Document:

Filed by Bowne Pure Compliance

EXHIBIT 10.1

LETTER AGREEMENT

Wells Fargo Foothill, Inc.

2450 Colorado Avenue

Suite 3000W

Santa Monica, California 90404

September 17, 2008

B & B B, INC.

911 North Buffalo, Suite 201

Las Vegas, Nevada

Attn: Robert R. Black, Sr.

Re: Borrowing Base Reserves

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement entered into as of December 20, 2004, as
amended by that certain Joinder Agreement and Amendment dated as of December 31, 2006, as further
amended by that certain First Amendment to Credit Agreement entered into as of October 26, 2007,
and as further amended by that Second Amendment to Credit Agreement as of June 20, 2008 (as
previously amended and as further amended, restated, supplemented, or otherwise modified from time
to time, the “Credit Agreement”), among B & B B, INC., a Nevada corporation (“B&B
B”), CASABLANCA RESORTS, LLC, a Nevada limited liability company (“CBR”), OASIS
INTERVAL MANAGEMENT, LLC, a Nevada limited liability company (“OIM ”), OASIS INTERVAL
OWNERSHIP, LLC, a Nevada limited liability company (“OIO”), OASIS RECREATIONAL PROPERTIES,
INC., a Nevada corporation (“ORC”), RBG, LLC, a Nevada limited liability company
(“RBG”), and VIRGIN RIVER CASINO CORPORATION, a Nevada corporation (“VRCC” ; B&BB,
CBR, OIM, OIO, ORC, RBG, and VRCC, are referred to hereinafter each individually as a
“Borrower”, and individually and collectively, jointly and severally, as the
“Borrowers”), the lenders signatory thereto (the “Lenders”), and Wells Fargo
Foothill, Inc., a California corporation, as the arranger and administrative agent for the Lenders
(“Agent”). Capitalized terms used herein but not defined shall have the meanings ascribed
to them in the Credit Agreement.

Pursuant to Section 2.1(b) of the Credit Agreement, Agent has the right to establish certain
reserves in such amounts, and with respect to such matters, as Agent in its Permitted Discretion
shall deem necessary or appropriate, against the Borrowing Base, including the Environmental
Reserve and the Lien Reserve.

 

-1-

 

As of the Closing Date, the Agent established the Environmental Reserve in the amount of
$750,000 for the potential liabilities of the Borrowers for any groundwater contamination at the
site of the Oasis Hotel & Casino and related property as described on Schedule 4.14 to the Credit
Agreement. In anticipation of marketing the golf course property during 2006, CBR and certain of
its Affiliates entered into several agreements (the “WSR Agreements”) with WSR, Inc. and
certain of its Affiliates (collectively, “WSR”), the former owners of the Oasis Hotel &
Casino, to terminate WSR’s remaining rights in the golf course property, among other matters, for
approximately $1.1 million. Pursuant to the agreements, the funds paid to WSR were to be used by
WSR to remediate the existing environmental liability at the Oasis Hotel & Casino.

As of the Closing Date, the Agent further established the Lien Reserve in the amount of
$1,250,000 for certain liens against the Borrowers including liens arising out of the action
commenced in the District Court, Clark County, Nevada, dated June 15, 2000, Case No. A420360,
entitled, “NOTICE OF LIS PENDENS”, A.F. CONSTRUCTION COMPANY, a
Nevada corporation, Plaintiff -vs- VIRGIN RIVER CASINO CORPORATION, a Nevada
corporation; FIRST CREDIT BANK, a California corporation; RICHARD ROY KELLEY, an
individual; PMJ ENTERPRISES, INC., a Nevada corporation; BANK OF HAWAII, a Hawaii
corporation; SAM HON, an individual; OLD REPUBLIC TITLE COMPANY, a Nevada
corporation; NEVADA TITLE COMPANY, a Nevada corporation, Defendants (the “A.F. Construction
Company Claims”). The amount claimed under the A.F. Construction Company Claims was
approximately $900,000. The Borrowers have notified the Agent that the A.F. Construction Company
Claims have been dismissed and the Borrowers have no further liabilities to any third party with
respect to the A.F. Construction Company Claims.

The Agent in its Permitted Discretion hereby reduces (i) the amount reserved against the
Borrowing Base under the Environmental Reserve to $0 and (ii) the amount reserved against the
Borrowing Base under the Lien Reserve to $250,000, each effective as of July 31, 2008.

Anything in this agreement to the contrary notwithstanding, the Agent reserves all right to
establish reserves against the Borrowing Base as permitted under Section 2.1(b) of the Credit
Agreement including the right to re-establish the full amount of the Environmental Reserve and the
Lien Reserve as Agent in its Permitted Discretion shall deem necessary or appropriate.

This letter agreement shall be construed under and governed by the laws of the State of New
York, and may be executed in any number of counterparts and by different parties on separate
counterparts. Each of such counterparts shall be deemed to be an original, and all of such
counterparts, taken together, shall constitute but one and the same agreement. Delivery of an
executed counterpart of this letter by telefacsimile or other electronic method shall be equally
effective as delivery of a manually executed counterpart.

 

-2-

 

IN WITNESS WHEREOF, the parties have caused this letter agreement to be executed and delivered
by their duly authorized representative as of the date first written above.

Very truly yours,

WELLS FARGO FOOTHILL, INC.,

as Agent

	 	 	 	 	 
	 	 	 
	 	By:  	                                /s/ Steve Scott
 	 
	 	 	Name:  	Steve Scott 	 
	 	 	Title:  	Vice President 	 

 

 

 

	 	 	 	 	 

Accepted and agreed to

as of the date first above written:

B & B B, INC.,

a Nevada corporation

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officer 	 
	 

CASABLANCA RESORTS, LLC,

a Nevada limited liability company

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officer 	 
	 

OASIS INTERVAL MANAGEMENT, LLC,

a Nevada limited liability company

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officer 	 
	 

OASIS INTERVAL OWNERSHIP, LLC,

a Nevada limited liability company

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officer 	 
	 

OASIS RECREATIONAL PROPERTIES, INC.,

a Nevada corporation

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officer 	 

 

 

 

	 	 	 	 	 

RBG, LLC,

a Nevada limited liability company

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officer 	 
	 

VIRGIN RIVER CASINO CORPORATION,

a Nevada corporation

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sean P. McKay
 	 
	Name: Sean P. McKay 	 
	Title: Chief Accounting Officerexh10-1.htm

    

      Exhibit
10.1

      FORBEARANCE
AGREEMENT AND

      AMENDMENT
TO CREDIT AGREEMENT

      

      This
Forbearance Agreement and Amendment (the “Agreement”), dated as
of September 12, 2008, is among SEMGROUP ENERGY PARTNERS, L.P., a Delaware
limited partnership (the “Borrower”), the
Guarantors (as defined in the Credit Agreement referred to below) party hereto
(collectively, the “Guarantors”) WACHOVIA
BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative
Agent”), L/C Issuer and Swing Line Lender under the Credit Agreement
referred to below and the Lenders signatory hereto.

      

      R
E C I T A L S:

      

      A. The
Borrower, the Administrative Agent and the Lenders that are parties thereto (the
“Lenders”)
entered into that certain Amended and Restated Credit Agreement dated as of
February 20, 2008 (as amended, modified, supplemented and waived from time to
time, the “Credit
Agreement”).

       

      B. The
Borrower has informed the Administrative Agent and the Lenders that, as of July
18, 2008, a Change of Control has occurred, as more fully described in the
Borrower’s Form 8-K filed on July 21, 2008 and on Schedule 1
hereto.  The Borrower has also informed the Administrative Agent and
the Lenders that certain provisions of the Omnibus Agreement have terminated, as
more fully described in the Borrower’s Form 8-K filed on July 24, 2008 and on
Schedule 1
hereto.

       

      C. As a
result of the Change of Control and the termination of certain provisions of the
Omnibus Agreement, Events of Default have occurred and are continuing under the
Credit Agreement.  The Borrower has requested that the Administrative
Agent and the Lenders agree to forbear, for a limited period, from exercising
their rights and remedies under the Credit Agreement and the other Loan
Documents relating to such Events of Default.

       

      D. The
Administrative Agent and the Lenders party hereto are willing to forbear from
exercising such rights and remedies and to enter into this Agreement subject to
and upon the terms and conditions set forth herein.

       

      NOW,
THEREFORE, the parties agree as follows:

      

      1. Definitions.  All
capitalized terms used in this Agreement which are not otherwise defined shall
have the meanings given to those terms in the Credit Agreement (after taking
into account the amendments contained in Sections 5 and 6
hereof).

       

      2. Defaults.  The
Borrower and the Guarantors hereby acknowledge that Events of Default have occurred and are
continuing under the Credit Agreement and the other Loan Documents, as a result
of the occurrence of a Change of Control and the termination of certain
provisions of the Omnibus Agreement, as set forth on Schedule 1 hereto
(such Events of Default set forth on Schedule 1,
collectively, the “Specified
Defaults”).

       

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

       

      3. Forbearance.  The
Administrative Agent and the Lenders hereby agree to forbear from taking any
action permitted to be taken by them under the Credit Agreement and the other
Loan Documents with respect to:

       

      (a) the
Specified Defaults;

       

      (b) any
Default or Event of Default that results from (i) any failure by the Borrower to
file its quarterly report on Form 10-Q with the SEC within the time period
required by the Credit Agreement, the Securities Exchange Act of 1934 or
applicable law, with respect to the Borrower’s fiscal quarter ended June 30,
2008 and the Borrower’s fiscal quarter ending September 30, 2008, or (ii) any
failure by the Borrower to timely deliver to the Administrative Agent the
financial statements and other information required by Sections 6.01(b) and
6.02(a) of the Credit Agreement with respect to the Borrower’s fiscal quarter
ended June 30, 2008 (such Defaults and Events of Default, collectively, the
“Reporting
Default”), provided that such
financial statements and other information required by Sections 6.01(b) and
6.02(a) shall be delivered to the Administrative Agent no later than September
30, 2008, provided that the certificate of a Responsible Officer of the General
Partner accompanying such financial statements and other information shall state
that it has been prepared in good faith and in accordance with GAAP, provided further that such
statements and information may be subject to adjustments based upon changes made
by the Borrower’s outside auditor and any such changes shall not constitute a
Default or Event of Default;

       

      (c) any
Default or Event of Default arising under Sections 6.05(d) or 6.17 of the Credit
Agreement or clause (m) of Section 8.01 of the Credit Agreement, to the extent,
and only to the extent, (i) related to the Omnibus Agreement and the Throughput
Agreement, and only for so long as SemGroup continues to provide services in
accordance with the Omnibus Agreement, or (ii) related to the Borrower’s or a
Guarantor’s exercise of set-off rights, withholding of payment or services or
exercise of lien rights (such Defaults and Events of Default, collectively, the
“Material Contract
Defaults”); and

       

      (d) any
Default or Event of Default arising under subsection (ii) of clause (e) of
Section 8.01 of the Credit Agreement (such Defaults and Events of Default,
collectively, the “Swap Default”), provided that no
Event of Default shall have occurred and be continuing under clause (n) of
Section 8.01 of the Credit Agreement;

       

      for the
period of time (the “Forbearance Period”)
commencing on the Effective Date (as herein defined) and ending on that date
(the “Forbearance
Termination Date”) which is the earliest to occur of (i) December 11,
2008, (ii) the occurrence of any Default or Event of Default, other than the
Specified Defaults, the Reporting Default, the Material Contract Defaults or the
Swap Default, and (iii) the failure after the date hereof of the Loan Parties to
comply with any of the terms of this Agreement.  Such forbearance
shall automatically, and without action, notice, demand or any other occurrence,
expire on and as of the Forbearance Termination Date, except that, with respect
to an event arising under clauses (ii) or (iii) (excluding any Default or Event
of Default resulting from the failure of the Loan Parties to pay principal,
interest or fees), notwithstanding anything contained herein to the contrary,
the Forbearance Termination Date shall be the earlier to occur of (x) five
Business Days after the event and (y) the date on which the Administrative
Agent, on direction of the Required Lenders, advises the Borrower that the
Forbearance Termination Date has occurred.     Except
as expressly provided in this Section 3, the
Administrative Agent and the Lenders reserve the right to exercise all of their
rights and remedies under the Credit Agreement and the other Loan
Documents.  Upon the occurrence of the Forbearance Termination Date,
the Administrative Agent and the Lenders shall be free in their sole and
absolute discretion, and without the need for further notice of such Forbearance
Termination Date, to proceed to enforce any or all of their rights and remedies
under or in respect of the Credit Agreement and the other Loan Documents and
applicable Law, including without limitation, those credit termination,
acceleration, enforcement and other rights and remedies arising by virtue of the
occurrence of the Specified Defaults, the Reporting Default, the Material
Contract Defaults or the Swap Default.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      4. No Credit
Extensions.  Borrower hereby agrees that it shall not make any
Request for Credit Extension during the Forbearance Period, and that the Lenders
shall have no obligation to make any Credit Extension during the Forbearance
Period.  Notwithstanding the foregoing or anything to the contrary in
Section 2.02(c) of the Credit Agreement, during the Forbearance Period, a Loan
may be converted to or continued as a Eurodollar Rate Loan, provided that such
Loans shall have an Interest Period of no greater than 30 days and shall in no
event extend beyond the Forbearance Termination Date.

       

      5. Amendment to Section 1.01 of
the Credit Agreement.  During the Forbearance Period, Section
1.01 of the Credit Agreement is hereby amended, effective as of July 18, 2008,
by deleting the defined term “Applicable Rate” in its entirety and replacing it
with the following:

       

      “Applicable Rate”
means, from time to time, the following percentages per annum, based upon, as of
any date of determination, the Consolidated Leverage Ratio as set forth in the
most recent Compliance Certificate received by Administrative Agent pursuant to
Section
6.02(a):

       

      
        	
                Level

              	
                Consolidated
      Leverage Ratio

              	
                LIBOR

                Interest

                Margin

              	
                Base
      Rate

                Interest

                Margin

              	
                Commitment

                Fee

              
	
                I

              	
                Less
      than or equal to 3.00 to 1.00

              	
                4.25%

              	
                2.75%

              	
                .75%

              
	
                II

              	
                Greater
      than 3.00 to 1.00 but less than or equal to 4.00 to 1.00

              	
                4.50%

              	
                3.00%

              	
                .75%

              
	
                III

              	
                Greater
      than 4.00 to 1.00 but less than or equal to 4.50 to 1.00

              	
                4.75%

              	
                3.25%

              	
                1.00%

              
	
                IV

              	
                Greater
      than 4.50 to 1.00 but less than or equal to 5.00 to 1.00

              	
                5.00%

              	
                3.50%

              	
                1.00%

              
	
                V

              	
                Greater
      than 5.00 to 1.00

              	
                5.25%

              	
                3.75%

              	
                1.00%

              

      

      

      Any
increase or decrease in the Applicable Rate resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to
Section
6.02(a); provided, however, that if a Compliance Certificate is not
delivered when due in accordance with such Section, then Pricing Level (V) shall
apply as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered until such time as the
Compliance Certificate is delivered, whereupon the Applicable Rate shall be
determined as if the Compliance Certificate had been timely delivered, and is to
be effective as of the first Business Day immediately following the date such
Compliance Certificate was delivered.  The Compliance Certificate
shall state that the Consolidated Leverage Ratio has been calculated in good
faith and in accordance with GAAP, provided that if changes in such Consolidated
Leverage Ratio are required as a result of the Borrower’s outside auditor having
modified the numbers from which the Consolidated Leverage Ratio is derived, the
Interest Margin and Commitment Fee shall be retroactively
recalculated.  Any additional amount due by Borrower as a result of
such recalculation shall be paid within 5 Business Days after notice by the
Administrative Agent.  Notwithstanding anything to the contrary
contained in this definition, the determination of Applicable Rate for a period
shall be subject to the provisions of Section
2.10(b).

       

      For the
avoidance of doubt, the Applicable Rate includes the accrual of an additional
2.0% interest per annum as contemplated by the Default Rate, and therefore shall
be applied in lieu of the Default Rate during the Forbearance
Period.  During the Forbearance Period, interest shall be paid monthly
by the Borrower (i) with respect to Base Rate Loans, on the last Business Day of
each month (commencing September 30, 2008) and (ii) with respect to Eurodollar
Rate Loans, on the last day of the Interest Period applicable to such
Loan.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      6. Further Amendment to Section
1.01 of the Credit Agreement.  Section 1.01 of the Credit
Agreement is further amended by inserting the following defined terms in their
appropriate alphabetical order:

       

      “Forbearance
Agreement” shall mean that certain Forbearance Agreement and Amendment to
Credit Agreement, dated as of September 12, 2008, among the Borrower, the
Guarantors, the Administrative Agent and the Lenders party thereto, as may be
amended from time to time.

       

      “Forbearance Fee
Letter” means that certain letter agreement, dated September 12, 2008,
between the Borrower and the Administrative Agent.

       

      “Forbearance Period Effective
Date” shall mean the “Effective Date” as defined in Section 17 of the
Forbearance Agreement.

       

      “Forbearance Period”
shall mean the “Forbearance Period” as defined in Section 3 of the Forbearance
Agreement.

       

      “Investment Bank”
shall mean UBS Securities LLC or an Affiliate thereof retained by the Borrower
to provide recommendations to the Borrower regarding strategic alternatives for
the Borrower, its Subsidiaries and their respective assets.

       

      “Transformation
Officer” shall mean an individual hired by the Borrower to oversee the
Borrower’s operational and financial transformation, which officer shall report
directly to the Board of Directors of the General Partner.

       

      7. Amendment to Section 2.08(a)
of the Credit Agreement.  During the Forbearance Period,
Section 2.08(a) of the Credit Agreement is hereby amended by adding the
following sentence to the end thereof:

       

      Notwithstanding anything to the
contrary contained herein, in no event shall the Eurodollar Rate be less than
3.00% per annum.

       

      8. Amendment to Section 6.01 of
the Credit Agreement.  During the Forbearance Period, Section
6.01 of the Credit Agreement is hereby amended by adding the following
subsection (c):

       

      (c)           as
soon as available, but in any event within 30 days after the end of the prior
month, a Consolidated and, in the event that the Borrower designates any
Subsidiary as an Unrestricted Subsidiary, a consolidating balance sheet of the
Borrower and its Subsidiaries as at the end of such month, and the related
Consolidated and consolidating, if any, statements of income or operations,
partners’ capital and cash flows for such month and for the portion of the
Borrower’s fiscal year then ended, setting forth in each case in comparative
form the figures for the corresponding month of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail and
prepared in accordance with GAAP, any such consolidating statements to be for
the Borrower and its Restricted Subsidiaries on a combined basis and the
Borrower’s Unrestricted Subsidiaries on a combined basis and such Consolidated
statements to be certified by a Responsible Officer of General Partner, in its
capacity as the sole general partner of the Borrower, as fairly presenting, in
all material respects, the financial condition, results of operations, partners’
capital and cash flows of the Borrower and its Subsidiaries in accordance with
GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes.  In the event the Borrower (or any Restricted Subsidiary)
does not deliver such financial information within the 30 day period set forth
in this Section 6.01(c), the Borrower (or such Restricted Subsidiary) shall have
a grace period of three days to deliver such information, provided that such
grace period shall commence upon the expiration of the 30-day period with no
further notice to the Borrower (or such Restricted Subsidiary) by the
Administrative Agent or any Lender.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      9. Amendment to Section 6.02 of
the Credit Agreement.  During the Forbearance Period, Section
6.02 of the Credit Agreement is hereby amended by (a) deleting the “.” at the
end of subsection (l) thereof and replacing it with “;” and (b) adding the
following new subsections (m) through (s):

       

      (m)           commencing
on October 3, 2008 and on the third of each month thereafter, an updated rolling
13-week forecast (the “Forecast”) of cash
receipts and disbursements for the next succeeding 13-week period substantially
in the form attached to the Forbearance Agreement as Exhibit
1;

       

      (n)           by
no later than 5:00 p.m. Eastern time on Tuesday of each week (i) a report of the
Borrower’s actual cash receipts and disbursements for the week ended on the
prior Friday, together with a comparison of such figures to the Forecast for
such week and (ii) a Weekly Flash Report, substantially in the form attached to
the Forbearance Agreement as Exhibit
2;

       

      (o)           concurrently
with any delivery of the forecasts, reports and schedules under subsections (m)
and (n) above: (x) a certificate of a Responsible Officer of the General Partner
(A) certifying that no Default or Event of Default has occurred (other than the
Specified Defaults, the Reporting Default, the Material Contract Defaults or the
Swap Default), (B) with respect to projections and forecasts, certifying that
all such projections and forecasts have been prepared in good faith based upon
assumptions that are reasonable in the opinion of the Borrower at the time made,
(C) with respect to actual financial or other reports, certifying that such
reports fairly present, in all material respects, the financial condition and
results of operations the Borrower and the Guarantors as of the date(s)
specified therein and (D) certifying that the balance of cash-on-hand of the
Borrower and its Subsidiaries was at no time during the previous week less than
the amount set forth on Schedule 2 to the Forbearance Agreement for the period
indicated;

       

      (p)           by
no later than 5:00 p.m. Eastern time on September 24, 2008 and on a weekly basis
thereafter, a certificate of a Responsible Officer of the General Partner
certifying that the actual cash disbursements of the Borrower and the Guarantors
for the relevant period were within the limitations set forth in Section
7.20;

       

      (q)           (i) with respect to
those assets of the Borrower and its Restricted Subsidiaries related to the
Borrower’s asphalt cement and residual fuel inventory terminalling and storage
business (the “Asphalt
Assets”), the Borrower shall: (1) if the Borrower intends to
solicit indications of interest from potential purchasers of the Asphalt Assets
(a) on or before
September 15, 2008, engage an Investment Bank or other third party consultant of
recognized standing to provide recommendations to the Borrower regarding
strategic alternatives for the Borrower and such Subsidiaries and their
respective Asphalt Assets or enter into a joint agreement with SemGroup with
respect to the marketing of the Asphalt Assets; (b) on or before October 30,
2008, distribute a confidential information memorandum or similar materials
soliciting indications of interest from potential purchasers of the Asphalt
Assets; and (c) on or
before November 30, 2008, receive initial indications of interest from such
potential purchasers, or (2) have cash receipts, with
respect to such Asphalt Assets, for the four week period ending September 27,
2008, of no less than $7.120 million, for the five week period ending November
1, 2008, of no less than $4.169 million, and for the four week period ending
November 29, 2008, of no less than $4.169 million; and (ii) with respect to
those assets of the Borrower and its Restricted Subsidiaries related to the
Borrower’s crude oil gathering, transportation, terminalling and storage
business (the “Crude
Assets”), the Borrower shall: (1) if the Borrower intends to
solicit indications of interest from potential purchasers of the Crude Assets
(a) on or before
September 15, 2008, engage an Investment Bank or other third party consultant of
recognized standing to provide recommendations to the Borrower regarding
strategic alternatives for the Borrower and such Subsidiaries and their
respective Crude Assets; (b) on or before October 30,
2008, distribute a confidential information memorandum or similar materials
soliciting indications of interest from potential purchasers of the Crude
Assets; and (c) on or
before November 30, 2008, receive initial indications of interest from such
potential purchasers, or (2) have cash receipts, with
respect to such Crude Assets, for the four week period ending September 27,
2008, of no less than $7.811 million, for the five week period ending November
1, 2008, of no less than $9.801 million, and for the four week period ending
November 29, 2008, of no less than $4.917 million;1

       

      
        

      

      
        1           With
respect to cash receipts referred to in (q)(i)(c) and (q)(ii)(c), reference is
made to note 2 in Exhibit 1.

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

          (r)           with
respect to the Investment Bank retained by the Borrower in connection with
subsection (q) above, (x) the Administrative Agent shall be provided with a copy
of all engagement agreements and (y) the Administrative Agent shall be given a
report by the Borrower on material developments with respect to such engagements
not less frequently than bi-weekly; and

       

      (s)           by
no later than two weeks after the Forbearance Period Effective Date, a
certificate of a Responsible Officer of the General Partner certifying that the
Borrower has hired a Transformation Officer that reports directly to the Board
of Directors of the General Partner.  The Administrative Agent shall
be given a report by the Transformation Officer on material developments with
respect to his or her activities not less frequently than
bi-weekly.

       

      10. Amendment to Section 6.18 of
the Credit Agreement.  During the Forbearance Period, Section
6.18 of the Credit Agreement is hereby amended by adding the following sentence
at the end of the section as subsection (c):

       

      “Without limiting the foregoing
obligation, no later than September 30, 2008, for each deposit account
maintained with a financial institution that is not a Lender, each Loan Party
shall, and shall cause the depository bank maintaining each such account, to
execute and deliver to the Administrative Agent, on behalf of the Lenders, one
or more account control agreements in form and substance satisfactory to the
Administrative Agent, perfecting the Administrative Agent’s first-priority
security interest in such Party’s deposit accounts, enforceable as such against
any other Persons.”

       

      11. Amendment to Article VII of
the Credit Agreement.  During the Forbearance Period, Article
VII of the Credit Agreement is hereby amended by adding the following Sections
7.20 and 7.21:

       

      7.20           Forecast
Variance.  Beginning September 27, 2008 and on a weekly basis
thereafter, allow the Borrower’s and Guarantors’ cumulative actual cash
disbursements beginning September 14, 2008, to vary by greater than fifteen
percent (15%) from the Total Operating Disbursements and Total Non-Operating
Disbursements provided for such period in the Borrower’s Forecast attached as
Exhibit 1, unless such variance is a result of Total Operating Disbursements
and/or Total Non-Operating Disbursements being less than
forecasted.

       

      7.21           Minimum
Liquidity.  Allow the sum of all Cash Equivalents and
cash-on-hand of the Borrower and its Subsidiaries to be less than the amount set
forth on Schedule 2 to the Forbearance Agreement for the period
indicated.

       

      12. Amendment to Article VIII of
the Credit Agreement.  Article VIII of the Credit Agreement is
hereby amended by:

       

      (a) adding
the word “or” at the end of subsection 8.01(k), and

       

      (b)  deleting
subsection 8.01(m) and replacing it with the following:

       

      “Any of SemGroup, SemMaterials, L.P.
or K.C. Asphalt, L.L.C., or any of their affiliates, as a debtor-in-possession
in (or any Trustee appointed or elected in) the Chapter 11 cases of SemCrude
L.P. and its affiliated debtors and debtors-in-possession currently proceeding
under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in
the United States Bankruptcy Court for the District of Delaware, shall reject
one or more of the Material Contracts within the meaning of Section 365 of the
Bankruptcy Code or otherwise cease to perform its obligations under such
Material Contract (other than as contemplated by Section 3(c) of the Forbearance
Agreement or in connection with a sale of the debtors' asphalt business together
or in combination with a sale of Borrower's Asphalt Assets), and, within five
days of the effectiveness of each such rejection or the cessation of such
performance, such Material Contract has not been renegotiated with the
applicable debtor (or any Trustee) or replaced with one or more new contracts
with a third-party or parties (or, in the case of services under the Omnibus
Agreement, replaced with any combination of one or more contracts with a
third-party or parties or the provision of such services directly by the
Borrower and the Guarantors), in each case, to the reasonable satisfaction of
the Administrative Agent and the Required Lenders (it being understood that any
such contract or contracts or provision of services directly by the Borrower and
the Guarantors shall be deemed to be reasonable hereunder if all of the
contractually required volumes under such Material Contracts are replaced for at
least 85% of the revenue under such Material Contracts and substantially all of
the necessary services under such Material Contracts are replaced at no greater
cost to the Borrower and the Guarantors, as applicable).”

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      13. Further Amendment to Article
VIII of the Credit Agreement.  During the Forbearance Period,
Article VIII of the Credit Agreement is amended by deleting the “.” at the end
of subsection 8.01(m) and replacing it with “; or” and adding the following new
subsection (n):

       

      (n)           Payments Under Swap
Contracts.  During the Forbearance Period, the Borrower makes
any payment or payments to any Lender party to the Forbearance Agreement that is
also a counterparty to a Swap Contract with the Borrower in connection with any
Termination Event (as defined therein) or any default or event of default under
such Swap Contract, whether such Termination Event or default or event of
default existed at, or occurred after, the Forbearance Agreement Effective Date,
except as provided in paragraph 15 herein.

       

      14. Permanent Revolver
Commitment Reduction and Amendment to Schedule 2.01.  The
Aggregate Revolver Commitments are hereby permanently reduced from $350,000,000
to $300,000,000 and Schedule 2.01 to the Credit Agreement is hereby amended by
deleting such Schedule in its entirety and replacing it with Schedule 2.01
hereto.

       

      15. Termination of Swap
Contracts.  Each Lender that is a party to a Swap Contract with
the Borrower, may, in its discretion, and provided it otherwise has the
contractual right, terminate such Swap Contract and fix the amount either owed
to such Lender or to the Borrower, as the case may be.  Any Lender that is
a party to a Swap Contract that executes this Agreement agrees that it will not
demand or accept payment from Borrower for the Swap Termination Value, or for
any other sum on account of a Swap Contract, as long as Borrower pays interest
to such Lender on the Swap Termination Value at the rate provided for Loans
herein.

       

      16. Representations and
Warranties.  The Borrower represents and warrants to the
Administrative Agent and the Lenders that the following statements are true,
correct and complete:

       

      (a) Representations and
Warranties.  Each of the representations and warranties made by
the Borrower and the Guarantors pursuant to the Credit Agreement, as amended
hereby, and the other Loan Documents is true and correct on and as of the date
of this Agreement in all material respects, except to the extent such
representations and warranties expressly relate to an earlier date or to the
Specified Defaults, the Reporting Default, the Material Contract Defaults or the
Swap Default.

       

      (b) No Default or Event of
Default.  After giving effect to this Agreement, no Default or
Event of Default has occurred and is continuing other than the Specified
Defaults, the Reporting Default, the Material Contract Defaults and the Swap
Default.

       

      (c) Execution, Delivery and
Enforceability.  This Agreement has been duly and validly
executed and delivered by the Borrower and the Guarantors and constitutes their
legal, valid and binding obligations, enforceable against the Borrower and the
Guarantors in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity.

       

      (d) Investment
Bank.  The Borrower has engaged the Investment
Bank.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      17. Conditions to
Effectiveness.  This Agreement shall be effective on the date
(the “Effective
Date”) when and if each of the following conditions is satisfied, it
being understood and agreed that the amendment to the definition of “Applicable
Rate” in Section
5 above is
effective as of July 18, 2008:

       

      (a) Execution and
Delivery.  The Administrative Agent shall have received a
counterpart of this Agreement executed and delivered by the Borrower, each of
the Guarantors, the Administrative Agent, and the Required Lenders.

       

      (b) No Default or Event of Default;
Accuracy of Representations and Warranties.  The Borrower shall
deliver to the Administrative Agent a certificate of a Responsible Officer
certifying that, after giving effect to this Agreement, no Default or Event of
Default (other than the Specified Defaults, the Reporting Default, the Material
Contract Defaults and the Swap Default) shall exist and each of the
representations and warranties made by the Borrower and the Guarantors herein
and in or pursuant to the Credit Agreement and the other Loan Documents shall be
true and correct in all material respects as if made on and as of the date on
which this Agreement becomes effective, except to the extent such
representations and warranties expressly relate to an earlier date.

       

      (c) Fees.  The Borrower
shall have paid the following amounts and fees:

       

      (i) for the
benefit of the Lenders who execute and deliver a counterpart of this Agreement
to the Agent by 5:00 p.m. (Eastern time) on September 16, 2008, a fee equal to
0.25% of the Aggregate Commitments (after giving to effect to the Revolver
Commitment reductions provided for herein) of all of the Lenders (whether or not
party hereto); and

       

      (ii) for the
benefit of the Administrative Agent, an Arrangement Fee, as set forth in the
Forbearance Fee Letter; and

       

      (d) Expense
Deposits.  The Borrower shall have executed and delivered, and
shall have paid the Deposits referred to in, that certain letter agreement dated
July 28, 2008 between the Agent and the Borrower.

       

      (e) SemGroup Loan
Documents.  The Borrower shall have made available to the
Administrative Agent and the Lenders copies of (i) the Loan Agreement, dated
June 25, 2008, among Holdings, Manchester Securities Corp. and Alerian Finance
Partners, LP and (ii) such related Loan Documents (other than fee letter(s)) (as
defined therein) as may have been requested by the Administrative Agent; provided that the
Administrative Agent and any Lender receiving such Loan Agreement, Loan
Documents or any information disclosed therein or related thereto shall have
executed and delivered to Manchester Securities Corp. and Alerian Finance
Partners, LP a confidentiality agreement acceptable to Manchester Securities
Corp. and Alerian Finance Partners, LP (collectively, the “Confidentiality
Agreement”), it being understood by the Administrative Agent and the
Lenders that such Loan Agreement, Loan Documents and any information disclosed
therein or related thereto is confidential and shall be subject to the
provisions of a Confidentiality Agreement and disclosed only to parties that
have executed a Confidentiality Agreement, notwithstanding anything to the
contrary contained in the Credit Agreement.

       

      (f) Expense
Reimbursements.  The Borrower shall have paid all reasonable
invoices presented to the Borrower for expense reimbursements (including
reasonable attorneys’ and financial advisors’ fees and disbursements) due to the
Administrative Agent in accordance with Section 10.04 of the Credit
Agreement.

       

      (g) Termination of Certain Swap
Contracts and Payment of Swap Termination Value.  The Lenders
who are parties to Swap Contracts where the Swap Termination Value results in a
sum due the Borrower shall have terminated such Swap Contracts and paid the Swap
Termination Value to the Borrower.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      18. Effect of Forbearance
Termination Date.  Except for Sections 6, 14, 16, 17(e)
(with respect to confidentiality), 19, 20, 21, 22 and 23 hereof, this Agreement
shall cease to be effective upon the occurrence of the Forbearance Termination
Date, and the form of the Credit Agreement, as in effect immediately prior to
the Effective Date, shall be deemed to have been otherwise restored to such form
in its entirety and the applicable interest rate under the Credit Agreement
shall be the Default Rate so long as any Event of Default then
exists.

       

      19. Additional
Reports.  Borrower shall provide the Administrative Agent with
reports setting forth cash receipts (i) with respect to its Asphalt Assets and
(ii) with respect to its Crude Assets for the four week period ending September
27, 2008, the five week period ending November 1, 2008, and the four week period
ending November 29, 2008.  Such reports shall be delivered to the
Administrative Agent by no later than three Business Days following the end of
each reporting period.

       

      20. Further
Assurances.  Each of the Borrower and Guarantors agrees, at its
own expense, to execute, acknowledge, deliver and cause to be duly filed all
such further instruments and documents and take all such actions as the
Administrative Agent may from time to time reasonably request to perfect the
Administrative Agent’s interests in the Collateral, and the rights and remedies
created by the Security Documents.  In addition, as further security
for payment and performance of the Obligations and as consideration for the
Administrative Agent’s and the Lenders’ agreement to enter into this Agreement,
each of the Borrower and Guarantors hereby further agrees to grant a perfected
pledge and security interest in any additional collateral as the Administrative
Agent may reasonably request to the extent title to such collateral is vested in
the Borrower or a Guarantor.

       

      21. Release.  For
purposes of this Section 21, the following
terms shall have the following definitions:

       

      “Related Parties”
shall mean, with respect to any released party, such party’s parents,
subsidiaries, affiliates, successors, assigns, predecessors in interest,
officers, directors, employees, agents, representatives, attorneys, financial
advisors, accountants and shareholders, if any.

       

      “Claims” shall
mean  any and all claims, losses, debts, liabilities, demands,
obligations, promises, acts, omissions, agreements, costs, expenses, damages,
injuries, suits, actions, causes of action, including without limitation, any
and all rights of setoff, recoupment or counterclaim of any kind or nature
whatsoever, in law or in equity, known or unknown, suspected or unsuspected,
contingent or fixed.

       

      Excluding only the continuing
obligations of the Lenders and the Administrative Agent under the Credit
Agreement, the Loan Documents and this Agreement, the Borrower and each
Guarantor, effective as of the Effective Date, hereby releases, acquits and
forever discharges the Lenders and the Administrative Agent, and each of them,
and their respective Related Parties, of and from any and all Claims arising out
of, related or in any way connected with the Credit Agreement, the Loan
Documents or the transactions contemplated by any thereof, including, without
limitation, any action or failure to act, prior to the Effective Date, in
response to or otherwise in connection with the events or circumstances arising
under or otherwise related to the Credit Agreement, the Loan Documents or any
Defaults or Events of Default occurring under the Credit Agreement or the Loan
Documents, in each case to the extent, and only to the extent, that (i) such
Claims arose prior to the Effective Date, (ii) such Claims result or derive from
actions taken or not taken by a releasee in its capacity(ies) as a Lender(s) or
as Administrative Agent under the Credit Agreement or the Loan Documents, and
(iii) such Claims do not result or derive from actions taken or not taken by a
releasee with respect to or in relation to SemGroup, SemCrude L.P.,
SemMaterials, L.P., K.C. Asphalt, L.L.C. or any of their affiliates (other than
the Borrower and the Guarantors).

       

      22. Acknowledgement.  The
Borrower hereby confirms and acknowledges as of the date hereof that it is
validly and justly indebted to the Administrative Agent and the Lenders for the
payment of all obligations under the Credit Agreement without offset, defense,
cause of action or counterclaim of any kind or nature whatsoever, other than
with respect to or in relation to any Claims (as defined in Section 21) not
released pursuant to Section 21.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      23. Confirmation of Credit
Agreement and Security Documents.  Except as amended by this
Agreement, all the provisions of the Credit Agreement remain in full force and
effect from and after the date hereof, and each Loan Party hereby ratifies and
confirms each Loan Document to which it is a party.  This Agreement
shall be limited precisely as written and shall not be deemed (a) to be a
consent granted pursuant to, or a waiver or modification of, any other term or
condition of the Credit Agreement or any of the instruments or agreements
referred to therein or (b) to prejudice any right or rights which the
Administrative Agent or the Lenders may now have or have in the future under or
in connection with the Credit Agreement or any of the instruments or agreements
referred to therein.  From and after the date hereof, all references
in the Credit Agreement to “this Agreement”, “hereof”, “herein”, or similar
terms, shall refer to the Credit Agreement as amended by this
Agreement.  Each of the Borrower and the Guarantors also hereby
ratifies and confirms that the Security Documents remain in full force and
effect in accordance with their terms and are not impaired or affected by this
Agreement.

       

      24. GOVERNING
LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

       

      25. Loan
Document.  This Forbearance Agreement shall constitute a Loan
Document under the Credit Agreement, and all obligations included in this
Forbearance Agreement (including, without limitation, all obligations for the
payment of principal, interest, fees and other amounts and expenses) shall
constitute Obligations under the Credit Agreement and shall be secured by the
Collateral.

       

      26. Counterparts.  This
Agreement may be signed in any number of counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one and the
same instrument.  Delivery of an executed signature page to this
Agreement by facsimile transmission or electronic photocopy (i.e. a “.pdf”)
shall be as effective as delivery of a manually signed counterpart.

       

      IN WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed as of the day and year
first above written.

       

      SEMGROUP
ENERGY PARTNERS, L.P.

      

      

      By:
SemGroup Energy Partners GP, L.L.C.

             its
General Partner

      

      By: /s/ Michael
Brochetti                                                                  

      Name:
Michael Brochetti

      Title:   CFO

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      Guarantors:

      

      SemGroup
Energy Partners Operating, L.L.C.

      

      

      By:/s/ Michael Brochetti
_____________

      Name: Michael Brochetti

      Title:   CFO

      

      

      SemMaterials
Energy Partners, L.L.C.

      

      

      By:/s/ Michael Brochetti
_____________

      Name: Michael Brochetti

      Title:   CFO

      

      

      SemGroup
Energy Partners, L.L.C.

      

      

      By:/s/ Michael Brochetti
_____________

      Name: Michael Brochetti

      Title:   CFO

      

      

      SemGroup
Crude Storage, L.L.C.

      

      

      By:/s/ Michael Brochetti
_____________

      Name: Michael Brochetti

      Title:   CFO

      

      

      SemPipe,
L.P.

          By:  SemPipe,
G.P., L.L.C., its General Partner

      

      

      By:/s/ Michael Brochetti
_____________

      Name: Michael Brochetti

      Title:   CFO

      

      
         

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

      SemPipe,
G.P., L.L.C.

      

      

      By:/s/ Michael Brochetti
_____________

      Name: Michael Brochetti

      Title:   CFO

      

      

      

      Lenders:

      

      Wachovia
Bank, National Association,

          as
Administrative Agent, L/C Issuer,

          Swing
Line Lender and Lender

      

      

      By:/s/ C. Mark
Hedrick______________

      Name: C. Mark Hedrick

      Title: Managing
Director

      

      

      ABN AMRO Bank N.V., as a
Lender

      

      By:/s/ Parker A. Douglas
____________

      Name: Parker A. Douglas

      Title:   Senior Vice
President

      

      By:/s/ David W.
Stack    ___ _________

      Name: David W. Stack

      Title:   Senior Vice
President

      

      

      Bank of America, N.A., as a
Lender

      

      By:/s/ Jay T.
Wampler______________

      Name: Jay T. Wampler

      Title:   Senior Vice
President

      

      

      The Bank of Nova Scotia, as a
Lender

      

      By:/s/ Ron
Dooley_________________

      Name: Ron Dooley

      Title:   Director

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

      

      Bank of Scotland PLC, as a
Lender

      

      

      By:/s/ Julia R. Franklin
______________

      Name: Julia R. Franklin

      Title:   Assistant Vice
President

      

      

      Blue Ridge Investments LLC, as
a Lender

      

      

      By:/s/ John
Heibendahl_______________

      Name: John Heibendahl

      Title:   VP:
Controller

      

      

      BMO Capital Markets Financing Inc.,
as a Lender

      

      

      By:_____________________________

      Name:

      Title:

      

      

      Calyon New York Branch, as a
Lender

      

      

      By:/s/ Anne G.
Sheen_______________

      Name: Anne G. Sheen

      Title:   Director

      

      By:/s/ Alan
Sidrane_________________

      Name: Alan Sidrane

      Title:   Managing
Director

      

      

      Citibank, N.A., as a
Lender

      

      

      By:_____________________________

      Name:

      Title:

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      

      Fortis Capital Corporation, as
a Lender

      

      By:/s/ Casey
Lowary_______________

      Name: Casey Lowary

      Title:   Director

      

      By:/s/ Ilene Fowler
________________

      Name: Ilene Fowler

      Title:   Director

      

      

      Guaranty Bank And Trust Company,
as a Lender

      

      By:/s/ Gail J.
Nofoinger_____________

      Name: Gail J. Nofoinger

      Title:   Senior Vice
President

      

      

      Halbis Distressed Opportunities
Master Fund LTD, as a Lender

      

      By:/s/ Peter
Sakon_________________

      Name: Peter Sakon

      Title:   VP

      

      

      JPMorgan Chase Bank, N.A., as
a Lender

      

      By:/s/ Phillip D.
Martin______________

      Name: Phillip D. Martin

      Title:   Senior Vice
President

      

      

      Lehman Brothers Commercial Bank,
as a Lender

      

      By:/s/ Frank P.
Turner_______________

      Name: Frank P. Turner

      Title:   Authorized
Signatory

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      

      Lehman Commercial Paper, Inc.,
as a Lender

      

      By:/s/ Ritam
Bhalla_________________

      Name: Ritam Bhalla

      Title:   Authorized
Signatory

      

      

      Merrill Lynch Bank USA, as a
Lender

      

      

      By:/s/ Louis
Alder_________________

      Name: Louis Alder

      Title:   FVP

      

      

      GE Business Financial Servces Inc.,
F/K/A Merrill Lynch Business Financial Services Inc., as a
Lender

      

      

      By:/s/ Randall
Hornick_____________

      Name: Randall Hornick

      Title:   Authorized
Signatory

      

      

      One East Liquidity Master LP,
as a Lender

      

      

      By:/s/ Siora
Toussi_________________

      Name: Siora Toussi

      Title:   Managing
Director and Authorized Signatory

      

      

      One East Partners Master LP,
as a Lender

      

      

      By:/s/ Siora
Toussi_________________

      Name: Siora Toussi

      Title:   Managing
Director and Authorized Signatory

      

      

      Raymond James Bank FSB, as a
Lender

      

      

      By:/s/ Garrett
McKinnon____________

      Name: Garrett McKinnon

      Title:   Vice
President

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      Royal Bank of Canada, as a
Lender

      

      

      By:/s/ Leslie P.
Vowell______________

      Name: Leslie P. Vowell

      Title:   Attorney-in-Fact

      

      

      SunTrust Bank, N.A., as a
Lender

      

      

      By:/s/ Samuel M.
Ballesteros_________

      Name: Samuel M.
Ballesteros

      Title:   Director

      

      

      UBS Loan Finance LLC, as a
Lender

      

      

      By:/s/ Irja R.
Otsa__________________

      Name: Irja R. Otsa

      Title:   Associate
Director, Banking Products Services, US

      

      By:/s/ David B. Julie
_______________

      Name: David B. Julie

      Title:   Associate
Director, Banking Products Services, US

      

      

        
          
             

          

          
            16

            
              

            

          

          
             

          

        

      

       

      SCHEDULE
1

      TO

      FORBEARANCE
AGREEMENT AND

      AMENDMENT
TO CREDIT AGREEMENT

      

      

      

      A Default
and Event of Default has occurred and is continuing under clause (k) of Section
8.01 of the Credit Agreement with respect to the General Partner or may occur
with respect to the Qualifying Owners, provided, however, the change of control
at the General Partner shall not prevent any further change of control at the
General Partner from constituting an Event of Default.

       

      Defaults
and Events of Default have occurred and are continuing under clause (b) of
Section 8.01 of the Credit Agreement (as a result of breaches of Section 6.05 of
the Credit Agreement), under clause (c) of Section 8.01 of the Credit Agreement
(as a result of breaches of Section 6.17 of the Credit Agreement) and under
clause (m) of Section 8.01 of the Credit Agreement, due to the termination of
certain provisions of the Omnibus Agreement.

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      

        SCHEDULE
2

        TO

        FORBEARANCE
AGREEMENT AND

        AMENDMENT
TO CREDIT AGREEMENT

         

        [The
amounts range from $9,000,000 to $10,500,000 on a week by week basis for the
weeks ending September 27, 2008 through December 13, 2008.]

         

        

         

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      SCHEDULE
2.01

      TO

      FORBEARANCE
AGREEMENT AND

      AMENDMENT
TO CREDIT AGREEMENT

       

      

      Schedule
of Commitments

      

      
        	
                Institution

              	
                 Revolver

              	
                 Term
      Loan

              	
                 Total
      Commitment

              
	
                ABN
      AMRO

              	
                21,000,000.00

              	
                17,500,000.00

              	
                38,500,000.00

              
	
                BANK
      OF AMERICA

              	
                24,678,571.43

              	
                16,636,904.76

              	
                41,315,476.19

              
	
                BANK
      OF NOVA SCOTIA

              	
                12,500,000.00

              	
                10,416,666.67

              	
                22,916,666.67

              
	
                BANK
      OF SCOTLAND

              	
                21,000,000.00

              	
                17,500,000.00

              	
                38,500,000.00

              
	
                BLUE
      RIDGE INVESTMENTS LLC

              	
                250,000.00

              	
                208,333.33

              	
                458,333.33

              
	
                BMO
      CAPITAL MARKETS

              	
                20,000,000.00

              	
                16,666,666.67

              	
                36,666,666.67

              
	
                CALYON
      NEW YORK BRANCH

              	
                25,000,000.00

              	
                20,833,333.33

              	
                45,833,333.33

              
	
                CITIBANK

              	
                20,000,000.00

              	
                16,666,666.67

              	
                36,666,666.67

              
	
                FORTIS
      CAPITAL CORPORATION

              	
                8,500,000.00

              	
                7,083,333.33

              	
                15,583,333.33

              
	
                GE
      BUS FINCL SVC (FKA ML BFS)

              	
                10,000,000.00

              	
                8,333,333.33

              	
                18,333,333.33

              
	
                GUARANTY
      BANK AND TRUST

              	
                10,000,000.00

              	
                8,333,333.33

              	
                18,333,333.33

              
	
                HALBIS
      DISTRESSED OPPOR MASTER

              	
                1,000,000.00

              	
                833,333.33

              	
                1,833,333.33

              
	
                JPMORGAN
      CHASE

              	
                8,500,000.00

              	
                7,083,333.33

              	
                15,583,333.33

              
	
                LEHMAN
      BROTHER COMMERCIAL BANK

              	
                14,571,428.57

              	
                20,000,000.00

              	
                34,571,428.57

              
	
                MERRILL
      LYNCH BANK USA

              	
                7,500,000.00

              	
                6,250,000.00

              	
                13,750,000.00

              
	
                ONE
      EAST LIQUIDITY MASTER LP

              	
                1,542,857.14

              	
                1,250,000.00

              	
                2,792,857.14

              
	
                ONE
      EAST PARTNERS MASTER LP

              	
                12,207,142.85

              	
                10,208,333.34

              	
                22,415,476.19

              
	
                RAYMOND
      JAMES BANK

              	
                20,000,000.00

              	
                16,666,666.67

              	
                36,666,666.67

              
	
                ROYAL
      BANK OF CANADA

              	
                20,000,000.00

              	
                16,666,666.67

              	
                36,666,666.67

              
	
                SUNTRUST

              	
                8,500,000.00

              	
                7,083,333.33

              	
                15,583,333.33

              
	
                UBS
      LOAN FINANCE LLC

              	
                8,571,428.57

              	
                7,142,857.14

              	
                15,714,285.71

              
	
                WACHOVIA
      BANK, NA

              	
                24,678,571.42

              	
                16,636,904.77

              	
                41,315,476.19

              
	 
      	
                $300,000,000.00

              	
                $250,000,000.00

              	
                $550,000,000.00

              

      

      

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      Exhibit
1

      

      Form of
Forecast

      

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      Exhibit
2

      

      Form of Weekly Flash
Report

      

      

      

      
        
           

        

        
          21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]