement Date ”). Each Lender (other than the Agent, in the case of the Non-Ratable Loans, Swingline Loans and Overadvances) shall transfer the amount of such Lender’s Pro Rata Share of the outstanding principal amount of the applicable Loan with respect to which Settlement is requested to the Agent, to such account of the Agent as the Agent may designate, not later than 2:00 p.m. (Chicago time), on the Settlement Date applicable thereto. Settlements may occur during the existence of a Default or an Unmatured Default and whether or not the applicable conditions precedent set forth in  Section 4.2  have then been satisfied. Such amounts transferred to the Agent shall be applied against the amounts of the applicable Loan and, together with Chase’s Pro Rata Share of such Non-Ratable Loan, Swingline Loan or Overadvance, shall constitute Revolving Loans of such Lenders, respectively. If any such amount is not transferred to the Agent by any Lender on the Settlement Date applicable thereto, the Agent shall be entitled
 
55

to recover such amount on demand from such Lender together with interest thereon as specified in Section 2.23.
2.20. Indemnity for Returned Payments. If after receipt of any payment which is applied to the payment of all or any part of the Obligations, the Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Agent or such Lender and the Borrower shall be liable to pay to the Agent and the Lenders, and the Borrower hereby indemnifies the Agent and the Lenders and holds the Agent and the Lenders harmless for the amount of such payment or proceeds surrendered. The provisions of this  Section 2.20  shall be and remain effective notwithstanding any contrary action which may have been taken by the Agent or any Lender in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the Agent’s and the Lenders’ rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds having become final and irrevocable. The provisions of this  Section 2.20  shall survive the termination of this Agreement.
2.21. Noteless Agreement; Evidence of Indebtedness.
(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(b) The Agent shall also maintain accounts in which it will record (i) the amount of each Loan extended hereunder, the Type thereof, the name of the Borrower who requested such Loan and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, (iii) the original stated amount of each Facility LC and the amount of LC Obligations outstanding at any time, and (iv) the amount of any sum received by the Agent hereunder from the Borrower and each Lender’s share thereof.
(c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall, absent manifest error, be  prima facie  evidence of the existence and amounts of the Obligations therein recorded;  provided however ,  that the failure of the Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. The Agent shall, in accordance with its regular practice, deliver to the Borrower periodic statements with respect to the accounts maintained pursuant to paragraphs (a) and (b) above.
(d) Any Lender may request that its Revolving Loans be evidenced by a promissory note in substantially the form of Exhibit C  (a “ Note ”). In such event, the Borrower shall prepare, execute and deliver to such Lender such Note payable to the
 
56

order of such Lender. Thereafter, the Revolving Loans evidenced by such Note and interest thereon shall at all times (prior to any assignment pursuant to  Section 12.3 ) be represented by one or more Notes payable to the order of the payee named therein, except to the extent that any such Lender subsequently returns any such Note for cancellation and requests that such Revolving Loans once again be evidenced as described in paragraphs (a) and (b) above.
2.22. Lending Installations. Each Lender may book its Loans and its participation in any LC Obligations and the LC Issuer may book the Facility LCs at any Lending Installation selected by such Lender or the LC Issuer, as the case may be, and may change its Lending Installation from time to time;  provided ,  however , such selection shall not increase, if otherwise reasonably avoidable, the Borrower’s costs under Article III. All terms of this Agreement shall apply to any such Lending Installation and the Loans, Facility LCs, Reimbursement Obligations and any Notes issued hereunder shall be deemed held by each Lender or the LC Issuer, as the case may be, for the benefit of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to the Agent and the Borrower Representative in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans will be made by it or Facility LCs will be issued by it and for whose account Loan payments or payments with respect to Facility LCs are to be made.
2.23. Non-Receipt of Funds by the Agent; Defaulting Lenders.
(a) Unless the Borrower Representative or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made. The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.
(b) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(i) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.10(a) ;
(ii) the Commitment and Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders
 
57

have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 8.3 ),  provided  that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender;
(c) If any exposure in respect of Swingline Loans or Letters of Credit (“Swingline Exposure” and “ LC Exposure ”, respectively) exists at the time a Lender becomes a Defaulting Lender then:
(i) all or any part of such exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Pro Rata Share but only to the extent (x) the sum of all non-Defaulting Lenders’ Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments and (y) the conditions set forth in  Section 4.2  are satisfied at such time;
(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in  Section 2.1.2(j)  for so long as such LC Exposure is outstanding;
(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to Section 2.23(c)(ii) , the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b)  with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to Section 2.23(c)(i), then the fees payable to the Lenders pursuant to  Section 2.10(a)  and  Section 2.10(b)  shall be adjusted in accordance with such non-Defaulting Lenders’ Pro Rata Share; and
(v) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to Section 2.23(c)(i) , then, without prejudice to any rights or remedies of the LC Issuer or any Lender hereunder, all Unused Commitment Fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and Letter of Credit fees payable under  Section 2.10(b)  with respect to such Defaulting Lender’s LC Exposure shall be payable to the LC Issuer until such LC Exposure is cash collateralized and/or reallocated.
 
58

(d) So long as any Lender is a Defaulting Lender, the Agent shall not be required to fund any Swingline Loan and the LC Issuer shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with  Section 2.23(c)(ii) , and participating interests in any such newly issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with  Section 2.23(c)(i)  (and Defaulting Lenders shall not participate therein).
(e) Any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to  Section 2.18 ) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by the Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender to the LC Issuer hereunder, (iii) third, if so determined by the Agent or requested by an LC Issuer, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any existing or future participating interest in any Swingline Loan or Letter of Credit, (iv) fourth, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent, (v) fifth, if so determined by the Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any Loans under this Agreement, (vi) sixth, to the payment of any amounts owing to the Agent, the Lenders or an LC Issuer as a result of any judgment of a court of competent jurisdiction obtained by the Agent, any Lender or such LC Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, (vii) seventh, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and (viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided  that, with respect to this clause (viii), that if such payment is (x) a prepayment of the principal amount of any Loans or reimbursement obligations in respect of Letters of Credit which a Defaulting Lender has funded its participation obligations and (y) made at a time when the conditions set forth in  Section 4.2  are satisfied, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender.
In the event that the Agent, the Borrower and the LC Issuer each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Agent shall determine may be necessary in order for such Lender to hold
 
59

such Loans in accordance with its Pro Rata Share. The operation of this Section shall not be construed to increase or otherwise affect the Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder.
2.24. Limitation of Interest. The Borrower, the Agent and the Lenders intend to strictly comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this  Section 2.24  shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this  Section 2.24 , even if such provision declares that it controls. As used in this  Section 2.24 , the term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law,  provided  that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal parts during the full term of the Obligations. In no event shall the Borrower or any other Person be obligated to pay, or any Lender have any right or privilege to reserve, receive or retain, (a) any interest in excess of the maximum amount of nonusurious interest permitted under the laws of the State of New York or the applicable laws (if any) of the U.S. or of any other applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged.
2.25. Applicable Mortgage Minimum Amount. Notwithstanding anything to the contrary in this Agreement, (a) the Borrower shall not optionally prepay or reduce the Aggregate Credit Exposure pursuant to  Section 2.14  to the extent that, after giving effect thereto, the Aggregate Credit Exposure would be less than the Applicable Mortgage Minimum Amount and (b) to the extent that the Aggregate Credit Exposure exceeds the Applicable Mortgage Minimum Amount at the time of any Credit Extension under this Agreement as a result of the requirements of  Section 2.15 , the Borrower shall, as a condition to each such Credit Extension, pay all mortgages recording taxes, documentary stamp taxes, intangible taxes and other similar taxes payable under the Applicable Mortgages in connection such Credit Extension.
ARTICLE III
YIELD PROTECTION; TAXES
3.1. Yield Protection. If, on or after the Effective Date, the adoption of any law or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or not having the force of law), or any change in the interpretation or administration thereof by any governmental or quasi-governmental authority, central bank or comparable agency charged with the interpretation or administration thereof or and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing) or compliance by any Lender or applicable Lending Installation or the LC Issuer with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency or and any group or body charged with setting financial accounting or
 
60

regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing) made after the Effective Date:
(a) subjects any Lender or any applicable Lending Installation or the LC Issuer to any Taxes, or changes the basis of taxation of payments (other than with respect to Excluded Taxes) to any Lender or the LC Issuer in respect of its Eurodollar Loans, Facility LCs or participations therein, or
(b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or the LC Issuer (other than reserves and assessments taken into account in determining the interest rate applicable to Eurodollar Advances), or
(c) imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation or the LC Issuer of making, funding, converting to, continuing or maintaining its Eurodollar Loans, or of issuing or participating in Facility LCs, or reduces any amount receivable by any Lender or any applicable Lending Installation or the LC Issuer in connection with its Eurodollar Loans, Facility LCs or participations therein, or requires any Lender or any applicable Lending Installation or the LC Issuer to make any payment calculated by reference to the amount of Eurodollar Loans, Facility LCs or participations therein held or interest or LC Fees received by it, by an amount deemed material by such Lender or the LC Issuer as the case may be,
and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Installation or the LC Issuer, as the case may be, of making, converting to, continuing or maintaining its Eurodollar Loans or Commitment or of issuing or participating in Facility LCs or to reduce the return received by such Lender or applicable Lending Installation or the LC Issuer, as the case may be, in connection with such Eurodollar Loans, Commitment, Facility LCs or participations therein, then, within fifteen days of demand by such Lender or the LC Issuer, as the case may be, the Borrower shall pay such Lender or the LC Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the LC Issuer, as the case may be, for such increased cost or reduction in amount received. Notwithstanding anything to the contrary in  this Section 3.1 , the Borrower shall not be required to compensate a Lender pursuant to this  Section 3.1  for any amounts incurred more than six months prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefore; and  provided  that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. If any Lender becomes entitled to claim any additional amounts pursuant to this  Section 3.1 , it shall promptly notify the Borrower (with a copy to the Agent) of the event by reason of which it has become so entitled and shall include in such notice a calculation of such additional amounts in reasonable detail. Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform
 
61

and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith (whether or not having the force of law) or in implementation thereof, and (ii) all requests, rules, regulations, guidelines, interpretations, requirements, interpretations and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law), in each case pursuant to Basel III, shall, in each case, be deemed to be Change, regardless of the date enacted, adopted, issued or implemented.
3.2. Changes in Capital Adequacy Regulations. If a Lender or the LC Issuer determines the amount of capital required or expected to be maintained by such Lender or the LC Issuer, any Lending Installation of such Lender or the LC Issuer, or any corporation controlling such Lender or the LC Issuer is increased as a result of a Change, then, within fifteen days of demand by such Lender or the LC Issuer, the Borrower shall pay such Lender or the LC Issuer the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender or the LC Issuer determines is attributable to this Agreement, its Credit Exposure or its Commitment to make Loans and issue or participate in Facility LCs or Swingline loans, as the case may be, hereunder (after taking into account such Lender’s or the LC Issuer’s policies as to capital adequacy);  provided  that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of law) and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank of International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law), in each case pursuant to Basel III, shall in each case be deemed to be a Change regardless of the date enacted, adopted, issued, promulgated or implemented. “ Change ” means (i) any change after the date of this Agreement in the Risk-Based Capital Guidelines (as defined below) or (ii) any adoption of or change in any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) after the date of this Agreement which affects the amount of capital required or expected to be maintained by any Lender or the LC Issuer or any Lending Installation or any corporation controlling any Lender or the LC Issuer. “ Risk-Based Capital Guidelines ” means (i) the risk-based capital guidelines in effect in the U.S. on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the U.S. implementing the June 2006 document of the Basel Committee on Banking Regulation and Supervisory Practices entitled “Basel II: International Convergence of Capital Measurements and Capital Standards: A Revised Framework – Comprehensive Version,” including transition rules, and any amendments to such regulations adopted prior to the date of this Agreement. Notwithstanding anything herein or otherwise to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a “Change”, regardless of the date enacted, adopted, issued or implemented.
 
62

3.3. Availability of Types of Advances. If any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or (ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of making or maintaining Eurodollar Advances, then the Agent shall suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the payment of any funding indemnification amounts required by  Section 3.4 .
3.4. Funding Indemnification. If any payment of a Eurodollar Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a Eurodollar Advance is not made on the date specified by the Borrower Representative for any reason other than default by the Lenders, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Advance.
3.5. Taxes.
(a) All payments by the Borrower to or for the account of any Lender, the LC Issuer or the Agent hereunder or under any Note or Facility LC Application shall be made free and clear of and without deduction or withholding for or on account of any and all Taxes. If the Borrower or the Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender, the LC Issuer or the Agent, (a) if such Tax is an Indemnified Tax or Other Tax, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this  Section 3.5 ) such Lender, the LC Issuer or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) the Borrower or the Agent shall make such deductions, (c) the Borrower or the Agent shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) the Borrower shall furnish to the Agent a certified copy of all official receipts evidencing payment thereof as promptly as possible but in any case within thirty days after such payment is made.
(b) In addition, the Borrower hereby agrees to pay any present or future stamp, court, documentary, intangible, recording, filing or similar Taxes and any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under any Note or Facility LC Application or from the execution, delivery, perfrocmance or enforcement of, or otherwise with respect to, this Agreement or any Note or Facility LC Application (“ Other Taxes ”). The Borrower shall furnish to the Agent a certified copy of all official receipts evidencing payment thereof as promptly as possible but in any case within thirty days after such payment is made.
(c) The Borrower hereby agrees to indemnify the Agent, the LC Issuer and each Lender for (i) the full amount of Indemnified Taxes or Other Taxes (including, without limitation, any Indemnified Taxes or Other Taxes imposed on amounts payable under this
 
63

Section 3.5) paid by the Agent, the LC Issuer or such Lender as a result of its Commitment, any Loans made by it hereunder, any Facility LC issued hereunder or otherwise in connection with its participation in this Agreement and any liability (including penalties, interest and reasonable expenses) arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted and (ii) for any incremental taxes, interest or penalties arising from Borrower’s failure to pay any Indemnified Taxes or Other Taxes when due or failure to remit to the Agent the required receipts or other required documentary evidence, except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification. Payments due under this indemnification shall be made within thirty days of the date the Agent, the LC Issuer or such Lender makes demand therefor pursuant to Section 3.6 .
(d) Each Lender and LC Issuer shall indemnify the Agent within 10 days after demand therefor, for (i) the full amount of any Indemnified Taxes attributable to such Lender that are payable or paid by the Agent, (but only to the extent that any Loan Party has not already indemnified that Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so) and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(c)  relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this paragraph (d).
(e) Each Lender that is not incorporated under the laws of the U.S. or a state thereof (each a “Non-U.S. Lender ”) agrees that it will, not more than ten Business Days after the date of this Agreement, (i) deliver to the Borrower Representative and the Agent either (x) two duly completed copies of U.S. Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any, or is subject to a reduced rate of withholding of, U.S. federal income taxes, or (y) if claiming an exemption from U.S. withholding tax under Section 871(h) or 881(c) of the Internal Revenue Code, a duly completed copy of the U.S. Internal Revenue Service Form W-8BEN and a properly executed certificate representing that such Non-U.S. Lender is not a “bank” for purposes of Section 881(c)(3)(A) of the Internal Revenue Code, is not a “ten percent (10%) shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, is not a “controlled foreign corporation” related to the Borrower within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code, or (z) if not the beneficial owner, a duly completed copy of the U.S. Internal Revenue Service Form W-8IMY, accompanied by U.S. Internal Revenue Service Form W-8ECI, Form W-8BEN, Form W-9 and/or other certification documents from each beneficial owner, as
 
64

applicable, and (ii) deliver to the Borrower Representative and the Agent a U.S. Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption from U.S. backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the Borrower Representative and the Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the Borrower Representative or the Agent. All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any, or is subject to a reduced rate of withholding of, U.S. federal income taxes,  unless  an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower Representative and the Agent that it is not capable of receiving payments without any deduction or withholding, or at the reduced rate of withholding, of U.S. federal income tax. Notwithstanding any other provision of this paragraph, a Non-U.S. Lender shall not be required to deliver any form pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver.
(f) For any period during which a Non-U.S. Lender has failed to provide the Borrower Representative with an appropriate form pursuant to clause (d), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any governmental authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this  Section 3.5  with respect to Taxes imposed by the U.S.;  provided  that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under clause (d), above, the Borrower shall, at the expense of such Non-U.S. Lender, take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes.
(g) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under this Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower Representative (with a copy to the Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate.
(h) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA, such Lender shall deliver to the Borrower and Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or Agent, such documentation prescribed by applicable law and such additional documentation reasonably requested by the Borrower
 
65

or Agent as may be necessary for the Borrower or Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (h), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
3.6. Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Loans to reduce any liability of the Borrower to such Lender under  Sections 3.1 ,  3.2  and  3.5  or to avoid the unavailability of Eurodollar Advances under  Section 3.3 , (subject to overall policy considerations of such Lender); provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to  Section 3.1 ,  3.2 , 3.4  or  3.5 . Each Lender shall deliver a written statement of such Lender to the Borrower Representative (with a copy to the Agent) as to the amount due, if any, under  Section 3.1 ,  3.2 ,  3.4  or  3.5 . Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower Representative of such written statement. The obligations of the Borrower under  Sections 3.1 ,  3.2 ,  3.4  and  3.5  shall survive payment of the Obligations and termination of this Agreement.
3.7. Replacement of Lender. If the Borrower is required pursuant to Section 3.1, 3.2 or 3.5 to make any additional payment to any Lender or if any Lender’s obligation to make or continue, or to convert Floating Rate Advances into, Eurodollar Advances shall be suspended pursuant to  Section 3.3  or if any Lender is a Defaulting Lender (any such Lender, an “ Affected Lender ”), the Borrower may elect, if such amounts continue to be charged or such suspension is still effective, to replace such Affected Lender as a Lender party to this Agreement,  provided  that, no Default or Unmatured Default shall have occurred and be continuing at the time of such replacement, and  provided further  that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Agent shall agree, as of such date, to purchase for cash the Advances and other Obligations due to the Affected Lender pursuant to an Assignment Agreement (and a Defaulting Lender shall be deemed to have executed and delivered such Assignment Agreement if it fails to do so) and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of  Section 12.3  applicable to assignments, and (ii) the Borrower shall pay to such Affected Lender in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Affected Lender under  Sections 3.1 ,  3.2  and  3.5 , and (B) an amount, if any, equal to the payment which would have been due to such Lender on the
 
66

day of such replacement under Section 3.4 had the Loans of such Affected Lender been prepaid on such date rather than sold to the replacement Lender.
ARTICLE IV
CONDITIONS PRECEDENT
4.1. Effectiveness. This Agreement will not become effective unless the Loan Parties have satisfied each of the following conditions in a manner satisfactory to the Agent and the Lenders, and with respect to any condition requiring delivery of any agreement, certificate, document, or instrument, the Loan Parties shall have furnished to the Agent sufficient copies of any such agreement, certificate, document, or instrument for distribution to the Lenders.
(a) This Agreement or counterparts hereof shall have been duly executed by each Loan Party and the Agent, and the Agent shall have received duly executed copies of the Loan Documents and such other documents, instruments, agreements and legal opinions as the Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, each in form and substance reasonably satisfactory to the Agent.
(b) Each Loan Party shall have delivered copies of its articles or certificate of incorporation or organization, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation or organization.
(c) Each Loan Party shall have delivered copies, certified by its Secretary or Assistant Secretary, of its by-laws or operating, management or partnership agreement and of its Board of Directors’ resolutions or the resolutions of its members and of resolutions or actions of any other body authorizing the execution, delivery and performance of the Loan Documents to which such Loan Party is a party.
(d) Each Loan Party shall have delivered an incumbency certificate, executed by its Secretary or Assistant Secretary, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers such Loan Party authorized to sign the Loan Documents to which such Loan Party is a party, upon which certificate the Agent and the Lenders shall be entitled to rely until informed of any change in writing by such Loan Party.
(e) The Borrower shall have delivered a certificate, signed by the chief financial officer of the Borrower, on the initial Credit Extension Date (i) stating that no Default or Unmatured Default has occurred and is continuing, (ii) stating that the representations and warranties contained in  Article V  are true and correct as of such Credit Extension Date, (iii) specifying the deposit account at Chase which shall be used as the Funding Account, (iv) certifying that the condition set forth in clause (t) below has been met, and (v) certifying any other factual matters as may be reasonably requested by the Agent or any Lender.
 
67

(f) The Loan Parties shall have delivered a written legal opinion of the Loan Parties’ counsel, addressed to the Agent, the LC Issuer and the Lenders in substantially the form of  Exhibit D  and the legal opinion of such other special and local counsel as may be required by the Agent.
(g) The Borrower shall have delivered any Notes requested by a Lender pursuant to Section 2.21 payable to the order of each such requesting Lender.
(h) The Borrower shall have delivered money transfer authorizations as the Agent may have reasonably requested.
(i) The Agent shall have received the results of a recent Lien and other searches that the Agent deems necessary and such searches shall reveal no Liens on any of the assets of the Loan Parties except for Permitted Liens or Liens discharged on or prior to the Effective Date pursuant to documentation satisfactory to the Agent, the Loan Parties shall have delivered UCC termination statements or amendments to existing UCC financing statements with respect to any filings against the Collateral as may be requested by the Agent and shall have authorized the filing of such termination statements or amendments, the Agent shall have been authorized to file any UCC financing statements that the Agent deems necessary to perfect its Liens in the Collateral and Liens creating a first priority security interest in the Collateral in favor of the Agent shall be in proper form for filing, registration or recordation.
(j) The Borrower Representative shall have delivered a Borrowing Base Certificate which calculates the Borrowing Base and the “Borrowing Base” as defined in the 2010 Parent Indenture, in each case as of the end of the Business Day immediately preceding the Effective Date.
(k) The Borrower shall have delivered to the Agent the Borrower’s most recent projected income statement, balance sheet and cash flows for the period through the end of the 2018 Fiscal Year (which shall have been prepared on a monthly basis through the first year after the Effective Date and yearly thereafter).
(l) All legal (including tax implications) and regulatory matters, including, but not limited to compliance with applicable requirements of Regulations U, T and X of the Board, shall be satisfactory to the Agent and the Lenders.
(m) The Agent or its designee shall have conducted a satisfactory field examination of the accounts receivable, Inventory and related working capital matters and financial information of the Loan Parties and of the related data processing and other systems, the results of which shall be satisfactory to the Arrangers and the Agent (it being acknowledged by the Arrangers and the Agent that the appraisal dated as of March 31, 2013 shall satisfy the requirement described in this  Section 4.1(m) ).
(n) The Borrower shall have delivered evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Agent and otherwise in compliance with the terms of  Section 6.7 .
 
68

(o) The Borrower shall have paid all of the fees and expenses owing to the Agent, the Arrangers, the LC Issuer and the Lenders pursuant to  Section 2.10 , and  Section 9.6(a) .
(p) The Borrower shall have delivered to the Agent true and complete Customer Lists for the Borrower, together with a recent satisfactory appraisal with respect thereto (it being understood that the Agent and the Lenders shall treat such Customer Lists as confidential information subject to  Section 9.11 ), it being acknowledged by the Agent that the appraisal dated as of March 31, 2013 shall satisfy the requirement described in this  Section 4.1(p) .
(q) The Loan Parties shall have delivered to the Agent a certified actuarial valuation report for each Single Employer Plan for the Plan year beginning January 1, 2013.
(r) The Loan Parties shall have delivered to the Agent a statement by an actuary enrolled under ERISA certifying that each Single Employer Plan is not, and is not expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Title IV of ERISA).
(s) The Agent shall have received a satisfactory solvency certificate from the chief financial officer of the Parent that shall document the solvency of the Parent and its Subsidiaries as of the Effective Date.
(t) The Agent shall have received a copy of each hedging and inventory policy contemplated by Section 5.33, and the Agent shall be satisfied with each such policy.
(u) The Agent shall have received written consents from the “Required Lenders” under and as defined in the Existing Credit Agreement to the execution and delivery of this Agreement (it being agreed that the entering into of this Agreement by any such Existing Lender shall constitute such written consent).
(v) The Effective Date shall occur on or before February 28, 2014.
4.2. Each Credit Extension. Except as otherwise expressly provided herein, the Lenders shall not be required to make any Credit Extension if on the applicable Credit Extension Date:
(a) There exists any Default or Unmatured Default or any Default or Unmatured Default shall result from any such Credit Extension.
(b) Any representation or warranty contained in Article V is untrue or incorrect in any material respect as of such Credit Extension Date except to the extent any such representation or warranty is stated to relate solely to an earlier date.
(c) After giving effect to any Credit Extension, Availability would be less than zero.
 
69

(d) Any legal matter incident to the making of such Credit Extension shall not be satisfactory to the Agent and its counsel or such Credit Extension shall conflict with, or not be permitted by, the terms of the 2010 Parent Indenture.
(e) The Borrower is not in compliance with Section 2.25.
Each Borrowing Notice or request for issuance of Facility LC with respect to each such Credit Extension shall constitute a representation and warranty by the Borrower that the conditions contained in  Section 4.1  have been satisfied and that none of the conditions set forth in  Section 4.2  exist as of the applicable Credit Extension Date. Any Lender may require a duly completed Compliance Certificate as a condition to making a Credit Extension.
ARTICLE V
REPRESENTATIONS AND WARRANTIES
Each Loan Party represents and warrants to the Lenders as follows:
5.1. Existence and Standing. Each Loan Party is a corporation, partnership or limited liability company duly and properly incorporated or organized, as the case may be, validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted.
5.2. Authorization and Validity. Each Loan Party has the power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by each Loan Party of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly authorized by proper proceedings, and the Loan Documents to which such Loan Party is a party constitute legal, valid and binding obligations of such Loan Party enforceable against such Loan Party in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.
5.3. No Conflict; Government Consent. Neither the execution and delivery by any Loan Party of the Loan Documents to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Loan Party or (ii) any Loan Party’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, or (iii) the provisions of any indenture (including, without limitation, the 2010 Parent Indenture), instrument or agreement to which any Loan Party is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of such Loan Party pursuant to the terms of any such indenture, instrument or agreement. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect of any Governmental Authority which has not been obtained by a Loan Party, is required to be obtained
 
70

by any Loan Party in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Loan Parties of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents, except for (i) filing of amendments to Mortgages and UCC financing statements to be filed on or immediately after the Effective Date and (ii) routine approvals required in connection with the performance by the Loan Parties of their businesses.
5.4. Security Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Agent, for the benefit of the Agent and the Lenders, and such Liens (upon any required filing and recordation) constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Liens, to the extent any such Permitted Liens would have priority over the Liens in favor of the Agent pursuant to any applicable law or agreement and (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Agent has not obtained or does not maintain possession of such Collateral.
5.5. Financial Statements.
(a) The audited consolidated financial statements of the Parent and its Subsidiaries for the period ended September 30, 2013 heretofore delivered to the Lenders (A) were prepared in accordance with GAAP (as in effect on the date such statements were prepared) and fairly present the consolidated financial condition and operations of the Parent and its Subsidiaries at such date and the consolidated results of their operations for the period then ended and (B) with respect to the financial statements referred to in clause (i) hereof, are accompanied by an unqualified audit report certified by independent certified public accountants.
(b) The most recent Projections delivered to the Agent and the Lenders pursuant to Section 6.1(d) represent the Borrower’s good faith estimate of the future financial performance of the Borrower for the period set forth therein.
5.6. Material Adverse Change. Since September 30, 2013, after giving effect to the consummation of the transactions contemplated hereby on the Effective Date, there has been no change in the business, operations, Property, condition (financial or otherwise) or prospects of the Loan Parties which could reasonably be expected to have a Material Adverse Effect.
5.7. Taxes. The Loan Parties have filed all U.S. federal tax returns and all other Tax returns which are required to be filed, all such returns are complete and correct and the Loan Parties have paid all Taxes due pursuant to said returns or pursuant to any assessment received by any Loan Party, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP and as to which no Lien exists. No tax liens have been filed and no claims are being asserted with respect to any such Taxes. The charges, accruals and reserves on the books of the Loan Parties in respect of any taxes or other governmental charges are adequate. If any Loan Party is a limited liability company, each such limited liability company qualifies for partnership tax treatment under U.S. federal tax law.
 
71

5.8. Litigation and Contingent Obligations. Except as set forth on Schedule 5.8, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting any Loan Party which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extensions. Other than any liability incident to any litigation, arbitration or proceeding which (i) could not reasonably be expected to have a Material Adverse Effect or (ii) is set forth on  Schedule 5.8 , no Loan Party has any material contingent obligations not provided for or disclosed in the financial statements referred to in  Section 5.5 .
5.9. Capitalization and Subsidiaries. Schedule 5.9 sets forth (a) a correct and complete list of the name of each and all of the Parent’s Subsidiaries, (b) the location of the chief executive office of each Loan Party and each of its Subsidiaries and each other location where any of them have maintained their chief executive office in the past five years, (c) a true and complete listing of each class of each Loan Party’s authorized Capital Stock, of which all of such issued shares are validly issued, outstanding, fully paid and non-assessable, and owned beneficially and of record by the Persons identified on  Schedule 5.9 , and (d) the type of entity of each Loan Party. With respect to each Loan Party,  Schedule 5.9  also sets forth the employer or taxpayer identification number of each Loan Party and the organizational identification number issued by each Loan Party’s jurisdiction of organization or a statement that no such number has been issued. All of the issued and outstanding Capital Stock owned by any Loan Party has been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and is fully paid and non-assessable.
5.10. ERISA. Except as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect, (i) each Plan complies with all applicable requirements of law and regulations and (ii) no ERISA Event has occurred.
5.11. Accuracy of Information. No information, exhibit or report furnished by any Loan Party to the Agent or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading.
5.12. Names; Prior Transactions. Except as set forth on Schedule 5.12, the Loan Parties have not, during the past five years, been known by or used any other corporate or fictitious name, or been a party to any merger or consolidation, or been a party to any Acquisition.
5.13. Regulation U. No Loan Party is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” as such terms are defined in Regulation U of the Board as now and from time to time hereafter in effect (such securities being referred to herein as “Margin Stock”). No Loan Party owns any Margin Stock, and none of the proceeds of the Loans or other extensions of credit under this Agreement will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose of reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause any of the Loans or other extensions of credit under this Agreement to be considered a “purpose credit” within the meaning of Regulations T, U or X of the Board. No
 
72

Loan Party will take or permit to be taken any action that might cause any Loan Document to violate any regulation of the Board.
5.14. Material Agreements. Schedule 5.14 hereto sets forth as of the Effective Date all material agreements and contracts to which any Loan Party is a party or is bound as of the date hereof. No Loan Party is subject to any charter or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any material agreement to which it is a party or (ii) any agreement or instrument evidencing or governing Indebtedness.
5.15. Compliance With Laws. The Loan Parties have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property except for any failure to comply with any of the foregoing which could not reasonably be expected to have a Material Adverse Effect.
5.16. Ownership of Properties. Except as set forth on Schedule 5.16, on the date of this Agreement, the Loan Parties will have good title, free of all Liens other than those permitted by  Section 6.21 , to all of the Property and assets reflected in the Loan Parties’ most recent consolidated financial statements provided to the Agent as owned by the Loan Parties.
5.17. Plan Assets; Prohibited Transactions. No Loan Party is an entity deemed to hold “plan assets” (within the meaning of 29 C.F.R. § 2510.3-101) of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code. The Borrower is not an “operating company” as defined in 29 C.F.R 2510-101 (c).
5.18. Environmental Matters.
(a) Each of the Loan Parties is in compliance with all Environmental Laws applicable to it or to the Collateral except where such noncompliance would not have a Material Adverse Effect. Each Loan Party holds all environmental permits and licenses that are necessary for the conduct of the business and operations of such Loan Party as now conducted and as proposed to be conducted, and has timely and properly applied for renewal of all environmental permits or licenses that have expired or are about to expire, except where the failure to hold, or to timely and properly reapply for, such environmental permits or licenses would not have a Material Adverse Effect.  Schedule 5.18  lists (i) all notices from Federal, state or local environmental agencies to any Loan Party citing environmental violations or other conditions that could be the subject of investigation, remediation or other action under Environmental Law affecting the business and operations of any Loan Party or the Collateral that have not been finally resolved and disposed of, and no such violation or condition, whether or not notice regarding such violation or condition is listed on  Schedule 5.18 , if ultimately resolved against such party, would have a Material Adverse Effect and (ii) all material reports
 
73

filed by each of the Loan Parties during the past twelve months with respect to its business and operations or the Collateral with any Federal, state or local environmental agency having jurisdiction over any of the Loan Parties or the Collateral, true and complete copies of which reports have been made available to the Lenders. Notwithstanding any such notice, except for matters the consequences of which will not have a Material Adverse Effect, the business and operations of each Loan Party and the Collateral are currently being operated in all respects within the limits set forth in such environmental permits or licenses and any current noncompliance with such permits or licenses will not result in any liability or penalty to any of the Loan Parties or in the revocation, loss or termination of any such environmental permits or licenses.
(b) All facilities located on the real property owned or leased by the Loan Parties, including without limitation the Collateral, which are subject to regulation by the Resource Conservation and Recovery Act (“ RCRA ”) are and have been operated in compliance with RCRA, except where such noncompliance would not have a Material Adverse Effect and none of the Loan Parties has received, or, to the knowledge of any Loan Party, been threatened with, a notice of violation of RCRA regarding such facilities.
(c) No Materials of Environmental Concern are or, to the knowledge of any Loan Party, have been located or present at any of the real property owned or leased by the Loan Parties, including without limitation the Collateral, or any previously owned properties, in violation of any Environmental Law, which violation will have a Material Adverse Effect, or in such circumstances as to give rise to liability, which liability will have a Material Adverse Effect, and with respect to such real property there has not occurred, to the knowledge of any Loan Party (i) any release or threatened release of any Materials of Environmental Concern, (ii) any discharge or threatened discharge of any Materials of Environmental Concern into the environment which violates any Environmental Law or (iii) any assertion of any lien pursuant to Environmental Laws resulting from any use, spill, discharge or clean-up of any Materials of Environmental Concern, which occurrence referred to in clause (i), (ii) or (iii) above will have a Material Adverse Effect.
(d) Except as set forth on Schedule 5.18(d), none of the Loan Parties has received notice that it has been identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation, and Liability Act or any comparable state, local or foreign law nor has any Loan Party received any notification that any Materials of Environmental Concern that it has used, generated, stored, treated, handled, transported or disposed of or arranged for transport for disposal or treatment of, or arranged for disposal or treatment of, has been found at any site at which any Governmental Authority or private party is conducting or plans to conduct a remedial investigation or other action pursuant to any Environmental Law.
(e) None of the matters disclosed in Schedule 5.18 or Schedule 5.18(d), either individually or in the aggregate, involves a violation of or a liability under any Environmental Law, the consequences of which will have a Material Adverse Effect.
 
74

5.19. Investment and Holding Company Status. No Loan Party is (a) an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company Act of 1935, as amended.
5.20. Bank Accounts. As of the Effective Date, Exhibit B to the Security Agreement contains a complete and accurate list of all bank accounts maintained by each Loan Party with any bank or other financial institution.
5.21. Indebtedness. As of the Effective Date and after giving effect to the Credit Extensions to be made on the Effective Date (if any), the Loan Parties have no Indebtedness, except for (a) the Obligations, and (b) any Indebtedness described on Schedule 5.21 .
5.22. Affiliate Transactions. Except as set forth on Schedule 5.22, as of the Effective Date, there are no existing or proposed agreements, arrangements, understandings, or transactions between any Loan Party and any of the officers, members, managers, directors, stockholders, parents, other interest holders, employees, or Affiliates (other than Subsidiaries) of any Loan Party or any members of their respective immediate families (other than employment agreements and arrangements and transactions entered into in the ordinary course of business on terms that are arms-length), and none of the foregoing Persons are directly or indirectly indebted to or have any direct or indirect ownership, partnership, or voting interest in any Affiliate of any Loan Party or any Person with which any Loan Party has a business relationship or which competes with any Loan Party.
5.23. Real Property; Leases. As of the Effective Date, Schedule 5.23 sets forth a correct and complete list of all real Property owned by each Loan Party, all leases and subleases of real Property by each Loan Party as lessee or sublessee, and all leases and subleases of real Property by each Loan Party as lessor or sublessor. Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force and effect, and no default by any party to any such lease or sublease exists. Each Loan Party has good and indefeasible title in fee simple to the real Property identified on  Schedule 5.23  as owned by such Loan Party, or valid leasehold interests in all real Property designated therein as “leased” by such Loan Party.
5.24. Intellectual Property Rights. As of the Effective Date: (a) Schedule 5.24 sets forth a correct and complete list of all Intellectual Property Rights of each Loan Party; (b) none of the Intellectual Property Rights listed in  Schedule 5.24  is subject to any licensing agreement or similar arrangement except as set forth in  Schedule 5.24 ; (c) the Intellectual Property Rights described in  Schedule 5.24  constitute all of the property of such type necessary to the current and anticipated future conduct of the Loan Parties’ business; (d) to the best of each Loan Party’s knowledge, no slogan or other advertising device, product, process, method, substance, part, or other material now employed, or now contemplated to be employed, by any Loan Party infringes in any material respect upon any rights held by any other Person; and (e) no claim or litigation regarding any of the foregoing is pending or threatened, and no patent, invention, device, application, principle or any statute, law, rule, regulation, standard, or code is pending or, to the knowledge of any Loan Party, proposed, which, in either case, could reasonably be expected to have a Material Adverse Effect.
 
75

5.25. Insurance. Schedule 5.25 lists all insurance policies of any nature maintained, as of the Effective Date, by each Loan Party, as well as a summary of the terms of each such policy.
5.26. Solvency.
(a) Immediately after the consummation of the transactions to occur on the date hereof and immediately following the making of each Credit Extension, if any, made on the date hereof and after giving effect to the application of the proceeds of such Credit Extensions, (a) the fair value of the assets of each Loan Party, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of each Loan Party; (b) the present fair saleable value of the Property of each Loan Party will be greater than the amount that will be required to pay the probable liability of each Loan Party on its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) each Loan Party will not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are now conducted and are proposed to be conducted after the date hereof.
(b) The Borrower does not intend to, nor will the Borrower permit any of its Subsidiaries to, and the Borrower does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.
5.27. Subordinated Indebtedness. The Secured Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Indebtedness. In addition, (a) no “Event of Default” or “Default” under and as defined in the 2010 Parent Indenture exists, nor will any such Event of Default or Default exist immediately after the granting or continuation of any Loan, under the 2010 Parent Indenture or any agreement executed by the Parent or any of its Subsidiaries in connection therewith; and (b) all of the Obligations constitute Permitted Indebtedness as defined in the 2010 Parent Indenture.
5.28. Post-Retirement Benefits. The present value of the expected cost of post-retirement medical and insurance benefits payable by the Loan Parties to their employees and former employees, as estimated by such Loan Parties in accordance with procedures and assumptions deemed reasonable by the Required Lenders, does not exceed $10,000,000 in the aggregate.
5.29. Common Enterprise. The successful operation and condition of each of the Loan Parties is dependent on the continued successful performance of the functions of the group of the Loan Parties as a whole and the successful operation of each of the Loan Parties is dependent on the successful performance and operation of each other Loan Party. Each Loan Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from (i) successful operations
 
76

of each of the other Loan Parties and (ii) the credit extended by the Lenders to the Borrower hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Loan Party is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest.
5.30. Reportable Transaction. The Borrower does not intend to treat the Advances and related transactions as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with such intention, it will promptly notify the Agent thereof.
5.31. Labor Disputes. Except as set forth on Schedule 5.31, as of the Effective Date (a) there is no collective bargaining agreement or other labor contract covering employees of the Borrower or any of its Subsidiaries, (b) no such collective bargaining agreement or other labor contract is scheduled to expire during the term of this Agreement, (c) no union or other labor organization is seeking to organize, or to be recognized as, a collective bargaining unit of employees of the Borrower or any of its Subsidiaries or for any similar purpose, and (d) there is no pending or (to the best of the Borrower’s knowledge) threatened, strike, work stoppage, material unfair labor practice claim, or other material labor dispute against or affecting the Borrower or its Subsidiaries or their employees.
5.32. Fixed Price Supply Contracts. None of the Loan Parties is a party to any contract for the purchase or supply by such parties of any product except where (a) the purchase price is set with reference to a spot index or indices substantially contemporaneously with the delivery of such product or (b) delivery of such product is to be made no more than 18 months after the purchase price is agreed to. All such contracts for the delivery of product to any Loan Party referred to in the foregoing clause (b) which are in effect on the Effective Date are set forth in  Schedule 5.32 .
5.33. Trading and Inventory Policies. Each Loan Party maintains a hedging policy to the effect that it will not trade any commodities. Each Loan Party maintains a supply inventory position policy to the effect that it will not hold on hand, as of any date, more Commodities Inventory than will be sold in the normal course of business during the following 90 days. Each Loan Party is in compliance with such policies.
5.34. Use of Proceeds. The Borrower will use the proceeds of the Loans solely as set forth in Section 6.2.
ARTICLE VI
COVENANTS
Each Loan Party executing this Agreement jointly and severally agrees as to all Loan Parties that from and after the date hereof and until the Facility Termination Date:
6.1. Financial and Collateral Reporting. Each Loan Party will maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with GAAP, and will furnish to the Lenders:
 
77

(a) within ninety days after the close of each Fiscal Year of the Parent and its Subsidiaries (starting with the Fiscal Year ending September 30, 2013), an unqualified audit report certified by independent certified public accountants reasonably acceptable to the Required Lenders, prepared in accordance with GAAP on a consolidated and consolidating basis (consolidating statements need not be certified by such accountants), including balance sheets as of the end of such Fiscal Year, related profit and loss and reconciliations of statements of retained earnings, and a statement of cash flows, accompanied by (i) any management letter prepared by said accountants and (ii) a certificate of said accountants that, in the course of their examination necessary for their certification of the foregoing, they have obtained no knowledge of any Default or Unmatured Default, or if, in the opinion of such accountants, any Default or Unmatured Default shall exist, stating the nature and status thereof;
(b) within forty-five days after the close of the first three quarterly periods of each Fiscal Year of the Parent and its Subsidiaries, consolidated and consolidating unaudited balance sheets as at the close of each such Fiscal Quarter and consolidated and consolidating profit and loss and reconciliations of statements of retained earnings and a statement of cash flows for the period from the beginning of the applicable Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for the applicable period, all certified by its chief financial officer and prepared in accordance with GAAP (except for exclusion of footnotes and subject to normal year-end audit adjustments);
(c) within thirty days after the close of each Fiscal Month, consolidated and consolidating unaudited balance sheets of the Parent and its Subsidiaries at the close of each such Fiscal Month and consolidated and consolidating profit and loss and reconciliations of statements of retained earnings and a statement of cash flows for the period from the beginning of the applicable Fiscal Year to the end of such Fiscal Month, setting forth in each case in comparative form the figures for the prior 12-month period, all prepared in accordance with GAAP (except for exclusion of footnotes and subject to normal year-end audit adjustments) and certified by its chief financial officer or vice president—controller;
(d) as soon as available, but not less than 10 days prior to the end of such Fiscal Year, a copy of the plan and forecast (including a projected consolidated and consolidating balance sheet, income statement and funds flow statement) of the Parent for each month of such Fiscal Year (the “ Projections ”) in form reasonably satisfactory to the Agent;
(e) together with each of the financial statements required under Sections 6.1(a), (b) and (c), a compliance certificate in substantially the form of  Exhibit E  (a “ Compliance Certificate ”) signed by the chief financial officer, vice president—controller or treasurer of the Borrower Representative showing the calculations necessary to determine compliance with this Agreement (including calculation of Availability for purposes of  Sections 6.16  and  6.25 ) and the Applicable Margin and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof;
 
78

(f) as soon as available but in any event within 20 days of the end of each Fiscal Month (or, during the Seasonal Availability Period or to the extent Availability is less than 15.0% of the Aggregate Commitment, within 3 days of the end of each week), and at such other times as may be requested by the Agent (in its Permitted Discretion), as of the period then ended, a Borrowing Base Certificate, which will include information relating to the Borrowing Base as calculated and defined in the 2010 Parent Indenture and supporting information in connection therewith;
(g) as soon as available but in any event within 20 days of the end of each Fiscal Month (or, during the Seasonal Availability Period or to the extent Availability is less than 15.0% of the Aggregate Commitment, within 3 days of the end of each week) and at such other times as may be requested by the Agent (in its Permitted Discretion), as of the period then ended:
(i) (1) a summary aging of the Accounts of Petro and each of its Subsidiaries, including an aged accounts receivable total for each Account Debtor, supported by a total page from the system summary aging for each branch, and (2) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Agent, together with such transaction analysis or roll-forward information as the Agent requests, in its Permitted Discretion;
(ii) a schedule detailing the Borrower’s Inventory, in form reasonably satisfactory to the Agent, (1) by location (showing Inventory in transit, any Inventory located with a third party under any consignment, bailee arrangement, or warehouse agreement), by product type, and by volume on hand, which Inventory shall be valued at the lower of cost (determined on a weighted average basis) or market and adjusted for Reserves as the Agent has previously indicated to the Borrower are deemed by the Agent to be appropriate, (2) including a report of any variances or other results of Inventory counts performed by the Borrower since the last Inventory schedule (including information regarding sales or other reductions, additions, returns, credits issued by the Borrower and complaints and claims made against the Borrower), and (3) reconciled to the Borrowing Base Certificate delivered as of such date;
(iii) a worksheet of calculations prepared by the Borrower to determine Eligible Accounts Receivable, Eligible Heating Oil and Other Fuel Inventory and Eligible Other Inventory, such worksheets detailing the Accounts and Inventory excluded from Eligible Accounts Receivable, Eligible Heating Oil and Other Fuel Inventory and Eligible Other Inventory and the reason for such exclusion;
(iv) a reconciliation of the Borrower’s Accounts and Inventory between the amounts shown in the Borrower’s general ledger and financial statements and the reports delivered pursuant to clauses (i) and (ii) above; and
 
79

(v) a reconciliation of the loan balance per the Borrower’s general ledger to the loan balance set forth in statements given to the Borrower under this Agreement;
(h) as soon as available but in any event within 20 days of the end of each Fiscal Month (or, during the Seasonal Availability Period or to the extent Availability is less than 15.0% of the Aggregate Commitment, within 3 days of the end of each week) and at such other times as may be requested by the Agent (in its Permitted Discretion), as of the month then ended, a schedule and aging of the Borrower’s accounts payable;
(i) promptly upon the Agent’s request (in its Permitted Discretion):
(i) copies of invoices in connection with the invoices issued by the Borrower in connection with any Accounts, credit memos, shipping and delivery documents, and other information related thereto;
(ii) copies of purchase orders, invoices, and shipping and delivery documents in connection with any Inventory, Machinery or Equipment purchased by any Loan Party; and
(iii) a schedule detailing the balance of all intercompany accounts of the Loan Parties;
(j) as soon as possible and in any event within 20 days of filing thereof, copies of all tax returns filed by any Loan Party with the U.S. Internal Revenue Service;
(k) as soon as possible and in any event within 300 days after the close of the Fiscal Year of each Single Employer Plan, a certified financial statement of such Single Employer Plan;
(l) as soon as possible and in any event within 10 days after the Borrower (i) knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer of the Borrower, describing said Reportable Event and the action which the Borrower proposes to take with respect thereto; (ii) receives a determination that any Plan is, or is expected to be in “at risk” status (within the meaning of Section 430 of the Code or Title IV of ERISA), a statement describing such status determination and the action which the Borrower proposes to take with respect thereto; or (iii) receives any determination that a Multiemployer Plan is expected in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 or Title IV of ERISA), a copy of such determination;
(m) as soon as possible and in any event within 10 days (i) of filing therewith with the PBGC, the U.S. Internal Revenue Service or any other governmental entity, a copy of each annual report or other filing with respect to any Single Employer Plan;
(n) as soon as possible and in any event with 10 days following receipt thereof, copies of any documents described in Sections 101(k) or 101(l) of ERISA that Borrower or any member of its Controlled Group may request with respect to any Multiemployer
 
80

Plan to which it is a party; provided, that if the Borrower or any member of its Controlled Group has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Agent, the Borrower and/or the Controlled Group members shall promptly make a request for such documents and notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Agent (on behalf of each requesting Lender) promptly after receipt thereof, and further provided, that the rights granted to the Agent in this section shall not be exercised more than once during a 12-month period;
(o) as soon as possible and in any event within 10 days after receipt by any Loan Party and to the extent pertaining to a matter that could have a material impact on any Loan Party, a copy of (i) any notice or claim to the effect that any Loan Party is or may be liable to any Person as a result of the release by any Loan Party, or any other Person of any toxic or hazardous waste or substance into the environment, and (ii) any notice alleging any violation of any Environmental Laws or any federal, state or local environmental, health or safety law or regulation by the any Loan Party;
(p) concurrently with the delivery of annual audited financial statements pursuant to Section 6.1(a), an updated Customer List for the Borrower, certified as true and correct by an Authorized Officer of the Borrower (it being understood that the Agent and the Lenders shall treat such Customer Lists as confidential information subject to  Section 9.11 );
(q) concurrently with the furnishing thereof to the unitholders of the Parent, copies of all financial statements, reports and proxy statements so furnished;
(r) promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which any Loan Party files with the Securities and Exchange Commission; and
(s) such other information (including, without limitation, non-financial information as more fully described on Schedule 6.1(s) ) as the Agent or any Lender may from time to time reasonably request.
6.2. Use of Proceeds.
(a) The Borrower will use the proceeds of the Credit Extensions solely to finance the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business;  provided  that Facility LCs may also be used to support (i) obligations under workers’ compensation laws, (ii) obligations to suppliers of petroleum derivative products or energy commodity derivative providers in the ordinary course of business consistent with past practices and (iii) other ordinary course obligations of the Loan Parties.
(b) No Loan Party will use any of the proceeds of the Credit Extensions to (i) purchase or carry any Margin Stock in violation of Regulation U, (ii) repay or refinance any Indebtedness of any Person incurred to buy or carry any Margin Stock, (iii) acquire any security in any transaction that is subject to Section 13 or Section 14 of the Securities
 
81

Exchange Act of 1934 (and the regulations promulgated thereunder), or (iv) so long as the 2010 Parent Indenture is in effect, make any Acquisition.
6.3. Notices. Each Loan Party will give prompt notice in writing to the Agent and the Lenders of:
(a) the occurrence of any Default or Unmatured Default;
(b) any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect;
(c) the assertion by the holder of any Capital Stock of any Loan Party or the holder of any Indebtedness of any Loan Party in excess of $1,000,000 that any default exists with respect thereto or that any Loan Party is not in compliance therewith;
(d) receipt of any written notice that any Loan Party is subject to any investigation by any governmental entity with respect to any potential or alleged violation of any applicable Environmental Law or of imposition of any Lien against any Property of any Loan Party for any liability with respect to damages arising from, or costs resulting from, any violation of any Environmental Laws, in each case, that could reasonably be expected to result in a material impact on any Loan Party;
(e) receipt of any notice of litigation commenced or threatened against any Loan Party that (i) seeks damages in excess of (A) $500,000 above insurance coverage limits or (B) $5,000,000 regardless of insurance coverage limits, (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan, its fiduciaries or its assets, (iv) alleges criminal misconduct by any Loan Party, (v) alleges the violation of any law regarding, or seeks remedies in connection with, any Environmental Laws; or (vi) involves any product recall;
(f) any Lien (other than Permitted Liens) or claim made or asserted against any of the Collateral;
(g) its decision to change, (i) such Loan Party’s name or type of entity, (ii) such Loan Party’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, and (iii) the location where any Collateral is held or maintained;  provided that, in no event shall the Agent receive notice of such change less than thirty days prior thereto;
(h) commencement of any proceedings contesting any tax, fee, assessment, or other governmental charge in excess of $250,000;
(i) the opening of any new deposit account by any Loan Party with any bank or other financial institution;
(j) any loss, damage, or destruction to the Collateral in the amount of $500,000 or more, whether or not covered by insurance;
 
82

(k) any and all default notices received under or with respect to any leased location or public warehouse where Collateral is located (which shall be delivered within two Business Days after receipt thereof);
(l) all material amendments to real estate leases, together with a copy of each such amendment;
(m) immediately after becoming aware of any pending or threatened strike, work stoppage, unfair labor practice claim, or other labor dispute affecting the Borrower or any of its Subsidiaries in a manner which could reasonably be expected to have a Material Adverse Effect;
(n) concurrently with the delivery of each Borrowing Base Certificate, a listing of each Rate Management Transaction or amendment to a Rate Management Transaction that such Loan Party has entered into since the date on which a Borrowing Base Certificate was last delivered pursuant to  Section 6.1(f) , together with copies of all agreements evidencing such Rate Management Transactions or amendments thereto;
(o) [Intentionally omitted];
(p) any circumstances that it reasonably believes may result in an assertion that a withdrawal under Title IV of ERISA has occurred by any Loan Party or any member of its Controlled Group with respect to any Multiemployer Plan; and
(q) any other matter as the Agent may reasonably request.
6.4. Conduct of Business. Each Loan Party will:
(a) carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted;
(b) do all things necessary to remain duly incorporated or organized, validly existing and (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted;  provided  that nothing in this  Section 6.4  shall prohibit any transaction permitted by  Section 6.18 .
(c) keep adequate books and records with respect to its business activities in which proper entries, reflecting all financial transactions, are made in accordance with GAAP and on a basis consistent with the financial statements delivered to the Agent pursuant to  Section 4.1(m) ;
(d) at all times maintain, preserve and protect all of its assets and properties used or useful in the conduct of its business, and keep the same in good repair, working order and condition in all material respects (taking into consideration ordinary wear and tear) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with industry practices; and
 
83

(e) transact business only in such corporate and trade names as are set forth in Schedule 5.12 (as such schedule may be amended or supplemented from time to time with prompt notification to the Agent of such amendment or supplement).
6.5. Taxes. Each Loan Party will timely file complete and correct U.S. federal and applicable foreign, state and local Tax returns required by law and pay when due all Taxes upon it or its income, profits, Property or Collateral, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with GAAP. At any time that any Loan Party is organized as a limited liability company, each such limited liability company will qualify for partnership tax treatment under U.S. federal tax law.
6.6. Payment of Indebtedness and Other Liabilities. Each Loan Party will pay or discharge when due all Material Indebtedness permitted by  Section 6.17  owed by such Loan Party and all other liabilities and obligations due to materialmen, mechanics, carriers, warehousemen, and landlords, except that the Loan Parties may in good faith contest, by appropriate proceedings diligently pursued, any such obligations;  provided  that, (a) adequate reserves have been set aside for such liabilities in accordance with GAAP, (b) no Lien shall be imposed to secure payment of such liabilities that is superior to the Agent’s Liens securing the Secured Obligations, (c) none of the Collateral becomes subject to forfeiture or loss as a result of the contest and (d) such Loan Party shall promptly pay or discharge such contested liabilities, if any, and shall deliver to the Agent evidence reasonably acceptable to the Agent of such compliance, payment or discharge, if such contest is terminated or discontinued adversely to such Loan Party or the conditions set forth in this proviso are no longer met.
6.7. Insurance; Weather Hedging.
(a) Each Loan Party shall at all times maintain, with financially sound and reputable carriers having a Financial Strength rating of at least A- by A.M. Best Company, insurance against: (i) loss or damage by fire and loss in transit; (ii) theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; (iii) general liability and (iv) and such other hazards, as is customary in the business of such Loan Party. All such insurance shall be in amounts, cover such assets and be under policies acceptable to the Agent in its Permitted Discretion. If any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a “Special Flood Hazard Area” with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (now or as hereafter in effect or any successor act thereto), then the Borrower shall, or shall cause the applicable Loan Party to (A) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (B) deliver to the Agent evidence of such compliance in
 
84

form and substance reasonably acceptable to the Agent. All premiums on such insurance shall be paid when due by the applicable Loan Party, and copies of the policies delivered to the Agent. If any Loan Party fails to obtain any insurance as required by this Section, the Agent at the direction of the Required Lenders may obtain such insurance at the Borrower’s expense. By purchasing such insurance, the Agent shall not be deemed to have waived any Default or Unmatured Default arising from any Loan Party’s failure to maintain such insurance or pay any premiums therefor. No Loan Party will use or permit any Property to be used in violation of applicable law or in any manner which might render inapplicable any insurance coverage.
(b) All insurance policies required under Section 6.7(a) shall name the Agent (for the benefit of the Agent and the Lenders) as an additional insured or as loss payee, as applicable, and shall provide that, or contain loss payable clauses or mortgagee clauses, in form and substance reasonably satisfactory to the Agent, which provide that:
(i) all proceeds thereunder with respect to any Collateral shall be payable to the Agent;
(ii) no such insurance shall be affected by any act or neglect of the insured or owner of the Property described in such policy; and
(iii) such policy and loss payable clauses may be canceled, amended, or terminated only upon at least thirty days prior written notice given to the Agent.
(c) The Borrower must give the Agent prior written notice of any change in insurance carriers and any new insurance policy shall comply with the provisions of this  Section 6.7  and otherwise be reasonably acceptable to the Agent. Without in any way limiting the foregoing, in no event shall the Borrower change their insurance carrier without first obtaining a loss payable endorsement in form and substance reasonably satisfactory to the Agent.
(d) Notwithstanding the foregoing, any insurance or condemnation proceeds received by the Loan Parties shall be immediately forwarded to the Agent and the Agent may, at its option, apply any such proceeds to the reduction of the Obligations in accordance with  Section 2.15(d) ,  provided  that in the case of insurance proceeds pertaining to any Loan Party other than the Borrower, such insurance proceeds shall be applied to the Loans owing by the Borrower. The Agent may permit or require any Loan Party to use such money, or any part thereof, to replace, repair, restore or rebuild the Collateral in a diligent and expeditious manner with materials and workmanship of substantially the same quality as existed before the loss, damage or destruction. Notwithstanding the foregoing, if the casualty giving rise to such insurance proceeds could not reasonably be expected to have a Material Adverse Effect and such insurance proceeds do not exceed $500,000 in the aggregate, upon the applicable Loan Party’s request, the Agent shall permit such Loan Party to replace, restore, repair or rebuild the property;  provided  that, if such Loan Party has not completed or entered into binding agreements to complete such replacement, restoration, repair or rebuilding within ninety days of such casualty, the Agent may apply such insurance proceeds to the Obligations in
 
85

accordance with Section 2.15. All insurance proceeds that are to be made available to the Borrower to replace, repair, restore or rebuild the Collateral shall be applied by the Agent to reduce the outstanding principal balance of the Revolving Loans (which application shall not result in a permanent reduction of the Aggregate Commitment) and upon such application, the Agent shall establish a Reserve against the Borrowing Base in an amount equal to the amount of such proceeds so applied. All insurance proceeds made available to any Loan Party that is not the Borrower to replace, repair, restore or rebuild Collateral shall be deposited in a cash collateral account. In either case, thereafter, such funds shall be made available to the applicable Loan Party to provide funds to replace, repair, restore or rebuild the Collateral as follows:
(i) the Borrower Representative, on behalf of the applicable Borrower, shall request a Revolving Loan or the Borrower Representative, on behalf of the applicable Loan Party, shall request a release from the cash collateral account be made in the amount needed;
(ii) so long as the conditions set forth in Section 4.2 have been met, the Lenders shall make such Revolving Loan or the Agent shall release funds from the cash collateral account; and
(iii) in the case of insurance proceeds applied against the Revolving Loan, the Reserve established with respect to such insurance proceeds shall be reduced by the amount of such Revolving Loan.
(e) Each Loan Party shall maintain a program to hedge against business risks associated with weather as deemed appropriate by its board of directors.
6.8. Compliance with Laws. Each Loan Party will comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws. This covenant shall be deemed not breached by a noncompliance with the foregoing if, upon learning of such noncompliance, the affected Loan Parties promptly undertake reasonable efforts to eliminate such noncompliance, and such noncompliance and the elimination thereof, in the aggregate with any other noncompliance with any of the foregoing and the elimination thereof, could not reasonably be expected to have a Material Adverse Effect.
6.9. Maintenance of Properties and Intellectual Property Rights. Each Loan Party will do all things necessary to (i) maintain, preserve, protect and keep its Property in good repair, working order and condition, and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times and (ii) obtain and maintain in effect at all times all material franchises, governmental authorizations, Intellectual Property Rights, licenses and permits, which are necessary for it to own its Property or conduct its business as conducted on the Effective Date.
6.10. Inspection. Each Loan Party will permit the Agent and, at the expense of such Lender, any Lender, by their respective employees, representatives and agents, from time to time upon two Business Days’ prior notice as frequently as the Agent reasonably determines (in its
 
86

Permitted Discretion) to be appropriate, to (a) inspect any of the Property, the Collateral, and the books and financial records of such Loan Party, (b) examine, audit and make extracts or copies of the books of accounts and other financial records of such Loan Party, (c) have access to its properties, facilities, the Collateral and its advisors, officers, directors and employees to discuss the affairs, finances and accounts of such Loan Party and (d) review, evaluate and make test verifications and counts of the Accounts, Inventory and other Collateral of such Loan Party (it being understood that it is anticipated that the examinations referred to in clauses (a) through (d) of this  Section 6.10  will be conducted once per year, with up to two such examinations per year to be permitted at the Agent’s sole discretion). If a Default or an Unmatured Default has occurred and is continuing or if Availability is less than 15.0% of the Aggregate Commitment, each Loan Party shall provide such access to the Agent and to each Lender at all times and without advance notice. Furthermore, so long as any Default has occurred and is continuing, each Loan Party shall provide the Agent and each Lender with access to its suppliers. Each Loan Party shall promptly make available to the Agent and its counsel originals or copies of all books and records that the Agent may reasonably request. The Loan Parties acknowledge that from time to time the Agent may prepare and may distribute to the Lenders certain audit reports pertaining to the Loan Parties’ assets for internal use by the Agent and the Lenders from information furnished to it by or on behalf of the Loan Parties, after the Agent has exercised its rights of inspection pursuant to this Agreement.
6.11. Appraisals. Whenever a Default or Unmatured Default exists or Availability is less than 15.0% of the Aggregate Commitment, and at such other times as the Agent requests, the Loan Parties shall, at their sole expense, provide the Agent with appraisals or updates thereof of their Inventory, Equipment, Customer Lists and real Property from an appraiser selected and engaged by the Agent, and prepared on a basis, satisfactory to the Agent, such appraisals and updates to include, without limitation, information required by applicable law and regulations and by the internal policies of the Lenders (it being understood and agreed that appraisals with respect to Customer Lists shall be required on an annual basis).
6.12. Communications with Accountants. Each Loan Party executing this Agreement authorizes (a) the Agent and (b) so long as a Default has occurred and is continuing, each Lender, to communicate directly with its independent certified public accountants and authorizes and shall instruct those accountants and advisors to communicate to the Agent and each Lender information relating to any Loan Party with respect to the business, results of operations and financial condition of any Loan Party.
6.13. Post-Closing Obligations with respect to Real Property; Mortgage Amendments, Collateral Access Agreements, etc.. (a) The Loan Parties shall deliver to the Agent by no later than the date that is 60 days after the Effective Date (or by such other date to which the Agent may agree in its sole discretion), with respect to each parcel of owned real Property set forth on Schedule 5.23 , each of the following (to the extent customary or reasonably requested), in form and substance reasonably satisfactory to the Agent:
(i) an amendment to the Existing Mortgage covering such parcel of real Property;
(ii) a “date-down” endorsement to the existing title insurance policy for such parcel of real Property issued by the title company that issued such
 
87

existing title insurance policy, which endorsement shall update the effective date of such existing title insurance policy and amend the description of the insured Existing Mortgage to include the amendment to such Existing Mortgage;
(iii) evidence that the Borrower has paid all premiums in respect of the endorsement to the existing title policy for such parcel of real Property, as well as all charges for mortgage recording taxes and mortgage filing fees payable in connection with the recording of the amendment to the Existing Mortgage or new Mortgage, as the case may be, covering such parcel of real Property, and all related expenses, if any;
(iv) (A) a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower or the applicable Loan Party in the event any such Mortgaged Property is located in a special flood hazard area) and (B) a copy of, or a certificate as to coverage under, the flood insurance policies required by Section 6.7(a); and
(v) such other information, documentation, and certifications as may be reasonably required by the Agent.
(b) If requested by the Agent, each Loan Party shall use commercially reasonable efforts to obtain a Collateral Access Agreement from the lessor of each leased property, mortgagee of owned property or bailee or consignee with respect to any warehouse, processor or converter facility or other location where Collateral is stored or located, which agreement or letter shall provide access rights, contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee or consignee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the Agent. With respect to such locations or warehouse space leased or owned as of the Effective Date and thereafter, if the Agent has not received a Collateral Access Agreement as of the Effective Date (or, if later, as of the date such location is acquired or leased), the Borrower’s Eligible Inventory at that location shall be subject to such Reserves as may be established by the Agent (in its Permitted Discretion). After the Effective Date, no real property or warehouse space shall be leased by any Loan Party and no Inventory shall be shipped to a processor or converter under arrangements established after the Effective Date, unless and until, if requested by the Agent, a Collateral Access Agreement reasonably satisfactory to the Agent shall first have been obtained with respect to such location (it being understood that the Borrower shall provide the Agent with written notice prior to taking any such actions) and if it has not been obtained, the Borrower’s Eligible Inventory at that location shall be subject to the establishment of Reserves reasonably acceptable to the Agent. Each Loan Party shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or third party warehouse where any Collateral is or may be located. To the extent permitted hereunder, if any Loan Party proposes to acquire a fee ownership interest in real Property after the Effective Date, it shall first provide to the Agent a mortgage or deed of trust granting the Agent a first priority Lien on such real Property, together with environmental audits, mortgage title insurance commitment, real
 
88

property survey, local counsel opinion(s), and, if required by the Agent, supplemental casualty insurance and flood insurance, and such other documents, instruments or agreements reasonably requested by the Agent, in each case, in form and substance reasonably satisfactory to the Agent.
6.14. Deposit Account Control Agreements. No later than the date that is 60 days after the Effective Date (or by such other date to which the Agent may agree in its sole discretion), the Loan Parties will provide to the Agent a Deposit Account Control Agreement duly executed on behalf of each financial institution holding a deposit account of a Loan Party as set forth in the Security Agreement.
6.15. Additional Collateral; Further Assurances.
(a) Subject to applicable law, each Loan Party shall, unless the Required Lenders otherwise consent, (i) cause each Subsidiary of the Parent (excluding any Foreign Subsidiary) to become or remain a Loan Party and a Guarantor and (ii) cause each Subsidiary of the Parent (excluding any Foreign Subsidiary) formed or acquired after the Effective Date in accordance with the terms of this Agreement to (1) become a party to this Agreement by executing the Joinder Agreement set forth as  Exhibit F  hereto (the “ Joinder Agreement ”), and (2) guarantee payment and performance of the Guaranteed Obligations pursuant to the Guaranty.
(b) Upon the request of the Agent, each Loan Party shall (i) grant Liens to the Agent, for the benefit of the Agent and the Lenders, pursuant to such documents as the Agent may reasonably deem necessary and deliver such property, documents, and instruments as the Agent may request to perfect the Liens of the Agent in any Property of such Loan Party which constitutes Collateral, including any parcel of real Property located in the U.S. owned by any Loan Party, and (ii) in connection with the foregoing requirements, or either of them, deliver to the Agent all items of the type required by Section 4.1  (as applicable). Upon execution and delivery of such Loan Documents and other instruments, certificates, and agreements, each such Person shall automatically become a Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents.
(c) Without limiting the foregoing, each Loan Party shall, and shall cause each of the Parent’s Subsidiaries which is required to become a Loan Party pursuant to the terms of this Agreement to, execute and deliver, or cause to be executed and delivered, to the Agent such documents and agreements, and shall take or cause to be taken such actions as the Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents.
6.16. Dividends.
(a) No Loan Party will declare or pay any dividends or make any distributions on its Capital Stock (other than dividends or distributions payable in its own common stock) or redeem, repurchase or otherwise acquire or retire any of its Capital Stock at any time
 
89

outstanding, except that (x) any Subsidiary may declare and pay dividends or make distributions to the Borrower or to a Wholly-Owned Subsidiary of the Borrower, (y) so long as no Default or Unmatured Default then exists or would result therefrom, if the Parent qualifies as a partnership for U.S. federal income tax purposes, it may pay dividends or make distributions to its shareholders in an aggregate amount not greater than the amount necessary for such shareholders to pay their actual state and U.S. federal income tax liabilities in respect of income allocated to such shareholders by the Parent and (z) so long as no Default or Unmatured Default then exists or would result therefrom, the Borrower may pay dividends or make distributions to the Parent in an aggregate amount not to exceed $10,000,000 per Fiscal Year solely to enable the Parent to pay, as the same becomes due and payable, its overhead expenses and any legal, accounting and other professional fees and expenses it may incur. Notwithstanding the foregoing, any Loan Party may make any dividends or distributions to its respective parent company (and the Parent may make any dividends or distributions to its equity owners) or redeem, repurchase or otherwise acquire or retire any of its Capital Stock so long as (x) after giving pro forma effect thereto, Availability (with any Suppressed Availability being included in each calculation of Availability pursuant to this clause (x)) was not less than 15.0% of the Aggregate Commitment for any period of three consecutive days during the six-month period ending on the date on which such dividends, distributions, redemptions, repurchases or other acquisitions or retirements of its Capital Stock were made and is not projected to be less than 15.0% of the Aggregate Commitment during the six-month period immediately after the date on which such dividends, distributions, redemptions, repurchases or other acquisitions or retirements of its Capital Stock are made (with such projected Availability to be determined by reference to the average projected Availability on the last day of each of the relevant six months) and (y) the Fixed Charge Coverage Ratio is not less than 1.15 to 1.00 after giving pro forma effect to such distributions as if such distributions were paid on the first day of the relevant period;  provided ,  however , that (1) no Default or Unmatured Default then exists or would result therefrom and (2) the Borrower Representative has delivered a certificate of an Authorized Officer attesting to the matters set forth in clauses (x) and (y) above and showing in reasonable detail all calculations with respect thereto.
(b) No Loan Party shall directly or indirectly enter into or become bound by any agreement, instrument, indenture or other obligation (other than this Agreement and the other Loan Documents) that could directly or indirectly restrict, prohibit or require the consent of any Person with respect to the payment of dividends or distributions or the making or repayment of intercompany loans by a Subsidiary of the Borrower to the Borrower.
6.17. Indebtedness. No Loan Party will create, incur or suffer to exist any Indebtedness, except:
(a) the Obligations;
(b) Indebtedness existing on the date hereof and described in Schedule 5.21;
 
90

(c) purchase money Indebtedness incurred in connection with the purchase of any Equipment; provided that, the amount of such purchase money Indebtedness shall be limited to an amount not in excess of the purchase price of such Equipment and the aggregate of all such purchase money Indebtedness incurred in any Fiscal Year shall not exceed $10,000,000 at any time outstanding;
(d) Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses (b) ,  (c) ,  (g) ,  (h)  and  (m)  hereof;  provided  that, (i) other than with respect to any extension, refinancing or renewal of the Indebtedness described in clause (m), the principal amount or interest rate of such Indebtedness is not increased (except to the extent of the capitalization of transaction fees and expenses), (ii) any Liens securing such Indebtedness are not extended to any additional Property of any Loan Party, (iii) no Loan Party or other Subsidiary that is not originally obligated with respect to repayment of such Indebtedness is required to become obligated with respect thereto, (iv) such extension, refinancing or renewal does not result in a shortening of the average weighted maturity of the Indebtedness so extended, refinanced, or renewed (and, with respect to the Indebtedness described in clause (m), such extension, refinancing or renewal has a maturity no earlier than six months after the Facility Termination Date), (v) the terms of any such extension, refinancing, or renewal are not more onerous to the obligor thereunder than the original terms of such Indebtedness and (iv) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Agent and the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness;
(e) Indebtedness owing by any Loan Party, other than the Parent, to any other Loan Party with respect to intercompany loans,  provided further ,  that:
(i) the applicable Loan Parties shall have executed and delivered to the other Loan Party, on the Effective Date, a demand note (collectively, the “ Intercompany Notes ”) to evidence any such intercompany Indebtedness owing at any time by any Loan Party to another Loan Party, which Intercompany Notes shall be in form and substance reasonably satisfactory to the Agent and shall be pledged and delivered to the Agent pursuant to the Security Agreement as additional collateral security for the Secured Obligations;
(ii) the Loan Parties shall record all intercompany transactions on their books and records in accordance with GAAP consistently applied;
(iii) the obligations of the Loan Parties under any such Intercompany Notes shall be subordinated to the Obligations of the Loan Parties hereunder in a manner reasonably satisfactory to the Agent;
(iv) at the time any such intercompany loan or advance is made by a Loan Party and after giving effect thereto, such Loan Party shall be Solvent; and
 
91

(v) no Default or Unmatured Default would occur and be continuing after giving effect to any such proposed intercompany loan;
(f) (i) Contingent Obligations (A) by endorsement of instruments for deposit or collection in the ordinary course of business, (B) consisting of the Reimbursements Obligations and (C) consisting of the Guaranty and guarantees of Indebtedness incurred for the benefit of any other Loan Party (other than the Parent) if the primary obligation is not prohibited elsewhere in this Agreement and (ii) Indebtedness consisting of the excess of the benefit obligations of each Single Employer Plan over the fair market value of the assets of each such Plan, so long as the amount of such Indebtedness for all such Single Employer Plans, determined as of the most recent valuation date for each Plan using PBGC actuarial assumptions for single employer plan termination, does not, individually or in the aggregate, create a Material Adverse Effect;
(g) Capitalized Lease Obligations which in the aggregate do not exceed $2,500,000 in any Fiscal Year;
(h) Indebtedness assumed in connection with any Permitted Acquisition; provided that, the aggregate amount of Indebtedness assumed under this  clause (h)  shall not exceed $1,000,000 and  provided further  that ,  such Indebtedness is not incurred in connection with, or in contemplation or anticipation of, such Permitted Acquisition and does not attach to any asset of the Borrower or any of its Subsidiaries;
(i) Indebtedness arising under Rate Management Transactions, so long as such Rate Management Transactions (i) are entered into to hedge or mitigate risks to which a Loan Party has actual exposure and (ii) are not entered into for investment or speculative purposes;
(j) [Intentionally omitted];
(k) Parent Subordinated Debt;
(l) other unsecured Indebtedness in an amount not in excess of $25,000,000; and
(m) Indebtedness arising under the 2010 Parent Indenture.
6.18. Merger. No Loan Party will merge or consolidate with or into any other Person, except that (a) any Subsidiary of the Borrower may merge into the Borrower or a Wholly-Owned Subsidiary of the Borrower and (b) any Loan Party (other than the Borrower) may merge with any other Loan Party.
6.19. Sale of Assets. No Loan Party will lease, sell or otherwise dispose of its Property (including any Capital Stock owned by it) to any other Person, except:
(a) sales of Inventory in the ordinary course of business;
 
92

(b) the sale or other disposition of Equipment and the sale and/or leasing of real property that is obsolete or no longer useful in such Loan Party’s business and having a book value not exceeding $10,000,000 in the aggregate in any Fiscal Year; and
(c) the sale or disposition of other assets having a book value not exceeding a Substantial Portion in the aggregate in any Fiscal Year.
The Net Cash Proceeds of any sale or disposition permitted pursuant to this Section (other than pursuant to Section 6.19(a)) shall be delivered to the Agent as required by  Section 2.15  and applied to the Obligations as set forth therein.
6.20. Investments and Acquisitions. No Loan Party will (i) make or suffer to exist any Investments (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, (ii) create any Subsidiary, (iii) become or remain a partner in any partnership or joint venture, or (iv) make any Acquisition, except:
(a) Cash Equivalent Investments, subject to control agreements in favor of the Agent for the benefit of the Lenders or otherwise subject to a perfected security interest in favor of the Agent for the benefit of the Lenders;
(b) Investments in Subsidiaries existing as of the Effective Date;
(c) other Investments in existence on the Effective Date and described in Schedule 6.20;
(d) Investments consisting of loans or advances made to employees of such Loan Party on an arms-length basis in the ordinary course of business consistent with past practices for travel and entertainment expenses, relocation costs and similar purposes up to a maximum of $250,000 to any employee and up to a maximum of $1,000,000 in the aggregate at any one time outstanding;
(e) subject to Sections 4.2(a) and 4.4 of the Security Agreement, Investments comprised of notes payable, or stock or other securities issued by Account Debtors to such Loan Party pursuant to negotiated agreements with respect to settlement of such Account Debtor’s Accounts in the ordinary course of business, consistent with past practices, or acquired as a result of the bankruptcy or reorganization of such Account Debtor;
(f) additional Investments in Wholly-Owned Subsidiaries which are Loan Parties;
(g) Permitted Acquisitions and the formation of Wholly-Owned Subsidiaries of the Borrower in connection with a Permitted Acquisition;
(h) other Investments not to exceed (i) $3,000,000 in the aggregate during the 12 month period after the Effective Date and (ii) $10,000,000 in the aggregate during the term of this Agreement;
 
93

(i) Investments in any existing or future, direct or indirect, Subsidiary which exists for the sole purpose of obtaining and holding a license which the Borrower deems necessary or advisable for its business;  provided  that (i) the total Investment in such Subsidiary does not exceed $100,000 in the aggregate for any one such Subsidiary or $200,000 in the aggregate for all such Subsidiaries and (ii) if the failure to have such license could reasonably be expected to have a Material Adverse Effect, the Subsidiary holding such license shall be a Guarantor; and
(j) Investments in Unrestricted Subsidiaries not to exceed $20,000,000 in the aggregate during the term of this Agreement.
6.21. Liens.
(a) No Loan Party will create, incur, or suffer to exist any Lien in, of, or on the Property of such Loan Party, except the following (collectively, “ Permitted Liens ”):
(i) Liens for taxes, fees, assessments, or other governmental charges or levies on the Property of such Loan Party if such Liens (1) shall not at the time be delinquent or (2) subject to the provisions of  Section 6.6 , do not secure obligations in excess of $1,000,000, are being contested in good faith and by appropriate proceedings diligently pursued, adequate reserves in accordance with GAAP have been set aside on the books of such Loan Party, and a stay of enforcement of such Lien is in effect;
(ii) Liens imposed by law, such as carrier’s, warehousemen’s, and mechanic’s Liens and other similar Liens arising in the ordinary course of business which secure payment of obligations not more than ten days past due or which are being contested in good faith by appropriate proceedings diligently pursued and for which adequate reserves shall have been set aside on such Loan Party’s books;
(iii) statutory Liens in favor of landlords of real Property leased by such Loan Party; provided that, such Loan Party is current with respect to payment of all rent and other amounts due to such landlord under any lease of such real Property;
(iv) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation or to secure the performance of bids, tenders, or contracts (other than for the repayment of Indebtedness) or to secure indemnity, performance, or other similar bonds for the performance of bids, tenders, or contracts (other than for the repayment of Indebtedness) or to secure statutory obligations (other than liens arising under ERISA or Environmental Laws) or surety or appeal bonds, or to secure indemnity, performance, or other similar bonds;
 
94

(v) Leases or subleases granted to others in the ordinary course of business, utility easements, building restrictions, and such other encumbrances or charges against real Property as are of a nature generally existing with respect to properties of a similar character, which do not in any material way affect the marketability or impair the value of such real Property, which do not interfere with the use thereof in the business of such Loan Party and which do not impair the ability of the Agent or the Lenders to realize upon the Collateral;
(vi) Liens existing on the Effective Date and described in Schedule 6.21;
(vii) Liens resulting from any extension, refinancing, or renewal of the related Indebtedness as permitted pursuant to  Section 6.17(d) ;  provided  that, the Liens evidenced thereby are not increased to cover any additional Property not originally covered thereby;
(viii) Liens securing purchase money Indebtedness of such Loan Party permitted pursuant to Section 6.17(c); provided  that, such Liens attach only to the Property which was purchased with the proceeds of such purchase money Indebtedness;
(ix) Liens on property or assets (other than Accounts and Inventory) acquired pursuant to a Permitted Acquisition, or on property or assets (other than Accounts and Inventory) of a Loan Party in existence at the time such Loan Party is acquired pursuant to a Permitted Acquisition,  provided  that (1) any Indebtedness that is secured by such Liens is permitted under  Section 6.17 , and (2) such Liens are not incurred in connection with, or in contemplation or anticipation of, such Permitted Acquisition and do not attach to any asset of any other Loan Party;
(x) Liens in favor of the Agent granted pursuant to any Loan Document and Liens in respect of other Secured Obligations;
(xi) [Intentionally omitted]; and
(xii) any attachment or judgment Lien, unless the judgment it secures shall not, within 30 days after notice of the entry thereof, have been discharged or execution thereof stayed pending appeal or review, or shall not have been discharged within 30 days after expiration of any such stay.
(b) Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.21, other than (1) clauses (i), (x) and (xi)  above, may at any time attach to any Accounts of any Loan Party and (2)  clauses (i)  through  (iii) ,  (x)  and (xi)  above, may at any time attach to any Inventory of any Loan Party.
(c) Other than as provided in the Loan Documents, the 2010 Parent Indenture or in connection with the creation or incurrence of any Indebtedness under  Section 6.17(c) , no Loan Party will enter into or become subject to any negative pledge or other
 
95

restriction on the right of such Loan Party to grant Liens to the Agent and the Lenders on any of its Property; provided that, any such negative pledge or other restriction entered into in connection with the creation of Indebtedness under Section 6.17(c)  shall be limited to the Property securing such purchase money Indebtedness.
6.22. Change of Name or Location; Change of Fiscal Year. No Loan Party shall (a) change its name as it appears in official filings in the state of its incorporation or organization, (b) change its chief executive office, principal place of business, mailing address, corporate offices or warehouses or locations at which Collateral is held or stored, or the location of its records concerning the Collateral as set forth in the Security Agreement, (c) change the type of entity that it is for state law or income tax purposes, (d) change its organization identification number, if any, issued by its state of incorporation or other organization or (e) change its state of incorporation or organization, in each case, unless (1) the Agent shall have received at least thirty days prior written notice of such change and (2) the Agent shall have acknowledged in writing that, either (i) such change will not adversely affect the validity, perfection or priority of the Agent’s security interest in the Collateral, or (ii) any reasonable action requested by the Agent in connection therewith has been completed or taken (including any action to continue the perfection of any Liens in favor of the Agent, on behalf of Lenders, in any Collateral),  provided  that, any new location shall be in the continental U.S. No Loan Party shall change its Fiscal Year. Notwithstanding the foregoing, the Parent may make an election to be treated as a corporation or association for income tax purposes only without meeting the requirements of (1) and (2) of this  Section 6.22 provided  that the Agent shall receive written notice of the election within 10 days of the date such election was made and that the election will not materially increase the combined income tax liability of the Loan Parties.
6.23. Affiliate Transactions. No Loan Party will enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer (including, without limitation, any payment or transfer with respect to any fees or expenses for management services) to, any Affiliate which is not a Loan Party except in the ordinary course of business and pursuant to the reasonable requirements of such Loan Party’s business and upon fair and reasonable terms no less favorable to such Loan Party than such Loan Party would obtain in a comparable arms-length transaction. No Loan Party shall pay any amount in respect of Management Fees and Expenses;  provided  that, so long as no Default or Unmatured Default then exists or would result therefrom (after giving pro forma effect thereto), the Parent may pay Management Fees and Expenses to the General Partner pursuant to the Second Amended and Restated Agreement of Limited Partnership, as in effect on the date hereof.
6.24. Amendments to Agreements . No Loan Party will, nor will any Loan Party permit any of its Subsidiaries to, amend, modify, terminate or waive any of its rights under its articles of incorporation, charter, certificate of formation, by-laws, operating, management or partnership agreement or other organizational document or the 2010 Parent Indenture to the extent any such amendment, modification, termination or waiver would be materially adverse to the Lenders.
6.25. Prepayment of Indebtedness; Subordinated Indebtedness.
.
 
96

(a) No Loan Party shall, directly or indirectly, voluntarily purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness prior to its scheduled maturity, other than (i) the Obligations; (ii) Indebtedness secured by a Permitted Lien if the asset securing such Indebtedness has been sold or otherwise disposed of; (iii) Indebtedness permitted by  Section 6.17(d)  upon any refinancing thereof in accordance therewith; (iv) Indebtedness permitted by  Section 6.17 (c), (e) and (g) ; and (v) other Indebtedness in respect of the 2010 Parent Notes so long as, with respect to this clause (v), (A) after giving pro forma effect to such voluntary purchase, redemption, defeasance or prepayment, Availability (with any Suppressed Availability being included in each calculation of Availability pursuant to this clause (x)) was not less than 15.0% of the Aggregate Commitment for any period of three consecutive days during the six-month period ending on the date on which such voluntary purchase, redemption, defeasance or prepayment was made and is not projected to be less than 15.0% of the Aggregate Commitment during the six-month period immediately after the date on which such voluntary purchase, redemption, defeasance or prepayment is made (with such projected Availability to be determined by reference to the average projected Availability on the last day of each of the relevant six months), (B) the Fixed Charge Coverage Ratio is at least 1.15 to 1.0 on a pro forma basis for such voluntary purchase, redemption, defeasance or prepayment, and (C) the Borrower Representative has delivered a certificate of an Authorized Officer attesting to the matters set forth in clauses (v)(A) and (B) above and showing in reasonable detail all calculations with respect thereto;  provided  that, notwithstanding the foregoing, in no event shall any voluntary purchase, redemption, defeasance or prepayment in respect of the 2010 Parent Notes be permitted on any day during any Seasonal Availability Period or the Business Day immediately following any Seasonal Availability Period.
(b) No Loan Party shall make any amendment or modification that is in any way adverse to the interests of the Lenders, to the indenture, note or other agreement evidencing or governing any Subordinated Indebtedness, or directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness.
6.26. Financial Contracts. No Loan Party shall enter into or remain liable upon any Financial Contract, except for Rate Management Transactions permitted by  Section 6.17  and  Section 6.33 .
6.27. Capital Expenditures. The Loan Parties shall not expend, or be committed to expend, (a) in excess of $7,500,000 for Capital Expenditures (other than Capital Expenditures in respect of propane tanks, which shall be governed by clause (b) of this Section 6.27) during any Fiscal Year in the aggregate for the Parent and its Subsidiaries or (b) in excess of $4,500,000 for Capital Expenditures in respect of propane tanks during any Fiscal Year in the aggregate for the Parent and its Subsidiaries;  provided , however , that the amount of permitted Capital Expenditures under clause (a) only will be increased in any Fiscal Year by the amount, if positive, equal to 50% of the difference between the Capital Expenditures limit specified in clause (a) above  minus  the actual amount of any Capital Expenditures expended pursuant to clause (a) during the prior Fiscal Year (the “ Carry Over Amount ”). Any Carry Over Amount may only be carried over to the next succeeding year.
 
97

6.28. Financial Covenant. To the extent Availability is at any time less than 12.5% of the Aggregate Commitment, the Borrower will not permit the Fixed Charge Coverage Ratio at any such time to be less than 1.1 to 1.0.
6.29. Depository Banks. Each Loan Party shall maintain either (a) the Agent or (b) any other financial institution reasonably acceptable to the Agent that has executed and delivered to the Agent satisfactory control agreements, as such Loan Party’s principal depository bank, including for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct of its business.
6.30. Real Property Purchases. Except as otherwise permitted in connection with a Permitted Acquisition, no Loan Party shall purchase a fee simple ownership interest in real Property with an aggregate purchase price in excess of $2,000,000.
6.31. Sale of Accounts. No Loan Party will, nor will any Loan Party permit its Subsidiary to, sell or otherwise dispose of any notes receivable or accounts receivable, with or without recourse.
6.31 Parent. The Parent shall not engage in any trade or business, or own any assets (other than the Capital Stock of its Subsidiaries) or incur any Indebtedness (other than the Secured Obligations, its existing Indebtedness (including the 2010 Parent Notes permitted under Section 6.17(m) and Guaranties);  provided  that the Parent may also (x) incur Indebtedness to the extent incurred to refinance the 2010 Parent Notes pursuant to  Section 6.17(d),  (y) incur Indebtedness that is subordinated to the Obligations on terms satisfactory to the Agent in its Permitted Discretion  (“Parent Subordinated Debt”)  and (z) incur Indebtedness pursuant to Section 6.17(l) to the extent no principal payments are payable with respect thereto prior to the date which is six months after the Facility Termination Date;  provided further  that, in the case of clauses (y) and (z) above, (i) the Net Cash Proceeds of such Parent Subordinated Debt or other unsecured Indebtedness, as the case may be, are contributed to Petro as a common equity contribution, or as an intercompany loan in accordance with Section 6.17(e), and (ii) the Parent has provided the Agent with all documents evidencing such Parent Subordinated Debt or such other unsecured Indebtedness, as the case may be, at least 5 Business Days prior to the issuance or incurrence thereof.
6.32 Fixed Price Supply Contracts; Certain Policies.
(a) No Loan Party will at any time be a party or subject to any contract for the purchase or supply by such parties of any product except where (i) the purchase price is set with reference to a spot index or indices substantially contemporaneously with the delivery of such product or (ii) delivery of such product is to be made no more than 18 months after the purchase price is agreed to (subject to appropriate hedging with respect to the delivery of such products in accordance with the hedging policies of the relevant Loan Parties).
(b) No Loan Party will amend, modify or waive the hedging policy or supply inventory position policy referred to in Section 5.33 , except that any Loan Party may enter into Commodity Hedging Agreements as permitted under the other provisions
 
98

hereof. Such Loan Party will provide the Agent and the Lenders with prompt written notice of any such new Commodity Hedging Agreement. Subject to the foregoing exception, each Loan Party will comply in all material respects with such policies at all times.
ARTICLE VII
DEFAULTS
The occurrence of any one or more of the following events shall constitute a “Default” hereunder:
(a) any representation or warranty made or deemed made by or on behalf of any Loan Party to any Lender or the Agent under or in connection with this Agreement, any other Loan Document, any Credit Extension, or any certificate or information delivered in connection with any of the foregoing shall be materially false on the date as of which made;
(b) (i) nonpayment, when due (whether upon demand or otherwise), of any principal owing under any of the Loan Documents and (ii) nonpayment, within 2 days after it is due, of any interest, fee, Reimbursement Obligation or any other obligation owing under any of the Loan Documents;
(c) the breach by any Loan Party of any of the terms or provisions of Section 6.1, 6.2, 6.3(a), 6.13, 6.14, 6.16 through 6.34 ;
(d) the breach by any Loan Party (other than a breach which constitutes a Default under another Section of this Article VII ) of any of the terms or provisions of (i)  Section 6.3  (other than  Section 6.3(a))  or  6.4  through  6.15  of this Agreement which is not remedied within 10 days after the earlier of such breach or written notice from the Agent or any Lender or (ii) any other Section of this Agreement which is not remedied within 20 days after the earlier of such breach or written notice from the Agent or any Lender;
(e) failure of any Loan Party to pay when due any Material Indebtedness or a default, breach or other event occurs under any term, provision or condition contained in any Material Indebtedness Agreement of any Loan Party, the effect of which default, event or condition is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material Indebtedness to become due prior to its stated maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated expiration date; any Material Indebtedness of any Loan Party shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or any Loan Party shall not pay, or admit in writing its inability to pay, its debts generally as they become due;
(f) any Loan Party shall (i) have an order for relief entered with respect to it under the Bankruptcy Code as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a
 
99

receiver, custodian, trustee, examiner, liquidator or similar official for it or any portion of its Property which constitutes a Substantial Portion, (iv) institute any proceeding seeking an order for relief under the Bankruptcy Code as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this subsection (f)  or (vi) fail to contest in good faith any appointment or proceeding described in  subsection (g) below ;
(g) a receiver, trustee, examiner, liquidator or similar official shall be appointed for any Loan Party or any portion of its Property which constitutes a Substantial Portion, or a proceeding described in  subsection (f)(iv)  of  Article VII  shall be instituted against any Loan Party and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of sixty consecutive days;
(h) any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of the Property of any Loan Party which, when taken together with all other Property of any Loan Party so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion;
(i) any loss, theft, damage or destruction of any item or items of Collateral or other property of any Loan Party occurs which could reasonably be expected to cause a Material Adverse Effect and is not adequately covered by insurance;
(j) any Loan Party shall fail within thirty days to pay, bond or otherwise discharge one or more (i) judgments or orders for the payment of money in excess of $500,000 (or the equivalent thereof in currencies other than U.S. Dollars) in the aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued;
(k) any Change in Control shall occur;
(l) an ERISA Event shall have occurred which, together with all such other ERISA Events that have occurred, singly or in the aggregate, could reasonably be expected to have a Material Adverse Effect;
(m) any Loan Party shall (i) be the subject of any proceeding or investigation pertaining to the release by any Loan Party or any other Person of any toxic or hazardous waste or substance into the environment, or (ii) violate any Environmental Law, which, in the case of an event described in clause (i) or clause (ii), could reasonably be expected to have a Material Adverse Effect;
 
100

(n) the occurrence of any “default”, as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided;
(o) the Guaranty or the partnership agreement of the Parent shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of the Guaranty or the partnership agreement of the Parent, or any Guarantor shall fail to comply with any of the terms or provisions of the Guaranty to which it is a party, or any Guarantor shall deny that it has any further liability under the Guaranty to which it is a party, or shall give notice to such effect;
(p) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any Collateral purported to be covered thereby, except as permitted by the terms of any Collateral Document, or any Collateral Document shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of any Collateral Document, or any Loan Party shall fail to comply with any of the terms or provisions of any Collateral Document;
(q) any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms);
(r) the representations and warranties set forth in Section 5.17 (Plan Assets; Prohibited Transactions) shall at any time not be true and correct; or
(s) the Borrower or any of its Subsidiaries shall fail to pay when due any Operating Lease Obligation in excess of $750,000.
ARTICLE VIII
REMEDIES; WAIVERS AND AMENDMENTS
8.1. Remedies.
(a) If any Default occurs, the Agent may in its discretion (and at the written request of the Required Lenders, shall) (i) reduce or terminate the Aggregate Commitment or the Commitment, (ii) reduce the advance rates set forth in the definition of the Borrowing Base or reduce one or more of the other elements used in computing the Borrowing Base, (iii) terminate or suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuer to issue Facility LCs, (iv) declare all or any portion of the Obligations to be due and payable, whereupon such Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives, (v) upon notice to the Borrower Representative and in addition to the continuing right to
 
101

demand payment of all amounts payable under this Agreement, the Agent may either (1) make demand on the Borrower to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Agent an amount, in immediately available funds (which funds shall be held in the Facility LC Collateral Account), equal to 105% of the Collateral Shortfall Amount or (2) deliver a Supporting Letter of Credit as required by  Section 2.1.2(l) , whichever the Agent may specify in its sole discretion, (vi) increase the rate of interest applicable to the Loans and the LC Fees as set forth in this Agreement and (vii) exercise any rights and remedies provided to the Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.
(b) If any Default described in subsections (f) or (g) of Article VII occurs with respect to any Loan Party, the obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuer to issue Facility LCs shall automatically terminate and all Obligations shall immediately become due and payable without any election or action on the part of the Agent, the LC Issuer or any Lender and the Loan Parties will be and become thereby unconditionally obligated, without any further notice, act or demand, to pay to the Agent an amount equal to 105% of the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account.
(c) If, within thirty days after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans and the obligation and power of the LC Issuer to issue Facility LCs hereunder as a result of any Default (other than any Default as described in  subsections (f) or (g)  of  Article VII  with respect to the Borrower) and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the Agent shall, by notice to the Borrower Representative, rescind and annul such acceleration and/or termination.
(d) If at any time while any Default is continuing, the Agent determines that the Collateral Shortfall Amount at such time is greater than zero, the Agent may make demand on the Borrower (upon notice to the Borrower Representative) to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Agent an amount equal to 105% of the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account. The Borrower hereby pledges, assigns, and grants to the Agent, on behalf of and for the benefit of the Agent, the Lenders, and the LC Issuer, a security interest in all of the Borrower’s right, title, and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations.
(e) The Agent may at any time or from time to time after funds are deposited in the Facility LC Collateral Account, apply such funds to the payment of the Obligations and any other amounts as shall from time to time have become due and payable by the Borrower to the Lenders or the LC Issuer under the Loan Documents.
 
102

(f) At any time while any Default is continuing, neither the Borrower nor any Person claiming on behalf of or through the Borrower shall have any right to withdraw any of the funds held in the Facility LC Collateral Account. After all of the Secured Obligations have been indefeasibly paid in full and the Aggregate Commitment has been terminated, any funds remaining in the Facility LC Collateral Account shall be returned by the Agent to the Borrower or paid to whomever may be legally entitled thereto at such time.
8.2. Waivers by Loan Parties. Except as otherwise provided for in this Agreement or by applicable law, each Loan Party waives: (a) presentment, demand and protest and notice of presentment, dishonor, notice of intent to accelerate, notice of acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at any time held by the Agent on which any Loan Party may in any way be liable, and hereby ratifies and confirms whatever the Agent may do in this regard, (b) all rights to notice and a hearing prior to the Agent’s taking possession or control of, or to the Agent’s replevy, attachment or levy upon, the Collateral or any bond or security that might be required by any court prior to allowing the Agent to exercise any of its remedies, and (c) the benefit of all valuation, appraisal, marshaling and exemption laws.
8.3. Amendments
(a) Subject to the provisions of this Section 8.3, no amendment, waiver or modification of any provision of this Agreement or any other Loan Document, and no consent with respect to any departure by any Loan Party therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or the Agent with the consent in writing of the Required Lenders) and the Loan Parties and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given;  provided ,  however ,  that no such amendment, waiver or modification shall (i) include additional categories of Collateral in the Borrowing Base if such inclusion would increase Availability, (ii) increase the amount to be added to the calculation of the Borrowing Base pursuant to clause (e) of the definition thereof or (iii) modify any Eligibility Definition if such modification would increase Availability, in each case, without the prior written consent of the Lenders in the aggregate holding at least 75% of the Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at least 75% of the Aggregate Credit Exposure.
(b) Notwithstanding subsection (a) above, no such amendment, waiver or other modification with respect to this Agreement shall
(i) without the consent of each Lender directly affected thereby:
(A) extend the final maturity of any Loan to a date after the Facility Termination Date;
 
103

(B) postpone any regularly scheduled payment of principal of any Loan or reduce or forgive all or any portion of the principal amount of any Loan or any Reimbursement Obligation or reduce the amount or extend the payment date for, the mandatory payments required under  Article II ;
(C) reduce the rate or extend the time of payment of interest or fees payable to the Lenders pursuant to any Loan Document;
(D) extend the Facility Termination Date;
(E) increase the amount of the Commitment of any Lender hereunder (other than pursuant to Section 12.3); or
(F) amend this Section 8.3; and
(ii) without the consent of all of the Lenders:
(A) increase the percentage advances rates set forth in the definition of Borrowing Base;
(B) change Section 2.18 hereof in any manner that would alter the sharing of payments required thereunder;
(C) reduce the percentage or number of Lenders specified in the definition of Required Lenders or eliminate or reduce the voting rights of any Lender under this  Section 8.3 ;
(D) permit any Loan Party to assign its rights under this Agreement;
(E) release all or substantially all of the Guarantors; or
(F) except as provided in any Collateral Document, release all or substantially all of the Collateral.
(c) No amendment of any provision of this Agreement relating to the Agent or to the Non-Ratable Loans, the Swingline Loans, the Overadvances or the Protective Advances shall be effective without the written consent of the Agent. No amendment of any provision relating to the LC Issuer shall be effective without the written consent of the LC Issuer. The Agent may (i) amend  Schedule I  to reflect assignments entered into pursuant to  Section 12.3  and (ii) waive payment of the fee required under  Section 12.3(c)  without obtaining the consent of any other party to this Agreement.
(d) If, in connection with any proposed amendment, waiver or consent (a “Proposed Change”) requiring the consent of all Lenders, the consent of the Required Lenders is obtained, but the consent of other Lenders is not obtained (any such Lender whose consent is not obtained being referred to herein as a “ Non-Consenting Lender ”), then, so long as the Agent is not a Non-Consenting Lender, the Borrower may elect to replace such Non-Consenting Lender as a Lender party to this Agreement,  provided  that,
 
104

concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Agent shall agree, as of such date, to purchase for cash the Advances and other Obligations due to the Non-Consenting Lender pursuant to an Assignment Agreement ( provided  that, if such purchase is otherwise made in accordance with the terms hereof, the Administrative Agent may, in its sole discretion, deem such purchase to have been made pursuant to an Assignment Agreement without requiring the execution of an Assignment Agreement by any party, and each party hereto hereby agrees for all purposes hereunder and under the other Loan Documents that such purchase shall be deemed to have been effected pursuant to an executed Assignment Agreement in respect of such purchased amount and each Person that would have otherwise been required to be a party thereto shall be bound by the provisions thereof) and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of  Section 12.3  applicable to assignments, and (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under  Sections 3.1, 3.2  and  3.5 , and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.4  had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.
8.4. Preservation of Rights. No delay or omission of the Lenders, the LC Issuer or the Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to  Section 8.3 , and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Agent, the LC Issuer and the Lenders until the Obligations have been paid in full.
ARTICLE IX
GENERAL PROVISIONS
9.1. Survival of Representations. All representations and warranties of the Loan Parties contained in this Agreement and the other Loan Documents shall survive the execution and delivery of the Loan Documents and the making of the Credit Extensions herein contemplated.
9.2. Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit to the
 
105

Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.
9.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents.
9.4. Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Loan Parties, the Agent, the LC Issuer and the Lenders and supersede all prior agreements and understandings among the Loan Parties, the Agent and the Lenders relating to the subject matter thereof other than those contained in the Fee Letter which shall survive and remain in full force and effect during the term of this Agreement.
9.5. Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other lender (except to the extent to which the Agent is authorized to act as administrative agent for the Lenders hereunder). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns, provided however ,  that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of  Sections 9.6 ,  9.10  and  10.11  to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement.
9.6. Expenses; Indemnification
(a) Expenses. The Borrower shall reimburse the Agent and the Arrangers for any costs, internal charges and reasonable out-of-pocket expenses (including attorneys’ fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent) paid or incurred by the Agent or the Arrangers in connection with the preparation, negotiation, execution, delivery, syndication, distribution (including, without limitation, via the internet or through a service such as IntraLinks), review, amendment, modification, and administration of the Loan Documents. The Borrower also agrees to reimburse the Agent, the Arrangers, the LC Issuer and the Lenders for any costs, internal charges and out-of-pocket expenses (including attorneys’ fees and time charges of attorneys for the Agent, the Arrangers, the LC Issuer and the Lenders, which attorneys may be employees of the Agent, the Arrangers, the LC Issuer or the Lenders) paid or incurred by the Agent, the Arrangers, the LC Issuer or any Lender in connection with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the Borrower under this Section include, without limitation, costs and expenses incurred in connection with:
(i) appraisals of all or any portion of the Collateral, including each parcel of real Property or interest in real Property, Machinery or Equipment described in any Collateral Document, which appraisals shall be in conformity with the applicable requirements of any law or any governmental rule, regulation, policy, guideline or directive (whether or not having the force of law), or any
 
106

interpretation thereof, including, without limitation, the provisions of Title XI of FIRREA, and any rules promulgated to implement such provisions (including reasonable travel, lodging, meals and other out of pocket expenses);
(ii) field examinations and audits and the preparation of Reports at the Agent’s then customary charge, plus reasonable travel, lodging, meals and other out of pocket expenses;
(iii) any amendment, modification, supplement, consent, waiver or other documents prepared with respect to any Loan Document and the transactions contemplated thereby;
(iv) lien and title searches and title insurance;
(v) taxes, fees and other charges for recording the Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Agent’s Liens (including costs and expenses paid or incurred by the Agent in connection with the consummation of the Agreement);
(vi) sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take;
(vii) any litigation, contest, dispute, proceeding or action (whether instituted by Agent, the LC Issuer, any Lender, any Loan Party or any other Person and whether as to party, witness or otherwise) in any way relating to the Collateral, the Loan Documents or the transactions contemplated thereby; and
(viii) costs and expenses of forwarding loan proceeds, collecting checks and other items of payment, and establishing and maintaining the Funding Account and lock boxes, and costs and expenses of preserving and protecting the Collateral.
The foregoing shall not be construed to limit any other provisions of the Loan Documents regarding costs and expenses to be paid by the Borrower. All of the foregoing costs and expenses may be charged to the Borrower’s Funding Account as Revolving Loans or to another deposit account, all as described in  Section 2.17(b) .
(b) Indemnification. The Borrower hereby further agrees to indemnify the Agent, the Arrangers, the LC Issuer, each Lender, their respective Affiliates, and each of their directors, officers and employees against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all expenses of litigation or preparation therefor whether or not the Agent, the Arrangers, the LC Issuer, any Lender or any Affiliate is a party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Credit Extension hereunder except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification.
 
107

The obligations of the Borrower under this Section 9.6 shall survive the termination of this Agreement.
9.7. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Agent with sufficient counterparts so that the Agent may furnish one to each of the Lenders.
9.8. Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP in a manner consistent with that used in preparing the financial statements referred to in  Section 5.5 . If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Borrower (through the Borrower Representative), the Agent or the Required Lenders shall so request the Agent, the Lenders and the Loan Parties shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders),  provided  that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and the Borrower shall provide to the Agent and the Lenders reconciliation statements showing the difference in such calculation, together with the delivery of monthly, quarterly and annual financial statements required hereunder.
9.9. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.
9.10. Nonliability of Lenders. The relationship between any Loan Party on the one hand and the Lenders, the LC Issuer and the Agent on the other hand shall be solely that of debtor and creditor. Neither the Agent, the Arrangers, the LC Issuer nor any Lender shall have any fiduciary responsibilities to any Loan Party. Neither the Agent, the Arrangers, the LC Issuer nor any Lender undertakes any responsibility to any Loan Party to review or inform such Loan Party of any matter in connection with any phase of any Loan Party’s business or operations. The Loan Parties agree that neither the Agent, the Arrangers, the LC Issuer nor any Lender shall have liability to any Loan Party (whether sounding in tort, contract or otherwise) for losses suffered by any Loan Party in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Agent, the Arrangers, the LC Issuer nor any Lender shall have any liability with respect to, and each Loan Party hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by any Loan Party in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby.
9.11. Confidentiality. The Agent and each Lender agrees to hold any confidential information which it may receive from the Borrower in connection with this Agreement in
 
108

confidence, except for disclosure (a) to its Affiliates and to the Agent and any other Lender and their respective Affiliates, (b) to legal counsel, accountants, and other professional advisors to such Lender or to a Transferee or proposed Transferee, (c) to regulatory officials, (d) to any Person as requested pursuant to or as required by law, regulation, or legal process, (e) to any Person in connection with any legal proceeding to which it is a party, (f) to its direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, (g) permitted by Section 12.4 , (h) to rating agencies if requested or required by such agencies in connection with a rating relating to the Credit Extensions hereunder and (i) in connection with the exercise of any remedy hereunder or under any other Loan Document. Without limiting  Section 9.4 , the Borrower agrees that the terms of this Section 9.11 shall set forth the entire agreement between the Borrower and each Lender (including the Agent) with respect to any confidential information previously or hereafter received by such Lender in connection with this Agreement, and  this Section 9.11  shall supersede any and all prior confidentiality agreements entered into by such Lender with respect to such confidential information.
9.12. Nonreliance. Each Lender hereby represents that it is not relying on or looking to any Margin Stock for the repayment of the Credit Extensions provided for herein.
9.13. Disclosure. Each Loan Party and each Lender hereby acknowledges and agrees that Chase and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. In addition, each Loan Party and each Lender hereby acknowledges that Chase and/or its Affiliates may also purchase certain equity interests in one or more Loan Parties, make a subordinated loan to the Borrower and receive a warrant from the Borrower, invest in a fund that has invested debt or equity directly or indirectly in one or more Loan Parties and/or act as a financial or other advisor, placement or similar agent or underwriter for one or more Loan Parties.
9.14. USA PATRIOT ACT. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act.
ARTICLE X
THE AGENT
10.1. Appointment; Nature of Relationship. Chase is hereby appointed by each of the Lenders as its contractual representative (referred to in this Section 10.1 in such capacity as the “Agent”) hereunder and under each other Loan Document (including, without limitation, as “Collateral Agent” under each of the Collateral Documents), and each of the Lenders irrevocably authorizes the Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents. The Agent agrees to act as such contractual representative upon the express conditions contained in this Article X. Notwithstanding the use of the defined term “Agent,” it is expressly understood and agreed that
 
109

the Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Agent (a) does not hereby assume any fiduciary duties to any of the Lenders, (b) is a “representative” of the Lenders within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code and (c) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives.
10.2. Powers. The Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Agent.
10.3. General Immunity. Neither the Agent nor any of its directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.
10.4. No Responsibility for Credit Extensions, Recitals, etc. Neither the Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Agent; (d) the existence or possible existence of any Default or Unmatured Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any Collateral; or (g) the financial condition of any Loan Party, any Guarantor or any Affiliate of any Loan Party.
10.5. Action on Instructions of the Lenders. The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge that the Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders. The Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata
 
110

against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.
10.6. Employment of Agents and Counsel. The Agent may execute any of its duties as the Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or securities received by the Agent or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Agent and the Lenders and all matters pertaining to the Agent’s duties hereunder and under any other Loan Document.
10.7. Reliance on Documents; Counsel. The Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it (in its Permitted Discretion) to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Agent, which counsel may be employees of the Agent. For purposes of determining compliance with the conditions specified in  Sections 4.1  and  4.2 , each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received written notice from such Lender prior to the applicable date specifying its objection thereto.
10.8. Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Agent ratably in proportion to their respective Commitments (or, if the Commitments have been terminated, in proportion to their Commitments immediately prior to such termination) (a) for any amounts not reimbursed by the Borrower for which the Agent is entitled to reimbursement by the Borrower under the Loan Documents, (b) for any other expenses incurred by the Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders) and (c) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents,  provided  that, no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent. The obligations of the Lenders under this  Section 10.8  shall survive payment of the Obligations and termination of this Agreement.
10.9. Notice of Default. The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the Agent has received
 
111

written notice from a Lender, the Borrower or the Borrower Representative referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of default.” In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the Lenders;  provided ,  that, the Agent shall not be liable to any Lender for any failure to do so, except to the extent that such failure is attributable to the Agent’s gross negligence or willful misconduct.
10.10. Rights as a Lender. In the event the Agent is a Lender, the Agent shall have the same rights and powers hereunder and under any other Loan Document with respect to its Commitment and its Credit Extensions as any Lender and may exercise the same as though it were not the Agent, and the term “Lender” or “Lenders” shall, at any time when the Agent is a Lender, unless the context otherwise indicates, include the Agent in its individual capacity. The Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with any Loan Party in which such Loan Party is not restricted hereby from engaging with any other Person, all as if Chase were not the Agent and without any duty to account therefor to Lenders. Chase and its Affiliates may accept fees and other consideration from any Loan Party for services in connection with this Agreement or otherwise without having to account for the same to Lenders. The Agent in its individual capacity, is not obligated to remain a Lender.
10.11. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Agent, the Arrangers or any other Lender and based on the financial statements prepared by the Loan Parties and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Agent, the Arrangers or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. Except for any notice, report, document, credit information or other information expressly required to be furnished to the Lenders by the Agent or Arrangers hereunder, neither the Agent nor the Arrangers shall have any duty or responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition or business of the Borrower or any of its Affiliates that may come into the possession of the Agent or Arrangers (whether or not in their respective capacity as Agent or Arrangers) or any of their Affiliates.
10.12. Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower Representative, such resignation to be effective upon the appointment of a successor Agent or, if no successor Agent has been appointed, forty-five days after the retiring Agent gives notice of its intention to resign. Upon any such resignation the Required Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor Agent. If no successor Agent shall have been so appointed by the Required Lenders within thirty days after the resigning Agent’s giving notice of its intention to resign, then the resigning Agent may appoint, on behalf of the Borrower and the Lenders, a successor Agent. Notwithstanding the previous sentence, the Agent may at any time without the consent of the Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a successor
 
112

Agent hereunder. If the Agent has resigned and no successor Agent has been appointed, the Lenders may perform all the duties of the Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Agent shall be deemed to be appointed hereunder until such successor Agent has accepted the appointment. Any such successor Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000. Upon the acceptance of any appointment as the Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning Agent. Upon the effectiveness of the resignation of the Agent, the resigning Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of the resignation of an Agent, the provisions of this Article X shall continue in effect for the benefit of such Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Agent hereunder and under the other Loan Documents. In the event that there is a successor to the Agent by merger, or the Agent assigns its duties and obligations to an Affiliate pursuant to this  Section 10.12 , then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Agent.
10.13. Delegation to Affiliates. The Borrower and the Lenders agree that the Agent may delegate any of its duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Agent is entitled under Articles IX and X.
10.14. Execution of Loan Documents. Each Lender agrees that any action taken by the Agent or the Required Lenders in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Agent or the Required Lenders of their respective powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. The Lenders acknowledge that all of the Obligations hereunder constitute one debt, secured pari passu by all of the Collateral.
10.15. Collateral Matters.
(a) The Lenders hereby irrevocably authorize the Agent, at its option and in its Permitted Discretion, to release any Liens granted to the Agent by the Loan Parties on any Collateral (i) upon the termination of the Aggregate Commitment, payment and satisfaction in full in cash of all Obligations (other than Unliquidated Secured Obligations), and the cash collateralization of all Unliquidated Secured Obligations in a manner satisfactory to each affected Lender (in its Permitted Discretion), (ii) constituting Property being sold or disposed of if the Loan Party disposing of such Property certifies to the Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting Property in which no Loan Party has at any time during the term of this Agreement owned any interest, (iv) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, (v) owned by or leased to any Loan Party which is subject to a purchase money security interest or which is the subject of a Capitalized Lease, in either case,
 
113

entered into by such Loan Party pursuant to Section 6.17(c), (vi) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Agent and the Lenders pursuant to  Section 8.1 , or (vii) of any Unrestricted Subsidiary upon the designation of any subsidiary as an Unrestricted Subsidiary by the Borrower in accordance with the terms of this Agreement. Upon request by the Agent at any time, the Lenders will promptly confirm in writing the Agent’s authority to release any Liens upon particular types or items of Collateral pursuant to this  Section 10.15 . Except as provided in the preceding sentence, the Agent will not release any Liens on any Substantial Portion of the Collateral without the prior written authorization of the Required Lenders.
(b) Upon receipt by the Agent of any authorization required pursuant to Section 10.15(a) from the Required Lenders of the Agent’s authority to release any Liens upon particular types or items of Collateral, and upon at least 2 Business Days prior written request by the Loan Parties, the Agent shall (and is hereby irrevocably authorized by the Lenders to), as soon thereafter as practicable, execute such documents as may be necessary to evidence the release of its Liens upon such Collateral;  provided  that, (i) the Agent shall not be required to execute any such document on terms which, in the Agent’s opinion (in its Permitted Discretion), would expose the Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.
(c) The Agent shall have no obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned by the Loan Parties or is cared for, protected, or insured or has been encumbered, or that the Liens granted to the Agent therein have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Agent pursuant to any of the Loan Documents;  provided  that, no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent.
(d) Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender (other than the Agent) obtain possession of any such Collateral, such Lender shall notify the Agent thereof, and, promptly upon the Agent’s request therefor shall deliver such Collateral to the Agent or otherwise deal with such Collateral in accordance with the Agent’s instructions.
(e) Each Lender hereby agrees as follows: (a) such Lender is deemed to have requested that the Agent furnish such Lender, promptly after it becomes available, a copy
 
114

of each Report prepared by or on behalf of the Agent; (b) such Lender expressly agrees and acknowledges that neither Chase nor the Agent (i) makes any representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein, or (ii) shall be liable for any information contained in any Report; (c) such Lender expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that the Agent, Chase, or any other party performing any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that Chase undertakes no obligation to update, correct or supplement the Reports; (d) such Lender agrees to keep all Reports confidential and strictly for its internal use, not share the Report with any Loan Party and not to distribute any Report to any other Person except as otherwise permitted pursuant to this Agreement; and (e) without limiting the generality of any other indemnification provision contained in this Agreement, such Lender agrees (i) that neither Chase nor the Agent shall be liable to such Lender or any other Person receiving a copy of the Report for any inaccuracy or omission contained in or relating to a Report, (ii) to conduct its own due diligence investigation and make credit decisions with respect to the Loan Parties based on such documents as such Lender deems appropriate without any reliance on the Reports or on the Agent or Chase, (iii) to hold the Agent and any such other Person preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any Credit Extensions that the indemnifying Lender has made or may make to the Loan Parties, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, any Obligations and (iv) to pay and protect, and indemnify, defend, and hold the Agent and any such other Person preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorney fees) incurred by the Agent and any such other Person preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.
10.16. Co-Agents, Co-Syndication Agents, Co-Documentation Agents, etc. Neither any of the Lenders identified in this Agreement as a “co-agent” nor any Co-Syndication Agent or Co-Documentation Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to such Lenders as it makes with respect to the Agent in Section 10.11 .
ARTICLE XI
SETOFF; RATABLE PAYMENTS
11.1. Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if any Loan Party becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower may be offset and
 
115

applied toward the payment of the Secured Obligations then due and owing to such Lender, whether or not the Secured Obligations, or any part thereof, shall then be due;  provided , that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation,” no amounts received from, or set off with respect to, any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor.
11.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Credit Exposure (other than payments received pursuant to  Section 3.1 ,  3.2 ,  3.4  or  3.5 ) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Credit Exposure held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Credit Exposure. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Secured Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to respective Pro Rata Share of the Aggregate Credit Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.
ARTICLE XII
BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
12.1. Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Loan Parties and the Lenders and their respective successors and assigns permitted hereby, except that (a) the Loan Parties shall not have the right to assign their rights or obligations under the Loan Documents without the prior written consent of each Lender, (b) any assignment by any Lender must be made in compliance with  Section 12.3 , and (c) any transfer by Participation must be made in compliance with  Section 12.2 . Any attempted assignment or transfer by any party not made in compliance with this  Section 12.1  shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with  Section 12.2 . The parties to this Agreement acknowledge that clause (b) of this  Section 12.1  relates only to absolute assignments and this  Section 12.1  does not prohibit assignments creating security interests, including, without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in the case of a Lender which is a Fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee;  provided however ,  that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of  Section 12.3 . The Agent may treat the Person which made any Credit Extension or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3 ;  provided however ,  that the Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Credit Extension or which holds any Note to direct payments relating to such Credit Extension or Note to another Person. Any assignee of the rights to any Credit Extension or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any
 
116

Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Credit Extension (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Credit Extension.
12.2. Participations
(a) Permitted Participants; Effect. Any Lender may at any time sell to one or more banks or other entities (“ Participants ”) participating interests in any Credit Exposure of such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Credit Exposure and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents.
(b) Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver which would (i) require the consent of such Lender pursuant to the terms of  Section 8.3(b)  or (ii) (A) modify any Eligibility Definition or (B) include additional categories of Collateral in the Borrowing Base which, in either case, would increase Availability, and which would require the consent of such Lender pursuant to the terms of  Section 8.3(a)  or of any other Loan Document.
(c) Benefit of Certain Provisions. Each Loan Party agrees that each Participant shall be deemed to have the right of setoff provided in  Section 11.1  in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided  that, each Lender shall retain the right of setoff provided in  Section 11.1  with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in  Section 11.1 , agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with  Section 11.2  as if each Participant were a Lender. The Borrower further agrees that each Participant shall be entitled to the benefits of  Sections 3.1 ,  3.2 ,  3.4  and  3.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to  Section 12.3 ,  provided that, (i) a Participant shall not be entitled to receive any greater payment under  Section 3.1 ,  3.2  or  3.5  than the Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent of the Borrower Representative or to the extent such entitlement to
 
117

receive a greater payment results from an adoption of or any change in any law or in the interpretation or application thereof that occurs after the Participant acquired the applicable participation, and (ii) any Participant not incorporated under the laws of the U.S. or any state thereof agrees to comply with the provisions of  Section 3.5  to the same extent as if it were a Lender. Each Lender that sells a participation shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations hereunder (the “ Participant Register ”);  provided  that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any person except to the extent such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Treasury Regulation Section 5f.103-1(c). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent shall have no responsibility for maintaining a Participant Register.
12.3. Assignments
(a) Permitted Assignments. Any Lender may at any time assign to one or more banks or other entities (“ Purchasers ”) all or any part of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of  Exhibit G  (an “ Assignment Agreement ”). Each such assignment with respect to a Purchaser which is not a Lender or an Affiliate of a Lender or an Approved Fund shall either be in an amount equal to the entire applicable Commitment and Credit Extensions of the assigning Lender or (unless each of the Borrower Representative and the Agent otherwise consents) be in an aggregate amount not less than $5,000,000. The amount of the assignment shall be based on the Commitment or outstanding Credit Extensions (if the Commitment has been terminated) subject to the assignment, determined as of the date of such assignment or as of the “Trade Date,” if the “Trade Date” is specified in the assignment.
(b) Consents. The consent of the Borrower Representative shall be required prior to an assignment becoming effective unless the Purchaser is a Lender, an Affiliate of a Lender or an Approved Fund,  provided  that, the consent of the Borrower Representative shall not be required if a Default has occurred and is continuing. The consent of each of the Agent and the LC Issuer shall be required prior to an assignment becoming effective. Any consent required under this  Section 12.3(b)  shall not be unreasonably withheld or delayed.
(c) Effect; Effective Date. Upon (i) delivery to the Agent of a duly executed Assignment Agreement, together with any consents required by  Sections 12.3(a)  and  12.3(b) , and (ii) payment of a $3,500 fee to the Agent for processing such assignment (unless such fee is waived by the Agent), such Assignment Agreement shall become effective on the effective date specified by the Agent in such Assignment Agreement. The Assignment Agreement shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Commitment and Credit Exposure under the applicable Assignment Agreement constitutes “plan assets” as
 
118

defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such Assignment Agreement, such Purchaser shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party thereto, and the transferor Lender shall be released with respect to the Commitment and Credit Exposure assigned to such Purchaser without any further consent or action by the Borrower, the Lenders or the Agent. In the case of an Assignment Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and subject to, those provisions of this Agreement and the other Loan Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this  Section 12.3  shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with  Section 12.2 . Upon the consummation of any assignment to a Purchaser pursuant to this  Section 12.3(c) , the transferor Lender, the Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Commitments, as adjusted pursuant to such assignment.
(d) Register. The Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in the U.S. a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Credit Extensions owing to, each Lender pursuant to the terms hereof from time to time (the “ Register ”). The entries in the Register shall be conclusive, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
12.4. Dissemination of Information. Each Loan Party authorizes each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Loan Parties, including without limitation any information contained in any Reports;  provided  that, each Transferee and prospective Transferee agrees to be bound by  Section 9.11  of this Agreement.
12.5. Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is not incorporated under the laws of the U.S. or any state thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of  Section 3.5(d) ;  provided  that in the case of a
 
119

Participant, any forms will be provided directly to the transferor Lender rather than the Borrower.
12.6. Assignment by LC Issuer. Notwithstanding anything contained herein, if at any time an LC Issuer assigns all of its Commitment and Loans pursuant to  Section 12.3 , such LC Issuer may, upon thirty days’ notice to the Borrower Representative and the Lenders, resign as an LC Issuer. In the event of any such resignation as an LC Issuer, the Borrower Representative shall be entitled to appoint from among the Lenders a successor LC Issuer hereunder;  provided however ,  that no failure by the Borrower Representative to appoint any such successor shall affect the resignation of such LC Issuer as an LC Issuer. If an LC Issuer resigns as an LC Issuer, it shall retain all the rights and obligations of an LC Issuer hereunder with respect to the Facility LCs outstanding as of the effective date of its resignation as an LC Issuer and all LC Obligations with respect thereto (including the right to require the Lenders to make Revolving Loans or fund risk participations in outstanding Reimbursement Obligations pursuant to  Section 2.1.2(d) ).
ARTICLE XIII
NOTICES
13.1. Notices; Effectiveness; Electronic Communications.
(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:
(i) if to any Loan Party, at its address or telecopier number set forth on the signature page hereof;
(ii) if to the Agent, at its address or telecopier number set forth on the signature page hereof;
(iii) if to the LC Issuer, at its address or telecopier number set forth on the signature page hereof;
(iv) if to a Lender, to it at its address or telecopier number set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
 
120

(b) Electronic Communications. Notices and other communications to the Lenders and the LC Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Agent or as otherwise determined by the Agent,  provided  that, the foregoing shall not apply to notices to any Lender or the LC Issuer pursuant to  Article II  if such Lender or the LC Issuer, as applicable, has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent or any Loan Party may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines,  provided  that such determination or approval may be limited to particular notices or communications. Notwithstanding the foregoing, in every instance, the Borrower Representative shall be required to provide paper copies of the Compliance Certificates required by  Section 6.1(e) to the Agent.
Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement),  provided  that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
13.2. Change of Address, Etc. Any party hereto may change its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto.
ARTICLE XIV
COUNTERPARTS
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it has been executed by the Loan Parties, the Agent, the LC Issuer and the Lenders and each party has notified the Agent by facsimile transmission or telephone that it has taken such action.
ARTICLE XV
GUARANTY
15.1. Guaranty. Each Guarantor hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely as surety, absolutely and unconditionally guarantees to the Lenders the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all costs and expenses
 
121

including, without limitation, all court costs and attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) and expenses paid or incurred by the Agent, the LC Issuer and the Lenders in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any action against, the Borrower, any Guarantor or any other guarantor of all or any part of the Secured Obligations (other than with respect to any Guarantor, any Excluded Swap Obligations of such Guarantor) (such costs and expenses, together with the Secured Obligations, collectively the “ Guaranteed Obligations ”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal.
15.2. Guaranty of Payment. This Guaranty is a guaranty of payment and not of collection. Each Guarantor waives any right to require the Agent, the LC Issuer or any Lender to sue the Borrower, any Guarantor, any other guarantor, or any other person obligated for all or any part of the Guaranteed Obligations, or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.
15.3. No Discharge or Diminishment of Guaranty
(a) Except as otherwise provided for herein and to the extent provided for herein, the obligations of each Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including:
(i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise;
(ii) any change in the corporate existence, structure or ownership of the Borrower or any other guarantor of or other person liable for any of the Guaranteed Obligations;
(iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Borrower, any Guarantor, or any other guarantor of or other person liable for any of the Guaranteed Obligations, or their assets or any resulting release or discharge of any obligation of the Borrower, any Guarantor, or any other guarantor of or other person liable for any of the Guaranteed Obligations; or
(iv) the existence of any claim, setoff or other rights which any Guarantor may have at any time against the Borrower, any Guarantor, any other guarantor of the Guaranteed Obligations, the Agent, the LC Issuer, any Lender, or any other person, whether in connection herewith or in any unrelated transactions.
(b) The obligations of each Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by the Borrower,
 
122

any Guarantor or any other guarantor of or other person liable for any of the Guaranteed Obligations, of the Guaranteed Obligations or any part thereof.
(c) Further, the obligations of any Guarantor hereunder are not discharged or impaired or otherwise affected by:
(i) the failure of the Agent, the LC Issuer or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations;
(ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations;
(iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any part of the Guaranteed Obligations or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations;
(iv) any action or failure to act by the Agent, the LC Issuer or any Lender with respect to any collateral securing any part of the Guaranteed Obligations;
(v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Guarantor or that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of the Guaranteed Obligations).
15.4. Defenses Waived. To the fullest extent permitted by applicable law, each Guarantor hereby waives any defense based on or arising out of any defense of the Borrower or any Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of the Borrower or any Guarantor, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any person against the Borrower, any Guarantor, any other guarantor of any of the Guaranteed Obligations, or any other person. The Agent may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Borrower, any Guarantor, any other guarantor or any other person liable on any part of the Guaranteed Obligations or exercise any other right or remedy available to it against the Borrower, any Guarantor, any other guarantor or any other person liable on any of the Guaranteed Obligations, without affecting or impairing in any way the liability of such Guarantor under this Guaranty except to the extent the Guaranteed Obligations have been fully
 
123

and indefeasibly paid in cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against the Borrower, any other guarantor or any other person liable on any of the Guaranteed Obligations, as the case may be, or any security.
15.5. Rights of Subrogation. No Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against the Borrower, any Guarantor, any person liable on the Guaranteed Obligations, or any collateral, until the Loan Parties and the Guarantors have fully performed all their obligations to the Agent, the LC Issuer and the Lenders and the Commitments have been terminated.
15.6. Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, each Guarantor’s obligations under this Guaranty with respect to that payment shall be reinstated at such time as though the payment had not been made and whether or not the Agent, the LC Issuer and the Lenders are in possession of this Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the Guarantors forthwith on demand by the Lender.
15.7. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Guarantor assumes and incurs under this Guaranty, and agrees that neither the Agent, the LC Issuer nor any Lender shall have any duty to advise any Guarantor of information known to it regarding those circumstances or risks.
15.8. Taxes. All payments of the Guaranteed Obligations will be made by each Guarantor free and clear of and without deduction for or on account of Taxes. If any Guarantor or the Agent is required by law to deduct any Taxes from or in respect of any sum payable to the Lenders under this Guaranty, (a) if such Tax is an Indemnified Tax or Other Tax, the sum payable must be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this provision) the Lenders receive an amount equal to the sum it would have received had no such deductions been made, (b) the Guarantors or the Agent must then make such deductions, and must pay the full amount deducted to the relevant authority in accordance with applicable law, and (c) the Guarantors must furnish to the Agent as promptly as possible but in any case within forty-five days after their due date certified copies of all official receipts evidencing payment thereof.
15.9. Severability. The provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this Guaranty would otherwise be held or determined to be
 
124

avoidable, invalid or unenforceable on account of the amount of such Guarantor’s liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall, without any further action by the Guarantors or the Lenders, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant Guarantor’s “ Maximum Liability ”. This Section with respect to the Maximum Liability of each Guarantor is intended solely to preserve the rights of the Lenders to the maximum extent not subject to avoidance under applicable law, and no Guarantor nor any other person or entity shall have any right or claim under this Section with respect to such Maximum Liability, except to the extent necessary so that the obligations of any Guarantor hereunder shall not be rendered voidable under applicable law. Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Guarantor without impairing this Guaranty or affecting the rights and remedies of the Lenders hereunder,  provided  that, nothing in this sentence shall be construed to increase any Guarantor’s obligations hereunder beyond its Maximum Liability.
15.10. Contribution. In the event any Guarantor (a “Paying Guarantor”) shall make any payment or payments under this Guaranty or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this Guaranty, each other Guarantor (each a “ Non-Paying Guarantor ”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Pro Rata Share” of such payment or payments made, or losses suffered, by such Paying Guarantor. For purposes of this Article XV, each Non-Paying Guarantor’s “Pro Rata Share” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference to the ratio of (i) such Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Guarantors hereunder (including such Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Guarantor, the aggregate amount of all monies received by such Guarantors from the Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Guarantor’s several liability for the entire amount of the Guaranteed Obligations (up to such Guarantor’s Maximum Liability). Each of the Guarantors covenants and agrees that its right to receive any contribution under this Guaranty from a Non-Paying Guarantor shall be subordinate and junior in right of payment to the payment in full in cash of the Guaranteed Obligations. This provision is for the benefit of both the Agent, the LC Issuer, the Lenders and the Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms hereof.
15.11. Lending Installations. The Guaranteed Obligations may be booked at any Lending Installation. All terms of this Guaranty apply to and may be enforced by or on behalf of any Lending Installation.
15.12. Liability Cumulative. The liability of each Loan Party as a Guarantor under this Article XV is in addition to and shall be cumulative with all liabilities of each Loan Party to the
 
125

Agent, the LC Issuer and the Lenders under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations of liabilities of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.
15.13 (Discharge of Guaranty Upon Certain Events). If a Guarantor is designated as an Unrestricted Subsidiary in accordance with the provisions of this Agreement or the Capital Stock of any Guarantor is sold in accordance with the provisions of this Agreement such that the Guarantor is no longer a direct or indirect Subsidiary of the Borrower, then in each case the Guaranty of such Guarantor and any subsidiary of such Guarantor that is a Guarantor hereunder shall automatically be discharged and released.
15.14. Keepwell. Each Qualified Keepwell Provider hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this guarantee in respect of any Swap Obligation ( provided ,  however , that each Qualified Keepwell Provider shall only be liable under this  Section 15.14  for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this  Section 15.14 , or otherwise under this guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified Keepwell Provider under this  Section 15.14  shall remain in full force and effect until all of the Secured Obligations have been indefeasibly paid and performed in full (or with respect to any outstanding Facility LCs, a cash deposit or Supporting Letter of Credit has been delivered to the Collateral Agent as required by the Credit Agreement) and no commitments of the Collateral Agent or the Secured Parties which would give rise to any Secured Obligations are outstanding. Each Qualified Keepwell Provider intends that this  Section 15.14  constitute, and this  Section 15.14  shall be deemed to constitute, a “keepwell, support, or other agreement” or the benefit of each other Loan Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
ARTICLE XVI
CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
16.1. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.
16.2. CONSENT TO JURISDICTION. EACH LOAN PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
 
126

ANY LOAN DOCUMENTS AND EACH LOAN PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT, THE LC ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY LOAN PARTY AGAINST THE AGENT, THE LC ISSUER OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTION WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN THE STATE OF NEW YORK.
16.3. WAIVER OF JURY TRIAL. EACH LOAN PARTY, THE AGENT, THE LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.
ARTICLE XVII
THE BORROWER REPRESENTATIVE
17.1. Appointment; Nature of Relationship. PHI is hereby appointed by the Borrower as its contractual representative (herein referred to as the “Borrower Representative”) hereunder and under each other Loan Document, and the Borrower irrevocably authorizes the Borrower Representative to act as the contractual representative of the Borrower with the rights and duties expressly set forth herein and in the other Loan Documents. The Borrower Representative agrees to act as such contractual representative upon the express conditions contained in this Article XVII. Additionally, the Borrower hereby appoints the Borrower Representative as its agent to receive all of the proceeds of the Loans in the Funding Account, at which time the Borrower Representative shall promptly disburse such Loans to the Borrower. The Agent and the Lenders, and their respective officers, directors, agents or employees, shall not be liable to the Borrower Representative or the Borrower for any action taken or omitted to be taken by the Borrower Representative or the Borrower pursuant to this  Section 17.1 .
17.2. Powers. The Borrower Representative shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Borrower Representative by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Borrower Representative shall have no implied duties to the Borrower, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Borrower Representative.
17.3. Employment of Agents. The Borrower Representative may execute any of its duties as the Borrower Representative hereunder and under any other Loan Document by or through Authorized Officers.
 
127

17.4. Notices. The Borrower shall immediately notify the Borrower Representative of the occurrence of any Default or Unmatured Default hereunder referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of default.” In the event that the Borrower Representative receives such a notice, the Borrower Representative shall give prompt notice thereof to the Agent and the Lenders. Any notice provided to the Borrower Representative hereunder shall constitute notice to the Borrower on the date received by the Borrower Representative.
17.5. Successor Borrower Representative. Upon the prior written consent of the Agent, the Borrower Representative may resign at any time, such resignation to be effective upon the appointment of a successor Borrower Representative. The Agent shall give prompt written notice of such resignation to the Lenders.
17.6. Execution of Loan Documents; Borrowing Base Certificate. The Borrower hereby empowers and authorizes the Borrower Representative, on behalf of the Borrower, to execute and deliver to the Agent and the Lenders the Loan Documents and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents, including without limitation, the Borrowing Base Certificates and the Compliance Certificates. The Borrower agrees that any action taken by the Borrower Representative or the Borrower in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Borrower.
17.7. Reporting. The Borrower hereby agrees that it shall furnish promptly to the Borrower Representative a copy of any certificate or report required hereunder or requested by the Borrower Representative on which the Borrower Representative shall rely to prepare the Borrowing Base Certificates and Compliance Certificates required pursuant to the provisions of this Agreement.
ARTICLE XVIII
EFFECT OF AMENDMENT AND RESTATEMENT OF EXISTING CREDIT AGREEMENT
On the Effective Date, the Existing Credit Agreement shall be amended, restated and superseded in its entirety. The parties hereto acknowledge and agree that (a) this Agreement and the other Loan Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation, payment and reborrowing, or termination of the “Obligations” (as defined in the Existing Credit Agreement) under the Existing Credit Agreement as in effect prior to the Effective Date and (b) such “Obligations” are in all respects continuing (as amended and restated hereby) with only the terms thereof being modified as provided in this Agreement.
[Signature Pages Follow]
 
128

IN WITNESS WHEREOF, the Loan Parties, the Lenders, the LC Issuer and the Agent have executed this Agreement as of the date first above written.

BORROWER:	
 	
PETROLEUM HEAT AND POWER CO., INC.	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
OTHER LOAN PARTIES:	
 	
A.P. WOODSON COMPANY	
C. HOFFBERGER COMPANY	
CHAMPION ENERGY CORPORATION	
CHAMPION OIL COMPANY	
COLUMBIA PETROLEUM TRANSPORTATION,	
LLC	
HOFFMAN FUEL COMPANY OF BRIDGEPORT	
HOFFMAN FUEL COMPANY OF DANBURY	
HOFFMAN FUEL COMPANY OF STAMFORD	
J.J. SKELTON OIL COMPANY	
LEWIS OIL COMPANY	
MAREX CORPORATION	
MEENAN HOLDINGS OF NEW YORK, INC.	
MEENAN OIL CO., INC.	
MINNWHALE LLC	
ORTEP OF PENNSYLVANIA, INC.	
PETRO HOLDINGS, INC.	
PETRO PLUMBING CORPORATION	
PETRO, INC.	
REGIONOIL PLUMBING, HEATING AND COOLING CO., INC.	
RICHLAND PARTNERS, LLC	
RYE FUEL COMPANY	
STAR ACQUISITIONS, INC.	
STAR GAS FINANCE COMPANY	
TG&E SERVICE COMPANY, INC.	
 	 	
By:	 	 	
 	 	
Name:	 	 	
[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
Title:	 	 	
 	
STAR GAS PARTNERS, L.P.	
 	
By: KESTREL HEAT, LLC, its General Partner	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
MEENAN OIL CO., L.P.	
 	
By: MEENAN OIL CO., INC., its General Partner	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
CFS LLC	
By: Richland Partners, LLC, its Sole Member	
 	 	
By:	 	 	
 	 	Richard F. Ambury	
 	 	Chief Financial Officer, Executive Vice President, Treasurer and Secretary	
 	
NOTICE ADDRESS FOR LOAN PARTIES:	
2187 Atlantic Street	
Stamford, CT 06902	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
LENDERS:	
 	
JPMORGAN CHASE BANK, N.A.,
as Agent, an LC Issuer and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
BANK OF AMERICA, N.A.,	
as Co-Syndication Agent, an LC Issuer and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                    ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
RBS CITIZENS, N.A.,	
as Co-Syndication Agent and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
KEYBANK NATIONAL ASSOCIATION,	
as Co-Documentation Agent and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
REGIONS BANK,	
as Co-Documentation Agent and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
WELLS FARGO CAPITAL FINANCE, LLC,	
as Co-Documentation Agent and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
BMO HARRIS BANK, N.A.,	
as Co-Documentation Agent and Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
PNC BANK, N.A.,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
TD BANK, N.A.,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
SOCIETE GENERALE,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
SANTANDER BANK, N.A.,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	
 
[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
CITIBANK,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
ISRAEL DISCOUNT BANK OF NEW YORK,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
WEBSTER BANK,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

 	 	 	
RB INTERNATIONAL FINANCE (USA) LLC,	
as Lender	
 	 	
By:	 	 	
 	 	
Name:	 	 	
 	 	
Title:	 	 	
 	
NOTICE ADDRESS:	
 	 	
[	 	 	
Attention:	
Telephone:	
Facsimile:                     ]	

[Signature Page to Amended and Restated Credit Agreement]

EXHIBIT A
BORROWING NOTICE
Date:             , 201    
 
To:	JPMorgan Chase Bank, N.A., as Agent for the Lenders	
This Borrowing Notice is furnished pursuant to Section 2.1.1(b) of that certain Second Amended and Restated Credit Agreement dated as of January 14, 2014 (as amended, modified, renewed or extended from time to time, the “ Agreement ”) among Petroleum Heat and Power Co., Inc., a Minnesota corporation (the “ Borrower ”), the other Loan Parties, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., a national banking association, as an LC Issuer and as the Agent for the Lenders, Bank of America, N.A., as co-syndication agent and as an LC Issuer, RBS Citizens, N.A., as co-syndication agent, and Key Bank National Association, Regions Bank, Wells Fargo Capital Finance, LLC and BMO Harris Bank, N.A., as co-documentation agents. Unless otherwise defined herein, capitalized terms used in this Borrowing Notice have the meanings ascribed thereto in the Agreement.
The Borrower Representative hereby notifies the Agent of its request of the following Advance:
(1) Borrowing Date of the Advance (must be a Business Day):                     
(2) Aggregate Amount of the Advance: $        
(4) Type of Advance1:                     
(5) Duration of Interest Period (for Eurodollar Advances only):
One Month             
Two Months             
Three Months             
Six Months             
The Borrower Representative hereby represents, on its behalf and on behalf of the Borrower, that, as of the date of this Borrowing Notice:
 
 	(a)	There exists no Default or Unmatured Default and no Default or Unmatured Default shall result from this Credit Extension.	
 
 	(b)	The representations and warranties contained in Article V of the Agreement are true and correct, except to the extent any such representation or warranty is stated to relate solely to an earlier date.	
 
 	(c)	After giving effect to this Credit Extension, Availability will not be less than zero.	

 	 	,	
as Borrower Representative	

By:	 	 	
 	 	Name:	 	 	
 	 	Title:	 	 	
 
1 	Eurodollar Advance or Floating Rate Advance.	
 
Exhibit A

EXHIBIT B
CONVERSION/CONTINUATION NOTICE
Date:             , 201    
 
To:	JPMorgan Chase Bank, N.A., as Agent for the Lenders	
This Conversion/Continuation Notice is furnished pursuant to Section 2.7 of that certain Second Amended and Restated Credit Agreement dated as of January 14, 2014 (as amended, modified, renewed or extended from time to time, the “ Agreement ”) among Petroleum Heat and Power Co., Inc., a Minnesota corporation (“ Petro ” or the “ Borrower ”), the other Loan Parties, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., a national banking association, as an LC Issuer and as the Agent for the Lenders, Bank of America, N.A., as co-syndication agent and as an LC Issuer, RBS Citizens, N.A., as co-syndication agent, and Key Bank National Association, Regions Bank, Wells Fargo Capital Finance, LLC and BMO Harris Bank, N.A., as co-documentation agents. Unless otherwise defined herein, capitalized terms used in this Conversion/Continuation Notice have the meanings ascribed thereto in the Agreement.
The Borrower Representative hereby notifies the Agent of its request to [SELECT ONE]:
 
 	(1)	convert the Floating Rate Advance in the name of the Borrower and in the amount of $         into a Eurodollar Advance with an Interest Period duration of:          month(s)	
 
 	(2)	continue the Eurodollar Advance in the name of the Borrower and as otherwise described below:	
 
 	(a)	Date of Continuation (must be a Business Day):                     	
 
 	(b)	Aggregate Amount of Advance: $        	
 
 	(c)	The duration of the Interest Period applicable thereto:	
         month(s)
The Borrower Representative hereby represents, on its behalf and on behalf of the Borrower that, as of the date of this Conversion/Continuation Notice:
 
 	(a)	There exists no Default or Unmatured Default and no Default or Unmatured Default shall result from this Credit Extension.	
 
 	(b)	The representations and warranties contained in Article V of the Agreement are true and correct, except to the extent any such representation or warranty is stated to relate solely to an earlier date.	
 
 	(c)	After giving effect to this Credit Extension, Availability will not be less than zero.	

 	 	,	
as Borrower Representative	 	 	

By:	 	 	
 	 	Name:	 	 	
 	 	Title:	 	 	
Exhibit B

EXHIBIT C
NOTE
Date:             , 201    
The undersigned (the “Borrower”), promises to pay to the order of                                          (the “ Lender ”) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to  Article II  of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMorgan Chase Bank, N.A., as Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans and Reimbursement Obligations in full on the Facility Termination Date.
The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder.
This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Second Amended and Restated Credit Agreement dated as of January 14, 2014 (which, as it may be amended or modified and in effect from time to time, is herein called the “ Agreement ”), among the Borrower, the other Loan Parties, the Lenders party thereto and JPMorgan Chase Bank, N.A., as an LC Issuer and as the Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. This Note is secured pursuant to the Collateral Documents and guaranteed pursuant to the Guaranty, as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.

Petroleum Heat and Power Co., Inc, a	
Minnesota corporation	
 	 	
By:	 	 	
Print Name:	 	 	
Title:	 	 	
Exhibit C

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL
TO
NOTE OF PETROLEUM HEAT AND POWER CO., INC.
DATED              , 201    

Date	  	Principal
Amount of
Loan	  	Maturity
of Interest
Period	  	Principal
Amount
Paid	  	Unpaid
Balance	

 	  	 	  	 	  	 	  	 	
 
Exhibit C
 
2

EXHIBIT D
FORM OF OPINION
[Signed opinion attached]
Exhibit D

EXHIBIT E
COMPLIANCE CERTIFICATE
 
To:	The Lenders parties to the	
Credit Agreement Described Below
This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated Credit Agreement dated as of January 14, 2014 (as amended, modified, renewed or extended from time to time, the “ Agreement ”) among Petroleum Heat and Power Co., Inc., a Minnesota corporation (“ Petro ” or the “ Borrower ”), the other Loan Parties, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., a national banking association, as an LC Issuer and as the Agent for the Lenders, Bank of America, N.A., as co-syndication agent and as an LC Issuer, RBS Citizens, N.A., as co-syndication agent, and Key Bank National Association, Regions Bank, Wells Fargo Capital Finance, LLC and BMO Harris Bank, N.A., as co-documentation agents. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.
THE UNDERSIGNED HEREBY CERTIFIES, ON ITS BEHALF AND ON BEHALF OF THE BORROWER, THAT:
1. I am the duly elected1                                          of the Borrower Representative;
2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Parent and its Subsidiaries during the accounting period covered by the attached financial statements;
3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or Unmatured Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below;
4. I hereby certify that no Loan Party has changed (i) its name, (ii) its chief executive office, (iii) principal place of business, (iv) mailing address, (v) corporate offices or warehouses or locations at which Collateral is held or stored, or the location of its records concerning the Collateral as set forth in the Security Agreement, (vi) the type of entity it is, (vii) organization identification number, if any, issued by its state of incorporation or other organization or (viii) its state of incorporation or organization without having given the Agent the notice required by  Section 6.22 ;
5. Schedule I attached hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct;
6. Schedule II hereto sets forth the Borrower’s Applicable Margin calculation2; and
7. Schedule III attached hereto sets forth the various reports and deliveries which are required at this time under the Agreement and the other Loan Documents and the status of compliance.

1 	Chief Financial Officer, Vice President – Controller or Treasurer.	
2 	Applicable Margin calculation applicable after receipt by the Agent of the financial statement for the fiscal quarter ended March 31, 2014.	
Exhibit E

Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event:

 	

 	
 	
The foregoing certifications, together with the computations and information set forth in Schedule I and Schedule II hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this      day of             , 201    .

 	 	,	 	as	
Borrower Representative	 	 	 	 	

By:	 	 	
Name:	 	 	
Title:	 	 	
 
Exhibit E
 
2

SCHEDULE I TO COMPLIANCE CERTIFICATE
Compliance as of             ,          with
Provisions of Sections 6.1(e), 6.16(a), 6.25(a), 6.27 and 6.28 and any other covenants set forth in the Agreement
 
Exhibit E
 
3

SCHEDULE II TO COMPLIANCE CERTIFICATE
Borrower’s Applicable Margin Calculation
 
Exhibit E
 
4

SCHEDULE III TO COMPLIANCE CERTIFICATE
Reports and Deliveries Currently Due
 
Exhibit E
 
5

EXHIBIT F
JOINDER AGREEMENT
THIS JOINDER AGREEMENT (this “Agreement”), dated as of             ,     , 201  , is entered into between                                         , a                      (the “ New Subsidiary ”) and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (the “ Agent ”) under that certain Second Amended and Restated Credit Agreement, dated as of January 14, 2014, among Petroleum Heat and Power Co., Inc., a Minnesota corporation (“ Petro ” or the “ Borrower ”), the Loan Parties party thereto, the Lenders party thereto and the Agent (as the same may be amended, modified, extended or restated from time to time, the “ Credit Agreement ”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement.
The New Subsidiary and the Agent, for the benefit of the Lenders, hereby agree as follows:
1. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Loan Party under the Credit Agreement and a Guarantor for all purposes of the Credit Agreement and shall have all of the obligations of a Loan Party and a Guarantor thereunder as if it had executed the Credit Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Article V of the Credit Agreement, (b) all of the covenants set forth in Article VI of the Credit Agreement and (c) all of the guaranty obligations set forth in Article XV of the Credit Agreement. Without limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in  Section 15.10  of the Credit Agreement, hereby guarantees, jointly and severally with the other Guarantors, to the Agent and the Lenders, as provided in Article XV of the Credit Agreement, the prompt payment and performance of the Guaranteed Obligations in full when due (whether at stated maturity, by acceleration or otherwise) strictly in accordance with the terms thereof and agrees that if any of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, by acceleration or otherwise), the New Subsidiary will, jointly and severally together with the other Guarantors, promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.
2. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Grantor under the Security Agreement and shall have all of the obligations of a Grantor under the Security Agreement as if it had executed such agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Security Agreement.
3. If required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering such Collateral Documents (and such other documents and instruments) as requested by the Agent in accordance with the Credit Agreement.
4. The address of the New Subsidiary for purposes of Article XIII of the Credit Agreement is as follows:

 	  	 	

 	  	 	
 
Exhibit F

5. The New Subsidiary hereby waives acceptance by the Agent and the Lenders of the guaranty by the New Subsidiary upon the execution of this Agreement by the New Subsidiary.
6. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.
7. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its authorized officer, and the Agent, for the benefit of the Lenders, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

[NEW SUBSIDIARY]	
 	 	
By:	 	 	
Name:	 	 	
Title:	 	 	
 	
Acknowledged and accepted:	
 	
JPMorgan Chase Bank, N.A., as Agent	
 	 	
By:	 	 	
Name:	 	 	
Title:	 	 	
 
Exhibit F
 
2

EXHIBIT G
FORM OF
ASSIGNMENT AND ASSUMPTION
This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into between the Assignor named below (the “ Assignor ”) and the Assignee named below (the “ Assignee ”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “ Credit Agreement ”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.
For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “ Assigned Interest ”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

1.      Assignor:	  	 	  	 	
 	 	 	
2.      Assignee:	  	 	  	 	
 	  	[and is an Affiliate/Approved Fund of [identify Lender]1]	
 	 	
3.      Borrower:	  	Petroleum Heat and Power Co., Inc.	
 	 	
4.      Administrative Agent:	  	JPMorgan Chase Bank, N.A., as administrative agent under the Credit
Agreement	
 	 	
5.      Credit Agreement:	  	The Credit Agreement dated as of January 14, 2014 among Petroleum Heat and Power Co., Inc., the Lenders parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents parties thereto	
 
1 	Select as applicaple.	
 
Exhibit G

6.	Assigned Interest:	

Facility Assigned2	  	Aggregate Amount of
Commitment/Loans for
all Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage Assigned of
Commitment/Loans 3	 	
 	  	$	            	  	  	$	            	  	  	 	    	% 	
 	  	$	 	  	  	$	 	  	  	 	    	% 	
 	  	$	 	  	  	$	 	  	  	 	    	% 	
Effective Date:                 , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]
The Assignee agrees to deliver to the Administrative Agent a completed administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
The terms set forth in this Assignment and Assumption are hereby agreed to:

ASSIGNOR	

NAME OF ASSIGNOR	
 	 	
By:	 	 	
 	 	Title:	
 	
ASSIGNEE	

NAME OF ASSIGNEE	
 	 	
By:	 	 	
 	 	Title:	
 
2 	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving Commitment,” “Tranche A Term Commitment,” “Tranche B Term Commitment”).	
3 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders.	
 
Exhibit G
 
2

Consented to and Accepted:

JPMorgan Chase Bank, N.A., as Agent and an LC Issuer	
 	 	
By:	 	 	
Title:	 	 	
 	
Bank of America, N.A., as an LC Issuer	
 	 	
By:	 	 	
Title:	 	 	
 	
[NOTE: PLUG IN ACTUAL NAME OF ENTITY6	
 	 	
By:	 	 	
Title:]	 	 	
 
6 	Pursuant to § 12.3(b) of the Credit Agreement, the consent of the Borrower Representative is required prior to an assignment becoming effective unless the Assignee is a Lender, an Affiliate of a Lender or an Approved Fund, provided that, the consent of the Borrower Representative is not required if a Default has occurred and is continuing.	
 
Exhibit G

ANNEX 1
Second Amended and Restated Credit Agreement, dated as of January 14, 2014, among Petroleum Heat and Power Co., Inc., a Minnesota corporation (“ Petro ” or the “ Borrower ”), the Loan Parties party thereto, the Lenders party thereto and the Agent (as the same may be amended, modified, extended or restated from time to time, the “ Credit Agreement ”).
STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION
1. Representations and Warranties.
1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.
1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.
 
Exhibit G
 
2

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by email or telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.
 
Exhibit G
 
3

EXHIBIT H
BORROWING BASE CERTIFICATE
Petroleum Heat and Power Co., Inc.
Borrowing Base Certificate

(000’s US$)	  	 	 	  	 	 	  	 	 	
A.	  	Total available Accounts Receivable (from page 2 of 5)	  	 	 	 	  	$	0	  	  	 	 	 	

B.	  	Total available Inventory (from page 3 of 5)	  	 	 	 	  	$	0	  	  	 	 	 	

C.	  	Total available Fixed Asset collateral (from page 4 of 5)	  	 	 	 	  	$	0	  	  	 	 	 	

D.	  	Available Cash, per terms of the Credit Agreement	  	 	 	 	  	$	0	  	  	 	 	 	

E.	  	Borrowing Base (lines A + B + C + D)	  	 	 	 	  	 	 	 	  	$	0	  	

F.	  	Lower of:	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	Borrowing Base (line E)	  	 	 	 	  	$	0	  	  	 	 	 	

 	  	 	  	 	 	 	  	 	 	 	  	$	0	  	

 	  	Revolving Credit Commitment	  	 	 	 	  	$	0	  	  	 	 	 	

G.	  	Revolving Credit Outstandings:	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	Revolving Loans	  	$	0	  	  	 	 	 	  	 	 	 	
 	  	Letters of Credit	  	$	0	  	  	 	 	 	  	 	 	 	
 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	Total Revolving Credit Outstandings	  	$	0	  	  	 	 	 	  	$	0	  	

H.	  	Available credit (overadvance) (line F - G)	  	 	 	 	  	 	 	 	  	$	0	  	
 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	
Officer’s Certification:
Pursuant to the Second Amended and Restated Credit Agreement dated as of January 14, 2014, the undersigned Financial Officer of Petroleum Heat and Power, Co., Inc. certifies that the information provided in this certificate to JPMorgan Chase Bank, as Administrative Agent, is true and correct based on the accounting records of Petroleum Heat and Power Co., Inc.
 
Exhibit H

 	 	 	 	 	
Petroleum Heat and Power Co., Inc.	 	 	 	 	

 
Signature & Title	 	 	 	 
Date	
 
*	Borrowing Base Certificate to be accompanied by the documentation outlined in Section 6 of the Credit Agreement*	
 
Exhibit H

EXECUTION VERSION
Exhibit 10.25
SECOND AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT
dated as of January 14, 2014
between
STAR GAS PARTNERS, L.P.,
PETROLEUM HEAT AND POWER CO., INC.,
and certain of their Subsidiaries,
as Grantors,
and
JPMORGAN CHASE BANK, N.A.,
as Collateral Agent

Table of Contents

 	 	 	  	Page	 	
ARTICLE I DEFINITIONS	  	 	1	  	
 	 	 	
1.1.	 	Terms Defined in Credit Agreement	  	 	1	  	
 	 	 	
1.2.	 	Terms Defined in UCC	  	 	1	  	
 	 	 	
1.3.	 	Definitions of Certain Terms Used Herein	  	 	1	  	
 	 	
ARTICLE II GRANT OF SECURITY INTEREST	  	 	5	  	
 	 	
ARTICLE III REPRESENTATIONS AND WARRANTIES	  	 	6	  	
 	 	 	
3.1.	 	Title, Perfection and Priority	  	 	6	  	
 	 	 	
3.2.	 	Type and Jurisdiction of Organization, Organizational and Identification Numbers	  	 	7	  	
 	 	 	
3.3.	 	Principal Location	  	 	7	  	
 	 	 	
3.4.	 	Collateral Locations	  	 	7	  	
 	 	 	
3.5.	 	Deposit Accounts	  	 	7	  	
 	 	 	
3.6.	 	Exact Names	  	 	7	  	
 	 	 	
3.7.	 	Letter-of-Credit Rights and Chattel Paper	  	 	7	  	
 	 	 	
3.8.	 	Accounts and Chattel Paper	  	 	7	  	
 	 	 	
3.9.	 	Inventory	  	 	8	  	
 	 	 	
3.10.	 	Intellectual Property	  	 	8	  	
 	 	 	
3.11.	 	Filing Requirements	  	 	9	  	
 	 	 	
3.12.	 	No Financing Statements, Security Agreements	  	 	9	  	
 	 	 	
3.13.	 	Pledged Collateral	  	 	9	  	
 	 	
ARTICLE IV COVENANTS	  	 	10	  	
 	 	 	
4.1.	 	General	  	 	10	  	
 	 	 	
4.2.	 	Receivables	  	 	11	  	
 	 	 	
4.3.	 	Inventory and Equipment	  	 	12	  	
 	 	 	
4.4.	 	Delivery of Instruments, Securities, Chattel Paper and Documents	  	 	12	  	
 
i

 	 	 	 	 	 	 	
 	 	 	
4.5.	 	Uncertificated Pledged Collateral	  	 	13	  	
 	 	 	
4.6.	 	Pledged Collateral	  	 	13	  	
 	 	 	
4.7.	 	Intellectual Property	  	 	14	  	
 	 	 	
4.8.	 	Commercial Tort Claims	  	 	15	  	
 	 	 	
4.9.	 	Letter-of-Credit Rights	  	 	15	  	
 	 	 	
4.10.	 	Federal, State or Municipal Claims	  	 	15	  	
 	 	 	
4.11.	 	No Interference	  	 	15	  	
 	 	
ARTICLE V DEFAULTS AND REMEDIES	  	 	16	  	
 	 	 	
5.1.	 	Defaults	  	 	16	  	
 	 	 	
5.2.	 	Remedies	  	 	16	  	
 	 	 	
5.3.	 	Grantor’s Obligations Upon Default	  	 	18	  	
 	 	 	
5.4.	 	Grant of Intellectual Property License	  	 	19	  	
 	 	
ARTICLE VI ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY	  	 	19	  	
 	 	 	
6.1.	 	Account Verification	  	 	19	  	
 	 	 	
6.2.	 	Authorization for Secured Party to Take Certain Action	  	 	19	  	
 	 	 	
6.3.	 	Proxy	  	 	20	  	
 	 	 	
6.4.	 	Nature of Appointment; Limitation of Duty	  	 	20	  	
 	 	
ARTICLE VII COLLECTION AND APPLICATION OF COLLATERAL PROCEEDS; DEPOSIT ACCOUNTS	  	 	21	  	
 	 	 	
7.1.	 	Collection of Receivables	  	 	21	  	
 	 	 	
7.2.	 	Covenant Regarding New Deposit Accounts; Blocked Accounts; Lockboxes	  	 	22	  	
 	 	 	
7.3.	 	Application of Proceeds; Deficiency	  	 	22	  	
 	 	
ARTICLE VIII GENERAL PROVISIONS	  	 	23	  	
 	 	 	
8.1.	 	Waivers	  	 	23	  	
 	 	 	
8.2.	 	Limitation on Collateral Agent’s and Secured Parties’ Duty with Respect to the Collateral	  	 	23	  	
 	 	 	
8.3.	 	Compromises and Collection of Collateral	  	 	24	  	
 
ii

 	 	 	 	 	 	 	
 	 	 	
8.4.	 	Secured Party Performance of Debtor Obligations	  	 	24	  	
 	 	 	
8.5.	 	Specific Performance of Certain Covenants	  	 	24	  	
 	 	 	
8.6.	 	Use and Possession of Certain Premises	  	 	24	  	
 	 	 	
8.7.	 	Dispositions Not Authorized	  	 	25	  	
 	 	 	
8.8.	 	No Waiver; Amendments; Cumulative Remedies	  	 	25	  	
 	 	 	
8.9.	 	Limitation by Law; Severability of Provisions	  	 	25	  	
 	 	 	
8.10.	 	Reinstatement	  	 	25	  	
 	 	 	
8.11.	 	Benefit of Agreement	  	 	26	  	
 	 	 	
8.12.	 	Survival of Representations	  	 	26	  	
 	 	 	
8.13.	 	Taxes and Expenses	  	 	26	  	
 	 	 	
8.14.	 	Headings	  	 	26	  	
 	 	 	
8.15.	 	Termination	  	 	26	  	
 	 	 	
8.16.	 	Entire Agreement	  	 	26	  	
 	 	 	
8.17.	 	CHOICE OF LAW	  	 	27	  	
 	 	 	
8.18.	 	CONSENT TO JURISDICTION	  	 	27	  	
 	 	 	
8.19.	 	WAIVER OF JURY TRIAL	  	 	27	  	
 	 	 	
8.20.	 	Indemnity	  	 	27	  	
 	 	 	
8.21.	 	Counterparts	  	 	28	  	
 	 	 	
8.22.	 	Section Titles	  	 	28	  	
 	 	
ARTICLE IX NOTICES	  	 	28	  	
 	 	 	
9.1.	 	Sending Notices	  	 	28	  	
 	 	 	
9.2.	 	Change in Address for Notices	  	 	28	  	
 	 	
ARTICLE X THE AGENT	  	 	28	  	
EXHIBITS

A    	  	Notice Address for All Grantors; Information and Collateral Locations of Each Grantor	
B	  	Deposit Accounts; Blocked Accounts; Lockboxes	
 
iii

 	 	 	
C    	  	Letter-of-Credit Rights; Chattel Paper	
D	  	Intellectual Property Rights	
E	  	Title Documents	
F	  	Fixtures	
G	  	Pledged Collateral, Securities and Other Investment Property	
H	  	Offices in which Financing Statements were Filed	
I	  	Form of Amendment	
J	  	Commercial Tort Claims	
 
iv

SECOND AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT
THIS SECOND AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (as it may be amended or modified from time to time, the “ Security Agreement ”) is entered into as of January 14, 2014 by and between Star Gas Partners, L.P., a Delaware limited partnership (the “ Parent ”), Petroleum Heat and Power Co., Inc., a Minnesota corporation (“ Petro ” or the “ Borrower ”), and each other direct or indirect subsidiary of the Parent from time to time party to this Security Agreement (each of the Parent, Petro and each other such Subsidiary of the Parent, a “ Grantor ”, and collectively, the “ Grantors ”), and JPMorgan Chase Bank, N.A., a national banking association, in its capacity as collateral agent (the “ Collateral Agent ”) for the Secured Parties (as defined below) to the Credit Agreement referred to below.
PRELIMINARY STATEMENT
Petro, the other loan parties named therein, JPMorgan Chase Bank, N.A., as agent, and the lenders thereto entered into that certain Amended and Restated Credit Agreement dated as of June 3, 2011 (as amended prior to the date hereof, the “ Existing Credit Agreement ”).
Pursuant to the Existing Credit Agreement, Petro, the other loan parties thereto and JPMorgan Chase Bank, N.A., for the benefit of the lenders thereto, entered into that certain Amended and Restated Pledge and Security Agreement dated as of June 3, 2011 (the “ Existing Security Agreement ”) in order to induce the secured parties thereto to enter into and extend credit to Petro under the Existing Credit Agreement and to secure the obligations that it agreed to guarantee pursuant to Article XV of the Existing Credit Agreement.
Petro, the other Loan Parties named therein, JPMorgan Chase Bank, N.A., as Agent and an LC Issuer, and the Lenders are entering into a Second Amended and Restated Credit Agreement dated as of January 14, 2014 (as it may be amended or modified from time to time, the “ Credit Agreement ”).
Each Grantor is entering into this Security Agreement in order to induce the Secured Parties to enter into and extend credit to Petro under the Credit Agreement and to secure the Secured Obligations that it has agreed to guarantee pursuant to Article XV of the Credit Agreement.
ACCORDINGLY, the Grantors and the Collateral Agent, on behalf of the Secured Parties, agree that the Existing Security Agreement is hereby amended and restated as of the Effective Date to read in its entirety as follows:
ARTICLE I
DEFINITIONS
1.1. Terms Defined in Credit Agreement.
All capitalized terms used herein and not otherwise defined herein or in the UCC shall have the meanings assigned to such terms in the Credit Agreement.
1.2. Terms Defined in UCC.
Terms defined in the UCC which are not otherwise defined in this Security Agreement are used herein as defined in the UCC.
1.3. Definitions of Certain Terms Used Herein.

As used in this Security Agreement, in addition to the terms defined in the preamble and the Preliminary Statement, the following terms shall have the following meanings:
“Accounts” shall have the meaning set forth in Article 9 of the UCC.
“Article” means a numbered article of this Security Agreement, unless another document is specifically referenced.
“Blocked Accounts” shall have the meaning set forth in Section 7.1(a).
“Blocked Account Agreements” shall have the meaning set forth in Section 7.1(a).
“Chattel Paper” shall have the meaning set forth in Article 9 of the UCC.
“Collateral” shall have the meaning set forth in Article II.
“Collateral Deposit Account” shall have the meaning set forth in Section 7.1(a).
“Collateral Report” means any certificate (including any Borrowing Base Certificate), report or other document delivered by any Grantor to the Collateral Agent or any Lender with respect to the Collateral pursuant to any Loan Document.
“Collection Account” shall have the meaning set forth in Section 7.1(b).
“Control” shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.
“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world.
“Default” means an event described in Section 5.1.
“Deposit Accounts” shall have the meaning set forth in Article 9 of the UCC.
“Documents” shall have the meaning set forth in Article 9 of the UCC.
“Electronic Chattel Paper” shall have the meaning set forth in Article 9 of the UCC.
“Equipment” shall have the meaning set forth in Article 9 of the UCC.
“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced.
“Fixtures” shall have the meaning set forth in Article 9 of the UCC.
 
2

“General Intangibles” means all “general intangibles” as such term is defined in Article 9 of the UCC including, without limitation, with respect to any Grantor, all contracts, agreements, instruments and indentures in any form, and portions thereof, to which such Grantor is a party or under which such Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same may from time to time be amended, supplemented or otherwise modified, including, without limitation (but limited as aforesaid), (i) all rights of such Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of such Grantor to damages arising thereunder, (iii) all equity that constitutes “general intangibles” and (iv) all rights of such Grantor to perform and to exercise all remedies thereunder.
“Goods” shall have the meaning set forth in Article 9 of the UCC.
“Instruments” shall have the meaning set forth in Article 9 of the UCC.
“Inventory” shall have the meaning set forth in Article 9 of the UCC.
“Investment Property” shall have the meaning set forth in Article 9 of the UCC.
“Lenders” means the lenders party to the Credit Agreement and their successors and assigns.
“Letter-of-Credit Rights” shall have the meaning set forth in Article 9 of the UCC.
“Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof.
“Lockboxes” shall have the meaning set forth in Section 7.1(a).
“Lock Box Agreements” shall have the meaning set forth in Section 7.1(a).
Patents” means, with respect to any Person, all of such Person’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world.
“Payment Intangibles” shall have the meaning set forth in Article 9 of the UCC.
“Pledged Collateral” means all Instruments, Securities and other Investment Property of the Grantors included as Collateral, whether or not physically delivered to the Collateral Agent pursuant to this Security Agreement.
“Proceeds” shall mean (a) all “proceeds,” as defined in Article 9 of the UCC, with respect to the Collateral (including Stock Rights and insurance proceeds), and (b) whatever is recoverable
 
3

or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily.
“Promissory Notes” shall have the meaning set forth in Article 9 of the UCC.
“Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral.
“Records” shall have the meaning set forth in Article 9 of the UCC.
“Remittance Processor” means Remitco LLC, a Delaware limited liability company.
“Remittance Processing Agreement” means the Remittance Processing Services Agreement, between the Remittance Processor and PHI and signed by PHI on August 22, 2003, as amended on June 30, 2008 and in effect as of the Effective Date.
“Required Secured Parties” means (a) prior to an acceleration of the obligations under the Credit Agreement, the Required Lenders, and (b) after an acceleration of the obligations under the Credit Agreement but prior to the date upon which the Credit Agreement has terminated by its terms and all of the obligations thereunder have been paid in full, Lenders holding in the aggregate at least a majority of the total of the Aggregate Credit Exposure, and (c) after the Credit Agreement has terminated by its terms and all of the obligations thereunder have been paid in full (whether or not the obligations under the Credit Agreement were ever accelerated), Secured Parties holding in the aggregate at least a majority of the aggregate net early termination payments and all other amounts then due and unpaid from any Grantor to the Secured Parties (i) under Commodity Hedging Agreements and (ii) to the extent permitted under applicable debt agreements, with respect to any (x) Banking Services and (y) Rate Management Transactions (other than Commodity Hedging Agreements), as determined by the Collateral Agent in its reasonable discretion.
“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced.
“Secured Parties” means, collectively, the Lenders and the Agent, any other holder from time to time of any of the Secured Obligations and, in each case, their respective successors and assigns.
“Security” has the meaning set forth in Article 8 of the UCC.
“Security Entitlement” has the meaning set forth in Article 8 of the UCC.
“Stock Rights” means all dividends, instruments or other distributions and any other right or property which the Grantors shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Capital Stock constituting Collateral, any right to receive Capital Stock and any right to receive earnings, in which the Grantors now have or hereafter acquire any right, issued by an issuer of such Capital Stock.
“Supporting Obligations” shall have the meaning set forth in Article 9 of the UCC.
“Tangible Chattel Paper” shall have the meaning set forth in Article 9 of the UCC.
 
4

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world.
“UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York;  provided  that to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined differently in differing Articles of the Uniform Commercial Code, the definition of such term contained in Article 9 shall govern;  provided ,  further , that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or priority of, or remedies with respect to, Liens of any Party is governed by the Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform Commercial Code” will mean the Uniform Commercial Code or such foreign personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.
“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default hereunder.
The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.
ARTICLE II
GRANT OF SECURITY INTEREST
Each Grantor hereby pledges, assigns and grants to the Collateral Agent, on behalf of and for the benefit of the Secured Parties, a security interest in all of its right, title and interest in, to and under all personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade name or derivations thereof), and whether owned or consigned by or to, or leased from or to, such Grantor, and regardless of where located (all of which will be collectively referred to as the “ Collateral ”), including:
(i) all Accounts and Receivables;
(ii) all Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper);
(iii) all Documents;
(iv) all Equipment;
(v) all Fixtures;
 
5

(vi) all General Intangibles;
(vii) all Goods;
(viii) all Instruments (including, without limitation, Promissory Notes);
(ix) all Inventory;
(x) all Investment Property;
(xi) all cash or cash equivalents;
(xii) all letters of credit, Letter-of-Credit Rights and Supporting Obligations;
(xiii) (x) all Deposit Accounts with any bank or other financial institution and all cash, checks, other negotiable instruments, funds and other evidences of payments held therein and (y) all Securities and Security Entitlements, and securities accounts, in each case, to the extent constituting cash or cash equivalents or representing a claim to cash equivalents;
(xiv) all Trademarks;
(xv) all Capital Stock;
(xvi) all Rate Management Transactions (including Commodity Hedging Agreements); and
(xvii) and all accessions to, substitutions for and replacements, Proceeds and products of the foregoing, together with all books and Records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing,
to secure the prompt and complete payment and performance of the Secured Obligations.
ARTICLE III
REPRESENTATIONS AND WARRANTIES
Each Grantor represents and warrants to the Collateral Agent and the Secured Parties that:
3.1. Title, Perfection and Priority. Such Grantor has good and valid rights in or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1(e), and has full power and authority to grant to the Collateral Agent the security interest in such Collateral pursuant hereto. When financing statements have been filed in the appropriate offices against such Grantor in the locations listed on  Exhibit H , the Collateral Agent will have a fully perfected first priority security interest in that Collateral of the Grantor
 
6

in which a security interest may be perfected by filing, subject only to Liens permitted under Section 4.1(e).
3.2. Type and Jurisdiction of Organization, Organizational and Identification Numbers. The type of entity of such Grantor, its state of organization, the organizational number issued to it by its state of organization and its federal employer identification number are set forth on  Exhibit A .
3.3. Principal Location. Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business), is disclosed in  Exhibit A ; such Grantor has no other places of business except those set forth in  Exhibit A .
3.4. Collateral Locations. All of such Grantor’s locations where Collateral is located are listed on Exhibit A. All of said locations are owned by such Grantor except for locations (i) which are leased by the Grantor as lessee and designated in Part VII(b)  of  Exhibit A  and (ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment as designated in  Part VII(c)  of  Exhibit A .
3.5. Deposit Accounts. All of such Grantor’s Deposit Accounts are listed on Exhibit B.
3.6. Exact Names. Such Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization.
3.7. Letter-of-Credit Rights and Chattel Paper. Exhibit C lists all Letter-of-Credit Rights and Chattel Paper of such Grantor. All action by such Grantor necessary or desirable to protect and perfect the Collateral Agent’s Lien on each item listed on  Exhibit C  (including the delivery of all originals and the placement of a legend on all Chattel Paper as required hereunder) has been duly taken. The Collateral Agent will have a fully perfected first priority security interest in the Collateral listed on  Exhibit C , subject only to Liens permitted under  Section 4.1(e) .
3.8. Accounts and Chattel Paper.
(a) The names of the obligors, amounts owing, due dates and other information with respect to its Accounts and Chattel Paper are and will be correctly stated in all records of the Grantor relating thereto and in all invoices and Collateral Reports with respect thereto furnished to the Collateral Agent by such Grantor from time to time. As of the time when each Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may be, and all records relating thereto, are genuine and in all respects what they purport to be.
 
7

(b) With respect to its Accounts, except as specifically disclosed on the most recent Collateral Report, (i) all Accounts are Eligible Accounts; (ii) all Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the ordinary course of such Grantor’s business and are not evidenced by a judgment, Instrument or Chattel Paper; (iii) there are no setoffs, claims or disputes existing or asserted with respect thereto and such Grantor has not made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for less than the full amount thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except a discount or allowance allowed by such Grantor in the ordinary course of its business for prompt payment or as are generally offered in the industry by competitors of such Grantor in the applicable markets and in each case as disclosed to the Collateral Agent; (iv) to such Grantor’s knowledge, there are no facts, events or occurrences which in any way impair the validity or enforceability thereof or could reasonably be expected to reduce the amount payable thereunder as shown on such Grantor’s books and records and any invoices, statements and Collateral Reports with respect thereto; (v) such Grantor has not received any notice of proceedings or actions which are threatened or pending against any Account Debtor which might result in any adverse change in such Account Debtor’s financial condition; and (vi) such Grantor has no knowledge that any Account Debtor is unable generally to pay its debts as they become due.
(c) In addition, with respect to all of its Accounts, (i) the amounts shown on all invoices, statements and Collateral Reports with respect thereto are actually and absolutely owing to such Grantor as indicated thereon and are not in any way contingent; (ii) no payments have been or shall be made thereon except payments immediately delivered to a Blocked Account, Lockbox or a Collateral Deposit Account as required pursuant to  Section 7.1 ; and (iii) to such Grantor’s knowledge, all Account Debtors have the capacity to contract.
3.9. Inventory. With respect to any of its Inventory scheduled or listed on the most recent Collateral Report, (a) such Inventory (other than Inventory in transit) is located at one of such Grantor’s locations set forth on  Exhibit A , (b) no Inventory (other than Inventory in transit) is now, or shall at any time or times hereafter be stored at any other location except as permitted by  Section 4.1(g) , (c) such Grantor has good, indefeasible and merchantable title to such Inventory and such Inventory is not subject to any Lien or security interest or document whatsoever except for the Lien granted to the Collateral Agent, for the benefit of the Collateral Agent and Secured Parties, and except for Permitted Liens, (d) except as specifically disclosed in the most recent Collateral Report, such Inventory is Eligible Heating Oil and Other Fuel Inventory or Other Eligible Inventory, in each case of good and merchantable quality, free from any defects, (e) such Inventory is not subject to any licensing, patent, royalty, trademark, trade name or copyright agreements with any third parties which would require any consent of any third party upon sale or disposition of that Inventory or the payment of any monies to any third party upon such sale or other disposition, and (f) the completion of sale or other disposition of such Inventory by the Collateral Agent following a Default shall not require the consent of any Person and shall not constitute a breach or default under any contract or agreement to which such Grantor is a party or to which such property is subject.
3.10. Intellectual Property. Exhibit D includes all material Patents, Trademarks or Copyrights owned by such Grantor in its own name on the date hereof. To the best of such Grantor’s knowledge, each of its material Patents, Trademarks and Copyrights owned or held by such Grantor is, on the date hereof, valid, subsisting, unexpired, enforceable and has not been abandoned. None of such Patents, Trademarks and Copyrights is, on the date hereof, the subject of any licensing or franchise agreement. No action or proceeding is
 
8

pending on the date hereof seeking to limit, cancel or question the validity, or otherwise materially affect the value of any Patent, Trademark or Copyright. This Security Agreement is effective to create a valid and continuing Lien and, upon filing of appropriate financing statements in the offices listed on  Exhibit H  and this Security Agreement with the United States Copyright Office and the United States Patent and Trademark Office, fully perfected first priority security interests in favor of the Collateral Agent on such Grantor’s Patents, Trademarks and Copyrights, such perfected security interests are enforceable as such as against any and all creditors of and purchasers from the Grantor; and all action necessary or desirable to protect and perfect the Collateral Agent’s Lien on such Grantor’s Patents, Trademarks or Copyrights shall have been duly taken.
3.11. Filing Requirements. None of its Equipment is covered by any certificate of title, except for the vehicles described in Part I of  Exhibit E . None of the Collateral owned by it is of a type for which security interests or liens may be perfected by filing under any federal statute except for (a) the vehicles described in Part II of  Exhibit E  and (b) Patents, Trademarks and Copyrights held by such Grantor and described in  Exhibit D . The legal description, county and street address of each property on which any Fixtures are located is set forth in  Exhibit F  together with the name and address of the record owner of each such property.
3.12. No Financing Statements, Security Agreements. No financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except (a) for financing statements or security agreements naming the Collateral Agent on behalf of the Secured Parties as the secured party, and (b) as permitted by Section 4.1(e).
3.13. Pledged Collateral.
(a) Exhibit G sets forth a complete and accurate list of all Pledged Collateral owned by such Grantor. Such Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Collateral listed on  Exhibit G  as being owned by it, free and clear of any Liens, except for Liens permitted under Section 4.1(e). Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting Capital Stock has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized, validly issued, are fully paid and non-assessable, (ii) with respect to any certificates representing any Pledged Collateral constituting Capital Stock, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Collateral Agent so that the Collateral Agent may take steps to perfect its security interest therein as a General Intangible, (iii) all such Pledged Collateral held by a securities intermediary is covered by a control agreement among such Grantor, the securities intermediary and the Collateral Agent pursuant to which the Collateral Agent has Control and (iv) all Pledged Collateral which represents Indebtedness owed to such Grantor has been duly authorized, authenticated or issued and delivered by the issuer of such Indebtedness, is the legal, valid and binding obligation of such issuer and such issuer is not in default thereunder.
(b) In addition, (i) none of the Pledged Collateral owned by it has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) there are existing no options, warrants, calls or commitments of any character whatsoever relating to such Pledged Collateral or which obligate the issuer of any Capital Stock included in the Pledged Collateral to issue additional Capital Stock, and
 
9

(iii) no consent, approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Security Agreement or for the execution, delivery and performance of this Security Agreement by such Grantor, or for the exercise by the Collateral Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged Collateral pursuant to this Security Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally.
(c) Except as set forth in Exhibit G, such Grantor or Grantors collectively own 100% of the issued and outstanding Capital Stock which constitutes Pledged Collateral and none of the Pledged Collateral which represents Indebtedness owed to such Grantor is subordinated in right of payment to other Indebtedness or subject to the terms of an indenture.
ARTICLE IV
COVENANTS
From the date of this Security Agreement, and thereafter until this Security Agreement is terminated, each Grantor agrees that:
4.1. General.
(a) Collateral Records. Such Grantor will maintain complete and accurate books and records with respect to the Collateral owned by it, and furnish to the Collateral Agent, with sufficient copies for each of the Secured Parties, such reports relating to such Collateral as the Collateral Agent shall from time to time request.
(b) Authorization to File Financing Statements; Ratification. Such Grantor hereby authorizes the Collateral Agent to file, and if requested will deliver to the Collateral Agent, all financing statements and other documents and take such other actions as may from time to time be requested by the Collateral Agent in order to maintain a first priority perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor. Any financing statement filed by the Collateral Agent may be filed in any filing office in any UCC jurisdiction and may (i) indicate such Grantor’s Collateral (1) as all assets of the Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or (2) by any other description which reasonably approximates the description contained in this Security Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any organization identification number issued to such Grantor, and (B) in the case of a financing statement filed as a fixture filing or indicating such Grantor’s Collateral as as-extracted collateral or timber to be cut, a sufficient description of real Property to which the Collateral relates. Such Grantor also agrees to furnish any such information to the Collateral Agent promptly upon request. Such Grantor also ratifies its authorization for the Collateral Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.
(c) Further Assurances. Such Grantor will, if so requested by the Collateral Agent, furnish to the Collateral Agent, as often as the Collateral Agent requests, statements and schedules further identifying and describing the Collateral owned by it (including amended exhibits to this Security
 
10

Agreement) and such other reports and information in connection with its Collateral as the Collateral Agent may reasonably request, all in such detail as the Collateral Agent may specify. Such Grantor also agrees to take any and all actions necessary to defend title to the Collateral owned by it against all persons and to defend the security interest of the Collateral Agent in its Collateral and the priority thereof against any Lien not expressly permitted hereunder.
(d) Disposition of Collateral. Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.19 of the Credit Agreement.
(e) Liens. Such Grantor will not create, incur, or suffer to exist any Lien on the Collateral owned by it except (i) the security interest created by this Security Agreement, and (ii) other Permitted Liens.
(f) Other Financing Statements. Such Grantor will not authorize the filing of any financing statement naming it as debtor covering all or any portion of the Collateral owned by it, except as permitted by  Section 4.1(e) . Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement without the prior written consent of the Collateral Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC.
(g) Locations. Such Grantor will not (i) maintain any Collateral owned by it at any location other than those locations listed on  Exhibit A , (ii) otherwise change, or add to, such locations without the Collateral Agent’s prior written consent as required by the Credit Agreement (and if the Collateral Agent gives such consent, the Grantor will concurrently therewith obtain a Collateral Access Agreement for each such location to the extent required by the Credit Agreement), or (iii) change its principal place of business or chief executive office from the location identified on  Exhibit A , other than as permitted by the Credit Agreement.
(h) Compliance with Terms. Such Grantor will perform and comply with all obligations in respect of the Collateral owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral.
4.2. Receivables.
(a) Certain Agreements on Receivables. Such Grantor will not make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof, except that, prior to the occurrence of a Default, such Grantor may reduce the amount of Accounts arising from the sale of Inventory in accordance with its present policies and in the ordinary course of business.
(b) Collection of Receivables. Except as otherwise provided in this Security Agreement, such Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it.
(c) Delivery of Invoices. Such Grantor will deliver to the Collateral Agent immediately upon its request duplicate invoices with respect to each Account owned by it bearing such language of assignment as the Collateral Agent shall specify.
 
11

(d) Disclosure of Counterclaims on Receivables. If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on any Receivable owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to any such Receivable, such Grantor will promptly disclose such fact to the Collateral Agent in writing. Such Grantor shall send the Collateral Agent a copy of each credit memorandum in excess of $1,000 as soon as issued, and such Grantor shall promptly report each credit memo and each of the facts required to be disclosed to the Collateral Agent in accordance with this Section 4.2(d) on the Borrowing Base Certificates submitted by it.
(e) Electronic Chattel Paper. Such Grantor shall take all steps necessary to grant the Collateral Agent Control of all electronic chattel paper in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.
4.3. Inventory and Equipment.
(a) Maintenance of Goods. Such Grantor will do all things necessary to maintain, preserve, protect and keep its Inventory and the Equipment in good repair and working and saleable condition, except for damaged or defective goods arising in the ordinary course of such Grantor’s business and except for ordinary wear and tear in respect of the Equipment.
(b) [Reserved]
(c) Inventory Count; Perpetual Inventory System. Such Grantor will conduct a physical count of its Inventory at least once per Fiscal Year, and after and during the continuation of a Default, at such other times as the Collateral Agent requests. Such Grantor, at its own expense, shall deliver to the Collateral Agent the results of each physical verification, which such Grantor has made, or has caused any other Person to make on its behalf, of all or any portion of its Inventory. Such Grantor will maintain a perpetual inventory reporting system at all times.
(d) Equipment. Such Grantor shall inform the Collateral Agent of any additions to or deletions from its Equipment within 30 days of such addition or deletion. Such Grantor shall not permit any Equipment to become a fixture with respect to real property or to become an accession with respect to other personal property with respect to which real or personal property the Collateral Agent does not have a Lien. Such Grantor will not, without the Collateral Agent’s prior written consent, alter or remove any identifying symbol or number on any of such Grantor’s Equipment constituting Collateral.
(e) Titled Vehicles. Such Grantor will give the Collateral Agent notice of its acquisition of any vehicle covered by a certificate of title and deliver to the Collateral Agent, upon request, the original of any vehicle title certificate and provide and/or file all other documents or instruments necessary to have the Lien of the Collateral Agent noted on any such certificate or with the appropriate state office.
4.4. Delivery of Instruments, Securities, Chattel Paper and Documents. Such Grantor will (a) deliver to the Collateral Agent immediately upon execution of this Security Agreement the originals of all Chattel Paper, Securities and Instruments constituting Collateral owned by it (if any then exist), (b) hold in trust for the Collateral Agent upon receipt and immediately thereafter deliver to the Collateral Agent any such Chattel Paper, Securities and Instruments constituting
 
12

Collateral, (c) upon the Collateral Agent’s request, deliver to the Collateral Agent (and thereafter hold in trust for the Collateral Agent upon receipt and immediately deliver to the Collateral Agent) any Document evidencing or constituting Collateral and (d) upon the Collateral Agent’s request, deliver to the Collateral Agent a duly executed amendment to this Security Agreement, in the form of  Exhibit I  hereto (the “Amendment”), pursuant to which such Grantor will pledge such additional Collateral. Such Grantor hereby authorizes the Collateral Agent to attach each Amendment to this Security Agreement and agrees that all additional Collateral owned by it set forth in such Amendments shall be considered to be part of the Collateral.
4.5. Uncertificated Pledged Collateral. Such Grantor will permit the Collateral Agent from time to time to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Pledged Collateral owned by it not represented by certificates to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Security Agreement. With respect to any Pledged Collateral owned by it, such Grantor will take any actions necessary to cause (a) the issuers of uncertificated securities which are Pledged Collateral and (b) any securities intermediary which is the holder of any such Pledged Collateral, to cause the Collateral Agent to have and retain Control over such Pledged Collateral. Without limiting the foregoing, such Grantor will, with respect to any such Pledged Collateral held with a securities intermediary, cause such securities intermediary to enter into a control agreement with the Collateral Agent, in form and substance satisfactory to the Collateral Agent, giving the Collateral Agent Control.
4.6. Pledged Collateral.
(a) Changes in Capital Structure of Issuers. Such Grantor will not (i) permit or suffer any issuer of Capital Stock constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any of its Capital Stock or other Instruments or Securities evidencing ownership, reduce its capital, sell or encumber all or substantially all of its assets (except for Permitted Liens and sales of assets permitted pursuant to  Section 4.1(d) ) or merge or consolidate with any other entity, or (ii) vote any such Pledged Collateral in favor of any of the foregoing.
(b) Issuance of Additional Securities. Such Grantor will not permit or suffer the issuer of Capital Stock constituting Pledged Collateral owned by it to issue additional Capital Stock, any right to receive the same or any right to receive earnings, except to such Grantor.
(c) Registration of Pledged Collateral. Such Grantor will permit any registerable Pledged Collateral owned by it to be registered in the name of the Collateral Agent or its nominee at any time at the option of the Required Secured Parties.
(d) Exercise of Rights in Pledged Collateral.
(i) Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan Document;  provided however , that no vote or other right shall be exercised or action taken which would have
 
13

the effect of impairing the rights of the Collateral Agent in respect of such Pledged Collateral.
(ii) Such Grantor will permit the Collateral Agent or its nominee at any time after the occurrence of a Default, without notice, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Capital Stock or Investment Property constituting such Pledged Collateral as if it were the absolute owner thereof.
(iii) Such Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged Collateral owned by it to the extent not in violation of the Credit Agreement  other than  any of the following distributions and payments (collectively referred to as the “ Excluded Payments ”): (A) dividends and interest paid or payable other than in cash in respect of such Pledged Collateral, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, such Pledged Collateral; (B) dividends and other distributions paid or payable in cash in respect of such Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in capital of an issuer; and (C) cash paid, payable or otherwise distributed, in respect of principal of, or in redemption of, or in exchange for, such Pledged Collateral;  provided ,  however , that until actually paid, all rights to such distributions shall remain subject to the Lien created by this Security Agreement; and
(iv) All Excluded Payments and all other distributions in respect of any of the Pledged Collateral owned by such Grantor, whenever paid or made, shall be delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by such Grantor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Grantor, and be forthwith delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).
4.7. Intellectual Property.
(a) Such Grantor will use its best efforts to secure all consents and approvals necessary or appropriate for the assignment to or benefit of the Collateral Agent of any License held by such Grantor and to enforce the security interests granted hereunder.
(b) Such Grantor shall notify the Collateral Agent immediately if it knows or has reason to know that any application or registration relating to any Patent, Trademark or Copyright (now or hereafter existing) may become abandoned, invalidated, dedicated or otherwise impaired, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) regarding such Grantor’s ownership of any Patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same.
(c) In no event shall such Grantor, either directly or through any agent, employee, licensee or designee, file an application for the registration of any Patent, Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any similar office
 
14

or agency without giving the Collateral Agent prior written notice thereof, and, upon request of the Collateral Agent, such Grantor shall execute and deliver any and all agreements, instruments, documents, papers and/or security agreements as the Collateral Agent may request to evidence the Collateral Agent’s first priority security interest on such Patent, Trademark or Copyright, and the General Intangibles of such Grantor relating thereto or represented thereby.
(d) Such Grantor shall take all actions necessary or requested by the Collateral Agent to maintain and pursue each application, to obtain the relevant registration and to maintain the registration of each of its Patents, Trademarks and Copyrights (now or hereafter existing), including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation proceedings .
(e) Such Grantor shall, unless it shall reasonably determine that such Patent, Trademark or Copyright is in no way material to the conduct of its business or operations, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and shall take such other actions as the Collateral Agent shall deem appropriate under the circumstances to protect such Patent, Trademark or Copyright. In the event that such Grantor institutes suit because any of its Patents, Trademarks or Copyrights constituting Collateral is infringed upon, or misappropriated or diluted by a third party, such Grantor shall comply with  Section 4.8 . Such Grantor shall not do any act that knowingly uses a Patent, Trademark or Copyright that infringes the intellectual property rights of any third party.
4.8. Commercial Tort Claims. Such Grantor shall promptly, and in any event within two Business Days after the same is acquired by it, notify the Collateral Agent of any commercial tort claim (as defined in the UCC) in excess of $50,000 acquired by it and, unless the Collateral Agent otherwise consents, such Grantor shall enter into an amendment to this Security Agreement, in the form of  Exhibit J  hereto, granting to Collateral Agent a first priority security interest in such commercial tort claim.
4.9. Letter-of-Credit Rights. If such Grantor is or becomes the beneficiary of a letter of credit in excess of $50,000, it shall promptly, and in any event within two Business Days after becoming a beneficiary, notify the Collateral Agent thereof and cause the issuer and/or confirmation bank to (i) consent to the assignment of any Letter-of-Credit Rights to the Collateral Agent and (ii) agree to direct all payments thereunder to a Deposit Account at the Collateral Agent or subject to a Deposit Account Control Agreement for application to the Secured Obligations, in accordance with Section 2.18 of the Credit Agreement, all in form and substance reasonably satisfactory to the Collateral Agent.
4.10. Federal, State or Municipal Claims. Such Grantor will promptly notify the Collateral Agent of any Collateral which constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is restricted by federal, state or municipal law.
4.11. No Interference. Such Grantor agrees that it will not interfere with any right, power and remedy of the Collateral Agent provided for in this Security Agreement or now or hereafter existing at law or in equity or by
 
15

statute or otherwise, or the exercise or beginning of the exercise by the Collateral Agent of any one or more of such rights, powers or remedies.
ARTICLE V
DEFAULTS AND REMEDIES
5.1. Defaults. The occurrence of any one or more of the following events shall constitute a Default hereunder:
(a) Any representation or warranty made by or on behalf of any Grantor under or in connection with this Security Agreement shall be materially false as of the date on which made.
(b) The breach by any Grantor of any of the terms or provisions of Article IV or Article VII.
(c) The breach by any Grantor (other than a breach which constitutes a Default under any other Section of this Article V) of any of the terms or provisions of this Security Agreement which is not remedied within ten days after such breach.
(d) The occurrence of any “Default” under, and as defined in, the Credit Agreement.
(e) Any Capital Stock which is included within the Collateral shall at any time constitute a Security or the issuer of any such Capital Stock shall take any action to have such interests treated as a Security unless (i) all certificates or other documents constituting such Security have been delivered to the Collateral Agent and such Security is properly defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of actions by the issuer thereof or otherwise, or (ii) the Collateral Agent has entered into a control agreement with the issuer of such Security or with a securities intermediary relating to such Security and such Security is defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of actions by the issuer thereof or otherwise.
5.2. Remedies.
(a) Upon the occurrence of a Default and during the continuation thereof, the Collateral Agent may exercise any or all of the following rights and remedies:
(i) those rights and remedies provided in this Security Agreement, the Credit Agreement, or any other Loan Document;  provided  that ,  this  Section 5.2(a)  shall not be understood to limit any rights or remedies available to the Collateral Agent and the Secured Parties prior to a Default;
(ii) those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement;
 
16

(iii) give notice of sole control or any other instruction under any Deposit Account Control Agreement and other control agreement with any securities intermediary and take any action therein with respect to such Collateral;
(iv) without notice (except as specifically provided in Section 8.1 or elsewhere herein), demand or advertisement of any kind to any Grantor or any other Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice and may take place at any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Collateral Agent may deem commercially reasonable; and
(v) concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Collateral Agent was the outright owner thereof.
(b) The Collateral Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
(c) The Collateral Agent shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase for the benefit of the Collateral Agent and the Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption each Grantor hereby expressly releases.
(d) Until the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral, the Collateral Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Collateral Agent. The Collateral Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Collateral Agent’s remedies (for the benefit of the Collateral Agent and the Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment.
(e) If, after the Credit Agreement has terminated by its terms and all of the Obligations have been paid in full, there remain obligations of any Grantor in respect of any Rate Management Transaction (including Commodity Hedging Agreements) or Banking Services, the Required Secured Parties may exercise the remedies provided in this  Section 5.2  upon the occurrence of any event which would allow or require the termination or acceleration of such obligations in respect of such Rate Management Transactions (including Commodity Hedging Agreements) or Banking Services.
(f) Notwithstanding the foregoing, neither the Collateral Agent nor the Secured Parties shall be required to (i) make any demand upon, or pursue or exhaust any of their rights or
 
17

remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.
(g) Each Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with  clause (a)  above. Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer would agree to do so.
5.3. Grantor’s Obligations Upon Default. Upon the request of the Collateral Agent after the occurrence of a Default, each Grantor will:
(a) assemble and make available to the Collateral Agent the Collateral and all books and records relating thereto at any place or places specified by the Collateral Agent, whether at a Grantor’s premises or elsewhere;
(b) permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral;
(c) prepare and file, or cause an issuer of Pledged Collateral to prepare and file, with the Securities and Exchange Commission or any other applicable government agency, registration statements, a prospectus and such other documentation in connection with the Pledged Collateral as the Collateral Agent may request, all in form and substance satisfactory to the Collateral Agent, and furnish to the Collateral Agent, or cause an issuer of Pledged Collateral to furnish to the Collateral Agent, any information regarding the Pledged Collateral in such detail as the Collateral Agent may specify;
(d) take, or cause an issuer of Pledged Collateral to take, any and all actions necessary to register or qualify the Pledged Collateral to enable the Collateral Agent to consummate a public sale or other disposition of the Pledged Collateral; and
(e) at its own expense, cause the independent certified public accountants then engaged by each Grantor to prepare and deliver to the Collateral Agent and each Lender, at any time, and from time to time, promptly upon the Collateral Agent’s request, the following reports with respect to the applicable Grantor: (i) a reconciliation of all Accounts; (ii) an aging of all Accounts; (iii) trial balances; and (iv) a test verification of such Accounts.
 
18

5.4. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent to exercise the rights and remedies under this Article V at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby (a) grants to the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use, license or sublicense any Intellectual Property Rights now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof and (b) irrevocably agrees that the Collateral Agent may sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased the Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Collateral Agent’s rights under this Security Agreement, may sell Inventory which bears any Trademark owned by or licensed to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory as provided herein.
ARTICLE VI
ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY
6.1. Account Verification. The Collateral Agent may at any time, in the Collateral Agent’s own name, in the name of a nominee of the Collateral Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of any such Grantor, parties to contracts with any such Grantor and obligors in respect of Instruments of any such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables.
6.2. Authorization for Secured Party to Take Certain Action.
(a) Each Grantor irrevocably authorizes the Collateral Agent at any time and from time to time in the sole discretion of the Collateral Agent and appoints the Collateral Agent as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Collateral Agent’s sole discretion to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, (ii) to endorse and collect any cash Proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Collateral Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated securities which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Collateral Agent Control over such Pledged Collateral, (v) to apply the Proceeds of any Collateral received by the Collateral Agent to the Secured Obligations as provided in  Section 7.3 , (vi) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens as are specifically permitted hereunder), (vii) to contact Account Debtors for any reason, (viii) to demand payment or enforce payment of the Receivables in the name of the Collateral Agent or such Grantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the
 
19

Receivables, (ix) to sign such Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account Debtor of such Grantor, assignments and verifications of Receivables, (x) to exercise all of such Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (xi) to settle, adjust, compromise, extend or renew the Receivables, (xii) to settle, adjust or compromise any legal proceedings brought to collect Receivables, (xiii) to prepare, file and sign such Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of such Grantor, (xiv) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, (xv) to change the address for delivery of mail addressed to such Grantor to such address as the Collateral Agent may designate and to receive, open and dispose of all mail addressed to such Grantor, and (xvi) to do all other acts and things necessary to carry out this Security Agreement; and such Grantor agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent in connection with any of the foregoing;  provided  that ,  this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement or under the Credit Agreement.
(b) All acts of said attorney or designee are hereby ratified and approved. The powers conferred on the Collateral Agent, for the benefit of the Collateral Agent and Secured Parties, under this  Section 6.2  are solely to protect the Collateral Agent’s interests in the Collateral and shall not impose any duty upon the Collateral Agent or any Lender to exercise any such powers.
6.3. Proxy. EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE COLLATERAL AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.2 ABOVE) WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR THE AGENT THEREOF), UPON THE OCCURRENCE OF A DEFAULT.
6.4. Nature of Appointment; Limitation of Duty. THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 8.15. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE COLLATERAL AGENT, NOR ANY LENDER, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION;  PROVIDED  THAT,
 
20

IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES.
ARTICLE VII
COLLECTION AND APPLICATION OF COLLATERAL PROCEEDS; DEPOSIT ACCOUNTS
7.1. Collection of Receivables.
(a) Each Grantor has (i) executed and delivered to the Collateral Agent Deposit Account Control Agreements for each Deposit Account maintained by such Grantor into which all cash, checks or other similar payments relating to or constituting payments made in respect of Receivables will be deposited (a “ Collateral Deposit Account ”), which Collateral Deposit Accounts are identified as such on  Exhibit B , (ii) established blocked account service (the “ Blocked Accounts ”) with the bank(s) set forth in  Exhibit B , which blocked accounts are subject to irrevocable blocked account agreements in the form provided by or otherwise acceptable to the Collateral Agent and have been accompanied by an acknowledgment by the bank where the Blocked Account is located of the Lien of the Collateral Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to the Collection Account (a “ Blocked Account Agreement ”) and (iii) established lockbox service (the “ Lock Boxes ”) with the bank(s) and Persons set forth in  Exhibit B , which lockboxes are subject to irrevocable lockbox agreements in the form provided by or otherwise acceptable to the Collateral Agent and have been accompanied by an acknowledgment by such Person where the Lockbox is located of the Lien of the Collateral Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to the Collection Account (a “ Lockbox Agreement ”). Each of the agreements referred to in this Section 7.1 (a) remains in effect as of the Effective Date and any references therein to the Existing Credit Agreement or Existing Security Agreement, as applicable, include such agreements as amended. After the Effective Date, each Grantor will comply with the terms of Section 7.2 .
(b) Each Grantor shall direct all of its Account Debtors to forward all cash, checks or other similar payments relating to or constituting payments made in respect of Receivables directly to Blocked Accounts subject to Blocked Account Agreements or Lockboxes subject to Lockbox Agreements;  provided  that, with respect to PHI and any Subsidiary thereof, all of such payments shall, unless otherwise consented to by the Collateral Agent, continue to be paid through the Remittance Processor pursuant to the Remittance Processing Agreement. Neither PHI nor any Subsidiary thereof shall amend or terminate the Remittance Processing Agreement or instruct any of its Account Debtors to make payments to any Person other than as set forth in the preceding sentence, without the prior written consent of the Collateral Agent. The Collateral Agent shall have sole access to the Blocked Accounts and the Lockboxes at all times and each Grantor shall take all actions necessary to grant the Collateral Agent such sole access. At no time shall any Grantor remove any item from a Blocked Account, Lockbox or from a Collateral Deposit Account without the Collateral Agent’s prior written consent. If any Grantor should refuse or neglect to notify any Account Debtor to forward payments directly to a Blocked Account subject to a Blocked Account Agreement or a Lockbox subject to a Lockbox Agreement after notice from the Collateral Agent, the Collateral Agent shall be entitled to make such notification directly to Account Debtor. If notwithstanding the foregoing instructions, any Grantor receives any Proceeds of any Receivables, such Grantor shall receive such payments as the Collateral Agent’s trustee, and shall immediately deposit all cash, checks or other similar payments related to or constituting payments made in respect of Receivables received by it to a Collateral Deposit Account. All funds deposited into any Blocked Account subject to a Blocked Account Agreement, a Lockbox subject to a Lockbox Agreement or a Collateral Deposit Account will be swept on a daily basis into a collection account maintained by Petro with the Collateral Agent (the “ Collection Account ”). The Collateral Agent shall hold and apply funds received into the Collection Account as provided by the terms of  Section 7.3 .
 
21

7.2. Covenant Regarding New Deposit Accounts; Blocked Accounts; Lockboxes. Before opening or replacing any Collateral Deposit Account, other Deposit Account, or establishing a new Blocked Account or Lockbox, each Grantor shall (a) obtain the Collateral Agent’s consent in writing to the opening of such Deposit Account, Blocked Account or Lockbox, and (b) cause each bank, financial institution or any Person in which it seeks to open (i) a Deposit Account, to enter into a Deposit Account Control Agreement with the Collateral Agent in order to give the Collateral Agent Control of such Deposit Account, (ii) a Blocked Account, to enter into a Blocked Account Agreement with the Collateral Agent in order to give the Collateral Agent Control of the Blocked Account or (iii) a Lockbox, to enter into a Lockbox Agreement with the Collateral Agent in order to give the Collateral Agent Control of the Lockbox. In the case of Deposit Accounts, Blocked Accounts or Lockboxes maintained with Secured Parties, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.
7.3. Application of Proceeds; Deficiency.
(a) All amounts deposited in the Collection Account shall, so long as no Default has occurred and is continuing, be deposited into the Borrower’s Funding Account;  provided  that if Availability is less than 15% of the Aggregate Commitment for any three consecutive days, and until the later of the date which is 90 days after such three-day period or the date on which the average monthly Availability for the 12-month period ending on such date is greater than 20% of the Aggregate Commitment (the “ Deficiency Termination Date ”), all amounts deposited in the Collection Account shall be deemed received by the Collateral Agent in accordance with Section 2.17 of the Credit Agreement and shall, after having been credited in immediately available funds to the Collection Account, be applied (and allocated) by the Collateral Agent in accordance with Section 2.18 of the Credit Agreement. In no event shall any amount be so applied unless and until such amount shall have been credited in immediately available funds to the Collection Account. Commencing on the Deficiency Termination Date, so long as no Default has occurred and is continuing and subject to the proviso above of this Section 7.3(a), all amounts deposited in the Collection Account shall again be deposited into the Borrower’s Funding Account. Notwithstanding the foregoing, the effect of the proviso above of this Section 7.3(a) may not be discontinued more than twice in any 12-month period as a result of the occurrence of a Deficiency Termination Date.
(b) The Collateral Agent shall require all other cash proceeds of the Collateral, which are not required to be applied to the Obligations pursuant to Section 2.15 of the Credit Agreement, to be deposited in a cash collateral account with the Collateral Agent and held there as security for the Secured Obligations (it being understood that amounts deposited and remaining in such account shall be included in the Borrowing Base). No Grantor shall have any control whatsoever over said cash collateral account. Any such Proceeds of the Collateral shall be applied in the order set forth in Section 2.18 of the Credit Agreement unless a court of competent jurisdiction shall otherwise direct. Until so applied, such Proceeds shall continue to be held as security for the Secured Obligations and shall not constitute payment thereof.
(c) Notwithstanding anything herein to the contrary, upon the occurrence of a Default, the Collateral Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in a collateral account, in payment of the Secured Obligations in accordance with Section 2.18 of the Credit Agreement. The Grantors shall remain liable for any deficiency if the Proceeds of any sale or
 
22

disposition of the Collateral are insufficient to pay all Secured Obligations, including any attorneys’ fees and other expenses incurred by Collateral Agent or any Lender to collect such deficiency.
ARTICLE VIII
GENERAL PROVISIONS
8.1. Waivers. Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as set forth in Article IX, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Collateral Agent or any Lender arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Collateral Agent or such Lender as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Collateral Agent or any Lender, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.
8.2. Limitation on Collateral Agent’s and Secured Parties’ Duty with Respect to the Collateral. The Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Collateral Agent and each Lender shall use reasonable care with respect to the Collateral in its possession or under its control. Neither the Collateral Agent nor any Lender shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or such Lender, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of
 
23

doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.2 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would be commercially reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.2. Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.2.
8.3. Compromises and Collection of Collateral. The Grantors and the Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Collateral Agent may at any time and from time to time, if a Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Collateral Agent in its Permitted Discretion shall determine or abandon any Receivable, and any such action by the Collateral Agent shall be commercially reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action.
8.4. Secured Party Performance of Debtor Obligations. Without having any obligation to do so, the Collateral Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and the Grantors shall reimburse the Collateral Agent for any amounts paid by the Collateral Agent pursuant to this Section 8.4. The Grantors’ obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand.
8.5. Specific Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1(d), 4.1(e), 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 4.10, 4.12, 5.3, or 8.7 or in Article VII will cause irreparable injury to the Collateral Agent and the Secured Parties, that the Collateral Agent and Secured Parties have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the Lenders to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against the Grantors.
8.6. Use and Possession of Certain Premises. Upon the occurrence of a Default, the Collateral Agent shall be entitled to occupy and use any premises owned or leased by any Grantor where any of the Collateral or any records relating to the
 
24

Collateral are located until the Secured Obligations are paid or the Collateral is removed therefrom, whichever first occurs, without any obligation to pay any Grantor for such use and occupancy.
8.7. Dispositions Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1(d) and notwithstanding any course of dealing between any Grantor and the Collateral Agent or other conduct of the Collateral Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1(d)) shall be binding upon the Collateral Agent or the Secured Parties unless such authorization is in writing signed by the Collateral Agent with the consent or at the direction of the Required Secured Parties.
8.8. No Waiver; Amendments; Cumulative Remedies. No delay or omission of the Collateral Agent or any Lender to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Collateral Agent with the concurrence or at the direction of the Secured Parties required under Section 8.3 of the Credit Agreement and then only to the extent in such writing specifically set forth. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Collateral Agent and the Secured Parties until the Secured Obligations have been paid in full.
8.9. Limitation by Law; Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part. Any provision in any this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Security Agreement are declared to be severable.
8.10. Reinstatement. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
 
25

8.11. Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Collateral Agent and the Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that no Grantor shall have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Collateral Agent. No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Collateral Agent, for the benefit of the Collateral Agent and the Secured Parties, hereunder.
8.12. Survival of Representations. All representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement.
8.13. Taxes and Expenses. Any taxes (including income taxes) payable or ruled payable by Federal or State authority in respect of this Security Agreement shall be paid by the Grantors, together with interest and penalties, if any. The Grantors shall reimburse the Collateral Agent for any and all out-of-pocket expenses and internal charges (including reasonable attorneys’, auditors’ and accountants’ fees and reasonable time charges of attorneys, paralegals, auditors and accountants who may be employees of the Collateral Agent) paid or incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantors.
8.14. Headings. The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement.
8.15. Termination. This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations outstanding) until (i) the Credit Agreement has terminated pursuant to its express terms and (ii) all of the Secured Obligations have been indefeasibly paid and performed in full (or with respect to any outstanding Facility LCs, a cash deposit or Supporting Letter of Credit has been delivered to the Collateral Agent as required by the Credit Agreement) and no commitments of the Collateral Agent or the Secured Parties which would give rise to any Secured Obligations are outstanding.
8.16. Entire Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantors and the Collateral Agent relating to the Collateral and supersedes all prior agreements and understandings between the Grantors and the Collateral Agent relating to the Collateral.
 
26

8.17. CHOICE OF LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.
8.18. CONSENT TO JURISDICTION. EACH GRANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT AND EACH GRANTOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY GRANTOR AGAINST THE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN THE STATE OF NEW YORK.
8.19. WAIVER OF JURY TRIAL. EACH GRANTOR, THE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.
8.20. Indemnity. Each Grantor hereby agrees to indemnify the Collateral Agent and the Secured Parties, and their respective successors, assigns, agents and employees (each an “ Indemnified Party ”), from and against any and all liabilities, damages, penalties, suits, costs, and expenses of any kind and nature (including, without limitation, all expenses of litigation or preparation therefor whether or not the Collateral Agent or any Lender is a party thereto) imposed on, incurred by or asserted against any Indemnified Party, in any way relating to or arising out of this Security Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the Collateral Agent or the Secured Parties or any Grantor, and any claim for Patent, Trademark or Copyright infringement) except to the extent that such liabilities, damages, penalties, suits, costs, and expenses are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Indemnified Party.
 
27

8.21. Counterparts. This Security Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Security Agreement by signing any such counterpart.
8.22. Section Titles. The Section titles contained in this Security Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not part of the agreement between the parties hereto.
ARTICLE IX
NOTICES
9.1. Sending Notices. Any notice required or permitted to be given under this Security Agreement shall be sent by United States mail, telecopier, personal delivery or nationally established overnight courier service, and shall be deemed received (a) when received, if sent by hand or overnight courier service, or mailed by certified or registered mail notices or (b) when sent, if sent by telecopier (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient), in each case addressed to the Grantors at the notice address set forth on  Exhibit A , and to the Collateral Agent and the Secured Parties at the addresses set forth in the Credit Agreement.
9.2. Change in Address for Notices. Each of the Grantors, the Collateral Agent and the Secured Parties may change the address for service of notice upon it by a notice in writing to the other parties.
ARTICLE X
THE AGENT
JPMorgan Chase Bank, N.A. has been appointed Collateral Agent for the Secured Parties hereunder pursuant to Article X of the Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Collateral Agent hereunder is subject to the terms of the delegation of authority made by the Secured Parties to the Collateral Agent pursuant to the Credit Agreement, and that the Collateral Agent has agreed to act (and any successor Collateral Agent shall act) as such hereunder only on the express conditions contained in such Article X. Any successor Collateral Agent appointed pursuant to Article X of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Collateral Agent hereunder.
ARTICLE XI
EFFECT OF AMENDMENT AND RESTATEMENT OF EXISTING SECURITY AGREEMENT
On the Effective Date, the Existing Security Agreement shall be amended, restated and superseded in its entirety. The parties hereto acknowledge and agree that (a) this Agreement and the other Loan Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a
 
28

novation, payment and reborrowing, or termination of the “Obligations” (as defined in the Existing Credit Agreement) under the Existing Security Agreement and Existing Credit Agreement as in effect prior to the Effective Date and (b) such “Obligations” are in all respects continuing (as amended and restated hereby) with only the terms thereof being modified as provided in this Agreement.
[Signature Page Follows]
 
29

IN WITNESS WHEREOF, the Grantors and the Collateral Agent have executed this Security Agreement as of the date first above written.

GRANTORS:	
 	
A.P. WOODSON COMPANY	
C. HOFFBERGER COMPANY	
CFS LLC	
CHAMPION ENERGY CORPORATION	
CHAMPION OIL COMPANY	
COLUMBIA PETROLEUM TRANSPORTATION, LLC	
HOFFMAN FUEL COMPANY OF BRIDGEPORT	
HOFFMAN FUEL COMPANY OF DANBURY	
HOFFMAN FUEL COMPANY OF STAMFORD	
J.J. SKELTON OIL COMPANY	
LEWIS OIL COMPANY	
MAREX CORPORATION	
MEENAN HOLDINGS OF NEW YORK, INC.	
MEENAN OIL CO., INC.	
MINNWHALE LLC	
ORTEP OF PENNSYLVANIA, INC.	
PETRO HOLDINGS, INC.	
PETRO PLUMBING CORPORATION	
PETRO, INC.	
REGIONOIL PLUMBING, HEATING AND
COOLING CO., INC.	
RICHLAND PARTNERS, LLC	
RYE FUEL COMPANY	
STAR ACQUISITIONS, INC.	
STAR GAS FINANCE COMPANY	
TG&E SERVICE COMPANY, INC.	
 	 	
By:	 	 	
Name:	 	 	
Title:	 	 	

 
 	 	 	
STAR GAS PARTNERS, L.P.	
 	 	
BY:	 	KESTREL HEAT, LLC, its General Partner	
 	 	
By:	 	 	
Name:	 	 	
Title:	 	 	

MEENAN OIL CO., L.P.	
 	 	
BY:	 	MEENAN OIL CO., INC., its General Partner	
 	 	
By:	 	 	
Name:	 	 	
Title:	 	 	

CFS LLC	
 	 	
By:	 	Richland Partners, LLC, its Sole Member	
 	 	
By:	 	 	
 	 	Richard F. Ambury	
 	 	Chief Financial Officer, Executive Vice President, Treasurer and Secretary	

 	 	 	
JPMORGAN CHASE BANK, N.A., as Collateral Agent	
 	 	
By:	 	 	
Name:	 	 	
Title:	 	 	

EXHIBIT A
(See Sections 3.2, 3.3, 3.4, 3.9 and 9.1 of Security Agreement)
NOTICE ADDRESS FOR ALL GRANTORS
Petroleum Heat and Power Co., Inc.
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
Facsimile: (203) 328-7470
INFORMATION AND COLLATERAL LOCATIONS OF A.P. Woodson Company
 
I.	Name of Grantor: A.P. Woodson Company	
 
II.	State of Incorporation or Organization: Washington, D.C.	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 820555	
 
V.	Federal Identification Number: 06-1059668	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF CFS LLC
 
I.	Name of Grantor: CFS LLC	
 
II.	State of Incorporation or Organization: Pennsylvania	
 
III.	Type of Entity: limited liability company	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 3997603	
 
V.	Federal Identification Number: 27-4460830	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Champion Energy Corporation
 
I.	Name of Grantor: Champion Energy Corporation	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: limited liability company	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2079601	
 
V.	Federal Identification Number: 06-1156651	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Champion Oil Company
 
I.	Name of Grantor: Champion Oil Company	
 
II.	State of Incorporation or Organization: Connecticut	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 0138412	
 
V.	Federal Identification Number: 06-1078186	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF C. Hoffberger Company
 
I.	Name of Grantor: C. Hoffberger Company	
 
II.	State of Incorporation or Organization: Maryland	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: D02062974	
 
V.	Federal Identification Number: 52-1437108	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Columbia Petroleum Transportation, LLC
 
I.	Name of Grantor: Columbia Petroleum Transportation, LLC	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: limited liability company	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 3176183	
 
V.	Federal Identification Number: 25-1859437	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Hoffman Fuel Company of Bridgeport
 
I.	Name of Grantor: Hoffman Fuel Company of Bridgeport	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2080827	
 
V.	Federal Identification Number: 06-1156650	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Hoffman Fuel Company of Danbury
 
I.	Name of Grantor: Hoffman Fuel Company of Danbury	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2080828	
 
V.	Federal Identification Number: 06-1156647	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Hoffman Fuel Company of Stamford
 
I.	Name of Grantor: Hoffman Fuel Company of Stamford	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2080821	
 
V.	Federal Identification Number: 06-1156649	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF J.J. Skelton Oil Company
 
I.	Name of Grantor: J.J. Skelton Oil Company	
 
II.	State of Incorporation or Organization: Pennsylvania	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 902189	
 
V.	Federal Identification Number: 23-2387742	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Lewis Oil Company
 
I.	Name of Grantor: Lewis Oil Company	
 
II.	State of Incorporation or Organization: New York	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: N/A	
 
V.	Federal Identification Number: 11-2780728	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Rye Fuel Company
 
I.	Name of Grantor: Rye Fuel Company	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2080829	
 
V.	Federal Identification Number: 06-1156653	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Marex Corporation
 
I.	Name of Grantor: Marex Corporation	
 
II.	State of Incorporation or Organization: Maryland	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: D-01242627	
 
V.	Federal Identification Number: 52-1224796	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Minnwhale LLC.
 
I.	Name of Grantor: Minnwhale LLC	
 
II.	State of Incorporation or Organization: New York	
 
III.	Type of Entity: limited liability company	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: N/A	
 
V.	Federal Identification Number: 20-8048384	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Meenan Holdings of New York, Inc.
 
I.	Name of Grantor: Meenan Holdings of New York, Inc.	
 
II.	State of Incorporation or Organization: New York	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: N/A	
 
V.	Federal Identification Number: 75-3094989	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Meenan Oil Co., Inc.
 
I.	Name of Grantor: Meenan Oil Co., Inc.	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 0781936	
 
V.	Federal Identification Number: 13-5581656	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Meenan Oil Co., L.P.
 
I.	Name of Grantor: Meenan Oil Co., L.P.	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: limited partnership	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2278852	
 
V.	Federal Identification Number: 11-3083408	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Ortep of Pennsylvania, Inc.
 
I.	Name of Grantor: Ortep of Pennsylvania, Inc.	
 
II.	State of Incorporation or Organization: Pennsylvania	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 830187	
 
V.	Federal Identification Number: 23-2319071	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Petro Holdings, Inc.
 
I.	Name of Grantor: Petro Holdings, Inc.	
 
II.	State of Incorporation or Organization: Minnesota	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 10J-870	
 
V.	Federal Identification Number: 06-1538741	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Petro, Inc.
 
I.	Name of Grantor: Petro, Inc.	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 0808113	
 
V.	Federal Identification Number: 74-1810078	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Petro Plumbing Corporation
 
I.	Name of Grantor: Petro Plumbing Corporation	
 
II.	State of Incorporation or Organization: New Jersey	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 0100839703	
 
V.	Federal Identification Number: 22-3802212	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Petroleum Heat and Power Co., Inc.
 
I.	Name of Grantor: Petroleum Heat and Power Co., Inc.	
 
II.	State of Incorporation or Organization: Minnesota	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 5I-939	
 
V.	Federal Identification Number: 06-1183025	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF RegionOil Plumbing, Heating and Cooling Co., Inc.
 
I.	Name of Grantor: RegionOil Plumbing, Heating and Cooling Co., Inc.	
 
II.	State of Incorporation or Organization: New Jersey	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 0100388793	
 
V.	Federal Identification Number: 22-2974742	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Richland Partners, LLC
 
I.	Name of Grantor: Richland Partners, LLC	
 
II.	State of Incorporation or Organization: Pennsylvania	
 
III.	Type of Entity: limited liability company	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2990194	
 
V.	Federal Identification Number: 25-1881489	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: All properties listed as owned by Grantor in Exhibit F hereto.	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): All properties listed as leased by Grantor in Exhibit F hereto.	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Star Gas Finance Company
 
I.	Name of Grantor: Star Gas Finance Company	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 3614714	
 
V.	Federal Identification Number: 75-3094991	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Star Gas Partners, L.P.
 
I.	Name of Grantor: Star Gas Partners, L.P.	
 
II.	State of Incorporation or Organization: Delaware	
 
III.	Type of Entity: limited partnership	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 2544224	
 
V.	Federal Identification Number: 06-1437793	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

INFORMATION AND COLLATERAL LOCATIONS OF Star Acquisitions, Inc.
 
I.	Name of Grantor: Star Acquisitions, Inc.	
 
II.	State of Incorporation or Organization: Minnesota	
 
III.	Type of Entity: corporation	
 
IV.	Organizational Number assigned by State of Incorporation or Organization: 10M-613	
 
V.	Federal Identification Number: 06-1538742	
 
VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address:	
2187 Atlantic Street
Stamford, CT 06902
Attention: Richard Ambury
 
VII.	Locations of Collateral:	
 
 	(a)	Properties Owned by the Grantor: None	
 
 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): None	
 
 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements	
 (include name of Warehouse Operator or other Bailee or Consignee): None

EXHIBIT B
(See Section 3.5 of Security Agreement)
DEPOSIT ACCOUNTS

Name of Grantor	 	Name of Institution	 	Account Number	
Petro, Inc.	 	JP MORGAN CHASE	 	777-348535	
Petro, Inc.	 	JP MORGAN CHASE	 	304154814	
Meenan Oil Co., L.P.	 	WELLS FARGO	 	2000047435487	
Meenan Oil Co., L.P.	 	WELLS FARGO	 	2000034306590	
Ortep of New Jersey, Inc.	 	WELLS FARGO	 	2002006670799	
Richland Partners, LLC	 	WELLS FARGO	 	2000011218656	
Richland Partners, LLC	 	WELLS FARGO	 	2000003547050	
Petro Holdings, Inc.	 	BANK OF AMERICA	 	3756513851	
Petro, Inc.	 	JP MORGAN CHASE	 	209-043385	
Petro, Inc.	 	JP MORGAN CHASE	 	777-347849	
Hoffman Fuel Company Bridgeport	 	BANK OF AMERICA	 	9429-168042	
Hoffman Fuel Company Danbury	 	BANK OF AMERICA	 	9429-168034	
J. J. Skelton Oil Company	 	M & T BANK	 	9857195458	
C. Hoffberger Company	 	BANK OF AMERICA	 	9429-168026	
Lewis Oil Company	 	BANK OF AMERICA	 	9429-168018	
Champion Energy Corporation	 	BANK OF AMERICA	 	9429-167998	
Petro, Inc.	 	JP MORGAN CHASE	 	022-098571	
Petro, Inc.	 	JP MORGAN CHASE	 	630-1418228509	
Petro Inc.	 	JP MORGAN CHASE	 	777348810	
Petroleum Heat and Power Co., Inc.	 	BANK OF AMERICA	 	249-01053-1-5	
Petroleum Heat and Power Co., Inc.	 	JP MORGAN CHASE	 	5015888	
Petroleum Heat and Power Co., Inc.	 	CITIZENS	 	131349-513-9	
Petroleum Heat and Power Co., Inc.	 	JP MORGAN CHASE	 	36056919 and 36056885	
Meenan Oil Co., L.P.	 	JP MORGAN CHASE	 	893-190047	
AP Woodson (Carroll)	 	M& T BANK	 	9851848540	
AP Woodson (Carroll)	 	M& T BANK	 	9851848557	
AP Woodson (SPS)	 	BANK OF AMERICA	 	223012079673	
Region Oil- Division of Meenan Oil Co., L.P.	 	WELLS FARGO	 	2000012722989	

EXHIBIT C
(See Section 3.7 of Security Agreement)
LETTER OF CREDIT RIGHTS
None
CHATTEL PAPER
None

EXHIBIT D
PETROLEUM HEAT AND POWER CO., INC.
U.S. TRADEMARKS

MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
COOLGUARD	 	2,503,081	 	October 30, 2001	 	International Class 36 - Warranty contracts in the field of residential central air conditioning systems.	 	Petroleum Heat and Power Co., Inc.	 	Renewal due
October 30, 2021	 	Active Registration.	
 	 	 	 	 	 	 	
PETRO 2000	 	2,300,478	 	December 14, 1999	 	International Class 4 - Diesel fuel sold with pre-mixed additives.	 	Petroleum Heat and Power Co., Inc.	 	Renewal Due
December 14, 2019	 	Active Registration.	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	  	REG. NO.	  	REG. DATE	  	GOODS	  	OWNER	  	NEXT ACTION
DUE	  	NOTES	
 	 	 	 	 	 	 	
 	  	2,449,407	  	May 8, 2001	  	International Class 37 - Clean-up services for accidental releases of fuel oil from above-ground and underground fuel oil heating systems, provided to others through a service plan.
 
International Class 42 - Inspection services for others in the field of above-ground and underground fuel oil heating systems, provided through a service plan.	  	Petroleum Heat and Power Co., Inc.	  	Renewal due May 8, 2021	  	Active Registration.	
 	 	 	 	 	 	 	
DEBLOIS	  	2,892,718	  	October 12, 2004	  	International Class 4 – Fuel oil for heating purposes.
 
International Class 35 – Fuel oil distribution services.
 
International Class 37 – Installation, repair and maintenance of fuel oil equipment	  	Petro Holdings, Inc.	  	Renewal due 10/12/2014	  	Active Registration. To be revisited in 2014.	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	  	REG. NO.	  	REG. DATE	  	GOODS	  	OWNER	  	NEXT ACTION
DUE	  	NOTES	
 	 	 	 	 	 	 	
 	  	2,171,734	  	July 7, 1998	  	International Class 4 – Fuel oil.
 
International Class 37 - Oil burner and boiler regulation and repair services.
 
International Class 39 - Delivery of heating oil by truck.	  	Petroleum Heat and Power Co., Inc.	  	Renewal due July 7, 2018	  	Active Registration.	
 	 	 	 	 	 	 	
 	  	538,181	  	February 20, 1951	  	International Class 4 – Fuel oils for heating purposes.	  	Petroleum Heat and Power Co., Inc.	  	Renewal due February 20, 2021	  	Active Registration.	
 	 	 	 	 	 	 	
PETRO and Design (House and Hand)
 
	  	3,514,854	  	October 14, 2008	  	International Class 37 – HVAC contracting services, namely, installation, maintenance and repair of HVAC Systems; plumbing services, namely installation, maintenance and repair	  	Petroleum Heat and Power Co., Inc.	  	Renewal due October 14, 2018	  	Active Registration.	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
PETRO (Word Mark)	 	4,026,203	 	September 13, 2011	 	IC4 - Fuel oils.
 
IC37 – HVAC contracting services, namely, installation, maintenance and repair of HVAC systems; plumbing services, namely installation, maintenance and repair.
 
IC39 – Delivery of heating oil by truck.	 	Petroleum Heat & Power Co.	 	Sections 8 & 15 due between September 13, 2016 and September 13, 2017	 	Active Registration	
 	 	 	 	 	 	 	
 	 	2,100,059	 	September 23, 1997	 	International Class 37 – Installation, maintenance and repair of security alarm systems for residential and commercial use.	 	Meenan Oil Co., L.P.	 	Renewal Due: September 23, 2017	 	Active Registration.	
 	 	 	 	 	 	 	
WARMTH IS WHAT WE’RE ALL ABOUT	 	1,720,717	 	September 29, 1992	 	International Class 37 – Installation, repair and maintenance of heating equipment.
 
International 42 – Heating oil distributorship services.	 	Meenan Oil Co., L.P.	 	Renewal Due: September 29, 2022	 	Active Registration.	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	

MEENAN WARMTH IS WHAT WE’RE ALL ABOUT	 	1,572,413	 	December 19, 1989	 	International Class 37 – Installation, repair and maintenance of heating equipment.
 
International 42 – Heating oil distributorship services.	 	Meenan Oil Co., L.P.	 	Renewal Due: December 19, 2019	 	Active Registration.	
 	 	 	 	 	 	 	
PATRIOT PROPANE	 	3,394,777	 	3/11/2008	 	International Class 37 – Servicing equipment that utilizes propane.
 
International Class 39 – Delivery of propane by truck.	 	Richland Partners, LLC	 	Renewal Due: March 11, 2018	 	Active Registration.	
 	 	 	 	 	 	 	
LEFFLER ENERGY	 	2,858,853	 	June 29, 2004	 	International Class 35 – Wholesale distributorships and retail services featuring oil, gasoline and other petroleum products
 
International Class – 37 Maintenance and repair of equipment utilizing oil, gasoline and other petroleum products, namely furnaces, boilers, hot water heaters and like equipment.	 	Richland Partners, LLC	 	Renewal Due: June 29, 2014	 	Active Registration. To be revisited in 2014.	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
SURE START	 	3,421,803	 	May 6, 2008	 	International Class 37 – Maintenance and repair of heating and air conditioning equipment	 	Star Gas Partners, L.P.	 	Renewal Due: May 6, 2018.	 	Active Registration.	
 	 	 	 	 	 	 	
LEFFLER ENERGY (Word mark)	 	3,678,856	 	September 8, 2009	 	International Class – 27 HVAC contracting services, namely, installation, maintenance and repair of heating, ventilation and cooling systems, plumbing services, namely installation, maintenance and repair	 	Richland Partners, LLC	 	Sections 8 & 15 due between September 8, 2014 and September 8, 2015	 	Active Registration.	
 	 	 	 	 	 	 	
FOUR POINTS	 	3,851,247	 	September 21, 2010	 	International Class 37 - Installation, maintenance and repair of heating equipment
 
International Class 39 – Delivery of heating oil.	 	Petroleum Heat & Power Co., Inc.	 	Sections 8 & 15 due between September 21, 2015 and September 21, 2016	 	Active Registration.	
 	 	 	 	 	 	 	
FOUR POINTS and Design	 	3,846,285	 	September 7, 2010	 	International Class 37 - Installation, maintenance and repair of heating equipment
 
International Class 39 – Delivery of heating oil.	 	Petroleum Heat & Power Co., Inc.	 	Sections 8 & 15 due between September 7, 2015 and September 7, 2016	 	Active Registration	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
RYE ENERGY and Design
 
	 	4,227,317	 	October 16, 2012	 	IC39 – Fuel delivery services featuring propane	 	Champion Energy Corporation	 	Registered
 
Sections 8 & 15 due between October 16, 2017 and October 16, 2018	 	 	
 	 	 	 	 	 	 	
SUNBURST Design
 
	 	4,134,946	 	May 1, 2012	 	IC37 – Installation, repair and maintenance of heating equipment; oil burner and boiler regulation and repair services; HVAC contracting services, namely, installation, maintenance and repair of HVAC systems.
 
IC39 – Fuel delivery services featuring heating oil.	 	Champion Energy Corporation	 	Registered
 
Sections 8 & 15 due between May 1, 2017 and May 1, 2018	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
HOFFMAN ENERGY and Design
 
	 	4,141,899	 	May 15, 2012	 	IC37 – Installation, repair and maintenance of heating equipment; oil burner and boiler regulation and repair services; HVAC contracting services, namely, installation, maintenance and repair of HVAC systems.
 
IC39 – Fuel delivery services featuring heating oil.	 	Champion Energy Corporation	 	Registered
 
Sections 8 & 15 due between May 15, 2017 and May 15, 2018	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
RYE ENERGY and Design
 
	 	4,141,900	 	May 15, 2012	 	IC37 – Installation, repair and maintenance of heating equipment; oil burner and boiler regulation and repair services; HVAC contracting services, namely, installation, maintenance and repair of HVAC systems.
 
IC39 – Fuel delivery services featuring heating oil.	 	Champion Energy Corporation	 	Registered
 
Sections 8 & 15 due between May 15, 2017 and May 15, 2018	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
LEWIS ENERGY and Design
 
	 	85/409,501	 	August 29, 2011	 	IC37 – Installation, repair and maintenance of heating equipment; oil burner and boiler regulation and repair services; HVAC contracting services, namely, installation, maintenance and repair of HVAC systems.
 
IC39 – Fuel delivery services featuring heating oil.	 	Champion Energy Corporation	 	Notice of Abandonment: July 17, 2012	 	Per email from client dated 1/27/2012, we will not respond to office action and allow application to become abandoned.	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
C. HOFFBERGER EASTERN ENERGY and Design
 
	 	85/409,535	 	August 29, 2011	 	IC37 – Installation, repair and maintenance of heating equipment; oil burner and boiler regulation and repair services; HVAC contracting services, namely, installation, maintenance and repair of HVAC systems.
 
IC39 – Fuel delivery services featuring heating oil.	 	Champion Energy Corporation	 	Office Action: December 19, 2011
 
ROA Due June 19, 2012
 
Filed ROA on December 21, 2011
 
Rec’d Notice of Suspension pending the disposition of cited application no. 77/248,647
 
December 30, 2013 – Still Suspended.	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
MARK	 	REG. NO.	 	REG. DATE	 	GOODS	 	OWNER	 	NEXT ACTION
DUE	 	NOTES	
 	 	 	 	 	 	 	
J.J. SKELTON ENERGY and Design
 
	 	4,141,901	 	May 15, 2012	 	IC37 – Installation, repair and maintenance of heating equipment; oil burner and boiler regulation and repair services; HVAC contracting services, namely, installation, maintenance and repair of HVAC systems.
 
IC39 – Fuel delivery services featuring heating oil.	 	Champion Energy Corporation	 	Registered
 
Sections 8 & 15 due between May 15, 2017 and May 15, 2018	 	 	
 	 	 	 	 	 	 	
HOFFMAN Design
 
	 	4,134,984	 	May 1, 2012	 	IC35 – Conducting energy audits of residential homes for the purpose of improving energy.	 	Champion Energy Corporation	 	Registered
 
Sections 8 & 15 due between May 1, 2017 and May 1, 2018	 	 	

EXHIBIT E
Title Documents
LEASED VEHICLES

Location	  	Unit #	  	Year	  	Make	  	Model	  	Capacity	  	Vin #	  	Lease #	  	Lessor	
 	 	 	 	 	 	 	 	 	
Carroll Home	  	1021	  	2014	  	Freightliner	  	M2 106	  	3300 A	  	1FVACYCY3EHFT7148	  	N/A	  	KEY	
 	  	1022	  	2014	  	Freightliner	  	M2 106	  	3300 A	  	1FVACYCY5EHFT7149	  	N/A	  	KEY	
 	  	1048	  	2010	  	Nissan UD	  	3300R	  	1600 1000 A	  	JNAPC81L5AAR80305	  	529596	  	MERCH	
 	  	1049	  	2010	  	Nissan UD	  	3300R	  	1600 1000 A	  	JNAPC81L0AAR80339	  	529595	  	MERCH	
 	  	1058	  	2014	  	Freightliner	  	M2106	  	2700 A	  	1FVACXDT8EHFL5442	  	N/A	  	WF	
 	  	1059	  	2014	  	Freightliner	  	M2106	  	2700 A	  	1FVACXDTXEHFL5443	  	N/A	  	WF	
 	  	S651	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW0BDB30968	  	F9D892	  	Enterp	
 	  	S652	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW3BDB30964	  	F9D893	  	Enterp	
 	  	S653	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW1BDB30963	  	F9D894	  	Enterp	
 	  	S654	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW5BDB30965	  	F9D895	  	Enterp	
 	  	S655	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW9BDB30967	  	F9D896	  	Enterp	
 	  	S656	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW7BDB30966	  	F9D897	  	Enterp	
 	  	S658	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW5BDB34191	  	F9D899	  	Enterp	
 	  	S659	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW3BDB34190	  	F9D900	  	Enterp	
 	  	S660	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW7BDB34189	  	F9D901	  	Enterp	
 	  	S661	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW5BDB34188	  	F9D902	  	Enterp	
 	  	S662	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW9BDB34193	  	F9D903	  	Enterp	
 	  	S680	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L64HA93100	  	187845	  	DN	
 	  	S684	  	2011	  	Ford	  	F450	  	CL Utility	  	1FDUF4GY4BEB40993	  	F9D298	  	Enterp	
 	  	S685	  	2011	  	Ford	  	F450	  	CL Utility	  	1FDUF4GY6BEB40994	  	F9D299	  	Enterp	
 	  	S686	  	2009	  	Ford	  	F450	  	CL Utility	  	1FDAF46R89EA60345	  	F9C934	  	Enterp	
 	  	S687	  	2009	  	Ford	  	F450	  	CL Utility	  	1FDAF46R19EA60347	  	F9C933	  	Enterp	
 	  	S691	  	2005	  	FORD	  	E350	  	Van	  	1FTSE34L25HB33805	  	196054	  	DN	
 	  	S692	  	2013	  	Ford	  	E250	  	Van	  	1FTNE2EW3DDA47585	  	7546509	  	B OF A	
 	  	S693	  	2013	  	Ford	  	E250	  	Van	  	1FTNE2EW5DDA47586	  	7546538	  	B OF A	
 	  	M202	  	2013	  	Ford	  	F250	  	PICK UP	  	1FTBF2B6XDEA04649	  	534463	  	MERCH	
 	  	XS657	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW7BDB34192	  	F9D898	  	Entrp	
 	 	 	 	 	 	 	 	 	
Hardy	  	S006	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW3BDA79482	  	534350	  	MERCH	
 	  	S008	  	2003	  	FORD	  	E250	  	Van	  	1FNE24233HB26146	  	168770	  	DN	
 	  	S026	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W89DA68148	  	N/A	  	RBS	
 	  	S027	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24WX9DA68149	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S028	  	2009	  	FORD	  	E250	  	Van	  	1FTNE24W49DA72973	  	N/A	  	RBS	
 	  	S029	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W29DA72972	  	N/A	  	RBS	
 	  	S031	  	2009	  	FORD	  	E250	  	VAN	  	1FDSE35L39DA57115	  	509031	  	ML	
 	  	S043	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW2BDA88576	  	N/A	  	RBS	
 	  	S045	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW6BDA88578	  	N/A	  	RBS	
 	  	S047	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW9BDA82760	  	N/A	  	RBS	
 	  	S048	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2WXDDA42173	  	7546422	  	B OF A	
 	  	S049	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW1DDA42174	  	7546423	  	B OF A	
 	  	S050	  	2013	  	FORD	  	F350	  	UTILITY	  	1FTRF3860CEC90174	  	7546508	  	B OF A	
 	  	S051	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW7DDA47590	  	7546422	  	B OF A	
 	  	S054	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW4BDA88577	  	N/A	  	RBS	
 	  	S056	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW0BDA88575	  	N/A	  	RBS	
 	  	S057	  	2005	  	FORD	  	E250	  	Van	  	1FTSE34L75HB33797	  	196045	  	DN	
 	  	S077	  	2004	  	Ford	  	F250	  	Pick up	  	1FTNE21L44EB23284	  	177242	  	DN	
 	  	M102	  	2010	  	FORD	  	TRAN-CON	  	VAN	  	NM0LS7ANXAT022207	  	N/A	  	RBS	
 	  	M103	  	2011	  	FORD	  	TRAN-CON	  	VAN	  	NMOLS7AN6BTO49339	  	N/A	  	RBS	
 	  	XS073	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2425XHB52737	  	140463	  	DN	
 	  	XS074	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE242XYHA36225	  	139715	  	DN	
 	  	XS075	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24231HB22238	  	154054	  	DN	
 	 	 	 	 	 	 	 	 	
Hicksville	  	1400	  	2012	  	FRGHT	  	M2	  	3400	  	1FVACYBS9CHBL0073	  	N/A	  	RBS	
Patterson	  	1401	  	2014	  	FRGHT	  	M2	  	3400 A	  	1FVACYCY0EHFL5504	  	N/A	  	WF	
 	  	1403	  	2009	  	FRGHT	  	M2	  	3400	  	1FVACYDJX9HAF2458	  	N/A	  	RBS	
 	  	1404	  	2010	  	FRGHT	  	M2	  	3400/A	  	1FVACYBS0ADAR4293	  	N/A	  	RBS	
 	  	1406	  	2008	  	FRGHT	  	FL 80	  	3400/A	  	1FVFCYDJ78HZ05498	  	N/A	  	RBS	
 	  	1483	  	2005	  	INTER	  	7600	  	5000/A	  	1HTWYSBT35J045797	  	192872	  	DN	
 	  	S204	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W88DA15321	  	500420	  	ML	
 	  	S206	  	2007	  	FORD	  	E/350	  	VAN	  	1FDSE35L47DB10837	  	500149	  	ML	
 	  	S210	  	2009	  	FORD	  	E/250	  	VAN	  	1FTNE24W39DA72978	  	N\A	  	RBS	
 	  	S211	  	2009	  	FORD	  	E/250	  	VAN	  	1FTNE24WX9DA70581	  	N\A	  	RBS	
 	  	S212	  	2009	  	FORD	  	E/250	  	VAN	  	1FTNE24W89DA70580	  	N/A	  	RBS	
 	  	S213	  	2009	  	FORD	  	E/250	  	VAN	  	1FTNE24W19DA72980	  	N\A	  	RBS	
 	  	S214	  	2009	  	FORD	  	E/250	  	VAN	  	1FTNE24W59DA72979	  	N\A	  	RBS	
 	  	S215	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24WX8DA15322	  	500421	  	ML	
 	  	S216	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W18DA15323	  	500422	  	ML	
 	  	S217	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W68DA15320	  	500419	  	ML	
 	  	S227	  	2001	  	FORD	  	E/250	  	VAN	  	1FTNE24211HB22240	  	154056	  	DN	
 	  	S234	  	2000	  	FORD	  	E/250	  	VAN	  	1FTNE2427YHB22124	  	145456	  	DN	
 	  	S238	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24213HB30762	  	168768	  	DN	
 	  	S241	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW0ADA75470	  	N/A	  	RBS	
 	  	S242	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW2ADA75468	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S243	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW4ADA75469	  	N/A	  	RBS	
 	  	S244	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW2ADA75471	  	N/A	  	RBS	
 	  	S245	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW0ADA75467	  	N/A	  	RBS	
 	  	S250	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW5BDA79306	  	N/A	  	RBS	
 	  	S253	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24273HB30765	  	168773	  	DN	
 	  	S254	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA79304	  	N/A	  	RBS	
 	  	S255	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EWXBDA79303	  	N/A	  	RBS	
 	  	S256	  	2011	  	FORD	  	E250	  	VAN	  	1FTBE2EW8BDA79302	  	N/A	  	RBS	
 	  	S257	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW3BDA79305	  	N/A	  	RBS	
 	  	S258	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24253HB26147	  	168774	  	DN	
 	  	S259	  	2006	  	FORD	  	E/250	  	VAN	  	1FTNE24W06DA97087	  	495620	  	ML	
 	  	S260	  	2006	  	FORD	  	E/250	  	VAN	  	1FTNE24W26DA97088	  	495621	  	ML	
 	  	S261	  	2006	  	FORD	  	E/250	  	VAN	  	1FTNE24W46DA97089	  	495622	  	ML	
 	  	S262	  	2006	  	FORD	  	E/250	  	VAN	  	1FTNE24W06DA97090	  	495623	  	ML	
 	  	S263	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW7BDA79307	  	N/A	  	RBS	
 	  	S266	  	2005	  	FORD	  	E/250	  	VAN	  	1FTNE24W05HB22612	  	196010	  	DN	
 	  	S271	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24273HB26148	  	168775	  	DN	
 	  	S272	  	2006	  	FORD	  	E/250	  	VAN	  	1FTNE24W26DA97091	  	495624	  	ML	
 	  	S275	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24293HB30766	  	168776	  	DN	
 	  	S277	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24203HB30767	  	168777	  	DN	
 	  	S278	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24223HB30768	  	168779	  	DN	
 	  	S293	  	2003	  	FORD	  	E/250	  	VAN	  	1FTNE24203HB30770	  	168782	  	DN	
 	  	S294	  	2012	  	FORD	  	E350	  	UTILITY	  	1FDSE3FLXCDA16745	  	534464	  	MERCH	
 	  	S295	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA42179	  	N/A	  	B OF A	
 	  	S296	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW7DDA42180	  	N/A	  	B OF A	
 	  	S297	  	2013	  	FORD	  	E450	  	UTILITY	  	1FDXE4FS8DDA74292	  	N	  	B OF A	
 	  	S100	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA70351	  	N/A	  	RBS	
 	  	S101	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA70352	  	N/A	  	RBS	
 	  	S102	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW7BDA70350	  	N/A	  	RBS	
 	  	S103	  	2014	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA68683	  	N/A	  	B OF A	
 	  	S115	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W38DA25612	  	500633	  	ML	
 	  	S116	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA74357	  	N/A	  	RBS	
 	  	S117	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA74356	  	N/A	  	RBS	
 	  	M26	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHA36222	  	139712	  	DN	
 	  	M27	  	1997	  	FORD	  	AEROSPT	  	MINIVAN	  	1FTDA14U2VZA73410	  	120526	  	DN	
 	  	M29	  	1995	  	FORD	  	E/350	  	VAN	  	1FTJE34Y9SHA11171	  	100677	  	DN	
 	  	M31	  	1989	  	CHEVROLET	  	C35	  	RACK	  	1GBHR34K3KJ103548	  	48714	  	DN	
 	  	M33	  	2012	  	FORD	  	F250	  	PICK UP	  	1FTBF2B69CEC77323	  	533699	  	Merch	
 	  	XS235	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24271HB14790	  	153641	  	DN	
 	  	XS249	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB19973	  	168772	  	DN	
 	  	XS267	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22613	  	196011	  	DN	
 	  	XS297	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB19974	  	168783	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Maspeth	  	1124	  	2009	  	FRTLNR	  	M2-112	  	5000	  	1FVMC5CV09HAF1903	  	N/A	  	RBS	
 	  	1127	  	2008	  	FRTLNR	  	M2-112	  	5000	  	1FVMC5CV38HZ68334	  	N/A	  	RBS	
 	  	1130	  	2009	  	FRTLNR	  	M2-112	  	5000	  	1FVMC5CV29HAF1904	  	N/A	  	RBS	
 	  	1133	  	2010	  	FRTLNR	  	M2	  	4500	  	1FVHC5CV8ADAR5181	  	N/A	  	RBS	
 	  	1134	  	2010	  	FRTLNR	  	M2-112	  	5000	  	1FVHC5CV6ADAR5180	  	N/A	  	RBS	
 	  	1137	  	2012	  	FRGHT	  	M2	  	3200 A	  	1FVACYBS7CHBL0072	  	N/A	  	RBS	
 	  	1138	  	2012	  	FRGHT	  	M2	  	3200 A	  	1FVACYBS5CHBL0071	  	N/A	  	RBS	
 	  	1139	  	2012	  	FRGHT	  	M2	  	4500 A	  	1FVHC5DV7CHBN3064	  	N/A	  	RBS	
 	  	1140	  	2012	  	FRGHT	  	M2	  	3300	  	1FVHC5DV9CHBN3065	  	N/A	  	RBS	
 	  	1153	  	2005	  	INTER	  	7600	  	5000	  	1HTWYSBT05J045790	  	192863	  	DN	
 	  	1194	  	2005	  	INTER	  	7600	  	5000	  	1HTWYSBT45J045792	  	192870	  	DN	
 	  	S300	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W88DA15318	  	500417	  	ML	
 	  	S301	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W8DA15319	  	500418	  	ML	
 	  	S302	  	2009	  	FORD	  	E350	  	VAN	  	1FDSE5LX9DA72999	  	N/A	  	RBS	
 	  	S303	  	2010	  	FORD	  	E350	  	VAN	  	1FDSE3FL7ADA38134	  	526787	  	MERCHS	
 	  	S304	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA88493	  	N/A	  	RBS	
 	  	S305	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL7BDA81850	  	535641	  	MERCHS	
 	  	S307	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W75HB22607	  	196005	  	DN	
 	  	S308	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W95HB22608	  	196006	  	DN	
 	  	S310	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W75HB22610	  	196008	  	DN	
 	  	S315	  	2009	  	FORD	  	E350	  	UTIL	  	1FDSE35L89DA62570	  	509030	  	ML	
 	  	S316	  	2010	  	FORD	  	E350	  	UTIL	  	1FDSE3FL3ADA13067	  	509032	  	ML	
 	  	S317	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW4ADA75472	  	N/A	  	RBS	
 	  	S318	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA75475	  	N/A	  	RBS	
 	  	S319	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW6ADA75473	  	N/A	  	RBS	
 	  	S320	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA75474	  	N/A	  	RBS	
 	  	S325	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24222HA58761	  	162327	  	DN	
 	  	S326	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA79299	  	N/A	  	RBS	
 	  	S327	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW4BDA79300	  	N/A	  	RBS	
 	  	S328	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EWXBDA79298	  	N/A	  	RBS	
 	  	S329	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW6BDA88581	  	N/A	  	RBS	
 	  	S330	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW6BDA79301	  	N/A	  	RBS	
 	  	S331	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW8BDA88579	  	N/A	  	RBS	
 	  	S332	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW4BDA88580	  	N/A	  	RBS	
 	  	S334	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W26DA97107	  	495608	  	ML	
 	  	S335	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W36DA97102	  	495603	  	ML	
 	  	S336	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W56DA97103	  	495604	  	ML	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S337	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W76DA97104	  	495605	  	ML	
 	  	S338	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W96DA97105	  	495606	  	ML	
 	  	S339	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W06DA97106	  	495607	  	ML	
 	  	S340	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W46DA97108	  	495609	  	ML	
 	  	S341	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW1DDA42126	  	N/A	  	B OF A	
 	  	S342	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EWXDDA42125	  	N/A	  	B OF A	
 	  	S343	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW3DDA42124	  	N/A	  	B OF A	
 	  	S344	  	2013	  	FORD	  	E250	  	VAN	  	1FTNEE2EW3DDA42127	  	N/A	  	B OF A	
 	  	S346	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA42123	  	N/A	  	B OF A	
 	  	S354	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB16936	  	168727	  	DN	
 	  	S356	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24283HB16938	  	168729	  	DN	
 	  	S358	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB16940	  	168731	  	DN	
 	  	S362	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB16945	  	168744	  	DN	
 	  	S377	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB16947	  	168748	  	DN	
 	  	S380	  	2001	  	FORD	  	E250	  	VAN	  	1FTNR24291HB14791	  	153642	  	DN	
 	  	S381	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24201HB14792	  	153643	  	DN	
 	  	S382	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24221HB14793	  	153644	  	DN	
 	  	S383	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24241HB14794	  	153645	  	DN	
 	  	S389	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2423YHA38608	  	139778	  	DN	
 	  	S392	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2423YHA38611	  	139785	  	DN	
 	  	S393	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHA38612	  	139787	  	DN	
 	  	S398	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHA38617	  	139793	  	DN	
 	  	S399	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2426YHA38618	  	139794	  	DN	
 	  	S403	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24291HB18288	  	153613	  	DN	
 	  	S406	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24201HB18289	  	153614	  	DN	
 	  	S414	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24201HB18292	  	153617	  	DN	
 	  	S416	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24211HB18303	  	153628	  	DN	
 	  	S425	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24272HB24513	  	163445	  	DN	
 	  	S435	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB16948	  	168749	  	DN	
 	  	S436	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB16949	  	168751	  	DN	
 	  	S437	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB16950	  	168753	  	DN	
 	  	S440	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB16951	  	168755	  	DN	
 	  	M71	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB26145	  	168737	  	DN	
 	  	M72	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2428XHB52523	  	140462	  	DN	
 	  	M73	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB16942	  	168739	  	DN	
 	  	M79	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB16943	  	168741	  	DN	
 	  	M81	  	1995	  	FORD	  	F250	  	PICK UP	  	1FTHF26H3SLA04085	  	100248	  	DN	
 	  	M83	  	2014	  	FORD	  	F250	  	PICK UP	  	1FTBF2B68EEA54595	  	 	  	B OF A	
 	  	XM77	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB26144	  	168735	  	DN	
 	  	XM78	  	1993	  	FORD	  	E350	  	VAN	  	1FTJE34H6PHB50343	  	55262	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	XM101	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2429YHA38614	  	139790	  	DN	
 	  	XXS355	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB16937	  	168728	  	DN	
 	  	XS309	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W05HB22609	  	196007	  	DN	
 	  	XS311	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHA36228	  	139718	  	DN	
 	  	XS312	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2421YHB22121	  	145453	  	DN	
 	  	XS314	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB30763	  	168769	  	DN	
 	  	XS345	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB22090	  	145392	  	DN	
 	  	XS351	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2427YHB22091	  	145393	  	DN	
 	  	XS359	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB26142	  	168732	  	DN	
 	  	XS360	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24283HB26143	  	168734	  	DN	
 	  	XS366	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB16944	  	168743	  	DN	
 	  	XS367	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2429YHB22092	  	145394	  	DN	
 	  	XS369	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2429YHB22089	  	145391	  	DN.	
 	  	XS376	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB16946	  	168747	  	DN	
 	  	XS391	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2421YHA38610	  	139782	  	DN	
 	  	XS394	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2427YHA38613	  	139789	  	DN	
 	  	XS401	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24221HB18293	  	153618	  	DN	
 	  	XS402	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24281HB18296	  	153621	  	DN	
 	  	XS405	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24231HB18299	  	153624	  	DN	
 	  	XS407	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE242X1HB18302	  	153627	  	DN	
 	  	XS409	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24211HB18298	  	153623	  	DN	
 	  	XS410	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24251HB18305	  	153630	  	DN	
 	  	XS411	  	2001	  	FORD	  	E20	  	VAN	  	1FTNE24231HB18304	  	153629	  	DN	
 	  	XS412	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24241HB18294	  	153619	  	DN	
 	  	XS413	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24271HB18306	  	153631	  	DN	
 	  	XS419	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24291HB18291	  	153616	  	DN	
 	  	XS420	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE242X1HB18297	  	153622	  	DN	
 	  	XS421	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24252HA55787	  	162318	  	DN	
 	  	XS422	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24272HA77855	  	162322	  	DN	
 	  	XS424	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24242HB24503	  	163456	  	DN	
 	  	XS438	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB16952	  	168756	  	DN	
 	  	XS439	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB16953	  	168758	  	DN	
 	 	 	 	 	 	 	 	 	
Plainview	  	1706	  	2012	  	FRGHT	  	M2	  	3300 A	  	1FYACYBS0CHBL0074	  	N/A	  	RBS	
 	  	1714	  	2008	  	FRGHT	  	M2	  	3400/A	  	1FVFCYDJ98HZ05499	  	N/A	  	RBS	
 	  	1715	  	2009	  	FRGHT	  	M2	  	3300	  	1FVACYDJ19HAF2459	  	N/A	  	RBS	
 	  	1717	  	2009	  	FRGHT	  	M2	  	3300	  	1FVACYDJ89HAF2460	  	N/A	  	RBS	
 	  	1720	  	2010	  	FREIGHT	  	M2	  	3400	  	1FVACYBS2ADAR4294	  	N/A	  	RBS	
 	  	1721	  	2010	  	FREIGHT	  	M2	  	3300A	  	1FVACYBS4ADAR4295	  	N/A	  	RBS	
 	  	1722	  	2012	  	FREIGHT	  	M2106	  	2800	  	1FVACXDT4CHBX1209	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1723	  	2012	  	FREIGHT	  	M2106	  	2800	  	1FVACXDTOCHBX1210	  	N/A	  	RBS	
 	  	1725	  	2005	  	INTER	  	7600	  	5000/A	  	1HTWYSBT15J045796	  	192864	  	DN	
 	  	S800	  	2010	  	FORD	  	E250	  	Van	  	1FTNE2EWXADA14028	  	509831	  	MERCH	
 	  	S801	  	2011	  	FORD	  	E250	  	Van	  	1FTSE3EL3BDA44293	  	526783	  	MERCH	
 	  	S802	  	2001	  	FORD	  	E-250	  	Van	  	1FTNE24291HB18324	  	153722	  	DN	
 	  	S804	  	2006	  	FORD	  	E-250	  	Van	  	1FTNE24WX6DA97095	  	495628	  	ML	
 	  	S805	  	2010	  	FORD	  	E250	  	Van	  	1FTNE2EW2ADA26545	  	509832	  	ML	
 	  	S808	  	2000	  	FORD	  	E-250	  	Van	  	1FTNE2428YHA38622	  	139802	  	DN	
 	  	S810	  	2006	  	FORD	  	E-250	  	Van	  	1FTNE24W66DA97093	  	495626	  	ML	
 	  	S813	  	2006	  	FORD	  	E-250	  	Van	  	1FTNE24W86DA97094	  	495627	  	ML	
 	  	S815	  	2006	  	FORD	  	E-250	  	Van	  	1FTNE24W16DA97096	  	495629	  	ML	
 	  	S825	  	2005	  	FORD	  	E-250	  	Van	  	1FTNE24W65HB22615	  	196013	  	DN	
 	  	S827	  	2005	  	FORD	  	E-250	  	Van	  	1FTNE24WX5HB22617	  	196015	  	DN	
 	  	S829	  	2005	  	FORD	  	E-250	  	Van	  	1FTNE24W35HB22619	  	196017	  	DN	
 	  	S830	  	2011	  	FORD	  	E350	  	Utility	  	1FDSE3FL3BDA26869	  	520788	  	ML	
 	  	S831	  	2006	  	FORD	  	E-250	  	Van	  	1FTNE24W46DA97092	  	495625	  	ML	
 	  	S837	  	2003	  	FORD	  	E-250	  	Van	  	1FTNE24283HB16941	  	168733	  	DN	
 	  	S838	  	2007	  	FORD	  	E-350	  	Utility	  	1FDSE35L47DB13656	  	500150	  	ML	
 	  	S839	  	2010	  	FORD	  	E250	  	Van	  	1FTNE2EW9ADA75466	  	N/A	  	RBS	
 	  	S840	  	2010	  	FORD	  	E250	  	Van	  	1FTNE2EW5ADA75464	  	N/A	  	RBS	
 	  	S842	  	2010	  	FORD	  	E250	  	Van	  	1FTNE2EW3ADA75463	  	N/A	  	RBS	
 	  	S845	  	2003	  	FORD	  	E-250	  	Van	  	1FTNE242X3HB16939	  	168730	  	DN	
 	  	S848	  	2003	  	FORD	  	E-250	  	Van	  	1FTNE24283HB19970	  	168764	  	DN	
 	  	S849	  	2010	  	FORD	  	E250	  	Van	  	1FTNE2EW7ADA75465	  	N/A	  	RBS	
 	  	S852	  	2010	  	FORD	  	E350	  	Utility	  	1FDSE3FL1ADA13066	  	518025	  	ML	
 	  	S855	  	2002	  	FORD	  	E-250	  	Van	  	1FTNE24222HA95681	  	163465	  	DN	
 	  	S862	  	2008	  	FORD	  	E250	  	Van	  	1FTNE24W78DA15326	  	500425	  	ML	
 	  	S863	  	2008	  	FORD	  	E250	  	Van	  	1FTNE24W98DA15327	  	500426	  	ML	
 	  	S864	  	2007	  	FORD	  	E350	  	Utility	  	1FDSE35L37DA88166	  	502522	  	ML	
 	  	S865	  	2009	  	FORD	  	E-250	  	Van	  	1FTNE24W19DA72977	  	N/A	  	RBS	
 	  	S866	  	2009	  	FORD	  	E-350	  	Van	  	1FDSE35L29DA72995	  	N/A	  	RBS	
 	  	S867	  	2009	  	FORD	  	E-350	  	CL Utility	  	1FDSE35L49DA72996	  	N/A	  	RBS	
 	  	S868	  	2012	  	FORD	  	E350	  	Utility	  	1FDSE3FL8CDB29271	  	535323	  	MERCH	
 	  	S869	  	2012	  	FORD	  	E350	  	Utility	  	1FDSE3FL8CDB29268	  	535320	  	MERCH	
 	  	S870	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW9DDA42178	  	N/A	  	B OF A	
 	  	S871	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW7DDA42177	  	N/A	  	B OF A	
 	  	S872	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW0DDA68684	  	N/A	  	B OF A	
 	  	S873	  	2011	  	FORD	  	E350	  	Van	  	1FTSE3ELXBDA70356	  	N/A	  	RBS	
 	  	S874	  	2013	  	FORD	  	E450	  	Box	  	1FDXE4FS1DDA74294	  	N/A	  	B OF A	
 	  	S877	  	2000	  	FORD	  	E-250	  	Van	  	1FTNE24L1YHB21169	  	152280	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S881	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW1ADA75462	  	N/A	  	RBS	
 	  	S882	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW0BDA88494	  	N/A	  	RBS	
 	  	S883	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW2BDA88495	  	N/A	  	RBS	
 	  	S884	  	2011	  	FORD	  	E250	  	Utility	  	1FTNE2EW7BDA88492	  	N/A	  	RBS	
 	  	S885	  	2011	  	FORD	  	E250	  	Van	  	1FTNE2EW4BDA88496	  	N/A	  	RBS	
 	  	S888	  	2009	  	FORD	  	E350	  	Van	  	1FTNE24W89DA76413	  	N/A	  	RBS	
 	  	S891	  	2014	  	FORD	  	E250	  	VAN	  	1FTNE2EW4EDA06657	  	 	  	B OF A	
 	  	M02	  	2000	  	MITSUBISHI	  	FG20-LP	  	Forkift	  	AF17A00695	  	24979766	  	DeLage	
 	  	M03	  	2007	  	FORD	  	F250	  	Pick Up	  	1FTNF21597EA57644	  	495594	  	ML	
 	  	M09	  	1987	  	CHEVY	  	C30	  	Utility	  	1GBJR34M5HJ168316	  	48590	  	DN	
 	  	M11	  	2012	  	FORD	  	F350	  	PICK UP	  	1FTBF3B65CEC77325	  	533698	  	MERCH	
 	  	M13	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2427YHB22141	  	145473	  	DN	
 	  	M14	  	2011	  	FORD	  	F150	  	PICK UP	  	1FTVX12F8BKD12790	  	N/A	  	RBS	
 	  	XS803	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24201HB18325	  	153723	  	DN	
 	  	XS807	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24253HB19960	  	168736	  	DN	
 	  	XS809	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB19972	  	168766	  	DN	
 	  	XS816	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24261HB18328	  	153727	  	DN	
 	  	XS822	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE242X3HB19971	  	168765	  	DN	
 	  	XS823	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB22140	  	145472	  	DN	
 	  	XS826	  	2005	  	FORD	  	E-250	  	Van	  	1FTNE24W85HB22616	  	196014	  	DN	
 	  	XS828	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24W15HB22618	  	196016	  	DN	
 	  	XS834	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB19969	  	168762	  	DN	
 	  	XS836	  	2003	  	FORD	  	E-250	  	Van	  	1FTNE24293HB19962	  	168742	  	DN	
 	  	XS841	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24273HB19961	  	168738	  	DN	
 	  	XS843	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB19964	  	168750	  	DN	
 	  	XS847	  	2003	  	FORD	  	E-250	  	Van	  	1FTNE24263HB19966	  	168759	  	DN	
 	  	XS851	  	2004	  	FORD	  	E-250	  	Van	  	1FTNE24W84HA06279	  	184028	  	DN	
 	 	 	 	 	 	 	 	 	
Yaphank	  	1502	  	2010	  	FRGHT	  	M2	  	3300A	  	1FVACYBS6ADAR4296	  	N/A	  	RBS	
 	  	1504	  	2011	  	INTHR	  	4300	  	2799	  	1HTMMAAN6BH382127	  	N/A	  	RBS	
 	  	1506	  	2012	  	FRGHT	  	M2	  	3300	  	1FVACYBSJCHBL0085	  	N/A	  	RBS	
 	  	1510	  	2009	  	FRGHT	  	M2-112	  	5000/A	  	1FVMC5CV99HAF1902	  	N/A	  	RBS	
 	  	1513	  	2013	  	FRGHT	  	M2	  	3400	  	1FVACXDT30HFF0618	  	N/A	  	RBS	
 	  	1514	  	2011	  	INTER	  	4400	  	2800	  	1HTMKAAN9BH389952	  	N/A	  	RBS	
 	  	1549	  	2014	  	FRGHT	  	M2	  	3000 S	  	1FVACYCY8EHFT7159	  	N/A	  	KEY	
 	  	1585	  	2005	  	INTHR	  	7600	  	5000/A	  	1HTWYSBTX5J045795	  	192869	  	DN	
 	  	1586	  	2006	  	FRGHT	  	M2-106	  	3600/A	  	1FVFCYDC36HW39153	  	212698	  	DN	
 	  	S602	  	2007	  	FORD	  	E350	  	UTILITY	  	1FDS35L97DA61151	  	499640	  	ML	
 	  	S603	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB19965	  	168754	  	DN	
 	  	S607	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24231HB34972	  	154622	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S608	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24211HB14784	  	153635	  	DN	
 	  	S609	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24211HB34971	  	154620	  	DN	
 	  	S613	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W56DA97098	  	495631	  	ML	
 	  	S614	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W76DA97099	  	495632	  	ML	
 	  	S615	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W36DA97097	  	495630	  	ML	
 	  	S616	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24WX6DA97100	  	495633	  	ML	
 	  	S617	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W16DA97101	  	495634	  	ML	
 	  	S618	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W98DA15330	  	500429	  	ML	
 	  	S619	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W08DA15328	  	500427	  	ML	
 	  	S620	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W28DA15329	  	500428	  	ML	
 	  	S621	  	2008	  	FORD	  	F450	  	UTILITY	  	1FDXF46R08EC98909	  	500505	  	ML	
 	  	S628	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA75460	  	N/A	  	RBS	
 	  	S630	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA72785	  	N/A	  	RBS	
 	  	S633	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB19980	  	168790	  	DN	
 	  	S635	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB19982	  	168792	  	DN	
 	  	S637	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24WX9DA72976	  	N/A	  	RBS	
 	  	S639	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W89DA72975	  	N/A	  	RBS	
 	  	S640	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24283HB19984	  	168794	  	DN	
 	  	S644	  	2004	  	FORD	  	E350	  	UTILITY	  	1FDWE35L4HA98849	  	188262	  	DN	
 	  	S645	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W69DA72974	  	N/A	  	RBS	
 	  	S646	  	2009	  	FORD	  	E350	  	UTILITY	  	1FDSE35L09DA72994	  	N/A	  	RBS	
 	  	S647	  	2009	  	FORD	  	E350	  	UTILITY	  	1FDSE35L99DA72993	  	N/A	  	RBS	
 	  	S661	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22621	  	196019	  	DN	
 	  	S663	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB19989	  	168799	  	DN	
 	  	S664	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W35HB22622	  	196020	  	DN	
 	  	S669	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW1ADA72786	  	N/A	  	RBS	
 	  	S670	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW3ADA72787	  	N/A	  	RBS	
 	  	S671	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW5ADA72788	  	N/A	  	RBS	
 	  	S672	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA75461	  	N/A	  	RBS	
 	  	S673	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA79312	  	N/A	  	RBS	
 	  	S674	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW7BDA79310	  	N/A	  	RBS	
 	  	S675	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA79309	  	N/A	  	RBS	
 	  	S676	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA79308	  	N/A	  	RBS	
 	  	S677	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA79311	  	N/A	  	RBS	
 	  	S678	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW2BDA79313	  	N/A	  	RBS	
 	  	S679	  	2012	  	FORD	  	E350	  	UTILITY	  	1FDSE3FL6CDB29270	  	535321	  	MERCH	
 	  	S680	  	2012	  	FORD	  	E350	  	UTILITY	  	1FDSE3FL6CDB03946	  	535322	  	MERCH	
 	  	S681	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB19963	  	168745	  	DN	
 	  	S682	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW3DDA42175	  	N/A	  	B OF A	
 	  	S683	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW5DDA42176	  	N/A	  	B OF A	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S684	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA68685	  	N/A	  	B OF A	
 	  	S685	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW3BDA79479	  	 	  	 	
 	  	M50	  	2014	  	FORD	  	F350	  	UTILITY	  	1FDRF3H64EEA17020	  	N/A	  	RBS	
 	  	M56	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2427YHA36215	  	139703	  	DN	
 	  	M58	  	2008	  	FORD	  	F250	  	PICKUP	  	1FTNF21528EC83056	  	500515	  	ML	
 	  	M59	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2425XHB52771	  	140466	  	DN	
 	  	M62	  	2011	  	FORD	  	F350	  	UTILITY	  	1FDRF3H62BEB59331	  	N/A	  	RBS	
 	  	M63	  	2003	  	FORD	  	E450	  	UTILITY	  	1FDXF46P93EC66547	  	175274	  	DN	
 	  	M65	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24251HB34973	  	154623	  	DN	
 	  	M71	  	2001	  	FORD	  	RANGER	  	PICK-UP	  	1FTZR15E11TA02346	  	152279	  	DN	
 	  	XM52	  	1996	  	FORD	  	E250	  	VAN	  	1FTJE34Y4THB48777	  	115535	  	DN	
 	  	XM57	  	1993	  	FORD	  	E350	  	VAN	  	1FTJE34H6PHB50312	  	55202	  	DN	
 	  	XS636	  	2003	  	FORD	  	E250	  	VAN	  	1FTBE24263HB19983	  	168793	  	DN	
 	  	XS642	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB19986	  	168796	  	DN	
 	  	XS654	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2421YHB22135	  	145467	  	DN	
 	  	XS659	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB19988	  	168798	  	DN	
 	 	 	 	 	 	 	 	 	
Hoffberger	  	S6212	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL5BDA25440	  	N/A	  	RBS	
 	  	S6214	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL3BDB17467	  	523988	  	MERCH	
 	  	S6215	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3ELXBDB13206	  	523987	  	MERCH	
 	  	S6216	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL1BDB17466	  	523989	  	MERCH	
 	  	S6217	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L14HA93103	  	187842	  	DN	
 	  	S6218	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA47559	  	 	  	B of A	
 	  	S6219	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA47558	  	 	  	B of A	
 	  	S6220	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA47557	  	 	  	B of A	
 	  	S6222	  	2006	  	FORD	  	E350	  	VAN	  	1FTNE34L46DA69663	  	495148	  	MERCH	
 	  	M6700	  	2001	  	FORD	  	E350	  	CUT A WAY	  	1FDWE35L41HA32240	  	152932	  	DN	
 	  	M6708	  	2011	  	TCM	  	FG30T3	  	FORKLIFT	  	2H902007	  	N/A	  	RBS	
 	  	XS6213	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL7BDA40277	  	N/A	  	RBS	
 	 	 	 	 	 	 	 	 	
Hoffman	  	16669	  	2003	  	INTER	  	7400	  	3500 A	  	1HTWCADR33J045130	  	171565	  	DN	
 	 	 	 	 	 	 	 	 	
Trumbull	  	S6751	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW1DDA47553	  	 	  	B OF A	
 	  	S6754	  	2010	  	FORD	  	E-350	  	VAN	  	1FTSE3EL5ADA30913	  	201257	  	FORD MC	
 	  	S6755	  	2008	  	FORD	  	E-350	  	VAN	  	1FTSE34LX8DA38372	  	181125	  	FORD MC	
 	  	S6756	  	2008	  	FORD	  	E-350	  	VAN	  	1FTSE34L88DA38371	  	181121	  	FORD MC	
 	  	S6766	  	2010	  	FORD	  	E-350	  	VAN	  	1FTSE3E7ADA30914	  	201258	  	FORD MC	
 	  	S6768	  	2008	  	FORD	  	E-350	  	VAN	  	IFTSE34L78DA44887	  	181202	  	FORD MC	
 	  	S059	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2429YHB77477	  	139823	  	DN	
 	  	S6772	  	2011	  	FORD	  	E-350	  	VAN	  	1FTSE3EL1BOA25435	  	N/A	  	RBS	
 	  	S6773	  	2011	  	FORD	  	E-350	  	VAN	  	1FTSE3EL7BDA67060	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S6774	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL7BDA81847	  	523983	  	MERCH	
 	  	S6775	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL9BDA81851	  	523986	  	MERCH	
 	  	S6776	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW5DDA47555	  	 	  	B OF A	
 	  	XS6771	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL2BDA67063	  	N/A	  	RBS	
 	 	 	 	 	 	 	 	 	
Hoffman Danbury	  	S6701	  	2010	  	FORD	  	E_350	  	VAN	  	1FTSE3EL3ADA30912	  	201255	  	FORD MC	
 	  	S6705	  	2008	  	FORD	  	E-350	  	VAN	  	1FTSE34L68DA38370	  	181124	  	FORD MC	
 	  	S6712	  	2011	  	FORD	  	E-350	  	VAN	  	1FTSE3E19BDA67061	  	N/A	  	RBS	
 	  	S6713	  	2011	  	FORD	  	E-350	  	VAN	  	1FTSE3ELXBDA25434	  	N/A	  	RBS	
 	  	S6714	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL9BDA81848	  	523985	  	MERCH	
 	  	S6715	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL0BDA81849	  	523984	  	MERCH	
 	  	S6716	  	2012	  	FORD	  	F350	  	utility	  	1FDRF3H69CEB89847	  	533084	  	MERCH	
 	  	S6717	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW3DDA47554	  	N/A	  	B OF A	
 	  	S6718	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW7DDA47556	  	N/A	  	B OF A	
 	 	 	 	 	 	 	 	 	
Lewis - Plainview	  	S6900	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL3BDA25436	  	N/A	  	RBS	
 	  	S6901	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL5BDA25437	  	N/A	  	RBS	
 	  	S6903	  	2013	  	FORD	  	E350	  	VAN	  	1FTSE3ELXDDA43452	  	 	  	B OF A	
 	  	S6904	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA47561	  	 	  	B OF A	
 	  	S6905	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA47560	  	 	  	B OF A	
 	 	 	 	 	 	 	 	 	
Lewis - Hampton Bay	  	16540	  	2014	  	Frght	  	M2	  	3400 A	  	1FVACYCY2EHFT7139	  	N/A	  	KEY	
 	  	S6902	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL0BDA67062	  	N/A	  	RBS	
 	  	S6956	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA47562	  	 	  	B OF A	
 	 	 	 	 	 	 	 	 	
Rye - Rochette	  	1383	  	2014	  	FRGHT	  	M2 106	  	2800 A	  	1FVACYCY0EHFT7138	  	N/A	  	KEY	
 	  	S290	  	2008	  	FORD	  	ECONO	  	VAN	  	1FTSE34LX8DA38369	  	181123	  	MO	
 	  	S292	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA67059	  	N/A	  	RBS	
 	  	S294	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW4BDA25432	  	N/A	  	RBS	
 	  	S295	  	2006	  	FORD	  	F450	  	RACK	  	1FDXF46Y96EB61424	  	208081	  	DN	
 	  	M152	  	2000	  	FORD	  	F250	  	PICK UP	  	1FDNF21LXYED12250	  	152036	  	DN	
 	 	 	 	 	 	 	 	 	
Skelton	  	S6051	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL7BDA25438	  	N/A	  	RBS	
 	  	S6054	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL1ADA31363	  	201253	  	MTR	
 	  	S6055	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL3ADA31364	  	201254	  	MTR	
 	  	S6056	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL7BDA25439	  	N/A	  	RBS	
 	  	S6057	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L86DA69665	  	459150	  	MERCH	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Great Falls	  	7	  	2014	  	FRGHT	  	Bobtail	  	3200	  	1FVACXDT5EHFX0181	  	N/A	  	KEY	
 	 	 	 	 	 	 	 	 	
Boston	  	1151	  	2010	  	FRGHT	  	M2	  	5000 A	  	1FVHC5CVXADAR5179	  	N/A	  	RBS	
 	  	1181	  	2003	  	INTL	  	7600	  	5000A	  	1HTWYAXT43J069462	  	168806	  	DN	
 	  	1192	  	2003	  	INTL	  	7600	  	5000A	  	1HTWYAXT23J069461	  	168805	  	DN	
 	  	1201	  	2011	  	INTL	  	7400	  	3300 A	  	1HTWCAAR6CJ620325	  	N/A	  	RBS	
 	  	1204	  	2012	  	INTL	  	7400	  	2800 A	  	1HTWCAAR5CJ620333	  	N/A	  	RBS	
 	  	1206	  	2012	  	FORD	  	F550	  	1000 A	  	1FD0F5HT7CEA23211	  	N/A	  	RBS	
 	  	S100	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W09DA72985	  	N/A	  	RBS	
 	  	S101	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W49DA72987	  	N/A	  	RBS	
 	  	S102	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W29DA72986	  	N/A	  	RBS	
 	  	S103	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW6ADA75487	  	N/A	  	RBS	
 	  	S104	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW2ADA75485	  	N/A	  	RBS	
 	  	S105	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW0ADA75484	  	N/A	  	RBS	
 	  	S108	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW4ADA75486	  	N/A	  	RBS	
 	  	S109	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW9ADA75483	  	N/A	  	RBS	
 	  	S122	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB16927	  	168689	  	DN	
 	  	S125	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB16930	  	168692	  	DN	
 	  	S127	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB16932	  	168694	  	DN	
 	  	S131	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W85HB22664	  	196155	  	DN	
 	  	S133	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22666	  	196157	  	DN	
 	  	S134	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW7DDA40395	  	N/A	  	B OF A	
 	  	S135	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW8DDA40390	  	N/A	  	B OF A	
 	  	S136	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW7DDA40392	  	N/A	  	B OF A	
 	  	S137	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA40396	  	N/A	  	B OF A	
 	  	S138	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EWXDDA40391	  	N/A	  	B OF A	
 	  	S139	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW3DDA40393	  	N/A	  	B OF A	
 	  	S140	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW5DDA40394	  	N/A	  	B OF A	
 	  	S150	  	2012	  	FORD	  	F350	  	UTILITY	  	1FDRF3H64CEB55671	  	531770	  	MERCH	
 	  	S161	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA79469	  	N/A	  	RBS	
 	  	S162	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW5BDA79466	  	N/A	  	RBS	
 	  	S163	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW7BDA79470	  	N/A	  	RBS	
 	  	S164	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW3BDA79465	  	N/A	  	RBS	
 	  	S165	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA79468	  	N/A	  	RBS	
 	  	S166	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW7BDA79467	  	N/A	  	RBS	
 	  	S167	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW9BDA79471	  	N/A	  	RBS	
 	  	S168	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA79464	  	N/A	  	RBS	
 	  	S326	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB16911	  	168673	  	DN	
 	  	S328	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB16913	  	168675	  	DN	
 	  	S331	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB16916	  	168678	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S334	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB16919	  	168681	  	DN	
 	  	S335	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24W74HB12948	  	188405	  	DN	
 	  	S343	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W49DA72990	  	N/A	  	RBS	
 	  	S344	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W89DA72989	  	N/A	  	RBS	
 	  	S345	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W69DA72988	  	N/A	  	RBS	
 	  	S375	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W35HB22667	  	196158	  	DN	
 	  	S376	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W55HB22668	  	196159	  	DN	
 	  	S377	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W75HB22669	  	196160	  	DN	
 	  	S380	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB16923	  	168685	  	DN	
 	  	S381	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB16931	  	168693	  	DN	
 	  	S389	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2427YHB23788	  	145412	  	DN	
 	  	S390	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB16934	  	168696	  	DN	
 	  	M01	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB16914	  	168676	  	DN	
 	  	M04	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHB23795	  	145419	  	DN	
 	  	M06	  	2009	  	FORD	  	E350	  	UTILITY	  	1FDSE35L69DA72997	  	N/A	  	RBS	
 	  	M07	  	2011	  	FORD	  	BOX	  	UTILITY	  	1FDSE3FLXBDA02214	  	N/A	  	RBS	
 	  	M08	  	2011	  	FORD	  	F450	  	VAN	  	1FDXE4FSOBDA91617	  	N/A	  	RBS	
 	  	M09	  	2003	  	FORD	  	E35Y	  	BOX	  	1FDWE35L43HA26411	  	167704	  	DN	
 	  	M19	  	2013	  	CHEVROLET	  	3500	  	RACK	  	1GB3CZCG7DF126557	  	534241	  	MERCH	
 	  	M25	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2427XHB81009	  	139832	  	DN	
 	  	M26	  	2000	  	FORD	  	F250	  	PICK UP	  	1FTNF21L4YEC97541	  	152030	  	DN	
 	  	M31	  	2005	  	FORD	  	 	  	CUTVAN	  	1FDWE35L85HA46468	  	205308	  	DN	
 	  	XS116	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB16921	  	168683	  	DN	
 	  	XS117	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB16922	  	168684	  	DN	
 	  	XS324	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24241HB14813	  	153700	  	DN	
 	  	XS325	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24283HB16910	  	168672	  	DN	
 	  	XS333	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB16918	  	168680	  	DN	
 	  	XS336	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24W54HB12950	  	188406	  	DN	
 	  	XS378	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W35HB22670	  	196161	  	DN	
 	  	XS382	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24221HB18309	  	153693	  	DN	
 	 	 	 	 	 	 	 	 	
North Haven	  	1002	  	2008	  	FRGHT	  	M2-106	  	3400/A	  	1FVFCYDJ58HZ05497	  	N/A	  	RBS	
 	  	1004	  	2009	  	FRGHT	  	M2106	  	3300	  	1FVACYDJ29HAF2454	  	N/A	  	RBS	
 	  	1009	  	2012	  	INTER’L	  	7400	  	3300	  	1HTWCAAR1CJ620328	  	N/A	  	RBS	
 	  	1010	  	2012	  	INTER’L	  	7400	  	3400 A	  	1HTWCAARXCJ620330	  	N/A	  	RBS	
 	  	S053	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24WX5HB22598	  	195978	  	DN	
 	  	S058	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W76DA97071	  	495597	  	ML	
 	  	S059	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2429XHB77477	  	139823	  	DN	
 	  	S062	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W18DA15273	  	500331	  	ML	
 	  	S063	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W39DA72981	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S064	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W46DA97075	  	495601	  	ML	
 	  	S066	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA40628	  	 	  	B OF A	
 	  	S067	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA40629	  	 	  	B OF A	
 	  	S068	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA40630	  	 	  	B OF A	
 	  	S070	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2421YHB23799	  	145423	  	DN	
 	  	S071	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW5ADA75495	  	N/A	  	RBS	
 	  	S072	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW7ADA75496	  	N/A	  	RBS	
 	  	S073	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW9ADA75497	  	N/A	  	RBS	
 	  	S074	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA75492	  	N/A	  	RBS	
 	  	S075	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW8BDA79297	  	N/A	  	RBS	
 	  	S099	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24W74HA03874	  	179002	  	DN	
 	  	M41	  	2000	  	FORD	  	E450	  	CUBE	  	1FDXE45S2YHB54929	  	153171	  	DN	
 	  	M45	  	2011	  	FORD	  	F250	  	PICK UP	  	1FTBF2B60BEB75486	  	N/A	  	RBS	
 	  	M49	  	1998	  	FORD	  	E350	  	CUBE	  	1FDWE37L4WHC04464	  	140277	  	DN	
 	  	XS055	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W55HB22606	  	196004	  	DN	
 	  	XS056	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W56DA97070	  	495596	  	MERCH	
 	  	XS061	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24231HB14821	  	153742	  	DN	
 	  	XS086	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2427XHB77476	  	139822	  	DN	
 	  	XS092	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB16883	  	168631	  	DN	
 	 	 	 	 	 	 	 	 	
Norwalk	  	1401	  	2008	  	FRGHT	  	M2-106	  	3200A	  	1FVACYDJ18HZ05488	  	N/A	  	RBS	
 	  	1404	  	2010	  	FRGHT	  	MS2-106	  	3300A	  	1FVACYBS7ADAR4291	  	N/A	  	RBS	
 	  	1405	  	2010	  	FRGHT	  	MS106	  	3400A	  	1FVACYBS9ADAR4292	  	N/A	  	RBS	
 	  	1408	  	2012	  	INTER	  	7400	  	3400 A	  	1HTWCAAR3CJ620329	  	N/A	  	RBS	
 	  	1412	  	2013	  	FRGHT	  	3499	  	BOBTAIL	  	1FVACXDT1DHFH8983	  	N/A	  	RBS	
 	  	1484	  	2009	  	FRGHT	  	M2106	  	3300	  	1FVACYDJ69HAF2456	  	N/A	  	RBS	
 	  	1485	  	2009	  	FRGHT	  	M2106	  	3300	  	1FVACYDJ49HAF2455	  	N/A	  	RBS	
 	  	S600	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24WX8DA15305	  	500332	  	ML	
 	  	S601	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24WX8DA15272	  	500330	  	ML	
 	  	S602	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W66DA97076	  	495602	  	MERCH	
 	  	S603	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W59DA72982	  	N/A	  	RBS	
 	  	S604	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W79DA72983	  	N/A	  	RBS	
 	  	S605	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W99DA72984	  	N/A	  	RBS	
 	  	S606	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB77475	  	139821	  	DN	
 	  	S607	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW5DDA40623	  	N/A	  	B OF A	
 	  	S610	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW7DDA40624	  	N/A	  	B OF A	
 	  	S611	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA40625	  	N/A	  	B OF A	
 	  	S615	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW6ADA75490	  	N/A	  	RBS	
 	  	S616	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA75491	  	N/A	  	RBS	
 	  	S617	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW1ADA75493	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S618	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW3ADA75494	  	N/A	  	RBS	
 	  	S619	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW6BDA79296	  	N/A	  	RBS	
 	  	S621	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22604	  	196002	  	DN	
 	  	S622	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA40626	  	 	  	B OF A	
 	  	S623	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA40627	  	 	  	B OF A	
 	  	S624	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W35HB22605	  	196003	  	DN	
 	  	S653	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB16876	  	168593	  	DN	
 	  	S663	  	1996	  	FORD	  	E350	  	VAN	  	1FTJE34H4THB36208	  	115146	  	DN	
 	  	S667	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22599	  	195979	  	DN	
 	  	S669	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24WX5HB22603	  	196001	  	DN	
 	  	S671	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W96DA97072	  	495598	  	ML	
 	  	S694	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2423THB23805	  	145436	  	DN	
 	  	S696	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB23806	  	145437	  	DN	
 	  	M80	  	1997	  	FORD	  	F350	  	PICK UP	  	3FTHF26H6VMA08327	  	117762	  	DN	
 	  	M82	  	2008	  	FORD	  	F150	  	PICK UP	  	1FTRX14W68FA57500	  	500713	  	ML	
 	  	M91	  	2013	  	FORD	  	F350	  	UTILITY	  	1FDRF3H68DEA76618	  	 	  	B OF A	
 	  	M92	  	2013	  	FORD	  	F350	  	UTILITY	  	1FDRF3H60DEB31398	  	N/A	  	RBS	
 	  	M95	  	1997	  	FORD	  	F250	  	PICKUP	  	1FTHF26H7VEC12821	  	129376	  	DN	
 	  	C70	  	2010	  	FORD	  	F150	  	PICK UP	  	1FTFX1EV8AFD59935	  	518029	  	ML	
 	  	XM81	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2428ZHB77468	  	139804	  	DN	
 	  	XS608	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHB23781	  	145388	  	DN	
 	  	XS612	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24261HB14815	  	153736	  	DN	
 	  	XS613	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE242X1HB14816	  	153737	  	DN	
 	  	XS620	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HA28068	  	195287	  	DN	
 	  	XS630	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB16877	  	168594	  	DN	
 	  	XS641	  	1996	  	FORD	  	E250	  	VAN	  	1FTJE34H1THB58022	  	115140	  	DN	
 	  	XS648	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB16879	  	168596	  	DN	
 	  	XS658	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24WX4HA01150	  	183593	  	DN	
 	  	XS674	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W06DA97073	  	495599	  	ML	
 	  	XS677	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W26DA97074	  	495600	  	ML	
 	  	XS679	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HA28071	  	195270	  	DN	
 	 	 	 	 	 	 	 	 	
Ryan - G & S	  	1501	  	2012	  	INTER	  	7400	  	3400 A	  	1HTWCAAR1CJ620331	  	N/A	  	RBS	
 	  	1502	  	2003	  	INTER	  	7400	  	3600/A	  	1HTWCADR93J069464	  	168787	  	DN	
 	  	1504	  	2012	  	INTER	  	WORKSTAR	  	3400 A	  	1HTWCAAR3CJ620332	  	N/A	  	RBS	
 	  	1506	  	2008	  	FRGHT	  	M2-106	  	3000/A	  	1FVACYDJ38HZ05489	  	N/A	  	RBS	
 	  	1507	  	2009	  	FRGHT	  	M2-106	  	3300	  	1FVACYDJ89HAF2457	  	N/A	  	RBS	
 	  	1509	  	2014	  	FRGHT	  	M2 106	  	3300 A	  	1FVACYCY6EHFT7161	  	 	  	B OF A	
 	  	S790	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA43530	  	 	  	B OF A	
 	  	S791	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL6ADA85290	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S792	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW6BDA25433	  	N/A	  	RBS	
 	  	S750	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W48DA15316	  	500415	  	merch	
 	  	S751	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W68DA15317	  	500416	  	ML	
 	  	S752	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W69DA70576	  	N/A	  	RBS	
 	  	S753	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W49DA70575	  	N/A	  	RBS	
 	  	S754	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W89DA70577	  	N/A	  	RBS	
 	  	S755	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA75488	  	N/A	  	RBS	
 	  	S756	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA75489	  	N/A	  	RBS	
 	  	S760	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EWXDDA40536	  	 	  	B OF A	
 	  	S761	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW8DDA40535	  	 	  	B OF A	
 	  	S770	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2422YHB23813	  	145452	  	DN	
 	  	S773	  	2001	  	FORD	  	E250	  	VAN	  	IFTNE24291HB14824	  	153746	  	DN	
 	  	S779	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB16880	  	168617	  	DN	
 	  	S781	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22600	  	195994	  	DN	
 	  	M103	  	2002	  	FORD	  	E450	  	BOX	  	1FDXE45502HA45618	  	167365	  	DN	
 	  	M105	  	2006	  	FORD	  	E350	  	BOX	  	1FDWE35L76HB19881	  	497232	  	ML	
 	  	M109	  	1997	  	ISUZU	  	NPR	  	BOX	  	JALC4B1K6V7001826	  	161345	  	DN	
 	  	XS782	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HB22601	  	195995	  	DN	
 	 	 	 	 	 	 	 	 	
Ray	  	1826	  	2005	  	Inter’l	  	7600	  	5000	  	1HTWYSBT25J045791	  	192871	  	DN	
 	  	1827	  	2007	  	Inter’l	  	Bobtail	  	2799	  	1HTMMAAN27H417558	  	526232	  	MERCH	
 	  	1829	  	2013	  	Inter’l	  	7600	  	4500 A	  	1HTGSSJT7DJ298904	  	N/A	  	RBS	
 	  	1830	  	2013	  	Inter’l	  	7600	  	4500 A	  	1HTGSSJTODJ304400	  	N/A	  	KEY	
 	  	1831	  	2007	  	Frght	  	Bobtail	  	3499	  	1FVACXDC97HX41532	  	N/A	  	KEY	
 	  	S514	  	2012	  	Ford	  	E250	  	Van	  	1FTNE2EWXBDA79480	  	531798	  	MERCH	
 	  	S515	  	2012	  	Ford	  	E250	  	Van	  	1FTNE2EW1BDA79481	  	531799	  	MERCH	
 	  	S516	  	2012	  	Ford	  	E20	  	Van	  	1FTNE2EW5BDA79483	  	531800	  	MERCH	
 	  	S517	  	2013	  	DODGE	  	5500	  	BOOM	  	3C7WDNBL3CG326560	  	N/A	  	KEY	
 	  	S518	  	2013	  	DODGE	  	5500	  	BOOM	  	3C7WDNBL2CG326565	  	N/A	  	KEY	
 	  	S519	  	2013	  	FORD	  	E250	  	VAN	  	1FTBE2EL7DDB08233	  	 	  	B OF A	
 	  	S520	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EL9DDB08234	  	 	  	B OF A	
 	  	S521	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EL5DDB08232	  	 	  	B OF A	
 	 	 	 	 	 	 	 	 	
Kasden - EH	  	S002	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW6BDB10773	  	523981	  	MERCH	
 	  	S003	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW8BDB10774	  	523982	  	MERCH	
 	  	S004	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW8DDA43449	  	 	  	B OF A	
 	  	S005	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA43450	  	 	  	B OF A	
 	  	S006	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA43451	  	 	  	B OF A	
 	  	M142	  	2011	  	FORD	  	E250	  	BOX	  	1FFXE4FS5BDA83089	  	N/A	  	RBS	
 	  	M144	  	2003	  	FORD	  	F450	  	RACK	  	1FDXF47S43EB40003	  	169193	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Buckley	  	1335	  	2011	  	INTL	  	4300	  	2800S	  	1HTMMAAN4BH382126	  	N/A	  	RBS	
 	  	S260	  	2013	  	FORD	  	F350	  	UTILITY	  	1FDRF3H65DEA40207	  	N/A	  	KEY	
 	  	S268	  	2011	  	FORD	  	F350	  	UTILITY	  	1FDRF3H61BEC68752	  	N/A	  	RBS	
 	  	S271	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW2BDA82762	  	N/A	  	RBS	
 	  	S272	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA82761	  	N/A	  	RBS	
 	  	S273	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2WE4DDA43447	  	 	  	BA	
 	  	S274	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EL1DDA91107	  	 	  	BA	
 	  	S275	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EL1DDA91106	  	 	  	BA	
 	 	 	 	 	 	 	 	 	
Rhode Island	  	1306	  	2011	  	INTL	  	4300	  	2799	  	1HTMMAAN9BH382123	  	N/A	  	RBS	
 	  	1314	  	2003	  	INTL	  	7400	  	3600/A	  	1HTWCADR73J069463	  	168802	  	DN	
 	  	1315	  	2003	  	INTL	  	7400	  	3600/A	  	1HTWCADR03J069465	  	168801	  	DN	
 	  	1320	  	2003	  	INTL	  	7600	  	5000/A	  	IHTWYAXT03J069460	  	168807	  	DN	
 	  	1600	  	2012	  	INTL	  	7400	  	3300 A	  	1HTWCAAR8CJ620326	  	N/A	  	RBS	
 	  	1602	  	2009	  	FRGHT	  	MS-112	  	5000/A	  	1FVMC5CV69HAG6177	  	N/A	  	RBS	
 	  	1604	  	2010	  	FRGHT	  	MS-106	  	3300/A	  	1FVACYBS5ADAR4290	  	N/A	  	RBS	
 	  	1605	  	2014	  	FRGHT	  	M2 106	  	3300 S	  	1FVACYCY4EEHFT7157	  	N/A	  	KEY	
 	  	1606	  	2014	  	FRGHT	  	M2 106	  	3300 S	  	1FVACYCY6EHFT7158	  	N/A	  	KEY	
 	  	1708	  	2003	  	INTL	  	7600	  	5000A	  	1HTWYAXT23JO69458	  	168803	  	DN	
 	  	1709	  	2003	  	INTL	  	7600	  	5000A	  	1HTWYAXT43J069459	  	168804	  	DN	
 	  	S37	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB16875	  	168592	  	DN	
 	  	S803	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W78DA14385	  	500403	  	ML	
 	  	S804	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W98DA14386	  	500404	  	ML	
 	  	S805	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W18DA15306	  	500405	  	ML	
 	  	S814	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W38DA15307	  	500406	  	ML	
 	  	S815	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W98DA15313	  	500412	  	ML	
 	  	S817	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W75HB22672	  	196163	  	DN	
 	  	S818	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W95HB22673	  	196164	  	DN	
 	  	S820	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W08DA15314	  	500413	  	ML	
 	  	S822	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22675	  	196166	  	DN	
 	  	S823	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA40531	  	N/A	  	BA	
 	  	S824	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA40527	  	N/A	  	BA	
 	  	S825	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA40533	  	N/A	  	BA	
 	  	S826	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW7DDA40526	  	N/A	  	BA	
 	  	S827	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA40532	  	N/A	  	BA	
 	  	S828	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA40534	  	N/A	  	BA	
 	  	S831	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22676	  	196167	  	DN	
 	  	S832	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HB22677	  	196168	  	DN	
 	  	S833	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA40529	  	N/A	  	BA	
 	  	S834	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA40528	  	N/A	  	BA	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S835	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA40530	  	N/A	  	BA	
 	  	S838	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2429XHB81027	  	139926	  	DN	
 	  	S839	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW5ADA75478	  	N/A	  	RBS	
 	  	S840	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW3ADA75480	  	N/A	  	RBS	
 	  	S841	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW1ADA75476	  	N/A	  	RBS	
 	  	S843	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW5ADA75481	  	N/A	  	RBS	
 	  	S849	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW7ADA75479	  	N/A	  	RBS	
 	  	S850	  	2010	  	FORD	  	E250	  	VAN	  	IFTNE2EW7ADA75482	  	N/A	  	RBS	
 	  	S852	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24281HB14829	  	153752	  	DN	
 	  	S854	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W85HB22678	  	196169	  	DN	
 	  	S855	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24WX5HB22679	  	196170	  	DN	
 	  	S872	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24261HB14831	  	153773	  	DN	
 	  	S887	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W78DA15309	  	500408	  	ML	
 	  	S888	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W38DA15310	  	500409	  	ML	
 	  	S889	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W58DA15311	  	500410	  	ML	
 	  	S890	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W28DA15315	  	500414	  	ML	
 	  	S891	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W78DA15312	  	500411	  	ML	
 	  	S892	  	2009	  	FORD	  	E350	  	UTILITY	  	1FDSE35L79DA72992	  	N/A	  	RBS	
 	  	S893	  	2009	  	FORD	  	E350	  	UTILITY	  	1FDSE35L59DA72991	  	N/A	  	RBS	
 	  	S894	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW8BDA79476	  	N/A	  	RBS	
 	  	S895	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA79472	  	N/A	  	RBS	
 	  	S896	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW4BDA79474	  	N/A	  	RBS	
 	  	S897	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW6BDA79475	  	N/A	  	RBS	
 	  	S898	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA79478	  	N/A	  	RBS	
 	  	S899	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW2BDA79473	  	N/A	  	RBS	
 	  	S900	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EWXBDA79477	  	N/A	  	RBS	
 	  	S970	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB16890	  	168647	  	DN	
 	  	S971	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24283HB16891	  	168648	  	DN	
 	  	S978	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB16898	  	168657	  	DN	
 	  	S980	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB16900	  	168659	  	DN	
 	  	S981	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB16901	  	168660	  	DN	
 	  	S985	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB16905	  	168664	  	DN	
 	  	S989	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB16909	  	168668	  	DN	
 	  	S990	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W86DA97077	  	495610	  	ML	
 	  	S991	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24WX6DA97078	  	495611	  	ML	
 	  	S992	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W16DA97079	  	495612	  	ML	
 	  	S994	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24WX6DA97081	  	495614	  	ML	
 	  	S997	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W56DA97084	  	495617	  	ML	
 	  	S998	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W76DA97085	  	495618	  	ML	
 	  	S999	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W96DA97086	  	495619	  	ML	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	M33	  	2004	  	FORD	  	E350	  	BOX	  	1FDWE35L74HA98852	  	188264	  	DN	
 	  	M37	  	2004	  	FORD	  	F250	  	PICKUP	  	1FTNF21L94EA54320	  	183788	  	DN	
 	  	M38	  	2000	  	FORD	  	F350	  	PICKUP	  	1FTSF31LOYEC86254	  	148336	  	DN	
 	  	M39	  	2009	  	FORD	  	F250	  	PICK UP	  	1FTNF21569EA90362	  	N/A	  	RBS	
 	  	M40	  	2009	  	FORD	  	E450	  	UTILITY	  	1FDXE45S09DA91192	  	509033	  	ML	
 	  	M41	  	2012	  	FORD	  	F350	  	UTILITY	  	1FDRF3H61CEA83392	  	526785	  	ML	
 	  	M42	  	2010	  	FORD	  	F150	  	PICK UP	  	1FTEX1E81AFD47826	  	518026	  	ML	
 	  	M43	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W05HB22674	  	196165	  	DN	
 	  	M51	  	2001	  	FORD	  	F150	  	PICKUP	  	1FTZF17291NA45669	  	154036	  	DN	
 	  	M52	  	2002	  	FORD	  	F250	  	UTILITY	  	1FTNE20L22EC30929	  	162162	  	DN	
 	  	M55	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2421XHB81023	  	139922	  	DN	
 	  	XM75	  	1996	  	FORD	  	E350	  	VAN	  	1FTJE34Y4THB36192	  	115103	  	DN	
 	  	XS842	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW3ADA75477	  	N/A	  	RBS	
 	  	XS848	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2429YHB23775	  	145349	  	DN	
 	  	XS860	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24291HB21059	  	155861	  	DN	
 	  	XS886	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W58DA15308	  	500407	  	ML	
 	  	XS912	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2428XHB81021	  	139919	  	DN	
 	  	XS949	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24241HB14827	  	153750	  	DN	
 	  	XS972	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB16892	  	168649	  	DN	
 	  	XS975	  	2003	  	FORD	  	E20	  	VAN	  	1FTNE24253HB16895	  	168652	  	DN	
 	  	XS976	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB16896	  	168654	  	DN	
 	  	XS982	  	2003	  	FORD	  	E250	  	VAN	  	1FTBE24293HB16902	  	168661	  	DN	
 	  	XS983	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB16903	  	168662	  	DN	
 	  	XS993	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W86DA97080	  	495613	  	ML	
 	  	XS995	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W16DA97082	  	495615	  	ML	
 	  	XS996	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W36DA97083	  	495616	  	ML	
 	 	 	 	 	 	 	 	 	
Woods	  	1554	  	2012	  	FRGHT	  	M2 106	  	2700	  	1FVACXDT0CHBL0088	  	N/A	  	RBS	
 	  	S200	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL0ADA85303	  	N/A	  	RBS	
 	  	S203	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA43445	  	 	  	B OF A	
 	  	S204	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA43446	  	 	  	B OF A	
 	  	S205	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA43448	  	 	  	B OF A	
 	  	S210	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL9ADA85302	  	N/A	  	RBS	
 	  	S215	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL6BDA70354	  	N/A	  	RBS	
 	 	 	 	 	 	 	 	 	
Burke	  	1710	  	2012	  	Internat’l	  	7400	  	3400 A	  	1HTWCAAR9CJ620335	  	N/A	  	RBS	
 	  	1711	  	2012	  	FORD	  	F550	  	1100 A	  	1FDUF5HT9CEA23212	  	N/A	  	RBS	
 	  	1712	  	2005	  	Internat’l	  	4400	  	Bobtail	  	1HTMKAAN85H133242	  	526233	  	MERCH	
 	  	1714	  	2008	  	Freightliner	  	M2106	  	3200/A	  	1FVACYDJ88HZ05505	  	N/A	  	RBS	
 	  	1720	  	2006	  	Freightliner	  	MB2-106	  	3600A	  	1FVFCYDC56HW39638	  	212701	  	DN	
 	  	1721	  	2006	  	Freightliner	  	MB2-106	  	3600A	  	1FVFCYDC76HW39639	  	212702	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1730	  	2010	  	Freightliner	  	MB2-106	  	3600A	  	1FVACYBS6ADAR4301	  	N/A	  	RBS	
 	  	1778	  	2009	  	Freightliner	  	M2-106	  	3300/A	  	1FVACYDJ29HAF2471	  	N/A	  	RBS	
 	  	1781	  	2014	  	Frght	  	CA113DC	  	 	  	1FUJGBDV5ELFU3170	  	N/A	  	KEY	
 	  	S500	  	2012	  	Ford	  	F350	  	UTILITY	  	1FDRF3H6XCEB69896	  	533083	  	MERCH	
 	  	S501	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L15HB33813	  	196065	  	DN	
 	  	S502	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L35HB33814	  	196066	  	DN	
 	  	S503	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34LX5HB33812	  	196064	  	DN	
 	  	S504	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L85HB33811	  	196063	  	DN	
 	  	S505	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L55HB33815	  	196067	  	DN	
 	  	S506	  	2008	  	Ford	  	E350	  	Van	  	1FTSE34LX8DA10099	  	498904	  	ML	
 	  	S507	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL1ADA85293	  	N/A	  	RBS	
 	  	S508	  	2010	  	FORD	  	E350	  	Van	  	1FTSE3ELXADA85292	  	N/A	  	RBS	
 	  	S509	  	2010	  	FORD	  	E350	  	Van	  	1FTSE3ELSADA85295	  	N/A	  	RBS	
 	  	S510	  	2010	  	FORD	  	E350	  	Van	  	1FTSE3EL3ADA85294	  	N/A	  	RBS	
 	  	S511	  	2010	  	FORD	  	E350	  	Van	  	1FTSE3EL8ADA85291	  	N/A	  	RBS	
 	  	S514	  	2011	  	FORD	  	E350	  	Van	  	1FTSE3EL9BDA70364	  	N/A	  	RBS	
 	  	S515	  	2011	  	FORD	  	E350	  	Van	  	1FTSE3EL7BDA70363	  	N/A	  	RBS	
 	  	S517	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L29DA68144	  	N/A	  	RBS	
 	  	S518	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L89DA69721	  	N/A	  	RBS	
 	  	S519	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L69DA68146	  	N/A	  	RBS	
 	  	S520	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L49DA68145	  	N/A	  	RBS	
 	  	S521	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L09DA68143	  	N/A	  	RBS	
 	  	S522	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L69DA69720	  	N/A	  	RBS	
 	  	S531	  	2004	  	FORD	  	UTIL	  	UTIL	  	1FDWF36L44EC48185	  	187831	  	DN	
 	  	S533	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW3DDA43519	  	 	  	B OF A	
 	  	S534	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW3DDA43522	  	 	  	B OF A	
 	  	S535	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW5DDA43523	  	 	  	B OF A	
 	  	S536	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW1DDA43521	  	 	  	B OF A	
 	  	S537	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EWXDDA43520	  	 	  	B OF A	
 	  	S538	  	2013	  	FORD	  	E250	  	Van	  	1FTNE2EW7DDA43524	  	 	  	B OF A	
 	  	S540	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W37DA02653	  	499831	  	ML	
 	  	S559	  	2008	  	FORD	  	E350	  	Van	  	1FTSE34L68DA10097	  	498902	  	ML	
 	  	S560	  	2008	  	FORD	  	E350	  	Van	  	1FTSE34L88DA10098	  	498903	  	ML	
 	  	S561	  	2008	  	FORD	  	E350	  	Van	  	1FTSE34L28DA10100	  	498905	  	ML	
 	  	S582	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L54HA87529	  	187826	  	DN	
 	  	S583	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L14HA87530	  	187827	  	DN	
 	  	S585	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L76DA74033	  	495131	  	ML	
 	  	S587	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L06DA74035	  	495133	  	ML	
 	  	S590	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L66DA74038	  	495135	  	ML	
 	  	M701	  	2011	  	TCM	  	FG30T3	  	FORKLIFT	  	2H901999	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	M702	  	2006	  	Ford	  	F450	  	Box	  	1FDXF46YX6EA19681	  	209490	  	DN	
 	  	M703	  	2014	  	Ford	  	F350	  	UTILITY	  	1FDRF3H66EEA17522	  	N/A	  	RBS	
 	  	M708	  	2006	  	Ford	  	F450	  	OP UTILITY	  	1FDWF375X6EB73625	  	495785	  	ML	
 	  	M709	  	2006	  	Ford	  	F450	  	OP UTILITY	  	1FDWF37506EB51097	  	495704	  	ML	
 	  	M713	  	2008	  	FORD	  	F550	  	UTILITY	  	1FDAF57R68EC88041	  	500452	  	ML	
 	  	M727	  	2004	  	Ford	  	F350	  	OP UTILITY	  	1FDSF35L84EC48187	  	187832	  	DN	
 	  	XS581	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L34HA87528	  	187829	  	DN	
 	  	XS589	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L46DA74037	  	495136	  	ML	
 	 	 	 	 	 	 	 	 	
Carpenter & Smith	  	1016	  	2012	  	INTL	  	4400	  	2800 A	  	3HAMKAANXDL184573	  	N/A	  	KEY	
 	  	S217	  	2009	  	Ford	  	E-250	  	Van	  	1FTNE24W89DA72958	  	N/A	  	RBS	
 	  	S219	  	2010	  	Ford	  	E-250	  	Van	  	1FTNE2EW9ADA72762	  	N/A	  	RBS	
 	  	S223	  	2013	  	Ford	  	E250	  	VAN	  	1FTNE2EW6DDA42171	  	 	  	B OF A	
 	  	S224	  	2013	  	Ford	  	E250	  	VAN	  	1FTNE2EW8DDA42172	  	 	  	B OF A	
 	  	M372	  	2010	  	FORD	  	F-350	  	PICK UP	  	1FTSF3B54AEB09017	  	509034	  	ML	
 	  	M373	  	2011	  	FORD	  	F450	  	RACK/CRANE	  	1FDUF4HY7BEA43091	  	517369	  	ML	
 	 	 	 	 	 	 	 	 	
Region	  	1500	  	2008	  	FRGHT	  	M2-106	  	2800S	  	1FVACYDJ78HZ05494	  	N/A	  	RBS	
 	  	1502	  	2008	  	FRGHT	  	M2-106	  	3000A	  	1FVACYDJ98HZ05495	  	N/A	  	RBS	
 	  	1549	  	2006	  	FREIGHTL	  	M2	  	3600A	  	1FVFCYDC16HW39636	  	16808	  	DN	
 	  	1550	  	2006	  	FREIGHTL	  	M2	  	3600A	  	1FVFCYDC36HW39637	  	16809	  	DN	
 	  	1551	  	2006	  	FREIGHTL	  	M2	  	3600A	  	1FVFCYDC76HW39642	  	16805	  	DN	
 	  	1553	  	2012	  	FREIGHTL	  	M2	  	3200	  	1FVACXDTCHBV7220	  	N/A	  	RBS	
 	  	S300	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L58DA10091	  	498899	  	ML	
 	  	S301	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L78DA10089	  	498897	  	ML	
 	  	S302	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34LX8DB33577	  	257844	  	DN	
 	  	S303	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L38DA10090	  	498898	  	ML	
 	  	S304	  	2008	  	FORD	  	E350	  	VAN	  	1FSTE34L18DB33578	  	257845	  	DN	
 	  	S307	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L88DB33576	  	257843	  	DN	
 	  	S308	  	2013	  	FORD	  	E350	  	VAN	  	1FTSE3EL7DDA43456	  	 	  	B OF A	
 	  	S309	  	2013	  	FORD	  	E350	  	VAN	  	1FTSE3EL1DDA43453	  	 	  	B OF A	
 	  	S310	  	2013	  	FORD	  	E450	  	UTILITY	  	1FDXE4FS3DDA43516	  	 	  	B OF A	
 	  	S311	  	2013	  	FORD	  	E350	  	VAN	  	1FTSE3EL3DDA43454	  	 	  	B OF A	
 	  	S312	  	2013	  	FORD	  	E350	  	VAN	  	1FTSE3EL5DDA43455	  	 	  	B OF A	
 	  	S313	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L68DB33575	  	257842	  	DN	
 	  	S319	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L89DA68147	  	N/A	  	RBS	
 	  	S320	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL8ADA85288	  	N/A	  	RBS	
 	  	S321	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3ELXADA85289	  	N/A	  	RBS	
 	  	S325	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL3BDA70361	  	N/A	  	RBS	
 	  	S326	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL5BDA70362	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S334	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB26140	  	168724	  	DN	
 	  	S345	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL6ADA85287	  	N/A	  	RBS	
 	  	S349	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L24HB11057	  	187791	  	DN	
 	  	S350	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L04HB11056	  	187790	  	DN	
 	  	S351	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L64HB11059	  	187793	  	DN	
 	  	S352	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L94HB11055	  	187789	  	DN	
 	  	S380	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34LX5HB33809	  	196058	  	DN	
 	  	S381	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L65HB33807	  	196056	  	DN	
 	  	S382	  	2006	  	FORD	  	F450	  	BOX	  	1FDXF47Y16EA03531	  	209212	  	DN	
 	  	S383	  	2006	  	FORD	  	F450	  	BOX	  	1FDXF47Y76EA42009	  	209213	  	DN	
 	  	S385	  	2006	  	FORD	  	F350	  	UTILITY	  	1FDWF37Y76EC95417	  	495783	  	ML	
 	  	S386	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L36DA74031	  	495129	  	ML	
 	  	S387	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L56DA74032	  	495130	  	ML	
 	  	M201	  	2005	  	FORD	  	F250	  	PICKUP	  	1FTNF215X5ED32547	  	206675	  	DN	
 	  	M205	  	2012	  	FORD	  	F350	  	UTILITY	  	1FDRF3H6XCEA83536	  	526784	  	MERCH	
 	  	M206	  	2009	  	FORD	  	F450	  	RACK	  	1FDAF47Y29EA90365	  	N/A	  	RBS	
 	  	M214	  	2009	  	FORD	  	E450	  	UTILITY	  	1FDXE45S29DA73857	  	N/A	  	RBS	
 	  	M215	  	2009	  	FORD	  	E450	  	UTILITY	  	1FDXE45S49DA73858	  	N/A	  	RBS	
 	  	M216	  	2010	  	FORD	  	TRANS-CONN	  	VAN	  	NMOLS7ANXAT022210	  	518027	  	MERCH	
 	  	M222	  	2001	  	FORD	  	E350	  	BOX	  	1FDWE35L51HA32246	  	152916	  	DN	
 	 	 	 	 	 	 	 	 	
Effron	  	1652	  	2009	  	FRGHT	  	M2-106	  	3300	  	1FVACYDJ69HAF2473	  	N/A	  	RBS	
 	  	1654	  	2010	  	FRGHT	  	M2-106	  	3200	  	1FVACYB58ADAR4302	  	N/A	  	RBS	
 	  	1667	  	2014	  	FRGHT	  	M2-106	  	3300A	  	1FVACYCY6EHFL5524	  	N/A	  	Wells Fargo	
 	  	1673	  	2008	  	FRGHT	  	M2-106	  	4000	  	1FVHCYDJ48HZ05502	  	N/A	  	RBS	
 	  	S400	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W95HB22611	  	196009	  	DN	
 	  	S401	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22614	  	196012	  	DN	
 	  	S403	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL7BDA25441	  	N/A	  	RBS	
 	  	S408	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L34HB14405	  	188001	  	DN	
 	  	S409	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L14HB14404	  	188000	  	DN	
 	  	S410	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34LX4HB14403	  	188002	  	DN	
 	  	S412	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L18DB33581	  	257840	  	DN	
 	  	S414	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL4BDA70353	  	N/A	  	RBS	
 	  	S416	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34LX8DB33580	  	257838	  	DN	
 	  	S417	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL1BDA70360	  	N/A	  	RBS	
 	  	S420	  	2013	  	FORD	  	E250	  	VAN	  	1FTBE2EW8DDA47582	  	 	  	B OF A	
 	  	S421	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EWXDDA47583	  	 	  	B OF A	
 	  	S422	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW1DDA47584	  	 	  	B OF A	
 	  	S432	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L48DA10101	  	498911	  	ML	
 	  	S433	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L68DA10102	  	498912	  	ML	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S447	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L56DA74029	  	495127	  	ML	
 	  	S448	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L16DA74030	  	495128	  	ML	
 	  	M303	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34LX5HB33793	  	196041	  	DN	
 	  	M304	  	2010	  	FORD	  	F250	  	PICK UP	  	1FTNF2B50AEB39123	  	509027	  	ML	
 	  	M306	  	2005	  	FORD	  	F550	  	RACK	  	1FDAF57P75EA01459	  	196624	  	DN	
 	  	M307	  	2007	  	FORD	  	E350	  	BOX TRUCK	  	1FDWE35L67DA20297	  	499639	  	ML	
 	  	M320	  	2012	  	FORD	  	F350	  	UTILITY	  	1FDRF3H63CEA83524	  	526834	  	MERCH	
 	  	XS411	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L85HB33792	  	196040	  	DN	
 	  	XS413	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L15HB33794	  	196042	  	DN	
 	 	 	 	 	 	 	 	 	
Leffler	  	1922	  	2005	  	IH	  	4300	  	3499 S	  	1HTMMAAN95H120753	  	192608	  	DN	
 	  	1960	  	2000	  	FRTLINER	  	FL70	  	2800 A	  	1FV6HJBAXYHF86743	  	N/A	  	PHH	
 	  	1961	  	2000	  	FRTLINER	  	FL70	  	2700 A	  	1FV6HJBA6YHF86741	  	N/A	  	PHH	
 	  	1967	  	2000	  	FRTLINER	  	FL70	  	3000 A	  	1FV6JJBB6YHG80146	  	N/A	  	PHH	
 	  	1968	  	2000	  	FRTLINER	  	FL70	  	2800 A	  	1FV6JJBB5YHB94878	  	N/A	  	PHH	
 	  	1969	  	2001	  	FRTLINER	  	FL70	  	3200 A	  	1FVABXAK1HH66210	  	N/A	  	PHH	
 	  	1970	  	2001	  	FRTLINER	  	FL70	  	3000 A	  	1FVABTAK31HH77931	  	N/A	  	PHH	
 	  	1971	  	2001	  	FRTLINER	  	FL80	  	4600 A	  	1FVHBXAK31HH77921	  	N/A	  	PHH	
 	  	1972	  	2001	  	FRTLINER	  	FL70	  	3000 A	  	1FVABXAK51HH79655	  	N/A	  	PHH	
 	  	S804	  	2009	  	FORD	  	F150	  	PICKUP	  	1FTRX14W19KC15752	  	N/A	  	RBS	
 	  	S806	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L59DA68154	  	N/A	  	RBS	
 	  	S807	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L79DA88155	  	N/A	  	RBS	
 	  	S808	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L99DA68156	  	N/A	  	RBS	
 	  	S809	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L09DA68157	  	N/A	  	RBS	
 	  	S810	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L29DA68158	  	N/A	  	RBS	
 	  	S814	  	2010	  	FORD	  	F450	  	BOX	  	1FDXE4FS6ADA42338	  	510619	  	ML	
 	  	S815	  	2010	  	FORD	  	F450	  	BOX	  	1FDXE4FS8ADA42339	  	510620	  	ML	
 	  	S817	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL6BDA82763	  	N/A	  	RBS	
 	  	S819	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL3ADA74358	  	N/A	  	RBS	
 	  	S820	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL5ADA74359	  	N/A	  	RBS	
 	  	S821	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL1ADA74360	  	N/A	  	RBS	
 	  	S822	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL3ADA74361	  	N/A	  	RBS	
 	  	S824	  	2011	  	FORD	  	F350	  	OP UTILITY	  	1FDRF3H61BEA60516	  	513107	  	ML	
 	  	S825	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3EL8BDA82764	  	N/A	  	RBS	
 	  	S829	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE24L9YHB58728	  	N/A	  	PHH	
 	  	S831	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE24L7YHB58730	  	N/A	  	PHH	
 	  	S834	  	2000	  	FORD	  	F250	  	OP UTILITY	  	1FDNF20L8YEC63745	  	N/A	  	PHH	
 	  	S835	  	2011	  	FORD	  	E350	  	VAN	  	1FTSE3ELXBDA82765	  	N/A	  	RBS	
 	  	S840	  	2007	  	FORD	  	F150	  	PICKUP	  	1FTRF14W37KB62469	  	497578	  	MERCH	
 	  	S847	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW20DA43527	  	 	  	B OF A	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S848	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA43525	  	 	  	B OF A	
 	  	S849	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA43526	  	 	  	B OF A	
 	  	S850	  	2004	  	FORD	  	E350	  	CUBE	  	1FDWE35LX4HA95735	  	189277	  	DN	
 	  	S852	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L74HB46435	  	189276	  	DN	
 	  	S854	  	2007	  	FORD	  	F350	  	OP-UTIL	  	1FDWF37Y77EA83487	  	496137	  	ML	
 	  	S857	  	2007	  	FORD	  	E350	  	CUBE VAN	  	1FDWE35L67DB07911	  	499829	  	ML	
 	  	S858	  	2007	  	FORD	  	E350	  	CUBE VAN	  	1FDWE35L47DA87688	  	499827	  	ML	
 	  	S859	  	2007	  	FORD	  	E350	  	CUBE VAN	  	1FDWE35L17DA64983	  	499828	  	ML	
 	  	S869	  	2011	  	FORD	  	F350	  	OP UTILITY	  	1FDRF3H62BEB59264	  	N/A	  	RBS	
 	  	S876	  	2013	  	FORD	  	E450	  	CUBE VAN	  	1FDXE4FS0DDA68728	  	 	  	B OF A	
 	  	S890	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L75HB33802	  	196051	  	DN	
 	  	S894	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L45HB33806	  	196055	  	DN	
 	  	S899	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L66DA69664	  	495149	  	ML	
 	  	M005	  	2008	  	FORD	  	ESCAPE	  	SUV	  	1FMCU93178KA70715	  	498983	  	MERCH	
 	  	M007	  	2011	  	FORD	  	F150	  	PICK UP	  	1FTVX1EF1BKD12789	  	N/A	  	RBS	
 	  	M041	  	1987	  	CHEVY	  	C30	  	PCKUP	  	1GCHV34K4HS180004	  	48837	  	DN	
 	  	M150	  	1999	  	FORD	  	F450	  	UTILITY	  	3FDXF46F3XMA36073	  	N/A	  	PHH	
 	  	M160	  	2003	  	FORD	  	Explorer	  	SUV	  	1FMZU73KX3UA67666	  	172510	  	DN	
 	  	M165	  	2003	  	FORD	  	EXPDN	  	SUV	  	1FMFU18L93LB64879	  	171941	  	DN	
 	  	M184	  	2000	  	FORD	  	E350	  	VAN	  	1FTSE34F1YHA52163	  	N/A	  	PHH	
 	  	M198	  	2005	  	FORD	  	F350	  	OP UTILITY	  	1FDWF37566EA20112	  	209488	  	DN	
 	  	XS811	  	2009	  	FORD	  	E350	  	VAN	  	1FTSE34L49DA68159	  	N/A	  	RBS	
 	  	XS823	  	2000	  	FORD	  	E350	  	VAN	  	1FTSE34L1YHA69051	  	N/A	  	PHH	
 	  	XS846	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L84HA93101	  	187844	  	DN	
 	  	XS853	  	2006	  	FORD	  	E250	  	VAN	  	1FTSE34L36DA69668	  	495153	  	ML	
 	  	XS861	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34LX6DA69666	  	495151	  	ML	
 	  	XS863	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L16DA69667	  	495152	  	ML	
 	  	XS892	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L05HB33804	  	196053	  	DN	
 	 	 	 	 	 	 	 	 	
Tullytown	  	1400	  	2006	  	Freightliner	  	M2-106	  	3600/A	  	1FVFCYDC56HW39641	  	212704	  	DN	
 	  	1402	  	2012	  	Freightliner	  	M2	  	3300	  	1FVACYB57CHBL0086	  	N/A	  	RBS	
 	  	1406	  	2012	  	Freightliner	  	M2	  	3300	  	1FVACYBS9CHBL0087	  	N/A	  	RBS	
 	  	1435	  	2010	  	FRGHT	  	M2	  	3300A	  	1FVACYBSXADAR4303	  	N/A	  	RBS	
 	  	1465	  	2009	  	Freightliner	  	M2106	  	3300/A	  	1FVACYDJ49HAF2472	  	N/A	  	RBS	
 	  	1466	  	2009	  	Freightliner	  	M2106	  	3300/A	  	1FVACYDJ89HAF2474	  	N/A	  	RBS	
 	  	1467	  	2014	  	Freightliner	  	Bobtail	  	3499	  	1FVACXDT9EHFL5496	  	N/A	  	WF	
 	  	S907	  	2006	  	Ford	  	E-350	  	Van	  	1FTSE34L96DA69657	  	495142	  	ML	
 	  	S908	  	2006	  	Ford	  	E-350	  	Van	  	1FTSE34L36DA69654	  	495139	  	ML	
 	  	S909	  	2006	  	Ford	  	E-350	  	Van	  	1FTSE34L76DA69656	  	495141	  	ML	
 	  	S918	  	2008	  	Ford	  	E-350	  	Van	  	1FTSE34L28DA10095	  	498900	  	ML	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S919	  	2008	  	Ford	  	E-350	  	Van	  	1FTSE34L48DA10096	  	498901	  	ML	
 	  	S920	  	2006	  	Ford	  	E-350	  	Van	  	1FTSE34LX6DA69652	  	495137	  	ML	
 	  	S921	  	2006	  	Ford	  	E-350	  	Van	  	1FTSE34L16DA69653	  	495138	  	ML	
 	  	S922	  	2006	  	Ford	  	E-350	  	Van	  	1FTSE34L56DA69655	  	495140	  	ML	
 	  	S924	  	2004	  	Ford	  	E-350	  	Van	  	1FTSE34LX4HB34747	  	188455	  	DN	
 	  	S925	  	2004	  	Ford	  	E-350	  	Van	  	1FTSE34L44HB34744	  	188452	  	DN	
 	  	S926	  	2004	  	Ford	  	E-350	  	Van	  	1FTSE34L84HB34746	  	188454	  	DN	
 	  	S927	  	2004	  	Ford	  	E-350	  	Van	  	1FTSE34L64HB34745	  	188453	  	DN	
 	  	S928	  	2004	  	Ford	  	E-350	  	Van	  	1FTSE34L14HB34748	  	188456	  	DN	
 	  	S929	  	2004	  	Ford	  	E-350	  	Van	  	1FTSE34L24HB34743	  	188451	  	DN	
 	  	S930	  	2005	  	Ford	  	E-350	  	Van	  	1FTSE34L45HB33787	  	196035	  	DN	
 	  	S931	  	2005	  	Ford	  	E-350	  	Van	  	1FTSE34L65HB33788	  	196036	  	DN	
 	  	S932	  	2005	  	Ford	  	E-350	  	Van	  	1FTSE34L85HB33789	  	196037	  	DN	
 	  	S933	  	2005	  	Ford	  	E-350	  	Van	  	1FTSE34L25HB33786	  	196034	  	DN	
 	  	S935	  	2005	  	Ford	  	E-350	  	Van	  	1FTSE34L65HB33791	  	196039	  	DN	
 	  	S940	  	2010	  	Ford	  	E-350	  	Van	  	1FTSE3EL7ADA74363	  	N/A	  	RBS	
 	  	S941	  	2010	  	Ford	  	E-350	  	Van	  	1FTSE3EL9ADA74364	  	N/A	  	RBS	
 	  	S942	  	2010	  	Ford	  	E-350	  	Van	  	1FTSE3EL0ADA74365	  	N/A	  	RBS	
 	  	S943	  	2012	  	FORD	  	F-350	  	UTILTIY	  	1FDRF3H63CEB97068	  	535319	  	MERCH	
 	  	S944	  	2013	  	Ford	  	E-250	  	VAN	  	1FTBE2EWXDDA47552	  	 	  	B OF A	
 	  	M565	  	2005	  	Ford	  	E-350	  	Van	  	1FTSE34L45HB33790	  	196038	  	DN	
 	 	 	 	 	 	 	 	 	
Upper Darby	  	1301	  	2012	  	FORD	  	F550	  	1000	  	1FDUF5HT0CEA23213	  	N/A	  	RBS	
 	  	1304	  	2009	  	FRGHT	  	M2106	  	3300/A	  	1FVACYDJX9HAF2475	  	N/A	  	RBS	
 	  	1306	  	2008	  	FRGHT	  	M2-106	  	3200/A	  	1FVACYDJ08HZ05496	  	N/A	  	RBS	
 	  	1316	  	2006	  	FRGHT	  	M21-06	  	3600A	  	1FVFCYDC36HW39640	  	212703	  	DN	
 	  	S803	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L78DA10092	  	498892	  	ML	
 	  	S804	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L98DA10093	  	498891	  	ML	
 	  	S805	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L08DA10094	  	498893	  	ML	
 	  	S806	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L18DB28705	  	257848	  	DN	
 	  	S807	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L38DB28706	  	257849	  	DN	
 	  	S810	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L28DB33573	  	257850	  	DN	
 	  	S811	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L48DB33574	  	257851	  	DN	
 	  	S813	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3ELSADA74362	  	N/A	  	RBS	
 	  	S819	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L94HB31211	  	188431	  	DN	
 	  	S820	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L94HB31208	  	188432	  	DN	
 	  	S821	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34LO4HB31209	  	188429	  	DN	
 	  	S823	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L95HB33817	  	196069	  	DN	
 	  	S824	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34LO5HB33818	  	196070	  	DN	
 	  	S826	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L95HB33820	  	196072	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S827	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L06DA69661	  	495146	  	MERCH	
 	  	S831	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW8DDA47551	  	 	  	B OF A	
 	  	S833	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L26DA69659	  	495144	  	ML	
 	  	M512	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L74HB31210	  	188430	  	DN	
 	  	M519	  	2010	  	FORD	  	TRANSIT	  	VAN	  	NM0LS7AN1AT022208	  	513105	  	MERCH	
 	  	XS822	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L75HB33816	  	196068	  	DN	
 	  	XS825	  	2005	  	FORD	  	E350	  	VAN	  	1FTSE34L25HB33819	  	196071	  	DN	
 	  	XS828	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L26DA69662	  	495147	  	ML	
 	  	XS829	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L06DA69658	  	495143	  	MERCH	
 	  	XS830	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L96DA69660	  	495145	  	MERCH	
 	 	 	 	 	 	 	 	 	
Wallace	  	1615	  	2009	  	FRGHT	  	M2-106	  	3400	  	1FVACXDJ99HAE2529	  	N/A	  	RBS	
 	  	1617	  	2008	  	FRGHT	  	M2-106	  	3400/A	  	1FVFCYDJ78HZ05503	  	N/A	  	RBS	
 	  	S252	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA43529	  	 	  	B OF A	
 	  	S253	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA43528	  	 	  	B OF A	
 	  	S254	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L98DA22213	  	500506	  	ML	
 	  	S255	  	2011	  	FORD	  	F350	  	UTILITY	  	1FDRF3H6XBEB43488	  	N/A	  	RBS	
 	  	S261	  	2008	  	FORD	  	E350	  	VAN	  	1FTSE34L38DB33579	  	257847	  	DN	
 	  	S262	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3ELZADA85285	  	NA	  	RBS	
 	  	S263	  	2010	  	FORD	  	E350	  	VAN	  	1FTSE3EL4ADA85286	  	NA	  	RBS	
 	  	S269	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34L86DA74039	  	495212	  	ML	
 	  	S271	  	2008	  	FORD	  	F450	  	UTILITY	  	1FDXF47488EC55604	  	499815	  	ML	
 	  	M352	  	2005	  	FORD	  	F250	  	PICK UP	  	1FTNF21575EC84473	  	206676	  	DN	
 	  	M355	  	2006	  	FORD	  	F450	  	RACK	  	1FDXF47P86EA03811	  	206674	  	DN	
 	  	M359	  	2004	  	CHEVY	  	3500	  	CUBE	  	1GBJ314941207767	  	188280	  	DN	
 	  	XS250	  	2004	  	FORD	  	E350	  	VAN	  	1FTSS34L14HB46715	  	191538	  	DN	
 	  	XS270	  	2006	  	FORD	  	E350	  	VAN	  	1FTSE34LX6HA71006	  	496408	  	ML	
 	 	 	 	 	 	 	 	 	
Wantagh	  	1800	  	2012	  	FRGHT	  	M2	  	3500 A	  	1FVACYB3CHBL0084	  	N/A	  	RBS	
 	  	1801	  	2014	  	FRGHT	  	M2 106	  	3300 A	  	1FVACYCY4EHFL5523	  	N/A	  	WF	
 	  	1822	  	2008	  	Frght	  	M2 106	  	3500/A	  	1FVFCYDJ38HZ05501	  	N/A	  	RBS	
 	  	1886	  	2010	  	Freight	  	Columbia	  	 	  	1FUJFOCY3ADAR5654	  	N/A	  	RBS	
 	  	1887	  	2011	  	Freight	  	Cascadia	  	 	  	1FUJGBDV7CLBN0669	  	N/A	  	RBS	
 	  	1889	  	2010	  	Freight	  	Columbia	  	 	  	1FUJF0CV5ADAR5655	  	N/A	  	RBS	
 	  	S001	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34LX4HB11050	  	187800	  	DN	
 	  	S003	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L34HB11052	  	187803	  	DN	
 	  	S005	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L74HB11054	  	187806	  	DN	
 	  	S006	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L95HB33798	  	196046	  	DN	
 	  	S008	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L55HB33796	  	196044	  	DN	
 	  	S009	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L35HB33800	  	196048	  	DN	
 	  	S010	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34L35HB33795	  	196043	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S013	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L16DA90034	  	495208	  	ML	
 	  	S016	  	2011	  	Ford	  	E350	  	Van	  	1FTSE3EL8BDA70355	  	N/A	  	RBS	
 	  	S017	  	2011	  	Ford	  	E350	  	Van	  	1FTSE3EL5BDA70359	  	N/A	  	RBS	
 	  	S023	  	2013	  	Ford	  	E250	  	Van	  	1FTNE2EW0DDA47589	  	 	  	B OF A	
 	  	S024	  	2013	  	Ford	  	E250	  	Van	  	1FTNE2EW7DDA47587	  	 	  	B OF A	
 	  	S025	  	2013	  	Ford	  	E250	  	Van	  	1FTNE2EW9DDA47588	  	 	  	B OF A	
 	  	S026	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L89DA68150	  	N/A	  	RBS	
 	  	S027	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34LX9DA68151	  	N/A	  	RBS	
 	  	S028	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34L19DA68152	  	N/A	  	RBS	
 	  	S029	  	2009	  	Ford	  	E350	  	Van	  	1FTSE34LX9DA69719	  	N/A	  	RBS	
 	  	S031	  	2011	  	Ford	  	E350	  	Van	  	1FTSE3EL3BDA70358	  	N/A	  	RBS	
 	  	S039	  	2011	  	Ford	  	E350	  	Van	  	1FTSE3EL1BDA70357	  	N/A	  	RBS	
 	  	S041	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L86DA90032	  	495206	  	ML	
 	  	S046	  	2010	  	Ford	  	E350	  	Van	  	1FTSE3EL9ADA85297	  	N/A	  	RBS	
 	  	S047	  	2010	  	Ford	  	E350	  	VAN	  	1FTSE3EL0ADA85298	  	N/A	  	RBS	
 	  	S048	  	2011	  	Ford	  	TRANS CT	  	Van	  	NMOLS7AN7BT048247	  	525752	  	MERCH	
 	  	S049	  	2011	  	Ford	  	TRANS CT	  	Van	  	NMOLS7AN8BT050475	  	525754	  	MERCH	
 	  	S050	  	2008	  	Ford	  	E350	  	Van	  	1FTSE34L18DA10105	  	498908	  	ML	
 	  	S051	  	2008	  	Ford	  	E350	  	Van	  	1FTSE34L58DA10107	  	498910	  	ML	
 	  	S052	  	2008	  	Ford	  	E350	  	Van	  	1FTSE34L88DA10103	  	498906	  	ML	
 	  	S053	  	2008	  	Ford	  	E350	  	Van	  	1FTSE34L38DA10106	  	498909	  	ML	
 	  	S054	  	2010	  	Ford	  	E350	  	Van	  	1FTSE3EL2ADA85299	  	N/A	  	RBS	
 	  	S055	  	2010	  	Ford	  	E350	  	Van	  	1FTSE3EL7ADA85301	  	N/A	  	RBS	
 	  	S056	  	2010	  	Ford	  	E350	  	Van	  	1FTSE3EL5ADA85300	  	N/A	  	RBS	
 	  	S057	  	2012	  	Ford	  	E350	  	Van	  	1FDXE4FS6CDA82129	  	532764	  	ML	
 	  	S084	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34LX6DA90033	  	495207	  	ML	
 	  	S085	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34L86DA93187	  	495209	  	ML	
 	  	S086	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34LX6DA93188	  	495210	  	ML	
 	  	M603	  	2008	  	Ford	  	E350	  	Van	  	1FTSE34LX8DA10104	  	498907	  	ML	
 	  	M604	  	2004	  	Ford	  	E350	  	Van	  	1FTSE34L54HB11053	  	187811	  	DN	
 	  	M611	  	2005	  	FORD	  	E350	  	Van	  	1FTSE34L05HB33799	  	196047	  	DN	
 	  	M615	  	2009	  	FORD	  	F250	  	PICK UP	  	1FTNF21589EA90363	  	N/A	  	RBS	
 	  	M620	  	2006	  	Ford	  	Cutaway	  	Cube	  	1FDXE45S26DA24928	  	495465	  	ML	
 	  	M621	  	2010	  	Ford	  	E350	  	Van	  	1FTSE3EL7ADA85296	  	N/A	  	RBS	
 	  	M625	  	2006	  	Ford	  	Cutaway	  	Cube	  	1FDXE45SX6DA35837	  	495535	  	ML	
 	  	XM601	  	2005	  	FORD	  	ESCAPE	  	4X4	  	1FMYU93175KE15890	  	196350	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Arlington - Washington	  	1250	  	2012	  	FRGHT	  	M2 106	  	3300/A	  	1FVACYBS1CHBL0083	  	N/A	  	RBS	
 	  	1255	  	2008	  	FRGHT	  	M2-106	  	3000/A	  	1FVACYDJ58HZ05493	  	N/A	  	RBS	
 	  	1800	  	2008	  	FRGHT	  	M2-106	  	2400/A	  	1FVACXDJ88HZ68341	  	N/A	  	RBS	
 	  	1801	  	2008	  	FRGHT	  	M2-106	  	2600/A	  	1FVACXDJX8HZ68342	  	N/A	  	RBS	
 	  	1802	  	2010	  	FRGHT	  	M2-106	  	3300/A	  	1FVACYBS4ADAR4300	  	N/A	  	RBS	
 	  	1805	  	2009	  	FRGHT	  	M2106	  	3300/A	  	1FVACYDJ59HAF2464	  	N/A	  	RBS	
 	  	S601	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W29DA72969	  	N/A	  	RBS	
 	  	S602	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W09DA72971	  	N/A	  	RBS	
 	  	S603	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA72767	  	N/A	  	RBS	
 	  	S604	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW0ADA72763	  	N/A	  	RBS	
 	  	S624	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W35HB22636	  	196075	  	DN	
 	  	S625	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W95HB22639	  	196078	  	DN	
 	  	S500	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W68DA15334	  	500433	  	ML	
 	  	S501	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W88DA15335	  	500434	  	ML	
 	  	S503	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24WX8DA15336	  	500435	  	ML	
 	  	S504	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W48DA15333	  	500432	  	ML	
 	  	S505	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W38DA15341	  	500440	  	ML	
 	  	S506	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24WX9DA70578	  	N/A	  	RBS	
 	  	S507	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W19DA70579	  	N/A	  	RBS	
 	  	S508	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW0BDA79326	  	N/A	  	RBS	
 	  	S509	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW2BDA79327	  	N/A	  	RBS	
 	  	S543	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W55HB22640	  	196079	  	DN	
 	  	S545	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W56DA97117	  	495643	  	ML	
 	  	M41	  	2007	  	FORD	  	F250	  	PICK UP	  	1FTNF21577EA57643	  	495919	  	ML	
 	  	XM43	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2420YHB22076	  	145352	  	DN	
 	  	XS625	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W95HB22639	  	196078	  	DN	
 	  	XS626	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W76HA60840	  	20555	  	DN	
 	  	XS627	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W96DA97119	  	495645	  	ML	
 	  	XS501	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W88DA15335	  	500434	  	MERCH	
 	  	XS502	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W18DA15337	  	500436	  	MERCH	
 	  	XS541	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W05HB22643	  	196082	  	DN	
 	 	 	 	 	 	 	 	 	
Baltimore	  	1701	  	2013	  	FRGHT	  	M2106	  	3400/S	  	1FVACXDTXDHFH8982	  	N/A	  	KEY	
 	  	1704	  	2008	  	FRGHT	  	M2106	  	3000/A	  	1FVACYDJ18HZ05491	  	N/A	  	RBS	
 	  	1705	  	2008	  	FRGHT	  	M2106	  	3400/2	  	1FVFCYDJ18HZ05500	  	N/A	  	RBS	
 	  	1709	  	2009	  	FRGHT	  	M2106	  	3300/A	  	1FVACYDJ39HAF2463	  	N/A	  	RBS	
 	  	1717	  	2010	  	FRGHT	  	M2-106	  	3400A	  	1FVACYBSXADAR4298	  	N/A	  	RBS	
 	  	1718	  	2010	  	FRGHT	  	M2-106	  	3300A	  	1FVACYBS1ADAR4299	  	N/A	  	RBS	
 	  	1722	  	2011	  	INTL	  	4300	  	3499/S	  	1HTMMAAN2BH382125	  	N/A	  	RBS	
 	  	1725	  	2012	  	FRGHT	  	M2 106	  	3300 A	  	1FVACYBS8CHBL0081	  	N/A	  	RBS	
 	  	1726	  	2012	  	FRGHT	  	M2 106	  	3300 A	  	1FVACYBSXCHBL0082	  	N/A	  	RBS	
 	  	1727	  	2014	  	FRGHT	  	M2	  	3300 A	  	1FVACYC2EHFL5505	  	N/A	  	WF	
 	  	1728	  	2014	  	FRGHT	  	M2	  	3300 A	  	1FVACYC2EHFL5506	  	N/A	  	WF	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1784	  	2006	  	FRGHT	  	M2106	  	3600/A*1	 	1FVFCYDCX6HW39151	  	212696	  	DN	
 	  	S400	  	2012	  	FORD	  	F350	  	UTILITY	 	1FDRF3H62CEA83529	  	526786	  	MERCH	
 	  	S401	  	2009	  	FORD	  	E250	  	VAN	 	1FTNE24W99DA72970	  	N/A	  	RBS	
 	  	S402	  	2009	  	FORD	  	E250	  	VAN	 	1FTNE24W09DA72968	  	N/A	  	RBS	
 	  	S403	  	2010	  	FORD	  	E250	  	VAN	 	1FTNE2EW4ADA72765	  	N/A	  	RBS	
 	  	S404	  	2010	  	FORD	  	E250	  	VAN	 	1FTNE2EW2ADA72764	  	N/A	  	RBS	
 	  	S409	  	2010	  	FORD	  	E250	  	VAN	 	1FTNE2EW6ADA72766	  	N/A	  	RBS	
 	  	S410	  	2002	  	FORD	  	E250	  	VAN	 	1FTNE24282HB24522	  	163926	  	DN	
 	  	S412	  	2004	  	FORD	  	F350	  	OP UTILITY	 	1FDSF35L34EC37050	  	187846	  	DN	
 	  	S414	  	2008	  	FORD	  	E250	  	VAN	 	1FTNE24W38DA15338	  	500437	  	ML	
 	  	S415	  	2008	  	FORD	  	E250	  	VAN	 	1FTNE24W58DA15342	  	500441	  	ML	
 	  	S416	  	2008	  	FORD	  	E250	  	VAN	 	1FTNE24W18DA15340	  	500439	  	ML	
 	  	S418	  	2008	  	FORD	  	E250	  	VAN	 	1FTNE24W58DA15339	  	500438	  	ML	
 	  	S419	  	2008	  	FORD	  	E250	  	VAN	 	1FTNE24W78DA15343	  	500442	  	ML	
 	  	S420	  	2011	  	FORD	  	E250	  	VAN	 	1FTNE2EW1BDA79321	  	N/A	  	RBS	
 	  	S421	  	2011	  	FORD	  	E250	  	VAN	 	1FTNE2EW9BDA79325	  	N/A	  	RBS	
 	  	S422	  	2011	  	FORD	  	E250	  	VAN	 	1FTNE2EWXBDA79320	  	N/A	  	RBS	
 	  	S423	  	2011	  	FORD	  	E250	  	VAN	 	1FTNE2EW3BDA79322	  	N/A	  	RBS	
 	  	S424	  	2011	  	FORD	  	E250	  	VAN	 	1FTNE2EW5BDA79323	  	N/A	  	RBS	
 	  	S425	  	2011	  	FORD	  	E250	  	VAN	 	1FTNE2EW7BDA79324	  	N/A	  	RBS	
 	  	S426	  	2013	  	FORD	  	E250	  	VAN	 	1FTNE2EW5DDA40542	  	 	  	B OF A	
 	  	S427	  	2013	  	FORD	  	E250	  	VAN	 	1FTNE2EW3DDA40541	  	 	  	B OF A	
 	  	S428	  	2013	  	FORD	  	E250	  	VAN	 	1FTNE2EW7DDA40543	  	 	  	B OF A	
 	  	S462	  	2003	  	FORD	  	E250	  	VAN	 	1FTNE24253HB26116	  	168643	  	DN	
 	  	S468	  	2004	  	FORD	  	E250	  	VAN	 	1FTNE24W74HB12951	  	188403	  	DN	
 	  	S478	  	2005	  	FORD	  	E250	  	VAN	 	1FTNE24W55HB22637	  	196076	  	DN	
 	  	S480	  	2005	  	FORD	  	E250	  	VAN	 	1FTNE24W95HB22642	  	196081	  	DN	
 	  	M166	  	2009	  	FORD	  	F250	  	4X4	 	1FTNF215X9EA90364	  	N/A	  	RBS	
 	  	M167	  	2013	  	FORD	  	E450	  	UTILITY	 	1FDXE4FS3DDA47128	  	 	  	B OF A	
 	  	M168	  	2009	  	FORD	  	E450	  	CUTAWAY	 	1FDXE45S49DA72998	  	N/A	  	RBS	
 	  	M169	  	2011	  	FORD	  	E450	  	UTILITY	 	1FDXE4FS9BDA91616	  	N/A	  	RBS	
 	  	M170	  	2006	  	FORD	  	E350	  	CUTAWAY	 	1FDWE35L56HB19880	  	496284	  	ML	
 	  	M172	  	1995	  	FORD	  	F250	  	UTILITY	 	1FTHF26H3SLA07570	  	100247	  	DN	
 	  	M174	  	2004	  	FORD	  	F350	  	PICK UP	 	1FTSF31P54EB58685	  	178036	  	DN	
 	  	M179	  	2009	  	NISSAN	  	FG25	  	FORKLIFT	 	AZK901211	  	N/A	  	RBS	
 	  	M186	  	2008	  	FORD	  	E450	  	UTIL	 	1FDXE45S48DA14422	  	499826	  	ML	
 	  	M188	  	2004	  	FORD	  	E350	  	CUTAWAY	 	1FDWE35L54HA98851	  	188263	  	DN	
 	  	M196	  	2000	  	FORD	  	E250	  	VAN	 	1FTNE242XYHB22103	  	145405	  	DN	
 	  	XM171	  	2001	  	FORD	  	E250	  	VAN	 	1FTNE24201HB14808	  	153690	  	DN	
 	  	XM176	  	2001	  	FORD	  	E450	  	CUTAWAY	 	1FDXE45F91HA43366	  	157530	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	XM177	  	2002	  	FORD	  	E450	  	CUTAWAY	  	1FDXE45F92HB11103	  	167243	  	DN	
 	  	XM182	  	1997	  	FORD	  	F350	  	UTILITY	  	1FDKF37H4VEA03767	  	120706	  	DN	
 	  	XS464	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB26113	  	168637	  	DN	
 	  	XS476	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22635	  	196074	  	DN	
 	  	XS479	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22644	  	196083	  	DN	
 	 	 	 	 	 	 	 	 	
Kenvil	  	1325	  	2009	  	FRGHT	  	M2106	  	3300/A	  	1FVACYDJX9HAF2461	  	N/A	  	RBS	
 	  	1328	  	2010	  	FRGHT	  	M21	  	3300A	  	1FVACYBS8ADAR4297	  	N/A	  	RBS	
 	  	1329	  	2010	  	FRGHT	  	M21	  	5000/A	  	1FVHC5CVXADAR5182	  	N/A	  	RBS	
 	  	1331	  	2012	  	FRGHT	  	M2	  	3300/A	  	1FYACYBS2CHBL0075	  	N/A	  	RBS	
 	  	1332	  	2014	  	FRGHT	  	M21	  	3499/A	  	IFVACXDT7EHFL5495	  	N/A	  	WFE	
 	  	S005	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W99DA72967	  	N/A	  	RBS	
 	  	S006	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W19DA72963	  	N/A	  	RBS	
 	  	S007	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W59DA72965	  	N/A	  	RBS	
 	  	S011	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22659	  	196102	  	DN	
 	  	S012	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W05HB22660	  	196103	  	DN	
 	  	S014	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWOADA72777	  	N/A	  	RBS	
 	  	S015	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWOADA72780	  	N/A	  	RBS	
 	  	S016	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW4BDA79314	  	N/A	  	RBS	
 	  	S018	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA42122	  	 	  	BOFA	
 	  	S019	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW2DDA40546	  	 	  	BOFA	
 	  	S095	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W86DA97113	  	495639	  	ML	
 	  	S096	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24WX6DA97114	  	495640	  	ML	
 	  	S097	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W26DA97110	  	495636	  	ML	
 	  	S098	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W46DA97111	  	495637	  	ML	
 	  	M72	  	2013	  	FORD	  	F350	  	UTILITY	  	1FDRF3H6XDEA52319	  	 	  	BOFA	
 	  	M74	  	2007	  	FORD	  	F250	  	PICKUP	  	1FTNF21557EA57642	  	495918	  	ML	
 	  	M78	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2428YHB22116	  	145447	  	DN	
 	  	M80	  	2011	  	TCM	  	FG30T3	  	FORKLIFT	  	2H902006	  	N/A	  	RBS	
 	  	M81	  	2012	  	FORD	  	F450	  	UTILITY	  	1FDUF4HT2CEA08528	  	525753	  	ML	
 	  	XS009	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W08DA15345	  	500444	  	ML	
 	  	XS013	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22661	  	196104	  	DN	
 	  	XS024	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W98DA15344	  	500443	  	ML	
 	 	 	 	 	 	 	 	 	
Lakewood	  	1451	  	2008	  	FRGHT	  	M-2106	  	3000/A	  	1FVACYDJ38HZ05492	  	N/A	  	RBS	
 	  	1453	  	2009	  	FRGHT	  	M2106	  	3300/A	  	1FVACYDJ19HAF2462	  	N/A	  	RBS	
 	  	1454	  	2012	  	FRGHT	  	M 106	  	3300 A	  	1FYACYBS4CHBL0076	  	N/A	  	RBS	
 	  	1458	  	2013	  	FRGHT	  	M2 106	  	3300 S	  	1FUACYCY4EHFT7160	  	N/A	  	KEY	
 	  	S150	  	1995	  	FORD	  	F350	  	UTILITY	  	1FDJF37H8SNA59461	  	102562	  	DN	
 	  	S151	  	2002	  	FORD	  	E-250	  	VAN	  	1FTNE242X2HB24487	  	163297	  	DN	
 	  	S161	  	2010	  	FORD	  	E-250	  	VAN	  	1FTNE2EW4ADA72779	  	N/A	  	RBS	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S162	  	2010	  	FORD	  	E-250	  	VAN	  	1FTNE2EW2ADA72781	  	N/A	  	RBS	
 	  	S163	  	2010	  	FORD	  	E-250	  	VAN	  	1FTNE2EW9ADA72776	  	N/A	  	RBS	
 	  	S164	  	2011	  	FORD	  	E-250	  	VAN	  	1FTNE2EW6BDA79315	  	N/A	  	RBS	
 	  	S165	  	2011	  	FORD	  	E-250	  	VAN	  	1FTNE2EW3BDA79319	  	N/A	  	RBS	
 	  	S166	  	2011	  	FORD	  	E-250	  	VAN	  	1FTNE2EWXBDA79317	  	N/A	  	RBS	
 	  	S184	  	2002	  	FORD	  	E-250	  	VAN	  	1FTNE24292HB60896	  	165070	  	DN	
 	  	S188	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24223HB26106	  	168624	  	DN	
 	  	S189	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24243HB26107	  	168626	  	DN	
 	  	S192	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24W05HB22657	  	196099	  	DN	
 	  	S196	  	2006	  	FORD	  	E-250	  	VAN	  	1FTNE24W26DA97124	  	495650	  	ML	
 	  	S197	  	2006	  	FORD	  	E-250	  	VAN	  	1FTNE24W46DA97125	  	495651	  	ML	
 	  	M93	  	2004	  	FORD	  	F-250	  	PICKUP	  	1FTNF21L64EA64027	  	178733	  	DN	
 	  	M96	  	2003	  	FORD	  	F350	  	PICKUP	  	1FTSF31L03EA11671	  	165064	  	DN	
 	  	M97	  	2000	  	FORD	  	E-250	  	VAN	  	1FTNE2425YHA36231	  	139727	  	DN	
 	  	M98	  	2000	  	FORD	  	E-450	  	CUBE	  	1FDXE45S4YHB88984	  	153172	  	DN	
 	  	M99	  	2001	  	FORD	  	E-450	  	CUBE	  	1FDXE45S21HB42608	  	155858	  	DN	
 	  	XS172	  	2000	  	FORD	  	E-250	  	VAN	  	1FTNE2427YHA36229	  	139720	  	DN	
 	  	XS173	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2423YHA36230	  	139722	  	DN	
 	  	XS177	  	2000	  	FORD	  	E-250	  	VAN	  	1FTNE2422YHB22113	  	145439	  	DN	
 	  	XS178	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHB22114	  	145440	  	DN	
 	  	XS186	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24293HB26104	  	168622	  	DN	
 	  	XS190	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB26108	  	168627	  	DN	
 	  	1455	  	2013	  	FRGHT	  	M2106	  	Bobtail	  	1FVACXDT3EHFN6084	  	N/A	  	RBS	
 	 	 	 	 	 	 	 	 	
South Plainfield	  	1111	  	2006	  	FRGHT	  	M21	  	3600/A	  	1FVFCYDC86HW39147	  	212692	  	DN	
 	  	1112	  	2012	  	INTER	  	7400	  	3300/A	  	1HTWCAAR0CJ624709	  	N/A	  	RBS	
 	  	1113	  	2013	  	FRGHT	  	M2160	  	3300/A	  	3ALACYBS2DDFE0491	  	N/A	  	KEY	
 	  	1114	  	2013	  	FRGHT	  	M2160	  	3300/A	  	3ALACYBS4DDFE0492	  	N/A	  	KEY	
 	  	S902	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24231HB14799	  	153656	  	DN	
 	  	S904	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA40547	  	 	  	BOFA	
 	  	S905	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW9DDA40544	  	 	  	BOFA	
 	  	S906	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW0DDA40545	  	 	  	BOFA	
 	  	S910	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24252HB60880	  	164905	  	DN	
 	  	S911	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24282HB60890	  	164903	  	DN	
 	  	S916	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB26121	  	168703	  	DN	
 	  	S917	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW4ADA72782	  	N/A	  	RBS	
 	  	S918	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB26123	  	168705	  	DN	
 	  	S920	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB26125	  	168707	  	DN	
 	  	S922	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB26127	  	168709	  	DN	
 	  	S927	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W66DA97109	  	495635	  	ML	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S931	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W28DA15332	  	500431	  	ML	
 	  	S932	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W08DA15331	  	500430	  	ML	
 	  	S933	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W69DA72960	  	N/A	  	RBS	
 	  	S934	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W39DA72964	  	N/A	  	RBS	
 	  	S935	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24WX9DA72962	  	N/A	  	RBS	
 	  	S936	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W79DA72966	  	N/A	  	RBS	
 	  	S937	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24WX9DA72959	  	N/A	  	RBS	
 	  	S938	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W89DA72961	  	N/A	  	RBS	
 	  	S939	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA72784	  	N/A	  	RBS	
 	  	S940	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA72783	  	N/A	  	RBS	
 	  	S941	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW2ADA72778	  	N/A	  	RBS	
 	  	S943	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W05HB22626	  	196024	  	DN	
 	  	S947	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22630	  	196028	  	DN	
 	  	S948	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W85HB22633	  	196031	  	DN	
 	  	S950	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW8BDA79316	  	N/A	  	RBS	
 	  	S951	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA79318	  	N/A	  	RBS	
 	  	S952	  	2006	  	FORD	  	E-250	  	VAN	  	1FTNE24W06DA97123	  	495649	  	ML	
 	  	S970	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W95HB22625	  	196023	  	DN	
 	  	S973	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HB22632	  	196030	  	DN	
 	  	S975	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22628	  	196026	  	DN	
 	  	S978	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22627	  	196025	  	DN	
 	  	S983	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB99941	  	184686	  	DN	
 	  	M52	  	2008	  	FORD	  	E450	  	UTIL	  	1FDXE45S68DA14423	  	499814	  	ML	
 	  	M53	  	1995	  	FORD	  	E350	  	VAN	  	1FTJE34Y5SHB94133	  	107999	  	DN	
 	  	M56	  	2011	  	FORD	  	F350	  	UTILTIY	  	1FDRF3H67BEC64169	  	N/A	  	RBS	
 	  	M57	  	2010	  	FORD	  	F450	  	RACK	  	1FDAF4HY6AEB05114	  	509029	  	ML	
 	  	M59	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB22106	  	145425	  	DN	
 	  	M62	  	2002	  	FORD	  	F450	  	UTILITY	  	1FDXF46F22EC65357	  	163703	  	DN	
 	  	M63	  	2002	  	FORD	  	F450	  	UTILITY	  	1FDXF46F02EC51389	  	163704	  	DN	
 	  	M64	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2429YHB22111	  	145430	  	DN	
 	  	M66	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24211HB14798	  	153654	  	DN	
 	  	X1108P	  	1977	  	WHITE	  	ROAD EXP	  	3400A	  	3ARDSSL009497	  	19464	  	DN	
 	  	XM55	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB26128	  	168710	  	DN	
 	  	XM65	  	2003	  	FORD	  	F350	  	UTILITY	  	1FDWF37P43ED02939	  	172643	  	DN	
 	  	XS903	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24261HB14800	  	153657	  	DN	
 	  	XS908	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24251HB14805	  	153662	  	DN	
 	  	XS912	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB26117	  	168698	  	DN	
 	  	XS913	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB26118	  	168699	  	DN	
 	  	XS915	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB26120	  	168702	  	DN	
 	  	XS919	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB26124	  	168706	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	XS924	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB26129	  	168711	  	DN	
 	  	XS925	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE242X3HB26130	  	168712	  	DN	
 	  	XS944	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22631	  	196029	  	DN	
 	  	XS980	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB91475	  	184685	  	DN	
 	  	XS981	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HC06839	  	184687	  	DN	
 	  	XS998	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24281HB14796	  	153662	  	DN	
 	  	XS999	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE242X1HB14797	  	153653	  	DN	
 	 	 	 	 	 	 	 	 	
Allentown - Reading	  	1603	  	2006	  	FRGHT	  	M2106	  	3600/A	  	1FVFCYDC16HW39152	  	212697	  	DN	
 	  	1606	  	2005	  	INTL	  	4300	  	2799	  	1HTMMAAN5H0680421	  	526234	  	ML	
 	  	1651	  	2012	  	FRGHT	  	M2106	  	3300/A	  	1FVACYBS6CHBL0080	  	N/A	  	RBS	
 	  	1652	  	2008	  	FRGHT	  	M2106	  	3000A	  	1FVACYDJX8HZ05490	  	N/A	  	RBS	
 	  	1655	  	2003	  	INTL	  	7400/4X2	  	3350/A	  	1HTWCADR73J045129	  	172277	  	DN	
 	  	S302	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB26139	  	168723	  	DN	
 	  	S306	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22662	  	196105	  	DN	
 	  	S308	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HB22680	  	196090	  	DN	
 	  	S309	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW3BDA88585	  	N/A	  	RBS	
 	  	S310	  	2011	  	FORD	  	E250	  	VAN	  	IFTNE2EWXBDA88583	  	N/A	  	RBS	
 	  	S311	  	2012	  	FORD	  	F350	  	TRUCK	  	1FDRF3H67CEB46169	  	531771	  	ML	
 	  	S312	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW5DDA40539	  	 	  	B OF A	
 	  	S313	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24292HB24464	  	163925	  	DN	
 	  	S314	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2428YHA38636	  	139900	  	DN	
 	  	S350	  	2011	  	FORD	  	E250	  	VAN	  	IFTNE2EW8BDA88582	  	N/A	  	RBS	
 	  	S351	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W25HB22658	  	196101	  	DN	
 	  	S354	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2E11DDA40540	  	 	  	B OF A	
 	  	S365	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB26136	  	168720	  	DN	
 	  	S375	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB26132	  	168715	  	DN	
 	  	S381	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB26134	  	168718	  	DN	
 	  	S394	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2427XHA48864	  	140772	  	DN	
 	  	M144	  	2003	  	FORD	  	E450	  	VAN/BOX	  	1FDXE45F43HA02663	  	169237	  	DN	
 	  	M146	  	2007	  	FORD	  	F250	  	PICKUP	  	1FTNF21527EA57646	  	495593	  	ML	
 	  	M149	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24281HB32408	  	156637	  	DN	
 	  	M150	  	2002	  	FORD	  	E250	  	VAN	  	1FTBE24292HA05927	  	159102	  	DN	
 	  	M153	  	1993	  	FORD	  	F250	  	PICK UP	  	1FTHF26H4PLA85248	  	55181	  	DN	
 	  	M155	  	2011	  	FORD	  	F250	  	PICKUP	  	1FTBF2B62BEB75487	  	N/A	  	RBS	
 	  	M157	  	2002	  	FORD	  	E450	  	BOX	  	1FDXE45S42HA04943	  	159866	  	DN	
 	  	XM1330	  	1988	  	FORD	  	E350	  	VAN	  	1FTJE34H6JHC20432	  	48970	  	DN	
 	  	XS300	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2422YHA38633	  	139897	  	DN	
 	  	XS301	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2429YHA38631	  	139895	  	DN	
 	  	XS305	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24252HB12585	  	163428	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	XS307	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HB22663	  	196106	  	DN	
 	  	XS335	  	1994	  	FORD	  	E250	  	VAN	  	1FTJE34H0RHB84619	  	68884	  	DN	
 	  	XS346	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB26081	  	168597	  	DN	
 	  	XS347	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24233HB26082	  	168598	  	DN	
 	  	XM159	  	1995	  	FORD	  	E350	  	VAN	  	1FTJE34H8SHB94126	  	107991	  	DN	
 	  	XS353	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB26135	  	168719	  	DN	
 	  	XS361	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB26138	  	168722	  	DN	
 	  	XS363	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB26133	  	168716	  	DN	
 	  	XS367	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB26137	  	168721	  	DN	
 	  	XS396	  	2000	  	FORD	  	E250	  	VAN	  	1FTBE2424YHA38634	  	139898	  	DN	
 	 	 	 	 	 	 	 	 	
Philadelphia	  	1553	  	2012	  	FREIGHTLINER	  	M2106	  	3300/A	  	1FVACYBSXCHBL0079	  	N/A	  	RBS	
 	  	1584	  	2006	  	FREIGHTLINER	  	M2	  	3600 / A	  	1FVFCYDCX6HW39148	  	212693	  	DN	
 	  	1585	  	2006	  	FREIGHTLINER	  	M2	  	3600 / A	  	1FVFCYDC16HW39149	  	212694	  	DN	
 	  	1586	  	2006	  	FREIGHTLINER	  	M2	  	3600 / A	  	1FVFCYDC86HW39150	  	212695	  	DN	
 	  	1591	  	2010	  	INTERNATIONAL	  	7600 SBA
6X4	  	 	  	1HSWYSJT4AJ273307	  	N/A	  	RBS	
 	  	S251	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W38DA15324	  	500423	  	ML	
 	  	S252	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW7BDA88587	  	N/A	  	RBS	
 	  	S253	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA88584	  	N/A	  	RBS	
 	  	S254	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW5BDA88586	  	N/A	  	RBS	
 	  	S256	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW1ADA72772	  	N/A	  	RBS	
 	  	S257	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA72768	  	N/A	  	RBS	
 	  	S258	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EWXADA72771	  	N/A	  	RBS	
 	  	S259	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW1ADA72769	  	N/A	  	RBS	
 	  	S260	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW8ADA72770	  	N/A	  	RBS	
 	  	S262	  	1998	  	FORD	  	E350	  	CUBE	  	1FDWE37L7WHCO5575	  	140276	  	DN	
 	  	S273	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHA38651	  	140073	  	DN	
 	  	S274	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2426YHA38652	  	140074	  	DN	
 	  	S275	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2428YHA38653	  	140075	  	DN	
 	  	S283	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHA38657	  	140079	  	DN	
 	  	S290	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2427YHA38658	  	140080	  	DN	
 	  	S291	  	2001	  	FORD	  	E450	  	CUBE	  	1FDXE45S01HA10477	  	153170	  	DN	
 	  	S292	  	2001	  	FORD	  	E450	  	CUBE	  	IFDXE45S91HA10476	  	153175	  	DN	
 	  	S293	  	2013	  	FORD	  	E250	  	VAN	  	1FTNENEW1DDA40537	  	 	  	B OF A	
 	  	S294	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW3DDA40538	  	 	  	B OF A	
 	  	S721	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24293HB26085	  	168601	  	DN	
 	  	S723	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB26087	  	168603	  	DN	
 	  	S724	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24243HB26088	  	168604	  	DN	
 	  	S726	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24223HB26090	  	168606	  	DN	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S728	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W45HB22645	  	196085	  	DN	
 	  	S729	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HB22646	  	196086	  	DN	
 	  	S730	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W85HB22647	  	196087	  	DN	
 	  	S732	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22649	  	196089	  	DN	
 	  	S733	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W85HB22650	  	196091	  	DN	
 	  	M117	  	1995	  	FORD	  	E-350	  	VAN	  	1FTJE34Y4SHB94172	  	108097	  	DN	
 	  	M119	  	2009	  	FORD	  	F-550	  	DUMP	  	1FDAF57R39EA93435	  	N/A	  	RBS	
 	  	M139	  	2004	  	FORD	  	F-250	  	PICKUP	  	1FTNF21L04EB58680	  	177909	  	DN	
 	  	M142	  	2002	  	FORD	  	E-450	  	UTILITY	  	1FDXE45S72HA50511	  	162716	  	DN	
 	  	X1552	  	1989	  	FORD	  	C8000	  	3400 A	  	1FDY80U6KVA07338	  	168719	  	DN	
 	  	XS255	  	2000	  	FORD	  	E250	  	VAN	  	1FTNR242XYHB22120	  	145451	  	DN	
 	  	XS263	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2426YHA38649	  	140071	  	DN	
 	  	XS266	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2422YHA38650	  	140072	  	DN	
 	  	XS267	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2421YHA38655	  	140077	  	DN	
 	  	XS276	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE242XYHA38654	  	140076	  	DN	
 	  	XS284	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2421YHB22118	  	145449	  	DN	
 	  	XS296	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE242XYHB22117	  	145448	  	DN	
 	  	XS719	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24253HB26083	  	168599	  	DN	
 	  	XS720	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24273HB26084	  	168600	  	DN	
 	  	XS722	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24203HB26086	  	168602	  	DN	
 	  	XS725	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HB26089	  	168605	  	DN	
 	  	XS731	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24WX5HB22648	  	196088	  	DN	
 	 	 	 	 	 	 	 	 	
Pennsauken	  	1502	  	2008	  	FRGHT	  	M-2106	  	3200A	  	1FVACYDJ68HZ05504	  	N/A	  	RBS	
 	  	1503	  	2012	  	FRGHT	  	M2106	  	3300/2	  	1FVACYBS8CHBL0078	  	N/A	  	RBS	
 	  	S200	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA88519	  	N/A	  	RBS	
 	  	S201	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EWXBDA88521	  	N/A	  	RBS	
 	  	S204	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24W55HB22654	  	196096	  	DN	
 	  	S205	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24W75HB22655	  	196097	  	DN	
 	  	S207	  	2006	  	FORD	  	E-250	  	VAN	  	1FTNE24W56DA97120	  	495646	  	ML	
 	  	S208	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW6DDA40632	  	 	  	B OF A	
 	  	S215	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2420YHB08582	  	152040	  	DN	
 	  	S220	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24243HB26091	  	168607	  	DN	
 	  	S222	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24273HB26098	  	168614	  	DN	
 	  	S245	  	2002	  	FORD	  	E-250	  	VAN	  	1FTNE24272HB57771	  	164901	  	DN	
 	  	S247	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24293HB26099	  	168615	  	DN	
 	  	S249	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24283HB26109	  	168628	  	DN	
 	  	M100	  	2001	  	FORD	  	E450	  	CUBE	  	1FDXE45S01HB42607	  	155859	  	DN	
 	  	M101	  	2007	  	FORD	  	F250	  	PICK UP	  	1FNF21507EA57645	  	495595	  	ML	
 	  	M102	  	2006	  	FORD	  	E450	  	CUT-A-WAY	  	1FDXE45S06DA24927	  	495464	  	ML	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	M108	  	2011	  	TCM	  	FG30T3	  	FORKLIFT	  	2H902004	  	N/A	  	RBS	
 	  	M109	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24W95HB22656	  	196098	  	DN	
 	  	C21	  	2010	  	FORD	  	F-150	  	 	  	1FTEX1E89AFD37691	  	517796	  	ML	
 	  	XM106	  	1989	  	FORD	  	F350	  	PICK UP	  	1FDK38G2KNB81761	  	48862	  	DN	
 	  	XM107	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE2428HB60873	  	164900	  	DN	
 	  	XS202	  	2004	  	FORD	  	E-250	  	VAN	  	1FTNE24WC4HA33671	  	184025	  	DN	
 	  	XS233	  	2000	  	FORD	  	E-250	  	VAN	  	1FTNE2427YHB04836	  	152038	  	DN	
 	 	 	 	 	 	 	 	 	
Princeton	  	1413	  	2012	  	FRGHT	  	M2106	  	3300/2/A	  	IFVACYBS6CHBL0077	  	N/A	  	RBS	
 	  	S106	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW7ADA2775	  	N/A	  	RBS	
 	  	S107	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW3ADA2773	  	N/A	  	RBS	
 	  	S108	  	2010	  	FORD	  	E250	  	VAN	  	1FTNE2EW5ADA72274	  	N/A	  	RBS	
 	  	S109	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EWBDA88520	  	N/A	  	RBS	
 	  	S111	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE242X1HB18316	  	153714	  	DN	
 	  	S112	  	2011	  	FORD	  	E250	  	VAN	  	1FTNE2EW1BDA88522	  	N/A	  	RBS	
 	  	S113	  	2013	  	FORD	  	E250	  	VAN	  	1FTNE2EW4DDA40631	  	 	  	B OF A	
 	  	S140	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W15HB22652	  	196094	  	DN	
 	  	M81	  	2002	  	FORD	  	E-250	  	VAN	  	1FTNE24292HB12606	  	163241	  	DN	
 	  	M82	  	2005	  	FORD	  	F-250	  	PICK UP	  	1FTNF21565EA27787	  	205311	  	DN	
 	  	M83	  	2010	  	FORD	  	F450	  	4X4	  	1FDAF4HY5AEB08859	  	509028	  	ML	
 	  	M91	  	2001	  	FORD	  	E-450	  	CUTWAY	  	1FDXE45F01HA43367	  	157532	  	DN	
 	  	XM80	  	2001	  	FORD	  	E-250	  	VAN	  	1FTNE24291HB14807	  	153689	  	DN	
 	  	XS105	  	2001	  	FORD	  	E-250	  	VAN	  	1FTNE24211HB18317	  	153715	  	DN	
 	  	XS110	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24213HB26095	  	168611	  	DN	
 	  	XS131	  	2001	  	FORD	  	E-250	  	VAN	  	1FTNE24261HB34979	  	154632	  	DN	
 	  	XS132	  	2001	  	FORD	  	E-250	  	VAN	  	1FTNE24271HB14806	  	153688	  	DN	
 	  	XS134	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24263HB26092	  	168608	  	DN	
 	  	XS135	  	200	  	FORD	  	E-250	  	VAN	  	1FTNE24283HB26093	  	168609	  	DN	
 	  	XS136	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE242X3HB26094	  	168610	  	DN	
 	  	XS137	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24233HB26096	  	168612	  	DN	
 	  	XS138	  	2003	  	FORD	  	E-250	  	VAN	  	1FTNE24253HB26097	  	168613	  	DN	
 	  	XS139	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24WX5HB22651	  	196093	  	DN	
 	  	XS141	  	2005	  	FORD	  	E-250	  	VAN	  	1FTNE24W35HB22653	  	196095	  	DN	
 	  	XS142	  	2006	  	FORD	  	E-250	  	VAN	  	1FTNE24W96DA97122	  	495648	  	ML	
 	  	XS143	  	2006	  	FORD	  	E-250	  	VAN	  	1FTNE24W76DA97121	  	495647	  	ML	

END OF LEASED VEHICLES
OWNED VEHICLES
Tank Trucks

Location	  	Unit #	  	Year	  	Make	  	Model	  	Capacity	  	Vin #	  	FAS #	
 	 	 	 	 	 	 	 	
Carroll	  	1000	  	2002	  	International	  	4400	  	1900 900 A	  	1HTMKAAN52H512324	  	31309	
 	  	1001	  	2002	  	International	  	4400	  	2800 A	  	1HTMKAAN92H542216	  	31310	
 	  	1002	  	1994	  	International	  	4900	  	2000 800 A	  	1HTSDPNN0RH554683	  	31311	
 	  	1003	  	1994	  	International	  	4700	  	2800 A	  	THTSCACN8RH578457	  	31312	
 	  	1004	  	2002	  	International	  	4400	  	1600 800 A	  	1HTMKAAN52H543752	  	31300	
 	  	1005	  	2006	  	Peterbilt	  	335	  	2800 A	  	2NPLHD7X66M651685	  	31313	
 	  	1006	  	1999	  	Peterbilt	  	330	  	2800 A	  	1NPNHD7X7YS526725	  	31314	
 	  	1007	  	1995	  	Mack	  	MS300P	  	2800 A	  	VG6M118B6TB301919	  	31315	
 	  	1008	  	1997	  	Mack	  	MS300P	  	2600 A	  	VG6M118B2VB302245	  	31316	
 	  	1009	  	1995	  	Ford	  	LN8000	  	2800 A	  	1FDXR82E7SVA56241	  	31317	
 	  	1010	  	1995	  	Ford	  	LN8000	  	2800 A	  	1FDXR82E4SVA31068	  	31318	
 	  	1011	  	1994	  	Mack	  	MS300P	  	2600 A	  	VG6M118B5RB301189	  	31319	
 	  	1013	  	1995	  	International	  	4700	  	1800 S	  	1HTSCABN0SH647603	  	31321	
 	  	1014	  	1990	  	International	  	4700	  	2200 S	  	1HTSCCFN5LH238441	  	31322	
 	  	1015	  	1997	  	International	  	4700	  	1800 S	  	1HTSCABN6VH428830	  	31323	
 	  	1020	  	1994	  	Ford	  	L8000	  	3400 A	  	1FDXR82E0RVA26850	  	32201	
 	  	1025	  	2001	  	International	  	4900	  	2800 A	  	1HTSDAAN51H377605	  	31840	
 	  	1026	  	1992	  	International	  	4900	  	2200 1200 A	  	1HTSDNUR0NH418038	  	32203	
 	  	1027	  	1992	  	International	  	4900	  	2300 700 A	  	1HTSDNUR9NH418037	  	32204	
 	  	1028	  	1996	  	Ford	  	L8000	  	700 2300 A	  	1FDYR82E8TVA15154	  	32205	
 	  	1029	  	1995	  	Peterbilt	  	200	  	3000 A	  	1XPMH77X3SM608577	  	32202	
 	  	1030	  	2000	  	International	  	4900	  	2000 800 A	  	1HTSDAAN3YH256016	  	31292	
 	  	1031	  	1991	  	Mack	  	DM688S	  	4400 A	  	1M2B192C9MM002499	  	31293	
 	  	1032	  	2000	  	Peterbilt	  	330	  	3000 A	  	1NPNHD7X7YS522447	  	31294	
 	  	1033	  	1998	  	International	  	4900	  	1800 1000 A	  	1HTSDAAN7WH521727	  	31295	
 	  	1034	  	1990	  	Mack	  	DM688S	  	4400 A	  	1M2B192C7LM002340	  	31297	
 	  	1035	  	1990	  	Ford	  	LN8000	  	700 2100 A	  	1FDXR82A6LVA27280	  	31296	
 	  	1036	  	1995	  	Ford	  	LN8000	  	1000 1000 700 A	  	1FDXR82E1SVA81331	  	31298	
 	  	1037	  	1991	  	International	  	4900C	  	1500 1000 A	  	1HTSDZ7N3MH306039	  	31300	
 	  	1038	  	1998	  	Peterbilt	  	330	  	1000 700 1300 A	  	3BPNHD7X9WF466321	  	31324	
 	  	1039	  	2000	  	Peterbilt	  	330	  	1000 2000 A	  	1NPNHD7X9YS522448	  	31325	
 	  	1040	  	2001	  	International	  	4900	  	1000 2000 A	  	1HTSDAAN31H241876	  	31326	
 	  	1041	  	1999	  	International	  	4900	  	1000 1000 800 A	  	1HTSDAAN9YH266128	  	31299	
 	  	1042	  	1996	  	Mack	  	MS300P	  	1600 1000 A	  	VG6M118B8TB301971	  	31301	
 	  	1043	  	1997	  	Volvo	  	FE42	  	2000 800 A	  	4V52AEEC5VR476298	  	31302	
 	  	1044	  	1994	  	Volvo	  	White	  	1200 2300 A	  	4V52AFEC2RR473273	  	31303	
 	  	1045	  	1994	  	Volvo	  	FE White	  	2000 1000 A	  	4V52ADEC5RR473272	  	31304	
 	  	1046	  	1998	  	International	  	DS	  	2100 700 A	  	1HTSCAAN4WH593892	  	31327	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1047	  	1994	  	Ford	  	LN8000	  	1300 1300 1300 A	  	1FDXS82E5RVA19123	  	31305	
 	  	1050	  	1991	  	International	  	4900	  	1000 1800 A	  	1HTSDZ7N8MH351655	  	31306	
 	  	1051	  	2005	  	Peterbilt	  	330	  	2000 800 A	  	2NPNHD7X95M848941	  	31307	
 	  	1052	  	2005	  	Peterbilt	  	330	  	2000 800 A	  	2NPNHD7X45M848950	  	31308	
 	  	1053	  	2000	  	International	  	4900	  	2100 700 A	  	1HTSDAAN3YH251222	  	31328	
 	  	1054	  	2001	  	International	  	4900	  	2100 700 A	  	1HTSDAAN01H392500	  	31329	
 	  	1055	  	1999	  	International	  	4900	  	1000 2000 A	  	1HTSDAAN8XH648200	  	 	
 	  	1056	  	2001	  	International	  	4900	  	800 2000 A	  	1HTSDAAN11H378430	  	 	
 	  	1057	  	1995	  	Mack	  	C300	  	2500 A	  	VG6BH0988S8701222	  	31761	
 	 	 	 	 	 	 	 	
Hardy	  	1301	  	2000	  	INTER	  	4900	  	2800A	  	1HTSDAAN4HY275433	  	17765	
 	  	1302	  	2004	  	INTER	  	4400	  	2800A	  	1HTMKAAN54H662761	  	17767	
 	  	1303	  	1990	  	INTER	  	4600	  	2800A	  	1HTSDZ7N4LH293834	  	17816	
 	  	1306	  	1999	  	Internat’l	  	4900	  	2700	  	1HTSDAAN9XH696434	  	18876	
 	  	1307	  	2004	  	Peterbilt	  	PB330	  	2800	  	2NPNHD7X64M825356	  	18875	
 	  	1308	  	1991	  	FORD	  	LS8000	  	3300A	  	1FDYS82A9MVA08359	  	19211	
 	 	 	 	 	 	 	 	
Hicksville	  	1402	  	1997	  	INTER	  	4900	  	3600/A	  	1HTSHAARXVH459553	  	7535	
Patterson	  	1405	  	1994	  	INTER	  	4900	  	2800/A	  	1HTSDPPN7RH553057	  	7536	
 	  	1410	  	1989	  	MACK	  	R690T	  	3400/A	  	1M2N275C0KW008056	  	2981	
 	  	1411	  	1988	  	FORD	  	L8000	  	3600/A	  	1FDYS80U9JVA53844	  	2879	
 	  	1414	  	1989	  	FORD	  	L8000	  	3400/A	  	1FDYS82AXKVA19724	  	3073	
 	  	1417	  	1987	  	MACK	  	DMRD	  	4700/A	  	1M2B126C1HA013912	  	7537	
 	  	1428	  	1991	  	MACK	  	RB690S	  	3650/A	  	1M2AM20C8MM001874	  	3132	
 	  	1429	  	1988	  	FORD	  	L8000	  	3400/A	  	1FDYS80U6JVA53848	  	6663	
 	  	1438	  	1990	  	WHITE	  	WCS/GMC	  	4400/A	  	4V2ACBMD0LN626446	  	3113	
 	  	1439	  	1982	  	MACK	  	MR606P	  	3000 A	  	1M2K119CXCM001318	  	2996	
 	  	1440	  	1995	  	INTER	  	4900	  	2800/A	  	1HTSDAAN5SH629113	  	7642	
 	  	1445	  	1989	  	MACK	  	R690T	  	3400/A	  	1M2N275C8KW008015	  	2884	
 	  	1446	  	1989	  	MACK	  	R690T	  	3400/A	  	1M2N275CXKW008016	  	3145	
 	  	1453	  	1989	  	WHITE	  	WCS/GMC	  	4400/A	  	4V2ACBMD3KN623779	  	3139	
 	  	1455	  	1986	  	FORD	  	L8000	  	3400/A	  	1FDYR80U5FVA46165	  	3099	
 	  	1459	  	1989	  	MACK	  	R690T	  	3400/A	  	1M2N275C1KW008017	  	3012	
 	  	1460	  	1995	  	INTER	  	4900	  	2800/A	  	1HTSDAAN6SH659656	  	7772	
 	  	1462	  	1992	  	FORD	  	L8000	  	3400/A	  	1FDXS82AXNVA01854	  	7814	
 	  	1463	  	1993	  	INTER	  	4900	  	2800/A	  	1HTSDPPN0PH487822	  	7812	
 	  	1465	  	1995	  	INTER	  	4900	  	2800/A	  	1HTSDAAN9SH672479	  	7813	
 	  	1468	  	1988	  	MACK	  	R685T	  	3400/A	  	1M2N166C1JA090516	  	2989	
 	  	1481	  	2004	  	INTER	  	7600	  	5000/A	  	1HTWYAXT94J085304	  	18641	
 	  	1482	  	2004	  	INTER	  	7600	  	5000/A	  	1HTWYAXT74J084457	  	18642	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1354	  	1987	  	INTER	  	S1900	  	3000A	  	1HTLDTVM0HHA25345	  	17118	
 	  	1356	  	1988	  	INTER	  	S1900	  	3000A	  	1HTLDDBN7JH587420	  	17913	
 	  	1361	  	1979	  	MACK	  	MR606	  	3400A	  	MR606P1048	  	28004	
 	  	1363	  	1993	  	INTER	  	4900	  	3000A	  	1HTSDPPN8PH478012	  	17119	
 	  	1364	  	1989	  	MACK	  	DM690SX	  	3300A	  	1M2B182C0KW005464	  	17129	
 	  	1365	  	1989	  	MACK	  	DM690SX	  	3300A	  	1M2B182C2KW005465	  	17130	
 	  	1371	  	1990	  	MACK	  	RD60S	  	4500/S	  	2M2P198C2LC006034	  	18676	
 	  	1372	  	2006	  	FRGHT	  	M2-106	  	3100/A	  	1FVACYDJ76HW41187	  	18674	
 	  	1373	  	2006	  	FRGHT	  	M-2112	  	4500/A	  	1FVHC5CV76HW41188	  	18673	
 	  	1390	  	1995	  	INTER	  	490	  	3000A	  	1HTSDAAN8SH656595	  	17122	
 	  	1391	  	1995	  	INTER	  	490	  	3000A	  	1HTSDAANXSH656601	  	17123	
 	  	1392	  	2002	  	INTER	  	440	  	3000A	  	1HTMKAAN32H526917	  	17124	
 	 	 	 	 	 	 	 	
Maspeth	  	1100	  	2004	  	INTER	  	7600	  	5000/1/A	  	1HTWYAXT34J085301	  	18647	
 	  	1101	  	1991	  	MACK	  	RB690S	  	3600 / S	  	1M2AM20C6MM001873	  	1197	
 	  	1102	  	1991	  	MACK	  	RB690S	  	3600 / S	  	1M2AM20CXMM001875	  	965	
 	  	1103	  	1991	  	MACK	  	RB690S	  	3600 / S	  	1M2AM20C1MM001876	  	2683	
 	  	1104	  	1991	  	MACK	  	RB690S	  	3600 / S	  	2M2AM17CXMC001679	  	1244	
 	  	1105	  	1990	  	MACK	  	RB690S	  	4600 / S	  	1M2P198CXLW006478	  	1117	
 	  	1106	  	1989	  	MACK	  	RB690S	  	4600 / S	  	1M2P198C9KW003621	  	884	
 	  	1108	  	1989	  	MACK	  	R690T	  	3000 / S	  	1M2N275C9KW008251	  	1081	
 	  	1109	  	1989	  	MACK	  	R690T	  	3000 /S	  	1M2N275C0KW008252	  	1082	
 	  	1110	  	1989	  	MACK	  	R690T	  	3000 / S	  	1M2N275C4KW008013	  	1086	
 	  	1111	  	1989	  	MACK	  	R690T	  	3000 / S	  	1M2N275C6KW008014	  	1087	
 	  	1112	  	1988	  	MACK	  	RB690S	  	4400 / S	  	1M2P198C1JW003255	  	905	
 	  	1113	  	2014	  	FRTLNR	  	M2-112	  	4500/S	  	1FVHC5DVXEHFL5530	  	 	
 	  	1114	  	1987	  	AUTOCAR	  	DS64B	  	4600 /S	  	1WBPCCMD9HU304096	  	1186	
 	  	1115	  	1987	  	AUTOCAR	  	DS64B	  	4600 / S	  	1WBPCCMD7HU304095	  	1195	
 	  	1117	  	1987	  	MACK	  	R686ST	  	4600 /S	  	1M2N178CXHA006206	  	1101	
 	  	1119	  	1987	  	MACK	  	R686ST	  	4600/S	  	1M2N178C5HA006484	  	1189	
 	  	1120	  	1991	  	WHITE	  	WX	  	3000/S	  	4V2DAFBD2MN641237	  	7764	
 	  	1121	  	1985	  	MACK	  	DM686S	  	4600/S	  	1M2B126C1FA011932	  	903	
 	  	1122	  	1985	  	MACK	  	RD686S	  	4400/S	  	1M2P137C8FA012019	  	932	
 	  	1126	  	1983	  	MACK	  	DM686SX	  	5400/S	  	1M2B128C4DA009490	  	1155	
 	  	1128	  	1983	  	AUTOCAR	  	LTA10	  	4400/S	  	1WBKCCMD5DN059621	  	2678	
 	  	1132	  	1979	  	MACK	  	R	  	3400A	  	R606T1073	  	18739	
 	  	1136	  	1995	  	MACK	  	RD690S	  	4500	  	1M2P264C1SM017610	  	19100	
 	  	1159	  	2002	  	FRTLNR	  	FL80	  	3000/S	  	1FVABXAK12HJ84980	  	18228	
 	  	1160	  	2007	  	FRTLNR	  	M2-112	  	5000/A	  	1FVMC5DE87HY19446	  	31176	
 	  	1161	  	2007	  	FRTLNR	  	M2-112	  	5000/A	  	1FVMC5DEX7HY19447	  	31177	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1162	  	2007	  	FRTLNR	  	M2-112	  	5000/A	  	1FVMC5DE17HY19448	  	31178	
 	  	1193	  	1987	  	AUTOCAR	  	NTL300	  	4400/S	  	1WBPCCJE7HU302392	  	1218	
 	  	1196	  	1989	  	MACK	  	R690T	  	3000/S	  	1M2N275C7KW008040	  	1245	
 	  	1198	  	2005	  	INTER	  	7600	  	5500	  	1HTWYSBT45J007527	  	18783	
 	  	1214	  	1984	  	MACK	  	MR685P	  	3000 / S	  	1M2K125C2EM006849	  	18396	
 	  	1216	  	1982	  	MACK	  	DM686SX	  	5400 / S	  	1M2B128C1CA008439	  	18417	
 	  	1217	  	1981	  	MACK	  	DM686SX	  	5400 / S	  	1M2B128C3BA007730	  	18416	
 	  	1225	  	1988	  	MACK	  	RD686S	  	4400 / S	  	1M2P138C8JA017065	  	18400	
 	  	1226	  	1987	  	WHITE	  	EXP2	  	5000 / S	  	1WXDCHJE3HN116109	  	18411	
 	  	1227	  	1987	  	WHITE	  	EXP2	  	5000 / S	  	1WXDCHJEXHN116110	  	18415	
 	  	1244	  	1984	  	AUTOCAR	  	CONV	  	5500 S	  	1WBUCCJE6EU096254	  	18419	
 	  	1288	  	1985	  	WHITE	  	EXP2	  	5500 / S	  	1WXDCHJE4FN071081	  	18420	
 	  	1289	  	1988	  	MACK	  	MR690S	  	4400 / S	  	1M2K175C9JM001879	  	18402	
 	  	1293	  	1991	  	MACK	  	RD690S	  	4400 / S	  	1M2P198CXMM008471	  	18405	
 	  	1294	  	1990	  	MACK	  	RD690S	  	4400 / S	  	2M2P198C1LC006932	  	18404	
 	  	1295	  	1991	  	MACK	  	RD690S	  	4400 / S	  	1M2P198C8MM008470	  	18406	
 	 	 	 	 	 	 	 	
Plainview	  	1700	  	1993	  	FORD	  	LS8000	  	3400/A	  	1FDYS82E8PVA14273	  	2195	
 	  	1702	  	1995	  	FORD	  	LNT8000	  	4400/A	  	1FDYW82E2SVA33480	  	2197	
 	  	1703	  	1994	  	FORD	  	LNT8000	  	4000/A	  	1FDYW82E0RVA16347	  	2198	
 	  	1704	  	1997	  	FORD	  	LN8000	  	2800/A	  	1FDXR82EXVVA09368	  	7714	
 	  	1708	  	1986	  	FORD	  	LN8000	  	2800/A	  	1FDXR80U3GVA31144	  	2202	
 	  	1709	  	1986	  	FORD	  	LN8000	  	2800 A	  	1FDXR80U1GVA30736	  	2203	
 	  	1712	  	2002	  	FRGHT	  	FL80	  	3300/A	  	1FVABXAK82HJ84975	  	18246	
 	  	1713	  	2002	  	FRGHT	  	FL80	  	3400/A	  	1FVABXAK62HJ84988	  	18245	
 	  	1719	  	1984	  	INTER	  	S1900	  	3000A	  	1HTLDTVN7EHA24981	  	2107	
 	  	1727	  	1987	  	MACK	  	R600	  	2800/A	  	1M2N165B0HA090297	  	7729	
 	  	1728	  	1989	  	INTER	  	S1900	  	2800/A	  	1HTLDTVN5KH604531	  	7730	
 	  	1730	  	1988	  	INTER	  	S1900	  	2800/A	  	1HTLDTVN5JH541252	  	7731	
 	  	1731	  	1986	  	FORD	  	LN8000	  	2800/A	  	1FDXR80U9GVA03493	  	7716	
 	  	1732	  	1990	  	FORD	  	LN8000	  	2800/A	  	1FDXR82A7LVA12769	  	7715	
 	  	1735	  	1989	  	FORD	  	LN8000	  	2800/A	  	1FDXR82A3KVA23895	  	7802	
 	  	1736	  	1993	  	FORD	  	LN8000	  	2700/A	  	1FDXR82E0PVA07485	  	7803	
 	  	1738	  	1990	  	INTER	  	4954	  	2800/A	  	1HTSDZ4N8LH290410	  	12075	
 	  	1746	  	1978	  	FORD	  	LN8000	  	3200/A	  	R80DVAJ8675	  	2180	
 	  	1747	  	1977	  	FORD	  	LN8000	  	3200A	  	R80DVY49565	  	1871	
 	  	1779	  	1990	  	KNWRT	  	T400	  	4200/A	  	1NKBL59X9LJ545155	  	2030	
 	  	1789	  	1988	  	FORD	  	LN8000	  	2800/A	  	1FDXR82A9JVA16917	  	2127	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Yaphank	  	1500	  	1995	  	FORD	  	L8000	  	2800 A	  	1FDXR82E4SVA35878	  	31671	
 	  	1501	  	2007	  	FRGHT	  	M2 106	  	3600/A	  	1FVFCYDJ57HY19377	  	31155	
 	  	1503	  	1990	  	WHITE	  	WX	  	5000/A	  	4V2DCFMD3LN629538	  	3205	
 	  	1505	  	2005	  	INTHR	  	4300	  	2799	  	1HTMMAAN75H104082	  	19969	
 	  	1507	  	1988	  	FORD	  	L8000	  	3800A	  	1FDXR80U4JVA05241	  	1683	
 	  	1508	  	2000	  	GMC	  	TF7B	  	2800/A	  	1GDM7C1C5YJ501345	  	8625	
 	  	1511	  	2004	  	INTHR	  	7600	  	5000/A	  	1HTWYAXT94J085268	  	18659	
 	  	1512	  	1988	  	WHITE	  	EXPII	  	5000/A	  	4V2DCFBD9JN607575	  	17398	
 	  	1515	  	1986	  	FORD	  	LN8000	  	2800 A	  	1FDXR80U7GVA03492	  	31802	
 	  	1528	  	1992	  	CHEVY	  	KODIAK	  	2800/A	  	1GBM7H1J5NJ100846	  	8622	
 	  	1529	  	1995	  	VOLVO	  	FE42	  	2800/A	  	4V52AEHD7SR474116	  	8623	
 	  	1534	  	1988	  	MACK	  	R609S	  	4500/S	  	1M2N277Y8JW005526	  	1657	
 	  	1536	  	1997	  	VOLVO	  	FE42	  	2800/A	  	4V52AEFD5VR476325	  	8624	
 	  	1537	  	1990	  	WHITE	  	WCS	  	4400/A	  	4V2ACBMD4LN626448	  	3206	
 	  	1538	  	1984	  	WHITE	  	WLC	  	4400/A	  	1WXDCHMD5EN059619	  	1498	
 	  	1539	  	1990	  	FORD	  	L8000	  	2800/A	  	1FDXR82A5LVA36004	  	1688	
 	  	1540	  	1993	  	FORD	  	L8000	  	2800/A	  	1FDXR82A0PVA00453	  	1691	
 	  	1541	  	1991	  	MACK	  	CS300	  	2800/A	  	VG6BA03B3MB052649	  	1692	
 	  	1542	  	1994	  	FRGHT	  	FL70	  	2800/A	  	1FV6HLBA5RL585524	  	1693	
 	  	1543	  	1985	  	INTHR	  	1900	  	2800/A	  	1HTLDTVN2FHA23772	  	3202	
 	  	1544	  	1990	  	FORD	  	L8000	  	2800/A	  	1FDXR82A7LVA04476	  	1689	
 	  	1546	  	1995	  	FRGHT	  	FL70	  	2800/A	  	1FV6HFBA9SL637471	  	1694	
 	  	1548	  	1988	  	FORD	  	C8000	  	2800/A	  	1FDXD80U3JVA33479	  	1686	
 	  	1562	  	1990	  	INTHR	  	4900	  	4800/A	  	1HTSHZ3T3LH694865	  	12075	
 	  	1568	  	1990	  	FORD	  	L8000	  	2800/A	  	1FDXR82A9LVA04477	  	1489	
 	  	1569	  	1991	  	INTHR	  	4900	  	3000/A	  	1HTSDZ7N2MH343454	  	3195	
 	  	1576	  	1998	  	INTHR	  	4900	  	2900/A	  	1HTSDAAN0WH536828	  	7446	
 	  	1577	  	1997	  	INTHR	  	4900	  	2900/A	  	1HTSDAAN3VH443882	  	7447	
 	  	1578	  	1996	  	INTHR	  	4900	  	2900/A	  	1HTSDAAN1TH280761	  	7448	
 	  	1579	  	1994	  	INTHR	  	4900	  	2900/A	  	1HTSDPPN9RH544182	  	7449	
 	  	1580	  	1989	  	FORD	  	C8000	  	3500/A	  	1FDYD80U6KVA06976	  	7450	
 	  	1581	  	1987	  	INTHR	  	S1900	  	2900/A	  	1HTLDTVN5HH525658	  	7451	
 	  	1583	  	2004	  	INTER	  	7600	  	5000/A	  	1HTWYAXTX4J085263	  	18660	
 	  	1584	  	2004	  	INTER	  	7600	  	5000/A	  	1HTWYAXT14J085264	  	18661	
 	  	1598	  	1987	  	FORD	  	L8000	  	4500/A	  	1FDZW82A2HVA02661	  	7688	
 	  	1599	  	1999	  	INTER	  	4600	  	2800/A	  	1HTSDAANXXH651101	  	17904	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Hoffberger	  	16101	  	2001	  	FREIGHTLINER	  	FL70	  	2800 A	  	1FVABTBS41HJ23905	  	28050	
 	  	16102	  	1999	  	STERLING	  	Convt	  	2800 A	  	2FZHLJAA3XA982583	  	28051	
 	  	16103	  	1995	  	FORD	  	LN8000	  	3000 A	  	1FDYR82E3SVA27209	  	31464	
 	  	16104	  	1996	  	FORD	  	LN8000	  	3000 A	  	1FDYR82E6TVA15153	  	31465	
 	  	16110	  	1993	  	PETERBILT	  	379	  	4400/A	  	1XP5DE9XXPN338718	  	29510	
 	  	16111	  	1993	  	INTERNATIONAL	  	8100	  	4200/A	  	1HSHCAZR6PH500796	  	29511	
 	  	16112	  	1994	  	FORD	  	LS8000	  	4500/A	  	1FDZY82EORVA31199	  	32075	
 	  	16120	  	1993	  	INTERNATIONAL	  	4900	  	3000/A	  	1HTSDPNN7PH478733	  	29467	
 	  	16127	  	2002	  	INTERNATIONAL	  	4400	  	4400/A	  	1HTMSADRX2J034165	  	29473	
 	  	16128	  	2002	  	INTERNATIONAL	  	4400	  	2700/A	  	1HTMKAAN52H517491	  	29474	
 	  	16130	  	2002	  	INTERNATIONAL	  	4400	  	4400/A	  	1HTMSADR82J034164	  	29475	
 	  	16131	  	1998	  	FREIGHTLINER	  	FL70	  	2800/A	  	1FV6HLBA1XHA06631	  	29476	
 	  	16132	  	1994	  	FORD	  	LN8000	  	2800/A	  	1FDXR82EXRVA51125	  	29477	
 	  	16133	  	1997	  	GMC	  	T7500	  	2800/A	  	1GDM7C1J5VJ509889	  	29478	
 	  	16134	  	2000	  	GMC	  	C7500	  	3000/A	  	1GDM7H1C1YJ509584	  	29479	
 	  	16135	  	1998	  	FREIGHTLINER	  	FL80	  	2800/A	  	1FUWJLBB2WH887207	  	29480	
 	  	16137	  	1995	  	FORD	  	LN9000	  	4200/S	  	1FDZW90X9SVA29313	  	19901	
 	  	16139	  	2005	  	INTERNATIONAL	  	4300	  	2800/A	  	1HTMMAAN75H124445	  	19897	
 	  	16140	  	2005	  	INTERNATIONAL	  	4300	  	2800/A	  	1HTMMAAN05H124447	  	19898	
 	  	16141	  	2001	  	KENWORTH	  	T-300	  	2800/A	  	2NKMHD7X81M872708	  	19899	
 	  	16142	  	2005	  	INTERNATIONAL	  	4300	  	2800/A	  	1HTMMAAN25H117368	  	19902	
 	  	16143	  	2005	  	INTERNATIONAL	  	4300	  	2800/A	  	1HTMMAAN15H100805	  	19900	
 	  	16161	  	1996	  	MACK	  	MIDLINER	  	2800/A	  	VG6M118BITB301911	  	29463	
 	  	16165	  	1990	  	INTERNATIONAL	  	4900	  	3000/A	  	1HTSDTVNOLH206835	  	29466	
 	  	16169	  	1980	  	MACK	  	MR	  	3400/A	  	MR487P1238	  	29507	
 	 	 	 	 	 	 	 	
Hoffman	  	16650	  	2002	  	INTL	  	4400	  	3150/A	  	1HTMKAAN92H517493	  	28383	
Trumbull	  	16651	  	1999	  	FRHT	  	FL70	  	2800/A	  	1FV6HLBA6XHA22517	  	28358	
 	  	16652	  	2004	  	KW	  	310	  	2800/A	  	2NKMHD7X44M052243	  	28359	
 	  	16654	  	2000	  	FRHT	  	FL-70	  	2800/A	  	1FV6HJBA2YHB94789	  	28379	
 	  	16655	  	1994	  	FRHT	  	FL-70	  	2800/A	  	1FV6HLBAXRL564877	  	28356	
 	  	16660	  	1999	  	FRHT	  	FL-70	  	2800/A	  	1FV6HJAA2XHB00863	  	28378	
 	  	16661	  	1994	  	FRHT	  	FL-70	  	2800/A	  	1FV6HLBA6RL559014	  	28380	
 	  	16662	  	1990	  	INTL	  	4900	  	2800/A	  	1HTSDTVN2LH223748	  	28501	
 	  	16663	  	1996	  	FRHT	  	FL-70	  	2800/A	  	1FV6HFBA3TL758384	  	28375	
 	  	16664	  	1993	  	FRHT	  	FL-70	  	2800/A	  	1FV6HFAA5PL416359	  	28503	
 	  	16665	  	2000	  	GMC	  	7000	  	3150/A	  	1GDM7H1CYJ517667	  	28507	
 	  	16666	  	1994	  	INTL	  	4400	  	2800/A	  	1HTSDPPNXRH554722	  	19895	
 	  	16667	  	1999	  	INTL	  	4900	  	3200 A	  	1HTSDAAR4YH23.138	  	32135	
 	  	16668	  	1999	  	INTL	  	4900	  	2600 A	  	1HTSDAA3XH644295	  	28017	
 	  	16670	  	1993	  	FRHT	  	FL 70	  	2800 A	  	1FV6HLBAPL466743	  	31215	
 	  	16671	  	2004	  	PETER	  	T300	  	2800 A	  	2NPHD7X64M815409	  	31216	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Hoffman	  	16603	  	94	  	FRHT	  	FL70	  	2800/A	  	1FV6HFAA2RL774778	  	28864	
Danbury	  	16604	  	95	  	FORD	  	L8000	  	2800/A	  	1FDXR82EXSVA08376	  	28861	
 	  	16605	  	95	  	INT	  	4000	  	2800/A	  	1HTSDAAN85H641188	  	28862	
 	  	16606	  	95	  	INT	  	4000	  	2800/A	  	1HTSDAAN0SH660771	  	28866	
 	  	16607	  	95	  	INT	  	4900	  	2700/A	  	1HTSDAAN8SH652174	  	28867	
 	  	16608	  	96	  	INT	  	4700	  	2800/A	  	1HTSCAAN6TH323414	  	28868	
 	  	16609	  	96	  	FRHT	  	FL70	  	2800/A	  	1FV6HFAA0TL732892	  	28858	
 	  	16610	  	99	  	FRHT	  	FL70	  	2800/A	  	1FV6HJAAOXHB00862	  	28857	
 	  	16611	  	00	  	INT	  	4900	  	2800/A	  	1HTSDAAN7YH303693	  	28869	
 	  	16612	  	01	  	INT	  	4000	  	2800/A	  	1HTSDAAN51H400770	  	27769	
 	  	16613	  	02	  	INT	  	4000	  	3000/A	  	1HTMKAAN22H517495	  	27781	
 	  	16615	  	99	  	INT	  	4900	  	2800/A	  	1HTSDAAN7XH630237	  	32033	
 	  	16616	  	2002	  	FRHT	  	FL80	  	3000/S	  	1FVABXAK52HJ84982	  	28091	
 	  	16617	  	1997	  	FRHT	  	FL-70	  	2800/A	  	1FV6HFBA3VL761325	  	19905	
 	  	16618	  	2005	  	INT	  	4000	  	2800/A	  	1HTMKAAN95H109208	  	31622	
 	  	16619	  	1996	  	FRHT	  	FL-70	  	2800/A	  	1FV6HLBA1TL872558	  	32136	
 	  	16620	  	1995	  	FRHT	  	FL-70	  	2800/A	  	1FV6HLBAOSL552582	  	32137	
 	 	 	 	 	 	 	 	
Lewis - Plainview	  	16500	  	1979	  	Mack	  	MR	  	3400 / A	  	MR487P1019	  	30425	
 	  	16501	  	1994	  	Inter	  	2554	  	3400 / A	  	1HTGBN2R9RH570176	  	30426	
 	  	16503	  	1985	  	MACK	  	DM686S	  	4100A	  	1M2B126COFA010979	  	30446	
 	  	16504	  	1997	  	Freig	  	FL70	  	3000A	  	1FV6HFBA1VH789672	  	19906	
 	  	16505	  	2001	  	KENW	  	T300	  	2800A	  	2NKMHD7X01M876350	  	19907	
 	  	16506	  	2002	  	Inter	  	4400	  	3400 / A	  	1HTMKAANO2H517494	  	30428	
 	  	16507	  	1997	  	Mack	  	RD690S	  	4400 / S	  	1M2P264C1VM023217	  	30429	
 	  	16508	  	1993	  	Mack	  	DM690SX	  	5500 / S	  	1M2B210COPMO12280	  	30430	
 	  	16509	  	1985	  	Mack	  	R685T	  	3000 / S	  	1M2N166C0FA089834	  	30431	
 	  	16510	  	1979	  	MACK	  	RD686SX	  	5500S	  	RD686SX5609	  	30455	
 	  	16511	  	2001	  	Inter	  	4700	  	3000 / A	  	1HTSCAAN71H369640	  	30432	
 	  	16512	  	1999	  	Inter	  	4900	  	3000 / A	  	1HTSDAAN1XH608332	  	30433	
 	  	16513	  	1997	  	Inter	  	4700	  	3000 / A	  	1HTSCAAN7VH443791	  	30434	
 	  	16518	  	1989	  	Mack	  	MS300	  	2800 / A	  	VG6M112B9KB067296	  	30438	
 	  	16520	  	1997	  	Mack	  	DM690S	  	4800 / S	  	1M2B209COVMO21524	  	30440	
 	  	16521	  	1997	  	Mack	  	DM690S	  	4800 / S	  	1M2B209C2VM021525	  	30441	
 	  	16522	  	2000	  	Kenw	  	T300	  	2800	  	1NKMHD7X9YS839647	  	19908	
 	  	16523	  	1995	  	Mack	  	RD690S	  	4400 / S	  	1M2P264C8SMO17362	  	30442	
 	  	16524	  	1995	  	FORD	  	LS8000	  	3000 A	  	1FEYR82ESVA27208	  	31438	
 	  	16526	  	1998	  	Inter	  	4700	  	2800 / A	  	1HTSCAAN8WH594897	  	30443	
 	  	16527	  	2001	  	Freig	  	FL80	  	3000 / A	  	1FVABXBS51HH87480	  	30444	
 	  	16530	  	1992	  	Inter	  	490	  	2900	  	1HTSDNUR5NH418763	  	31903	
 	  	16531	  	1995	  	Inter	  	490	  	3000	  	1HTSDAAR1SH684855	  	31904	
 	  	16532	  	2007	  	Inter	  	430	  	3000	  	1HTMMANN7H411545	  	31905	
 	  	16560	  	1994	  	Inter’l	  	490	  	2800 / A	  	1HTSDDAN0RH578629	  	32128	
 	  	16561	  	2004	  	Freight	  	16M	  	2800 / A	  	1FVACXCS24HM51654	  	32129	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Lewis - Hampton Bays	  	16514	  	2003	  	Sterl	  	ACTERRA	  	2800 / A	  	2FZACGCS73AM03583	  	30435	
 	  	16515	  	1999	  	Inter	  	4900	  	2800 / A	  	1HTSDAAN2XH647043	  	27911	
 	  	16516	  	1993	  	Inter	  	4900	  	3200 / A	  	1HTSDPPNXPH478657	  	30436	
 	  	16517	  	1993	  	Ford	  	LN8000	  	3200 / A	  	1FDXR82E8PVA33784	  	30437	
 	  	16519	  	1987	  	Ford	  	LN8000	  	2800 / A	  	1FDXR80U7HVA03137	  	30439	
 	 	 	 	 	 	 	 	
Manor Fuel	  	16550	  	2005	  	STERLING	  	ACT 7500	  	2800 A	  	2FZACGDC45AP00398	  	31107	
 	  	16551	  	2004	  	STERLING	  	ACT 7500	  	2800 A	  	2FZACGAKX4AM86415	  	31108	
 	  	16552	  	2002	  	FRGHT	  	F70	  	2800 A	  	1FVABTAK82HK29907	  	31109	
 	  	16553	  	1987	  	FORD	  	LS8000	  	3000 A	  	1FDXS80U9HVA28061	  	31110	
 	  	16556	  	2006	  	FRGHT	  	M2	  	2800 A	  	1FVHCYDC76HW30514	  	31547	
 	 	 	 	 	 	 	 	
Rye - Rochette	  	1374	  	1993	  	VOLVO	  	FE42	  	2800/A	  	4V52AEHC9PR471829	  	29135	
 	  	1375	  	1988	  	FORD	  	LN8000	  	3400/A	  	1FDYR82A1JVA46112	  	29133	
 	  	1376	  	2003	  	INTER	  	4400	  	2800/A	  	1HTMKAANO3H578409	  	29137	
 	  	1377	  	1996	  	INTER	  	4900	  	2800/A	  	1HTSDAANXTH302420	  	29138	
 	  	1378	  	1990	  	INTER	  	4900	  	2800/A	  	1HTSDZ7NXMH333030	  	29139	
 	  	1379	  	1987	  	INTER	  	S1900	  	2800/A	  	1HTLDTVN8JH34604	  	29140	
 	  	1380	  	2006	  	FRHTL	  	2106	  	2800/A	  	1FVACXCS56HW40611	  	19932	
 	  	1381	  	2002	  	FRGHT	  	FL70	  	2700	  	1FVABTAK62HK02334	  	28098	
 	  	1382	  	2005	  	INTER	  	4300	  	3499	  	IHTMMAAN85H105418	  	28126	
 	  	1370	  	2000	  	KENWO	  	T300	  	2800 A	  	1NKMHZ7X0YS851313	  	31538	
 	  	1372	  	1987	  	INTER	  	1954	  	2800 A	  	1HTLDTVN5HH534229	  	31537	
 	  	1373	  	2002	  	INTER	  	4400	  	2800 A	  	1HTMKAANX2H534707	  	31539	
 	 	 	 	 	 	 	 	
Skelton	  	16260	  	1996	  	FORD	  	L 8000	  	3400 A	  	1FDYS82E0TVA19364	  	32207	
 	  	16261	  	1997	  	INTER’L	  	4000	  	2800/A	  	1HTSDAAN8VH443182	  	29296	
 	  	16263	  	1985	  	MACK	  	MR600	  	3400/A	  	1M2K125C6FM008041	  	29293	
 	  	16265	  	1999	  	Peterbilt	  	330	  	2800 A	  	3BPNHD7X9XF480110	  	28000	
 	  	16266	  	2002	  	Freightliner	  	FL80	  	3000 S	  	1FVABXAK32HJ84981	  	28040	
 	  	16269	  	1999	  	INTER’L	  	4000	  	2800/A	  	1HTSDAAN7XH637852	  	29297	
 	  	16274	  	1980	  	MACK	  	MR	  	3400/A	  	MR685P3206	  	29289	
 	  	16276	  	1980	  	MACK	  	MR	  	3400/A	  	MR685P3208	  	29291	
 	  	16277	  	2005	  	INTER’L	  	4400	  	2700 S	  	1HTMKAAN46H250267	  	32178	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Great Falls	  	1	  	1999	  	FRGHT	  	HC80	  	2800	  	1FV6WFAA4XHB69914	  	31130	
 	  	5	  	1999	  	PETER	  	Bobtail	  	2400	  	1NPNHD7X8XS482555	  	31131	
 	  	6	  	1998	  	FORD	  	F800	  	1900	  	1FDNF80C6WVA23156	  	31132	
 	 	 	 	 	 	 	 	
Boston	  	1113	  	2004	  	FRGHT	  	CONDOR	  	5500A	  	1FVHCFS74RM79097	  	19114	
 	  	1150	  	2002	  	FRGHT	  	FL80	  	3000A	  	1FVABXAK02HJ84968	  	18240	
 	  	1152	  	1998	  	FORD	  	L8500	  	2800-1A	  	1FDXN80F1WV14290	  	11403	
 	  	1153	  	1997	  	FORD	  	LS8000	  	3000A	  	1FDYN80E4VVA39727	  	19894	
 	  	1154	  	1979	  	WHITE	  	ROAD EXP	  	3600A	  	3ARFGST021521	  	19943	
 	  	1155	  	1979	  	MACK	  	DM	  	4800A	  	DM685S43805	  	19958	
 	  	1156	  	1995	  	INTL	  	4900	  	3400A	  	1HTSDAAN5SH656781	  	20026	
 	  	1163	  	2004	  	INTL	  	7600	  	5000-1A	  	1HTWYAXT64J085261	  	18633	
 	  	1164	  	2004	  	INTL	  	7600	  	5000-1A	  	1HTWYAXT54J085302	  	18634	
 	  	1165	  	2004	  	INTL	  	7600	  	5000-1A	  	1HTWYAXT44J085260	  	18635	
 	  	1166	  	2004	  	INTL	  	7600	  	5000-1A	  	1HTWYAXT74J085267	  	18636	
 	  	1167	  	2007	  	FRGHT	  	BCM2	  	3000-1A	  	1FVFCYDC97HY19349	  	31152	
 	  	1178	  	1989	  	MACK	  	RW-700	  	4600A	  	1M2AY10Y2KM004387	  	11469	
 	  	1179	  	1978	  	WHITE	  	EXPEDITER	  	5000A	  	3QRFRGT014287	  	11470	
 	  	1182	  	1988	  	FORD	  	L9000	  	2800A	  	1FDXR82AOJVA58683	  	11473	
 	  	1185	  	1982	  	FORD	  	LN9000	  	3500A	  	1FDYR9OW2CVA19203	  	11476	
 	  	1195	  	1990	  	WHITE	  	WX64	  	5000A	  	4V2DCFMD1LN629540	  	11504	
 	  	1198	  	2005	  	INTL	  	7600	  	5000A	  	1HTWYSBT25J045788	  	18749	
 	  	1200	  	2005	  	FRGHT	  	B-3	  	4200 A	  	1FVHCYDC95HU23685	  	17814	
 	  	1202	  	1987	  	INTL	  	S195	  	30001/A	  	1HTLDTVN9HH499145	  	11388	
 	  	1203	  	1990	  	INTL	  	4900	  	3000 1/A	  	1HTSDTVN3LH223404	  	11389	
 	  	1218	  	1987	  	FORD	  	LN8000	  	2800 1/A	  	1FDXR80UXHV48928	  	11404	
 	  	1225	  	1997	  	VOLVO	  	FE42	  	3400 1/A	  	4VM2AFD6VR476885	  	11419	
 	  	1226	  	1986	  	FORD	  	L8000	  	3000 A	  	1FDXR80UGVA55390	  	31080	
 	  	1228	  	1987	  	FORD	  	C8000	  	3400 1/A	  	1FDYD80U1HVA46102	  	11422	
 	  	1230	  	1987	  	FORD	  	LN8000	  	3000 1/A	  	1FDYR80U8HVA60600	  	11423	
 	  	1231	  	2002	  	FRGHT	  	FL80	  	3000 1/A	  	1FVABXAK9HJ84967	  	18250	
 	  	1233	  	2004	  	INTL	  	7600	  	5000 1/A	  	1HTWYAXT74J085303	  	18637	
 	  	1234	  	2004	  	INTL	  	7600	  	5000 1/A	  	1HTWYAXT04J085305	  	18638	
 	  	1237	  	2005	  	INTL	  	7600	  	5000A	  	1HTWYSBT05J045787	  	18748	
 	  	1238	  	1995	  	WHITE	  	EXP	  	5500A	  	4V2DCFMEXSN689176	  	11465	
 	  	1255	  	2004	  	INTER	  	BUS CLASS	  	3400A	  	1HTMKAAN14H664586	  	19115	
 	  	1256	  	2005	  	FRGHT	  	B2	  	4400A	  	1FVHCYDC95HU21483	  	19116	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
North Haven	  	1001	  	1986	  	MACK	  	DM685S	  	5000D/A	  	2M2B126C2GC012393	  	9844	
 	  	1003	  	2002	  	FRGHT	  	FL80	  	3300/A	  	1FVABXAK22HJ84969	  	18233	
 	  	1007	  	2002	  	FRGHT	  	FL80	  	3300A	  	1FVABXAK22HJ84972	  	18236	
 	  	1008	  	1989	  	VOLVO	  	FE615	  	3000/A	  	YB3U6A3A4KB427871	  	9853	
 	  	1012	  	1993	  	FORD	  	LN8000	  	2700/A	  	1FDXR82EXPVA17408	  	9843	
 	  	1014	  	1988	  	FORD	  	LN8000	  	2800/A	  	1FDXR82A7JVA25020	  	9845	
 	  	1016	  	1979	  	WHITE	  	EXP11	  	3400/A	  	3ARFGGT036040	  	9846	
 	  	1025	  	1977	  	FORD	  	LN8000	  	3000/A	  	R80DVY49575	  	9884	
 	  	1026	  	1987	  	MACK	  	MS300P	  	3000/A	  	VG6M112B5HB065537	  	9861	
 	  	1036	  	1990	  	FORD	  	LTS9000	  	4400 A	  	1FDZY90W3LVA07391	  	9862	
 	  	1037	  	2004	  	INTER	  	7600	  	5000/1/A	  	1HTWYAXT84J085262	  	18639	
 	  	1038	  	2004	  	INTER	  	7600	  	5000/1/A	  	1HTWYAXT04J085269	  	18640	
 	 	 	 	 	 	 	 	
Norwalk	  	1400	  	2002	  	FRGHT	  	FL 80	  	3300A	  	1FVABXAK92HJ84970	  	18234	
 	  	1402	  	1999	  	INTR	  	4900	  	2800A	  	1HTSDAAN7XH647796	  	10089	
 	  	1409	  	2001	  	INTER	  	4400	  	2800 A	  	1HTMKAAN53H540530	  	31752	
 	  	1410	  	1995	  	FORD	  	LN8000	  	3500A	  	1FDXR82E35VAO8395	  	10091	
 	  	1411	  	1998	  	FORD	  	LN8000	  	3600A	  	1FDXN80E0WVA39852	  	10090	
 	  	1416	  	1988	  	FORD	  	LN8000	  	2700/A	  	1FDXR82AXJVA47450	  	9983	
 	  	1427	  	1988	  	FORD	  	LN8000	  	3250A	  	1FDXR82AXJVAO5232	  	9990	
 	  	1428	  	1988	  	FORD	  	LN8000	  	2850A	  	1FDXS8OU4JVA09939	  	9991	
 	  	1429	  	1988	  	FORD	  	L8000	  	2500A	  	1FDXR82A3JVA47449	  	9984	
 	  	1448	  	2005	  	PTRBLT	  	335	  	3000	  	2NPLHZ7X15M849988	  	31576	
 	  	1450	  	2002	  	FRGHT	  	FL 80	  	3300A	  	1FVABXAK02HJ84971	  	18235	
 	  	1452	  	2002	  	FRGHT	  	FL 80	  	3000A	  	1FVABXAK42HJ84973	  	18237	
 	  	1474	  	1989	  	INTR	  	1900	  	2800A	  	1HTLDTVN5KH625282	  	9744	
 	  	1475	  	1990	  	INTR	  	4900	  	3400A	  	1HTSHNHR7LH298573	  	9741	
 	  	1476	  	1990	  	INTR	  	4900	  	3500A	  	1HTSHNHR3LH282712	  	9742	
 	  	1477	  	1993	  	INTR	  	4900	  	3000A	  	1HTSDPPR7PH477985	  	9740	
 	  	1482	  	2005	  	INTR	  	7600	  	5000A	  	1HTWYSBT75J045785	  	18545	
 	  	1483	  	2005	  	INTR	  	7600	  	5000A	  	1HTWYSBT95J045786	  	18546	
 	 	 	 	 	 	 	 	
Ryan - G & S	  	1053	  	2002	  	KENWORTH	  	T300	  	2800A	  	2NKMHD7XX2M888359	  	19161	
 	  	1057	  	2006	  	KENWORTH	  	T300	  	2800A	  	2NKMHD7XX6M145836	  	19162	
 	  	1500	  	2004	  	INTER	  	BOBTAIL	  	2799	  	1HTMMAAN84H678303	  	28124	
 	  	1505	  	1984	  	FORD	  	L8000	  	3000/A	  	1FDYR8OU3EVA53002	  	19140	
 	  	1521	  	1995	  	INTHR	  	4900	  	2800/A	  	1HTSDAAN7SH666180	  	19141	
 	  	1522	  	1997	  	INTHR	  	4900	  	2800/A	  	1HTSDAAN2VH467459	  	19142	
 	  	1523	  	1987	  	FORD	  	L8000	  	3000/A	  	1FDXR8OU7HVA41192	  	19146/19168	
 	  	1525	  	1991	  	FORD	  	L8000	  	3000/A	  	1FDYR82A8MVA05822	  	19148	
 	  	1548	  	1993	  	KW	  	T8	  	 	  	1XKDDR9X5PJ610754	  	18883	
 	  	1549	  	1993	  	HEIL	  	9200 A	  	 	  	1HLA3A7F6P7H57147	  	18884	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Ray	  	1800	  	2009	  	Inter’l	  	7600	  	4500 A	  	1HTWYSBT49J093900	  	31055	
 	  	1801	  	1991	  	Inter’l	  	4900	  	2800 A	  	1HTSDZ7N2MH312821	  	30994	
 	  	1805	  	1998	  	Inter’l	  	9200	  	5000 A	  	2HTFMAXTXWC040353	  	31041	
 	  	1806	  	2000	  	Inter’l	  	4900	  	4000A	  	1HTSHADR1YH250511	  	31042	
 	  	1807	  	2001	  	Inter’l	  	8100	  	4500 A	  	1HTHCATT91H378426	  	31044	
 	  	1808	  	2002	  	Inter’l	  	8100	  	4500 A	  	1HTHCATT02H519644	  	31045	
 	  	1809	  	1999	  	Inter’l	  	4900	  	2800 A	  	1HTSDAAN0XH608192	  	31046	
 	  	1810	  	2003	  	Inter’l	  	4400	  	2800 A	  	1HTMKAAN93H572141	  	31047	
 	  	1811	  	1995	  	Inter’l	  	2674	  	4500 A	  	1HTGLAUR0SH611626	  	31048	
 	  	1812	  	2005	  	Inter’l	  	7400	  	3000 A	  	1HTWCADR25J038351	  	31049	
 	  	1813	  	2003	  	Inter’l	  	4400	  	2800 S	  	1HTMKAAN23H590867	  	31050	
 	  	1814	  	2005	  	Inter’l	  	4400	  	3499	  	1HTMMAAN15H106782	  	31018	
 	  	1815	  	2006	  	Inter’l	  	7600	  	4500 A	  	1HTWYSBT26J314700	  	31051	
 	  	1816	  	2007	  	Inter’l	  	7600	  	4500 A	  	1HTWYSBT47J438131	  	31052	
 	  	1817	  	2008	  	Inter’l	  	7600	  	5000	  	1HTWYSBT78J568499	  	31020	
 	  	1818	  	2008	  	Inter’l	  	7600	  	4500A	  	1HTWYSBT88J657482	  	31054	
 	  	1819	  	1998	  	Peter	  	330	  	3499	  	3BPNHC7X8W471509	  	31022	
 	  	1820	  	2009	  	Inter’l	  	7600	  	5000	  	1HTWYSBR59J176241	  	31025	
 	  	1821	  	2009	  	Inter’l	  	4400	  	2800 A	  	1HTMKAANX9H143583	  	31057	
 	  	1822	  	2011	  	Inter’l	  	7600	  	5000	  	1HTWYSJR2BJ336020	  	31026	
 	  	1823	  	2010	  	Inter’l	  	7600	  	4500 A	  	1HTWYSJT5AJ286286	  	31056	
 	  	1824	  	2012	  	Inter’l	  	Bobtail	  	4500	  	1HTGSSJRXCJ583552	  	31034	
 	  	1825	  	2012	  	Inter’l	  	Bobtail	  	4500	  	1HTGSSJR8CJ583551	  	31035	
 	  	1828	  	2005	  	Inter’l	  	7600	  	5000 A	  	1HTWYSBT45J045789	  	31289	
 	  	1840	  	1998	  	Inter’l	  	910	  	 	  	2HSFRAMR3WC039737	  	31043	
 	  	1845	  	1988	  	Almac	  	6500 A	  	 	  	2A9YA410J1001698	  	31059	
 	 	 	 	 	 	 	 	
Kasden - EH	  	1062	  	2006	  	INTER	  	4300	  	BOBTAIL	  	1HTMMAAN26H175336	  	28125	
 	  	1063	  	1997	  	INTER	  	4900	  	2800 A	  	1HTSDAAN6VH456609	  	28052	
 	  	1064	  	2000	  	INT’L	  	2600	  	4500 A	  	1HTGLAHT7YH249454	  	28053	
 	  	1066	  	2004	  	KENWTH	  	T300	  	2800 A	  	2NKMHD7X94M061732	  	28055	
 	  	1068	  	2005	  	KENWTH	  	T300	  	2800 A	  	2NKMHD7X95M085045	  	28057	
 	  	1069	  	2005	  	INTER	  	4400	  	2800 A	  	1HTMKAAN65H116553	  	28059	
 	  	1070	  	1999	  	KENWTH	  	T300	  	2800 A	  	3BKMH77X5SF790063	  	28060	
 	  	1071	  	2007	  	INTER	  	4400	  	2800 A	  	1HTMKAAN57H455601	  	28061	
 	  	1072	  	2007	  	INTER	  	4400	  	2800 A	  	1HTMKAAN17H463582	  	28062	
 	  	1073	  	2007	  	INTER	  	4400	  	2800 A	  	1HTMKAANX7H463581	  	28063	
 	  	1074	  	2007	  	INTER	  	4400	  	2800 A	  	1HTMKAAN67H416662	  	28064	
 	  	1075	  	2007	  	INTER	  	4400	  	2800 A	  	1HTMKAAN37H416666	  	28065	
 	  	1076	  	1991	  	INTER	  	4900	  	2800	  	1HTSDZ7N6MG341335	  	28066	
 	  	1078	  	1984	  	INT’L	  	S1900	  	2800A	  	1HTLDTVN2EHA63767	  	28284	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Buckley	  	1321	  	1999	  	INTL	  	4900	  	2800A	  	1HTSDAAN3XH619106	  	18933	
 	  	1322	  	2010	  	INTL	  	4300	  	2800A	  	1HTMMAAN7AH278549	  	18934	
 	  	1323	  	2007	  	INTL	  	4300	  	2800A	  	1HTMMAAN27H410710	  	18935	
 	  	1324	  	2003	  	INTL	  	4400	  	2800A	  	1HTMKAAN33H562852	  	18948	
 	  	1325	  	2000	  	INTL	  	4900	  	2800A	  	1HTSDAAN7YH282022	  	18949	
 	  	1326	  	2005	  	PTRBL	  	PB335	  	2800A	  	2NPLHZ7X25M858506	  	18950	
 	  	1327	  	2001	  	INTL	  	4900	  	2800A	  	1HTSDAAN61H366936	  	18952	
 	  	1329	  	1992	  	INTL	  	4900	  	2800A	  	1HTSDNUN6NH401368	  	18954	
 	  	1330	  	1994	  	FRGHT	  	FL60	  	2800A	  	1FV6HF13A7RL719080	  	18955	
 	  	1331	  	2005	  	PTRBL	  	PB335	  	2800S	  	2NPLHZ7X95M850001	  	18956	
 	  	1332	  	1995	  	FORD	  	L8000	  	2800S	  	1FDXR82E9SVA18316	  	18957	
 	  	1333	  	2009	  	INTL	  	4300	  	3000S	  	1HTMMAAN49H129981	  	18958	
 	  	1334	  	2009	  	INTL	  	4300	  	2800A	  	1HTMMAAN09H105404	  	18951	
 	  	1336	  	1997	  	FORD	  	LS8000	  	3000A	  	1FDYN80E6VVA39728	  	19893	
 	  	1338	  	2005	  	INT’L	  	4400	  	3500	  	1HTMMAAN15H100657	  	31620	
 	 	 	 	 	 	 	 	
Rhode Island	  	1301	  	1989	  	FORD	  	L8000	  	2800/A	  	1FDXR82A7KVA05397	  	11821	
 	  	1302	  	1987	  	INTER	  	S1900	  	2800	  	1HTLDTVN8HH499587	  	19889	
 	  	1303	  	1990	  	INTL	  	4900	  	2800A	  	1HTSDTVN1LH657000	  	12058	
 	  	1305	  	1990	  	FORD	  	L8000	  	2800A	  	1FDYR82A4LVA44633	  	11823	
 	  	1601	  	1995	  	FRHT	  	FL70	  	2700/A	  	1FV6HLBA6SL708852	  	11628	
 	  	1612	  	1993	  	GMC	  	8500	  	2850/A	  	1GDM7H1J9PJ503075	  	11536	
 	  	1617	  	1995	  	FORD	  	LN8000	  	2700A	  	1FDXR82E9SVA48397	  	11539	
 	  	1618	  	1990	  	INTL	  	4900	  	5000A	  	1HTSHZ3T8LH242197	  	11540	
 	  	1620	  	1994	  	FORD	  	LN8000	  	2850A	  	1FDXR82E1RVA13668	  	11542	
 	  	1624	  	1994	  	FORD	  	LN8000	  	2850A	  	1FDXR82EXRVA13670	  	11546	
 	  	1628	  	1990	  	FORD	  	LN8000	  	2450A	  	1FDXR72P1LVA04116	  	11608	
 	  	1630	  	1990	  	INTL	  	4900	  	2850A	  	1HTSDDBN2LH239555	  	11550	
 	  	1634	  	1988	  	FORD	  	LN8000	  	2700A	  	1FDXR82A6JVA32945	  	11627	
 	  	1635	  	1987	  	FORD	  	LN8000	  	2700A	  	1FDXR80U7HVA56498	  	11622	
 	  	1637	  	1993	  	FORD	  	LN8000	  	2700A	  	1FDXR82E9PVA06366	  	11629	
 	  	1638	  	1994	  	FORD	  	LN8000	  	3200A	  	1FDXR82E1RVA10771	  	11624	
 	  	1643	  	1998	  	MACK	  	RD688S	  	2500/2500	  	1M2P267C4WM038811	  	11773	
 	  	1648	  	1994	  	FRHT	  	FL70	  	2000/600A	  	1FV6HFAA7RL584586	  	11676	
 	  	1649	  	1995	  	FORD	  	LN8000	  	2300/400A	  	1FDXR82E0SVA08418	  	11723	
 	  	1650	  	1991	  	INTL	  	1954	  	3000A	  	1HTSDZ7N5MH348907	  	11559	
 	  	1652	  	1998	  	PTRBL	  	330	  	3000A	  	3BPNHD7X2WF456309	  	11623	
 	  	1653	  	1990	  	INTL	  	4300	  	2700A	  	1HTSDTVNOLH238586	  	11626	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1654	  	1987	  	INTL	  	S1954	  	3000A	  	1HTLDTVN6HH509646	  	11560	
 	  	1657	  	1989	  	INTL	  	S1954	  	2800A	  	1HTLDTVNXKH635581	  	11561	
 	  	1664	  	1998	  	FORD	  	LN8000	  	2800A	  	1FDXN80F3WVA14825	  	11716	
 	  	1665	  	1997	  	FORD	  	LN8000	  	2800A	  	1FDXR82E7VVA22885	  	11673	
 	  	1666	  	1997	  	MACK	  	CS300P	  	2700A	  	VG6BA09B3VB701567	  	11695	
 	  	1667	  	1997	  	MACK	  	CS300P	  	2700A	  	VG6BA09BXVB701565	  	11696	
 	  	1668	  	1997	  	MACK	  	CS300P	  	2700A	  	VG6BA09B7VB701569	  	11697	
 	  	1669	  	1995	  	FRHT	  	FL70	  	2700A	  	1FV6HFBA9SL652326	  	11682	
 	  	1673	  	1993	  	FORD	  	LN8000	  	2800A	  	1FDXR82E4PVA33975	  	11678	
 	  	1677	  	1990	  	INTL	  	4900	  	2800	  	1HTSDTVN3LH250456	  	11569	
 	  	1681	  	1991	  	INTL	  	4900	  	3000	  	1HTSDZ7N3MH331118	  	11573	
 	  	1683	  	1995	  	VOLVO	  	FE42	  	3200A	  	4V52AFHD3SR475110	  	11575	
 	  	1685	  	1992	  	FORD	  	LN8000	  	2800A	  	1FDXR82A8NVA02688	  	11680	
 	  	1690	  	1989	  	INTL	  	S1900	  	2800A	  	1HTLDDBN9KH656531	  	11757	
 	  	1692	  	1987	  	FORD	  	LN8000	  	2800A	  	1FDXR82A5HVA31294	  	11739	
 	  	1693	  	1987	  	FORD	  	LN8000	  	2800A	  	1FDXR80UXHVA58746	  	11740	
 	  	1694	  	1987	  	INTL	  	S1900	  	2800A	  	1HTLDTVN1HHA20283	  	11747	
 	  	1698	  	1986	  	FORD	  	LN8000	  	2800A	  	1FDXR80W7GVA08207	  	11743	
 	  	1699	  	1984	  	INTL	  	S1900	  	2800A	  	1HTLDTVN7EHA68673	  	11744	
 	  	1711	  	2002	  	KENWORTH	  	T300	  	3000A B	  	2NKMHY7XX2M884187	  	12674	
 	  	1712	  	2002	  	KENWORTH	  	T300	  	3000A B	  	2NKMHY7X82M884186	  	12675	
 	  	1713	  	2003	  	FRGHT	  	FL70	  	3000A B	  	1FVABTBV63HL09412	  	12676	
 	  	1714	  	2003	  	FRGHT	  	FL70	  	2800A B	  	1FVABTBV83HL09413	  	12677	
 	  	1715	  	1987	  	WHITE	  	WX42	  	3300	  	1WXDAHAC1HN123001	  	12090	
 	  	1718	  	1993	  	FRGHT	  	FL70	  	3000A BL	  	1FV6HFAA3PL494168	  	12093	
 	  	1719	  	1994	  	FRGHT	  	FL70	  	3000A B	  	1FV6HFAA0RL710139	  	12678	
 	  	1720	  	1994	  	FRGHT	  	FL70	  	3000A BL	  	1FV6HFAA9RL710138	  	12094	
 	  	1721	  	1994	  	FRGHT	  	FL70	  	3000A BL	  	1FV6HFAAXRL556412	  	12095	
 	  	1722	  	1995	  	FRGHT	  	FL70	  	3000A B	  	1FV6HFAA1SL635246	  	12679	
 	  	1723	  	1995	  	FORD	  	LN8000	  	3000A BL	  	1FDXR82E2SVA07769	  	12096	
 	  	1724	  	1995	  	FORD	  	LN8000	  	3000A BL	  	1FDXR82E0SVA07768	  	12097	
 	  	1725	  	1994	  	FORD	  	LN8000	  	2800A TL	  	1FDXR82E0RVA21986	  	12098	
 	  	1727	  	1996	  	MACK	  	RD690	  	5000A BL	  	1M2P264CXTM019583	  	12102	
 	  	1729	  	2000	  	FRGHT	  	FL70	  	3000A BL	  	1FV6HFBAXYHF06600	  	12106	
 	  	1770	  	1989	  	FORD	  	LNT9000	  	 	  	1FDYW90W3KVA48197	  	28222	
 	  	1771	  	1989	  	MACK	  	R688ST	  	 	  	1M2N187Y3KW029047	  	11735	
 	  	1773	  	1985	  	MACK	  	R686ST	  	 	  	1M2N179Y8FA001156	  	11734	
 	  	1775	  	1990	  	FRHT	  	FLD120	  	 	  	1FUYDCYBLH376750	  	11767	
 	  	1776	  	1990	  	PETER	  	375	  	 	  	1XPBDE9X2LN302261	  	17953	
 	  	1785	  	1981	  	HEIL	  	11800A	  	 	  	1HLA3A7B0B7K51719	  	11726	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1786	  	1980	  	FRUHF	  	11500A	  	 	  	UNT022402	  	11763	
 	  	1787	  	1978	  	FRUHF	  	10900	  	 	  	UN2606704	  	11762	
 	  	1788	  	1987	  	HEIL	  	9400A	  	 	  	1HLA3A7B3H7H53457	  	11764	
 	  	1790	  	1985	  	HEIL	  	8500A	  	 	  	1HLA3A7BXF7G53045	  	11727	
 	  	1791	  	1976	  	TRLMB	  	9250A	  	 	  	P40054	  	11761	
 	  	1793	  	1978	  	FRUHF	  	9200A	  	 	  	UNZ596008	  	28224	
 	 	 	 	 	 	 	 	
Woods	  	1551	  	1995	  	FRHGT	  	FL70	  	2700	  	1FV6HLBA7SL686294	  	17156	
 	  	1553	  	1998	  	FRGHT	  	FL70	  	2700	  	1FV6HLBA2WH915067	  	17158	
 	  	1561	  	2000	  	FRGHT	  	FL70	  	2700	  	1FV6HJBAXYHA37835	  	17159	
 	  	1562	  	2001	  	FRGHT	  	FL70	  	2700	  	1FVABTAK31HG48605	  	17160	
 	  	1564	  	2002	  	FRGHT	  	FL70	  	2700	  	1FVABTAK72HJ83342	  	17162	
 	  	1565	  	2003	  	FRGHT	  	FL70	  	2800	  	1FVACXAK93HL69535	  	17163	
 	  	1566	  	2003	  	FRGHT	  	FL70	  	2800	  	1FVABTAK43HK55227	  	17164	
 	  	1567	  	2004	  	FRGHT	  	M2-106	  	2700	  	1FVACXDC14HN51865	  	17165	
 	  	1568	  	2004	  	FRGHT	  	M2-106	  	2700	  	1FVACXDC34HN51866	  	17166	
 	  	1571	  	1997	  	FRGHT	  	FL70	  	2700	  	1FV6HLBA9VH667415	  	17157	
 	  	1572	  	1984	  	FORD	  	F-700	  	2200	  	1FDXF70H7EVA45342	  	17144	
 	  	1573	  	1993	  	FRGHT	  	FL70	  	2700	  	1FV6HFAA8PL481674	  	17155	
 	  	1575	  	2007	  	FRGHT	  	M2-106	  	2700	  	1FVACXDC87HY21906	  	17167	
 	  	1583	  	1988	  	FORD	  	LN8	  	2700	  	1FDXR82A9JVA47455	  	17154	
 	 	 	 	 	 	 	 	
Burke	  	1700	  	2000	  	Peterbilt	  	330	  	2800A	  	1NPNHD8X9YS528023	  	16968	
 	  	1701	  	2000	  	Peterbilt	  	330	  	2800A	  	1NPNHD8X7YS528022	  	16967	
 	  	1702	  	2007	  	Freightliner	  	M2-106	  	3600A	  	1FVFCYDC47HY19355	  	31165	
 	  	1703	  	2007	  	Mack	  	Granite -CTP	  	4500A	  	1M2AT04C47M004924	  	31164	
 	  	1704	  	2005	  	Internat’l	  	7400	  	3600A	  	1HTWCAARX5J007532	  	18774	
 	  	1705	  	2005	  	Internat’l	  	7400	  	3600A	  	1HTWCAAR15J007533	  	18775	
 	  	1706	  	2002	  	Kenworth	  	T300	  	2800A	  	2NKMHZ7X12M891907	  	17065	
 	  	1707	  	2001	  	Kenworth	  	T300	  	2800A	  	2NKMHZ7XX1M876840	  	17066	
 	  	1708	  	1995	  	Internat’l	  	4900	  	2800A	  	1HTSDAAN5SH679557	  	17067	
 	  	1709	  	1989	  	Ford	  	LN8000	  	2800A	  	1FDXR82A1KVA45541	  	17068	
 	  	1713	  	1990	  	Ford	  	LN8000	  	3000A	  	1FDXR82A6LVA02833	  	13991	
 	  	1717	  	1997	  	Ford	  	L9000	  	3000A	  	1FDYR90L5VVA17423	  	15834	
 	  	1718	  	1998	  	Ford	  	LO8	  	2800A	  	1FDXN80F2WVA41160	  	13998	
 	  	1723	  	1993	  	Mack	  	MS3	  	2800A	  	VG6M118B8PB300647	  	13996	
 	  	1732	  	2005	  	Internat’l	  	7600	  	5000A	  	1HTWYSBT25J007526	  	18773	
 	  	1736	  	2001	  	Peterbilt	  	330	  	3000A	  	2NPNHD8X21M558663	  	16814	
 	  	1737	  	2001	  	Peterbilt	  	330	  	3000A	  	2NPNHD8X71M558626	  	16813	
 	  	1738	  	2004	  	Peterbilt	  	330	  	3200A	  	2NPNHD8X54M810877	  	18288	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1739	  	1997	  	Ford	  	L9T	  	4000A	  	1FDYS96T0VVA30883	  	13999	
 	  	1740	  	1995	  	Ford	  	L9000	  	3200A	  	1FDYR90L0SVA83809	  	15833	
 	  	1744	  	1999	  	Inter	  	4900	  	2800A	  	1HTSDAAN9XH661599	  	17047	
 	  	1745	  	1990	  	Inter	  	4900	  	3200A	  	1HTSETVR4LH206773	  	17048	
 	  	1746	  	1985	  	Inter	  	S1980	  	3000A	  	1HTLDTVN9FHA35305	  	17049	
 	  	1750	  	1998	  	Peterbilt	  	330	  	2800A	  	3BPNHD7X3WF457811	  	16272	
 	  	1751	  	1999	  	Peterbilt	  	330	  	2800A	  	3BPNHD7XXXF494338	  	17031	
 	  	1752	  	1995	  	Volvo	  	VFE	  	2800A	  	4V52AEHD6SR474415	  	13970	
 	  	1767	  	1995	  	Ford	  	L9000	  	2800A	  	1FDYR90L1SVA17415	  	13977	
 	  	1768	  	1995	  	Ford	  	L9000	  	3000A	  	1FDYR90LXSVA17414	  	13978	
 	  	1769	  	1994	  	Ford	  	L9000	  	3000A	  	1FDYR90L5RVA09585	  	13979	
 	  	1774	  	1998	  	Internat’l	  	DT466	  	2800A	  	1HTSDAANXWH555368	  	17214	
 	  	1780	  	2005	  	Internat’l	  	7600	  	 	  	1HSWYSBR35J131149	  	18776	
 	  	1783	  	1998	  	Peterbilt	  	378	  	 	  	1XPFDB0X0WN456842	  	16271	
 	  	1786	  	2002	  	Peterbilt	  	357	  	 	  	1XPADB0X92D574415	  	unknown	
 	  	1787	  	2002	  	Peterbilt	  	357	  	 	  	1XPADB0X42N574588	  	unknown	
 	  	1790	  	2005	  	HEIL	  	A9200	  	 	  	5HTAB432257H68515	  	18810	
 	  	1793	  	1993	  	Fruehauf	  	A9200	  	 	  	1H4T04337PL001101	  	14004	
 	  	1794	  	1995	  	Fruehauf	  	A9200	  	 	  	4J8T04236ST009001	  	14005	
 	  	1797	  	2002	  	Fruehauf	  	A9200	  	 	  	4J8T042382T003801	  	15712	
 	 	 	 	 	 	 	 	
Carpenter & Smith	  	1000	  	2002	  	Mack	  	RB600	  	4500A	  	1M3AM27K22M001102	  	17230	
 	  	1001	  	1994	  	Marmon	  	SBA	  	4500A	  	1JUDEF185R1000040	  	17231	
 	  	1002	  	2001	  	Intnat’l	  	4900	  	2700A	  	1HTSDAAN21H329656	  	17232	
 	  	1003	  	2000	  	Intnat’l	  	4800	  	2000A	  	1HTSEAAN8YH254114	  	17233	
 	  	1005	  	2005	  	Intnat’l	  	7400	  	2700A	  	1HTWCAAN55J050141	  	17235	
 	  	1006	  	2002	  	Intnat’l	  	4300	  	2700A	  	1HTMMAAN22H505194	  	17236	
 	  	1007	  	2004	  	Mack	  	RB600	  	4500A	  	1M3AM27K04M001103	  	17237	
 	  	1008	  	1990	  	Intnat’l	  	4900	  	2700A	  	1HTSDTVN5LH690744	  	17238	
 	  	1009	  	1990	  	Ford	  	LN8000	  	2700S	  	1FDXR82AXLVA05914	  	17239	
 	  	1010	  	2007	  	Intnat’l	  	7400	  	2700A	  	1HTWCAAN27J428578	  	17240	
 	  	1011	  	1997	  	Intnat’l	  	4900	  	2800	  	1HTSDAAN7VH446512	  	18922	
 	  	1014	  	1987	  	Ford	  	L8000	  	3600 A	  	1FDYR80U6HV59039	  	31271	
 	  	1015	  	1989	  	Ford	  	L8000	  	3600 A	  	1FDYR82A6KVA46530	  	31272	
 	 	 	 	 	 	 	 	
Region	  	1501	  	1986	  	FORD	  	LN8000	  	3400A	  	1FDXR80U0GVA52792	  	14117	
 	  	1504	  	1993	  	FORD	  	LS8000	  	3400A	  	1FDYS82E3PVA06095	  	14138	
 	  	1509	  	1994	  	GMC	  	TOPKICK	  	2800A	  	1GDM7H1J1RJ518401	  	14115	
 	  	1510	  	1990	  	FORD	  	LN8000	  	2800A	  	1FDXR82A5LVA04976	  	14125	
 	  	1511	  	1998	  	FREIGHTL	  	FL70	  	3000A	  	1FV6HFBA8WH901868	  	14126	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1512	  	1988	  	FREIGHTL	  	FLC112	  	4000A	  	1FVXZWYB8JH405902	  	17955	
 	  	1514	  	1993	  	FORD	  	LN8000	  	2700A	  	1FDYR82E2RVA18768	  	13891	
 	  	1515	  	2001	  	STERLING	  	L8500	  	3400A	  	2FZAAWAKX1AH80864	  	28169	
 	  	1516	  	2002	  	STERLING	  	L8500	  	3400A	  	2FZAAWAK92AJ88418	  	28170	
 	  	1518	  	1993	  	FORD	  	LS8000	  	3400A	  	1FDYS82E1PVA06094	  	14141	
 	  	1519	  	1997	  	FORD	  	LS8000	  	3400A	  	1FDYS82E8VVA22063	  	15831	
 	  	1520	  	1997	  	FORD	  	LS8000	  	3400A	  	1FDYS82EXVVA22064	  	15832	
 	  	1521	  	2001	  	STERLING	  	L8500	  	3400A	  	2FZAAWAK81AH80863	  	16811	
 	  	1522	  	1998	  	FORD	  	L8000	  	2800A	  	1FDXN80F3WVA05588	  	18280	
 	  	1523	  	1998	  	FORD	  	LS8000	  	3600A	  	1FDYS80E4WVA24266	  	16262	
 	  	1524	  	1999	  	STERLING	  	L8513	  	3400A	  	2FZ6MLBB3XAB16019	  	16975	
 	  	1526	  	1996	  	FORD	  	LS8000	  	3400A	  	1FDYS82EXTVA17864	  	15830	
 	  	1527	  	1995	  	FORD	  	LS8000	  	3400A	  	1FDYS82E2SVA21700	  	14146	
 	  	1529	  	1993	  	FORD	  	LS8000	  	3400A	  	1FDYS82E5PVA06096	  	14148	
 	  	1530	  	1994	  	IH	  	4900	  	2800A	  	1HTSDAAN4RH570842	  	14152	
 	  	1533	  	2004	  	STERLING	  	L8500	  	2800S	  	2FZAAVAK34AM59308	  	18313	
 	  	1534	  	2002	  	FREIGHTL	  	FL80	  	3300A	  	1FVABXAK72HJ84983	  	18251	
 	  	1543	  	1992	  	FORD	  	LN8000	  	3000A	  	1FDYR82A6NVA03942	  	13895	
 	  	1547	  	1995	  	FORD	  	LN8000	  	3000A	  	1FDYR82E3SVA12516	  	13897	
 	  	1548	  	2004	  	STERLING	  	L8500	  	3400A	  	2FZAAVAK54AM59309	  	18314	
 	  	1552	  	1998	  	INTERNAT’L	  	4900	  	2800S	  	1HTSDAAN2WH538306	  	17045	
 	  	1580	  	1996	  	KENWORTH	  	T800	  	 	  	1XKDDR9X3TS21971	  	32229	
 	  	1585	  	1997	  	WESTERN	  	4900	  	 	  	2WKPDDCF2VK946554	  	15808	
 	  	1586	  	1998	  	FORD	  	LT9500	  	 	  	1FTYS96W2WVA18587	  	16261	
 	  	1588	  	2002	  	STERLING	  	L9500	  	 	  	2FWJAZAS22AJ81647	  	15663	
 	  	1595	  	1999	  	FRUEHAUL	  	9200A	  	 	  	4J8T04326XT001901	  	16976	
 	  	1596	  	2000	  	FRUEHAUL	  	9200A	  	 	  	4J8T042271T008901	  	14136	
 	  	1597	  	2001	  	FRUEHAUL	  	9200A	  	 	  	4J8TO42252TOO2001	  	15691	
 	  	1598	  	1998	  	HEIL	  	9200A	  	 	  	5HTAB432OW7H61807	  	16257	
 	  	1599	  	2005	  	HEIL	  	9200A	  	 	  	5HTAB432057H68514	  	18809	
 	 	 	 	 	 	 	 	
Effron	  	1650	  	1997	  	FORD	  	LN8000	  	3400/A	  	1FDYS82E6VVA19839	  	15835	
 	  	1651	  	1990	  	MACK	  	DM685	  	4700/A	  	1M2B197C7LM007191	  	13907	
 	  	1653	  	1999	  	INTER	  	4400	  	3400/A	  	1HTSDADR0XH667600	  	17018	
 	  	1655	  	2005	  	INTER	  	4300	  	BOBTAIL	  	1HTMMAAN55H119647	  	28118	
 	  	1656	  	2004	  	INTER	  	4400	  	3000/A	  	1HTMKADN94H662709	  	18473	
 	  	1659	  	1988	  	MACK	  	DM685	  	4300/A	  	1M2B179C7JM004094	  	13908	
 	  	1660	  	1988	  	MACK	  	DM685	  	4300/A	  	1M2B179C0JM004096	  	13909	
 	  	1662	  	1992	  	MACK	  	DM685	  	4000/A	  	1M2B221C6NM009577	  	13915	
 	  	1663	  	1990	  	MACK	  	DM685	  	4300/A	  	1M2B179C0LM006806	  	13910	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1666	  	1998	  	PETER	  	330	  	3400/A	  	3BPNHD8X7WF457812	  	16273	
 	  	1672	  	1990	  	GMC	  	8500	  	2850A	  	1GDM7H1J4LJ601098	  	17401	
 	  	1675	  	1991	  	MACK	  	DM685	  	4300/A	  	1M2B221C8MM008428	  	13901	
 	  	1679	  	1994	  	FORD	  	LN8000	  	3500/A	  	1FDYS82E5RVA18767	  	13903	
 	  	1689	  	2004	  	INTER	  	4300	  	3000/A	  	1HTMMAAN55H121429	  	18781	
 	  	1699	  	2005	  	INTER	  	8600	  	4500/A	  	1HTWYSBT65J007531	  	18780	
 	 	 	 	 	 	 	 	
Leffler	  	1200	  	2006	  	INTERNAT’L	  	4300	  	3000S	  	1HTMMAAN96H247388	  	19946	
 	  	1201	  	1997	  	INTERNAT’L	  	4700	  	3000S	  	1HTSCAAN7VH463149	  	19947	
 	  	1202	  	2005	  	INTERNAT’L	  	4300	  	2800A	  	1HTMMAAN55H121043	  	19948	
 	  	1205	  	2000	  	FRTLINER	  	FL70	  	3100A	  	1FV6HJAAGYH46602	  	19949	
 	  	1902	  	2006	  	INTNAT’L	  	4400	  	2800 A	  	1HTMKAAN36H239700	  	31572	
 	  	1903	  	2002	  	PETERBILT	  	357	  	4800	  	1NPALUDX32N578060	  	31191	
 	  	1904	  	2004	  	PETERBILT	  	357	  	3300 A	  	2NPNHD8X04M830180	  	31190	
 	  	1905	  	2005	  	INTER	  	7600	  	5000A	  	1HTWYSBT85J007529	  	28092	
 	  	1906	  	1999	  	FRTLINER	  	FL70	  	3000 A	  	1FV6JFAB4XHA83851	  	16160	
 	  	1907	  	1999	  	FRTLINER	  	FL70	  	3000 A	  	1FV6JFAB6XHA83852	  	16152	
 	  	1913	  	1999	  	IH	  	4900	  	3400 A	  	1HTSDAAN3XH608333	  	16164	
 	  	1914	  	1999	  	IH	  	4900	  	3200 A	  	1HTSDAAN5XH608334	  	16165	
 	  	1918	  	2000	  	FRTLINER	  	FL70	  	2800 A	  	1FV6HJBA5YHF86746	  	16154	
 	  	1919	  	2000	  	FRTLINER	  	FL80	  	4400 A	  	1FV6JJCB3YHG54778	  	16169	
 	  	1920	  	2002	  	FRTLINER	  	FL60	  	3000 S	  	1FVABTAK82HJ20685	  	16350	
 	  	1921	  	2003	  	FRTLINER	  	FL70	  	3499 S	  	1FVABTCS43HL12880	  	16369	
 	  	1923	  	1999	  	IH	  	4700	  	3000 S.	  	1HTSCAAN2XH225342	  	17897	
 	  	1928	  	1990	  	KW	  	T800	  	4200 A	  	2NKDLR9X7JM519675	  	16294	
 	  	1929	  	1991	  	KW	  	T800	  	4200 A	  	2NKDLR9X9JM519676	  	19295	
 	  	1932	  	1988	  	KW	  	T800	  	4600 A	  	1NKDLR9X1KJ521334	  	16290	
 	  	1933	  	1989	  	KW	  	T800	  	4600 A	  	2NKDLR9X5KM536251	  	16299	
 	  	1934	  	1989	  	KW	  	T800	  	4600 A	  	2NKDLR9X7KM536252	  	16300	
 	  	1935	  	1989	  	KW	  	T800	  	3500 A	  	2XKDDR9X6KM537881	  	16301	
 	  	1936	  	1989	  	KW	  	T800	  	3500 A	  	2XKDDR9X2KM537926	  	16293	
 	  	1937	  	1991	  	KW	  	T800	  	3500 A	  	1XKDDR9X4MJ563504	  	16304	
 	  	1938	  	1991	  	KW	  	T800	  	4700 A	  	1NKDLR9X5MJ567008	  	16305	
 	  	1939	  	1991	  	KW	  	T800	  	4600 A	  	1NKDLR9X7MJ567009	  	16306	
 	  	1940	  	1992	  	IH	  	4900	  	3200 A	  	1HTSDPBR7NH405527	  	16308	
 	  	1943	  	1994	  	FRTLINER	  	FL106	  	4400 A	  	1FVX8HCBXRL456929	  	16316	
 	  	1944	  	1994	  	FRTLINER	  	FL106	  	4200 A	  	1FVX8HCB6RL456930	  	16317	
 	  	1946	  	1995	  	FRTLINER	  	FL106	  	4600 A	  	1FVX8HCB5SL581553	  	16323	
 	  	1947	  	1995	  	FRTLINER	  	FL106	  	4600 A	  	1FVX8HCB7SL581554	  	16957	
 	  	1948	  	1995	  	FRTLINER	  	FL106	  	4500 A	  	1FVX8HCB9SL708854	  	16325	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1949	  	1995	  	KW	  	T800	  	2800 A	  	2NKMH77X9SM649483	  	16326	
 	  	1950	  	1997	  	KW	  	T800	  	4600 A	  	1NKDLS9X2VJ737463	  	16338	
 	  	1951	  	1997	  	KW	  	T800	  	4500 A	  	1NKDLS9X4VJ737464	  	16339	
 	  	1952	  	1997	  	KW	  	T800	  	4700 A	  	1NKDLS9X6VJ737465	  	16340	
 	  	1953	  	1997	  	KW	  	T800	  	4700 A	  	1NKDLS9X8VJ737466	  	16341	
 	  	1954	  	1997	  	KW	  	T800	  	4600 A	  	1NKDLS9XXVJ737467	  	19097	
 	  	1955	  	1997	  	KW	  	T800	  	4200 A	  	1NKDLS9X1VJ737468	  	16343	
 	  	1956	  	1997	  	KW	  	T880	  	4200 A	  	1NKDLS9X3VJ737469	  	16344	
 	  	1957	  	1996	  	KW	  	T800	  	2800 A	  	2XKMA77X9TM667509	  	16347	
 	  	1958	  	1997	  	KW	  	T800	  	4700 A	  	1NKDLS9X4VJ744429	  	16345	
 	  	1964	  	1994	  	FRTLINER	  	FL70	  	2800 A	  	1FV6HLBAORL834599	  	16314	
 	  	1966	  	1995	  	FRTLINER	  	FL70	  	3100 A	  	1FV6HLBA2SL604083	  	16320	
 	  	1973	  	2001	  	KW	  	T300	  	3000 A	  	2NKMHD7XX1M856235	  	16351	
 	  	1974	  	1996	  	FRTLINER	  	FL70	  	3000 A	  	1FV6HJAA3TL701462	  	16327	
 	  	1975	  	2003	  	FRTLINER	  	FL80	  	4200 A	  	1FVHBXCS73HL68639	  	16370	
 	  	1976	  	2003	  	FRTLINER	  	FL80	  	4200 A	  	1FVHBXCS33HL68640	  	16371	
 	  	1977	  	1995	  	FRTLINER	  	FL106	  	4600 A	  	1FVX8HCB3SL581552	  	16322	
 	  	1978	  	1990	  	FRTLINER	  	FL120	  	3500 A	  	1FUYDZYB1LH391532	  	16302	
 	  	1982	  	1996	  	KW	  	T-8	  	 	  	1XKDDR9X5TJ721976	  	16875	
 	  	1983	  	1996	  	KW	  	T-8	  	 	  	1XKDDR9X9TJ721978	  	31573	
 	  	1985	  	1996	  	KW	  	T800	  	 	  	1XKDDR9X5TS721972	  	16333	
 	  	1987	  	1996	  	KW	  	T800	  	 	  	1XKDDR9X9TS721974	  	17923	
 	  	1990	  	1988	  	FRUEHAUF	  	9200 A	  	 	  	1H4T04327JK018601	  	16289	
 	  	1992	  	1996	  	FRUEHAUF	  	9200 A	  	 	  	4J8T04326TT016702	  	16346	
 	  	1993	  	1996	  	FRUEHAUF	  	9200 A	  	 	  	4J8T04328TT016703	  	16328	
 	  	1994	  	1996	  	FRUEHAUF	  	9200 A	  	 	  	4J8T0432XTT016704	  	16329	
 	  	1995	  	1997	  	FRUEHAUF	  	9200 A	  	 	  	4J8T0432XVT002501	  	16336	
 	  	1996	  	1973	  	BUTLER	  	6500 A	  	 	  	2496232	  	16286	
 	 	 	 	 	 	 	 	
Tullytown	  	1401	  	1992	  	INTERNAT’L	  	4900	  	3000A	  	1HTSDNUR2NH418039	  	19848	
 	  	1405	  	1988	  	Ford	  	C-8000	  	3400/A	  	1FDYD80U3JVA04164	  	19265	
 	  	1409	  	1995	  	Peterbuilt	  	200	  	3000/A	  	1XPMH77X1SM608576	  	19267	
 	  	1414	  	2005	  	International	  	7600	  	5500/A	  	1HTWYSBT65J007528	  	19840	
 	  	1420	  	1994	  	Freightliner	  	FL80	  	3400/A	  	1FVX8HCB8RL456928	  	19708	
 	  	1424	  	1985	  	Ford	  	L-8000	  	3400/A	  	1FDXR80U7FVA63030	  	19271	
 	  	1425	  	1987	  	Ford	  	L-8000	  	3400/A	  	1FDXR82A5HVA59354	  	19272	
 	  	1430	  	1995	  	Freightliner	  	FL80	  	3400/A	  	1FVX8HCB1SL581551	  	19707	
 	  	1436	  	1995	  	Freightliner	  	FL80	  	4600/A	  	1FVZJLBB9SL706605	  	19276	
 	  	1447	  	1982	  	Ford	  	C-8000	  	3100/A	  	1FDYD80U2DVA16231	  	19270	
 	  	1452	  	1989	  	Ford	  	L-8000	  	3400/A	  	1FDXR82A2KVA52367	  	19279	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1459	  	1995	  	Freightliner	  	FL80	  	4600/A	  	1FVZJLBB4SL575051	  	15837	
 	  	1460	  	1995	  	Freightliner	  	FL80	  	4600/A	  	1FVZJLBB7SL706604	  	15838	
 	  	1464	  	1999	  	Freightliner	  	FL80	  	4600/A	  	1FV6JJBBXYHF88148	  	unknown	
 	 	 	 	 	 	 	 	
Upper Darby	  	1300	  	2000	  	Peterbilt	  	330	  	3400A	  	1NPNHD8X8YS510581	  	19779	
 	  	1302	  	2005	  	IH	  	7600	  	5000A	  	1HTWYSBT45J007530	  	19838	
 	  	1303	  	1989	  	INTERNTL	  	4900	  	3100A	  	1HTZSZ3R7KH644408	  	19807	
 	  	1305	  	2001	  	Peterbilt	  	330	  	3400A	  	2NPNHD8X21M558310	  	19743	
 	  	1307	  	1989	  	FORD	  	LS8000	  	3400A	  	1FDXR82A0KVA34627	  	19849	
 	  	1308	  	1990	  	FORD	  	LS8000	  	3200A	  	1FDYS82A4LVA03200	  	28015	
 	  	1318	  	1995	  	MACK	  	MS250P	  	2100A	  	VG6M117BOSB201699	  	19682	
 	  	1327	  	1995	  	FORD	  	LS 8000	  	3500A	  	1FDYS82E0SVA14115	  	19260	
 	  	1340	  	2002	  	Sterl Actera	  	M8500	  	3600A	  	2FZAANAK72AJ73734	  	19773	
 	  	1341	  	2004	  	Sterl Actera	  	M8500	  	3600A	  	2FZACHAK94AM14482	  	19819	
 	  	1359	  	1997	  	FORD	  	LS 8000	  	3400A	  	1FDYS82E6VVA19789	  	15842	
 	  	1360	  	1996	  	FORD	  	LS 8000	  	3400A	  	1FDYS82E7TVA07292	  	15841	
 	  	1361	  	1994	  	FORD	  	LS 8000	  	3700A	  	1FDYS82E2RVA18774	  	19251	
 	  	1362	  	1998	  	Peterbilt	  	330	  	3500A	  	3BPNHD8X7WF463142	  	19723	
 	  	1363	  	1992	  	FORD	  	LS 8000	  	3500A	  	1FDYS82AONVA36665	  	19252	
 	  	1371	  	1997	  	IH	  	4900	  	2500A	  	1HTSDAAN6VH425182	  	19672	
 	  	1372	  	1997	  	IH	  	4900	  	2500A	  	1HTSDAAN8VH425183	  	19673	
 	  	1380	  	2005	  	IH	  	7600	  	 	  	1HSWYSBRX5J131150	  	19839	
 	  	1383	  	1999	  	IH	  	9200	  	 	  	2HSFMAXR8XCO25991	  	19788	
 	  	1390	  	1993	  	HEIL	  	9200A	  	 	  	1HLA3A7B7R7H57299	  	19261	
 	  	1391	  	2007	  	HEIL	  	8500A	  	 	  	5HTAB432177G72300	  	31166	
 	  	1399	  	1976	  	HEIL	  	8500A	  	 	  	1HLA3A7B3H7H53736	  	19262	
 	 	 	 	 	 	 	 	
Wallace	  	1611	  	1993	  	INT’L	  	4900	  	3000/A	  	1HTSDPPN7PH494282	  	13950	
 	  	1612	  	1999	  	FREIG	  	F80	  	4500/A	  	1FVXJLBB4XHA56098	  	17056	
 	  	1613	  	1997	  	INT’L	  	4900	  	3000/A	  	1HTSDAANXVH438405	  	13951	
 	  	1614	  	1999	  	INT’L	  	4900	  	3000/A	  	1HTSDAAN1XH615622	  	13953	
 	  	1616	  	2000	  	KW	  	T300	  	3200/S	  	1NKMHD7X5YS842092	  	19859	
 	  	1630	  	1997	  	INT’L	  	4900	  	3000/A	  	1HTSDAAN7VH438412	  	13956	
 	  	1634	  	1997	  	INT’L	  	4900	  	2800/A	  	1HTSDAAN8VH471516	  	unknown	
 	  	1639	  	1994	  	INT’L	  	4900	  	2800/A	  	1HTSDAAN9RH586034	  	13948	
 	  	1644	  	2001	  	INT’L	  	4900	  	3000/A	  	1HTSDAAN01H362963	  	16618	
 	  	1646	  	1995	  	INT’L	  	4900	  	2600/A	  	1HTSDAAN1SH645860	  	13945	
 	  	1647	  	1995	  	INT’L	  	4900	  	2800/A	  	1HTSDAAN9SH605767	  	13946	
 	  	1648	  	2004	  	INT’L	  	4400	  	2800/A	  	1HTMKAAN24H679985	  	16619	
 	  	1649	  	2006	  	FREIG	  	M2-106	  	3200/S	  	1FVACXCS96HW64071	  	16894	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Wantagh	  	1802	  	2007	  	Mack	  	CTP713	  	4500/A	  	1M2AT04C27M004923	  	31162	
 	  	1803	  	2007	  	MACK	  	CTP713	  	4500/A	  	1M2AT04C67M004925	  	31163	
 	  	1804	  	2003	  	Intl	  	7600	  	4400/A	  	1HTWYATTX3J063302	  	17818	
 	  	1805	  	1987	  	Mack	  	MR	  	3400 / A	  	1M2K125CXHM010331	  	14046	
 	  	1807	  	1983	  	Mack	  	R	  	4800 / A	  	1M2N128C5DA032287	  	14048	
 	  	1808	  	1983	  	Mack	  	R	  	4800 / A	  	1M2N128C7DA032288	  	14049	
 	  	1812	  	1980	  	Mack	  	R	  	4800 / A	  	R685ST79880	  	14044	
 	  	1814	  	1982	  	Mack	  	R	  	4800 / A	  	1M2N128C6CA032006	  	14008	
 	  	1815	  	1982	  	Mack	  	R	  	4600 / A	  	1M2N128C8CA032007	  	14009	
 	  	1821	  	1990	  	Mack	  	MR	  	4800/A	  	1M2K175C3LM003131	  	16675	
 	  	1825	  	1992	  	Ford	  	L8000	  	3000 / A	  	1FDXR82A6NVA27735	  	17397	
 	  	1828	  	1980	  	Mack	  	R	  	3400 / A	  	R606T1188	  	14040	
 	  	1829	  	1988	  	Mack	  	DM	  	4600 / A	  	1M2B179C6JM004099	  	14034	
 	  	1830	  	1995	  	Mack	  	RD	  	3400 / A	  	1M2P288C6SM017687	  	14028	
 	  	1831	  	1995	  	Mack	  	RD	  	3400 / A	  	1M2P288C4SM017686	  	14029	
 	  	1834	  	1990	  	Mack	  	DM	  	5000 / A	  	1M2B179C1LM007012	  	14010	
 	  	1835	  	1990	  	Mack	  	DM	  	4000 / A	  	1M2B179C3LM007013	  	14011	
 	  	1836	  	1994	  	Mack	  	DM	  	3400 / A	  	1M2B205C3RM013106	  	14012	
 	  	1840	  	1993	  	Mack	  	DM	  	5000 / A	  	1M2B221C7PM010823	  	14037	
 	  	1844	  	1988	  	Mack	  	DM	  	4400 / A	  	1M2B116C3JW007113	  	14031	
 	  	1845	  	1988	  	Mack	  	DM	  	4000 / A	  	1M2B179C9JM004095	  	14032	
 	  	1846	  	1988	  	Mack	  	DM	  	4000 / A	  	1M2B179C5JM004093	  	14033	
 	  	1848	  	1988	  	Mack	  	DM	  	4600 / A	  	1M2B179C9JM004100	  	14035	
 	  	1849	  	1993	  	Mack	  	DM	  	3400 / A	  	1M2B205C0PM010824	  	14036	
 	  	1850	  	2001	  	Mack	  	RD	  	3400 / A	  	1M2P288C31M032842	  	14052	
 	  	1860	  	2002	  	Mack	  	RD	  	3400 / A	  	1M2P288C42M034049	  	16942	
 	  	1861	  	2002	  	Mack	  	RD	  	3400 / A	  	1M2P288C22M034048	  	16941	
 	  	1870	  	1992	  	Mack	  	DM	  	3400 / A	  	1M2B205C7NM009683	  	14019	
 	  	1871	  	1992	  	Mack	  	DM	  	3400 / A	  	1M2B205C2NM009682	  	14020	
 	  	1878	  	1991	  	Mack	  	DM	  	3400 / A	  	1M2B205C8MM008427	  	14050	
 	  	1879	  	1991	  	Mack	  	DM	  	3400 / A	  	1M2B205C6MM008426	  	14051	
 	  	1880	  	2005	  	Mack	  	CH	  	 	  	1M1AJ06Y65N001985	  	18772	
 	  	1881	  	2005	  	Mack	  	CH	  	 	  	1M1AJ06Y85N001986	  	18771	
 	  	1883	  	1990	  	Mack	  	CH	  	 	  	1M2AA06Y6LW006462	  	14058	
 	  	1884	  	1992	  	Mack	  	CH	  	 	  	1M2AA13YXNW015338	  	14059	
 	  	1888	  	1997	  	Mack	  	CH	  	 	  	1M1AA14Y0VW072750	  	14055	
 	  	1890	  	2005	  	Heil	  	10600 / A	  	 	  	5HTAB413857J68512	  	18807	
 	  	1891	  	2005	  	Heil	  	10600 / A	  	 	  	5HTAB413X57J68513	  	18808	
 	  	1892	  	1996	  	CUSTOM	  	9500 A	  	 	  	1C9A1B2B6TS001233	  	31532	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1894	  	1995	  	Heil /Tag F2 E10600	  	10600 / A	  	 	 	1HLA3A7B8S7J58558	  	14061	
 	  	1895	  	1991	  	Fruehauf/Tag F2
ESF106	  	10600 / A	  	 	 	1H4T04229NL001901	  	14062	
 	  	1896	  	1980	  	Fruehauf/Tag F2
E9200	  	9200 / A	  	 	 	UNT002201	  	14063	
 	  	1898	  	1982	  	Fruehauf/Tag F2
E9200	  	9200 / A	  	 	 	1H4T04125CK007201	  	14067	
 	  	1899	  	1981	  	Fruehauf/Tag F2
E9200	  	9200 / A	  	 	 	1H4T04127BK020501	  	14066	
 	 	 	 	 	 	 	 	
Arlington - Washington	  	1265	  	2002	  	FRGHT	  	FL80	  	3300/A	 	1FVABXAK32HJ84978	  	18222	
 	  	1266	  	2002	  	FRGHT	  	FL80	  	3400/2/A	 	1FVABXAK52HJ84979	  	18223	
 	  	1267	  	2002	  	FRGHT	  	FL80	  	3300/A	 	1FVABXAK02HJ84985	  	18225	
 	  	1268	  	2005	  	INTHR	  	7400	  	3600/A	 	1HTWCAAR45J045774	  	18631	
 	  	1804	  	1990	  	FORD	  	LN8000	  	2800/1/A	 	1FDXR82A1LVA10127	  	6568	
 	  	1806	  	1987	  	FORD	  	LN8000	  	2800/1/A	 	1FDXR80U5HVA63501	  	6570	
 	  	1810	  	2002	  	FRGHT	  	FL80	  	3400/A	 	1FVABXAK62HJ84974	  	18219	
 	  	1811	  	2002	  	FRGHT	  	FL80	  	3300/A	 	1FVABXAK42HJ84987	  	18220	
 	  	1891	  	2005	  	INTHR	  	7400	  	3600/A	 	1HTWCAAR85J045776	  	18632	
 	  	1893	  	2002	  	FRGHT	  	FL80	  	3000/A *2	 	1FVABXAK92HJ84984	  	18221	
 	  	1281	  	1987	  	FORD	  	LS8000	  	 	 	1FDZU90W0HVA59449	  	18231	
 	  	1292	  	1977	  	FRUEHAUF	  	9200/A	  	 	 	UNY581401	  	31451	
 	 	 	 	 	 	 	 	
Baltimore	  	1702	  	2007	  	FRGHT	  	M2106	  	3600/1	 	1FVFCYDC77HY19351	  	31189	
 	  	1708	  	1986	  	FORD	  	CF7000	  	2300/A	 	9BFXH70P6GDM00666	  	18208	
 	  	1710	  	1985	  	FORD	  	LN8000	  	3000/A*1	 	1FDXR80U6FVA47899	  	12140	
 	  	1720	  	1990	  	FORD	  	LS8000	  	3200A	 	1FDYS82A1LYA03199	  	19045	
 	  	1724	  	1992	  	FORD	  	LS8000	  	3000/A	 	1FDXR82AXNVA37894	  	28168	
 	  	1748	  	1986	  	FORD	  	LN8000	  	3000/A*2	 	1FDXR80U6GVA20428	  	4888	
 	  	1753	  	2005	  	INTHR	  	7400	  	3600/A*1	 	1HTWCAAR25J045773	  	18627	
 	  	1754	  	2005	  	INTHR	  	7400	  	3600/A*1	 	1HTWCAAR65J045775	  	18629	
 	  	1776	  	2002	  	FRGHT	  	FL80	  	3300/A*2	 	1FVABXAK12HJ84977	  	18217	
 	  	1777	  	2002	  	FRGHT	  	FL80	  	3000/A*1	 	1FVABXAK22HJ84986	  	18218	
 	  	1789	  	1996	  	INT’L	  	8200	  	 	 	1HSHGAER7TH272067	  	12040	
 	  	1790	  	1996	  	KENWORTH	  	T800	  	 	 	1XKDDR9X7TS721973	  	31228	
 	  	1787	  	1983	  	FRUEHF	  	9200/A	  	 	 	1H4TO4120EK006010	  	4909	
 	  	1788	  	1988	  	FRUEHF	  	8500/A	  	 	 	1H4T04329JL012101	  	4908	
 	 	 	 	 	 	 	 	
Kenvil	  	1326	  	1988	  	FORD	  	L8000	  	3300/2/A	 	1FDYS80U0JVA53845	  	31970	
 	  	1327	  	2005	  	INTL	  	7600	  	5000/A	 	1HTWYSBT55J045798	  	18755	
 	  	1330	  	1985	  	FORD	  	L8000	  	3000/A	 	1FDXR80UGFVA46784	  	18055	
 	  	1333	  	1979	  	MACK	  	MR606	  	4400/A	 	MR606S1017	  	31907	
 	  	1354	  	1988	  	FORD	  	L-8000	  	3300/A	 	1FDYS80U2JVA53846	  	12957	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	1368	  	1995	  	INTL	  	4400	  	3400/A	  	1HTSG0009SH653003	  	12999	
 	  	1370	  	1995	  	FORD	  	L-8000	  	2950/A	  	1FDXR82E1SVA12056	  	13000	
 	  	1375	  	1986	  	INTL	  	S-1900	  	2800/A	  	1HTLDTVN8GHA58172	  	13011	
 	  	1380	  	1994	  	FORD	  	L-8000	  	2800/A	  	1FDXR72C3RVA17763	  	13041	
 	  	1384	  	1995	  	FORD	  	L-8000	  	3000/A	  	1FDXR82E6SVA22209	  	13066	
 	  	1387	  	1986	  	FORD	  	LN-8000	  	3600/A	  	1FDXR80U9GVA08208	  	13089	
 	  	1389	  	1995	  	FRGHT	  	FL70	  	2800/A	  	1FV6HLBA8SL664594	  	13092	
 	  	1390	  	1997	  	FRGHT	  	FL70	  	2800/A	  	1FV6HLBA0VH828508	  	13093	
 	  	1391	  	2002	  	FRGHT	  	FL70	  	2800/A	  	1FVABTBS82HJ53135	  	13094	
 	  	1392	  	2005	  	INTL	  	7600	  	5000/A	  	1HTWYSBT35J045783	  	18628	
 	  	1393	  	2005	  	INTL	  	7600	  	5000/A	  	1HTWYSBT55J045784	  	18630	
 	 	 	 	 	 	 	 	
Lakewood	  	1452	  	1988	  	FORD	  	L-8000	  	2800/A	  	1FDXR82A4JVA00320	  	18088	
 	  	1456	  	1988	  	GMC	  	7000	  	2800 A	  	J8DM7A1SXJ3300033	  	32372	
 	  	1457	  	1985	  	FORD	  	L-8000	  	3000/A	  	1FDXR8OU1FVA70801	  	18053	
 	  	1459	  	1984	  	FORD	  	L-8000	  	3000/A	  	1FDXR8OU3EVA59345	  	18056	
 	  	1465	  	1990	  	INTL	  	4900	  	2800/A	  	1HTSDTVN7LH264375	  	18100	
 	  	1467	  	2004	  	INTL	  	7600	  	5000/A	  	1HTWYAXT34J085265	  	18658	
 	  	1469	  	2002	  	FRGHT	  	FL80	  	3000/A	  	1FVABXAK82HJ84989	  	18215	
 	  	1470	  	2007	  	FRGHT	  	M-2106	  	3600/A	  	1FVFCYDC57HY19350	  	31154	
 	  	1480	  	1996	  	FORD	  	L-8000	  	3400/A	  	1FDXR82E1TVA14536	  	18149	
 	  	1485	  	2005	  	STERLING	  	ACT	  	2800/A	  	2FZACGDC05AU93637	  	18159	
 	 	 	 	 	 	 	 	
South Plainfield	  	1101	  	1987	  	FORD	  	LN8000	  	2700/A	  	1FDXR82A1HVA61263	  	18930	
 	  	1105	  	2005	  	GMC	  	T8500	  	3600A	  	1GDT8F43X5F505752	  	28288	
 	  	1107	  	1988	  	GMC	  	TOP KICK	  	3100/A	  	1GDM7D1Y6JV504853	  	12901	
 	  	1110	  	1980	  	FORD	  	LN8000	  	3000/A	  	R80UVJJ5366	  	11922	
 	  	1115	  	1995	  	FORD	  	LS8000	  	3000/A	  	1FDYR82EXSVA27210	  	31843	
 	 	 	 	 	 	 	 	
Allentown - Reading	  	1601	  	2004	  	INTL	  	7600	  	5000/A	  	1HTWYAXT54J085266	  	18662	
 	  	1604	  	1997	  	INTL	  	4900	  	3400A	  	1HTSDAAN1VH451317	  	16337	
 	  	1605	  	1981	  	INTL	  	S1900	  	3000A	  	1HTAA1854BH30006	  	11981	
 	  	1637	  	1994	  	FORD	  	F800	  	2800/A	  	1FDXK84E6RVA21069	  	11356	
 	  	1638	  	1988	  	INTL	  	S1954	  	3000/A	  	1HTLDTVN8JH554805	  	11328	
 	  	1642	  	1990	  	INTL	  	4900	  	2800/A	  	1HTSDTVN3LH216565	  	11336	
 	  	1654	  	1991	  	FORD	  	LS8000	  	3400/A	  	1FDYS82A5MVA08360	  	28016	
 	  	1659	  	1995	  	INTL	  	LN8000	  	3000/A	  	1FDYR82E2SVA18050	  	11099	
 	  	1686	  	1987	  	FORD	  	LN8000	  	3300/A	  	1FDXR80U1HVA30043	  	11118	
 	  	1689	  	1996	  	VOLVO	  	FE	  	3200/A	  	4V52AEFD6TR475892	  	11123	
 	  	1690	  	1997	  	VOLVO	  	FE	  	2800/A	  	4VE2AKFD5VR476646	  	11122	
 	  	1694	  	2005	  	INTL	  	7600	  	5000/A	  	1HTWYSBT85J045794	  	18757	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Philadelphia	  	1551	  	1988	  	INTERNATIONAL	  	S1954	  	3300 / A	  	1HTLDUXN6JH541974	  	11133	
 	  	1558	  	1988	  	INTERNATIONAL	  	S1900	  	2800 / A	  	1HTLDTVN5JH570587	  	11254	
 	  	1559	  	1990	  	INTERNATIONAL	  	S4900	  	2800 / A	  	1HTSDTVNXLH223996	  	11256	
 	  	1560	  	1990	  	INTERNATIONAL	  	S4900	  	3200 / A	  	1HTSDTVR4LH223995	  	11255	
 	  	1564	  	1991	  	MACK	  	MS250P	  	2600 / A	  	VG6M114BXMB200762	  	11224	
 	  	1566	  	1994	  	FORD	  	LN8000	  	2800 / A	  	1FDXR82E8RVA37949	  	11221	
 	  	1568	  	1994	  	FORD	  	LN8000	  	2800 / A	  	1FDXR82E2RVA12898	  	11226	
 	  	1576	  	1996	  	FORD	  	LN8000	  	4000 / A	  	1FDYR82E0TVA04990	  	11300	
 	  	1592	  	1993	  	INTERNATIONAL	  	9370 EAGLE	  	 	  	2HSFBBHR6PC070356	  	11266	
 	  	1593	  	1985	  	Heil	  	8000/A	  	 	  	1HLA3A7B1E7G52798	  	11189	
 	  	1594	  	1989	  	Heil	  	9200/A	  	 	  	1HLA3A7B2K7H54476	  	11246	
 	 	 	 	 	 	 	 	
Pennsauken	  	1500	  	2007	  	FRIGHT	  	M-2106	  	3600/A	  	1FVFCYDC97HY19352	  	31147	
 	  	1501	  	1979	  	FORD	  	LN-8000	  	3000/A	  	R80DVDC8864	  	17554	
 	  	1506	  	2005	  	INTL	  	7400	  	3600/A	  	1HTWCAAR15J006527	  	18497	
 	  	1531	  	1998	  	KEN	  	T300	  	2800/A	  	3NKMHD7XOWF763665	  	17633	
 	  	1536	  	1988	  	FORD	  	LN-8000	  	2800/A	  	1FDXR80UXJVA48790	  	17639	
 	  	1537	  	2000	  	KEN	  	T300	  	2800/A	  	1NKMHD7X9YS830088	  	17641	
 	  	1538	  	2005	  	INTL	  	7600	  	5000/A	  	1HTWYSBT65J045793	  	18753	
 	 	 	 	 	 	 	 	
Princeton	  	1400	  	2002	  	FRGHT	  	FL80	  	3300/2/A	  	1FVABXAKX2HJ84976	  	18248	
 	  	1401	  	2001	  	FRGHT	  	FL70	  	2800/A	  	1FVABTBV41HH19755	  	17831	
 	  	1411	  	1995	  	FORD	  	LN8000	  	2800/2/A	  	1FDXR82E8SVA08408	  	17678	
 	  	1412	  	1986	  	FORD	  	L8000	  	3000/1/A	  	1FDXR80O6GVA23717	  	12308	
 	  	1432	  	1978	  	FORD	  	L8000	  	3000/1/A	  	R80DVCH0238	  	17423	
 	  	1447	  	1978	  	FORD	  	L8000	  	2800/3/A	  	R80DVBG6647	  	17424	
 	 	 	 	 	 	 	 	
Southern Propane	  	1439	  	2007	  	CHEV	  	BOBTAIL	  	3499WC	  	1GDM7C1GX7F426694	  	28152	
 	  	1440	  	2006	  	GMC	  	BOBTAIL	  	3200WC	  	1GDM7C1G96F415135	  	28151	
 	  	1441	  	1999	  	FRGHT	  	BOBTAIL	  	3000WC	  	1FV6HFFA7XH989355	  	28150	
 	  	1442	  	1994	  	FORD	  	BOBTAIL	  	3200 WC	  	1FDXF7088RVA27759	  	28149	

VANS

Location	  	Unit #	  	Year	  	Make	  	Model	  	Capacity	  	Vin #	  	FAS #	
 	 	 	 	 	 	 	 	
Carroll	  	S650	  	2000	  	Ford	  	E350	  	Van	  	1FTNE2420YHB43543	  	31331	
 	  	S663	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24W16DA48156	  	31332	
 	  	S664	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24W56DA48158	  	31333	
 	  	S665	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W27DA21985	  	31334	
 	  	S666	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W07DA45928	  	31335	
 	  	S667	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W47DA54762	  	31336	
 	  	S668	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24WX6HA85215	  	31339	
 	  	S669	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24W66HA42927	  	31337	
 	  	S670	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W46DB06518	  	31338	
 	  	S671	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W06DB06516	  	31342	
 	  	S672	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W27DA45929	  	31343	
 	  	S673	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W07DA45931	  	31344	
 	  	S674	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W67DA45934	  	31345	
 	  	S675	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W87DA45935	  	31346	
 	  	S676	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W17DA45937	  	31347	
 	  	S677	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W37DA45938	  	31348	
 	  	S678	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W17DA63581	  	31349	
 	  	S679	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W37DA63582	  	31350	
 	  	S681	  	2007	  	Ford	  	E250	  	CL Utility	  	1FTNE24WX7DA21989	  	31352	
 	  	S682	  	2006	  	Ford	  	F350	  	CL Utility	  	1FDWF36P46ED00145	  	31346	
 	  	S683	  	2006	  	Ford	  	F350	  	CL Utility	  	1FDWF36P26EC38101	  	31341	
 	  	S688	  	2004	  	Ford	  	E350	  	CL Utility	  	1FDSE35L44HA27817	  	31353	
 	  	S689	  	2003	  	Ford	  	E350	  	CL Utility	  	1FDSE35L53HA74630	  	31354	
 	  	S690	  	2003	  	Ford	  	E350	  	CL Utility	  	1FDSE35L73HA90540	  	31355	
 	  	S694	  	2003	  	Ford	  	E3	  	Van	  	1FTSE3466HB29513	  	18296	
 	 	 	 	 	 	 	 	
Hardy	  	S001	  	2007	  	Ford	  	E250	  	Van	  	1FTNE24W87DB41421	  	17768	
 	  	S002	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24WX6DB16390	  	17393	
 	  	S004	  	2001	  	Ford	  	E250	  	Van	  	1FTNE242X1HA03134	  	17744	
 	  	S005	  	2001	  	Ford	  	E250	  	Van	  	1FTNE242X1HA09192	  	17743	
 	  	S007	  	2003	  	Ford	  	E250	  	Van	  	1FTNE242X3HA14413	  	17747	
 	  	S011	  	2002	  	Ford	  	E250	  	Van	  	1FTNE24242HA51021	  	17775	
 	  	S013	  	2006	  	Ford	  	E350	  	Box	  	1FDSE35L06HB01446	  	17763	
 	  	S016	  	2000	  	GMC	  	2500	  	Utility	  	1GDGC34R3YF474402	  	17754	
 	  	S017	  	2002	  	Ford	  	E250	  	Van	  	1FTNE24272HA42572	  	17781	
 	  	S019	  	2004	  	Ford	  	F250	  	Utility	  	1FTNE20L14ED72823	  	17759	
 	  	S020	  	2005	  	Chevrolet	  	1500	  	Utility	  	1GBHC24UX5E254932	  	17761	
 	  	S023	  	2005	  	Ford	  	E350	  	Box	  	1FDWE35L85HA87795	  	17760	
 	  	S025	  	2004	  	GMC	  	2500	  	Box	  	1GDJG31U341120079	  	17758	
 	  	S030	  	2004	  	Ford	  	E350	  	Box	  	1FDSE35L54HA96435	  	17757	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S034	  	2005	  	Ford	  	E250	  	Van	  	1FTNE24W75HA11376	  	17784	
 	  	S035	  	2005	  	Ford	  	F250	  	Utility	  	1FDNF20525EB87677	  	17762	
 	  	S037	  	2006	  	GMC	  	SAVAN	  	Van	  	1GTHG352861124840	  	18879	
 	  	S038	  	2006	  	GMC	  	SAVAN	  	Van	  	1GTHG352X61125052	  	18880	
 	  	S039	  	2006	  	CHEVY	  	3500EXP	  	Van	  	1GCHB352461163599	  	18878	
 	  	S042	  	2005	  	Ford	  	E250	  	Van	  	1FTNE24W95HA86063	  	17750	
 	  	S052	  	2001	  	Ford	  	E250	  	Van	  	1FTNE24291HA91495	  	17746	
 	  	SO58	  	2013	  	FORD	  	F250	  	Pick up	  	1FTBFB68DEB60365	  	 	
 	  	S063	  	2005	  	Ford	  	E250	  	Van	  	1FTNE24WX5HB46495	  	17785	
 	  	S064	  	2003	  	Ford	  	E250	  	Van	  	1FTNE24213HA04434	  	17782	
 	  	S065	  	2004	  	Ford	  	E250	  	Van	  	1FTNE24W24HA37480	  	17773	
 	  	S071	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24W16HB34219	  	17395	
 	  	S089	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24W66HA60859	  	17751	
 	 	 	 	 	 	 	 	
Hicksville Patterson	  	S122	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W26DB16156	  	18686	
 	  	S125	  	2007	  	FORD	  	E250	  	VAN	  	1FTNE24W27DA03356	  	18684	
 	  	S129	  	2004	  	GMC	  	G30	  	VAN	  	1GTHG35U141222896	  	18689	
 	 	 	 	 	 	 	 	
Maspeth	  	S321	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24W64HA78356	  	31200	
 	  	S324	  	2009	  	FORD	  	E250	  	VAN	  	1FTNE24W49DA06987	  	19102	
 	 	 	 	 	 	 	 	
Plainview	  	S833	  	2007	  	CHEV	  	EXPRESS	  	CUBE	  	1GBHG31U571252420	  	30964	
 	 	 	 	 	 	 	 	
Hoffberger	  	S6210	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L44HB34095	  	31512	
 	  	S6211	  	2004	  	FORD	  	E350	  	VAN	  	1FTSE34L64HB30789	  	31513	
 	 	 	 	 	 	 	 	
Hoffman Trumbull	  	S6752	  	2003	  	GMC	  	SAVA	  	VAN	  	1GTHG35U231177353	  	28367	
 	  	S6760	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L93HB50579	  	27983	
 	  	S6761	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L03HB60448	  	27984	
 	  	S6763	  	2001	  	FORD	  	E250	  	VAN	  	1FTSE34L51HA26595	  	28361	
 	  	S6765	  	1996	  	FORD	  	E-350	  	VAN	  	1FTJE34Y2THA43834	  	28368	
 	 	 	 	 	 	 	 	
Hoffman Danbury	  	S6702	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L63HA21912	  	27989	
 	  	S6704	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L23HA97823	  	27987	
 	 	 	 	 	 	 	 	
Lewis - Plainview	  	S6942	  	2001	  	Ford	  	E350	  	Van	  	1FTSE34L31HA34582	  	30407	
 	  	S6945	  	2002	  	Ford	  	E350	  	Van	  	1FTSE34L02HA19796	  	30410	
 	  	S6950	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34L33HC00098	  	27995	
 	  	S6953	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34L23HC00058	  	27994	
 	  	S6910	  	2004	  	Ford	  	E250	  	Van	  	1FTNE24W24HB53617	  	31906	
 	  	S6912	  	2004	  	Ford	  	E250	  	Van	  	1FTNE24W44HB53618	  	31907	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	S6913	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24W96HB25980	  	31908	
 	  	S6914	  	2011	  	Ford	  	E250	  	Van	  	1FTNE2EW5BDB39438	  	31909	
 	  	S6980	  	2004	  	Chev	  	Exp	  	Van	  	1GCGG25VX41244197	  	32131	
 	  	S6981	  	2005	  	Chev	  	 	  	Van	  	1GCFG15X851111270	  	32132	
 	  	S6982	  	2006	  	Chev	  	Exp	  	Van	  	1GCGG25V961131909	  	32133	
 	  	S6983	  	2010	  	Ford	  	TCN	  	Van	  	NM0LSS7BN8AT025198	  	32134	
 	 	 	 	 	 	 	 	
Lewis - Hampton Bays	  	S6955	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24W54HA14615	  	31376	
 	  	S6959	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34L53HB49865	  	30412	
 	  	S6961	  	2001	  	Ford	  	E350	  	Van	  	1FTSE34L01HA09302	  	30414	
 	 	 	 	 	 	 	 	
Manor Fuel	  	S6970	  	2007	  	FORD	  	E250	  	VAN	  	1FTNE24W27DA48295	  	31113	
 	  	S6971	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L11HB15385	  	31114	
 	  	S6972	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L31HB15386	  	31115	
 	  	S6976	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L61HA22278	  	31101	
 	  	S6977	  	2002	  	FORD	  	E150	  	VAN	  	1FTRE14272HA40767	  	31548	
 	 	 	 	 	 	 	 	
Rye - Rochette	  	S283	  	2008	  	CHEV	  	EXPRESS	  	VAN	  	1GCEG15W221137488	  	31542	
 	  	S284	  	2001	  	CHEV	  	G10	  	VAN	  	1GCFG15XX81227946	  	31543	
 	  	S285	  	2002	  	CHEV	  	G10	  	VAN	  	1GCFG15W411206720	  	31541	
 	 	 	 	 	 	 	 	
Great Falls	  	2	  	1995	  	Ford	  	Ranger	  	Pickup	  	1FTCRU14U2STA37087	  	31134	
 	  	3	  	1998	  	Ford	  	F800	  	Crane	  	1FDNF80C0WVA24058	  	31133	
 	  	4	  	2007	  	Ford	  	F150	  	Pickup	  	1FTRF12547NA65998	  	31135	
 	 	 	 	 	 	 	 	
Ryan - G & S	  	S793	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24LX2HA70729	  	19164	
 	  	S794	  	2004	  	CHEV	  	ASTRO	  	VAN	  	1GCDL19X14B117577	  	19165	
 	 	 	 	 	 	 	 	
Ray	  	S500	  	1997	  	Ford	  	E350	  	Van	  	1FTJE34F2VHA48128	  	31002	
 	  	S501	  	1998	  	Ford	  	E350	  	Van	  	1FTSE34F6WHB61599	  	31003	
 	  	S504	  	2003	  	Ford	  	E250	  	Van	  	1FTNE24L83HB87727	  	31008	
 	  	S505	  	2003	  	Ford	  	E250	  	Box	  	1FDWE35F53HB43649	  	31009	
 	  	S506	  	2005	  	Ford	  	E350	  	Van	  	1FTSE34P65HA47142	  	31010	
 	  	S507	  	2006	  	Ford	  	E250	  	Van	  	1FTNE24L76HB43822	  	31011	
 	  	S508	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34P16DB24783	  	31013	
 	  	S509	  	2007	  	Ford	  	E250	  	Van	  	1FTNE14W87DB11698	  	31014	
 	  	S510	  	2006	  	Ford	  	E350	  	Van	  	1FTSE34P66HA74634	  	31012	
 	  	S511	  	2008	  	Ford	  	E250	  	Van	  	1FTNE24W48DB39098	  	31028	
 	  	S512	  	2008	  	Ford	  	E250	  	Van	  	1FTNE24W48DB16615	  	31015	
 	  	S513	  	2011	  	Ford	  	E250	  	Van	  	1FTSE3EL1BDA35303	  	31017	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Kasden - EH	  	S001	  	2007	  	FORD	  	E250	  	VAN	  	1FTNE24L77DB25118	  	31746	
 	  	S015	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24LERHA08575	  	28076	
 	  	S030	  	2007	  	FORD	  	E250	  	VAN	  	1FTNE24L77DA32583	  	28084	
 	  	S031	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24L18DA10970	  	28085	
 	  	S032	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24L88DA75153	  	28086	
 	  	S034	  	2007	  	FORD	  	E250	  	VAN	  	1FTNS24L07DA88728	  	28087	
 	 	 	 	 	 	 	 	
Buckley	  	S250	  	2009	  	CHEV	  	G25	  	VAN	  	1GCGG25C691140747	  	18959	
 	  	S251	  	2008	  	FORD	  	E250	  	VAN	  	1FTNE24W18DA71374	  	18961	
 	  	S253	  	2009	  	CHEV	  	G25	  	VAN	  	1GCGG25C891143701	  	18963	
 	  	S256	  	2002	  	CHEV	  	G25	  	VAN	  	1GTGG25W921170082	  	18967	
 	  	S258	  	2003	  	CGEV	  	G25	  	VAN	  	1GTGG25WVX31129940	  	18969	
 	  	S259	  	2003	  	CHEV	  	G25	  	VAN	  	1GTGG25V491114902	  	18970	
 	  	S263	  	2005	  	CHEV	  	G25	  	VAN	  	1GCGG25V251101746	  	18974	
 	  	S264	  	2003	  	CHEV	  	G25	  	VAN	  	1GTGG25V831903120	  	18975	
 	  	S265	  	2004	  	CHEV	  	K34	  	OP utility	  	1GDHK34U94E357550	  	18976	
 	  	S267	  	2002	  	FORD	  	F21	  	OP utilty	  	1FTNF21L02ED97640	  	18978	
 	 	 	 	 	 	 	 	
Rhode Island	  	S812	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24L51HA34462	  	11724	
 	  	S901	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24L41HA34453	  	11703	
 	  	S902	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24L41HA71731	  	11704	
 	 	 	 	 	 	 	 	
Woods	  	S214	  	2005	  	FORD	  	E350	  	VAN	  	1FDSE35LX5HA32800	  	17192	
 	  	S222	  	2005	  	FRGHT	  	SPRINTER	  	VAN	  	WD2PD644855761127	  	17190	
 	  	S234	  	2003	  	FRGHT	  	SPRINTER	  	VAN	  	WD2YD642735515783	  	17187	
 	  	S241	  	2006	  	FORD	  	E350	  	VAN	  	1FTSS34L66HA38058	  	17193	
 	  	S242	  	2006	  	FORD	  	E350	  	VAN	  	1FDSE35L8L8HB01954	  	17194	
 	  	S244	  	2006	  	FORD	  	E350	  	VAN	  	1FDSE35L06DB24295	  	17196	
 	  	S245	  	2006	  	FORD	  	E350	  	VAN	  	1FDSE35L76DB28389	  	17197	
 	  	S246	  	2005	  	FRGHT	  	SPRINTER	  	VAN	  	WD2PD644055761493	  	17191	
 	  	S247	  	2006	  	FORD	  	E350	  	VAN	  	1FDSE35L16HB15324	  	17195	
 	 	 	 	 	 	 	 	
Burke	  	S523	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34L83HB06928	  	18289	
 	  	S528	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34L43HB06926	  	18290	
 	  	S529	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34L63HB06927	  	18291	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Carpenter & Smith	  	S201	  	2005	  	Ford	  	E-350	  	Van	  	1FTSS34L85HA84991	  	17246	
 	  	S203	  	2007	  	Ford	  	E-250	  	Van	  	1FTNE24L87DA04291	  	17243	
 	  	S206	  	2004	  	Ford	  	E-250	  	Van 4WD	  	1FTNE24L24HA10513	  	17258	
 	  	S207	  	2004	  	Ford	  	E-250	  	Van 4WD	  	1FTNE24L44HA10514	  	17247	
 	  	S210	  	2007	  	Ford	  	E-250	  	Van	  	1FTNE24LX7DA04292	  	17242	
 	  	S213	  	2006	  	Ford	  	E-250	  	Van	  	1FTNE24L86HA98857	  	17244	
 	  	S214	  	2003	  	Ford	  	E-150	  	Van	  	1FTRE14LX3HA49036	  	17248	
 	  	S221	  	2003	  	Ford	  	E350	  	Van	  	1FTSE34F23HB93543	  	31273	
 	  	S222	  	2004	  	Ford	  	E350	  	Van	  	1FTSS34P84HB54653	  	31274	
 	 	 	 	 	 	 	 	
Region	  	S317	  	1998	  	FORD	  	E350	  	VAN	  	1FTSE34F9WHB97173	  	17014	
 	  	S340	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L92HA13964	  	28171	
 	  	S343	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34LX3HB29515	  	18302	
 	  	S347	  	2000	  	FORD	  	E350	  	VAN	  	1FDWE35LXYHB90155	  	16772	
 	  	S348	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L21HA00925	  	28172	
 	 	 	 	 	 	 	 	
Effron	  	S402	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L42HA09773	  	16908	
 	  	S404	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L62HA30852	  	16940	
 	  	S406	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34L83HB24488	  	18295	
 	  	S407	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34LX3HB24489	  	18293	
 	 	 	 	 	 	 	 	
Leffler	  	S802	  	2003	  	CHEVY	  	G350	  	VAN	  	1GCHG35U831110076	  	16254	
 	  	S804	  	2009	  	FORD	  	F150	  	PICKUP	  	1FTRX14W19KC15752	  	38121	
 	  	S816	  	1996	  	FORD	  	E250	  	VAN	  	1FTFE24Y8THB43856	  	16424	
 	  	S830	  	2000	  	CHEVY	  	3500	  	UTILITY	  	1GBHG31R1Y1257059	  	31193	
 	  	S832	  	1999	  	FORD	  	F450	  	RACK	  	1FDXF46F3XED37271	  	19952	
 	  	S842	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L42HB66848	  	16439	
 	  	S864	  	1996	  	FORD	  	E250	  	OP UTILITY	  	1FDHF25Y6TEA36497	  	16427	
 	  	S865	  	2006	  	CHEVY	  	2500	  	VAN	  	1GCGG25U761205920	  	19972	
 	  	S868	  	2001	  	DODGE	  	2500	  	UTILITY	  	3B7KF23ZX1G820614	  	19974	
 	  	S880	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24LX1HA92146	  	16201	
 	  	S883	  	2001	  	CHEVY	  	G25	  	VAN	  	1GBHG31R411230394	  	16243	
 	  	S887	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24L62HA59212	  	16234	
 	 	 	 	 	 	 	 	
Tullytown	  	S904	  	2001	  	Ford	  	E-350	  	Van	  	1FTSE34L21HA48280	  	19748	
 	  	S915	  	2002	  	Ford	  	E-350	  	Van	  	1FTSE34L12HA00660	  	19769	
 	  	S923	  	2002	  	Ford	  	E-350	  	Van	  	1FTSE34L32HA00658	  	19762	
 	  	S937	  	2001	  	Ford	  	E-350	  	Van	  	1FTSE34L21HA48277	  	19745	
 	 	 	 	 	 	 	 	
Upper Darby	  	S817	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34L73HB24501	  	19820	
 	 	 	 	 	 	 	 	
Wallace	  	S251	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24263HA24016	  	31082	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Wantagh	  	S021	  	2001	  	Ford	  	E350	  	Van	  	1FTSE34L81HA18152	  	16924	
 	 	 	 	 	 	 	 	
Lakewood	  	S155	  	2003	  	FORD	  	E350	  	UTILITY	  	1FDSE35L33HB94703	  	18155	
 	  	S156	  	2004	  	FORD	  	F250	  	UTILITY	  	1FTNX21L64EA56510	  	18156	
 	  	S157	  	2006	  	FORD	  	E350	  	VAN	  	1FTSSE34L96HB25789	  	18157	
 	  	S158	  	2007	  	FORD	  	E350	  	VAN	  	1FTSE34L57DA82388	  	18158	
 	 	 	 	 	 	 	 	
Princeton	  	S103	  	2004	  	FORD	  	E250	  	VAN	  	1FTNE24L54HA97095	  	17828	
 	  	S104	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24W65HA48645	  	17827	
 	 	 	 	 	 	 	 	
Southern Propane	  	ST350	  	2008	  	FORD	  	F350	  	UTILITY	  	1FDWF36588EC82735	  	28156	
 	  	ST450	  	2004	  	FORD	  	FLATBED	  	PICK UP	  	1FDXF46P144ED00508	  	28155	
 	  	HVAC	  	2001	  	TOYOTA	  	TUNDRA	  	PICK UP	  	5TBJN32171S142477	  	31776	
 	  	HVAC	  	2001	  	FORD	  	F150	  	PICK UP	  	1FTZF17211BA61820	  	31777	
 	  	LF
WOLFE	  	2001	  	CHEV	  	2500	  	VAN	  	1GCFG25M811159969	  	31874	
 	  	LF
WOLFE	  	2004	  	CHEV	  	G2340	  	VAN	  	1GCGG25V841205186	  	31875	
OTHER

Location	  	Unit #	  	Year	  	Make	  	Model	  	Capacity	  	Vin #	  	FAS #	
 	 	 	 	 	 	 	 	
Carroll	  	M200	  	2006	  	Ford	  	F550	  	OP Utility	  	1FDAF57P86EB66423	  	31351	
 	  	M201	  	2010	  	Cat	  	2P5000	  	Forklift	  	AT3530716	  	 	
 	  	M211	  	2004	  	Ford	  	F350	  	CL Utility	  	1FTSX31P44ED29018	  	31356	
 	 	 	 	 	 	 	 	
Hardy	  	M104	  	2006	  	CHEV	  	3500	  	PICK UP	  	1GCJK33D66F153986	  	31211	
 	  	M105	  	1988	  	ATLAS	  	ACR175	  	COMPRESSOR	  	ARP933227	  	 	
 	  	M106	  	2006	  	FORD	  	F150	  	PICK UP	  	1FTPX14V06WB05901	  	 	
 	  	C62	  	2007	  	Ford	  	F150	  	PICK UP	  	1FTPW14547FB56591	  	17788	
 	 	 	 	 	 	 	 	
Hicksville Pattereson	  	M34	  	2010	  	DODGE	  	3500	  	UTILITY	  	3D6WH4GL1AG25073	  	32423	
 	  	M35	  	1983	  	MACK	  	MR606T	  	GENERATOR/TRUCK	  	1M2N132C9DA03291	  	3138	
 	  	M41	  	1977	  	MACK	  	MB607	  	3400/A	  	MB487P3230	  	2845	
 	  	M42	  	1978	  	MACK	  	MB606	  	3400/A	  	MB606T1101	  	2763	
 	  	M45	  	1965	  	ALLIS
CHALMERS	  	FORKLIFT	  	ACC25LTS	  	ADA74342	  	N/A	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Maspeth	  	M75	  	1987	  	DODGE	  	E250	  	PICK UP	  	1B7JW24T1HS445320	  	1202	
 	  	M76	  	1993	  	FORD	  	E250	  	PICK UP	  	1FTDF15Y6PNA90790	  	1203	
 	  	M80	  	1990	  	CHEVR	  	C20	  	PICK UP	  	1GCGC24KOLE176390	  	19106	
 	  	M82	  	1982	  	MACK	  	DM685X	  	3000/S	  	1M2B124C6CA051566	  	931	
 	  	M86	  	2002	  	NISSAN	  	60	  	FORKLIFT	  	FGJ02A30V	  	N/A	
 	  	M98	  	1974	  	MACK	  	R607T	  	3000/S	  	R607T5466	  	941	
 	 	 	 	 	 	 	 	
Plainview	  	M05	  	2000	  	FORD	  	E350	  	VAN	  	1FTSS34F9YHB95631	  	7808	
 	  	M06	  	1976	  	FORD	  	LN8000	  	Tank	  	R80DVC37120	  	2106	
 	  	M12	  	1988	  	FORD	  	F250	  	Pick Up	  	1FTHF26HXJNA89008	  	2232	
 	  	M16	  	1985	  	FORD	  	LN8000	  	2800 A	  	1FDXR80U0FVA03168	  	2199	
 	  	M19	  	1985	  	FORD	  	F350	  	RACK	  	2FTHF36G4FCA37240	  	7725	
 	 	 	 	 	 	 	 	
Yaphank	  	M51	  	1992	  	FORD	  	F350	  	UTILITY	  	2FLDLF47MXNCB13638	  	8631	
 	  	M54	  	1995	  	GNC	  	2500	  	PICK UP	  	1GTGK24K9SE549038	  	18792	
 	  	M61	  	1985	  	MITSU	  	FG15	  	FORK LIFT	  	F256387	  	N/A	
 	  	M64	  	2009	  	CARRY-ON	  	 	  	TRAILER	  	4YMUL18229V030103	  	27975	
 	  	M66	  	2008	  	FORD	  	F550	  	CRANE	  	1FDAF57R789EA95977	  	31992	
 	  	M67	  	2000	  	FORD	  	E350	  	VAN	  	1FTSE34F5WHA33714	  	8761	
 	  	M1511	  	1977	  	MACK	  	MB607T	  	2800/A	  	MB607T5022	  	1410	
 	  	M1552	  	1977	  	MACK	  	MB607T	  	2800/A	  	MB607T5024	  	1412	
 	 	 	 	 	 	 	 	
Hoffberger	  	M6705	  	1994	  	INTERNATIONAL	  	4700	  	R/B	  	1HTSCPLM9RH546594	  	29491	
 	  	M6707	  	1996	  	CHEV	  	C20	  	UTILITY	  	1GCGC24R9TZ204158	  	28176	
 	 	 	 	 	 	 	 	
Hoffman Trumbull	  	M6860	  	2000	  	FORD	  	E-150	  	VAN	  	1FTRE1426YHA31745	  	28513	
 	  	M6861	  	1998	  	FORD	  	E-350	  	VAN	  	1FTPE24LXWHA47742	  	28369	
 	  	M6862	  	2002	  	FORD	  	E-350	  	VAN	  	1FTSE34L82HA25457	  	28365	
 	  	M6863	  	1999	  	FORD	  	E-350	  	VAN	  	1FTSE34F5XAB84969	  	28363	
 	  	M6864	  	1986	  	FORD	  	F-250	  	PICK UP	  	1FTHY26H7GK86771	  	28372	
 	  	M6865	  	1988	  	FORD	  	F-350	  	RACK	  	1FDKF37G4KNA65947	  	28515	
 	  	M6866	  	1987	  	TOYOTA	  	N/A	  	FORKLIFT	  	2FG01511035	  	27763	
 	  	CAR	  	2000	  	TOYOTA	  	COROLLA	  	 	  	2T1BR12E5YC268038	  	28514	
 	 	 	 	 	 	 	 	
Hoffman Danbury	  	M6850	  	2003	  	FORD	  	E-350	  	VAN	  	IFTSE34L43HA21911	  	27988	
 	  	M6851	  	1981	  	CHEVY	  	K-20	  	PICK UP	  	1GCEK24L2BF363206	  	28855	
 	  	M6852	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L03HA97822	  	27986	
 	 	 	 	 	 	 	 	
Lewis - Plainview	  	M6819	  	1993	  	Ford	  	F350	  	Dump	  	1FDKP37H2PNA82200	  	30419	
 	  	M6820	  	2001	  	Gmc	  	3500HD	  	Util	  	3GBKC34F21M112088	  	30420	
 	  	M6827	  	1984	  	Yale	  	GLC040	  	ForkLift	  	A809NO4594U	  	30422	
 	  	M6832	  	1999	  	Ford	  	E250	  	Van	  	1FTNE24L8XHC207333	  	30405	
 	  	M6840	  	2009	  	Ringo	  	RTA 508-3	  	Utility Trailer	  	5M7UF08189P000005	  	31910	
 	  	M6845	  	2003	  	Mitsu	  	649	  	Box	  	JW6BBC1H43L000627	  	32130	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Manor Fuel	  	M6801	  	2001	  	CHEV	  	S14	  	PICK UP	  	1GCDT19W08165653	  	31116	
 	  	M6802	  	1987	  	CHEV	  	STEP	  	BOX	  	1GBKP32J5H3336852	  	31118	
 	 	 	 	 	 	 	 	
Rye - Rochette	  	M153	  	2000	  	VENTURE	  	VU2000	  	UT TRAILER	  	47GUA1210YB000250	  	27797	
 	  	M154	  	1993	  	Haul Mark	  	trailer	  	UT TRAILER	  	16HCB1215TP010285	  	31544	
 	  	M155	  	1997	  	FORD	  	F250	  	PICK UP	  	1FTHF26H6VEC50928	  	31540	
 	 	 	 	 	 	 	 	
Boston	  	M03	  	1988	  	GMC	  	BRIG	  	3100A	  	1GDM8C1Y6JV600764	  	19118	
 	  	M18	  	1990	  	HYSTR	  	 	  	FORKLIFT	  	B1D7526	  	N/A	
 	 	 	 	 	 	 	 	
North Haven	  	M42	  	1979	  	HSTER	  	S50C	  	FORKLIFT	  	C2D5530M	  	N/A	
 	  	M43	  	1985	  	INTER	  	S1954	  	2600A	  	1HTLDTVN3FHA41259	  	9892	
 	  	M44	  	1994	  	FORD	  	E350	  	VAN	  	1FTJE34M84HA73023	  	9847	
 	 	 	 	 	 	 	 	
Norwalk	  	M85	  	1987	  	FORD	  	F800	  	2800A	  	1FDXT84A8HVA23186	  	10029	
 	  	M88	  	1979	  	FORD	  	C8000	  	3200A	  	D80DVFE7408	  	9929	
 	  	M89	  	1985	  	INTL	  	1954	  	2800A	  	1HTLDTVN7FHAA54158	  	9795	
 	  	M90	  	1985	  	MITSUBSHI	  	FG20	  	FORKLIFT	  	F17-02069	  	N/A	
 	 	 	 	 	 	 	 	
Ryan - G & S	  	M101	  	2006	  	CHEVY	  	2500	  	UTILITY	  	1GCHK29U66E111999	  	30965	
 	  	M104	  	1986	  	CHEVY	  	C30	  	RACK	  	1GBHC34M8GJ127791	  	19156	
 	  	M107	  	1991	  	YALE	  	GLC	  	FORKLIFT	  	N512890	  	N/A	
 	  	M110	  	2013	  	LOAD TRAIL	  	N/A	  	TRAILER	  	4ZEUT2020D1039270	  	32464	
 	  	M111	  	2013	  	DITCH WITCH	  	RT20	  	TRENCHER	  	CMWRT20XTD0000232	  	32557	
 	  	M112	  	2013	  	RENALDO	  	EXTC206	  	TANK MOVER	  	60098-13	  	32558	
 	  	M113	  	2000	  	MITSUBISHI	  	FE639	  	BOX	  	JW6AAE1H7YL004429	  	27924	
 	  	M115	  	1998	  	FORD	  	E350	  	VAN	  	1FTSE34L1WHB21677	  	19152	
 	 	 	 	 	 	 	 	
Ray	  	F001	  	1980	  	Ford	  	L8000	  	TANK	  	R80UVGH1592	  	31070	
 	  	F002	  	1968	  	Ford	  	F800	  	TANK	  	T80DUC87598	  	31071	
 	  	F003	  	1980	  	Ford	  	L8000	  	TANK	  	R80UVJD8222	  	31069	
 	  	F004	  	1985	  	Inter’l	  	1954	  	TANK	  	1HTLDTVN3FHA58675	  	31075	
 	  	F005	  	1967	  	Chev	  	C60	  	TANK	  	CE537T108557	  	31067	
 	  	F006	  	1981	  	Inter’l	  	1824	  	TANK	  	1HTAA1825BHB24790	  	31072	
 	  	F007	  	1985	  	Inter’l	  	1954	  	TANK	  	1HTLDTVR9FHA23366	  	31073	
 	  	F008	  	1986	  	Inter’l	  	1954	  	TANK	  	1HTLDUXP9GHA39179	  	31074	
 	  	F009	  	1990	  	Ford	  	L8000	  	TANK	  	1FDXR82AGLVA14233	  	31063	
 	  	F010	  	1981	  	Inter’l	  	1954	  	TANK	  	1HTAA1853BHA26884	  	31064	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	F011	  	1987	  	Inter’l	  	1954	  	TANK	  	1HTLDTVNXHH525669	  	31065	
 	  	F012	  	1984	  	Inter’l	  	1954	  	TANK	  	1HTAA195XEHA16842	  	31066	
 	  	F013	  	1990	  	Inter’l	  	4900	  	TANK	  	1HTSDZ3N5LH683394	  	31076	
 	  	F014	  	1978	  	FORD	  	L8000	  	TANK	  	R80DVCB0415	  	31068	
 	  	F015	  	1985	  	Inter’l	  	S2554	  	TANK	  	1HTZLTVN6EHA35192	  	31077	
 	  	F016	  	1990	  	HINO	  	SG	  	2000	  	JHBSG1959L1S10224	  	31062	
 	  	F017	  	1993	  	Inter’l	  	4900	  	2800 A	  	1HTSDPNN6PH479470	  	31039	
 	  	F018	  	1993	  	Inter’l	  	4900	  	2800 A	  	1HTSDPPN3PH475471	  	31038	
 	  	F019	  	1993	  	Inter’l	  	4900	  	2800 A	  	1HTSDPPN8PH518978	  	31040	
 	  	M201	  	2006	  	Ford	  	F550	  	CRANE	  	1FDAF57P56EB81557	  	31019	
 	  	M202	  	2006	  	Chev	  	2500	  	RACK	  	1GCHC24UX6E270190	  	31053	
 	  	M204	  	2004	  	Inter’l	  	4300	  	RACK	  	1HTMMAAN44H613383	  	31024	
 	  	M205	  	2011	  	Ford	  	F350	  	Pick up	  	1FT8W3BTSBEA42623	  	31027	
 	  	M207	  	2005	  	F.R.	  	N/A	  	BOX TRAILER	  	5NHUFE2135U316430	  	31061	
 	  	M208	  	1985	  	Trojan	  	N/A	  	Loader	  	3841101	  	31031	
 	  	M209	  	1998	  	Ford	  	E350	  	Van	  	1FTSE34F1WHA20200	  	31004	
 	  	M210	  	2001	  	Ford	  	F350	  	Van	  	1FDWF37F81EC03948	  	31005	
 	  	M211	  	2005	  	MORIT	  	 	  	TRAILER	  	4WXUU182051011688	  	31060	
 	  	M212	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34F21HB38622	  	 	
 	  	M213	  	1999	  	FORD	  	E150	  	VAN	  	1FTRE1422XHA23785	  	 	
 	 	 	 	 	 	 	 	
Kasden - EH	  	M143	  	2003	  	OLDS	  	SILHOUETTE	  	VAN	  	1GHDX03E83D185085	  	 	
 	 	 	 	 	 	 	 	
Buckley	  	M130	  	2000	  	FORD	  	F150	  	Pick Up	  	1FTRX18L7YKA99438	  	18960	
 	  	M131	  	2004	  	CHEV	  	K24	  	Pick Up	  	1GTHK24U74EZ06723	  	18965	
 	  	M132	  	2012	  	WRIGHT	  	202DO	  	TRAILER	  	1S9TS2026C1132075	  	31126	
 	  	M133	  	2011	  	RENALDO	  	EXTC260	  	CARRIER	  	60072-11	  	31125	
 	  	P3	  	2008	  	CHEV	  	SILVERADO
P-U	  	 	  	1GCEC14X68Z323177	  	18980	
 	  	P7	  	1999	  	FORD	  	TAURUS
WAGON	  	 	  	1FAFP58S9XA122763	  	18979	
 	  	V1	  	1998	  	DODGE	  	CARAVAN	  	 	  	2B4FP25B4WR593658	  	18981	
 	 	 	 	 	 	 	 	
Rhode Island	  	M31	  	1997	  	CHEV	  	G30	  	CUBEVAN	  	1GBHG31R2V1080128	  	12104	
 	  	M32	  	1991	  	FORD	  	F450	  	RACK	  	2FDLF47G2MCA25286	  	11828	
 	  	M34	  	1981	  	Allis Chalmer	  	 	  	FORKLIFT	  	ACC30RSAMA74760	  	12112	
 	  	M36	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24L81HB43983	  	12115	
 	  	M44	  	1982	  	INTERNAT’L	  	S1900	  	2800 A	  	2HTAA1950CCA16790	  	11745	
 	  	M45	  	1985	  	MACK	  	R686ST	  	2500/1500 A	  	1M2N179Y7FA097359	  	11683	
 	  	M46	  	UNKNOWN	  	NISSAN	  	FGA15V	  	FORKLIFT	  	FO1 022871	  	N/A	
 	  	M47	  	UNKNOWN	  	Allis Chalmer	  	FTPL30-24	  	FORKLIFT	  	38882000	  	N/A	
 	  	M60	  	1997	  	FORD	  	E350	  	VAN	  	1FDKE37F1VHB84746	  	11736	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	M66	  	1994	  	DODGE	  	B150	  	VAN	  	2B7GB11X6RK151852	  	11674	
 	  	M70	  	1977	  	CHEV	  	C130	  	UTILITY	  	CCL3371102488	  	11651	
 	  	M71	  	1991	  	FORD	  	F350	  	BOX	  	1FDKF37HXMNA71196	  	11729	
 	  	M73	  	1990	  	GMC	  	6000	  	BOOM	  	1GDG6D1B3LV505358	  	11797	
 	  	M79	  	1988	  	GMC	  	8500	  	3000A	  	4GDM8C1Y9JV702283	  	11557	
 	  	T-1	  	NA	  	HOMEMADE	  	NA	  	NA	  	HMPETRO	  	N/A	
 	 	 	 	 	 	 	 	
Woods	  	M120	  	1987	  	GMC	  	SIERRA	  	3500	  	1GDHR34KXHJ512694	  	17168	
 	  	M121	  	1995	  	ISUZU	  	NPREF1	  	BOX	  	4KLB4B1A5SJ000573	  	17172	
 	  	M122	  	1998	  	FORD	  	E250	  	VAN	  	1FTNE24L7WHB90350	  	17178	
 	  	M124	  	2001	  	CHEV	  	BLAZER	  	SUV	  	1GNDT13W012199966	  	17198	
 	  	C42	  	2006	  	CHEVROLET	  	TRAILBLAZER	  	 	  	1GNDT13S262116039	  	17199	
 	 	 	 	 	 	 	 	
Burke	  	M700	  	1999	  	Mitsubishi	  	657	  	DUMP TRK	  	JW6FFJ1E3XMOOO800	  	17002	
 	  	M704	  	2005	  	ECONOLINE	  	Flat	  	TRAILER	  	42EDPKM2551000461	  	16715	
 	  	M705	  	2001	  	Ford	  	F450	  	Box	  	1FDXF46F31EA31050	  	16799	
 	  	M711	  	1980	  	Allis Chambers	  	ACC40LPS	  	FORKLIFT	  	AEJ127937	  	N/A	
 	  	M712	  	2003	  	CAPE CRAFT	  	20’ CC	  	BOAT	  	MUS10633L203	  	15850	
 	  	M718	  	2003	  	VENTURE	  	 	  	BOAT TRL	  	47GRK19153B000312	  	15851	
 	  	M719	  	1983	  	Bradco	  	 	  	BACK HOE	  	U192535	  	13726	
 	  	M723	  	1999	  	Ford	  	F350	  	OP UTILITY	  	1FDSF35F4XEB12959	  	17006	
 	  	M726	  	1997	  	Ford	  	F350	  	OP UTILITY	  	3FTHF36F7VMA08566	  	13732	
 	  	M728	  	2000	  	Kimatsu	  	WB140	  	BACKHOE	  	F10280	  	13733	
 	  	M740	  	2001	  	Peterbilt	  	330	  	2000S	  	2NPNHD8X41M558664	  	16815	
 	  	M743	  	1995	  	Eager Beaver	  	Flat	  	TRAILER	  	112DPM277SL044578	  	13730	
 	  	M749	  	2003	  	Pace America	  	Box	  	UT TRAILER	  	40LUB16273P095561	  	16643	
 	 	 	 	 	 	 	 	
Carpenter & Smith	  	M370	  	1973	  	Clark	  	C500-Y30	  	Forklift	  	Y235190311	  	17260	
 	  	M371	  	1999	  	WELLS	  	CW121-102	  	TRAILER	  	1WC200E14W1083393	  	17259	
 	  	M378	  	2000	  	FORD	  	F-250	  	FLAT RACK	  	1FTNF20L3YEA88616	  	17252	
 	 	 	 	 	 	 	 	
Region	  	M208	  	1998	  	PACE	  	UTILITY	  	TRAILER	  	4OLFB1213XP051293	  	 	
 	  	M209	  	1980	  	H & H	  	BRINDLE	  	TRAILER	  	80570D	  	 	
 	  	M210	  	1993	  	CAR MATE	  	 	  	TRAILER	  	1P9C508S2PL017918	  	 	
 	  	M218	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34LX1HA22283	  	16787	
 	  	M219	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L41HA07746	  	16781	
 	  	M230	  	1985	  	HYSTER	  	S50XL	  	FORKLIFT	  	AL87V13549K	  	N/A	
 	  	M232	  	1995	  	FORD	  	AH3136	  	BACKHOE	  	VH03662	  	N/A	
 	  	M245	  	2001	  	FORD	  	F250	  	PICKUP	  	1FTNF21L71EA59348	  	28173	
 	  	M248	  	1996	  	FORD	  	F250	  	PICKUP	  	1FTHF26F3TEB24294	  	15798	
 	  	M250	  	1983	  	FORD	  	LN8000	  	2800A	  	1FDYR8OUXDVA34400	  	14143	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Effron	  	M300	  	2003	  	CAPE CRAFT	  	BOAT	  	BOAT	  	MUS10617L203	  	15852	
 	  	M302	  	2000	  	FORD	  	E350	  	BOX TRUCK	  	1FDWE35L2YHC00774	  	16923	
 	  	M305	  	1975	  	MACK	  	R600	  	DUMP TRUCK	  	R685T53906	  	17954	
 	  	M310	  	1984	  	CASE	  	CK580D	  	BACKHOE	  	9870573	  	18850	
 	  	M311	  	2013	  	HAULMARK	  	PPT-DT2	  	TRAILER	  	16HPB1624DP088739	  	 	
 	  	M313	  	1967	  	CLARK	  	C500-25	  	FORK LIFT	  	23513292321	  	N/A	
 	  	M314	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L62HA09774	  	16907	
 	  	M315	  	2003	  	VENTURA	  	 	  	TRAILER	  	47GRK19173B000313	  	15853	
 	  	M316	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34L63HB24487	  	18294	
 	  	M327	  	1985	  	FORD	  	E350	  	BOX TRUCK	  	1FDJE37H7FHB39678	  	13652	
 	 	 	 	 	 	 	 	
Leffler	  	M03	  	1997	  	IH	  	4700	  	EFFINGER	  	1HTSCAAL7VH456961	  	16352	
 	  	M010	  	2000	  	FORD	  	F350	  	OP UTILITY	  	1FDSF35L3YEB62324	  	16349	
 	  	M020	  	1995	  	FORD	  	E350	  	RACK	  	1FDKF37H7SNB34915	  	16417	
 	  	M022	  	1996	  	FORD	  	E350	  	RACK	  	2FDKF37H8TCA56832	  	16430	
 	  	M024	  	1995	  	DODGE	  	2500	  	PICK UP	  	1B7KF26W7SS358704	  	16409	
 	  	M025	  	1994	  	CHEVY	  	C34	  	RACK	  	1GBKC34F3RJ108155	  	16400	
 	  	M040	  	1981	  	FORD	  	E350	  	BOX	  	1FTHE38G9BHA95802	  	16143	
 	  	M044	  	1996	  	FORD	  	E250	  	PICKUP	  	1FTHF25Y2TLA72929	  	16428	
 	  	M048	  	1996	  	FORD	  	F150	  	PICKUP	  	1FTHX26H9TEB05330	  	16429	
 	  	M049	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L31HA70496	  	16434	
 	  	M153	  	1990	  	CAR MAR	  	N/A	  	UT TRAILER	  	1P9C712D9LL017581	  	16381	
 	  	M154	  	1990	  	LAMCO	  	N/A	  	UT TRAILER	  	1L9UT0816LL088124	  	16386	
 	  	M155	  	1993	  	TOW-MSTER	  	1800B	  	UT TRAILER	  	1P9F40D21PG1622804	  	16399	
 	  	M156	  	1997	  	HUDSON	  	N/A	  	UT TRAILER	  	10HHSE167V1000873	  	16433	
 	  	M158	  	1988	  	KW	  	T800	  	DUMP	  	1NKDLR9X1JJ511806	  	16291	
 	  	M159	  	1989	  	KW	  	T800	  	VAC TRK	  	2NKDLR9X2JM519633	  	16292	
 	  	M161	  	1995	  	JHN DRRE	  	410	  	BACKHOE	  	D6777462	  	16385	
 	  	M162	  	1988	  	CUSTOM	  	N/A	  	UT TRAILER	  	1YB321533J1B1T804	  	16140	
 	  	M163	  	1994	  	CHEVY	  	C30	  	DUMP	  	1GBJC34K3RE187036	  	16141	
 	  	M164	  	1990	  	KMATSHU	  	N/A	  	PAYLOADR	  	1913KOMATSHU	  	16142	
 	  	M167	  	1970	  	ALIS CHAMBER	  	N/A	  	FORKLIFT	  	446228000	  	N/A	
 	  	M168	  	1980	  	TOYOTA	  	N/A	  	FORKLIFT	  	2FDC25 - 11029	  	N/A	
 	  	M169	  	1980	  	DATSUN	  	N/A	  	FORKLIFT	  	CF01-000254	  	N/A	
 	  	M170	  	1989	  	CRWD PLESR	  	N/A	  	UT TRAILER	  	89041455	  	16378	
 	  	M171	  	1979	  	CAT	  	N/A	  	FORKLIFT	  	81M03579	  	N/A	
 	  	M173	  	1983	  	MITSUBISHI	  	N/A	  	FORKLIFT	  	AFA82A-00711	  	N/A	
 	  	M177	  	1933	  	FORD	  	BB	  	ANTIQE TRK	  	BB18758428	  	N/A	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	M178	  	1984	  	LESLIE	  	N/A	  	ANT TRL	  	1L9HW1669E1035165	  	N/A	
 	  	M195	  	2001	  	SOUTHWEST	  	 	  	TRAILER	  	48B500E1812023688	  	19970	
 	  	M197	  	1996	  	MACK	  	C300	  	BOOM/RACK	  	VG6BA07A4TB501823	  	19953	
 	  	T3	  	1980	  	MONN	  	N/A	  	TRAILER	  	FA7045948	  	N/A	
 	  	T5	  	1978	  	FRUEHAUF	  	N/A	  	TRAILER	  	MEZ573873	  	N/A	
 	  	T8	  	 	  	FRUEHAUF	  	N/A	  	TRAILER	  	MAM257901	  	N/A	
 	 	 	 	 	 	 	 	
Tullytown	  	M551	  	1970	  	TCM	  	FD30Z7ST	  	FORKLIFT	  	A22R52455	  	N/A	
 	  	M557	  	1998	  	Sealion	  	N/A	  	UT Trailer	  	45LBS171XW2062874	  	unknown	
 	  	M558	  	1998	  	Sealion	  	N/A	  	UT Trailer	  	45LBS1716W2062838	  	unknown	
 	  	M560	  	2002	  	Ford	  	F-350	  	Pick Up	  	1FTWX33SX2EA36501	  	19772	
 	  	M562	  	1999	  	Ford	  	F-350	  	Rack	  	1FDWF37F4XEC44120	  	19780	
 	  	M563	  	1995	  	Ford	  	E-350	  	Van	  	1FTJE34F0SHC14948	  	15867	
 	  	M564	  	2001	  	Ford	  	E-350	  	Van	  	1FTSE34L61HA48282	  	19749	
 	  	M566	  	1998	  	Recsue One	  	Boat	  	17’ Alum	  	OMCR4801F798	  	unknown	
 	  	M567	  	1998	  	Recsue One	  	Boat	  	17’ Alum	  	OMCR4802F798	  	unknown	
 	  	M568	  	1986	  	Case	  	CK-580-E	  	Back Hoe	  	9870573	  	19855	
 	  	M570	  	1995	  	Custom	  	N/A	  	UT Trailer	  	10400601210950236	  	19243	
 	  	M571	  	1989	  	FORD	  	LN9000	  	DUMP	  	1FDYR90T3KVA07792	  	19244	
 	  	M572	  	1999	  	Ford	  	F-350	  	Pick Up	  	1FTWX33FXXEC16183	  	19781	
 	  	M575	  	1995	  	Ford	  	E-250	  	Van	  	1FTHE24Y3SHA79734	  	19235	
 	  	M579	  	1997	  	DYNAWELD	  	N/A	  	UT Trailer	  	4U161AEX6V1X34348	  	19236	
 	  	M584	  	1989	  	Ford	  	E-350	  	Utility	  	1FDKF37M4KNA03941	  	19240	
 	  	M590	  	1990	  	Ford	  	E-350	  	Utility	  	2FDLF47M5LCB02253	  	19248	
 	  	M591	  	2001	  	Haul	  	N/A	  	UT Trailer	  	16HGB18231PO21588	  	19283	
 	  	M592	  	2001	  	Haul	  	N/A	  	UT Trailer	  	16HGB18211PO21587	  	19282	
 	  	M599	  	1996	  	Petro	  	Steel	  	UT Trailer	  	1P9TAR201T2021221	  	15840	
 	 	 	 	 	 	 	 	
Upper Darby	  	M503	  	2001	  	FORD	  	WINDSTAR	  	MINIVAN	  	2FMZA50441BC31399	  	19763	
 	  	M505	  	1987	  	FORD	  	C8000	  	3400A	  	1FDYD80U3HVA65511	  	19253	
 	  	M510	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE3423HB24499	  	19822	
 	  	M511	  	1995	  	DODGE	  	3500	  	STAKE BODY	  	1B6MC36C8SS118983	  	19823	
 	  	M522	  	1996	  	FORD	  	F250	  	PICK-UP	  	1FTHF26F5TEB24295	  	15884	
 	  	M530	  	1970	  	HYSTER	  	H70C	  	FORKLIFT	  	C5D126815	  	N/A	
 	 	 	 	 	 	 	 	
Wallace	  	M351	  	1940	  	DODGE	  	SHOW TRK	  	TANK	  	T98139493	  	N/A	
 	  	M353	  	2011	  	HURST	  	6 C	  	TRAILER	  	1H9TE1621B1057079	  	31187	
 	  	M354	  	2011	  	RENALDO	  	EZTC206	  	TANK CARRIER	  	60071-11	  	31223	
 	  	M357	  	2003	  	CHEVY	  	2500	  	PICK UP	  	1GCHK24U93E207919	  	16281	
 	  	M365	  	1986	  	H&H	  	BRINDLE	  	TRAILER	  	1H91016S8G1019086	  	13681	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wantagh	  	M600	  	1997	  	FORD	  	F350	  	PICK UP	  	3FTHF36F6VMA23754	  	13777	
 	  	M607	  	1998	  	FORD	  	E250	  	Van	  	1FTPE242XWHB82145	  	13781	
 	  	M609	  	2003	  	FORD	  	E350	  	Van	  	1FTSE34L43HB29512	  	18305	
 	  	M614	  	1978	  	MACK	  	R607T	  	3400 A	  	R607T5710	  	14017	
 	  	M618	  	1995	  	Ford	  	Cutaway	  	Cube	  	1FDKE37H3SHB74801	  	15826	
 	  	M631	  	1987	  	Hyster	  	H80XL	  	Forklift	  	F005A04602H	  	N/A	
 	  	M633	  	1999	  	Ford	  	E350	  	Van	  	1FTSE34L5XHC01050	  	16980	
 	  	M640	  	1990	  	Ford	  	L8000	  	Tanker	  	1FDXK84A1LVA09903	  	14111	
 	 	 	 	 	 	 	 	
Arlington - Washington	  	M207	  	1988	  	E BEAVER	  	9 TON FL	  	TRAILER	  	112HDB204JT090675	  	11854	
 	  	M187	  	1965	  	CLARKLIFT	  	C40H	  	FORKLIFT	  	C40H-127-670-LPO-765	  	N/A	
 	 	 	 	 	 	 	 	
Baltimore	  	M181	  	1989	  	HINO	  	FD	  	RACK	  	JHBFD174XK2S11637	  	12572	
 	  	M193	  	1988	  	FORD	  	LN8000	  	DUMP TRUCK	  	1FDYR82A4JVA46136	  	28175	
 	  	M199	  	2009	  	PACE/AMER	  	WS46SALD	  	4X6 TRAILER	  	40LFB06169P158491	  	N/A	
 	 	 	 	 	 	 	 	
Kenvil	  	M77	  	1984	  	FORD	  	L-9000	  	4400/A	  	1FDZY90WXEVA31383	  	12948	
 	 	 	 	 	 	 	 	
Lakewood	  	M91	  	2000	  	YALE	  	FORKLIFT	  	FORKLIFT	  	AH108246	  	13043	
 	 	 	 	 	 	 	 	
South Plainfield	  	M51	  	1971	  	YALE	  	G1C40	  	FORKLIFT	  	203254	  	N/A	
 	  	M304	  	1973	  	FORD	  	C8000	  	TANK	  	D804VS53726	  	12893	
 	 	 	 	 	 	 	 	
Allentown - Reading	  	M142	  	1990	  	FORD	  	F250	  	PICK UP	  	2FTEF25Y6LCA41955	  	11059	
 	  	M156	  	2006	  	TOYOTA	  	7FGU15	  	FORKLIFT	  	66539	  	N/A	
 	 	 	 	 	 	 	 	
Philadelphia	  	M116	  	1970	  	AL CH	  	FT-20-24	  	FORKLIFT	  	2739200	  	N/A	
 	  	M136	  	1990	  	FORD	  	2120	  	BACKHOE	  	T854B20037	  	11200	
 	  	M137	  	1987	  	CTAL	  	EC16	  	TRAILER	  	1C9EC2226H1193391	  	11199	
 	  	C26	  	2000	  	PLYMOUTH	  	MINI-VAN	  	 	  	2P4FP25B4YR569605	  	11295	
 	 	 	 	 	 	 	 	
Princeton	  	M89	  	1959	  	BAKER	  	FMD050	  	FORKLIFT	  	47107	  	N/A	
 	 	 	 	 	 	 	 	
Southern Propane	  	ST250	  	1997	  	FORD	  	F250	  	UTILTIY	  	1FTHF25HZVEC78470	  	28154	
 	  	 	  	1999	  	FORD	  	F250	  	PICKUP	  	1FTPX27L7XNC02434	  	28153	
 	  	 	  	2007	  	INTER’L	  	HT570	  	FLATBED	  	1HTWNAZT57J453665	  	31387	
 	  	HVAC	  	2006	  	TRANSHAUL	  	ENCLOSED	  	12’ TRAILER	  	5KNEB12116G006127	  	31774	
 	  	HVAC	  	2001	  	N/A	  	N/A	  	12’ TRAILER	  	N/A	  	31775	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	LF WOLFE	  	2006	  	CHEV	  	1500	  	SILVERADO PICK UP	  	1GCE14V46E107587	  	31876	
 	  	LF WOLFE	  	2007	  	FORD	  	F150	  	PICKUP	  	1FTRF12W67KB11406	  	31877	
 	  	LF WOLFE	  	N/A	  	N/A	  	TRAILER	  	UTILITY 5X8	  	N/A	  	31878	
 	  	LF WOLFE	  	N/A	  	N/A	  	TRAILER	  	UTILITY 5X12	  	N/A	  	31879	
SURPLUS – ALL TYPES

Location	  	Unit #	  	Year	  	Make	  	Model	  	Capacity	  	Vin #	  	FAS #	
 	 	 	 	 	 	 	 	
Carroll	  	X1012	  	1999	  	International	  	4900	  	2200 S	  	1HTSDAAN6XH629368	  	31320	
 	 	 	 	 	 	 	 	
Hardy	  	XS018	  	2000	  	GMC	  	2500	  	UTILITY	  	1GDGC34R4YF476451	  	17755	
 	 	 	 	 	 	 	 	
Hicksville	  	X1458	  	1983	  	MACK	  	MR606P	  	3400 A	  	1M2K119C6DM001334	  	2980	
Patterson	  	X1496	  	1980	  	MACK	  	MR606P	  	3600 A	  	MR60691237	  	3121	
 	  	XM30	  	1969	  	ALLIS CHAMBERS	  	ACC50L-2	  	FORKLIFT	  	ACA73496	  	N/A	
 	  	X1350	  	1980	  	MACK	  	MR685S	  	5000A	  	MR685S3076	  	17127	
 	  	X1351	  	1980	  	MACK	  	MR685S	  	5000A	  	MR685S3098	  	17128	
 	  	X1360	  	1979	  	MACK	  	MR606	  	3400 A	  	MR606P1186	  	28003	
 	 	 	 	 	 	 	 	
Maspeth	  	X1047	  	1985	  	ALMAC	  	N/A	  	TLRR/5100	  	2A9TA2M17F1001706	  	1032	
 	  	X1107	  	1989	  	MACK	  	RB690S	  	4600 S	  	1M2P198C0KW003622	  	885	
 	  	X1123	  	1985	  	MACK	  	DM686S	  	4400/S	  	1M2B126C7FA010901	  	1182	
 	  	X1125	  	1983	  	MACK	  	DM686SX	  	5400/S	  	1M2B128CXDA009204	  	1133	
 	  	X1135	  	1991	  	MACK	  	MR690S	  	4500	  	1M2K185C7MM003947	  	19101	
 	  	X1144	  	1979	  	MACK	  	DM685SX	  	4400/S	  	DM685SX42923	  	2653	
 	  	X1208	  	1981	  	WILCO	  	N/A	  	TRLR/6500/S	  	T199	  	18422	
 	  	X1241	  	1988	  	MACK	  	RD686S	  	4400 / S	  	1M2P137C6JA017096	  	18401	
 	  	X1291	  	1988	  	MACK	  	MR690S	  	4400 S	  	1M2K175CXJM001860	  	18403	
 	  	XM99	  	1974	  	MACK	  	R607T	  	3000/S	  	R607T5463	  	1024	
 	  	XS322	  	1995	  	FORD	  	E250	  	VAN	  	1FTJE34H8SHB71719	  	19104	
 	  	XS323	  	1999	  	FORD	  	E250	  	VAN	  	1FTSE34L6XHC34302	  	19103	
 	 	 	 	 	 	 	 	
Plainview	  	X1733	  	1979	  	MACK	  	MR400	  	3400/A	  	MR487P1146	  	7717	
 	  	X1734	  	1986	  	INTER	  	S1900	  	4500/A	  	1HTLKTVR2GHA24544	  	7801	
 	  	X1740	  	1985	  	FORD	  	C8000	  	3400A	  	1FDY80U3FVA66994	  	2054	
 	  	X1767	  	1987	  	FORD	  	C8000	  	3200/A	  	1FDYD80U8HVA61924	  	1976	
 	  	X1784	  	1986	  	FORD	  	F8000	  	2700A	  	1FDXK87U4GVA20602	  	2100	
 	  	XM04	  	1980	  	MACK	  	MR600	  	Tank	  	MR611S1029	  	1889	
 	  	XM10	  	1986	  	FORD	  	C8000	  	2800A	  	1FDXD80U7GVA32084	  	1977	
 	  	XM90	  	1987	  	INTHR	  	S1900	  	BOX	  	1HTLDTVN2HH474961	  	12076	
 	  	XS880	  	2000	  	FORD	  	E-250	  	VAN	  	1FTNE2422YHB56651	  	12206	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Yaphank	  	X1525	  	1978	  	FORD	  	C8000	  	TANK	  	D80DVAG8655	  	3185	
 	  	X1527	  	VOLVO	  	FE6	  	2800/A	  	TANK	  	YB3U6A3AOLB444555	  	8621	
 	  	X1545	  	1988	  	FORD	  	C700	  	TANK	  	9BFYH81A0JDM02750	  	1399	
 	  	X1551	  	1996	  	MACK	  	MS300P	  	TANK	  	VG6M118BXTB301874	  	12255	
 	  	XM60	  	1992	  	FORD	  	E350	  	VAN	  	1FTJE34M3NHB62332	  	1703	
 	  	XM574	  	1987	  	FORD	  	F700	  	TANK	  	1FDPF82K5HVA03903	  	1513	
 	 	 	 	 	 	 	 	
Hoffberger	  	X16122	  	1987	  	FORD	  	LN8000	  	3000/A	  	1FDXR80UIHVA20855	  	29471	
 	  	X16125	  	1983	  	FORD	  	LN8000	  	2800/A	  	1FDXR80U6DVA38844	  	29472	
 	  	X16138	  	1997	  	FORD	  	LN9000	  	4200/S	  	1FDZW90X1VVA10730	  	19903	
 	  	X16147	  	1979	  	MACK	  	MR	  	3400/A	  	MR487P1018	  	29493	
 	  	X16157	  	1980	  	MACK	  	MR	  	3400 A	  	MR487P1176	  	29499	
 	  	X16158	  	1980	  	MACK	  	MR	  	3400 A	  	MR487P1177	  	29498	
 	  	X16164	  	1980	  	MACK	  	MR	  	3400 A	  	MR487P1233	  	29503	
 	  	XM6704	  	1987	  	INTERNATIONAL	  	S-1600	  	P/O	  	1HTLAHEM7HH484575	  	29490	
 	  	XM6706	  	1991	  	GMC	  	3500	  	PICK UP	  	1GDHR33J2MF702060	  	29489	
 	  	XS6206	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHA34527	  	29519	
 	  	XS6207	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24251HA44867	  	29516	
 	  	XS6208	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34L43HA34464	  	31290	
 	  	XS6209	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34L83HB60150	  	31291	
 	 	 	 	 	 	 	 	
Hoffman	  	XS6750	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L23HB46017	  	27981	
Trumbull	  	XS6758	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L53HB81974	  	27982	
 	  	XS6764	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34LX2HA70979	  	28362	
 	 	 	 	 	 	 	 	
Hoffman	  	X16601	  	87	  	FORD	  	L8000	  	tanker	  	1FDYR80U7HVA11338	  	28870	
Danbury	  	X16602	  	91	  	FORD	  	N87	  	tanker	  	1FDXR82A5MVA28521	  	28863	
 	  	XS6700	  	2004	  	FORD	  	E-350	  	VAN	  	1FTSE34L04HB11672	  	31258	
 	  	XS6709	  	2001	  	FORD	  	E-350	  	VAN	  	1FTSE34L71HA77645	  	28852	
 	  	XS6710	  	2003	  	FORD	  	E-350	  	VAN	  	1FTSE34L43HB45743	  	27985	
 	 	 	 	 	 	 	 	
Lewis-Plainview	  	X16502	  	1985	  	Inter	  	2554	  	3400 / A	  	1HTZLTVN5FHA27103	  	27893	
 	  	X16529	  	1980	  	Mack	  	MR487	  	3400 / A	  	MR487P1183	  	30424	
 	  	XS6935	  	2001	  	Ford	  	E350	  	Van	  	1FTSE34LX1HA18072	  	30406	
 	 	 	 	 	 	 	 	
Lewis - Hampton Bays	  	XS6960	  	2002	  	DODGE	  	3500	  	VAN	  	2B7KB31Z12K140738	  	30413	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Manor Fuel	  	X16554	  	1985	  	FORD	  	8000	  	3000 A	  	1FDYD80U4FVA40159	  	31111	
 	  	 	  	UNKNOWN	  	YALE	  	FORKLIFT	  	 	  	N/A	  	31119	
 	  	XS6974	  	1994	  	FORD	  	E350	  	VAN	  	1FTJE34Y9RHB88331	  	31117	
 	  	XS6978	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB33722	  	31549	
 	 	 	 	 	 	 	 	
Rye - Rochette	  	103	  	1993	  	VOLVO	  	FE42	  	2800/A	  	4V52AEEB0PR472847	  	27784	
 	 	 	 	 	 	 	 	
Skelton	  	 	  	1999	  	FORD	  	E250	  	VAN	  	1FTRE1422XHB51881	  	29282	
 	  	 	  	2000	  	CHEVROLET	  	EXPR	  	VAN	  	1CGHG35RXY1100989	  	29283	
 	  	 	  	1996	  	FORD	  	E250	  	VAN	  	1FTHE24YXTHA44514	  	29285	
 	  	X16262	  	1985	  	MACK	  	MR600	  	3400/A	  	1M2K125C8FM008042	  	29292	
 	  	X16264	  	1989	  	UBT’L	  	S	  	2800 A	  	1HTLDRVN9KH604824	  	29294	
 	  	X16267	  	1979	  	MACK	  	MR	  	3400 A	  	MR487P1021	  	29295	
 	  	X16273	  	1980	  	MACK	  	MR	  	3400 A	  	MR487P1186	  	29288	
 	  	XS6050	  	1991	  	FORD	  	E350	  	VAN	  	1FTJE34M1MHA53754	  	29284	
 	  	XS6052	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2424YHB59504	  	29286	
 	  	XS6053	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2426YHB59505	  	29287	
 	 	 	 	 	 	 	 	
Boston	  	X1109	  	1989	  	SCANIA	  	113H	  	5500 A	  	YS2PH4226K1143672	  	19119	
 	  	X1186	  	1982	  	WHITE	  	EXP	  	3400 A	  	1WXDAHHD6CN052353	  	11493	
 	  	X1187	  	1988	  	SCANIA	  	112H	  	4600 2 A	  	YS2PH4220J1129149	  	11499	
 	  	X1258	  	1987	  	scania	  	112H	  	5500 A	  	YS2PH4229H1122078	  	19117	
 	  	XS132	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24WX5HB22665	  	196156	
 	  	XS321	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24291HB14810	  	153696	
 	  	XS327	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24213HB16912	  	168674	
 	  	XS384	  	2000	  	FORD	  	E250	  	VAN	  	1FTNE2425YHB23790	  	145414	
 	 	 	 	 	 	 	 	
Norwalk	  	X1403	  	1986	  	INTER’L	  	S1954	  	2600 A	  	1HTLDTVN5GHA15182	  	9893	
 	  	X1406	  	1985	  	INTER’L	  	S1954	  	2800 A	  	1HTLH0000FHA35546	  	10028	
 	  	X1417	  	1987	  	FORD	  	LN8000	  	2800 A	  	1FDXR82AXHVA61262	  	9981	
 	  	X1445	  	1983	  	FORD	  	L8000	  	3600/A	  	1FDXR80U2DVA36038	  	9988	
 	  	X1446	  	1994	  	FORD	  	CF8000	  	3200A	  	1DYH81E3RA18170	  	28187	
 	  	X1464	  	1980	  	WHITE	  	EXP2	  	3500 A	  	3ARFGST040021	  	9727	
 	  	X1480	  	1979	  	WHITE	  	EXP2	  	3000 A	  	3ARDPST021538	  	9811	
 	  	X1481	  	1989	  	WHITE	  	EXPD2	  	2800 A	  	4V2DAEAD3KN615917	  	9812	
 	 	 	 	 	 	 	 	
Ryan - G & S	  	X1058	  	1988	  	FORD	  	LN8000	  	2800 A	  	1FDXR80U7JVA01636	  	19159	
 	  	X1512	  	1986	  	FORD	  	L8000	  	2700/A	  	1FDXR0U3GVA28308	  	19151	
 	  	XM116	  	1997	  	FORD	  	F350	  	UTILITY	  	3FEHF36H3VMA49656	  	19163	
 	 	 	 	 	 	 	 	
Ray	  	X1802	  	1991	  	INT’L	  	4900	  	2800 A	  	1HTSDNUM1MH373901	  	31037	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Kasden - EH	  	FUSCO	  	1988	  	FORD	  	LN8000	  	2800 A	  	1FDXR82A15VA18290	  	31745	
 	  	FUSCO	  	1997	  	FORD	  	 	  	VAN	  	1FTHE24LXVA53235	  	31747	
 	  	X1065	  	1988	  	INTER	  	2600	  	4500A	  	1HTZVGCT5JH551036	  	28054	
 	  	X1067	  	1991	  	FORD	  	LN8000	  	2800 A	  	1FDXS82A0MVA09766	  	28056	
 	  	X1077	  	1981	  	MACK	  	R6067	  	3600	  	1M2N121CXBA001320	  	28178	
 	  	XS007	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24L01HA91460	  	28070	
 	  	XS012	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24LX6DA26758	  	28074	
 	  	XS020	  	2003	  	FORD	  	E250	  	VAN	  	1FTNE24L93HB81449	  	28078	
 	  	XS024	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24L76NA99286	  	28079	
 	  	XS025	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24L76HA90622	  	28080	
 	  	XS026	  	2006	  	FORD	  	E250	  	VAN	  	1FTNE24L66HB16613	  	28081	
 	  	XS027	  	2005	  	FORD	  	E250	  	VAN	  	1FTNE24LX5HA42742	  	28082	
 	 	 	 	 	 	 	 	
Buckley	  	X1337	  	1991	  	FORD	  	LS8000	  	3300A	  	1FDYS82A7MVA08358	  	19892	
 	  	XS252	  	2004	  	CHEV	  	G31	  	CL utility	  	1GBJG31U641132817	  	18962	
 	  	XS254	  	2002	  	CHEV	  	G31	  	CL utility	  	1GBHG31R6Z1161743	  	18964	
 	  	XS266	  	1999	  	CHEV	  	G24	  	Oputility	  	1GBGC24R1XF037595	  	18977	
 	 	 	 	 	 	 	 	
Rhode Island	  	X1661	  	1988	  	INTL	  	1954	  	3500 A	  	1HTLDRVTXJH571741	  	11665	
 	  	X1662	  	1987	  	INTL	  	1954	  	3500 A	  	1HTLDTVR6HHA15079	  	11664	
 	  	X1663	  	1984	  	INTL	  	S1900	  	2800 A	  	1HTLDTVN1EHA68667	  	11759	
 	  	X1792	  	1995	  	HOMEMADE	  	275	  	TRAILER	  	KEENAN’S	  	11766	
 	  	XS883	  	2002	  	FORD	  	E250	  	VAN	  	1FTSE34LX2HB38214	  	12117	
 	  	XT 2	  	NA	  	HOMEMADE	  	275	  	NA	  	HMPETRO	  	N/A	
 	 	 	 	 	 	 	 	
Woods	  	XS221	  	2005	  	FRGHT	  	SPRINTER	  	VAN	  	WD2PD644355734868	  	17189	
 	  	XS223	  	2002	  	FRGHT	  	SPRINTER	  	VAN	  	WD2YD641525373407	  	17183	
 	  	XS225	  	2002	  	FRGHT	  	SPRINTER	  	VAN	  	WD2YD641425378341	  	17184	
 	  	XS243	  	2004	  	FRGHT	  	SPRINTER	  	VAN	  	WD2PD643145605324	  	17188	
 	 	 	 	 	 	 	 	
Burke	  	X1747	  	1984	  	Inter	  	S1980	  	3000A	  	1HTLDTVN4EHA27966	  	17,050	
 	 	 	 	 	 	 	 	
Carpenter & Smith	  	X1004	  	1995	  	INT’L	  	4900	  	2700 A	  	1HTSDAAN75H651257	  	17234	
 	  	XM379	  	1989	  	FORD	  	F-450	  	FLAT/TANK	  	2FDLF47M7KCB22440	  	17241	
 	  	RAMSEY	  	1985	  	FORD	  	LN8000	  	3500 A	  	1FDYR80UXFVA55959	  	31264	
 	  	RAMSEY	  	1986	  	FORD	  	C8000	  	3000 A	  	1FDXD80U1GVA51892	  	31265	
 	  	RAMSEY	  	1999	  	CHEV	  	3500	  	VAN	  	1GCHG35F4X1035822	  	31265	
 	  	XS202	  	2002	  	FORD	  	E150	  	VAN	  	1FTRE14L92HA84617	  	17250	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Region	  	X721	  	1983	  	GMC	  	2500	  	Pickup	  	2GTGC24J5D1504686	  	13626	
 	  	 	  	1985	  	 	  	 	  	TRAILER	  	189F12626E2091123	  	 	
 	  	 	  	 	  	GARDNER-DENVER	  	 	  	AIR COMPRESSOR	  	AGACNA9	  	 	
 	  	 	  	1987	  	FORD	  	F350	  	Rack	  	1FDKF3718HNB09372	  	 	
 	  	X1507	  	1987	  	FORD	  	LN8000	  	3400/A	  	1FDYR82A1HVA59628	  	14121	
 	  	X1513	  	1989	  	INT’L	  	1954	  	PROPANE	  	1HTLDDBN4KH617250	  	 	
 	  	X1584	  	1995	  	MACK	  	CH613	  	TRACTOR	  	1M1AA13Y5SW050398	  	15829	
 	  	X1587	  	2001	  	STERLING	  	L9500	  	TRACTOR	  	2FWJAZAS8IAH80862	  	14130	
 	  	XM203	  	1997	  	FORD	  	E350	  	PICK UP	  	1FTHF36FXVEA59999	  	15799	
 	  	XM217	  	2003	  	FORD	  	E350	  	Van	  	1FTSE34L13HB29516	  	18301	
 	  	XS339	  	2001	  	FORD	  	E350	  	Van	  	1FTSE34L1HA22284	  	16788	
 	  	XS342	  	2003	  	FORD	  	E350	  	Van	  	1FTSE34L83HB29514	  	18303	
 	 	 	 	 	 	 	 	
Effron	  	 	  	1979	  	WHITE	  	EXP.2	  	3400/A	  	3ARDGST024309	  	13913	
 	  	X1658	  	1997	  	FORD	  	LN9000	  	3000 A	  	1FDYR90L3VVA17422	  	15836	
 	  	X1669	  	1991	  	MACK	  	DM685	  	4900 A	  	1M3B166K6MM001225	  	13914	
 	  	X1670	  	1990	  	INTER	  	4300	  	2800 A	  	1HTSDTVN9LH247822	  	17399	
 	  	XM308	  	1995	  	FORD	  	 	  	UTILITY	  	1FDHF38F4SNA07725	  	18224	
 	  	XM309	  	1999	  	FORD	  	E350	  	VAN	  	1FTSE34FXXHB98317	  	16985	
 	  	XM312	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L31HA23713	  	16789	
 	 	 	 	 	 	 	 	
Leffler	  	X1208	  	1998	  	CHEVROLET	  	C7500	  	2000 A 3	  	1GBM7H1C7WJ108904	  	31571	
 	  	X1942	  	1992	  	KW	  	T800	  	4200 A	  	1XKDDR9X4NJ579705	  	16310	
 	  	X1945	  	1994	  	FRTLINE	  	FL106	  	4200 A	  	1FVX8HCB8RL456931	  	16318	
 	  	XM032	  	1994	  	FORD	  	150	  	PICK UP	  	2FTHF26H8RCA69664	  	16216	
 	  	XM033	  	1997	  	FORD	  	E250	  	Cube	  	1FTEE1468VHA44008	  	16189	
 	  	XM050	  	2003	  	FORD	  	E250	  	VAN	  	1FTNS24L53HA22906	  	16241	
 	  	XM172	  	1964	  	CLARK	  	N/A	  	FORKLIFT	  	CFY40B150591	  	16210	
 	  	XM174	  	1964	  	YALE	  	N/A	  	FORKLIFT	  	P212991	  	16209	
 	  	XM180	  	1999	  	FORD	  	E250	  	VAN	  	1FTNE2421XHA64686	  	16242	
 	  	XM186	  	2001	  	DODGE	  	1500	  	PICK UP	  	1B7HF16Z41S753128	  	16459	
 	  	XS800	  	1999	  	FORD	  	E150	  	VAN	  	1FTRE1426XHB55903	  	16252	
 	  	XS828	  	1997	  	FORD	  	E250	  	VAN	  	1FTHE24L2VHA72590	  	31194	
 	  	XS837	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L22HA13997	  	16435	
 	  	XS839	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L62HA13999	  	16437	
 	  	XS866	  	1994	  	CHEVY	  	2500	  	VAN	  	1GCEG25K6RF127501	  	19973	
 	  	XS871	  	2000	  	FORD	  	F350	  	UTILITY	  	1FDSF34LXYEB80790	  	16348	
 	  	XS874	  	1995	  	DODGE	  	2500	  	OP UTILITY	  	1B6KC26C3SS122361	  	16408	
 	  	XS882	  	2001	  	FORD	  	E250	  	VAN	  	1FTNE24L71HB47927	  	16231	
 	  	XS886	  	2002	  	FORD	  	E250	  	VAN	  	1FTNE24L92HA36393	  	16233	
 	  	XXXX	  	1983	  	CHEVROLET	  	C60	  	1500 S	  	1GBGD1A1DV127610	  	18913	
 	  	XXXX	  	1977	  	FORD	  	C8000	  	3400 A	  	D80DVZ08319	  	31192	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Tullytown	  	X-910	  	1988	  	BVR	  	Trailer	  	N/A	  	42EDP2036J1000171	  	19238	
 	  	X-967	  	1970	  	Case	  	580	  	N/A	  	42029854195644	  	19242	
 	  	X1403	  	1990	  	FORD	  	C8000	  	3400 A	  	1FDYD80U4LVA12258	  	19263	
 	  	X1404	  	1994	  	PETERBILT	  	320	  	4600 A	  	1XPZL79X5RD707736	  	19264	
 	  	X1408	  	1990	  	FORD	  	C8000	  	3200 A	  	1FDYD80U0LVA12032	  	19266	
 	  	X1426	  	1989	  	FORD	  	C8000	  	3000 A	  	9BFXH81A2KDM00494	  	19273	
 	  	X1467	  	1979	  	FORD	  	C8000	  	CHASSIS	  	D80DVDF1907	  	16289	
 	  	XM553	  	1999	  	Ford	  	E350	  	VAN	  	1FTSE34F5XHB83448	  	19785	
 	  	XM554	  	1999	  	FORD	  	E350	  	VAN	  	1FTSE34F3XHB83447	  	19784	
 	  	XM577	  	1994	  	FORD	  	E350	  	BOX	  	1FDKE37M8RHC17947	  	19234	
 	  	XM583	  	1986	  	Eager Beaver	  	UT Trailer	  	UT Trailer	  	SW54623PA	  	19239	
 	  	XM586	  	1994	  	CHEVROLET	  	2500	  	PICK UP	  	1GCGK24F4RE173586	  	19249	
 	  	XS900	  	1999	  	FORD	  	E350	  	VAN	  	1FTSE34F7XHB83449	  	19786	
 	  	XS901	  	1999	  	FORD	  	E350	  	VAN	  	1FTSE34FXXHB83445	  	19782	
 	  	XS902	  	1999	  	FORD	  	E350	  	VAN	  	1FTSE34F1XHB83446	  	19783	
 	  	XS903	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L32HA00661	  	19761	
 	  	XS905	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L61HA48279	  	19747	
 	  	XS910	  	2001	  	Ford	  	E350	  	Van	  	1FTSE34L41HA48278	  	19246	
 	  	XS912	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L01HA48276	  	19744	
 	  	XS914	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L52HA00659	  	19770	
 	  	XS917	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L72HA00663	  	19768	
 	  	XS939	  	1997	  	FORD	  	E350	  	VAN	  	1FTJE34F8VHB83145	  	16275	
 	 	 	 	 	 	 	 	
Upper Darby	  	X1334	  	1991	  	FORD	  	LN8000	  	3175 A	  	1FDYR82A7MVA36785	  	19256	
 	  	X1336	  	1991	  	FORD	  	LN8000	  	3100 A	  	1FDYR82A9MVA36786	  	19257	
 	  	XM502	  	1997	  	FORD	  	TAURUS	  	WAGON	  	1FALP57U7VA297287	  	15886	
 	  	XM513	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L92HA00664	  	19764	
 	  	XM518	  	1995	  	FORD	  	F250	  	PICK UP	  	1FTHF26F0SNA29335	  	19230	
 	  	XM532	  	1996	  	FORD	  	E350	  	VAN	  	1FTJE34F8THB60347	  	15882	
 	  	XS800	  	1999	  	FORD	  	E350	  	VAN	  	1FTSE34F3XHB83450	  	19787	
 	  	XS809	  	2002	  	FORD	  	E350	  	VAN	  	1FTSE34L02HA00665	  	19765	
 	  	XS816	  	2003	  	FORD	  	E350	  	VAN	  	1FTSE34L53HB24500	  	19821	
 	  	XS851	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L41HA23736	  	19742	
 	  	XS853	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34L21HA23735	  	19741	
 	  	XS855	  	2001	  	FORD	  	E350	  	VAN	  	1FTSE34LO1HA23734	  	19740	
 	  	XS895	  	1997	  	FORD	  	E350	  	VAN	  	1FTJE34F1VHC13702	  	16277	
 	  	XS896	  	1997	  	FORD	  	E350	  	VAN	  	1FTJE34F3VHC13703	  	16278	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wallace	  	X1631	  	2001	  	INTL	  	4900	  	2800 A	 	1HTSDAAN81H401914	  	16914	
 	  	XS254	  	1999	  	FORD	  	E350	  	VAN	 	1FTSE34L3XHB40829	  	16966	
 	  	XM350	  	1999	  	FORD	  	F550	  	RACK	 	1FDAF5FIXED99567	  	13689	
 	 	 	 	 	 	 	 	
Wantagh	  	X1806	  	1987	  	MACK	  	MR	  	3400 A	 	1M2K125C1HM010332	  	14047	
 	  	X1852	  	1983	  	MACK	  	MR	  	3400 A	 	1M2K125CXDM006659	  	14015	
 	  	X1869	  	1982	  	MACK	  	R607T	  	4800 A	 	1M2N128C8CA032010	  	14018	
 	  	XC96	  	2003	  	FORD	  	ESCAPE	  	SUV	 	1FMYU921X3KD74945	  	18306	
 	  	XM602	  	1978	  	MACK	  	R607T	  	3400 A	 	R607T5712	  	14016	
 	  	XM605	  	2003	  	FORD	  	E350	  	VAN	 	1FTSE34L43HB29509	  	18304	
 	  	XM612	  	1997	  	FORD	  	E350	  	VAN	 	1FTJE34L1VHA45839	  	15825	
 	  	XM613	  	1995	  	FORD	  	E350	  	VAN	 	1FTJE34Y2SHC14953	  	15896	
 	  	XM619	  	1995	  	FORD	  	CUTAWAY	  	CUBE VAN	 	1FDKE37H6SHB74808	  	15827	
 	  	XS015	  	2001	  	FORD	  	E350	  	VAN	 	1FTSE34L61HA22281	  	16785	
 	  	XS018	  	2001	  	Ford	  	E350	  	Van	 	1FTSE34L81HA18149	  	16925	
 	  	XS045	  	2003	  	Ford	  	E350	  	Van	 	1FTSE34L03HB29510	  	18298	
 	 	 	 	 	 	 	 	
Arlington - Washington	  	X1251	  	1986	  	FORD	  	L8000	  	3200 A	 	R2291VA RECONSTRUCT	  	11845	
 	  	X1252	  	1988	  	FORD	  	L8000	  	3200 A	 	1FDYR80U9JVA38594	  	11843	
 	  	X1254	  	1981	  	INTERNAT’L	  	S1854	  	2800 A	 	1HTAA1858BHA28940	  	6531	
 	  	X1808	  	1986	  	FORD	  	LN80000	  	2800/1/A	 	1FDXR80U4GVA09752	  	6572	
 	  	X1885	  	1978	  	WHITE	  	EXP2	  	3600/A	 	3ARFGST009501	  	6489	
 	  	X1898	  	1981	  	WHITE	  	EXP2	  	4400 A	 	XDCGAC6BN048149	  	6494	
 	 	 	 	 	 	 	 	
Baltimore	  	X1700	  	1982	  	GMC	  	TOPKI	  	3000/A	 	1GDP7D1Y1CV572848	  	17714	
 	  	X1706	  	1989	  	GMC	  	TOPKI	  	2800/A	 	1GDM7D1Y1KV516801	  	17971	
 	  	X1712	  	1980	  	FORD	  	C80000	  	3000/A	 	D80UVGJ6745	  	18273	
 	  	X1714	  	1988	  	GMC	  	BRIGI	  	3400/A	 	1GDM8C1Y6JV601252	  	18732	
 	  	X1715	  	1977	  	WHITE	  	ROAD EX	  	2800 A	 	3ARDSFD010686	  	18270	
 	  	X1721	  	1978	  	WHITE	  	EXPII	  	3500 A	 	3ARFMSB020876	  	19107	
 	  	X1723	  	1979	  	INTER	  	S1950	  	3000/A*1	 	AA195JHA16053	  	4760	
 	  	X1747	  	1989	  	FORD	  	LN8000	  	2800/A*1	 	1FDXR82A5KVA350000	  	4889	
 	  	X1752	  	1994	  	MACK	  	MS3009	  	2800 A	 	VG6M118B7RB300948	  	12183	
 	  	X1785	  	1989	  	PETBILT	  	227	  	2800 A	 	9DWWT7J26LC012839	  	12614	
 	  	X1791	  	1981	  	INTER	  	1800	  	3000/2/A	 	1HTAA1859BHA29496	  	13559	
 	  	XM175	  	1981	  	WHITE	  	EXPED2	  	4400A	 	1WXDCHAC9BN048145	  	4806	
 	 	 	 	 	 	 	 	
Kenvil	  	X1352	  	1988	  	FORD	  	L-8000	  	3300/A	 	1FDYS80U4JVA53847	  	12956	
 	  	XC8	  	1997	  	DODGE	  	DAKOTA	  	P/U	 	1B7FL26X8VS246484	  	13095	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Lakewood	  	X1463	  	1980	  	FORD	  	C-8000	  	3100/A	  	D8OUVJG5658	  	18078	
 	  	X1464	  	1989	  	FORD	  	C-8000	  	3100/A	  	1FDYD80U0KVA01966	  	18077	
 	  	X1466	  	1980	  	FORD	  	C-8000	  	3400/A	  	D8OUVJA9283	  	18052	
 	  	XM95	  	1951	  	HYSTER	  	H20E	  	FORKLIFT	  	BID4740K	  	N/A	
 	  	XS160	  	2004	  	CHEV	  	G25	  	VAN	  	1GCGG25U141117166	  	18161	
 	 	 	 	 	 	 	 	
South Plainfield	  	X1104	  	1985	  	FORD	  	LN8000	  	3500/A	  	1FDXR8OUXFVA70800	  	18054	
 	  	XM1100	  	1988	  	GMC	  	7000	  	2700S	  	1GDM7D1BOJV526956	  	12894	
 	 	 	 	 	 	 	 	
Allentown - Reading	  	X1639	  	1987	  	INTHR	  	S1954	  	3000/A	  	1HTLDTVR6HHA26731	  	11327	
 	  	XM145	  	1988	  	GMC	  	E350	  	TANK	  	1GDM8C1YXJV602615	  	11350	
 	  	X1653	  	1976	  	FORD	  	C-8000	  	3300/A	  	D80DVA87383	  	11095	
 	  	X1675	  	1986	  	INTHR	  	S1954	  	2800/A	  	1HTLDTVR4GHA60570	  	11066	
 	  	X1683	  	1988	  	INTHR	  	S1954	  	2800/A	  	1HTLDTVN6JH542314	  	11055	
 	  	XM160	  	1989	  	INTHR	  	S1954	  	TANK	  	1HTLDTVNOKH633967	  	11062	
 	 	 	 	 	 	 	 	
Philadelphia	  	X1552	  	1989	  	FORD	  	C8000	  	3400 A	  	1FDY80U6KVA07338	  	11098	
 	  	X1567	  	1990	  	FORD	  	C8000	  	3400 / A	  	1FDYD80U1LVA31172	  	11227	
 	  	X1570	  	1990	  	FORD	  	CF8000	  	2800 / A	  	9BFXH81A3LDM01042	  	11225	
 	  	XS713	  	1996	  	DODGE	  	B300	  	VAN	  	2B7KB31Y7TK106084	  	11292	
 	 	 	 	 	 	 	 	
Princeton	  	n/a	  	1994	  	FORD	  	F-250 XLT	  	Pick Up 4x4	  	1FTHX26M4RKC01048	  	19993	
 	  	n/a	  	1996	  	FORD	  	E-150	  	van	  	1FTEE14Y4TBH41964	  	19994	
 	  	X1402	  	1984	  	GMC	  	TOPKICK	  	2800A	  	1GDM7D1Y3EV501107	  	17612	
 	  	X1403	  	1987	  	INTHR	  	S1954	  	2500/2/S	  	1HTLDUXNOHHA20584	  	19102	
 	  	X1404	  	1992	  	FORD	  	LN 8000	  	2800/A	  	1FDXR82A7NVA09339	  	19992	
 	  	X1441	  	1983	  	FORD	  	C-8000	  	3500/2/A	  	1FDYD80U2DVA47642	  	17411	
 	  	XM85	  	1991	  	FORD	  	E-250	  	VAN	  	1FTFE24Y0MHA58365	  	17448	
 	  	XS101	  	1993	  	CHEVY	  	G-30	  	VAN	  	2GCHG35K1P4146933	  	17830	
 	  	XS102	  	1994	  	FORD	  	E-250	  	VAN	  	1FTHS24H7RHA98967	  	17829	

EXHIBIT F
(See Section 3.11 of Security Agreement)
FIXTURES

Owned:	  	 	  	 	  	 	  	 	  	 	
Record Owners	  	Property Name	  	Address	  	City	  	State	  	Zip
Code	
Ortep of Pennsylvania, Inc.	  	Roy E. Miller	  	301 N. Forge Road	  	Palmyra	  	PA	  	17078	
Petro Holdings, Inc.	  	Whaleco/Colonial	  	12 Colonial Road	  	Canton	  	CT	  	06019	
Petro Holdings, Inc.	  	DeBlois E. Greenwich	  	2579 South Country Trail	  	E. Greenwich	  	RI	  	02818	
Meenan Oil Co, LP	  	Burke	  	26 Bayview Rd. nr. Roa Hook Road	  	Peekskill	  	NY	  	10566	
Meenan Oil Co, Inc.	  	Meenan Oil Clinton	  	108 W. Main Street	  	Clinton	  	NJ	  	08809	
Meenan Oil Co, LP	  	Meenan Oil Chester	  	65 Maple Avenue	  	Chester	  	NJ	  	07930	
Meenan Oil Co, LP	  	Meenan Oil Franklin	  	460 Route 23	  	Franklin	  	NJ	  	07416	
Meenan Oil Co, LP	  	BudOil Co.	  	55 US Highway 46	  	Hackettstown	  	NJ	  	07840	
Meenan Oil Co, LP	  	Wallace	  	10 Sands Station Road	  	Middletown	  	NY	  	10940	
Meenan Oil Co, LP	  	Kirk’s Fuel	  	1859 Route 212	  	Quakertown	  	PA	  	18951	
Petro Holdings, Inc.	  	Prov Energy Oil	  	25 Stafford Street	  	Warwick	  	RI	  	02886	
Meenan Oil Co, LP	  	Hamburg	  	State Route 23 at Oak Street	  	Hamburg	  	NJ	  	07419	
Petro Inc.	  	Billings	  	Routes 55 & 82	  	Billings	  	NY	  	12510	
Petro Holdings, Inc.	  	River - Woonsocket	  	1182 River St.	  	Woonsocket	  	RI	  	02895	
Marex Corp.	  	Marex Corp.	  	8900 Citation Rd.	  	Baltimore	  	MD	  	21221	
Meenan Oil Co, LP	  	Region Oil	  	15 Richboyton Road	  	Dover	  	NJ	  	07801	
Minnwhale LLC	  	Whaleco	  	800 State Road	  	Princeton	  	NJ	  	08540	
Petro Inc.	  	Eastern Depot	  	30 Old Dock Road	  	Yaphank	  	NY	  	11980	
Meenan Oil Co, LP	  	Meenan Long Island	  	3020 Burns Avenue	  	Wantagh	  	NY	  	11793	
Ortep of Pennsylvania, Inc.	  	DJ Witman	  	4025 Pottsville Pike	  	Reading	  	PA	  	19605	
Meenan Oil Co, Inc.	  	Meenan Oil	  	113 Main Street	  	Tullytown	  	PA	  	1907	
Meenan Oil Co, Inc.	  	Young Supply	  	8301 Lansdowne Avenue	  	Upper Darby	  	PA	  	19082	
Richland Partners, LLC	  	Richland	  	62 N. Main Street	  	Stewartstown	  	PA	  	17363	
Richland Partners, LLC	  	Richland	  	1234 Cloverleaf Road	  	Mt Joy	  	PA	  	17552	
Richland Partners, LLC	  	Richland	  	669 E Ross Street	  	Lancaster	  	PA	  	17602	
Richland Partners, LLC	  	Richland	  	572 E. Main Street	  	New Holland	  	PA	  	17557	
Richland Partners, LLC	  	Richland	  	25 Hanover Street	  	York	  	PA	  	17404	
Petro Holdings, Inc.	  	Prov Energy Oil	  	141 Knight Street	  	Warwick	  	RI	  	02886	
Petro Holdings, Inc.	  	Prov Energy Oil	  	12 Stafford Street	  	Warwick	  	RI	  	02886	
Petro Holdings, Inc.	  	Prov Energy Oil	  	550 Fish Road	  	Tiverton	  	RI	  	02878	
Petro Holdings, Inc.	  	Prov Energy Oil	  	1191 River Street	  	Woonsocket	  	RI	  	02895	
Hoffman Fuel Company of Bridgeport	  	Bridgeport	  	156 E. Washington Street	  	Bridgeport	  	CT	  	06611	
Hoffman Fuel Company of Danbury	  	Danbury	  	170 White Street	  	Danbury	  	CT	  	06810	
Hoffman Fuel Company of Danbury	  	New Milford	  	519 Danbury Rd	  	New Milford	  	CT	  	 	
A.P. Woodson	  	Southern Propane	  	1169 John C. Calhoun Drive	  	Orangeburg	  	SC	  	 	
A.P. Woodson	  	Southern Propane	  	854 Cannon Bridge Road	  	Orangeburg	  	SC	  	 	

 	 	 	 	 	 	 	 	 	
Leased:	  	 	  	 	  	 	  	 	
Location	  	Street	  	City / St / Zip	  	Landlord	  	Legal Entity	
Connecticut	  	52, 55 & 71 Day Street / 18 Concord St/ 22-24 Woodward Ave	  	Norwalk CT 06854	  	Robert Schwartz	  	Petro Inc.	
New Haven	  	212 Elm St.	  	North Haven CT 06473	  	O’Leary-Vicunas No. Two, LLC	  	Petro Holdings, inc.	
Corporate	  	2187 Atlantic Street	  	Stamford CT 06902	  	Antares 2187 Atlantic Spe LLC	  	Petro Inc.	
Boston	  	295 Eastern Avenue	  	Chelsea MA 02150	  	Northeast Petroleum Div of Cargill, Inc.	  	Petroleum Heat & Power, Inc.	
Boston	  	51 Industrial Drive	  	Readville MA 02081	  	Antonio Musto & Joseph Musto	  	Petro Holdings, Inc.	
Kenvil	  	94 Dell Avenue	  	Kenvil NJ 07847	  	Sylway Properties	  	Minnwhale LLC	
Lakewood	  	99 River Avenue	  	Lakewood NJ 08701	  	Kaitlyn Industries, Inc	  	Minnwhale LLC	
Linden	  	11 Lincoln St.	  	Linden NJ 07036	  	Linden Associates VI	  	Minnwhale LLC	
Pennsauken	  	1701 Sherman Ave.	  	Pennsauken NJ 08110	  	Mid America	  	Minnwhale LLC	
South Plainfield	  	40 Cragwood Road	  	South Plainfield NJ 07080	  	Cragwood LLC	  	Minnwhale LLC	
Hudson River Petroleum-Burke	  	569 N. Main St	  	Brewster NY 10509	  	Richard E. Bouton	  	Meenan Oil Co. LP	
Durkin	  	560 N. Main St.	  	Brewster NY 10509	  	Durkin water supply.	  	Meenan Oil Co. LP	
Brooklyn	  	1820 Cropsey Avenue	  	Brooklyn NY 11214	  	Sergio & Vincent Allegretti	  	Petro Inc.	
Burke Realty Hawthorne	  	475 Commerce St.	  	Hawthorne NY 10532	  	George E. Burke	  	Meenan Oil Co. LP	
Hicksville	  	477 W. John St. and 5 Alpha Plaza	  	Hicksville NY 11801	  	Alpha John Associates	  	Petro Inc.	
Hicksville	  	51 Alpha Plaza	  	Hicksville NY 11801	  	Stelow Inc	  	Petro Inc.	
Highland	  	388 Upper North Road	  	Highland NY 12528	  	Tricia Holdings, Inc., LLC	  	Petro, Inc.	
Petro - East	  	125 West Meadow Road	  	King’s Park NY 11754	  	AHJ Associates	  	Petro Inc.	
Maspeth	  	55-60 58th Street	  	Maspeth NY 11378	  	Capitol Distributors Corp	  	Petro Inc.	
Hardy	  	13520 Main St.	  	Mattituck NY 11952	  	Joseph Hardy	  	Petro Inc.	
Melville	  	520 Broadhollow Road	  	Melville NY 11747	  	Reckson Austrailia Portfolio Clearing	  	Petro Inc.	
Carpenter & Smith	  	100/98 Spring St.	  	Monroe NY 10950	  	Herbert Schneider	  	Meenan Oil Co. LP	
Plainview	  	3 - 5 Fairchild Court	  	Plainview NY 11803	  	Commander Enterprises	  	Petro Inc.	
Plainview	  	1 Fairchild Court	  	Plainview NY 11803	  	Long Island Industrial MGT LLC	  	Petro Inc.	
Melville - Dispatch / IT	  	171 Ames Court	  	Plainview NY 11803	  	ESCO Management C/O JFI	  	Petro Inc.	
Effron-Norfe Realty (oil terminal)	  	100/99 Prospect Street	  	Poughkeepsie NY 12601	  	Dawn Effron	  	Meenan Oil Co. LP	
Effron-Norfe Realty (office and garage)	  	143 and 154 Garden St.	  	Poughkeepsie NY 12601	  	Dawn Effron	  	Meenan Oil Co. LP	

 	 	 	 	 	 	 	 	 	
Ryan	  	47 Patrick Lane	  	Poughkeepsie NY 12603	  	Patrick Page Commercial Properties, LLC	  	Meenan Oil Co. LP	
Ryan	  	35 Patrick Lane	  	Poughkeepsie NY 12603	  	John Page Development, LLC	  	Meenan Oil Co. LP	
Ryan	  	Parking Lane Parking Lot	  	Poughkeepsie NY 12603	  	Patrick Page Commercial Properties, LLC	  	Meenan Oil Co. LP	
Hardy	  	76 Mariner Drive (Northwestern)	  	Southampton NY 11968	  	P & J Associates	  	Petro Inc.	
Hardy	  	1654 County Road 39	  	Southampton NY 11968	  	Joseph Hardy	  	Petro Inc.	
Hardy	  	7 & 11 Greenfield Ave	  	Southampton NY 11968	  	Joseph Hardy	  	Petro Inc.	
Hardy	  	76 Mariner Drive (Southwestern)	  	Southampton NY 11968	  	P & J Associates	  	Petro Inc.	
Southampton Termial	  	224 N. Main St.	  	Southampton NY 11968	  	224 North Main Street LLC	  	Petro Inc.	
Burke -Verplank	  	126 Broadway	  	Verplank NY 10596	  	Regina Keefe Trustee	  	Meenan Oil Co. LP	
Bronx	  	1416 Williamsbridge	  	Bronx NY 10461	  	Ardee Plaza, LLC	  	Petro Inc.	
Leffler-Douglassville	  	21 Unionville Rd.	  	Douglassville PA 19518	  	NJB Partners LLC	  	Richland Partners, LLC	
Leffler-Douglassville	  	Additional space @ 21 Unionville Road	  	Douglassville PA 19518	  	NJB Partners LLC	  	Richland Partners, LLC	
Leffler-Lucknow	  	3300 Industrial Rd.	  	Harrisburg PA 17110	  	Eldorado Properties	  	Richland Partners, LLC	
Mt Joy-(office, garage)	  	13-15 Mount Joy St.	  	Mount Joy PA 17552	  	DH & PM Properties	  	Richland Partners, LLC	
Leffler-Richland	  	225 East Main St.	  	Richland Borough PA 17087	  	Premier R&G Properties	  	Richland Partners, LLC	
Pennysylvania	  	644 - 650 Knowles Ave	  	Southampton PA 18966	  	Douglas E. Woosnam	  	Ortep of Pennsylvania	
Allentown	  	6330 Farm Bureau Road	  	Upper Macungie PA 18106	  	Paul Weis	  	Ortep of Pennsylvania	
Woods	  	22 Almeida Ave	  	East Providence RI 02914	  	Benker Family LLC	  	Petro Holdongs, Inc.	
Providence	  	50 Houghton Street	  	Providence RI 02904	  	50 Houghton Associates, LP	  	Petroleum Heat & Power, Inc.	
Buckley	  	1630-1632 Kingstown Rd	  	South Kingston RI 02879	  	Highlander Realty LLC	  	Petro Holdings, Inc.	
Arlington	  	6873 Lee Highway Arlington	  	Arlington VA 22213	  	R. Shreve LLC	  	A.P. Woodson Company	
Wallace	  	50 Industrial Place	  	Middletown NY 10940	  	Alta East inc.	  	Meenan Oil Co. LP	
Region	  	276 Main St.	  	Hackettstown NJ 07840	  	CK & S Buliding Dorothy kappers	  	Meenan Oil Co. LP	
Region	  	282 Main St.	  	Hackettstown NJ 07840	  	DE KAPPERS Dorothy kappers	  	Meenan Oil Co. LP	
Rye Fuel	  	225 Greenleaf Avenue	  	Portsmouth NH 03801	  	PPG Properties	  	Rye Fuel Company	
Lewis Oil Company	  	50 Roselle St.	  	Mineola NY 11501	  	Windsor Fuel Company Inc. Pension Trust	  	Lewis Oil company, Inc.	
C. Hoffberger Company	  	1400 Ceddox Street	  	Baltimore MD 21226	  	E. Stewart Mitchell	  	C. Hoffberger Company	
C. Hoffberger Company	  	33 Hudson Street	  	Annapolis MD 21401	  	Petroleum Marketing Group, Inc.	  	C. Hoffberger Company	
Lewis Oil Company	  	175 Sunnyside Holding Corp.	  	Plainview NY 11803	  	175 Sunnyside Blvd., Inc.	  	Lewis Oil company, Inc.	

 	 	 	 	 	 	 	 	 	
Lewis Oil Company	  	274-D Montauk Hwy	  	Hampton Bays NY 11946	  	RCF Properties Corp.	  	Lewis Oil company, Inc.	
Hoffman Fuel Company	  	56 Quarry Rodad	  	Trumbull CT 06611	  	Robert D. Scinto	  	Hoffman Fuel Company of Danbury	
Tanner (Leffler)	  	1120 Mount Rock Rd	  	Shippensburg PA 17257	  	Rohr Family Limited Partnership	  	Richland Partners, LLC	
Kasden - East hartford	  	340 Tolland Street	  	East Hartford, CT 06108	  	Sybil Deitch	  	Petro, Inc.	
Great Falls Propane	  	1509 Pageland Highway	  	Lancaster, SC 29115	  	Michel’s Motorsports, LLC	  	Great Falls Propane, LLC	
Carroll Home Services	  	2700 Loch Raven Road	  	Baltimore, MD	  	Carroll Independent (Sublandlord)	  	A.P. Woodson Company	
Carroll Home Services	  	509 Old Westminister Pike	  	Westminister, MD	  	Carroll Independent (Sublandlord)	  	A.P. Woodson Company	
Carroll Home Services	  	226 Cockeysville Rd	  	Hunt Valley, MD	  	Carroll Independent (Sublandlord)	  	A.P. Woodson Company	
Carroll Home Services	  	101- 103 Laurel Ave	  	Laurel, MD	  	Carroll Independent (Sublandlord)	  	A.P. Woodson Company	
Young Supply	  	236 Brandywine Ave	  	Downingtown, PA	  	Brandywine Avenue Commercial, LLC	  	Meenan Oil Co. LP	
Home - NM	  	125 Commerce St.	  	Brookfield, CT 06804	  	Tecor Properties, LLC	  	Petro, Inc.	
Carroll Home Services	  	6401 Chemical Road	  	Curtis Bay, MD 21226	  	Carroll Independent (Sublandlord)	  	A.P. Woodson Company	
Lenaire Wolfe	  	1174 Amelia Street	  	Orangeburg, SC 29115	  	Lenaire F. Wolfe, II	  	A.P. Woodson Company	
J.J. Skelton	  	40 West Manoa Road	  	Haverton, PA	  	BOT, Inc	  	JJ Skelton Oil Company	
Manor Fuel	  	152 Railroad Avenue	  	Huntington Station, NY 11746	  	Nicoletto Family Investment Trust	  	Lewis Oil Company, Inc.	
Rochette Oil	  	658 Daniel Webster Highway	  	Merrimack, NH	  	Willey Real Estate, LLC	  	Rye Fuel Company	
Rocklyn Fuel	  	200 Atlantic Ave	  	Oceanside, NY 11572	  	Rocklyn Fuel Oil Corp.	  	Lewis Oil Company, Inc.	
John Ray and Sons	  	2995 7th Avenue	  	Troy, NY	  	Ray Garage, LLC	  	Columbia Petroleum Transportation, LLC	
John Ray and Sons	  	2900 6th Avenue	  	Troy, NY	  	John Ray Properties, LLC	  	Columbia Petroleum Transportation, LLC	
John Ray and Sons	  	2800 7th Avenue	  	Troy, NY	  	2800 Seventh Ave, LLC	  	Columbia Petroleum Transportation, LLC	
John Ray and Sons	  	4 Blue Lupine Lane	  	Wilton, NY	  	4 Blue Luoine Lane, LLC	  	Columbia Petroleum Transportation, LLC	
John Ray and Sons	  	2794-A Seventh Avenue	  	Troy, NY	  	Ray Garage, LLC	  	Columbia Petroleum Transportation, LLC	

Exhibit G
(See Section 3.13 of Security Agreement and Definition of “Pledged Collateral”)
LIST OF PLEDGED COLLATERAL, SECURITIES AND OTHER INVESTMENT PROPERTY STOCKS

Issuer	  	issued in the name of	  	CERTIFICATE
NO.	  	Ownership Interest	 	
A.P. Woodson Company	  	Petro, Inc.	  	1	  	100 shares of Common Stock, no par value; 100% ownership interest	 	
CFS LLC	  	Richland Partners, LLC	  	N/A	  	100% Membership Interest	 	
 	 	 	 	 	
Champion Oil Company	  	Champion Energy Corporation	  	3	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
Champion Energy Corporation	  	Petro Holdings, Inc.	  	29	  	1,000 shares of Common Stock, without par value; 100% ownership interest 1	 	
C. Hoffberger Company	  	Champion Energy Corporation	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
Columbia Petroleum Transportation, LLC	  	Richland Partners, LLC	  	100	  	100% Membership Interest	 	
Hoffman Fuel Company of Bridgeport	  	Champion Energy Corporation	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
Hoffman Fuel Company of Danbury	  	Champion Energy Corporation	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
Hoffman Fuel Company of Stamford	  	Champion Energy Corporation	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
JJ Skelton Oil Company	  	Champion Energy Corporation	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
Lewis Oil Company, Inc.	  	Champion Energy Corporation	  	2	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	 	
Marex Corporation	  	Petro, Inc.	  	100	  	100 shares of Common Stock, no par value; 100% ownership interest	 	
Minnwhale LLC	  	Petro, Inc.	  	N/A	  	100% Membership Interest	 	
 	 	 	 	 	
Meenan Holdings of New York, Inc.	  	Meenan Oil Co., Inc.	  	1	  	100 shares of Common Stock, no par value; 100% ownership interest	 	
Meenan Oil Co., Inc.	  	Petro Holdings, Inc.	  	100	  	1,269 shares of Common Stock, par value $ 0.01 per share; 100% ownership interest	 	
Meenan Oil Co., L.P.	  	1) Meenan Oil Co., Inc.	  	100	  	1) 75.069236% Limited Partnership Interest	 	
 	  	2) Meenan Holdings of New York, Inc.	  	101	  	2) 24.930764% Limited Partnership Interest	 	
Ortep of Pennsylvania, Inc.	  	Petroleum Heat and Power Co., Inc.	  	1	  	200 shares of Common Stock, no par value; 100% ownership interest	 	
Petro Plumbing Corporation	  	Petroleum Heat and Power Co., Inc.	  	1	  	90 shares of Common Stock, $0.01 par value; 90% ownership interest	 	
 
1 	Face amount on share certificate is 100 shares $0.01 par value. Current amount is based on a 1:10 stock split pursuant to a 1:10 increase in authorized shares and a change in par value. No replacement share certificate has been issued.	

 	 	 	 	 	 	 	
Petro, Inc.	  	Petroleum Heat and Power Co., Inc.	  	C100	  	950 shares of Common Stock, no par value; 100% ownership interest	
Petroleum Heat and Power Co., Inc.	  	Petro Holdings, Inc.	  	No #	  	100 shares of Common Stock, no par value; 100% ownership interest 2	
Petro Holdings, Inc.	  	Star Acquisitions, Inc.	  	1	  	100 shares of Common Stock, par value $0.01 per share; 100% ownership interest	
RegionOil Plumbing, Heating and Cooling Co., Inc.	  	Meenan Oil Co., L.P.	  	4	  	90 shares of Common Stock, no par value; 90% ownership interest	
Richland Partners, LLC	  	Ortep of Pennsylvania, Inc.	  	100	  	100% Membership Interest	
Rye Fuel Company	  	Champion Energy Corporation	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	
Star Gas Finance Company	  	Star Gas Partners, L.P.	  	1	  	100 shares of Common Stock, $0.01 par value; 100% ownership interest	
Star Acquisitions, Inc.	  	Star Gas Partners, L.P.	  	2	  	99.99 shares of Common Stock, $0.01 par value; 99.99% ownership interest	
Star Acquisitions, Inc.	  	Star Gas Partners, L.P.	  	3	  	0.01 shares of Common Stock, $0.01 par value; 0.01% ownership interest	
Star Gas Partners, L.P.	  	Kestrel Heat, LLC	  	 	  	Certificate Representing 324,100 General Partnership Units Representing General Partnership Interests	
TG&E Service Company,
Inc.	  	Star Gas Partners, L.P.	  	2	  	100% Membership Interest	
BONDS

Name of Grantor	  	Issuer	  	Number	  	Face Amount	  	Coupon
Rate	  	Maturity	
N/A	  	 	  	 	  	 	  	 	  	 	
GOVERNMENT SECURITIES

Name of Grantor	  	Issuer	  	Number	  	Type	  	Face
Amount	  	Coupon
Rate	  	Maturity	
N/A	  	 	  	 	  	 	  	 	  	 	  	 	
OTHER

Name of Grantor	  	Issuer	  	Account Number(s) or Description	
NewEdge USA, LLC	  	Petroleum Heat and Power Co., Inc.	  	Account Nos. GGG 76031, 034-76031, 034-76032, and 034-76033; Control Agreement [all inactive]	
Morgan Stanley DW	  	Petroleum Heat and Power Co.	  	64289011 [not active - ~$1200 in acct]	
 
2 	Face amount on share certificate is 26,452,270 shares, par value $0.01 per share. Current amount is based on a reverse stock split pursuant to a decrease in the authorized shares and a change in par value. No replacement share certificate has been issued.	

 	 	 	 	 	
JPMorgan Chase Bank, N.A.	  	Petroleum Heat and Power Co.	  	36056919 and 36056885	
J. P. Morgan Securities LLC	  	Petroleum Heat and Power Co.	  	Futures Account # M 1018 D 1179	
Star Gas Partners, L.P.	  	Petroleum Heat and Power Co.	  	$77,519,991 10.25% Subordinated Note dated November 16,2010	
Star Gas Partners, L.P.	  	Petroleum Heat and Power Co.	  	$37,391,917 9.3% Subordinated Note dated November 16, 2010	

EXHIBIT H
(See Section 3.1 of Security Agreement)
OFFICES IN WHICH FINANCING STATEMENTS HAVE BEEN FILED

NAME OF COMPANY	  	JURISDICTION OF FILING	
A.P. Woodson Company	  	District of Columbia	
Columbia Petroleum Transportation, LLC	  	Delaware	
Marex Corporation	  	Maryland	
Minnwhale LLC	  	New York	
Meenan Holding of New York, Inc.	  	New York	
Meenan Oil Co., Inc.	  	Delaware	
Meenan Oil Co., L.P.	  	Delaware	
Ortep of Pennsylvania, Inc.	  	Pennsylvania	
Petro, Inc.	  	Delaware	
Petro Holdings, Inc.	  	Minnesota	
Petroleum Heat and Power Co., Inc.	  	Minnesota	
Richland Partners, LLC	  	Pennsylvania	
Star Gas Finance Company	  	Delaware	
Star Gas Partners, L.P.	  	Delaware	
Star Acquisitions, Inc.	  	Minnesota	

EXHIBIT I
(See Section 4.4 and 4.8 of Security Agreement)
AMENDMENT
This Amendment, dated             ,          is delivered pursuant to Section 4.4 of the Security Agreement referred to below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Security Agreement. The undersigned hereby certifies that the representations and warranties in Article III of the Security Agreement are and continue to be true and correct. The undersigned further agrees that this Amendment may be attached to that certain Second Amended and Restated Pledge and Security Agreement, dated as of January [    ], 2014, between the undersigned, as the Grantors, and JPMorgan Chase Bank, N.A., as the Collateral Agent, (the “Security Agreement”) and that the Collateral listed on Schedule I to this Amendment shall be and become a part of the Collateral referred to in said Security Agreement and shall secure all Secured Obligations referred to in said Security Agreement.

1.	 	 	
 	 	 	
2.	 	 	 	 	
 	 	 	
3.	 	By:	 	 	
4.	 	Name:	 	 	
5.	 	Title:	 	 	
 	 	 	
6.	 	 	 	 	
 	 	
7.	 	 	
 	 	 	
8.	 	 	 	 	
 	 	 	
9.	 	By:	 	 	
10.	 	Name:	 	 	
11.	 	Title:	 	 	
 	 	 	
12.	 	 	 	 	
 	 	
13.	 	 	
 	 	 	
14.	 	 	 	 	
 	 	 	
15.	 	By:	 	 	
16.	 	Name:	 	 	
17.    	 	Title:	 	 	

SCHEDULE I TO AMENDMENT
STOCKS

Name of Grantor	  	Issuer	  	Certificate
Number(s)	  	Number of
Shares	  	Class of Stock	  	Percentage of
Outstanding
Shares	

 	  	 	  	 	  	 	  	 	  	 	
 	  	 	  	 	  	 	  	 	  	 	
BONDS

Name of Grantor	  	Issuer	  	Number	  	Face Amount	  	Coupon Rate	  	Maturity	

 	  	 	  	 	  	 	  	 	  	 	
 	  	 	  	 	  	 	  	 	  	 	
GOVERNMENT SECURITIES

Name of Grantor	  	Issuer	  	Number	  	Type	  	Face Amount	  	Coupon Rate	  	Maturity	

 	  	 	  	 	  	 	  	 	  	 	  	 	
 	  	 	  	 	  	 	  	 	  	 	  	 	
OTHER SECURITIES OR OTHER INVESTMENT PROPERTY
(CERTIFICATED AND UNCERTIFICATED)

Name of Grantor	  	Issuer	  	Description of Collateral	  	Percentage Ownership
Interest	

 	  	 	  	 	  	 	
 	  	 	  	 	  	 	
[Add description of custody accounts or arrangements with securities intermediary, if applicable]

EXHIBIT J
(See definition of “Commercial Tort Claims”)
COMMERCIAL TORT CLAIMS
None

Exhibit 10.26
STOCK PURCHASE AGREEMENT
between
CENTRAL HUDSON ENTERPRISES CORPORATION
and
PETRO HOLDINGS, INC.
Dated as of January 27, 2014

Table of Contents

 	 	 	  	Page	 	
ARTICLE 1 PURCHASE AND SALE OF THE SHARES	  	 	1	  	
 	 	 	
Section 1.1	 	Purchase and Sale of the Shares	  	 	1	  	
 	 	
ARTICLE 2 CONSIDERATION	  	 	1	  	
 	 	 	
Section 2.1	 	Amount and Form of Consideration	  	 	1	  	
Section 2.2	 	Closing Payment	  	 	2	  	
Section 2.3	 	Closing Statement	  	 	2	  	
Section 2.4	 	Payment Based on Closing Statement	  	 	3	  	
 	 	
ARTICLE 3 THE CLOSING	  	 	3	  	
 	 	 	
Section 3.1	 	Closing Date	  	 	3	  	
Section 3.2	 	Deliveries by Seller	  	 	4	  	
Section 3.3	 	Deliveries by Purchaser	  	 	5	  	
Section 3.4	 	Proceedings at Closing; Effective Time	  	 	5	  	
 	 	
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLER	  	 	5	  	
 	 	 	
Section 4.1	 	Organization and Good Standing	  	 	5	  	
Section 4.2	 	Authorization of Agreement	  	 	5	  	
Section 4.3	 	Capital Structure	  	 	6	  	
Section 4.4	 	Subsidiaries	  	 	6	  	
Section 4.5	 	No Conflicts; Consents of Third Parties	  	 	6	  	
Section 4.6	 	Financial and Other Information	  	 	7	  	
Section 4.7	 	Absence of Certain Changes	  	 	9	  	
Section 4.8	 	Taxes	  	 	9	  	
Section 4.9	 	Real Property	  	 	10	  	
Section 4.10	 	Tangible Personal Property	  	 	12	  	
Section 4.11	 	Intellectual Property	  	 	12	  	
Section 4.12	 	Material Contracts	  	 	12	  	
Section 4.13	 	Labor	  	 	14	  	
Section 4.14	 	Employee Benefits	  	 	15	  	
Section 4.15	 	Litigation	  	 	16	  	
Section 4.16	 	Compliance with Laws	  	 	17	  	
Section 4.17	 	Environmental Matters	  	 	17	  	
Section 4.18	 	Title to and Sufficiency of Assets	  	 	18	  	
Section 4.19	 	Insurance	  	 	18	  	
Section 4.20	 	Certain Information	  	 	18	  	
Section 4.21	 	Brokers	  	 	18	  	
Section 4.22	 	Disclaimers of Seller	  	 	18	  	
Section 4.23	 	No Other Representations or Warranties	  	 	19	  	
 	 	
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF PURCHASER	  	 	19	  	
 	 	 	
Section 5.1	 	Organization and Good Standing	  	 	19	  	
Section 5.2	 	Authorization of Agreement	  	 	19	  	
 
ii

 	 	 	 	 	 	 	
Section 5.3	 	No Conflicts; Consents of Third Parties	  	 	20	  	
Section 5.4	 	Litigation	  	 	20	  	
Section 5.5	 	Financing	  	 	20	  	
Section 5.6	 	Brokers	  	 	20	  	
Section 5.7	 	Investment Representation	  	 	20	  	
Section 5.8	 	No Inducement or Reliance; Independent Assessment	  	 	20	  	
 	 	
ARTICLE 6 COVENANTS	  	 	21	  	
 	 	 	
Section 6.1	 	Access to Documents; Opportunity to Ask Questions	  	 	21	  	
Section 6.2	 	Conduct of Business	  	 	21	  	
Section 6.3	 	Reasonable Efforts	  	 	23	  	
Section 6.4	 	Other Consents and Conditions	  	 	24	  	
Section 6.5	 	Public Statements	  	 	25	  	
Section 6.6	 	Litigation Support	  	 	25	  	
Section 6.7	 	Guarantees; Letters of Credit	  	 	25	  	
Section 6.8	 	Notices; Supplements to Schedules	  	 	25	  	
Section 6.9	 	Parent Guarantees	  	 	26	  	
Section 6.10	 	ISDA Agreements	  	 	26	  	
 	 	
ARTICLE 7 TITLE INSURANCE	  	 	26	  	
 	 	 	
Section 7.1	 	Title Commitment and Survey	  	 	26	  	
Section 7.2	 	Title Review	  	 	26	  	
Section 7.3	 	Title Policy	  	 	27	  	
 	 	
ARTICLE 8 CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER	  	 	27	  	
 	 	 	
Section 8.1	 	Accuracy of Representations and Warranties	  	 	27	  	
Section 8.2	 	Performance of Covenants	  	 	28	  	
Section 8.3	 	No Injunctions	  	 	28	  	
Section 8.4	 	HSR Act	  	 	28	  	
Section 8.5	 	Officers’ Certificate	  	 	28	  	
Section 8.6	 	Required Material Consents	  	 	28	  	
Section 8.7	 	Indebtedness	  	 	28	  	
Section 8.8	 	Title Policy and Survey	  	 	28	  	
Section 8.9	 	Clarke County Business License	  	 	28	  	
Section 8.10	 	Insurance Policy Endorsements	  	 	28	  	
 	 	
ARTICLE 9 CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER	  	 	29	  	
 	 	 	
Section 9.1	 	Accuracy of Representations and Warranties	  	 	29	  	
Section 9.2	 	Performance of Covenants	  	 	29	  	
Section 9.3	 	No Injunctions	  	 	29	  	
Section 9.4	 	HSR Act	  	 	29	  	
Section 9.5	 	Officers’ Certificate	  	 	29	  	
Section 9.6	 	Seller Material Consents	  	 	29	  	
 	 	
ARTICLE 10 ADDITIONAL POST-CLOSING COVENANTS	  	 	29	  	
 	 	 	
Section 10.1	 	Certain Employment Matters	  	 	29	  	
Section 10.2	 	Further Assurances	  	 	32	  	
 
iii

 	 	 	 	 	 	 	
Section 10.3	 	Seller’s Access to Documents	  	 	32	  	
Section 10.4	 	No Solicitation of Employees	  	 	32	  	
Section 10.5	 	Non-Competition	  	 	32	  	
Section 10.6	 	Notice Upon Separation from Service after the Effective Time	  	 	34	  	
Section 10.7	 	Excess Coverage	  	 	34	  	
Section 10.8	 	Colonial Avenue Insurance Claim	  	 	34	  	
 	 	
ARTICLE 11 SURVIVAL, INDEMNIFICATION AND RELATED MATTERS	  	 	35	  	
 	 	 	
Section 11.1	 	Survival	  	 	35	  	
Section 11.2	 	Indemnification	  	 	36	  	
Section 11.3	 	Procedures for Indemnification	  	 	39	  	
Section 11.4	 	Limitations and Procedures Applicable to Indemnification under Section 11	  	 	40	  	
Section 11.5	 	Procedures Applicable to Indemnification under Section 11	  	 	42	  	
 	 	
ARTICLE 12 TERMINATION	  	 	42	  	
 	 	 	
Section 12.1	 	Termination	  	 	42	  	
Section 12.2	 	Procedure and Effect of Termination	  	 	43	  	
 	 	
ARTICLE 13 TAX MATTERS	  	 	43	  	
 	 	 	
Section 13.1	 	Section 338(h)(10) Election	  	 	43	  	
Section 13.2	 	Tax Indemnification	  	 	43	  	
Section 13.3	 	Allocation of Consideration	  	 	45	  	
Section 13.4	 	Tax Returns and Payment Responsibility	  	 	45	  	
Section 13.5	 	Contest Provisions	  	 	46	  	
Section 13.6	 	Termination of Tax Sharing Agreements	  	 	46	  	
Section 13.7	 	Refunds, Credits and Carrybacks	  	 	46	  	
Section 13.8	 	Cooperation	  	 	47	  	
Section 13.9	 	Retention of Records	  	 	47	  	
Section 13.10	 	Tax Treatment of Certain Post-Closing Payments	  	 	47	  	
Section 13.11	 	Employee Payroll Information	  	 	47	  	
Section 13.12	 	Transfer Taxes	  	 	47	  	
Section 13.13	 	No Section 409A Separation from Service	  	 	47	  	
Section 13.14	 	Taxes Governed by Article 13	  	 	47	  	
 	 	
ARTICLE 14 MISCELLANEOUS	  	 	48	  	
 	 	 	
Section 14.1	 	Certain Definitions	  	 	48	  	
Section 14.2	 	Entire Agreement	  	 	58	  	
Section 14.3	 	Governing Law	  	 	58	  	
Section 14.4	 	Jurisdiction	  	 	58	  	
Section 14.5	 	Specific Performance	  	 	59	  	
Section 14.6	 	Waiver of Jury Trial	  	 	59	  	
Section 14.7	 	Expenses	  	 	60	  	
Section 14.8	 	Table of Contents and Headings	  	 	60	  	
Section 14.9	 	Notices	  	 	60	  	
Section 14.10	 	Severability	  	 	61	  	
Section 14.11	 	Binding Effect; No Third Party Beneficiaries; No Assignment	  	 	61	  	
Section 14.12	 	Amendments	  	 	61	  	
Section 14.13	 	Waiver	  	 	61	  	
Section 14.14	 	Counterparts	  	 	62	  	
 
iv

EXHIBITS
Exhibit A – Statement of Closing Assets and Closing Liabilities as of September 30, 2013
Exhibit B – Assignment of Shares
Exhibit C – Form of Opinion of Seller’s Counsel
Exhibit D – Form of Opinion of Purchaser’s Counsel
SCHEDULES

Schedule	  	Title	
4.5	  	No Conflicts; Consents	
4.6(a)	  	Year-end Adjustments	
4.6(d)	  	Volume, Gross Profit and Revenue Information	
4.6(e)	  	Customer and HVAC Service Agreement Count	
4.6(f)	  	Accounts Receivable Aging	
4.6(g)	  	Acquisitions	
4.6(i)	  	Discount and Other Customer Programs	
4.6(k)	  	Independent Contractors and Certain Other Firms	
4.6(m)	  	Capped Price Customers, Fixed Price Customers and Pre-Buy Customers	
4.6(n)	  	Certain Customers	
4.7	  	Absence of Certain Changes	
4.8	  	Taxes	
4.9	  	Real Property	
4.10(a)	  	Owned Personal Property	
4.10(b)	  	Leased Personal Property	
4.10(e)	  	Insurance Company Recommendations	
4.11	  	Intellectual Property	
4.12	  	Material Contracts	
4.13	  	Labor	
4.14	  	Employee Benefits	
4.14(d)	  	Post-Employment Health and Welfare Benefits	
4.14(f)	  	Change in Control Plans	
4.15	  	Litigation	
4.16	  	Compliance with Laws	
4.17	  	Environmental Matters and Permits	
4.18	  	Title and Sufficiency of Assets	
4.19	  	Insurance	
4.20	  	Certain Information	
6.2	  	Conduct of the Business	
6.7	  	Guarantees	
7.1	  	Title Commitments	
8.6	  	Required Material Consents	
9.6	  	Seller Material Consents	
 
v

 	 	 	
10.1	  	Excluded Seller Benefit Plans and Assumed Employee Agreements	
10.1(a)(iii)	  	Terms of Purchaser Savings Plan	
10.6	  	Company Employees Participating in Seller Parent’s Directors and Executives Deferred Compensation Plan	
11.2(a)(iii)(B)	  	Cheverly Environmental Action Plan	
 
vi

STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT, is made as of January 27, 2014 (this “Agreement”), by and between CENTRAL HUDSON ENTERPRISES CORPORATION, a New York corporation (“ Seller ”), and PETRO HOLDINGS, INC., a Minnesota corporation (“ Purchaser ”), under the following circumstances:
A. Seller is the sole holder of all of the outstanding capital shares of Griffith Energy Services, Inc., a New York corporation (the “ Company ”). The Company is engaged in the business of distributing heating oil, propane and motor fuels to residential and commercial customers, and providing heating, ventilation and air conditioning sales and maintenance and other related services, in Delaware, District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia (collectively, the “ Business ”).
B. Upon the terms and subject to the conditions hereinafter set forth, the parties desire that Seller sell to Purchaser, and that Purchaser purchase from Seller, all of the outstanding capital stock of the Company. Unless otherwise indicated, capitalized terms used herein have the respective meanings set forth in Section 14.1.
NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
ARTICLE 1
PURCHASE AND SALE OF THE SHARES
Section 1.1 Purchase and Sale of the Shares. On the terms and subject to the conditions set forth in this Agreement, at the Closing, Seller shall sell, assign, transfer, convey and deliver to Purchaser, and Purchaser shall purchase, acquire and accept from Seller, all 100 authorized and outstanding shares of voting common stock without par value of the Company (the “ Shares ”).
ARTICLE 2
CONSIDERATION
Section 2.1 Amount and Form of Consideration. The purchase price to be paid by Purchaser to Seller in consideration of the sale of the Shares as provided in this Agreement shall be U.S. $69,850,000 (the “ Base Purchase Price ”): (i) increased by the amount by which the sum of the net book value of the current assets (including the Closing Date Cash) and notes receivable of the Company as of the Effective Time and the prepaid expense referred to in Section 10.7 (collectively, the “ Closing Assets ”) exceed the net book value of the current liabilities and Other Liabilities of the Company as of the Effective Time (collectively, the “ Closing Liabilities ”), or (ii) decreased by the amount by which the Closing Assets are less than the Closing Liabilities, with the line item Closing Assets and Closing Liabilities determined in each case in accordance

with GAAP (except as otherwise provided on Exhibit A (Statement of Closing Assets and Closing Liabilities as of September 30, 2013)) in a manner consistent with the Company’s past practice and in the same manner in which  Exhibit A  (Statement of Closing Assets and Closing Liabilities as of September 30, 2013) was prepared, as finally determined pursuant to Section 2.3 (the “ Closing Adjustment ”). The Purchase Price shall be paid as provided in Sections 2.2 and 2.4.
Section 2.2 Closing Payment. At the Closing, Purchaser shall pay to Seller an amount equal to the Base Purchase Price, adjusted as provided in this Section 2.2 (as so adjusted, the “ Closing Payment ”), by wire transfer of immediately available funds to an account or accounts designated by Seller, such designation to be made in writing at least two Business Days prior to the Closing Date. For purposes of calculating the Closing Payment: (i) at least five days prior to the Closing Date, Seller shall deliver to Purchaser Seller’s good faith estimate of the Closing Adjustment (the “ Estimated Closing Adjustment ”), together with such information as is reasonably sufficient to show the basis for Seller’s estimates, and (ii) the Closing Payment shall be equal to the Base Purchase Price plus or minus the amount of the Estimated Closing Adjustment.
Section 2.3 Closing Statement. (a) As promptly as practicable after the Closing, but in no event more than 60 days after the Closing, Seller shall prepare and deliver to Purchaser a statement (the “ Closing Statement ”) setting forth the calculation of the Closing Assets, the Closing Liabilities and the Closing Adjustment. The Closing Statement shall be prepared on the basis of a closing of the Company’s books as of the Effective Time conducted as soon as practical after the Closing Date in a manner consistent with the Company’s past practice and in the same manner as  Exhibit A  was prepared. The Closing Statement shall include such information as is reasonably sufficient to show how Seller made such calculations.
(b) Purchaser shall, during the 60-day period following the Closing, make available to Seller and its authorized representatives during normal business hours the books and records of the Company for use in preparing the Closing Statement. During the 30-day period following delivery by Seller of the Closing Statement, Seller shall make available to Purchaser and its authorized representatives during normal business hours the work papers used by Seller in preparing the Closing Statement and shall promptly furnish to Purchaser such other information with respect to the preparation of the Closing Statement as Purchaser or its representatives may from time to time reasonably request.
(c) Purchaser shall have 30 days following receipt of the Closing Statement to give Seller a written notice (the “ Notice of Dispute ”) of any disputes or objections concerning the Closing Statement, the Closing Assets, the Closing Liabilities and the Closing Adjustment not being in accordance with this Article 2, specifying in reasonable detail the nature and amount of such disputes or objections. Items and amounts in the Closing Statement to which no objection is made in the Notice of Dispute shall be final and binding upon the parties. If Purchaser does not deliver the Notice of Dispute to Seller within such 30-day period, the Closing Statement shall be considered to have been accepted by Purchaser, and the Closing Assets, the Closing Liabilities and the Closing Adjustment shall be final and binding. In the event Purchaser delivers the Notice of Dispute to Seller, Purchaser and Seller shall attempt to resolve the disputed matters as promptly as possible.
 
2

(d) If Purchaser and Seller are unable to resolve all disputed matters identified in the Notice of Dispute, if any, within 30 days after delivery of the Notice of Dispute to Seller, the remaining disputed matters shall be resolved by an accounting firm mutually designated by Purchaser and Seller (the “ Independent Accounting Firm ”). The determination by the Independent Accounting Firm shall be final and binding upon the parties, and the Closing Statement (including, if affected thereby, the Closing Assets, the Closing Liabilities and the Closing Adjustment) shall be adjusted accordingly. The Independent Accounting Firm shall be instructed to address only the remaining disputed items or amounts from the Notice of Dispute and to use reasonable efforts to complete its review and make all necessary determinations within 30 days after submission of the Notice of Dispute to it. The Closing Statement (including, if affected thereby, the Closing Assets, the Closing Liabilities and the Closing Adjustment) as modified by resolution of any disputes in accordance with this Section 2.3(d) or, if applicable, as accepted by Purchaser pursuant to Section 2.3(c), shall be final and binding, and the Closing Assets, the Closing Liabilities and the Closing Adjustment shall be as set forth therein. The fees and expenses of the Independent Accounting Firm shall be shared equally by Seller and Purchaser.
Section 2.4 Payment Based on Closing Statement. If the Purchase Price (calculated in accordance with Section 2.1 using the amounts of the Closing Adjustment as finally determined pursuant to Section 2.3) exceeds the Closing Payment, Purchaser shall, within five Business Days after the Closing Statement becomes final pursuant to Section 2.3, pay to Seller the amount by which the Purchase Price exceeds the Closing Payment. If the Purchase Price (calculated in accordance with Section 2.1 using the amounts of the Closing Adjustment as finally determined pursuant to Section 2.3) is less than the Closing Payment, Seller shall, within five Business Days after the Closing Statement becomes final pursuant to Section 2.3, pay to Purchaser the amount by which the Purchase Price is less than the Closing Payment. No interest shall be payable with respect to any payment made pursuant to this Section 2.4 if such payment is made within five Business Days after the date the Closing Statement becomes final pursuant to Section 2.3. If any such payment is not made within such five Business Day period, then, commencing on the next day, interest shall accrue thereon at a rate per annum equal to the KeyBank prime rate. Such rate shall change as the KeyBank prime rate changes, and interest shall be calculated on the basis of a year of 360 days. Payments pursuant to this Section 2.4 shall be made by wire transfer of immediately available funds in U.S. dollars to an account designated by the intended recipient, such designation to be made in writing at least two Business Days prior to the date payment is due.
ARTICLE 3
THE CLOSING
Section 3.1 Closing Date. Except as hereinafter provided, the closing of the transactions contemplated by this Agreement (the “ Closing ”) shall take place at the offices of Thompson Hine LLP, 335 Madison Avenue, 12th Floor, New York, New York, at 10:00 a.m. (local time) on (i) March 4, 2014, or (ii) if the conditions set forth in Articles 8 and 9 (other than those conditions that by their terms cannot be satisfied until the Closing Date) have not been satisfied or, in the case of Article 8, waived by Purchaser or, in the case of Article 9, waived by Seller, by such date, then the third Business Day following the date on which the last of the
 
3

conditions set forth in Articles 8 and 9 have been satisfied (other than those conditions that by their terms cannot be satisfied until the Closing Date) or, in the case of Article 8, waived by Purchaser, or, in the case of Article 9, waived by Seller, or (iii) at such other place and/or at such other time and date as may be mutually agreed upon by Purchaser and Seller, which shall not be later than the Outside Closing Date (the date of the Closing being referred to herein as the “ Closing Date ”).
Section 3.2 Deliveries by Seller. At the Closing, Seller shall deliver to Purchaser the following:
(a) the stock certificate(s) representing the Shares and an assignment in substantially the form of Exhibit B assigning and transferring the Shares to Purchaser, duly executed by Seller;
(b) a receipt duly executed by Seller acknowledging receipt of the Purchase Price;
(c) the certificate referred to in Section 8.5, signed by a duly authorized officer of Seller;
(d) a resignation from each director and officer of the Company who is not an employee of the Company from all positions with the Company;
(e) a certificate of non-foreign status pursuant to Treasury Regulation §1.1445-2(b)(2) signed by Seller;
(f) an IRS Form 8023 reflecting an election under Section 338(h)(10) of the Code, executed by the common parent of the selling consolidated group in accordance with Section 338(h)(10)(C) of the Code;
(g) a copy of the Company Certificate certified by the Secretary of State of the State of New York and a certificate issued by the appropriate Governmental Authority (or other reasonable evidence) of the good standing of the Company as a foreign corporation in the States of Delaware, Maryland, New York and West Virginia, the Commonwealths of Pennsylvania and Virginia and the District of Columbia;
(h) an opinion of Thompson Hine LLP in substantially the form set forth as Exhibit C;
(i) copies of all Required Material Consents; and
(j) such other documents and instruments as reasonably may be required by Purchaser to consummate the transactions contemplated by this Agreement at the Closing.
 
4

Section 3.3 Deliveries by Purchaser. At the Closing, Purchaser shall deliver to Seller the following:
(a) the Closing Payment, by wire transfer of immediately available funds in the amount and manner provided in Section 2.2;
(b) the certificate referred to in Section 9.5, signed by a duly authorized officer of Purchaser;
(c) an IRS Form 8023 reflecting an election under Section 338(h)(10) of the Code, executed by Purchaser;
(d) an opinion of Phillips Nizer LLP in substantially the form set forth as Exhibit D; and
(e) such other documents and instruments as reasonably may be required by Seller to consummate the transactions contemplated by this Agreement at the Closing.
Section 3.4 Proceedings at Closing; Effective Time. All acts and proceedings to be taken and all documents to be executed and delivered by the parties at the Closing shall be deemed to have been taken and executed simultaneously, effective as of the Effective Time (unless otherwise expressly provided herein), and, except as permitted under this Agreement, no acts or proceedings shall be deemed taken nor any documents executed or delivered until all have been taken, executed and delivered.
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF SELLER
As an inducement to Purchaser to enter into this Agreement and to consummate the transactions contemplated hereby, Seller hereby represents and warrants to Purchaser as of the date of this Agreement as set forth below:
Section 4.1 Organization and Good Standing. Each of Seller and the Company is duly organized, validly existing and in good standing under the laws of New York and has the requisite power and authority to own or lease and operate its properties and to carry on, in all material respects, its business as now being conducted. The Company is duly authorized to conduct business as a foreign corporation in the States of Delaware, Maryland and West Virginia, the Commonwealths of Pennsylvania and Virginia and the District of Columbia, which are the only jurisdictions in which such qualification is required, except where the failure to be so qualified would not reasonably be expected to materially interfere with the business activities of the Company. Seller has delivered or made available to Purchaser an accurate and complete copy of the certificate of incorporation of the Company as in effect on the date of this Agreement (the “ Company Certificate ”) and the bylaws of the Company as in effect on the date of this Agreement (the “ Company Bylaws ”). Seller has made available to Purchaser complete and correct copies of the minutes of all meetings of the sole stockholder and Board of Directors of the Company since the date of the Company’s incorporation.
Section 4.2 Authorization of Agreement. Seller has all requisite corporate power and authority to execute and deliver this Agreement and each other agreement, document, instrument or certificate contemplated hereby to be executed by Seller in connection with the consummation
 
5

of the transactions contemplated hereby (all such other agreements, documents, instruments and certificates required to be executed by Seller being hereinafter referred to, collectively, as the “ Seller Documents ”), and to perform (or cause to be performed) fully its obligations hereunder and thereunder. The execution, delivery and performance by Seller of this Agreement and each of the Seller Documents has been duly authorized by all necessary corporate action on the part of Seller. This Agreement has been, and each of the Seller Documents will be, on or prior to the Closing Date, duly executed and delivered by Seller, and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and each of the Seller Documents when so executed and delivered will constitute, valid and legally binding obligations of Seller, enforceable against Seller in accordance with their respective terms.
Section 4.3 Capital Structure. The authorized capital stock of the Company consists of 100 shares of voting common stock without par value. The Shares are duly authorized, validly issued, fully paid and nonassessable and are not subject to, or issued in violation of, any purchase option, call option, right of first refusal, preemptive right or other similar right under any provision of the NYBCL, the Company Certificate, the Company Bylaws, any Contract to which the Company is a party or otherwise is bound or any applicable securities or other Laws. All of the Shares are owned by Seller, beneficially and of record, and are not subject to any Lien. Except for the Shares, no shares of capital stock or voting securities of, or other equity interests in, the Company are issued, reserved for issuance or outstanding. All of the terms and rights of the Shares are set forth in the Company Certificate. There are no outstanding options, warrants, calls or other rights to acquire any capital stock or other securities of the Company nor does either the Company or Seller have any obligation to issue, deliver or sell any capital stock or other securities of the Company or any options, warrants, calls or other rights to acquire any capital stock or other securities of the Company.
Section 4.4 Subsidiaries. The Company does not own, directly or indirectly, any capital stock or voting securities of, or other equity interests in, or any interest convertible into or exchangeable or exercisable for, any capital stock or voting securities of, or other equity interests in, any Person.
Section 4.5 No Conflicts; Consents of Third Parties. (a) Except as set forth on Schedule 4.5, the execution and delivery by Seller of this Agreement and each of the Seller Documents, the consummation of the transactions contemplated hereby or thereby and compliance by Seller with any of the provisions hereof or thereof will not: (i) violate any provision of the Company Certificate, the Company Bylaws or the certificate of incorporation or bylaws of Seller; (ii) violate or constitute a breach of or a default under, any Material Contract, if such violation, breach or default would reasonably be expected to have a Material Adverse Effect; (iii) contravene or result in a violation of any Law to which the Company or Seller is subject or violate in any material respect, result in a material breach of, or constitute a material default under, any Order by which Seller or the Company is bound or subject; (iv) give rise to the creation of a Lien (other than a Permitted Exception or a Real Property Permitted Exception) upon the Shares or any of the assets of the Company under the terms of any Indebtedness, mortgage, indenture, deed of trust, license, lease, permit, agreement or other instrument or obligation to which Seller or the Company is a party or by which Seller, the Shares, the Company, or any of the assets of the Company is bound; (v) give any person the right to terminate or modify any Material Contract; or (vi) give any Governmental Authority the right to revoke, withdraw, suspend, cancel, terminate or modify any Permit held by or for the benefit of the Company.
 
6

(b) Except as required by the HSR Act or as set forth on Schedule 4.5, no consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or notification to, any Governmental Authority or, to the Knowledge of Seller, any other Person is required on the part of Seller or the Company in connection with the execution and delivery of this Agreement or the Seller Documents, the consummation of the transactions contemplated hereby and thereby or the compliance by Seller or the Company with any of the provisions hereof or thereof, other than consents, waivers, approvals, Orders, Permits or authorizations of, or declarations or filings with, or notifications to, any Person or Governmental Authority the failure of which to be received or made would not reasonably be expected to have a Material Adverse Effect.
Section 4.6 Financial and Other Information. (a) Seller has made available to Purchaser copies of: (i) the unaudited balance sheet and income statement of the Company as of December 31, 2012 and for the fiscal year then ended, and (ii) the unaudited balance sheet and income statement of the Company as of September 30, 2013 and for the nine months then ended (collectively, the “ Financial Information ”). The Financial Information was prepared from Seller’s books and records and fairly presents, in all material respects, the financial position of the Company as of the dates thereof and the results of its operations for the periods indicated in accordance with GAAP, except that the Financial Information lacks the full footnotes required by GAAP and, with respect to the Financial Information for the nine months ended September 30, 2013, normal year-end adjustments.  Schedule 4.6(a)  sets forth the year-end adjustments made to the Financial Information for the year ended December 31, 2012.
(b) The Company does not have as of the date of this Agreement, and will not have as of the Closing, any Indebtedness.
(c) All books, records and accounts of the Company are accurate and complete, and are maintained, in all material respects in accordance with good business practice and all applicable Laws. The Company maintains systems of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit the preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the actual levels at reasonable intervals and appropriate action is taken with respect to any differences.
(d) Schedule 4.6(d) sets forth, for each month during the period from October 1, 2012 through September 30, 2013, the Company’s volumes (in gallons) by product category or type of customer, the Company’s gross profit by product category or type of customer and the Company’s HVAC revenues by type.
 
7

(e) Schedule 4.6(e) sets forth, as of September 30, 2013, the number of Active Customers (as defined on Schedule 4.6(e)) of the Company by product category or type of customer and the number of customers who were parties to service agreements. As of the earlier of the Closing Date or February 28, 2014, the number of Active Customers of the Company for Petroleum Products (other than in the “will call” category) shall be no less than 98% of the number of Active Customers of the Company for Petroleum Products (other than in the “will call” category) as of September 30, 2013 (as shown on Schedule 4.6(e )).
(f) Schedule 4.6(f) includes schedules showing the aging of the accounts receivable of the Company as of September 30, 2013 and November 30, 2013 that are accurate and complete in all material respects.
(g) Schedule 4.6(g) includes a list of all business acquisitions by the Company since November 1, 2000, other than acquisitions of business subsequently sold by the Company pursuant to the Northeast Sale Agreement and with respect to which the Company has no further contractual obligations to the sellers of such businesses.
(h) None of Seller, Seller Parent, Fortis, Inc. or any other Affiliate of Seller or Fortis, Inc. has, or will have as of the Closing Date, any Customer Information.
(i) Set forth on Schedule 4.6(i) is a general narrative description of the Company’s discount, rebate and other similar customer programs that is accurate and complete in all material respects.
(j) Since September 30, 2013, the Company has continued its normal delivery schedule for Petroleum Products in all material respects and has not delivered products materially in advance of the Company’s normal delivery schedule.
(k) Neither the Company nor Seller has disclosed any material portion of the Customer Information to any Person other than: (i) the Company’s employees, and (ii) certain independent contractors and other firms listed on  Schedule 4.6(k) , who in each case have access to the Customer Information in the Company’s computer systems to perform their required duties.
(l) Except as set forth on Schedule 4.6(k), the Company does not subcontract to any independent contractor the delivery of Petroleum Products or the provision of any sales, installation or maintenance services.
(m) Except as set forth in Schedule 4.6(m): (i) during the 12 months ended September 30, 2013, the Company sold no gallons of Petroleum Products to Capped Price Customers, Fixed Price Customers or Pre-Buy Customers, and (ii) no offers have been made to customers for such sales for the period following the Effective Time.
(n) Schedule 4.6(n) lists, as of September 30, 2013, substantially all of the Company’s customers: (i) to which the Company was delivering Petroleum Products on a Bid Basis, (ii) which, to the Knowledge of Seller, were cooperative buying groups or the members of such a cooperative buying group, (iii) which are Governmental Authorities, or (iv) to which the Company was delivering Petroleum Products through a central tank or delivery system. Except as set forth on  Schedule 4.6(n) , to the Knowledge of Seller, the Company has not owned a central tank or delivery system for Petroleum Products.
 
8

(o) In 2013, the Company earned less than $70,000 in gross profit from the Franchise Agreement for a Pacific Pride Commercial Fueling System  Territory dated November 4, 2010 between Pacific Pride Services, LLC and the Company, as amended .
Section 4.7 Absence of Certain Changes. Except as set forth on Schedule 4.7, to the Knowledge of Seller, since the Balance Sheet Date:
(i) there has been no event or circumstance (or series of events or circumstances) that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, and (ii) the Company has operated in the ordinary course of business, consistent with its past practices, and
(ii) the Company has not taken any action that, if taken after the date of this Agreement and prior to the Effective Date, would constitute a breach of clauses (a) through (i) of Section 6.2.
Section 4.8 Taxes. (a) Except as set forth in Schedule 4.8: (i) all Tax Returns required to be filed by or with respect to the Company have been timely filed (taking into account any extension of time to file), and such Tax Returns have been accurately prepared; (ii) all Taxes due and payable pursuant to such Tax Returns or otherwise due have been paid or will timely be paid or, where payment is not yet due, the Company has established an accrual on its books in accordance with GAAP for the payment of all Taxes shown on the Tax Returns relating to periods up to and including the Effective Time; (iii) no deficiency for any amount of Tax has been asserted or assessed by a Governmental Authority in writing against the Company that has not been satisfied by payment, settlement or withdrawn; (iv) there are no Liens for Taxes upon any property of the company except for Permitted Exceptions; (v) there are no outstanding waivers or agreements extending the statute of limitations for any period with respect to any Tax to which the Company is subject and no requests for such waivers are pending; (vi) the Company is not a party to or has it any obligation under any Tax sharing, allocation or Tax indemnification agreement or arrangement; (vii) no claim, proceeding or contest of any refund in respect of Taxes for the Company is pending on or on appeal from any Government Authority; and (viii) the Company is a corporation for federal income tax purposes in accordance with Treasury Regulation §301.7701-2.
(b) Schedule 4.8 sets forth the following information with respect to the Company: (i) the most recent Tax years through which a Governmental Authority having jurisdiction over Taxes payable by the Company has completed its examination of the Company; and (ii) whether there is a current or pending Tax examination by a Governmental Authority with respect to the Taxes of the Company, and, if so, the Tax years involved.
(c) Except as set forth in Schedule 4.8, since January 1, 2010, the Company: (i) has not been the subject of an audit, examination, investigation, or proceeding with respect to Taxes nor, to the Knowledge of Seller has an oral communication been received that would cause a reasonable person to believe that a deficiency for Taxes will be asserted by a Governmental
 
9

Authority, and (ii) has not received a deficiency notice or reports, requests for information or documents, or questionnaires in respect of any Tax matters, including without limitation, any inquiry from any Governmental Authority in any jurisdiction where the Company does not file Tax Returns. Except as set forth in  Schedule 4.8 , the Company has not agreed to extend any statute of limitations for periods prior to January 1, 2010 where such statute is still open on the date of this Agreement.
(d) Set forth on Schedule 4.8 is a list of the jurisdictions in which the Company is required to file Tax Returns. Seller also has provided a complete and correct copy of the Company’s Tax Returns (pro forma) relating to federal income and gross receipts Taxes and to state income Taxes for each calendar year commencing with 2010 and thereafter.
(e) Except as otherwise set forth on Schedule 4.8: (i) no power of attorney which is currently in force has been granted by or with respect to the Company in connection with any matter relating to Taxes; (ii) the Company has not engaged in a “listed transaction” or “reportable transaction” within the meaning of Section 6011 of the Code and applicable Treasury Regulation thereunder (or a similar provision of state Law); (iii) the Company has complied in all material respects with all applicable Laws relating to the withholding of Taxes; and (iv) the Company has not participated in or cooperated with an international boycott within the meaning of Section 999 of the Code.
(f) The Company: (i) has been a member of a “selling consolidated group” (within the meaning of Section 338(h)(10)(B) of the Code) that has filed a consolidated Federal tax return, (ii) has no material liability for any Tax of any Person under Treasury regulation Section 1.1502-6 (or any similar provision of Law), as a transferee or successor by contract or otherwise and (iii) is eligible to make a Code Section 338(h)(10) election.
(g) The Company has no Tax liability relating to any period prior to the date of this Agreement, except those Tax liabilities included as liabilities in the Financial Statements and tax liabilities accrued in the ordinary course of business since the date of the Financial Statements.
(h) The Company has not in the past ten years (A) acquired assets from another corporation in a transaction in which their tax basis for the acquired assets was determined, in whole or in part, by reference to the tax basis of the acquired assets in the hands of the transferor or (B) acquired any stock of any corporation which is a qualified subchapter S subsidiary.
Section 4.9 Real Property. Except as set forth on Schedule 4.9:
(a) the Company has valid title to each parcel of the real property listed on Schedule 4.9 as owned by the Company (the “ Owned Real Property ”), free and clear of all Liens and title defects (including, without limitation, any such title defect that is disclosed by a survey), other than Real Property Permitted Exceptions;
(b) none of the Owned Real Property is subject to any lease, sublease, license or other agreement granting to any other Person any right to the use of such Owned Real Property or any part thereof, other than Real Property Permitted Exceptions;
 
10

(c) the Company has a valid leasehold interest in the real property listed on Schedule 4.9 as leased by the Company (the “ Leased Real Property ”) pursuant to Real Property Leases included in the Material Contracts (which are covered by the representations and warranties set forth in Section 4.12);
(d) the Real Property constitutes all real property presently used by the Company or required for the operation of the Business in substantially the same manner as it was being operated by the Company prior to the Closing;
(e) excluding environmental matters (which are covered by Section 4.17 [Environmental Matters]), to the Knowledge of Seller, the Real Property substantially complies with all applicable Laws in all material respects;
(f) excluding environmental matters (which are covered by Section 4.17 [Environmental Matters]), to the Knowledge of Seller: (i) the Company has all certificates of occupancy and other Permits of any Governmental Authority necessary for the current use and operation by the Company of the Real Property, (ii) the Company has complied with all applicable conditions of any easements, Contracts, Permits and Laws applicable to the Real Property (“ Real Property Restrictions ”) in all material respects, (iii) no material default or violation by the Company, or event that with the lapse of time or giving of notice or both would become a material default or violation by the Company, has occurred in the due observance of any certificate of occupancy or other Permit with respect to the Real Property or any of the Real Property Restrictions; (iv) no material certificate of occupancy or other Permit with respect to the Real Property or Real Property Restriction will be adversely affected in any material respect by the consummation of the transactions contemplated by this Agreement; (v) all of the Real Property has access to public roads; (vi) the Real Property is in compliance in all material respects with all zoning and other land use and similar Laws (other than Environmental Laws, which are covered by Section 4.17 [Environmental Matters]) (collectively, “ Real Property Laws ”), and since January 1, 2008, neither Seller nor the Company has received any written notice of violation from: (A) any Governmental Authority regarding any Real Property Law, or (B) any other Person regarding any easement, covenant, encroachment, boundary line dispute, access restriction on, or lack or absence of access, prescriptive easement or adverse possession claim, right of any person in possession, right of ingress or egress or right-of-way, or any other matter of record, (vii) neither Seller nor the Company has received any written notice of any action to alter the zoning or zoning classification of the Real Property since January 1, 2008, (viii) there are no parties in possession of any portion of any Real Property as lessees, subtenants, tenants at sufferance or trespassers, (ix) all utilities (including, without limitation, water, sewer or septic, gas, electricity, trash removal and telephone service) are available to the Real Property to the extent required to operate the Business in a manner consistent with the Company’s past practice, and (x) there are no material structural defects with respect to any of the structures on the Real Property.
(g) there does not exist any actual or, to the Knowledge of Seller, threatened condemnation or eminent domain proceedings that affect any Real Property that is material to the Company, and neither Seller nor the Company has received any written notice of the intention of any Governmental Authority or other Person to take or use any Real Property that is material to the Company.
 
11

Section 4.10 Tangible Personal Property. (a) An accurate and complete list of all tangible personal property owned by the Company with a book value in excess of $25,000 is set forth in  Schedule 4.10(a) .
(b) An accurate and complete list of each item of tangible personal property leased by the Company from third parties as of the date of this Agreement at an annual rental in excess of $25,000 is set forth in  Schedule 4.10(b) . The leases under which the Company leases such tangible personal property are, to the extent such leases satisfy the definition of Material Contracts, covered by Section 4.12.
(c) All motor vehicles used in the Business are: (i) properly licensed and registered in accordance with applicable Law, (ii) to the Knowledge of Seller, in substantial compliance with applicable state and Federal Department of Transportation requirements, and (iii) the sole property of the Company.
(d) With respect to the propane tanks and propane-related equipment, owned by the Company: (a) at least 90% of all propane tanks are in safe and working order and are in Substantial Compliance with NFPA Pamphlet No. 58, 1998 Edition; (b) at least 90% of all propane tanks owned by the Company include proper data plates or tank identification (marked in accordance with NFPA 58) and are rated for a working pressure of at least 200 pounds per square inch, determined in accordance with the standards of the American Society of Mechanical Engineers; and (c) substantially all of the cylinders are qualified for use in accordance with applicable state and federal department of transportation standards and regulatory requirements, except cylinders stored on the Real Property not currently in use or awaiting disposal. At least 90% of all propane tanks serviced by the Company located at the premises of Customers are owned by the Company.
(e) Except as otherwise described on Schedule 4.10(e), neither Seller nor the Company has received, within 2 years prior to the date of this Agreement, any written recommendation from any insurance carrier of the Company or any consultant hired by the Company proposing changes in the Company’s methods of operation.
Section 4.11 Intellectual Property. To the Knowledge of Seller, Schedule 4.11 sets forth an accurate and complete list of all material Intellectual Property Assets that are used by the Company. Except as expressly set forth in  Schedule 4.11 , the Company owns, on an exclusive basis, free and clear of all Liens (other than Permitted Exceptions), or, to the Knowledge of Seller, has the right to use, all of the Intellectual Property Assets. The Company owns no patents. Neither Seller nor the Company has received any written notice of infringement or violation of the rights of others with respect to any Intellectual Property Assets.
Section 4.12 Material Contracts. Schedule 4.12 sets forth an accurate and complete list, as of the date of this Agreement, of each of the following to which the Company is a party or by which the Company is bound:
(a) any franchise, distributorship or sales agency agreement involving annual payments in excess of U.S. $250,000;
 
12

(b) (i) any Contract for the purchase, or the sale, supply or provision, of materials, supplies, services, or merchandise, (ii) any contract for the purchase or lease of equipment, and (iii) any Contract for the lease of tangible personal property, in each case involving annual payments in excess of U.S. $250,000 or total payments in excess of $500,000;
(c) any Contract for the purchase or sale of any of the assets in excess of U.S. $250,000 other than in the ordinary course of business;
(d) the Real Property Leases;
(e) any hedging, fixed cap, derivative or other similar Contract;
(f) any retention, non-competition, change-in-control or severance agreement between the Company and any Company Employee;
(g) any Contract relating to any Indebtedness or any grant of a Lien (other than a Permitted Exception or a Real Property Permitted Exception);
(h) any material joint venture, partnership involving a sharing of profits, losses, costs or liabilities by the Company with any other Person;
(i) any Contract entered into by the Company by which the Company has agreed to indemnify a third party against the acts of another Person, other than Contracts with a vendor or a customer and leases;
(j) any Contract by which the Company has agreed to guaranty the obligations of any Person;
(k) any Contract to supply Petroleum Products to the Company and any Contract for the thruput of Petroleum Products to which the Company is a party;
(l) the Contract for the 2009 sale of the Company’s former operations in Pennsylvania, Rhode Island and Connecticut; and
(m) any Contract under which the consequences of a default or termination would reasonably be expected to have a Material Adverse Effect.
The Contracts referred to in clauses (a) through (m) are referred to collectively as “Material Contracts.” Seller has made available to Purchaser true and accurate copies of each Material Contract, including all material amendments and modifications to such Material Contract. To the Knowledge of Seller, each Material Contract is in full force and effect and constitutes as of the date of this Agreement the valid and legally binding obligation of each party thereto, enforceable in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or other laws affecting the enforcement of creditors’ rights generally or by general principles of equity. The Company has performed in all material respects the obligations required to be performed by it to date under, and is not in material breach or default under, any of the Material Contracts and, to the Knowledge of Seller, no other party to any of the Material Contracts is in breach or default in any material respect thereunder.
 
13

Section 4.13 Labor. The individuals listed on Schedule 4.13, together with such other individuals as are hired by the Company after the date of this Agreement and prior to the Closing in compliance with Section 6.2 and, in each case, who remain employed by the Company immediately prior to the Effective Time (including any such individual who is absent on the Effective Time due to vacation, holiday, sickness or other approved leave of absence), are referred to collectively in this Agreement as the “ Company Employees .” The rate of compensation (including targeted 2013 short term incentive, if any) as of the date of this Agreement of each of the Company Employees listed on  Schedule 4.13  is shown on  Schedule 4.13 . As of the date of this Agreement, the Company is not a party to, or bound by, any labor, union or collective bargaining agreement or similar agreement with any labor organization, or work rules or practices agreed to with any labor organization or employee association applicable to employees of the Company, including without limitation any agreement with any labor organization which restricts the Company from selling, relocating or closing any or all of its businesses or operations. To the Knowledge of Seller, except as set forth on  Schedule 4.13 , there are no, and in the past 5 years have been no: (i) strikes, material controversies, work slowdowns or stoppages, lockouts, picketing, material arbitrations or labor disputes involving any Company Employees, (ii) employees of the Company who are represented by any labor organization with respect to their employment by the Company; (iii) material attempts to organize employees by any labor organization, and there are no organizational campaigns, demands, petitions or proceedings pending or threatened by any labor organization or group of employees seeking recognition or certification as collective bargaining representative of any group of employees of the Company or union claims to represent the employees of the Company, (iii) grievances or other labor disputes or proceedings asserted, pending or threatened against or involving any Company Employees, or (iv) unfair labor practice charges, grievances or complaints pending or threatened in writing by or on behalf of any Company Employees. To the Knowledge of Seller, the Company is, and has at all times during at least the last five years has been, in compliance in all material respects with all Laws respecting employment and fair employment practices, terms and conditions of employment, employment standards, equal employment opportunity, immigration, family and medical leave, wages, hours of work and occupational health and safety, and is not engaged in any unfair labor practices as defined in the National Labor Relations Act or any other applicable Law. To the Knowledge of Seller, other than as set forth in  Schedule 4.13 , there are no material complaints, claims, controversies, charges, lawsuits, investigations or other proceedings pending or threatened against or related to the Company in any court or by or with any agency responsible for the enforcement of labor or employment Laws by, on behalf of or concerning any employee, specifically including, without limitation, those regarding: (i) no material violation of immigration, labor, equal employment opportunity, family and medical leave, wages, hours of work, employee benefits, occupational health and safety or any other employment law, or (ii) no material breach of any express or implied contract of employment, any law or regulation governing labor relations, employment or the termination thereof or other illegal, discriminatory, wrongful or tortious conduct in connection with the employment relationship or any terms and conditions of employment. To the Knowledge of Seller, other than the Material Contracts, the Assumed Employee Agreements listed on  Schedule 10.1  and Excluded Seller Benefit Plans, there are no employment Contracts, severance agreements or retention agreements, oral or written, between the Company and any of its employees and no
 
14

material written personnel policies, rules or procedures applicable to the Company’s employees. As of the date of this Agreement, the Company has no Liability with respect to any: (i) “plant closing” as defined in the Worker Adjustment and Retraining Notification Act of 1988 (“WARN”) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of the Company, (ii) “mass layoff” as defined in WARN affecting any site of employment or facility of the Company (nor has the Company been affected by any transaction or engaged in layoffs or employment terminations sufficient in number to trigger application of any similar state or local Law), or (iii) “employment loss” as defined in WARN.
Section 4.14 Employee Benefits. (a) Schedule 4.14 sets forth a true and complete list of each material “employee benefit plan,” as defined in Section 3(3) of ERISA, and any other material plan, policy, program, practice, agreement, understanding or arrangement providing compensation or other benefits to any director, officer, employee or individual consultant, which is maintained, sponsored or contributed to by the Company, or under which the Company has any material obligation or liability, or to which the Company has promised or otherwise is committed or required to sponsor, maintain or contribute, including modifications to any existing plans (collectively, the “ Company Benefit Plans ”), including all incentive, bonus, profit sharing, savings, deferred compensation, cafeteria, “voluntary employees’ beneficiary associations” under Section 501(c)(9) of the Code (each a “ VEBA ”), medical, health, dental, life insurance, disability, accident, supplemental unemployment or retirement, employment, severance or salary or benefits continuation, fringe benefit, stock purchase or equity based compensation plans, policies or programs, but excluding all Excluded Seller Benefit Plans. The Excluded Seller Benefit Plans are listed on  Schedule 10.1  under a separate heading.
(b) Except as would not have a Material Adverse Effect: (i) each Company Benefit Plan has been established, administered, and maintained in all material respects in accordance with its terms and all applicable Laws, including ERISA and the Code, (ii) all contributions required to be made under the terms of any Company Benefit Plan have been timely made or have been reflected in the Company Financial Statements, and (iii) all Company Benefit Plans that are subject to Section 409A of the Code are in compliance with the requirements of Code Section 409A and any treasury regulations, IRS notices and other applicable guidance issued by the IRS.
(c) Except as would not have a Material Adverse Effect: (i) each Company Benefit Plan which is intended to qualify under Section 401(a) of the Code has either received a favorable determination letter from the IRS covering all applicable Tax law changes, as to its qualified status, or may rely upon an opinion letter for a prototype plan and, to the Knowledge of the Seller, no fact or event has occurred that would reasonably be expected to materially adversely affect the qualified status of any such Company Benefit Plan under Section 401(a) of the Code, (ii) each VEBA has been determined by the IRS to be exempt from Federal income tax under Section 501(c)(9) of the Code, and, to the Knowledge of the Seller, no fact or event has occurred that would reasonably be expected to materially adversely affect the tax-exempt status of any such VEBA, (iii) there has been no prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code, other than a transaction that is exempt under a statutory or administrative exemption), with respect to any Company Benefit Plan that would reasonably be expected to result in material liability to the Company, and (iv) no suit,
 
15

administrative proceeding, claim, audit, examination, investigation, action or other litigation has been brought, or to the Knowledge of Seller, is threatened against or with respect to any such Company Benefit Plan, including any audit or inquiry by the IRS or United States Department of Labor (other than routine benefits claims).
(d) Schedule 4.14(d) lists each Company Benefit Plan, if any, that provides health or other welfare benefits after retirement or other termination of employment (other than (i) continuation coverage required under Section 4980B(f) of the Code or other similar applicable Law, (ii) coverage or benefits the full cost of which is borne by the employee or former employee (or any beneficiary of the employee or former employee) or (iii) benefits provided during any applicable severance period).
(e) No Company Benefit Plan is a single-employer pension plan subject to Title IV of ERISA or part 3 of Subtitle B of ERISA or Section 412 of the Code or a multiemployer pension plan (as defined in Section 3(37) of ERISA). The Company has not incurred any material liability: (i) to the Pension Benefit Guaranty Corporation under Title IV of ERISA arising in connection with the termination of any plan covered by Title IV of ERISA, (ii) to the Pension Benefit Guarantee Corporation under Section 4062(e) of ERISA in connection with a substantial cessation of operations by an employer from any plan covered by Title IV of ERISA, or (iii) to a multiemployer pension plan under Subtitle E of Title IV of ERISA in connection with the complete or partial withdrawal from a multiemployer plan as provided in Subtitle E of Title IV of ERISA, in each case, that could become a material Liability of the Company after the Effective Time.
(f) Schedule 4.14(f) lists each Company Benefit Plan that provides for the payment (whether in cash or property or the vesting of property) as a result of the consummation of the transactions contemplated by this Agreement (either alone or upon the occurrence of any additional or subsequent event), to any employee, officer or director of the Company who is a “disqualified individual” (as such term is defined in proposed Treasury Regulation §1.280G-1) under any Company Benefit Plan that is reasonably expected to be characterized as an “excess parachute payment” (as defined in Section 280G(b)(1) of the Code). Except as set forth on  Schedule 4.14(f) , neither the execution of this Agreement nor the consummation of the transactions contemplated hereby (either alone or upon the occurrence of any additional or subsequent event) is reasonably expected to: (i) entitle any employees of the Company to severance pay or any increase in severance pay upon any termination of employment after the date hereof, (ii) accelerate the time of payment or vesting, result in any payment or funding (through a grantor trust or otherwise) of compensation or benefits under, increase the amount payable or result in any other material obligation pursuant to any of the Company Benefit Plans, or (iii) limit or restrict the right of the Company to merge, amend or terminate any of the Company Benefit Plans.
Section 4.15 Litigation. Schedule 4.15 sets forth an accurate and complete list, as of the date of this Agreement, of all material pending or, to the Knowledge of Seller, threatened Legal Proceedings to which the Company is a party. Except as set forth on  Schedule 4.15 , no Order is binding on the Company. As of the date of this Agreement, there is no material Legal Proceeding pending or, to the Knowledge of Seller, threatened against the Company that challenges, or questions the validity of, this Agreement, any Seller Document or any action taken or to be taken by the Company in connection with, or which seeks to enjoin or obtain monetary damages in respect of, the consummation of the transactions contemplated hereby or thereby.
 
16

Section 4.16 Compliance with Laws. Except as set forth on Schedule 4.16, to the Knowledge of Seller, the Company is in compliance, in all material respects, with all applicable Laws and all Orders and Permits of or from Governmental Authorities, except for instances of noncompliance or possible noncompliance that are within the scope of Sections 4.11 [Intellectual Property], 4.12 [Contracts], 4.14 [Employee Benefits], 4.15 [Litigation], or 4.17 [Environmental Matters].  Schedule 4.16  includes a list of all material Permits held by the Company (other than Permits required by Environmental Laws). To the Knowledge of the Seller, the Permits held by the Company constitute all Permits (other than Permits required by Environmental Laws, which are covered by Section 4.17) necessary for the Company to conduct and operate the Business in compliance with Law in all material respects.
Section 4.17 Environmental Matters. Except as set forth on Schedule 4.17, to the Knowledge of Seller: (a) the Business is being conducted by the Company in material compliance with all applicable Environmental Laws; and (b) the Company is in possession of, and in material compliance with, all material Permits required under Environmental Laws for the conduct of the Business as it is being conducted on the date of this Agreement. Seller has made available to Purchaser copies of all material environmental site assessments, reports, studies and audits prepared by third parties relating to Real Property and obtained by Seller or the Company within the five year period ending on the date of this Agreement.  Schedule 4.17  includes a list of all Permits required by Environmental Laws that are held by the Company. The representations and warranties in this Section 4.17 are the exclusive representations and warranties made by Seller or any other Person with respect to any environmental matters. Without in any way limiting the generality of the foregoing, to the Knowledge of the Seller: (i) all on-site and off-site locations where the Company or any Predecessor have stored, disposed or arranged for the disposal of Materials of Environmental Concern are identified in  Schedule 4.17 ; (ii) all underground storage tanks and above ground storage tanks currently owned or operated by the Company are listed on  Schedule 4.17 ; and (iii) there are no Legal Proceedings pending or threatened against the Company or any predecessor relating to any violation, or alleged violation, of any Environmental Laws. Except as otherwise set forth on Schedule 4.17 , since January 1, 2008, the Company has not received any Environmental Notice that: (i) alleges that the Company or any Predecessor is in violation of any Environmental Laws, or (ii) advising the Company that it is responsible for or potentially responsible for Environmental Conditions or Environmental Compliance Liability with respect to any Facility. To the Company’s Knowledge, none of the Real Property is on Governmental Authority’s list of hazardous sites, such as the Environmental Protection Agency’s Comprehensive Response, Compensation and Liability Information System List. Except as set forth on  Schedule 4.17  or in Section 11.2(a)(iii)(B), the Company is not obligated to perform, in compliance with Environmental Laws: (i) a site assessment for Materials of Environmental Concern or an audit for any potential Environmental Compliance Liability, (ii) Remedial Action to address Materials of Environmental Concern, or (iii) the recording or delivery of any disclosure document or statement pertaining to environmental matters to any Governmental Authority regarding each of the foregoing by virtue of this Agreement and the transactions contemplated by this Agreement or as a condition to the effectiveness of this Agreement and the transactions contemplated by this Agreement.
 
17

Section 4.18 Title to and Sufficiency of Assets. (a) Except as set forth on Schedule 4.18, the Company holds valid title to all of the material tangible assets (other than the Real Property, which is covered by Section 4.09 [Real Property] and not this Section 4.18) it purports to own in each case free and clear of all Liens other than Permitted Exceptions. Except as otherwise set forth on  Schedule 4.18 , the assets owned, leased or licensed by the Company constitute all material assets (other than cash and the corporate administrative assets of Seller and its Affiliates other than the Company) necessary to operate the Business in substantially the same manner as it was being operated by the Company prior to the date of this Agreement.
(b) To the Knowledge of Seller, except as set forth on Schedule 4.18, since January 1, 2008, the Company has not received any written recommendation from any consultant hired by the Company relating to modifications or improvements to, or replacement of, equipment of the Company, which modifications, improvements or replacements would cost more than $100,000.
Section 4.19 Insurance. Schedule 4.19 sets forth an accurate and correct list of policies and binders of fire, liability, workers’ compensation, products liability and all material forms of insurance (showing as to each policy or binder the carrier, policy number, coverage limits, expiration dates, annual premiums, deductibles, self-insured retention and a general description of the type of coverage) currently maintained by Seller or an Affiliate relating to the Business, copies of which have been provided to Purchaser. Except as otherwise set forth on  Schedule 4.19 , all such policies are in full force and effect, all premiums with respect thereto covering all periods up to and including the date of this Agreement have been paid or will be paid in the ordinary course of business, and no notice of cancellation or termination has been received with respect to any such policy. Except as set forth in  Schedule 4.19 , all policies are written on an occurrence basis.
Section 4.20 Certain Information. Schedule 4.20 sets forth an accurate and complete list of: (i) all bank and savings accounts and safe deposit boxes of the Company and the names of the persons authorized to sign thereon, (ii) all outstanding powers of attorney granted by the Company and the persons authorized to act thereunder, and (iii) the officers and directors of the Company. The Second Amended and Restated Credit Agreement dated as of October 19, 2012 among Seller Parent, the lending institutions named therein and KeyBank National Association, JPMorgan Chase Bank, N.A., and HSBC Bank USA (a copy of which was attached as Exhibit 10.1 to Seller Parent’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on October 24, 2012) remains in full force and effect and has not been amended.
Section 4.21 Brokers. Except for Lazard Middle Market LLC (“Seller Financial Advisor”), no Person has acted directly or indirectly as a broker, finder or financial advisor for Seller or the Company in connection with the negotiations relating to or the transactions contemplated by this Agreement. Seller is solely responsible for any fees and expenses of Lazard Middle Market LLC payable in connection with the transactions contemplated by this Agreement.
Section 4.22 Disclaimers of Seller. EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY SELLER DOCUMENT: (A) THE SHARES, THE COMPANY AND THE BUSINESS ARE BEING SOLD “AS-IS,” “WHERE-IS” AND WITH ALL FAULTS, (B) SELLER EXCLUDES AND DISCLAIMS ALL WARRANTIES, INCLUDING IMPLIED
 
18

WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE BUSINESS AND THE PURCHASED ASSETS, AND (C) SELLER MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT TO ANY OFFERING OR SALES MEMORANDUM, PRESENTATION, REPORT, OR ANY FINANCIAL FORECAST OR PROJECTIONS OR OTHER INFORMATION FURNISHED BY SELLER, THE COMPANY OR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES.
Section 4.23 No Other Representations or Warranties. Except for the representations and warranties contained in this Article 4 or in any Seller Document, neither Seller nor any Affiliate of Seller or any other Person makes any representations or warranties, and Seller hereby disclaims any other representations or warranties, whether made by Seller or any Affiliate of Seller, or any of their respective officers, directors, employees, agents or representatives, with respect to the execution and delivery of this Agreement or any Seller Document, the transactions contemplated hereby, the Shares, the Company or the Business, notwithstanding the delivery or disclosure to Purchaser or any of its representatives of any documentation or other information with respect to any one or more of the foregoing.
ARTICLE 5
REPRESENTATIONS AND WARRANTIES OF PURCHASER
As an inducement to Seller to enter into this Agreement and to consummate the transactions contemplated hereby, Purchaser hereby represents and warrants to Seller as of the date of this Agreement that:
Section 5.1 Organization and Good Standing. Purchaser is a corporation duly organized, validly existing and in good standing under the laws of Minnesota, and has the requisite corporate or other power and authority to own or lease and operate its properties and to carry on, in all material respects, its business as now being conducted.
Section 5.2 Authorization of Agreement. Purchaser has all requisite corporate power and authority to execute and deliver this Agreement and each other agreement, document, instrument or certificate contemplated hereby or to be executed by Purchaser in connection with the consummation of the transactions contemplated hereby and thereby (all of such agreements, documents, instruments and certificates required to be executed by Purchaser being hereinafter referred to collectively as the “ Purchaser Documents ”) and to perform (or cause to be performed) fully its obligations hereunder and thereunder. The execution, delivery and performance by Purchaser of this Agreement and each Purchaser Document has been duly authorized by all necessary corporate action on the part of Purchaser. This Agreement has been, and each of the Purchaser Documents will be, on or prior to the Closing Date, duly executed and delivered by Purchaser, as the case may be, and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement constitutes, and each of Purchaser Documents when so executed and delivered will constitute, the valid and legally binding obligations of Purchaser, enforceable against each in accordance with their respective terms.
 
19

Section 5.3 No Conflicts; Consents of Third Parties. (a) The execution and delivery by Purchaser of this Agreement and each of the Purchaser Documents, the consummation of the transactions contemplated hereby or thereby and the compliance by Purchaser with any of the provisions hereof or thereof will not: (i) violate any provision of the certificate or articles of incorporation, by-laws or similar organizational documents of Purchaser; (ii) violate in any material respect, result in a material breach of, or constitute a material default under, any Order by which Purchaser or any of its properties or assets are bound or subject; or (iii) constitute a material violation of any Law applicable to Purchaser.
(b) Except as required by the HSR Act, no consent, waiver, approval, Order, Permit or authorization of, or declaration or filing with, or notification to, any Person or Governmental Authority is required on the part of Purchaser in connection with the execution and delivery of this Agreement or the Purchaser Documents, the consummation of the transactions contemplated hereby and thereby or the compliance by Purchaser with any of the provisions hereof or thereof.
Section 5.4 Litigation. There is no Legal Proceeding pending or, to the knowledge of Purchaser, threatened against Purchaser that challenges, or questions the validity of, this Agreement, the Purchaser Documents or any action taken or to be taken by Purchaser in connection with, or that seeks to enjoin or obtain monetary damages in respect of, the consummation of the transactions contemplated hereby or thereby.
Section 5.5 Financing. Purchaser has, on the date of this Agreement; will have on the Closing Date; and knows of no circumstance or condition that would reasonably be expected to prevent the availability at the Closing of, the requisite financing to consummate the transactions contemplated by this Agreement (including payment by Purchaser at the Closing of the portion of the Purchase Price payable in cash at the Closing and all associated costs and expenses). Purchaser has not incurred any obligation, commitment, restriction or liability of any kind, absolute or contingent, present or future, which would impair or adversely affect its available resources and capabilities (financial or otherwise) to perform its obligations hereunder and under the Purchaser Documents.
Section 5.6 Brokers. No Person has acted directly or indirectly as a broker, finder or financial advisor for Purchaser in connection with the negotiations relating to or the transactions contemplated by this Agreement.
Section 5.7 Investment Representation. Purchaser is acquiring the Shares pursuant to this Agreement for Purchaser’s own account and not with a view to a distribution or sale of such Shares in violation of applicable securities laws.
Section 5.8 No Inducement or Reliance; Independent Assessment. (a) With respect to the Shares, the Company, the Business or any other rights or obligations to be transferred under or pursuant to this Agreement, Purchaser has not been induced by and has not relied upon any representations, warranties or statements, whether express or implied, made by Seller or any of its Affiliates, or any agent, employee, attorney or other representative of Seller or any such Affiliate representing or purporting to represent any of them that are not expressly set forth in this Agreement, whether or not any such representations, warranties or statements were made in writing or orally, and neither Seller nor any of its respective Affiliates, or any agent, employee,
 
20

attorney, other representative of Seller or any other Person shall have or be subject to any liability to Purchaser or any other Person resulting from the distribution to Purchaser, or Purchaser’s use of, any such information, including any information, documents or material made available in any “data rooms” or management presentations or in any other form in expectation of the transactions contemplated hereby.
(b) Purchaser acknowledges that, except as otherwise expressly set forth in this Agreement or in any Seller Document, it is purchasing the Shares, the Company and the Business “as-is,” “where-is” and with all faults. Purchaser is familiar with the Shares, the Company and the Business and has made its own assessment of the present condition and the future prospects of the Business and is sufficiently experienced to make an informed judgment with respect thereto. Purchaser acknowledges that, except as explicitly set forth herein, neither Seller nor any of its Affiliates has made any warranty, express or implied, as to the prospects of the Business or its profitability to or for Purchaser or any Affiliate, or with respect to any forecasts, projections or business plans prepared by or on behalf of Seller and delivered to Purchaser or any Affiliate in connection with the review by Purchaser of the Company and the Business and the negotiation and the execution of this Agreement.
ARTICLE 6
COVENANTS
Section 6.1 Access to Documents; Opportunity to Ask Questions. From the date of this Agreement until the Closing, Seller shall, and shall cause the Company to, afford to representatives of Purchaser reasonable access to the corporate records, books of accounts, Material Contracts and other documents (excluding Tax Returns filed on a consolidated, combined or unitary basis with Seller or an Affiliate of Seller, except as prepared on a pro forma basis, and associated workpapers and confidential portions of personnel and medical records), as reasonably may be requested by Purchaser, and shall permit Purchaser and its representatives reasonable access to the Real Property and to the customers of, and suppliers to, the Business; provided, that in each case, such access shall be: (i) subject to any limitations that are reasonably required by Seller to preserve any applicable attorney-client privilege or third-party confidentiality obligation, (ii) given at reasonable times and upon reasonable notice and without undue interruption to the business or personnel of Seller (and subject to the right of Seller to participate in any such meetings with customers and suppliers), and (iii) nothing contained herein shall permit Purchaser or its representatives or financing sources to conduct any on-site environmental investigations or examinations without the prior written consent of Seller. All requests for access shall be made to such representatives of Seller as Seller shall designate, who shall be solely responsible for coordinating all such requests and access thereunder.
Section 6.2 Conduct of Business. From the date of this Agreement until the Closing, Seller shall, and shall cause the Company to, use commercially reasonable efforts with respect to the operation of the Business and the Company (unless Purchaser shall otherwise consent in writing (which consent shall not be unreasonably withheld, conditioned or delayed) or except as otherwise contemplated by this Agreement or as disclosed on  Schedule 6.2 ), to the extent permitted by applicable Law, to:
(a) except for changes resulting from transactions in the ordinary course and except for the cancellation or payment immediately prior to the Effective Time of all intercompany accounts between the Company and Seller or any Affiliate of Seller, keep the level of the inventories, supplies, accounts receivable and accounts payables of the Company reasonably consistent in all material respects with past practice (taking into account the reasonable expectations of the Company with respect to the weather);
 
21

(b) not create or permit to exist any Lien (other than Permitted Exceptions and Real Property Permitted Exceptions) on any property or assets of the Company except in the ordinary course of business consistent with the past practice;
(c) not dispose of any assets of the Company except in the ordinary course of business consistent with the past practice;
(d) not enter into any Contracts, except Contracts entered into by the Company in the ordinary course of business consistent with past practice, and not amend, modify or terminate any Material Contract except in the ordinary course of business consistent with past practice;
(e) not enter into, adopt, amend or terminate any Contract of the Company relating to the compensation or severance entitlement of any employee employed by the Company, except in the ordinary course of business or except to the extent required by Law or any existing Contract of the Company and except for the assumption immediately prior to the Closing of the Assumed Employee Agreements as contemplated by Section 10.1(a)(i);
(f) not amend or repeal any provision of the Company Certificate or the Company Bylaws;
(g) not sell any of the Shares or issue or sell any capital shares or other securities of the Company or issue any securities or other rights convertible into or exchangeable for representing the right to purchase or otherwise acquire, any capital shares or other securities of the Company;
(h) not declare or pay any dividend, or make any other distribution, with respect to the Shares, other than dividends payable solely in cash that are declared and fully paid prior to the Closing;
(i) not accelerate the rate of collection of the accounts receivable of the Company other than in the ordinary course of business consistent with the past practice;
(j) maintain in effect all policies of insurance insuring the Company with limits no less than those in effect as of the date of this Agreement;
(k) (A) not make any election with respect to Taxes that has a material effect on the Company or make any changes to any such election that has a material effect, or (B) not settle or compromise any material Tax Liability or refund involving the Company;
 
22

(l) not file or amend any Tax Return that has a material effect on the Company other than in the ordinary course of business and on a basis consistent with past practices and applicable Law, or not fail to pay any material amount of Taxes of the Company that are due and payable;
(m) conduct the Business consistent with past practices and use commercially reasonable efforts to preserve intact its goodwill and relationships with customers and vendors and others having business dealings with the Company; not increase the compensation or benefits of its employees except in the ordinary course of business consistent with past practices and maintain and keep its material properties in as good repair and condition consistent with past practice and subject to ordinary wear and tear; and
(n) not agree to take any action or actions prohibited by any of the foregoing clauses (a) through (m).
Section 6.3 Reasonable Efforts. (a) Subject to the express limitations set forth in this Agreement, Seller and Purchaser shall use their respective commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the others in doing, all things necessary, proper or advisable to consummate the transactions contemplated by this Agreement.
(b) The parties shall keep each other reasonably apprised of the status of matters relating to the completion of the transactions contemplated hereby, including promptly furnishing the other party with copies of notices or other communications received from any third party and/or any Governmental Authority with respect to the transactions contemplated hereby, subject to any applicable confidentiality restrictions. Seller and Purchaser each shall promptly furnish to the other parties such necessary information and reasonable assistance as such other parties reasonably may request in connection with the foregoing and, subject to any applicable confidentiality restrictions, shall promptly provide the other party’s counsel with copies of all filings made by such party, and all correspondence between such party (and its advisors) with any Governmental Authority with respect to the transactions contemplated by this Agreement and (subject to any applicable confidentiality restrictions) any other information supplied by such party and its Affiliates to a Governmental Authority in connection herewith and the transactions contemplated hereby; provided, however, that such party may, as it deems advisable and necessary, reasonably designate any competitively sensitive material provided to the other party as “outside counsel only” and materials may be redacted: (i) to remove references concerning the valuation of the Business and (ii) as necessary to comply with contractual obligations. Materials designated as for “outside counsel only” and the information contained therein shall be given only to the outside legal counsel of the other party and will not be disclosed by such outside counsel to employees, officers, directors or other representatives of the other party unless express written permission is obtained in advance from the disclosing party’s legal counsel. Seller and Purchaser each shall, subject to applicable Law, permit counsel for the other party reasonable opportunity to review in advance, and consider in good faith the views of such party in connection with, any proposed written communication to any Governmental Authority in connection with consummation of the transactions contemplated by this Agreement. Neither Seller nor Purchaser shall participate in any substantive meeting or
 
23

discussion, either in person or by telephone, with any Governmental Authority in connection with the transactions contemplated by this Agreement unless it consults with the other parties in advance and, to the extent not prohibited by such Governmental Authority, give the other parties the opportunity to attend and participate.
(c) In connection with and without limiting Section 6.3(b), Purchaser and Seller shall, as promptly as practicable and in no event later than ten Business Days after the date of this Agreement, file a Premerger Notification and Report Form in accordance with the HSR Act and make any other necessary registrations, declarations, notices or filings, if any, necessary for completion of the transactions contemplated by this Agreement under any other federal, state or foreign Law designed to prohibit, restrict or regulation actions for the purpose or effect of monopolization, restraint of trade or regulation of foreign investment (collectively “ Antitrust Laws ”). Purchase and Seller shall cooperate and use their respective best efforts: (i) to secure the expiration or termination of any applicable waiting period under the HSR Act and any consents of any Governmental Authority any other applicable Antitrust Laws as promptly as practicable and in any event prior to the Outside Date; (ii) to respond promptly to any requests of any Governmental Authority for information under any Antitrust Law and to resolve any objections asserted with respect to the transactions contemplated by this Agreement raised by any Governmental Authority, including any “second request” under the HSR Act. Notwithstanding the foregoing, or any other provision to the contrary in this Agreement, and except to the extent it elects to do so in its sole discretion, Purchaser shall not be obligated to sell or dispose of or hold separately (through a trust or otherwise) any assets or business of Purchaser or its Affiliates. Purchaser and Seller promptly shall inform the other of any written or oral communication received from any Governmental Authority relating to the transactions contemplated hereby (and, if in writing, furnish the other party with a copy of such communication, provided that if the party furnishing the copy designates it for outside counsel only, copies of the writing shall not be disseminated beyond outside counsel except with permission of the party furnishing the same), and shall consult and cooperate with each other, and consider in good faith the views of each other, in connection with any analyses, appearances, presentations, memoranda, briefs, responses, arguments, opinions and proposals made or submitted by or on behalf of any party hereto in connection with proceedings under or relating to the HSR Act and any other Antitrust Law. Such cooperation shall include, but not be limited to, the parties: (x) providing, in the case of oral communications or meetings with a Governmental Authority, advance notice of any such communication or meeting and, whether or not initiated by a party, an opportunity for the other party to participate (if permitted by the Governmental Authority); and (y) providing, in the case of written communications, an opportunity for the other party to comment on any such communication (including the incorporation of such reasonable comments) and provide the other with a final copy of all such communications (other than documents or information that reveal any party’s negotiating objectives or strategies), which shall, where applicable, be provided under a joint defense agreement.
Section 6.4 Other Consents and Conditions. Subject to the provisions of Section 6.3, Seller and Purchaser each shall use commercially reasonable efforts to: (i) obtain all necessary consents, approvals or waivers from, and give any necessary notifications to, third parties required to be obtained in connection with the execution, delivery and performance of this Agreement and, respectively, the Seller Documents and the Purchaser Documents, and consummation of the transactions contemplated hereby and thereby, (ii) make all registrations
 
24

and filings with, and obtain all necessary actions or non-actions, waivers, consents and approvals from, all Governmental Authorities, and (iii) defend any Legal Proceedings challenging this Agreement or the consummation of the transactions contemplated hereby, including seeking to have any stay or temporary restraining order entered by any Governmental Authority vacated or reversed.
Section 6.5 Public Statements. Seller and Purchaser shall make a joint press release announcing the execution of this Agreement and the transactions contemplated hereby, which release will be reasonably acceptable to each of Seller and Purchaser. Before any party shall issue any press release or otherwise make any public statement concerning this Agreement or the transactions contemplated hereby, it shall so advise and cooperate with the other party and shall not release such information without the other party’s consent (which consent shall not be unreasonably withheld, conditioned or delayed), unless: (i) such information is otherwise publicly available other than as a result of a disclosure by the party seeking to make the disclosure, or (ii) the release thereof is, in the reasonable judgment of the party seeking to make the disclosure, required by any Law (including any rule of any securities exchange on which its securities are traded) or Order to which the party is bound or subject.
Section 6.6 Litigation Support. In the event and for so long as any party is actively contesting or defending against any action, investigation, charge, claim, or demand by a third party in connection with: (i) any transaction contemplated under this Agreement or (ii) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure to act, or transaction involving the Company or the Business with respect to periods prior to the Effective Time, the parties shall cooperate in the contest or defense, make available their respective personnel, and provide such testimony and access to their respective books and records as shall be reasonably necessary in connection with the contest or defense, all at the sole cost and expense of the party contesting or defending such action, investigation, charge, claim or demand (unless such party is entitled to indemnification therefor under Article 11).
Section 6.7 Guarantees; Letters of Credit. Purchaser shall cause itself or one or more of its Affiliates to be substituted in all respects for Seller or any of Seller’s Affiliates (other than the Company), effective as of the Effective Time (or as soon thereafter as is reasonably practicable), in respect of all obligations of Seller and any such Affiliate under each of the guarantees, letters of credit, letters of comfort, credit enhancement, bid bonds and performance bonds obtained by Seller or any of its Affiliates (other than the Company) for the benefit of the Company (and Seller and its Affiliates shall be released from any such obligations), for those guarantees, letters of credit, letters of comfort, bid bonds and performance bonds set forth in  Schedule 6.7 (the “ Guarantees ”). As a result of the substitution contemplated by the first sentence of this Section 6.7, Seller and its Affiliates (other than the Company) shall from and after the Effective Time cease to have any obligation whatsoever arising from or in connection with the Guarantees.
Section 6.8 Notices; Supplements to Schedules. From time to time prior to the Closing, Seller shall promptly deliver to Purchaser in writing any information which, if existing, occurring or Known at the date of this Agreement, would have been required to be set forth or described in any Schedule or which is necessary to correct any information in any Schedule
 
25

which has been rendered inaccurate thereby. In the event that Seller delivers to Purchaser any such information that modifies or supplements a Schedule, such Schedule, as so modified or supplemented, shall be deemed to be the Schedule for purposes of this Agreement; provided, however, that if, in the absence of such modification or supplementation, any of the conditions to the obligations of Purchaser set forth in Section 8.1 would not be satisfied, then Purchaser shall have the option of terminating this Agreement by giving written notice of such termination to Seller within 10 days after Seller delivers the modified or supplemented Schedule to Purchaser unless Seller agrees to correct or cure the matter at issue (if it is capable of being corrected or cured by Seller) prior to the Closing and then actually corrects or cures the matter.
Section 6.9 Parent Guarantees. Concurrently with the execution of this Agreement by Purchaser and Seller, Seller Parent is executing and delivering to Purchaser a Guarantee for the benefit of Purchaser, and Purchaser Parent is executing and delivering to Seller a Guarantee for the benefit of Seller.
Section 6.10 ISDA Agreements. Seller shall cause the Company to terminate, effective prior to the Effective Time: (i) Letter Agreement (Confirmation) dated October 8, 2013 between the Company and Munich Re Trading Ltd., and (ii) the ISDA Master Agreement dated June 3, 2005 between the Company and Canadian Imperial Bank of Commerce, as amended and supplemented, such that the Company shall have no Liability or receivable arising out of or relating to such documents at or after the Effective Time, except to the extent included in the Closing Statement.
ARTICLE 7
TITLE INSURANCE
Section 7.1 Title Commitment and Survey. Seller has delivered to Purchaser the commitments listed on Schedule 7.1 from the title insurance company or companies listed on  Schedule 7.1  (the “ Title Company ”) for owner’s title insurance policies, together with copies of the underlying title documents referenced therein (collectively, the “ Title Commitment ”) for the Owned Real Property. Seller has also delivered to Purchaser any survey of the Owned Real Property of which Seller has Knowledge to which Seller has access. Purchaser shall use all commercially reasonable efforts (and Seller shall cooperate in all reasonable ways with such effort without cost to Seller) to obtain prior to the Closing, at Purchaser’s sole cost and expense, surveys of the Owned Real Property conducted by a registered land surveyor or engineer licensed in the state(s) in which the surveys are conducted (collectively, the “ Survey ”). Any Survey that Purchaser obtains shall be at Purchaser’s sole cost and expense and shall be certified to Purchaser, Seller and the Title Company, and Purchaser shall provide a copy of each such Survey to Seller at no cost to Seller.
Section 7.2 Title Review. Purchaser shall have the right to object to any title exception affecting the Owned Real Property created or suffered by the Company, or first made known to Purchaser, between the effective date of the Title Commitment and the Closing Date which is not a Real Property Permitted Exception, including any such title exception that is disclosed by a Survey (any such matter that is not a Real Property Permitted Exception, a “ Title Defect ”) by giving written notice to Seller on or before the date ten days after Purchaser first had
 
26

knowledge of such Title Defect and, in any event, prior to the Closing. Purchaser may object to any Title Defect, but the same shall be considered a Real Property Permitted Exception and not a Title Defect if: (i) the Title Company is willing to insure over such Title Defect (without additional cost to Purchaser or where Seller elects at its sole option to pay such cost for Purchaser’s account), (ii) the Title Company is willing to provide affirmative insurance over such Title Defect (without additional cost to Purchaser or where Seller at its sole option elects to pay such cost for Purchaser’s account), (iii) such Title Defect will be eliminated at the Closing, or (iv) such Title Defect is waived in writing by Purchaser. Seller shall have the right, but not the obligation, to cure or remove any Title Defects at or prior to the Closing; provided, however, that Seller shall be obligated to cause any monetary Lien encumbering any Owned Real Property to be satisfied or otherwise released on or before the Closing. In the event that Purchaser has given a timely notice of objection to a Title Defect in accordance with this Section 7.2 and such Title Defect is not eliminated prior to or at the Closing, then Purchaser shall have the right, as Purchaser’s sole and exclusive remedy, exercisable solely if such Title Defect would reasonably be expected to have a Material Adverse Effect, to terminate this Agreement by giving written notice of such termination to Seller. In any instance where Purchaser does not exercise Purchaser’s termination right, any uncured Title Defect shall be subject to the provisions of Section 11, and Seller’s liability for such incurred Title Defect shall survive the Closing. Neither the termination of the representations and warranties set forth in Section 4.9(a) as of the Closing Date pursuant to Section 11.1(a)(i) nor the references to zoning, land use or building and fire code matters in the definition of “Real Property Permitted Exception” shall limit the rights of Purchaser to indemnification under Section 11.2(a)(i) with respect to any breach of the representations and warranties of Seller under Sections 4.9(f)(i)-(iv) and (vi)-(vii).
Section 7.3 Title Policy. Purchaser shall use all commercially reasonable efforts to obtain, as quickly as reasonably possible after the date of this Agreement, at Purchaser’s sole cost and expense (and Seller shall cooperate in all reasonable ways with such effort without cost to Seller); (i) the Survey, and (ii) title insurance policies from the Title Company (which may be in the form of mark-ups of the Title Commitment or pro forma policies based thereon) for the Owned Real Property at standard rates in in accordance with the Title Commitment, insuring Purchaser’s fee simple title to the Owned Real Property, in each case subject only to the Real Property Permitted Exceptions; such title policies to be issued in such amounts as Purchaser reasonably shall determine but in no event below the reasonably estimated fair market value of each Owned Real Property so as to assure that the Title Company will issue such policies (collectively, the “ Title Policy ”). Seller shall reasonably cooperate with Purchaser in obtaining the Title Policy at the Closing.
ARTICLE 8
CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER
The obligation of Purchaser to consummate the transactions contemplated hereby on the Closing Date is subject to the satisfaction (or waiver by Purchaser, in its sole discretion) of each of the following conditions:
Section 8.1 Accuracy of Representations and Warranties. Each of the representations and warranties of Seller contained herein shall be true and correct in all respects (disregarding materiality qualifications contained therein) with the same force as if made on and as of the Closing Date, except for any such failure to be true and correct as would not reasonably be expected to have a Material Adverse Effect and except, in each case, to the extent any such representation or warranty speaks as of a specific date, in which case such representation or warranty shall be, subject to the qualifications set forth above, true and correct as of such specific date.
 
27

Section 8.2 Performance of Covenants. Seller shall have performed and complied, in all material respects, with the covenants and provisions hereof required to be performed or complied with by Seller between the date of this Agreement and the Closing Date (including, without limitation, all actions required under Section 3.2).
Section 8.3 No Injunctions. No preliminary or permanent injunction or other Order of any court of competent jurisdiction or Governmental Authority restraining or prohibiting the consummation of the transactions contemplated hereby shall be in effect.
Section 8.4 HSR Act. The waiting period applicable to the transactions contemplated by this Agreement under the HSR Act, if any, shall have expired or been terminated.
Section 8.5 Officers’ Certificate. Purchaser shall have received a certificate from Seller certifying the fulfillment of the conditions set forth in Sections 8.1, 8.2 and 8.7, dated the Closing Date, signed on behalf of Seller by an officer of Seller.
Section 8.6 Required Material Consents. The material consents, approvals, authorizations and waivers of or from any Governmental Authority or any other Person, if any, that are listed on  Schedule 8.6  (the “ Required Material Consents ”) shall have been obtained.
Section 8.7 Indebtedness. The Company shall have no Indebtedness outstanding at the Effective Time.
Section 8.8 Title Policy and Survey. Purchaser shall have obtained the Title Policy and the Survey.
Section 8.9 Clarke County Business License. The Company shall have reinstated its business license in Clarke County, Virginia.
Section 8.10 Insurance Policy Endorsements. Seller shall have delivered to Purchaser amendments, discovery endorsements or other similar instruments from the applicable insurance company confirming the existence as of the Effective Time of the Excess Coverage required under Section 10.7 (to the extent such coverage is not already provided for under the terms of the applicable policies).
 
28

ARTICLE 9
CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER
The obligation of Seller to consummate the transactions contemplated hereby on the Closing Date is subject to the satisfaction (or waiver by Seller, in its sole discretion) of each of the following conditions:
Section 9.1 Accuracy of Representations and Warranties. Each of the representations and warranties of Purchaser contained herein shall be true and correct (disregarding any materiality qualifications contained therein) in all material respects at and as of the Closing Date with the same force as if made on and as of the Closing Date and except, in each case, to the extent any such representation and warranty speaks as of a specific date, in which case such representation and warranty shall be, subject to the qualifications set forth above, true and correct, as the case may be, as of such specific date.
Section 9.2 Performance of Covenants. Purchaser shall have performed and complied, in all material respects, with the covenants and provisions hereof required herein to be performed or complied with by Purchaser between the date of this Agreement and the Closing Date (including, without limitation, all actions required under Section 3.3).
Section 9.3 No Injunctions. No preliminary or permanent injunction or other Order of any court of competent jurisdiction or Governmental Authority restraining or prohibiting the consummation of the transactions contemplated hereby shall be in effect.
Section 9.4 HSR Act. The waiting period applicable to the transactions contemplated by this Agreement under the HSR Act, if any, shall have expired or been terminated.
Section 9.5 Officers’ Certificate. Seller shall have received a certificate from Purchaser certifying the fulfillment of the conditions set forth in Sections 9.1 and 9.2, dated the Closing Date, signed on behalf of Purchaser by an officer of Purchaser.
Section 9.6 Seller Material Consents. The material consents, approvals, authorizations and waivers of or from any Governmental Authority or any other Person, if any, that are listed on  Schedule 9.6  shall have been obtained.
ARTICLE 10
ADDITIONAL POST-CLOSING COVENANTS
Section 10.1 Certain Employment Matters. (a) The following provisions shall apply effective as of the Effective Time:
(i) Benefit Plans. Effective as of the Effective Time, all Company Employees shall cease to accrue benefits under and otherwise to participate as active participants in the Seller Savings Plan and any other Company Benefit Plan that is maintained by Seller or any Affiliate other than the Company and is listed on  Schedule 10.1  (the “ Excluded Seller Benefit Plans ”); provided, however, that
 
29

immediately prior to the Closing, the Company shall assume and agree to perform the Contracts, policies and arrangements of Seller Parent for the benefit of certain Company Employees which are listed on  Schedule 10.1  (the “ Assumed Employee Agreements ”). With respect to each Company Benefit Plan which will continue to cover any employees of the Company following the Closing (the “ Continuing Plans ”), Seller has provided Purchaser with, or made available to Purchaser complete and correct copies of: (i) each Continuing Plan, including all amendments thereto, (ii) the most recent summary plan description (if any) and all other material documents pursuant to which the Continuing Plan is maintained, (iii) the most recent annual report (Form 5500 series) filed with the IRS (with attachments) with respect to any Continuing Plan, and (iv) all IRS determination letters, rulings and opinions received by the Company in respect of any Continuing Plans. Except as otherwise specifically provided in this Section 10.1, Seller shall remain solely responsible for any and all Liabilities and obligations arising under, in connection with or in respect of the Excluded Seller Benefit Plans, and neither Purchaser nor any of its Affiliates (including, without limitation, the Company) shall have any responsibility or obligation in respect of any such plan, except that to the extent requested by Seller, the Company shall pay through the Company’s payroll system any amounts payable by Seller or any Affiliate to any Company Employee under any Excluded Seller Benefit Plan, using funds made available by Seller or such Affiliate for such purpose (and all amounts paid to Company Employees pursuant to any retention bonus and transaction bonus Contracts included in the Excluded Seller Benefit Plans shall be claimed as a deduction by the Company on income Tax Returns filed on behalf of the Company for a Pre-Closing Tax Period). Except as otherwise expressly provided in Section 10.1(a)(iii), no assets held in trust for any Excluded Seller Benefit Plan shall be transferred to Purchaser or to any employee benefit plan adopted or maintained by Purchaser or any of its Affiliates. Except with respect to the Excluded Seller Benefit Plans, after the Closing, the Company (and not Seller or any of its other Affiliates) shall remain solely responsible for any Liabilities arising out of the employment of any Company Employee before or after the Effective Time, including accrued obligations for salaries, wages and other compensation, personal days and floating holidays and sick pay of the Company Employees and all other benefits under the Company Benefit Plans (other than the Excluded Seller Benefit Plans).
(ii) Compensation; Service Credit; Transition from Excluded Seller Benefit Plans. From the Effective Time until the first anniversary of the Closing Date, Purchaser shall, and shall cause the Company to, maintain compensation levels (including, without limitation, base compensation, short-term incentive compensation and long-term incentive compensation) and benefits for the benefit of each Company Employee that are no less, when taken as a whole for each such Company Employee, than was provided to such Company Employee during and for 2013. For all purposes under the employee benefit plans of Purchaser and its Affiliates (including, without limitation, the Company) providing benefits to any Company Employee after the Effective Time (the “ Purchaser Plans ”), each Company Employee shall be credited with his or her years of service with the Company as of the Effective Time (and any additional service credited under the Company Benefit Plans), to the same extent as such Company Employee was entitled, before the Closing, to credit for such service under any similar Company Benefit Plans, except that such crediting shall not be required to the extent such credit would result in a
 
30

duplication of benefits or for purposes of benefit accrual under any defined benefit pension plan. In addition, and without limiting the generality of the foregoing: (A) each Company Employee shall be eligible immediately to participate, without any waiting time, in any and all Purchaser Plans to the extent coverage under such Purchaser Plan replaces coverage under a comparable Company Benefit Plan in which such Company Employee previously participated; and (B) for purposes of each Purchaser Plan providing medical, dental, pharmaceutical, vision and/or disability benefits to any Company Employee, Purchaser shall use commercially reasonable efforts to cause all preexisting condition exclusions and actively-at-work requirements of such Purchaser Plan to be waived for such employee and the employee’s covered dependents, to the extent such exclusions and requirements were waived under comparable Company Benefit Plans. Nothing herein shall be construed as a requirement that the Company continue the employment of any Company Employee after the Effective Time, it being understood that such employment is at will and may be terminated by the Company at any time.
(iii) Savings Plan. Company Employees shall not be entitled to make contributions to or to benefit from matching or other contributions under the Seller Savings Plan after the Effective Time. Purchaser shall take all commercially reasonable efforts necessary and appropriate to ensure that, prior to the Closing and effective as close as possible to the Effective Time, Purchaser has in effect one or more savings plans (hereinafter referred to in the aggregate as the “ Purchaser Savings Plan ”) for the Company Employees meeting the following requirements: (x) the Purchaser Savings Plan must be a qualified, single-employer individual account plan under Section 401(a) of the Code; and (y) each Company Employee shall be eligible to participate in the Purchaser Savings Plan and make before-Tax contributions (under Section 401(k) of the Code) and take participant loans on the terms described on  Schedule 10.1(a)(iii) , which terms (subject to the requirements of Section 10.1(ii)) may be changed following the Effective Time in a manner which does not discriminate against the Company Employees as compared with other employees of Affiliates of the Company in the Territory. The terms of the Purchaser Savings Plan also shall provide that the account balances (assets and liabilities) of each Company Employee under the Seller Savings Plan and its related trust shall be transferred to the Purchaser Savings Plan and its related trust in accordance with Section 414(l) of the Code. Any participant loan notes with respect to the Company Employees shall be transferred in-kind as part of the transfer of account balances from the Seller Savings Plan to the Purchaser Savings Plan. Seller and Purchaser shall take such reasonable actions to cause the transfer of account balances from the Seller Savings Plan to the Purchaser Savings Plan as soon as reasonably practicable after the Closing, but no later than six months after the Closing Date.
(iv) Short Term Incentive Payments. If the Closing occurs prior to March 15, 2014, (if not previously paid by the Company), not later than March 15, 2014, Purchaser shall pay to each Company Employee who is then employed by the Company, Purchaser or any other Affiliate of Purchaser, in accordance with the terms of the Company’s short-term incentive plan, the targeted short-term incentive payment for such Company Employee for 2013 shown on  Schedule 4.13 .
 
31

(v) Vacation. Following the Closing, Purchaser shall cause the Company to permit Company Employees to use all vacation entitlements that Company Employees have, under the applicable policies of the Company, accrued but not used through the Effective Time in accordance with the applicable policies of the Company as in effect as of the Effective Time.
(vi) Assumed Employee Agreements; Severance Arrangements. Purchaser shall cause the Company to perform all of the obligations of the Company under the Assumed Employee Agreements and, unless Purchaser provides to the employees of the Company a severance plan with better benefits, shall cause the Company to perform all of its obligations under all severance plans and arrangements included in the Company Benefits Plans (including, without limitation, the Griffith Severance Policy).
Section 10.2 Further Assurances. From time to time following the Closing, Seller and Purchaser shall, and shall cause their respective Subsidiaries to take such further actions as reasonably may be necessary or appropriate to assure fully to Purchaser and the separation of the Company from Seller in accordance with this Agreement.
Section 10.3 Seller’s Access to Documents. After the Effective Time, Purchaser shall, and shall cause its Affiliates (including without limitation, the Company) to, afford to Seller’s representatives, upon reasonable notice and without undue interruption to Purchaser’s and the Company’s business, access during normal business hours to the books and records pertaining to the operations of the Company prior to the Closing Date (including financial records, but excluding Tax records which are covered by Section 13.9) following the Closing Date in connection with financial statements and other reasonable business purposes, provided that nothing herein shall limit Seller’s rights of discovery. Purchaser shall, and shall cause the Company to, hold all of the books and records of the Company in accordance with Purchaser’s standard record retention policies; provided, that Purchaser shall not, and shall not permit the Company to, destroy, alter or dispose of any of such books and records without first offering in writing at least 90 calendar days prior to such destruction or disposition to surrender them to Seller.
Section 10.4 No Solicitation of Employees. For a period of one year after the Closing Date, without the prior written consent of Purchaser, Seller shall not, and shall not cause Seller Parent or any Affiliate controlled by Seller Parent to, solicit, hire or attempt to solicit or hire any Company Employee who is then employed by the Company. Notwithstanding the foregoing, nothing herein shall prohibit Seller or any Affiliate from advertising publicly for employment or using other methods of recruitment not expressly directed at such Company Employees.
Section 10.5 Non-Competition. (a) Subject to Section 10.5(b), for a period of five years after the Closing Date (“ Covenant Term ”), Seller shall not, and shall cause Seller Parent and any Affiliate controlled by Seller Parent not to, directly or indirectly, either alone or as a stockholder, partner, employee, officer, director, associate, consultant, owner, agent, creditor, co-venturer of any other Person, or in any other capacity, directly or indirectly, engage anywhere in the States of Delaware, Maryland or West Virginia, the Commonwealths of Pennsylvania or Virginia or the District of Columbia (collectively, the “ Territory ”) in the distribution of Petroleum Products or the provision of commercial or residential heating, ventilation or air conditioning sales and maintenance and related services (collectively, “ Prohibited Business ”).
 
32

(b) Notwithstanding anything to the contrary contained in Section 10.5(a):
(i) Seller and such Affiliates may directly or indirectly hold interests in or securities of any Person whose securities are publicly traded to the extent that such investment does not directly or indirectly confer on Seller and such Affiliates in the aggregate more than 10% of the voting power of such Person and so long as Seller and such Affiliates do not actively participate in the Prohibited Business conducted by such Person;
(ii) Seller and such Affiliates may acquire interests in or securities of any Person as an investment by their pension funds or funds of any other benefit plan of Seller or any such Affiliate whether or not such Person is engaged in any Prohibited Business;
(iii) Seller and such Affiliates may acquire interests in or securities of any Person that derived 25% or less of its total annual revenues in its most recent fiscal year from activities that constitute a Prohibited Business;
(iv) Seller and such Affiliates may acquire or use any product for internal uses or to conduct its or their other businesses that consume, use, contain, depend upon or otherwise incorporate any such product;
(v) nothing in this Section 10.5 shall create any obligation on Fortis Inc. or any Affiliate of Fortis Inc. other than Seller Parent and Affiliates controlled by Seller Parent; and
(vi) nothing in this Section 10.5 shall restrict the performance by Seller and such Affiliates of their respective obligations under this Agreement or any Seller Document.
Nothing in this Section 10.5 shall be deemed to require Seller or any Affiliate to give notice to or obtain the consent of Purchaser in order to engage in any activity or transaction of the types described in Section 10.5(b)(i)-(vi).
(c) If, at the time of enforcement of this Section 10.5, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, then the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area.
(d) If Seller or an Affiliate subject to Section 10.4 or this Section 10.5 breaches any covenant or agreement set forth in Section 6.4 or this Section 10.5, then Purchaser shall have the right to seek and obtain all appropriate injunctive and other equitable remedies therefor, in addition to any other rights and remedies that may be available at law, it being acknowledged and agreed that any such breach would cause irreparable injury to Purchaser and that money damages would not provide an adequate remedy therefor.
 
33

Section 10.6 Notice Upon Separation from Service after the Effective Time. Following the Effective Time, Purchaser shall, or shall cause the Company to, promptly notify Seller upon the separation from service with the Company of any of the Company Employees listed on  Schedule 10.6  so that Seller Parent may pay such Company Employee any amount due under the Seller Parent’s Directors and Executives Deferred Compensation Plan (an Excluded Seller Benefit Plan).
Section 10.7 Excess Coverage. For a period of 36 months after the Closing, Seller or Seller Parent shall maintain $150 million of insurance coverage that will be excess over the $5 million ($1 million for occurrences prior to December 1, 2013) primary general liability insurance coverage and $1 million of primary automobile and primary employer’s liability insurance coverage being maintained by or for the Company as of the date of this Agreement as listed in Annex I to  Schedule 4.19  (the “ Excess Coverage ”). Seller or Seller Parent shall make the Excess Coverage available to the Company solely for claims associated with covered events that occur prior to the Effective Time. Purchaser and the Company shall be solely responsible for maintaining any and all insurance (including primary and excess liability insurance) for events that occur after the Effective Time. In consideration of the foregoing, the Closing Assets included in the Closing Statement shall include a prepaid expense equal to the actual cost of the Excess Insurance (up to a maximum of $89,000).
Section 10.8 Colonial Avenue Insurance Claim. The Company has outstanding claims against two insurance carriers that are part of the Chartis group of insurance companies, which provided auto and commercial general liability insurance coverage for the Company prior to the Closing, and against AEGIS, which provided excess liability insurance covering the Company prior to the Closing, with respect to certain occurrences arising out of a misdelivery of fuel oil to a home on Colonial Avenue in Alexandria, Virginia in August, 2010 (the “ Colonial Avenue Insurance Claim ”). Purchaser and Seller intend that all rights, benefits and obligations with respect to the Colonial Avenue Insurance Claim be transferred by the Company to Seller at the Closing. Accordingly: (i) no receivable with respect to the Colonial Avenue Insurance Claim shall be included in the Closing Statement or the Closing Adjustment, (ii) following the Closing, Seller shall be entitled to pursue the Colonial Avenue Insurance Claim for its own benefit, in its own name and/or in the name of the Company (provided that neither Purchaser nor the Company shall be responsible for any legal costs or expenses incurred or expended after the Effective Time with respect to the collection of the Colonial Avenue Insurance Claim (all of which shall be borne by Seller)), and (iii) following the Closing, Purchaser and the Company shall reasonably cooperate with Seller in collecting the Colonial Avenue Insurance Claim (which shall include making its personnel reasonably available to assist Seller at no cost to Seller and executing such assignments and other documents and instruments as Seller reasonably may request to effectuate the resolution and collection of the Colonial Avenue Claim and the assignment and transfer of the benefits thereof to Seller). Seller shall be entitled to all payments and proceeds with respect to the Colonial Avenue Insurance Claim.
 
34

ARTICLE 11
SURVIVAL, INDEMNIFICATION AND RELATED MATTERS
Section 11.1 Survival. (a) All representations and warranties contained herein or in any certificate delivered by or on behalf of a party to this Agreement at the Closing, and the right to commence any claim with respect thereto, shall survive the Closing and any investigation by the other party but shall terminate at the close of business on the date that is 18 months after the Closing Date, except that: (i) the representations and warranties contained in Section 4.9(a) shall terminate as of the Closing Date with respect to all Owned Real Property except for Title Defects, and Seller shall have no liability whatsoever with respect to such representations or warranties after such date and (ii) the representations and warranties contained in Sections 4.1 (Organization and Good Standing), 4.3 (Capital Structure), 4.6(b) (Indebtedness), 4.6(i) (Customer List) and 4.8 (Taxes) shall survive until the expiration of the applicable statute of limitations (including any extensions thereto granted prior to the Effective Time and any extensions granted after the Effective Time with the consent of Seller, which consent shall not unreasonably be withheld), and Seller shall have no liability whatsoever with respect to such representations and warranties after such date. The covenants and agreements of the parties hereto contained in this Agreement, in any Seller Document or in any Purchaser Document: (A) that contemplate actions to be taken after Closing shall survive the Closing and continue in effect in accordance with their terms, and (B) that contemplate actions to be taken only on or prior to Closing shall terminate and cease to be obligations as of the Closing and no claim, action or proceeding with respect to such covenant or agreement may be brought after the Closing. The expiration of any representation and warranty under this Section 11.1 shall not affect any claim for indemnification under this Article 11 if written notice of a claim for indemnification is given to the Indemnifying Party prior to the date of expiration of such representation and warranty.
(b) Each Person entitled to indemnification under this Agreement shall use commercially reasonable efforts to mitigate Losses for which it seeks indemnification under this Agreement.
(c) In calculating any amount of Losses recoverable pursuant to this Article 11, the amount of such Losses shall be reduced by (i) any insurance proceeds actually received from any unaffiliated insurance carrier offsetting the amount of such Loss, net of any expenses incurred by the Indemnified Party in obtaining such insurance proceeds (provided, however, that the Indemnified Party shall be obligated to reasonably seek any such proceeds to which it may be entitled), (ii) any recoveries from third parties pursuant to indemnification (or otherwise) with respect thereto, net of any expenses incurred by the Indemnified Party in obtaining such third party payment, (iii) any Tax benefit available to the Indemnified Party (determined on a present value basis using the KeyBank prime rate as the discount rate and using the highest federal, state and local income Tax rate, both determined on the date such payment is made and taking into account the date that the Tax benefit is reasonably estimated to be available) in respect of any Losses for which such indemnification payment is made, and (iv) any reserve or other accrual with respect to such Losses in the final and binding Closing Statement. If any Losses for which indemnification is provided under this Agreement are subsequently reduced by any insurance payment or other recovery from a third party, the Indemnified Party shall promptly remit the amount of such reduction to the Indemnifying Party. Neither Purchaser nor any other member of the Purchaser Indemnified Group shall be entitled to recover any Losses with respect to any matter for which a reserve or current Liability was included in the Closing Date Net Working Capital.
 
35

(d) Notwithstanding anything in this Agreement to the contrary, no party shall be liable to any Indemnified Party for special, incidental, indirect, consequential, punitive or exemplary Losses.
(e) Notwithstanding anything in this Article 11 to the contrary, indemnification for any and all Tax matters and the procedures with respect thereto shall be governed exclusively by Article 13.
Section 11.2 Indemnification. (a) From and after the Closing, Seller shall indemnify and hold the Purchaser Indemnified Group harmless from and against any and all claims, judgments, causes of action, liabilities, obligations, damages, losses, deficiencies, costs, penalties, interest and expenses (including the reasonable fees and expenses of counsel) (collectively, “ Losses ”) arising out of or resulting from:
(i) any inaccuracy or breach of any representation or warranty on the part of Seller herein or in any certificate delivered by or on behalf of Seller at the Closing, subject to the limitations and conditions contained therein, except that all obligations of Seller for indemnification with respect to any of the matters set forth in Section 4.17 [Environmental Matters] shall be governed by Section 11.2(a)(iii) and not this Section 11.2(a)(i) and all obligations of Seller for indemnification with respect to any of the matters set forth in Section 4.8 [Taxes] shall be governed by Article 13 and not this Section 11.2(a)(i);
(ii) any non-fulfillment in any material respect of any covenant or agreement on the part of Seller herein that is to be performed by its terms after the Effective Time (including, without limitation, the covenants set forth in Sections 10.4 and 10.5), subject to the limitations and conditions contained therein;
(iii) subject to the provisions of Section 11.4: (A) any inaccuracy or breach of any representation or warranty of Seller set forth in Section 4.17, (B) the Losses incurred by the Company arising out of or related to the actions described on Schedule 11.2(a)(iii)(B)  with respect to the Company’s Real Property in Cheverly, Maryland (the “ Cheverly Environmental Action Plan ”), and (C) any Environmental Claim or Legal Proceeding brought by a third party arising out of or related to any Environmental Condition which was in existence prior to or at the Effective Time with respect to the Company’s Real Property in Cheverly, Maryland and which is asserted within 36 months of the Company’s receipt of a Certificate of Completion letter pursuant to the Cheverly Environmental Action Plan.
(iv) subject to Section 11.5, all Losses arising out of the Company’s Liabilities and obligations under or in connection with the Northeast Sale Agreement, to the extent such Losses exceed the $619,864 reserve with respect thereto to be set forth in the Closing Statement;
 
36

(v) all Losses arising out of the disclosure, prior to the Effective Time, of personal information of customers as a result of the Company’s failure to comply with the Payment Card Industry Data Security Standard;
(vi) all brokerage fees, commissions, finders’ fees and financial advisory fees (including, without limitation, the fees of Seller Financial Advisor) and all fees and expenses of counsel and other advisors to Seller and its Affiliates incurred in connection with the transactions contemplated by this Agreement; and
(vii) any Indebtedness of the Company outstanding at the Effective Time.
Notwithstanding any other provision of this Agreement to the contrary:
(1) Seller shall not be liable for any Losses with respect to the matters set forth in Section 11.2(a)(i), Section 11.2(a)(iii)(A) and Section 11.2(a)(v) unless: (x) a claim is timely asserted within the survival period specified in Section 11.1(a), (y) the Losses with respect to the particular act, circumstance or matter for which indemnification is sought exceeds $25,000, and (z) the aggregate of all Losses under Section 11.2(a)(i), Section 11.2(a)(iii)(A) and Section 11.2(a)(v) exceeds, on a cumulative basis, 0.5% of the Purchase Price (and then only to the extent of such excess); and
(2) Seller shall not be required to pay or expend an aggregate amount in excess of 7.5% of the Purchase Price in respect of Losses for the matters set forth in Section 11.2(a)(i), Section 11.2(a)(iii)(A) and Section 11.2(a)(v).
Notwithstanding the foregoing; (a) the limitations set forth in clauses (1) and (2) shall not apply to Losses arising out of any inaccuracy or breach of any representation or warranty set forth in Section 4.1, 4.2, 4.3 or 4.6(i) or in the event of Seller’s fraud or intentional misrepresentation, and (b) the limitations set forth in clauses (1) and (2) also shall not apply to Losses arising out of Seller’s indemnification obligations under Sections 11.2(a)(iii)(B) and 11.2(a)(iii)(C); however, such Losses shall be included (but only to the extent they exceed $525,000 in the aggregate) in determining whether Seller has reached the limit specified in clause (2) for purposes of Seller’s liability for other Losses under Section 11.2(a)(i) and Section 11.2(a)(iii)(A), up to a maximum of 3.75% of the Purchase Price.
(3) Except as otherwise expressly provided in this Agreement, the sole and exclusive remedy of Seller after the Closing with respect to any and all claims (other than claims of, or causes of action arising from, fraud or intentional misrepresentation or claims for equitable relief) relating to this Agreement, any certificate delivered by or on behalf of Seller pursuant to this Agreement and the transactions contemplated hereby and thereby shall be pursuant to the indemnification provisions set forth in this Article 11. In furtherance of the foregoing, Seller hereby waives, from and after the Closing, to the fullest extent permitted under applicable Law, any and all rights, claims and causes of action (other than claims of, or causes of action arising from, fraud or intentional misrepresentation or claims for equitable relief) it may have against Seller or any of its Affiliates arising under or based upon this Agreement, any document or certificate delivered in connection herewith, any Law (including, inter alia, any rights of contribution or recovery under any Environmental Law), common law or otherwise, except pursuant to the indemnification provisions set forth in this Section 11.2.
 
37

(4) Promptly following the later of: (i) December 31, 2014 or (ii) the completion by the Company of all work required by the “LEP” (as defined in the Northeast Sale Agreement), Purchaser and the Company shall promptly pay to Seller the amount, if any, by which the Losses incurred by the Company after the Closing Date under the Northeast Sale Agreement are less than $619,864.
(5) Notwithstanding any other provision of this Agreement, in no event shall Seller be liable for any Losses incurred by the Company with respect to any Environmental Conditions at the Company’s Real Property in Berryville, Virginia or Westminster, Maryland as a result of a breach of any representation or warranty or otherwise.
(b) From and after the Closing, Purchaser shall indemnify and hold the Seller Indemnified Group harmless from and against any and all Losses arising out of or resulting from:
(i) any inaccuracy or breach in any material respect of any representation or warranty on the part of Purchaser herein or in any certificate delivered by or on behalf of Purchaser at the Closing, subject to the limitations and conditions contained therein;
(ii) any non-fulfillment in any material respect of any covenant or agreement on the part of Purchaser that is to be performed after the Effective Time, subject to the limitations and conditions contained therein;
(iii) all Liabilities of the Company (other than Indebtedness) existing at, and the operation of the Company or the Business from and after, the Effective Time (including, without limitation, any Guarantees for which Purchaser has not, as of the Effective Time, substituted its own credit pursuant to Section 6.7); and
(iv) all brokerage fees, commissions, finders’ fees and financial advisory fees (including, without limitation, the fees and expenses of the Purchaser Financial Advisor) and all fees and expenses of counsel and other advisors to Purchaser and its Affiliates incurred in connection with the transactions contemplated by this Agreement.
Notwithstanding any other provision of this Agreement to the contrary:
(1) Purchaser shall not be liable for any Losses with respect to the matters set forth in Section 11.2(b)(i) unless: (x) a claim is timely asserted within the survival period specified in Section 11.1(a), (y) the Losses with respect to the particular act, circumstance or matter for which indemnification is sought exceeds $25,000, and (z) the aggregate of all Losses under Section 11.2(b)(i) exceeds, on a cumulative basis, 0.5% of the Purchase Price (and then only to the extent of such excess); and
(2) Purchaser shall not be required to pay or expend an aggregate amount in excess of 7.5% of the Purchase Price in respect of Losses for the matters set forth in Section 11.2(b)(i).
 
38

Notwithstanding the foregoing, the limitations set forth in clauses (1) and (2) shall not apply to Losses arising out of any inaccuracy or breach of any representation or warranty set forth in Section 5.1 or 5.2 or in the event of Purchaser’s fraud or intentional misrepresentation.
(3) Except as otherwise expressly provided in this Agreement, the sole and exclusive remedy of Purchaser after the Closing with respect to any and all claims (other than claims of, or causes of action arising from, fraud or intentional misrepresentation or claims for equitable relief) relating to this Agreement, any certificate delivered by or on behalf of Seller and the transactions contemplated hereby and thereby shall be pursuant to the indemnification provisions set forth in this Article 11. In furtherance of the foregoing, Purchaser hereby waives, from and after the Closing, to the fullest extent permitted under applicable Law, any and all rights, claims and causes of action (other than claims of, or causes of action arising from, fraud or intentional misrepresentation or claims for equitable relief) either may have against Seller or any of their Affiliates arising under or based upon this Agreement, the sale of the Shares, or any document or certificate delivered in connection herewith, any Law (including, inter alia, any securities Laws), common Law or otherwise, except pursuant to the indemnification provisions set forth in this Section 11.2.
Section 11.3 Procedures for Indemnification. Whenever a claim shall arise for indemnification under this Article 11, except as otherwise provided in Section 11.4, the parties shall proceed as provided as set forth in this Section 11.3. The party entitled to indemnification (the “ Indemnified Party ”) shall promptly notify the party from which indemnification is sought (the “ Indemnifying Party ”) of such claim and, when known, the facts constituting the basis for such claim; provided, however, that in the event of any claim for indemnification hereunder resulting from or in connection with any claim or Legal Proceeding by a third party (a “ Third Party Claim ”), the Indemnified Party shall give such notice thereof to the Indemnifying Party not later than ten Business Days prior to the time any response to the Third Party Claim is required, and in any event within five Business Days following receipt of notice thereof. In the event of any such Third Party Claim, the Indemnifying Party may, at its sole cost and expense, assume the defense of the Third Party Claim by written notice within 30 calendar days, using counsel that is reasonably satisfactory to the Indemnified Party. The failure of an Indemnified Party to give timely notice shall not affect the right to indemnification of the Indemnified Party except to the extent that the Indemnifying Party demonstrates actual prejudice. If an Indemnifying Party assumes the defense of any such Third Party Claim, the Indemnifying Party shall be entitled to take all steps necessary in the defense thereof, including any settlement; provided, however, that the Indemnified Party may, at its own expense, participate in any Legal Proceeding with respect to such Third Party Claim with counsel of its choice without any right of control thereof. The Indemnifying Party, if it has assumed the defense of any Third Party Claim as provided herein, shall not, however: (i) consent to, or enter into, any compromise or settlement of the Third Party Claim which commits the Indemnified Party to take, or to forbear from taking, any action or does not provide for a full and complete written release by such third party of the Indemnified Party, or (ii) consent to the entry of any judgment in any Legal Proceeding that does not relate solely to monetary damages arising from the Third Party Claim, in any such case, without the Indemnified Party’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. The Indemnifying Party and the Indemnified Party shall cooperate fully in all aspects of any investigation, defense, pre-trial activities, trial, compromise, settlement or discharge of any Third Party Claim in respect of which indemnity is sought pursuant to this Article 11, including, but
 
39

not limited to, by providing the other party with reasonable access to employees and officers (including as witnesses) and other information. So long as the Indemnifying Party is in good faith defending any Third Party Claim, the Indemnified Party shall not compromise or settle such Third Party Claim without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed. If the Indemnifying Party does not assume the defense of any Third Party Claim in accordance with this Section 11.3, the Indemnified Party may defend against such Third Party Claim in such manner as it may deem appropriate, including settling such claim or litigation (after giving prior written notice of the same to the Indemnifying Party and obtaining the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed) on such terms as the Indemnified Party may reasonably deem appropriate, and the Indemnifying Party shall promptly indemnify the Indemnified Party in accordance with the provisions of this Article 11.
Section 11.4 Limitations and Procedures Applicable to Indemnification under Section 11.2(a)(iii) (Environmental Matters). (a) Subject to the terms of this Section 11.4, whenever a claim shall arise for indemnification under Section 11.2(a)(iii) (an “ Environmental Indemnity Claim ”), the Environmental Indemnity Claim shall be submitted by the Indemnified Party to the Indemnifying Party in accordance with the timelines and procedures set forth in Section 11.3. In the event that Purchaser submits an Environmental Indemnity Claim, Seller may, at its sole cost and expense, assume the defense and/or resolution (including undertaking Remedial Action) with respect to the subject matter of such Environmental Indemnity Claim by written notice to Purchaser given within 30 Business Days after receipt of Purchaser’s written notice of the Environmental Indemnity Claim. If Seller assumes the defense and/or resolution of any matter subject to an Environmental Indemnity Claim, Seller shall be entitled to take all steps necessary in the defense and/or resolution thereof. If Remedial Action is required, Seller shall use commercially reasonable efforts to avoid: (i) unreasonable interference with the operations of the Real Property provided there has been no Change since the Closing Date or (ii) unreasonably restricting the ability to use any Real Property for the use for which it was employed on the Closing Date or for substantially similar uses, without the consent of Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed); provided, that so long as Seller uses such commercially reasonable efforts, Seller shall have no responsibility or liability for any such disruption or interference caused by such Remedial Action. Purchaser may, at its own expense, monitor any Legal Proceeding that is the subject matter of an Environmental Indemnity Claim with counsel of its choice, but without any right to control such Legal Proceeding. If Seller does not assume the defense and/or resolution of the subject matter of an Environmental Indemnity Claim, then Purchaser may defend and/or resolve such matter in a commercially reasonable manner, including settling claims or Legal Proceedings (after giving prior notice of the same to the Seller and obtaining the prior written consent of Seller, which consent shall not be unreasonably withheld, conditioned, or delayed).
(b) From the date of this Agreement, Seller, at its sole cost and expense, shall take the actions specified in the Cheverly Environmental Action Plan. Such actions shall be subject to, and shall be taken in accordance with, this Section 11.4, except as otherwise expressly provided in the Cheverly Environmental Action Plan.
 
40

(c) Seller and Purchaser shall cooperate fully in all respects of any investigation, defense, pre-trial activities, trial, compromise, settlement, discharge or Remedial Action arising in connection with any Environmental Indemnity Claim, including, without limitation, by providing the other party with reasonable access to: (i) employees and officers (including as witnesses), (ii) other relevant information, and (iii) facilities; provided, that in each case, such access shall be given at reasonable times and upon reasonable notice and without undue interruption to such party’s business or personnel. So long as Seller is in good faith defending and/or resolving the subject matter of an Environmental Indemnity Claim under this Section 11.4, Purchaser shall not compromise, settle or in any matter interfere with the defense or resolution of such matter.
(d) If Seller assumes responsibility for the defense and/or resolution of any matter subject to an Environmental Indemnity Claim, Seller shall in a timely manner provide Purchaser (and its designated consultants and representatives) with the name(s) and qualifications of any consultant or firm which the Seller proposed to retain to perform any portion of any Remedial Action (other than Clendenin Consulting and Remediation Group), and Purchaser shall be given a reasonable opportunity to review such consultants and firms prior to their retention. Except as otherwise expressly provided in the Cheverly Environmental Action Plan: (i) Seller shall in a timely manner provide Purchaser (and its designated consultants and representatives) with copies of all relevant documentation, including, without limitation, all material notices, correspondence, work plans, sampling and analytical data, and final reports concerning any Remedial Action, (ii) Purchaser (and its designated consultants and representatives) shall be given a reasonable opportunity to review such documents, and (iii) Seller shall not make any submission to Governmental Authorities until Purchaser has had a reasonable opportunity to review and comment on such submission, recognizing that Seller shall be solely responsible and entitled to make any final decision regarding such submission.
(e) Any Remedial Action covered by an Environmental Indemnity Claim for which Seller assumes responsibility for the defense and/or resolution shall be conducted in a manner acceptable to Seller, in its sole discretion, so long as such Remedial Action is in compliance with applicable Environmental Laws. Seller shall have no indemnification obligation under Section 11.2(a)(iii) to the extent Losses result from any Change after the Closing Date caused by Purchaser, the Company or any subsequent owner or operator of the Business or the Real Property. For purposes of this Article 11, “ Change ” means a material change in the use of Real Property after the Closing Date, including a cessation in operations, or decommissioning or demolition of all or substantially all of a facility or the operations conducted thereon.
(f) Notwithstanding anything in this Article 11 to the contrary, Purchaser and the Purchaser Indemnified Group shall not be entitled to recover for Losses relating to, resulting from or in connection with: (i) a Change after the Effective Time; (ii) a material change in, alteration of or addition to the building, structures, fixtures or equipment located on the Real Property after the Closing; (iii) the cost of removal or treatment of any substance that can be managed in place in a commercially reasonably fashion while complying with the minimum requirements of Environmental Laws for facilities of the type being remediated, (iv) any change in Laws occurring after the Effective Time; or (v) any non-subsurface sampling or analysis, subsurface investigation or communication with any Governmental Authority by or on behalf of Purchaser after the Effective Time except to the extent (and only to the extent) that such sampling, analysis, investigation or communication is: (A) required by any Environmental Law, or (B) in response to a request of a Governmental Authority, provided, however, that any such
 
41

sampling, analysis, investigation, or communication with a Governmental Authority shall not be considered “required by any Environmental Law” for purposes of this Article 11 if such sampling, analysis, investigation or communication occurs as a result of: (1) a Change, or (2) due diligence conducted by a potential future purchaser or financing source.
(g) Seller shall have no indemnification obligations under Section 11.2(a)(iii) to the extent the Losses otherwise subject to indemnification by Seller result from the negligence or willful misconduct of Purchaser after the Closing Date.
(h) In the event of any conflict between the terms of this Section 11.4 and any other provisions of this Article 11 with respect to any Environmental Indemnity Claim, the terms of this Section 11.4 shall control.
Section 11.5 Procedures Applicable to Indemnification under Section 11.2(a)(iv) (the Northeast Sale Agreement). Following the Closing, Purchaser and the Company shall reasonably cooperate with Seller in completing the obligations of the Company under the Northeast Sale Agreement (including, without limitation, the work required by the “LEP”, as defined in the Northeast Sale Agreement), which shall include making the Company’s personnel reasonably available to assist Seller at no cost to Seller. The Company shall promptly notify Seller of any additional claims for indemnification against the Company by the purchaser under the Northeast Sale Agreement of which the Company receives written notice, and all such claims shall be treated, as between the Company and Seller, as Environmental Indemnity Claims pursuant to Section 11.4 of this Agreement, with Seller having the right to control all actions and proceedings with respect thereto.
ARTICLE 12
TERMINATION
Section 12.1 Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned any time prior to the Closing:
(a) upon the written agreement of Purchaser and Seller;
(b) by Purchaser (so long as Purchaser is not then in material breach of any representation, warranty, covenant or other agreement set forth in this Agreement), upon ten Business Days’ prior written notice to Seller: (i) if any of the conditions set forth in Section 8.1 or 8.2 becomes incapable of fulfillment prior to the Outside Closing Date as a result of events beyond the control of Purchaser and such condition is not waived by Purchaser, or (ii) under the circumstances specified in Section 6.8 or Section 7.2.
(c) by Seller (so long as Seller is not then in material breach of any representation, warranty, covenant or other agreement set forth in this Agreement), upon ten Business Days’ prior written notice to Purchaser, if any of the conditions set forth in Section 9.1 or 9.2 becomes incapable of fulfillment prior to the Outside Closing Date as a result of events beyond the control of Seller and such condition is not waived by Seller;
 
42

(d) by Seller (so long as Seller is not then in material breach of any representation, warranty, covenant or other agreement set forth in this Agreement), if Purchaser has failed to comply with any of its covenants or obligations set forth in Section 6.3 or Section 6.4; or
(e) by either party to this Agreement if the Closing has not occurred on or before May 15, 2014 (the “Outside Closing Date ”) or at such earlier time as a court of competent jurisdiction in the United States issues a preliminary or permanent Order enjoining prohibiting or otherwise restricting the Closing; provided, however, that the right to terminate this Agreement under this Section 12.1(e) shall not be available to a party whose failure to perform any covenant or obligation under this Agreement has caused or resulted in the failure of the Closing to occur on or before the Outside Closing Date.
Section 12.2 Procedure and Effect of Termination. In the event of a termination under Section 12.1(b), (c), (d) or (e), the terminating party shall give written notice of the termination to the other party, and this Agreement shall terminate and the transactions contemplated hereby shall be abandoned, without further action by either party, upon delivery of such notice (or at such later date as is provided in Section 12.1), except that the Confidentiality Agreement shall survive in accordance with its terms and this Section 12.2 and Article 14 shall survive such termination. Upon any termination hereof pursuant to Section 12.1, no party to this Agreement shall thereafter have any further liability or obligation under this Agreement; provided, however, that no such termination shall relieve any party hereto or thereto of any liability for any willful breach of any provision of this Agreement prior to the date of such termination.
ARTICLE 13
TAX MATTERS
Section 13.1 Section 338(h)(10) Election. Seller (along with the common parent of the selling consolidated group) and Purchaser shall: (i) join in making an election under Section 338(h)(10) of the Code (and any election corresponding to Section 338(h)(10) of the Code under state or local Tax Laws) with respect to the purchase of the Shares (the “ Section 338(h)(10) Election ”); (ii) provide to the other party the necessary information to permit the Section 338(h)(10) Election to be made; and (iii) take all actions necessary and appropriate (including filing any necessary forms, returns, elections, schedules and other documents) as may be required to effect and preserve timely the Section 338(h)(10) Election in accordance with the provisions of Treasury Regulation §1.338(h)(10)-1 (or any provisions comparable to Section 338(h)(10) of state or local Tax Laws).
Section 13.2 Tax Indemnification. (a) Seller shall indemnify Purchaser and the Purchaser Indemnified Group (including, without limitation, the Company) and hold them harmless from all liability for: (i) any and all Taxes imposed upon or assessed against or payable with respect to the Company or the assets of the Company with respect to Pre-Closing Tax Periods, (ii) all Taxes imposed on the Company under Treasury Regulation §1.1502-6 (or comparable provisions of state or local Tax Law) solely as a result of the Company having filed Tax Returns for the Pre-Closing Tax Period on a consolidated, combined or unitary basis with
 
43

any other Person; (iii) any Liability for Taxes imposed on the Company directly from making the Section 338(h)(10) Election; (iv) any Liability for Taxes imposed on the Company with respect to the Pre-Closing Tax Periods arising by reason of any breach by the Company or inaccuracy of any of the representations contained in Section 4.8, (v) any Tax refund receivable for the Pre-Closing Tax Period included in the final and binding Closing Statement that is not collected in full after a final resolution of any contest pursuant to Section 13.5 with respect to the failure by the relevant Governmental Authority to pay such Tax refund receivable initiated by the Company or Seller, and (vi) all reasonable costs and expenses, including reasonable legal fees and expenses, attributable to any item in clauses (i) through (v).
(b) Purchaser shall indemnify Seller and Seller Indemnified Group from and against: (i) all Taxes of the Company that are imposed with respect to Post-Closing Tax Periods, including all reasonable costs and expenses, including reasonable legal fees and expenses, attributable thereto, and (ii) all Taxes with respect to Pre-Closing Tax Periods for which an accrual has been included on the final and binding Closing Statement but only to the extent that a final resolution regarding the payment of such Taxes results in such accrued amount exceeding the amount actually paid by the Company (or by Seller on behalf of the Company) with respect to such accrued Taxes for Pre-Closing Tax Periods.
(c) Any payment to be made pursuant to the indemnification obligations of a party under this Section 13.2 shall be paid no later than the later of: (i) ten calendar days after the indemnified party makes written demand upon the indemnifying party setting forth in detail the computation of the amount owed, and (ii) five calendar days prior to the date on which the underlying amount is required to be paid by the indemnified party; provided, however, that in the case of a Tax that is contested in accordance with the provisions of Section 13.5, payment of the Tax to the appropriate Governmental Authority (or to Seller or the Purchaser Indemnified Group with respect to the Tax accrual and Tax refund receivable, respectively) shall not be required prior to the date a final and unappealable determination to such effect is made by a court of competent jurisdiction or, in the absence of a court proceeding, by the appropriate Governmental Authority.
(d) For purposes of this Section 13.2, whenever it is necessary to determine the liability for Taxes of the Company for a Straddle Period, the determination of the Taxes for the portion of the Straddle Period ending prior to the Effective Time, and the portion of the Straddle Period beginning after the Effective Time, shall be determined by assuming that the Straddle Period consists of two taxable years or periods, one of which ends at the Effective Time and the other of which begins at the Effective Time, and items of income, gain, deduction, loss or credit, and state and local apportionment factors of the Company for the Straddle Period shall be allocated between such two taxable years or periods on a “closing of the books basis;” provided, however: (i) exemptions, allowances or deductions that are calculated on an annual basis, and (ii) ad valorem Taxes, such as real and personal property Taxes, shall be apportioned ratably between such periods on a daily basis, and provided, further, transactions occurring on the Closing Date that are properly allocable (based on Treasury Regulation §1.338-1(d)) to the portion of the Closing Date after the Closing shall be allocated to the taxable period that is deemed to begin at the beginning of the day immediately following the Closing Date.
 
44

(e) Except as otherwise provided in Section 13.2(a)(v) with respect to the Tax refund receivables, Seller shall indemnify Purchaser and the Purchaser Indemnified Group pursuant to this Section 13.2 only to the extent that Purchaser or the Purchaser Indemnified Group is required to make a payment to a Governmental Authority (or to a third person as reimbursement for a payment made to a Governmental Authority) with respect to a Pre-Closing Tax Period and only to the extent that the amount of such payment exceeds the amount included in the current liabilities component of the final Closing Statement with respect to such item; provided, however, that any such payment shall be reduced by the Tax benefit available to the indemnified party pursuant to Section 11.1(c)(iii).
(f) The indemnification provisions in this Section 13.2 shall survive the Closing until the expiration of the applicable statute of limitations.
Section 13.3 Allocation of Consideration. The “aggregate deemed sales price” (as defined in Treasury Regulation §1.338-4) (the “ ADSP ”) and the “adjusted gross-up basis” (as defined in Treasury Regulation §1.338-5) shall be allocated among the assets of the Company in accordance with Treasury Regulation §1.338-6 and §1.338-7. As promptly as possible, but in any event within 120 calendar days after the determination of the Final Working Capital Statement, Purchaser shall propose to Seller an allocation of the ADSP. Seller shall have 60 calendar days to review the allocation proposed by Purchaser. If Purchaser and Seller agree in writing to an allocation of the ADSP (an “ Agreed Upon Allocation ”), the Agreed Upon Allocation shall be conclusive and final for all purposes, and Purchaser and Seller each: (i) shall be bound by the allocations determined pursuant to this paragraph for purposes of determining any Taxes, (ii) shall prepare and file all Tax Returns, including IRS Form 8883, in a manner consistent with the Agreed Upon Allocation, and (iii) shall take no position inconsistent with the Agreed Upon Allocation in any Tax Return, any proceeding before any taxing authority or otherwise (and in the event that the Agreed Upon Allocation is disputed by any Taxing authority, the party receiving notice of such dispute shall promptly notify and consult with the other parties concerning resolution of such dispute). In the event that Purchaser and Seller fail to agree upon an allocation of the ADSP, each party may report the federal, state and local income and other Tax consequences of the transactions contemplated by this Agreement in such manner as such party deems appropriate.
Section 13.4 Tax Returns and Payment Responsibility. (a) With respect to all taxable periods ending on or before the Effective Time for which a Tax Return of the Company is required to be filed on or after the Effective Time, Seller shall be responsible for and shall cause to be prepared and duly file all income Tax Returns of the Company and all consolidated, combined or unitary Tax Returns that include the Company. Seller shall provide Purchaser with a copy of any Tax Return filed after the Effective Time that reflects operations and Taxes relating to the Company for any periods ending on or before the Effective Time; provided, that such Tax Returns may be made available on a pro forma basis if filed on a consolidated, combined or unitary basis with one or more other Persons.
(b) Each Tax Return that is to be prepared and filed by Purchaser pursuant to Section 13.4 that relates to Taxes for which Seller could be liable under this Article 13 shall be submitted to Seller for Seller’s review and approval (which approval shall not unreasonably be withheld or delayed) not later than 15 days prior to the due date for the filing of such Tax Returns (or, if such due date is within 45 days following the Effective Time, as promptly as practicable following the Effective Time).
 
45

(c) Purchaser shall not (and shall not cause or permit the Company to): (i) amend, re-file or otherwise modify any Tax Return relating in whole or in part to the Company with respect to any Pre-Closing Tax Period, or (ii) grant an extension of the statute of limitations with respect to any of the foregoing; in each case without the prior written consent of Seller, which shall not unreasonably be withheld.
Section 13.5 Contest Provisions. Seller shall have the sole right to represent the interests of the Company in any Tax audit or Legal Proceeding relating to any Tax for any taxable period ending on or before the Effective Time for which Purchaser or other member of the Purchaser Indemnified Group has made a claim for indemnification pursuant to this Article 13 (including any Tax refund receivable included in the final and binding Closing Statement) and to employ counsel of its choice to defend the position against the Governmental Authority. Notwithstanding the foregoing, Purchaser shall have the sole right to represent the interests of the Company in any Tax audit or Legal Proceeding relating to Taxes with respect to taxable periods including (but not ending on) or beginning after the Closing Date and to employ counsel of its choice at its expense; provided, however, that the Purchaser shall not be entitled to settle, either administratively or after the commencement of litigation, any claim regarding Taxes that adversely would affect the liability of Seller, without the consent of Seller which consent shall not be unreasonably withheld; provided, however, that such consent shall not be required to the extent that Purchaser has indemnified Seller against the effects of such settlement.
Section 13.6 Termination of Tax Sharing Agreements. Anything in any other agreement to the contrary notwithstanding, all Liabilities between the Seller or any of its Affiliates (other than the Company), on the one hand, and the Company, on the other hand, under any Tax allocation or Tax sharing agreement in effect on or prior to the Closing Date (other than this Agreement) shall cease and terminate as of the Effective Time and all obligations thereunder shall terminate and no additional payments shall be made under any such allocation or agreement after the Effective Time. None of Purchaser or Seller or any of their respective Affiliates shall pursue (either on its own behalf or on behalf of any Affiliate) reimbursement for any amount payable or attempt to enforce any act, event, condition or omission; and hereby knowingly voluntarily and unconditionally release and forever discharge Purchaser and its Affiliates and the Company and its Affiliates from any amounts payable pursuant to any allocation or other agreement between Seller and Company (other than as expressly provided in this Agreement). Seller shall take all appropriate action to terminate any Tax allocation and Tax sharing agreement between the Company and any other Person as of the Effective Date.
Section 13.7 Refunds, Credits and Carrybacks. Seller shall be entitled to any refunds or credits of or against any Taxes with respect to Pre-Closing Periods (to the extent not included as a Tax refund receivable in the final and binding Closing Statement). Purchaser shall be entitled to any refunds or credits of or against any Taxes with respect to the Company other than refunds or credits with respect to Pre-Closing Periods to which Seller is entitled under the preceding sentence of this Section 13.7 (which shall mean that Purchaser is entitled to the Tax refund receivables shown in the final and binding Closing Statement).
 
46

Section 13.8 Cooperation. Each of Purchaser and Seller shall, and shall cause its respective Affiliates to, provide the other party hereto with such cooperation, documentation and information as either of them reasonably may request in (a) filing any Tax Return, amended Tax Return or claim for refund, or (b) determining a liability for Taxes or an indemnity obligation under this Article 13 or a right to refund of Taxes. Each party shall make its employees reasonably available on a mutually convenient basis at its cost to provide explanation of any documents or information so provided.
Section 13.9 Retention of Records. After the Closing, Purchaser shall cause the Company to preserve all information, records or documents relating to liabilities for Taxes of the Company until six months after the expiration of any applicable statute of limitations (including extension thereof) with respect to the assessment of such Taxes; provided, however, that neither Seller nor Purchaser shall (and Purchaser shall not allow the Company to) dispose of any of the foregoing items without first offering such items to the other party.
Section 13.10 Tax Treatment of Certain Post-Closing Payments. Seller and Purchaser and their respective Affiliates shall treat any and all payments under Article 11 or this Article 13 as an adjustment to the Purchase Price for all Tax purposes. Seller and Purchaser shall, for all Tax purposes, allocate any such adjustment among the Purchased Assets based upon the item or items to which such adjustment is principally attributable, to the extent permissible.
Section 13.11 Employee Payroll Information. Seller shall transfer to the Company any records held by Seller relating to withholding and payment of income and unemployment Taxes (federal, state and local) and FICA Taxes with respect to wages paid to employees of the Company during the calendar year in which the Closing occurs (including, without limitation, Forms W-4, Employee’s Withholding Allowance Certificate).
Section 13.12 Transfer Taxes. Purchaser shall pay all stamp and recording, transfer (including, without limitation, any real property transfer and conveyance Taxes and fees), documentary and sales Taxes (collectively, “ Transfer Taxes ”) incurred in connection with the sale and assignment of the Shares and the transactions contemplated by this Agreement regardless of the Person liable for such Taxes under applicable Law. Purchaser and Seller shall cooperate in executing and filing any Tax returns, affidavits and other documents relating to Transfer Taxes.
Section 13.13 No Section 409A Separation from Service. None of the Company Employees shall be treated as having experienced a separation from service for purposes of Treasury Regulation §1.409A-1(h) as a result of the sale of the transactions contemplated by this Agreement.
Section 13.14 Taxes Governed by Article 13. Claims for indemnification with respect to Taxes shall be governed by this Article 13 and Section 11.1(e) but not by any other provision of Article 11
 
47

ARTICLE 14
MISCELLANEOUS
Section 14.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the definitions indicated below:
“Active Customers” has the meaning set forth in Schedule 4.6(e).
“ADSP” has the meaning set forth in Section 13.3.
“Affiliate” means, as to any Person, (a) any Subsidiary of such Person and (b) any other Person that, directly or indirectly, controls, is controlled by, or is under common control with, such Person. For the purposes of this definition, “control” means the possession of the power to direct or cause the direction of management and policies of Person, whether through the ownership of voting securities, by contract or otherwise.
“Agreed Upon Allocation” has the meaning set forth in Section 13.3.
“Agreement” has the meaning set forth in the preamble to this Agreement.
“Antitrust Laws” has the meaning set forth in Section 6.3(c).
“Assumed Employee Agreements” has the meaning set forth in Section 10.1(a)(i).
“Balance Sheet Date” means September 30, 2013.
“Base Purchase Price” has the meaning set forth in Section 2.1.
“Bid Basis” means a sale of Petroleum Products by the Company to any consumer which has purchased pursuant to a Contract which provides a specific price or pricing formula for a contractually required specific period of time, but shall not include sales of Petroleum Products to Capped Price Customers, Fixed Priced Customers or Pre-Buy Customers.
“Business” has the meaning set forth in the recitals to this Agreement.
“Business Day” means any day other than a Saturday, a Sunday or a day on which banks in New York, New York are authorized or obligated by Law to close.
“Capped Price Customer” means a customer to whom the Company has guaranteed that its price for Petroleum Products will not exceed an agreed upon maximum price for a specified period of time.
“Change” has the meaning set forth in Section 11.4(e).
“Cheverly Environmental Action Plan” has the meaning set forth in Section 11.2(a)(iii)(B).
“Closing” has the meaning set forth in Section 3.1.
 
48

“Closing Adjustment” has the meaning set forth in Section 2.1
“Closing Assets” has the meaning set forth in Section 2.1.
“Closing Date” has the meaning set forth in Section 3.1.
“Closing Date Cash” means the Company’s cash and cash equivalents on the Closing Date, determined in accordance with GAAP.
“Closing Liabilities” has the meaning set forth in Section 2.1.
“Closing Statement” has the meaning set forth in Section 2.3(a).
“Code” means the Internal Revenue Code of 1986, as amended.
“Colonial Avenue Insurance Claim” has the meaning set forth in Section 10.8.
“Company” has the meaning set forth in the recitals to this Agreement.
“Company Benefit Plan” has the meaning set forth in Section 4.14(a).
“Company Bylaws” has the meaning set forth in Section 4.1.
“Company Certificate” has the meaning set forth in Section 4.1.
“Company Employees” has the meaning set forth in Section 4.13.
“Company Names” has the meaning set forth in Section 4.4.
“Confidentiality Agreement” means the confidentiality agreement between Lazard Middle Market LLC, on behalf of Seller and the Company, and Purchaser, dated August 28, 2013.
“Continuing Plans” has the meaning set forth in Section 10.1(a)(i).
“Contract” means any written contract, agreement, indenture, note, lease (including real property leases), purchase or sales order, mortgage, license or other enforceable arrangement or agreement.
“Covenant Term” has the meaning set forth in Section 10.5(a).
“Customer Information” means the names and addresses of customers and related credit, service and delivery information.
“Effective Time” means 11:59 p.m. Eastern time on the Closing Date.
“Environmental Claims” refers to any complaint, summons, citation, notice, directive, Order, claim, litigation, investigation, notice of violation, judicial or administrative proceeding, judgment, letter or other communication from any Governmental Authority, department, bureau, office or other authority, or any third party involving violations of Environmental Laws.
 
49

“Environmental Compliance Liability” means any and all liabilities, costs and expenses arising under, or related to, compliance with any Environmental Laws applicable to the Real Property or the Business or operations or assets associated with the Real Property or the Business, that may reasonably result in claims and/or demands under Environmental Laws and/or liabilities to third parties including, but not limited to, Governmental Authorities and that was caused or resulted from an action or inaction of Seller.
“Environmental Conditions” mean all circumstances with respect to soil, surface waters, ground waters, ponds, stream sediment, air and similar environmental media and building materials, both on-site and off-site of the Real Property, and all improvements thereto upon or in which the Business is now or was formerly operated that was caused or resulted from an action or inaction of Seller and that would reasonably require Remedial Action and/or that would reasonably result in claims and/or demands by and/or liabilities to third parties including, but not limited to, Governmental Authorities. This term shall expressly include, without limitation, on-site and off-site liabilities asserted under the Comprehensive Environmental Response Compensation and Liability Act, as amended, (“ CERCLA ”) and analogous state statutes if caused or resulting from an action or inaction of Seller.
“Environmental Indemnity Claim” has the meaning set forth in Section 11.4.
“Environmental Law” means any Law in effect on the Closing Date relating to pollution or protection of human health (as relating to Materials of Environmental Concern) or the Environment, including (without limitation), (i) emissions, discharges, releases or threatened releases of Materials of Environmental Concern, (ii) the manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern, (iii) the preservation of the Environment or mitigation of adverse effects thereon, (iv) health and safety of employees, community right-to-know, hazard communication and noise concerns or (v) record keeping, notification, disclosure and reporting requirements respecting Materials of Environmental Concern, including those regulating the Handling or Release of any Hazardous Substance.
“Environmental Notice” means any summons, citation, directive, Order, claim, pleading, proceeding, judgment, letter or any other written communication from the United States Environmental Protection Agency (“ USEPA ”), or any other federal, state or local agency or authority, or any other Person, concerning any intentional or unintentional act or omission which has resulted in or which may result in the release of any Materials of Environmental Concern into the Environment or building material, or other violation or alleged violation of Environmental Laws or Environmental Permits.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.
“Estimated Closing Adjustment” has the meaning set forth in Section 2.2.
“Excess Coverage” has the meaning given that term in Section 10.7.
 
50

“Excluded Seller Benefit Plans” has the meaning set forth in Section 10.1(a)(i).
“Financial Information” has the meaning set forth in Section 4.6.
“Fixed Price Customer” means any customer which has purchased or agreed to purchase in the future Petroleum Products from the Company pursuant to a Contract which requires the Company to sell a specified quantity of Petroleum Products to such customer at a fixed price or to sell Petroleum Products for a specified period of time, to such customer at a fixed price.
“GAAP” means U.S. generally accepted accounting principles.
“Governmental Authority” means any government or governmental or regulatory body thereof, or political subdivision thereof, of any country or subdivision thereof, whether national, federal, state or local, or any agency or instrumentality thereof, or any court or arbitrator (public or private).
“Guarantees” has the meaning set forth in Section 6.7.
“Handling” means any manner of generating, accumulating, storing, treating, disposing of, or transporting, as any such terms may be defined in any Environmental Law, of Hazardous Substances.
“Hazardous Substance” means any material regulated as a “hazardous waste” or “hazardous substance” under any Environmental Law.
“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
“Indebtedness” of any Person means and includes each of the following: (a) any indebtedness for borrowed money, (b) any obligations evidenced by bonds, debentures, notes or other similar instruments, (c) any obligations to pay the deferred purchase price of property or services, except trade accounts payable and other current liabilities arising in the ordinary course of business, (d) any obligations as lessee under capitalized leases, (e) any non-contingent reimbursement obligations under acceptance credit, letters of credit or similar facilities that have been drawn, and (f) any guaranty or other contingent liability with respect to any of the foregoing.
“Indemnified Party” has the meaning set forth in Section 11.3.
“Indemnifying Party” has the meaning set forth in Section 11.3.
“Independent Accounting Firm” has the meaning set forth in Section 2.3(d).
“Intellectual Property Assets” means all Marks, copyrights, Trade Secrets, websites and domain names used in connection with the Business.
“IRS” means the United States Internal Revenue Service.
 
51

“Knowledge” means the actual knowledge as of the date of this Agreement of Randy Groft, Mark Wagus, Bruce Woodson, Scott Haley, Vincent Lascusas, Kevin Spain, Daniel Dorney, Diane Leviski or Randy Wayne.
“Law” means any national, federal, state or local law (including common law), statute, constitutional provision, code, ordinance, rule, regulation, directive, concession, Order or other requirement or guideline of any country or subdivision thereof.
“Leased Real Property” has the meaning set forth in Section 4.9(c).
“Legal Proceeding” means any judicial, administrative or arbitral action, suit, proceeding (public or private) or other investigation by or before any Governmental Authority.
“Liability” or “Liabilities” means any indebtedness, obligations or liabilities of any kind (whether accrued, absolute, contingent or otherwise, and whether or not due or to become due or asserted or unasserted).
“Lien” means any lien (statutory or otherwise), pledge, mortgage, deed of trust, security interest, charge, option, right of first refusal, right of first offer, easement, covenant, condition, restriction, declaration, servitude, transfer restriction or encumbrance.
“Losses” has the meaning set forth in Section 11.2(a).
“Marks” means all material names, fictional business names, tradenames, registered and unregistered federal and state trademarks, service marks, slogans, trade dress, logos and all applications to register the same, domestic and foreign, that are owned, licensed, used or held for use by the Company.
“Material Adverse Effect” means any change or event or effect that, individually or in the aggregate with all other such changes or events, whether similar or dissimilar, is materially adverse to, or reasonably likely to be materially adverse to, the Company or financial condition or results of operations of the Company taken as a whole, except for any such change, event or effect resulting from or arising out of: (a) changes or developments in Laws or changes or developments in the enforcement thereof applicable to the Company, (b) changes or developments in international, national, regional, state or local wholesale or retail markets for products of the Company, including those due to actions by competitors, (c) changes or developments resulting from the negotiation, announcement, execution, delivery, consummation or anticipation of this Agreement and the transactions contemplated hereby, (d) changes or developments resulting from any action taken by Purchaser or Seller or any of their respective representatives in accordance with the terms of this Agreement or in order to consummate the transactions contemplated by this Agreement, or resulting from the failure of Purchaser to consent to a request by Seller to take any action prohibited by, or to omit to take any action required by, Section 6.2, (e) changes or developments in financial, credit or securities markets or the economy in general, including changes in currency exchange or interest rates, or (f) changes or developments resulting from acts of terrorism or war (whether or not declared), except to the extent causing damage to the physical facilities of the Company.
“Material Contracts” has the meaning set forth in Section 4.12.
 
52

“Materials of Environmental Concern” means, to the extent regulated under any Environmental Laws applicable to the Company or any Real Property or the operations conducted thereon, any petroleum or fraction thereof, petroleum product, petroleum by-product, fuel oil, waste oil, Petroleum Products, explosive, reactive material, ignitable material, corrosive material, hazardous chemical, hazardous waste, hazardous substance, extremely hazardous substance, toxic substance, toxic chemical, radioactive material, medical waste, biomedical waste, infectious material, pollutant, toxic pollutant, herbicide, fungicide, rodenticide, insecticide, contaminant or pesticide.
“Northeast Sale Agreement” means the Asset Purchase Agreement dated as of November 4, 2009 between the Company and Superior Plus Energy Services LLC, as amended.
“Notice of Dispute” has the meaning set forth in Section 2.3(c).
“NYBCL” means the New York Business Corporation Law, as amended through the date of this Agreement.
“Order” means any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award of any Governmental Authority.
“Other Liabilities” means the liabilities of the Company shown on Exhibit A (Statement of Closing Assets and Closing Liabilities) (other than current liabilities), consisting of “post-retirement employee benefits,” “environmental reserves,” “other liabilities—burner service contract” and “other liabilities—asset retirement obligation.”
“Outside Closing Date” has the meaning set forth in Section 12.1(e).
“Owned Real Property” has the meaning set forth in Section 4.9(a).
“Permit” means any approval, authorization, consent, franchise, license, permit, registration or certificate issued or granted by any Governmental Authority.
“Permitted Exceptions” means (a) liens for current Taxes, assessments or other claims by a Governmental Authority not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings; (b) mechanics’, carriers’, workers’, repairers’ and similar Liens arising or incurred in the ordinary course of business that are not material to the Company; and (c) such other imperfections in title, charges, restrictions, Liens and encumbrances that do not materially detract from or diminish the value of or materially interfere with the present use of such asset used in the Business.
“Person” means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, unincorporated organization, representative office, branch, Governmental Authority or other similar entity.
“Petroleum Products” means #2 heating oil, propane and motor fuels.
“Pre-Buy Customer” means a customer which has paid in advance for the future delivery of Petroleum Products at a specific price and specific quantity.
 
53

“Post-Closing Tax Period” means any Tax period commencing after the Effective Time and that portion of any Straddle Period after the Effective Time.
“Pre-Closing Tax Period” means any Tax period ending on or before the Effective Time and that portion of any Straddle Period ending at the Effective Time.
“Predecessor” means any Person which was merged into the Company or which transferred all or substantially all of its assets to the Company or the liabilities of which otherwise may be imposed on the Company contractually or by operation of Law.
“Prohibited Business” has the meaning set forth in Section 10.5(a).
“Property Taxes” means real, personal, intangible ad valorem property Taxes and any amounts paid in lieu of such Taxes pursuant to an agreement.
“Purchase Price” has the meaning set forth in Section 2.1.
“Purchaser” has the meaning set forth in the preamble to this Agreement.
“Purchaser Documents” has the meaning set forth in Section 5.2.
“Purchaser Financial Advisor” has the meaning set forth in Section 5.6.
“Purchaser Indemnified Group” means Purchaser, its Affiliates (including, without limitation, the Company) and each of their respective successors and assigns, shareholders, officers, directors, employees and agents.
“Purchaser Parent” means Star Gas Partners, L.P., a Delaware limited partnership.
“Purchaser Plans” has the meaning set forth in Section 10.1(a)(ii).
“Purchaser Savings Plan” has the meaning set forth in Section 10.1(a)(iii).
“Real Property” means the Owned Real Property and the Leased Real Property.
“Real Property Laws” has the meaning set forth in Section 4.9(f).
“Real Property Leases” means the Contracts by which the Leased Real Property is leased by the Company.
“Real Property Permitted Exceptions” means:
(a) Liens for current Taxes, assessments or other claims by a Governmental Authority not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings; so long as such amounts are reflected as Liabilities on the Closing Statement;
(b) mechanics’, carriers’, workers’, repairers’ and similar Liens arising or incurred in the ordinary course of business that are not material to the Business conducted on any Real Property, so long as Seller remains liable for the satisfaction of such Liens, as provided in Section 7.2 hereof;
 
54

(c) zoning, entitlement and other land use, building and fire, and environmental acts, codes, ordinances, laws, rules, and regulations by Governmental Authorities and all riparian rights of others in and to any creeks, streams or bodies of water, including flowage rights;
(d) rights to minerals of whatever kind and character, including all coal, iron ore, oil, gas, sulfur, methane gas in coal seams, limestone, sand, gravel and other minerals, metals and ores (“Minerals”) located on, in or under each parcel of Real Property and all rights, limitations, restrictions and reservations with respect to the mining, extraction, storage, transmission and removal of the Minerals so located;
(e) all existing public and private roads, streets and sidewalks (whether dedicated or undedicated), and all railroad lines and rights-of-way in connection therewith;
(f) encroachments, boundary line disputes, overlaps, gaps, strips and gores, access restrictions on, or lack or absence of access, prescriptive easement or adverse possession claims, persons in possession, shortages in area, drainage, slope, conservation and other easements, cemeteries and burial grounds, and other title or physical property matters (including those which are common to commercial buildings and facilities such as those relating to the Business) that do not materially and adversely affect the Business conducted on any Real Property;
(g) all electric power, telephone, cable, gas, sanitary sewer, storm sewer, water and other utility lines, pipelines, service lines, drains, drainage ditches, culverts, electric power or gas generation or cogeneration, storage or transmission facilities, and all other similar facilities, improvements and structures located on, over or under any real property, and all licenses, easements, rights-of-way and other similar agreements or arrangements relating thereto granted or reserved in the ordinary course of business;
(h) all easements, covenants, rights of access, ingress and egress and rights-of-way and all other matters of record;
(i) any state of facts which a visual inspection or an accurate survey of the Real Property would disclose, provided that such facts do not render title unmarketable;
(j) the grant or lease to, or the exception or reservation of, development, air or water rights by, Persons other than Seller;
(k) any loss or claim that could arise by reason of or in connection with any indefiniteness or uncertainty in the legal descriptions of any Real Property;
(l) any defects in title disclosed in the Title Commitment; and
 
55

(m) all such other imperfections in title, including without limitation, all charges, easements, quasi-easements, licenses, covenants, conditions, declarations, restrictions, Liens and encumbrances.
Notwithstanding the foregoing, the matters referred to in (d), (e), (g), (h), (j), (k) and (m) will only constitute Real Property Permitted Exceptions if they cumulatively do not materially interfere with the present use of, or conduct of the Business on, any parcel of Real Property.
“Real Property Restriction” has the meaning set forth in Section 4.9(f).
“Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, or migration at, into or onto the environment, including movement or migration through or in the air, soil, surface water or groundwater, whether sudden or non-sudden and whether accidental or non-accidental, or any release, emission or discharge, as those terms are defined in any applicable Environmental Law, in quantities or amounts that trigger a requirement under Environmental Laws to notify a Governmental Authority or to remediate the impacted site or groundwater.
“Remedial Action” means any cleanup or environmental remediation activity addressing Materials of Environmental Concern, including, without limitation, any monitoring and sampling activities related thereto.
“Required Material Consents” has the meaning set forth in Section 8.6.
“Residential Customer” shall mean one, two or three family residences and any other customer that the Company has determined has fuel usage similar to a one, two or three family residence.
“Section 338(h)(10) Election” has the meaning set forth in Section 13.1.
“Seller” has the meaning set forth in the preamble to this Agreement.
“Seller Documents” has the meaning set forth in Section 4.2.
“Seller Financial Advisor” has the meaning set forth in Section 4.21.
“Seller Indemnified Group” means Seller, its Affiliates and each of their respective successors and assigns, shareholders, officers, directors, employees and agents.
“Seller Parent” means CH Energy Group, Inc., a New York corporation.
“Seller Savings Plan” means the Central Hudson Gas & Electric Corporation Savings Incentive Plan, a defined contribution pension plan that is intended to be qualified under the Code for which Central Hudson Gas & Electric Corporation is the sponsor and in which Company Employees participate.
“Shares” has the meaning given that term in Section 1.1.
 
56

“Straddle Period” means any Tax period beginning on or before the Effective Time and ending after the Effective Time.
“Subsidiary” means, with respect to any Person, any other Person of which such Person (either alone or through or together with any other Subsidiary) owns, directly or indirectly, a majority of the outstanding equity securities or securities carrying a majority of the voting power in the election of the board of directors or other governing body of such Person.
“Substantial Compliance” means proper use of NFPA Code 58 in the critical areas of: (i) tanks meeting source of ignition compliance, (ii) tanks meeting building opening setback compliance, (iii) demonstration of annual duty to warn compliance, and (iv) demonstration of documentation of leak testing. A failure of Substantial Compliance would be represented by a shortfall in any one of these four critical areas.
“Survey” has the meaning set forth in Section 7.1.
“Tax” or “Taxes” means all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments and obligations to deliver or pay over unclaimed property to any Governmental Authority, including all net income, gross receipts, capital, sales, use,  ad valorem , value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation, property and estimated taxes, customs duties, fees, assessments and other governmental charges of any kind whatsoever, together with all interest, penalties, fines, additions to tax or additional amounts imposed by any taxing authority with respect to such amounts.
“Tax Return” means a report, return or other information required to be filed with or supplied to a Governmental Authority with respect to Taxes (including any amendments thereto).
“Territory” has the meaning set forth in Section 10.5(a).
“Third Party Claim” has the meaning set forth in Section 11.3.
“Title Commitment” has the meaning set forth in Section 7.1.
“Title Company” has the meaning set forth in Section 7.1.
“Title Defect” has the meaning set forth in Section 7.2.
“Title Policy” has the meaning set forth in Section 7.3.
“Trade Secrets” means information not openly known to the public, including technology, know-how, confidential information, proprietary processes and formulas, customer lists, technical information, used by the Company in or on behalf of the Business.
“Transfer Taxes” has the meaning set forth in Section 13.12.
“VEBA” has the meaning set forth in Section 4.14(a).
 
57

“WARN” has the meaning set forth in Section 4.13.
“$” means United States Dollars.
This Agreement is the result of the joint efforts of Purchaser and Seller, and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties and there is to be no construction against either party based on any presumption of that party’s involvement in the drafting thereof. Any reference to any Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders, and the terms “include,” “includes” and “including” shall be inclusive and not exclusive and shall be deemed to be followed by the following phrase “without limitation.” Unless otherwise specified, the terms “hereof,” “herein,” “hereunder,” “herewith” and similar terms refer to this Agreement as a whole (including the schedules and disclosure schedules to this Agreement), and references herein to Sections and Articles refer to sections and articles of this Agreement. Unless the express context otherwise requires, references herein to a specific Section, Schedules or Exhibit shall refer, respectively, to Sections, Schedules or Exhibits of or to this Agreement. If the last day for the giving of any notice or the performance of any act required or permitted under this Agreement is a day that is not a Business Day, the time for the giving of such notice or the performance of such action shall be extended to the next succeeding Business Day.
Section 14.2 Entire Agreement. The Schedules and Exhibits attached to this Agreement shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. To the extent any matter disclosed on any Schedule conflicts with any representation, warranty or covenant of Seller contained in this Agreement, this Agreement shall be deemed amended to include the conflicting information or statement. This Agreement (together with the Schedules, Exhibits and other agreements referenced herein) and the Confidentiality Agreement contain, and are intended as, a complete statement of all of the terms and the arrangements between the parties hereto with respect to the matters provided for herein, and supersede any previous agreements and understandings between the parties hereto with respect to those matters.
Section 14.3 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made in and to be wholly performed in such state, without regard to principles of conflicts of laws.
Section 14.4 Jurisdiction. (a) Seller and Purchaser each irrevocably submits to the jurisdiction of the courts of the Borough of Manhattan in the State of New York or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York located therein in connection with any Legal Proceeding arising out of or relating hereto or the transactions contemplated by this Agreement, and hereby irrevocably agrees that all claims in respect of such Legal Proceeding shall be heard and determined in such state or federal court. Seller and Purchaser each hereby irrevocably waives (and agrees not to plead or claim) (i) any objection to the laying of venue in such courts of any Legal Proceeding arising out of or relating hereto or the transactions contemplated hereby, and (ii) the defense of an inconvenient forum to
 
58

the maintenance of such action or proceeding. To the fullest extent permitted by Law, any final and unappealable judgment against either of them in any Legal Proceeding contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment. Service of process, summons, notice or document by U.S. registered mail to such person’s respective address set forth in Section 14.9 shall be effective service of process for any Legal Proceeding with respect to any matters to which it has submitted to jurisdiction pursuant to this Section 14.4.
(b) To the extent that Purchaser or Seller has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, Purchaser and Seller each hereby irrevocably waives such immunity in respect of its obligations hereunder.
Section 14.5 Specific Performance. (a) The parties acknowledge that irreparable damage, for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that the parties hereto do not perform their obligations under this Agreement (including failing to take such actions as are required of such party hereunder in order to consummate the transactions contemplated by this Agreement) in accordance with the terms of this Agreement. Accordingly, each party hereto shall be entitled to an injunction, specific performance and other equitable relief, without the posting of any bond, to prevent breaches of this Agreement and to enforce specifically in the courts of the Borough of Manhattan in the State of New York and of the United States of America located in the Southern District of New York the terms and provisions of this Agreement, this being in addition to any other remedy to which such party is entitled at Law or in equity. Neither party to this Agreement shall oppose the granting of an injunction, specific performance or other equitable relief on the basis that (x) the other party has an adequate remedy at Law or (y) an award of specific performance is not an appropriate remedy for any reason at Law or equity.
(b) The seeking of the remedies provided for in Section 14.5(a) shall not in any respect constitute a waiver by any party seeking such remedies of its respective right to seek any other form of relief that may be available to it under this Agreement, including under Section 12.2, in the event that this Agreement has been terminated or in the event that the remedies provided for in Section 14.5(a) are not available or otherwise are not granted. Nothing set forth in this Agreement shall require a party to institute any proceeding for (or limit a party’s right to institute any proceeding for) specific performance under Section 14.5(a) prior or as a condition to exercising any termination right under Article 12 (and pursuing damages after such termination), nor shall the commencement of any legal proceeding pursuant to Section 14.5(a) or anything set forth in this Section 14.5(b) restrict or limit a party’s right to terminate this Agreement in accordance with the terms of Section 14.5(b) or pursue any other remedies under this Agreement that may be available then or thereafter.
Section 14.6 Waiver of Jury Trial. Purchaser and Seller each hereby waives to the fullest extent permitted by Law, any right it may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement, any Purchaser Document or Seller Document or any transaction contemplated hereby or thereby. Each party:
(a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement, by, among other things, the mutual waivers and certifications in this Section 14.6.
 
59

Section 14.7 Expenses. Except as expressly otherwise provided in this Agreement: (i) each of the parties hereto shall bear its own expenses (including fees and disbursements of its counsel, accountants and other experts) incurred by it in connection with the preparation, negotiation, execution, delivery and performance hereof, each of the other documents and instruments executed in connection herewith or contemplated hereby and the consummation of the transactions contemplated hereby and thereby, and (ii) Purchaser shall pay the costs of all reports or inspection, and any other costs, relating to Purchaser’s due diligence activities.
Section 14.8 Table of Contents and Headings. The table of contents and section headings hereof are for convenience of reference only and are to be given no effect in the construction, interpretation or effect hereof.
Section 14.9 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given when delivered personally or by overnight mail or to the extent receipt is confirmed, facsimile, or five calendar days after being mailed by registered mail, return receipt requested, to a party at the following address (or to such other address as such party may have specified by notice given to the other parties pursuant to this Section 14.8):
If to Seller, to:
Central Hudson Enterprises Corporation
284 South Avenue
Poughkeepsie, NY 12601-4839
Attn: Joseph B. Koczko
Tel: (845) 452-2000
Fax: (845) 486-5782
with a copy to:
Thompson Hine LLP 335
Madison Avenue, 12th Floor
New York, New York 10017-4611
Attn: David A. Neuhardt
Tel: (937) 443-6600
Fax: (937) 443-6637
 
60

If to Purchaser, to:
Petro Holdings, Inc.
2187 Atlantic Street
Stamford, Connecticut 06902
Attn: Richard Ambury
Tel: (203) 328-7313
Fax: (203) 328-7421
with a copy to:
Phillips Nizer LLP
666 Fifth Avenue
New York, NY 10103
Attn: Alan Shapiro, Esq.
Tel: (212) 977-9700
Fax: (212) 262-5152
Section 14.10 Severability. The invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision hereof, each of which shall remain in full force and effect.
Section 14.11 Binding Effect; No Third Party Beneficiaries; No Assignment. This Agreement shall be legally binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. Nothing herein shall create or be deemed to create any third party beneficiary rights in any Person not a party to this Agreement (except for Indemnified Parties in Article 11). No assignment hereof or of any rights or obligations under this Agreement may be made by any party to this Agreement (by operation of law or otherwise) without the prior written consent of the other party to this Agreement and any attempted assignment without such required consent shall be without effect.
Section 14.12 Amendments. This Agreement may be amended, supplemented or modified only pursuant to a written instrument making specific reference hereto signed by each of the parties hereto.
Section 14.13 Waiver. At any time prior to the Closing Date, the parties may (a) extend the time for the performance of any of the obligations or other acts of the parties, (b) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto, or (c) waive compliance with any of the agreements or conditions contained herein, to the extent permitted by applicable Law. Any agreement on the part of a party hereto to any such extension or waiver will be valid only if set forth in a writing signed on behalf of such party. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant under this Agreement, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant under this Agreement or affect in any way any rights arising by virtue of any such prior or subsequent occurrence.
 
61

Section 14.14 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Copies of executed counterparts transmitted by facsimile or other electronic transmission service shall be considered original executed counterparts for purposes of this section.
[Remainder of page intentionally left blank.]
 
62

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

CENTRAL HUDSON ENTERPRISES CORPORATION	
 	 	
By:	 	 	
 	 	Christopher M. Capone
President and Chief Financial Officer	

PETRO HOLDINGS, INC.	
 	 	
By:	 	 	
 	 	Steven J. Goldman	
 	 	President and Chief Executive Officer	
[Signature Page to Stock Purchase Agreement]
 
63

Exhibit 31.1
CERTIFICATIONS
I, Steven J. Goldman, certify that:
 
1.	I have reviewed this quarterly report on Form 10-Q of Star Gas Partners, L.P. (“Registrant”);	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	(b)	designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information and;	
 
 	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	

Date: February 5, 2014	
 	
/s/    Steven J. Goldman        	
Steven J. Goldman	
President and Chief Executive Officer	
Star Gas Partners, L.P.	

Exhibit 31.2
CERTIFICATIONS
I, Richard F. Ambury, certify that:
 
1.	I have reviewed this quarterly report on Form 10-Q of Star Gas Partners, L.P. (“Registrant”);	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	(b)	designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	(c)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information and;	
 
 	(d)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	

Date: February 5, 2014	
 	
/s/    RICHARD F. AMBURY        	
Richard F. Ambury	
Chief Financial Officer	
Star Gas Partners, L.P.	

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Star Gas Partners, L.P. (the “Partnership”) on Form 10-Q for the quarterly period ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven J. Goldman, President and Chief Executive Officer of the Partnership, certify to my knowledge pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, following due inquiry, I believe that:
 
(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and	
 
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Partnership.	
A signed original of this written statement required by Section 906 has been provided to Star Gas Partners, L.P. and will be retained by Star Gas Partners, L.P. and furnished to the Securities and Exchange Commission or its staff upon request.

 	 	 	 	STAR GAS PARTNERS, L.P.	
 	 	 	 	By:	 	KESTREL HEAT, LLC (General Partner)	
 	 	 	 	
Date: February 5, 2014	 	 	 	By:	 	/s/    Steven J. Goldman        	
 	 	 	 	 	 	Steven J. Goldman	
 	 	 	 	 	 	President and Chief Executive Officer	
 	 	 	 	 	 	Star Gas Partners, L.P.	

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Star Gas Partners, L.P. (the “Partnership”) on Form 10-Q for the quarterly period ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard F. Ambury, Chief Financial Officer of the Partnership, certify to my knowledge pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, following due inquiry, I believe that:
 
(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and	
 
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Partnership.	
A signed original of this written statement required by Section 906 has been provided to Star Gas Partners, L.P. and will be retained by Star Gas Partners, L.P. and furnished to the Securities and Exchange Commission or its staff upon request.

 	 	 	 	STAR GAS PARTNERS, L.P.	
 	 	 	 	By:	 	KESTREL HEAT, LLC (General Partner)	
 	 	 	 	
Date: February 5, 2014	 	 	 	By:	 	/s/    RICHARD F. AMBURY        	
 	 	 	 	 	 	Richard F. Ambury	
 	 	 	 	 	 	Chief Financial Officer	
 	 	 	 	 	 	Star Gas Partners, L.P.