Document:

First Amendment

 Exhibit 10.1 
 FIRST AMENDMENT, WAIVER, AND CONSENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT

  
 THIS FIRST AMENDMENT, WAIVER, AND CONSENT TO AMENDED
AND RESTATED CREDIT AGREEMENT (the “First Amendment”) is dated as of July 15, 2005 and is made by and among PENN VIRGINIA OPERATING CO., LLC, a Delaware limited liability company (the “Borrower”), the
GUARANTORS (individually a “Guarantor” and collectively, the “Guarantors”), the FINANCIAL INSTITUTIONS PARTY HERETO (individually a “Lender” and collectively, the
“Lenders”), and PNC BANK, NATIONAL ASSOCIATION, as agent for the Lenders (the “Agent”). 
  
 RECITALS: 
  
 WHEREAS, the Borrower, the Guarantors, the Lenders, and the Agent are parties to that certain Amended and Restated Credit Agreement, dated as of March 3,
2005 (as amended, the “Credit Agreement”) (unless otherwise defined herein, capitalized terms used herein shall have the meanings given to them in the Credit Agreement); 
  
 WHEREAS, Section 11.18 of the Credit Agreement provides in part that the Loan Parties must deliver a Guarantor Joinder and
related documents for a Subsidiary that becomes a new Guarantor under the terms of the Credit Agreement within five (5) Business Days after the date of such Subsidiary’s organization for a Subsidiary that is a limited liability company;

  
 WHEREAS, PVR Gas Pipeline, LLC (the “New Guarantor”)
was organized on March 18, 2005 and such Subsidiary did not join as a Guarantor under the terms of the Credit Agreement within the required five (5) Business Days and the Borrower and the other Loan Parties have requested that the Lenders waive the
five (5) Business Day requirement, subject to the terms and conditions hereof; 
  
 WHEREAS, the parties hereto desire to amend the Credit Agreement as hereinafter provided. 
  
 NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, and incorporating the above-defined terms herein, the parties hereto
agree as follows: 
  
 1. Recitals. The foregoing recitals
are true and correct and incorporated herein by reference. 
  
 2.
Amendment to Credit Agreement. 
  
 (a) Definitions.

  
 (i) The following new definition is hereby
inserted in Section 1.1 in alphabetical order: 
  
 “First Amendment Effective Date shall mean July 15, 2005.” 

 (b) Loans, Acquisitions and Investments. Section 2.10.1 [Increasing Lenders and New Lenders.] of
the Credit Agreement is hereby amended and restated as follows: 
  
 “2.10.1 Increasing Lenders and New Lenders. 
  
 After the First Amendment Effective Date, the Borrower shall have the right to request that (1) the current Lenders (the
“Existing Lenders”) increase their Revolving Credit Commitments (an Existing Lender which elects to increase its Revolving Credit Commitment shall be referred to as an “Increasing Lender”) or (2) one or more new banks (each a
“New Lender”) join this Agreement and provide a Revolving Credit Commitment hereunder, provided that any increase pursuant to this Section 2.10.1 shall be in a minimum aggregate amount of $50,000,000 and shall be subject to the
following terms and conditions: 
  
 (i) No
Obligation to Increase. No Existing Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any Existing Lender shall be in the sole discretion of such Existing Lender.

  
 (ii) Defaults. There shall exist no
Events of Default or Potential Default on the effective date of any such increase (the “Revolving Credit Commitment Increase Date”) after giving effect to any such increase.  
  
 (iii) Aggregate Revolving Credit Commitments. After
giving effect to any such increase, the total Revolving Credit Commitments shall not exceed $450,000,000. 
  
 (iv) Resolutions; Opinion. The Loan Parties shall deliver to the Agent on or before a Revolving Credit Commitment Increase Date the
following documents in a form reasonably acceptable to the Agent: (1) certifications of their corporate secretaries with attached resolutions certifying that the increase in the Revolving Credit Commitment has been approved by such Loan Parties, and
(2) an opinion of counsel addressed to the Agent and the Lenders addressing the authorization and execution of the Loan Documents by, and enforceability of the Loan Documents against, the Loan Parties. 
  
 (v) Notes. The Borrower shall execute and deliver (1)
to each Increasing Lender a replacement Note (except if such Increasing Lender requests that it not receive a Note) reflecting the new amount of such Increasing Lender’s Revolving Credit Commitment after giving effect to the increase (and the
prior Note issued to such Increasing Lender shall be deemed to be terminated) and (2) to each New Lender a Note (except if such New Lender requests that it not receive a Note) reflecting the amount of such New Lenders’ Revolving Credit
Commitment. 
  

 2 

 (vi) Approval. The Agent shall have approved of any such increase and the
Increasing Lender or New Lender, as the case may be, that is providing such increase. 
  
 (vii) Increasing Lenders. If any portion of such increase in Revolving Credit Commitments is being provided by one or more
Increasing Lenders, then such Increasing Lenders shall confirm their agreement to increase their Revolving Credit Commitment pursuant to a revolving credit commitment increase agreement, acceptable to the Agent, signed by the Increasing Lenders and
the Loan Parties and delivered to the Agent at least five (5) Business Days before the Revolving Credit Commitment Increase Date. 
  
 (viii) New Lenders—Joinder. If the Borrower desires that one or more New Lenders provide all or a portion of such increase in
Revolving Credit Commitments, then each New Lender, the Loan Parties and the Agent shall execute a joinder and assumption agreement, acceptable to the Agent, pursuant to which the New Lender shall join and become a party to this Agreement and the
other Loan Documents effective on the Revolving Credit Commitment Increase Date with a Revolving Credit Commitment in the amount set forth in Schedule I to such joinder and assumption agreement.” 
  
 (c) Subsidiaries, Partnerships and Joint Ventures. Section 8.2.9
[Subsidiaries, Partnerships and Joint Ventures] of the Credit Agreement is hereby amended and restated as follows: 
  
 “8.2.9 Subsidiaries, Partnerships and Joint Ventures. 
  
 Each of the Loan Parties (other than the Parent) shall not, and shall not permit any of its Subsidiaries to,
own or create directly or indirectly any Subsidiaries other than (i) any Subsidiary which has joined this Agreement as Guarantor on the Closing Date; (ii) any Subsidiary formed after the Closing Date which joins this Agreement as a Guarantor
pursuant to Section 11.18 [Joinder of Guarantors]; and (iii) any Immaterial Subsidiary. Each of the Loan Parties (other than the Parent) shall not become or agree to (1) become a general or limited partner in any general or limited partnership,
except that the Loan Parties may be general or limited partners in other Loan Parties, (2) become a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Loan Parties may be members or
managers of, or hold limited liability company interests in, other Loan Parties, or (3) become a joint venturer or hold a joint venture interest in any joint venture.” 
  

 3 

 (d) Schedules. In order to reflect the increases in the Revolving Credit Commitments as set forth
in Section 3 below, to reflect the changes to the names of various Guarantors, and to reflect the addition of the New Guarantor, Schedule 1.1(B) [Commitments of Lenders and Addresses for Notices to Lenders], Schedule 1.1(P) [Permitted
Liens], Schedule 6.1.3 [Subsidiaries], and Schedule 8.2.1 [Permitted Indebtedness] to the Credit Agreement shall be amended and restated to read as set forth on the Schedules attached to this Amendment bearing such name and numerical
reference. 
  
 3. Increase of Revolving Credit Commitments.

  
 (a) Subject to satisfaction of the conditions set forth in
Section 5 below, on the First Amendment Effective Date, the Borrower, the Agent and the Lenders hereby increase the Revolving Credit Commitments from $150,000,000 to $300,000,000 so that after giving effect to such increase, each Lender has the
Revolving Credit Commitment as set forth opposite such Lender’s name on the amended and restated Schedule 1.1(B) attached to this First Amendment. 
  

(b) On the First Amendment Effective Date, the Borrower shall repay all Revolving Credit Loans outstanding along with any and all accrued interest and
fees on the First Amendment Effective Date, subject to the Borrower’s indemnity obligations under Section 5.6.2 [Indemnity] of the Credit Agreement provided that the Borrower may borrow new Revolving Credit Loans with a Borrowing Date on the
First Amendment Effective Date. Each of the Lenders shall participate in any new Loans made on or after the First Amendment Effective Date in accordance with their respective Ratable Shares after giving effect to the increase in Revolving Credit
Commitments contemplated by this First Amendment. 
  
 (c) On the
First Amendment Effective Date and after giving effect to the increase in the Revolving Credit Commitments pursuant hereto, each Lender (a) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its
Ratable Share of each such Letter of Credit and the participation of each other Lender in each such Letter of Credit shall be adjusted accordingly; and (b) will acquire, (and will pay to the Agent, for the account of each Lender, in immediately
available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances. 
  
 4. Consent and Waiver. 
  
 Subject to the satisfaction of the conditions set forth in Section 5 of this First Amendment: 
  
 (a) the Agent and the Required Lenders hereby consent to the joinder of the
New Guarantor as a Guarantor under the terms of the Credit Agreement, as required pursuant to clause (ii) of Section 8.2.9 [Subsidiaries, Partnerships and Joint Ventures] of the Credit Agreement; and 
  
 (b) the Agent and the Lenders hereby waive the Loan Parties’ compliance
with the requirement set forth in Section 11.18 [Joinder of Guarantors] of the Credit Agreement that a Guarantor Joinder and related documents for the New Guarantor shall have been delivered within five (5) Business Days after the date of its
organization. The Lenders do not amend, modify or waive Section 11.18 for any other purpose, or any future periods, except as expressly provided for herein. 
  

 4 

 5. Conditions to Effectiveness. This First Amendment shall become effective upon satisfaction of
each of the following conditions being satisfied to the satisfaction of the Agent (the “First Amendment Effective Date”): 
  
 (a) Execution and Delivery of First Amendment. The Borrower, the Guarantors, the Lenders whose Revolving Credit Commitment is increasing, and the
Agent shall have executed those Loan Documents to which it is a party, and all other documentation necessary for effectiveness of this Amendment shall have been executed and delivered all to the satisfaction of the Borrower, the Lenders and the
Agent. 
  
 (b) Notes. The Borrower shall have executed and
delivered to each of the Lenders whose Revolving Credit Commitment is increasing new Revolving Credit Notes, reflecting the amount of each such Lender’s Revolving Credit Commitments as so increased. 
  
 (c) Organization, Authorization and Incumbency. There shall be
delivered to the Agent for the benefit of each Lender a certificate, dated as of the First Amendment Effective Date and signed by the Secretary or an Assistant Secretary of the each Loan Party, certifying as appropriate as to: 
  
 (i) all action taken by such party in connection with this
First Amendment and the other Loan Documents together with resolutions of each Loan Party evidencing same; 
  
 (ii) the names of the officer or officers authorized to sign this First Amendment and the other documents executed and delivered in
connection herewith and the true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of the Loan Parties for purposes of the Loan Documents and the true signatures of such officers, on which the
Agent and each Lender may conclusively rely; and 
  
 (iii) copies of its organizational documents, including its certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation and limited liability company agreement, in each case as
in effect on the First Amendment Effective Date, certified by the appropriate state official where such documents are filed in a state office together with certificates from the appropriate state officials as to the continued existence and good
standing of the Borrower in each state where organized or qualified to do business, provided, however, that the Loan Parties may, in lieu of delivering copies of the foregoing organizational documents and good standing certificates, certify that the
organizational documents and good standing certificates previously delivered by the Loan Parties to the Agent remain in full force and effect and have not been modified, amended, or rescinded. 
  

 5 

 (d) Opinion of Counsel. The Borrower shall cause to be delivered to the Agent an opinion of
counsel of the Borrower with respect to this First Amendment in such form as shall be acceptable to the Agent. 
  
 (e) Material Adverse Change. Each of the Loan Parties represents and warrants to the Agent and the Lenders that, by its execution and delivery
hereof to the Agent, after giving effect to this First Amendment, no Material Adverse Change shall have occurred with respect to the Borrower or any of the Loan Parties since the Closing Date of the Credit Agreement. 
  
 (f) Litigation. Each of the Loan Parties represents and warrants to
the Agent and the Lenders that, by its execution and delivery hereof to the Agent, after giving effect to this First Amendment, there are no actions, suits, investigations, litigation or governmental proceedings pending or, to the Loans
Parties’ knowledge, threatened against any of the Loan Parties that could reasonably be expected to result in a Material Adverse Change. 
  
 (g) Representations and Warranties; No Event of Default. The representations and warranties set forth in the Credit Agreement and this First
Amendment shall be true and correct on and as of the First Amendment Effective Date with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which relate solely to
an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and no Potential Default or Event of Default shall exist and be continuing under the Credit
Agreement or under any other Material Contract, as of the First Amendment Effective Date. 
  
 (h) Amendment Fee. The Borrower shall have paid to the Agent, for the benefit of each Lender increasing its Revolving Credit Commitment pursuant to this First Amendment, an amendment fee in the amount of 5
basis points (0.05%) on the increase of such Lender’s Revolving Credit Commitment. 
  
 6. Joinder of New Guarantor. The New Guarantor shall have executed a Guarantor Joinder in the form as set forth on Exhibit A hereto, and the Agent shall have received an executed copy thereof along with
all related documents, as required pursuant to the Credit Agreement. 
  
 7. Amendment Effective Upon the Amendment of the Note Purchase Agreement. The following provision shall become effective at such time that (i) the definition of “Consolidated EBITDA” under the Note
Purchase Agreement has been amended in a similar manner as determined by the Agent or (ii) the Borrower has prepaid each Note in the “Make-Whole Amount” (as defined in the Note Purchase Agreement) and that all the obligations under the
Note Purchase Agreement have been paid in full and fully satisfied (until such time, the definition of Consolidated EBITDA under the Credit Agreement shall remain unchanged in its current form). Furthermore, upon the effectiveness of the following
amendment, Exhibit 8.3.4 [Quarterly Compliance Certificate] to the Credit Agreement, shall be revised in accordance with the amended definition of “Consolidated EBITDA” as set forth below. 
  

 6 

 (a) Definitions. 
  
 (i) The following existing definition in Section 1.1 is hereby amended and restated to read as follows:

  
 “Consolidated EBITDA shall mean, for any period
of determination, Consolidated Net Income for such period, (x) excluding therefrom (A) any non-cash extraordinary items of gain or loss (including without limitation those items created by mandated changes in accounting treatment) and (B) any gain
or loss of any other Person accounted for on the equity method, except to the extent of cash distributions received during the relevant period plus (y) the aggregate amounts deducted in determining Consolidated Net Income for such period in respect
of (i) Consolidated Interest Expense, (ii) income taxes, (iii) depletion and depreciation expense, and (iv) amortization expense; provided, however, that for the purposes of this definition, (1) with respect to a business acquired by
the Loan Parties pursuant to a Permitted Acquisition (including the Cantera Acquisition), Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers, in accordance with GAAP as if the Permitted Acquisition (including the
Cantera Acquisition) had been consummated at the beginning of such period, (2) with respect to a business or assets disposed of by the Loan Parties pursuant to Section 8.2.7 hereof, Consolidated EBITDA shall be calculated as if such disposition had
been consummated at the beginning of such period and (3) to the extent that the computation of Consolidated EBITDA includes a gain or loss with respect to a Pre-Acquisition Hedging Transaction, Consolidated EBITDA shall be (a) increased by any
non-cash items of loss arising from Pre-Acquisition Hedging Transactions net of any actual cash payments related to the items(s) giving rise to the loss and (b) decreased by any non-cash items of gain arising from Pre-Acquisition Hedging
Transactions net of any actual cash payments related to the items(s) giving rise to the gain. 
  
 As used in this defined term, “Pre-Acquisition Hedging Transactions” shall mean Commodity Hedges entered into by one or more of the Loan Parties in anticipation of a pending acquisition for the purposes of
hedging a portion of the commodities being acquired similar to and including the Commodity Hedges entered into by the Loan Parties prior to the Cantera Acquisition.” 
  
 8. Miscellaneous. 
  
 (a) Representations and Warranties. By its execution and delivery hereof to the Agent, each of the Loan Parties represents and warrants to the
Agent and the Lenders that (i) such Loan Party has duly authorized, executed and delivered this First Amendment, and (ii) no “Default” or “Event of Default” (as such terms are defined in the Note Purchase Agreement) shall have
occurred and be continuing under the Note Purchase Agreement after giving effect to the amendments set forth in the First Amendment. 
  

 7 

 (b) Full Force and Effect. All provisions of the Credit Agreement remain in full force and effect
on and after the First Amendment Effective Date and the date hereof except as expressly amended hereby. The parties do not amend any provisions of the Credit Agreement except as expressly amended hereby. 
  
 (c) Counterparts. This First Amendment may be signed in counterparts
(by facsimile transmission or otherwise) but all of which together shall constitute one and the same instrument 
  
 (d) Incorporation into Credit Agreement. This First Amendment shall be incorporated into the Credit Agreement by this reference. All
representations, warranties, Events of Default and covenants set forth herein shall be a part of the Credit Agreement as if originally contained therein. 
  
 (e) Governing Law. This First Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance
with, the laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles. 
  
 (f) Payment of Fees and Expenses. The Borrower unconditionally agrees to pay and reimburse the Agent and save the Agent harmless against liability
for the payment of all out-of-pocket costs, expenses and disbursements, including without limitation, to the Agent for itself the reasonable costs and expenses of the Agent including, without limitation, the reasonable fees and expenses of counsel
incurred by the Agent in connection with the development, preparation, execution, administration, interpretation or performance of this Amendment and all other documents or instruments to be delivered in connection herewith. 
  
 (g) No Novation. Except as amended hereby, all of the terms and
conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect. Borrower, the Guarantors, each Lender, and the Agent acknowledge and agree that this First Amendment is not intended to constitute, nor does it
constitute, a novation, interruption, suspension of continuity, satisfaction, discharge or termination of the obligations, loans, liabilities, or indebtedness under the Credit Agreement or the other Loan Documents. 
  
 (h) Joinder of Guarantors. Each of the Guarantors hereby joins in this
First Amendment to evidence its consent hereto, and each Guarantor hereby reaffirms its obligations set forth in the Credit Agreement as hereby amended, and in each other Loan Document given by it in connection therewith. 
  
 [SIGNATURE PAGES FOLLOW] 
  

 8 

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 FIRST AMENDMENT, WAIVER, AND CONSENT TO CREDIT AGREEMENT] 
  

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this First Amendment as of the day and year first
above written. 
  

					
	 PENN VIRGINIA OPERATING CO., LLC
PENN VIRGINIA RESOURCE PARTNERS, L.P.

			
	 	 	 By:
	 	Penn Virginia Resource GP, LLC, its sole general partner
	
	 CONNECT ENERGY SERVICES, LLC
 FIELDCREST RESOURCES LLC
 K RAIL LLC
 LOADOUT LLC
 PVR CHEROKEE GAS PROCESSING, LLC
 PVR GAS PIPELINE, LLC
 PVR GAS PROCESSING, LLC
 PVR GAS RESOURCES, LLC
 PVR HAMLIN I, LLC 
 PVR HAMLIN II, LLC
 PVR HAMLIN, LP

			
	 	 	 By:
	 	 PVR Hamlin I, LLC, its sole general partner

	
	 PVR HYDROCARBONS, LLC
 PVR LAVERNE
GAS PROCESSING, LLC
 PVR MIDSTREAM LLC
 PVR NATURAL
GAS GATHERING, LLC
 PVR OKLAHOMA NATURAL GAS GATHERING, LLC
 SUNCREST RESOURCES LLC
 WISE LLC

  

					
			
	 By:
	 	 /s/ A. James Dearlove

	 	(SEAL)
	Name:	 	A. James Dearlove	 	 
	Title:	 	Chief Executive Officer	 	 

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 FIRST AMENDMENT, WAIVER, AND CONSENT TO CREDIT AGREEMENT] 
  

			
	LENDERS
	
	 BNP PARIBAS, individually and as Managing Agent

		
	 By:
	 	 /s/ Russell Otts

	 Name:
	 	 Russell Otts

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Betsy Jocher

	 Name:
	 	 Betsy Jocher

	 Title:
	 	 Vice President

	
	BRANCH BANKING & TRUST COMPANY
		
	 By:
	 	 /s/ Hugh Ferguson

	 Name:
	 	 Hugh Ferguson

	 Title:
	 	 Vice President

	
	COMERICA BANK
		
	 By:
	 	 /s/ Huma Vadgama

	 Name:
	 	 Huma Vadgama

	 Title:
	 	 Vice President

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 FIRST AMENDMENT, WAIVER, AND CONSENT TO CREDIT AGREEMENT] 
  

			
	BANK OF AMERICA, N.A. successor by merger
to FLEET NATIONAL BANK, individually and as
Documentation Agent
		
	By:	 	 /s/ Michael J. Brochetti

	Name:	 	Michael J. Brochetti
	Title:	 	Director
	
	FORTIS CAPITAL CORP.
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director
		
	By:	 	 /s/ Casey Lowary

	Name:	 	Casey Lowary
	Title:	 	Senior Vice President
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Kenneth J. Fatur

	Name:	 	Kenneth J. Fatur
	Title:	 	Vice President
	
	PNC BANK, NATIONAL ASSOCIATION, individually and as Agent
		
	By:	 	 /s/ Holly Kay

	Name:	 	Holly Kay
	Title:	 	Bank Officer

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 FIRST AMENDMENT, WAIVER, AND CONSENT TO CREDIT AGREEMENT] 
  

			
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Jason York

	Name:	 	Jason York
	Title:	 	Attorney-In-Fact
	
	SOCIÉTÉ GÉNÉRALE, individually and as Managing Agent
		
	By:	 	 /s/ Stephen W. Warfel

	Name:	 	Stephen W. Warfel
	Title:	 	Vice President
	
	AMEGY BANK NATIONAL ASSOCIATION (formerly Southwest Bank of Texas, N.A.)
		
	By:	 	 /s/ W. Bryan Chapman

	Name:	 	W. Bryan Chapman
	Title:	 	Senior Vice President, Energy Lending

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 FIRST AMENDMENT, WAIVER, AND CONSENT TO CREDIT AGREEMENT] 
  

			
	 SUNTRUST BANK, individually and as
 Documentation Agent

		
	By:	 	 /s/ Joseph M. McCreery

	Name:	 	Joseph M. McCreery
	Title:	 	Vice President
	
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, individually and as
 Documentation Agent

		
	 By:
	 	 /s/ Jonathan R. Richardson

	 Name:
	 	Jonathan R. Richardson
	 Title:
	 	Vice PresidentSubordinated Convertible Debenture

 Exhibit 4.1 
  

SUBORDINATED CONVERTIBLE DEBENTURE 
  
 THIS DEBENTURE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS DEBENTURE
AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS DEBENTURE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS DEBENTURE UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO DATREK MILLER INTERNATIONAL, INC. THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 Debenture No. DMI-1 
  

			
	July 18, 2005	 	$2,000,000

  
 FOR VALUE RECEIVED,
the undersigned, DATREK MILLER INTERNATIONAL, INC., a Florida corporation, (“Maker” or “Company”), promises to pay to the order of STANFORD INTERNATIONAL BANK LTD., a corporation organized under the laws of Antigua
and Barbuda (“Holder”), the principal sum of Two Million Dollars ($2,000,000) with interest on the unpaid principal amount outstanding at the rate of 8% per annum and with the principal balance being due and payable on July 18, 2010, five
(5) years from the date of issuance(the “Maturity Date”). This Debenture is subject to the following additional provisions: 
  
 1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Debenture: (a) capitalized terms not otherwise defined
herein have the meanings given to such terms in the Purchase Agreement, and (b) the following terms shall have the following meanings: 
  
 “Common Stock” means the common stock, par value $0.001 per share, of the Company and stock of any other class into which such shares may
hereafter have been reclassified or changed. 
  
 “Conversion Date” shall have the meaning set forth in Section 5(c). 
  
 “Conversion Price” shall have the meaning set forth in Section 5(a). 
  
 “Conversion Shares” means the shares of Common Stock issuable upon conversion of Debenture. 
  
 “Debenture Register” shall have the meaning set forth in
Section 4(c). 

 “Effectiveness Period” shall have the meaning given to such term in the Registration
Rights Agreement. 
  
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
  
 “Notice
of Conversion” shall have the meaning set forth in Section 5(c). 
  
 “Person” means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency. 
  
 “Purchase Agreement” means the Securities Purchase
Agreement, dated as of July 18, 2005, to which the Company and the original Holder are parties, as amended, modified or supplemented from time to time in accordance with its terms. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date of the
Purchase Agreement, to which the Company and the original Holder are parties, as amended, modified or supplemented from time to time in accordance with its terms. 
  
 “Registration Statement” means a registration statement meeting the requirements set forth in the
Registration Rights Agreement, covering among other things the resale of the Conversion Shares and naming the Holder as a “selling stockholder” thereunder. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
  
 “Subsidiary” shall have the
meaning given to such term in the Purchase Agreement. 
  
 “Trading Day” means a day on which the Common Stock is traded on a Trading Market. 
  
 “Trading Market” means initially the OTC Bulletin Board and shall also include, the NASDAQ Small-Cap Market or the NASDAQ National
Market, whichever is at the time the principal trading exchange or market for the Common Stock, based upon share volume. 
  
 “Transaction Documents” shall have the meaning set forth in the Purchase Agreement. 
  
 2. Payment of Interest, Principal and Fees. 
  
 a. Interest. The Company shall pay interest at a rate of 8% per annum
in cash on a quarterly basis beginning October 18, 2005. 
  
 b.
Principal. To the extent not converted on July 18, 2010, all outstanding principal shall be due and payable, and shall be paid, to Holder. 

 3. Place of Payment. So long as Holder shall hold this Debenture, all payments of principal and
interest shall be made at the address of Maker as specified in this Debenture upon presentment of this Debenture. 
  
 4. Registration of Transfers and Exchanges. 
  
 a. Different Denominations. This Debenture is exchangeable for an equal aggregate principal amount of Debentures of different authorized
denominations, as requested by the Holder surrendering the same. No service charge will be made for such registration of transfer or exchange. 
  
 b. Investment Representations. This Debenture has been issued subject to certain investment representations of the original Holder set forth in the
Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal and state securities laws and regulations. 
  
 c. Reliance on Debenture Register. Prior to due presentment to the Company for transfer of this Debenture, the
Company and any agent of the Company may treat the Person in whose name this Debenture is duly registered on the Debenture Register as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or
not this Debenture is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary. 
  
 5. Conversion. 
  
 a. Conversion Price and Conversion Shares. The initial Conversion Price shall be $2.00 per share as adjusted to offset the effect of stock splits,
stock dividends and pro rata distributions of property or equity interests to the Company’s shareholders. The number of shares of Common Stock into which this Debenture may be converted (“Conversion Shares”) shall be determined by
dividing the aggregate principal amount by the Conversion Price in effect at the time of such conversion. 
  
 b. Voluntary Conversion. Any Holder of this Debenture has the right, at the Holder’s option, at any time after the date hereof or to convert
this Debenture, in accordance with the provisions of Section 5(a) and 5(d), in whole or in part, into fully paid and nonassessable shares of restricted common stock of the Company. 
  
 c. Conversion Procedure. Holder shall give notice of its decision to exercise its right to convert the Debenture or
part thereof by faxing an executed and completed notice of conversion in the form attached (“Notice of Conversion”) to the Company via confirmed facsimile transmission. The Holder will not be required to surrender the Debenture until the
Debenture has been fully converted or satisfied. Each date on which a Notice of Conversion is faxed to the Company in accordance with the provisions of this Section shall be deemed a “Conversion Date”. 
  
 d. Delivery of Stock Certificates. As promptly as practical after the
conversion, the Company will instruct or cause the transfer agent to deliver the Company’s Common Stock 

 
certificates representing the Shares issuable upon conversion of the Debenture to the Holder via express courier for receipt by such Holder within three (3)
business days after receipt by the Company of the Notice of Conversion (the “Delivery Date”). A Debenture representing the balance of any Debenture not so converted will be provided to the Holder, if requested by Holder provided an
original Debenture is delivered to the Company. To the extent that a Holder elects not to surrender a Debenture for reissuance upon partial payment or conversion, the Holder indemnifies the Company against any and all loss or damage attributable to
a third-party claim in an amount in excess of the actual amount then due under the Debenture. 
  
 6. Adjustments for Stock Splits and Subdivisions. In the event the Company should at any time or from time to time after the date of issuance hereof fix a record date for the effectuation of a split or
subdivision of the outstanding shares of common stock or the determination of holders of common stock entitled to receive a dividend or other distribution payable in additional shares of common stock or other securities or rights convertible into,
or entitling the holder thereof to receive directly or indirectly, additional shares of common stock (hereinafter referred to as the “Common Stock Equivalents”) without payment of any consideration by such holder for the additional shares
of common stock or the Common Stock Equivalents (including the additional shares of common stock issuable upon conversion or exercise thereof), then, as of such record date, (or the date of such dividend distribution, split or subdivision if no
record date is fixed), the Conversion Price of this Debenture shall be appropriately decreased, as the case shall be, so that the number of shares of common stock issuable upon conversion of this Debenture shall be increased in proportion to such
increase of outstanding shares. 
  
 If the number of shares of
common stock outstanding any time after the date of issuance of the Debenture is decreased by a combination of the outstanding shares of common stock, then, following the record date of such combination, the conversion price of this Debenture shall
be appropriately increased so that the number of shares of common stock issuable on conversion hereof shall be decreased in proportion to such decrease in outstanding shares. 
  
 Whenever the Conversion Price is adjusted pursuant to this Section 6, the Company shall promptly mail to each Holder a
notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 
  
 7. Reservation of Stock Issuable upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock solely for the purpose of issuance upon conversion of the Debenture, as herein provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the Holders, not less than
such number of shares of the Common Stock as shall (subject to any additional requirements of the Company as to reservation of such shares set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions herein)
upon the conversion of the outstanding principal amount of the Debenture. The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid, nonassessable and, if
the Registration Statement is then effective under the Securities Act, registered for public sale in accordance with such Registration Statement. 

 8. Subordination. The rights of the Holder or Holders of this Debenture to receive payment of any
principal or interest hereon is subject and subordinate to the prior payment in full in cash of the principal of (and premium, if any), and the interest on, all other indebtedness of the Company (including indebtedness of others guaranteed by the
Company), whether now outstanding or subsequently incurred, whether secured or unsecured, and any deferrals, renewals or extensions of such indebtedness or any guaranties, debentures, bonds or notes evidencing such indebtedness (the “Senior
Indebtedness”). Payment in full of all Senior Indebtedness must be made thereon before any payment is made on or in respect of this Debenture. During the continuance of any default with respect to any Senior Indebtedness entitling the holder
thereof to accelerate the maturity thereof, or if any such default would be caused by any payment upon or in respect of this Debenture, no payment may be made by the Company upon or in respect of the Debenture. Upon any receivership, insolvency,
assignment for the benefit of creditors, bankruptcy, reorganization, sale of all or substantially all of the assets of the Company, dissolution, liquidation or any other event marshalling of the assets and liabilities of the Company, or in the event
this Debenture is declared due and payable upon the occurrence of a default hereunder, then no amount shall be paid by the Company with respect to principal and interest hereon unless and until the principal of, and interest on, all Senior
Indebtedness then outstanding is paid in full in cash. The Holder of this Debenture, by accepting the same, agrees to and shall be bound by the subordination provisions hereof. 
  
 9. Transfer Taxes. The issuance of certificates for shares of the Common Stock on conversion of the Debenture shall
be made without charge to the Holders thereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate, provided that the Company shall not be required to pay any tax that may be payable
in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of such Debenture so converted and the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
  
 10. Dilution. The Company is aware and acknowledges that conversion of
the Debenture could cause dilution to existing shareholders and could significantly increase the outstanding number of shares of Common Stock. The Company warrants that no rights have been granted to any holder of Common Stock that would prevent
dilution or enlargement of the rights held by said holder. 
  
 11.
Investment Intent. This Debenture is given to Holder with the understanding that Holder is acquiring this Debenture for investment purposes and not with a view to, for resale in connection with, or with an intent of participating directly or
indirectly in any distribution within the meaning of the Securities Act of 1933, as amended. Holder shall not divide his participation with others or resell, assign or otherwise dispose of all or any part of this Debenture except as otherwise set
forth in this Debenture. 
  
 12. Negative Covenants. So
long as any portion of this Debenture is outstanding, the Company will not and will not permit any of its Subsidiaries to directly or indirectly: 
  
 a. amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holder; 

 b. repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis
number of shares of its Common Stock or other equity securities other than as to the Conversion Shares to the extent permitted or required under the Transaction Documents or as otherwise permitted by the Transaction Documents or as required under
any existing documents of the Company; or 
  
 c. enter into
any agreement with respect to any of the foregoing. 
  
 13.
Miscellaneous. 
  
 a. Waivers. No waiver of any
term or condition of this Debenture shall be construed to be a waiver of any succeeding breach of the same term or condition. No failure or delay of Holder to exercise any power hereunder, or to insist upon strict compliance by Maker of any
obligations hereunder, and no custom or other practice at variance with the terms hereof shall constitute a waiver of the right of Holder to demand exact compliance with such terms. 
  
 b. Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and liquidated damages (if any) on, this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt
obligation of the Company. This Debenture ranks pari passu with all other Debentures now or hereafter issued under the terms set forth herein. 
  
 c. Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution for a lost, stolen or destroyed Debenture, a new Debenture for the principal amount of this Debenture so mutilated, lost, stolen or destroyed but
only upon receipt of evidence of such loss, theft or destruction of such Debenture, and of the ownership hereof, and indemnity, if requested, all reasonably satisfactory to the Company. 
  
 d. Invalid Provisions. In the event any provision contained in this Debenture shall, for any reason, be held invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Debenture, and this Debenture shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. 
  
 e. Successors. This Debenture
shall be binding upon Maker, its legal representatives, successors and assigns, and inure to the benefit of Holder, its legal representatives, successors and assigns. 
  
 f. Controlling Law. This Debenture shall be read, construed and governed in all respects in accordance with the laws
of the State of Florida. 

 g. Notices. All notices or other communications given or made under this Agreement shall be in
writing and shall be personally delivered or deemed delivered the first business day after being faxed (provided that a copy is delivered by mail by certified or registered mail, return receipt requested) to the party to receive the same at its
address set forth below or to such other address as either party shall give to the other by notice duly made under this Section. 
  

			
	 Company:
	  	Datrek Miller International, Inc.
	 	  	835 Bill Jones Industrial Drive
	 	  	Springfield, TN 37172
	 	  	Attention: Michael S. Hedge
	 	  	Telephone: (615) 384-1230
	 	  	Facsimile: (615) 384-1290
		
	 Purchaser:
	  	Stanford International Bank Ltd.
	 	  	c/o Stanford Venture Capital Holdings, Inc.
	 	  	6075 Poplar Avenue
	 	  	Memphis, TN 38119
	 	  	Attention: James M. Davis, President
	 	  	Telephone: (901) 680-5260
	 	  	Facsimile: (901) 680-5265
		
	 with a copy to:
	  	Stanford Financial Group
	 	  	5050 Westheimer
	 	  	Houston, TX 77056
	 	  	Attention: Mauricio Alvarado, Esq.
	 	  	Telephone: (713) 964-5145
	 	  	Facsimile: (713) 964-5245

  
 h. Construction of
Terms. Whenever the context so requires, any gender is deemed to include any other, and the singular is deemed to include the plural, and conversely. 
  
 i. Headings. All section and subsection headings in this Debenture, wherever they appear, are for convenience only and shall not affect the
construction of any terms in this Debenture. 
  
 j. No
Shareholder Rights. Nothing contained in this Debenture shall be construed as conferring upon the Holder or any other person the right to vote or to consent or to receive notice as a shareholder in respect of meetings of shareholders for the
election of directors of the Maker or any other matters or any other rights whatsoever as a shareholder of the Maker; and no dividends or interest shall be payable or accrued in respect to this Debenture or the interest represented thereby or the
Conversion Shares obtainable under this Debenture until, and only to the extent that, this Debenture shall have been converted. 

 IN WITNESS WHEREOF, the undersigned has caused this Debenture to be executed by its duly authorized
officer, as of the day and year first above written. 
  

			
	 DATREK MILLER INTERNATIONAL, INC.

		
	 By:
	 	 /s/ Michael S. Hedge

	 	 	Michael S. Hedge
	 	 	Chief Executive Officer

 NOTICE OF CONVERSION 
 OF 
 8 % SUBORDINATED CONVERTIBLE DEBENTURE 
 DUE JULY 18, 2010 
  
 (To be Executed by the Registered Holder in order to Convert the Debenture) 
  
 The undersigned irrevocably elects to convert $
                     of the principal amount of the above Debenture into Shares of Common Stock of Datrek Miller International, Inc. (the
“Company”) according to the conditions of the Subordinated Convertible Debenture No. DMI-1, dated July 18, 2005. 
  
 Conversion Date*:                     
  
 Applicable Conversion
Price:                     
  

			
	____________________________________________________
	 
	Name:	 	 ___________________________________________

	Address:	 	 ___________________________________________

	
	____________________________________________________

  

	*	If this Notice of Conversion represents conversion of the outstanding principal balance of the Debenture, the original Debenture must be received by the Company or its transfer
agent by the third business date following the Conversion Date.

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