Document:

Exhibit
10.8

CREDIT
AGREEMENT

Dated as of January 24, 2007

among

MV PARTNERS, LLC,

as Borrower,

MV ENERGY, LLC and

VAP-I, LLC,

as Guarantors

BANK OF AMERICA, N.A.,

as Administrative Agent

and

The Lenders Party Hereto

TABLE OF
CONTENTS

	
  Section

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I. DEFINITIONS AND
  ACCOUNTING TERMS

  	
   

  	
  1

  
	
  1.01

  	
   

  	
  Defined Terms

  	
   

  	
  1

  
	
  1.02

  	
   

  	
  Other Interpretive Provisions

  	
   

  	
  19

  
	
  1.03

  	
   

  	
  Accounting Terms

  	
   

  	
  20

  
	
  1.04

  	
   

  	
  Rounding

  	
   

  	
  20

  
	
  1.05

  	
   

  	
  Times of Day

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II. THE COMMITMENTS
  AND CREDIT EXTENSIONS

  	
   

  	
  20

  
	
  2.01

  	
   

  	
  Loans

  	
   

  	
  20

  
	
  2.02

  	
   

  	
  Borrowings, Conversions and Continuations of
  Loans

  	
   

  	
  20

  
	
  2.03

  	
   

  	
  Intentionally Omitted

  	
   

  	
  22

  
	
  2.04

  	
   

  	
  Intentionally Omitted

  	
   

  	
  22

  
	
  2.05

  	
   

  	
  Prepayments

  	
   

  	
  22

  
	
  2.06

  	
   

  	
  Intentionally Omitted

  	
   

  	
  23

  
	
  2.07

  	
   

  	
  Scheduled Repayments of Loans

  	
   

  	
  23

  
	
  2.08

  	
   

  	
  Interest

  	
   

  	
  23

  
	
  2.09

  	
   

  	
  Fees

  	
   

  	
  24

  
	
  2.10

  	
   

  	
  Computation of Interest and Fees

  	
   

  	
  24

  
	
  2.11

  	
   

  	
  Evidence of Debt

  	
   

  	
  24

  
	
  2.12

  	
   

  	
  Payments Generally; Agent’s Clawback

  	
   

  	
  25

  
	
  2.13

  	
   

  	
  Sharing of Payments

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III. TAXES, YIELD
  PROTECTION AND ILLEGALITY

  	
   

  	
  27

  
	
  3.01

  	
   

  	
  Taxes

  	
   

  	
  27

  
	
  3.02

  	
   

  	
  Illegality

  	
   

  	
  28

  
	
  3.03

  	
   

  	
  Inability to Determine Rates

  	
   

  	
  28

  
	
  3.04

  	
   

  	
  Increased Costs

  	
   

  	
  29

  
	
  3.05

  	
   

  	
  Compensation for Losses

  	
   

  	
  30

  
	
  3.06

  	
   

  	
  Mitigation Obligations

  	
   

  	
  30

  
	
  3.07

  	
   

  	
  Survival

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV. CONDITIONS PRECEDENT
  TO CREDIT EXTENSIONS

  	
   

  	
  31

  
	
  4.01

  	
   

  	
  Conditions of Initial Borrowing

  	
   

  	
  31

  
	
  4.02

  	
   

  	
  Additional Conditions to Borrowings

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V. REPRESENTATIONS AND
  WARRANTIES

  	
   

  	
  33

  
	
  5.01

  	
   

  	
  Existence, Qualification and Power; Compliance
  with Laws

  	
   

  	
  33

  
	
  5.02

  	
   

  	
  Authorization; No Contravention

  	
   

  	
  33

  
	
  5.03

  	
   

  	
  Governmental Authorization; Other Consents

  	
   

  	
  34

  
	
  5.04

  	
   

  	
  Binding Effect

  	
   

  	
  34

  
	
  5.05

  	
   

  	
  Financial Statements; No Material Adverse Effect

  	
   

  	
  34

  
	
  5.06

  	
   

  	
  Litigation

  	
   

  	
  34

  
	
  5.07

  	
   

  	
  No Default

  	
   

  	
  35

  

 

[CREDIT AGREEMENT]

 

	
  5.08

  	
   

  	
  Ownership of Property; Liens

  	
   

  	
  35

  
	
  5.09

  	
   

  	
  Environmental Compliance

  	
   

  	
  35

  
	
  5.10

  	
   

  	
  Insurance

  	
   

  	
  35

  
	
  5.11

  	
   

  	
  Taxes

  	
   

  	
  35

  
	
  5.12

  	
   

  	
  ERISA Compliance

  	
   

  	
  35

  
	
  5.13

  	
   

  	
  Subsidiaries

  	
   

  	
  36

  
	
  5.14

  	
   

  	
  Margin Regulations; Investment Company Act;
  Public Utility Holding Company Act

  	
   

  	
  36

  
	
  5.15

  	
   

  	
  Disclosure

  	
   

  	
  36

  
	
  5.16

  	
   

  	
  Compliance with Laws

  	
   

  	
  37

  
	
  5.17

  	
   

  	
  Leases; Contracts; Licenses, Etc.

  	
   

  	
  37

  
	
  5.18

  	
   

  	
  Sale of Production

  	
   

  	
  38

  
	
  5.19

  	
   

  	
  Operation of Oil and Gas Properties

  	
   

  	
  39

  
	
  5.20

  	
   

  	
  Ad Valorem and Severance Taxes; Litigation

  	
   

  	
  39

  
	
  5.21

  	
   

  	
  Intellectual Property; Licenses, Etc.

  	
   

  	
  39

  
	
  5.22

  	
   

  	
  MV Oil Trust

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI. AFFIRMATIVE
  COVENANTS

  	
   

  	
  40

  
	
  6.01

  	
   

  	
  Financial Statements

  	
   

  	
  40

  
	
  6.02

  	
   

  	
  Certificates; Other Information

  	
   

  	
  40

  
	
  6.03

  	
   

  	
  Notices

  	
   

  	
  42

  
	
  6.04

  	
   

  	
  Payment of Obligations

  	
   

  	
  43

  
	
  6.05

  	
   

  	
  Preservation of Existence, Etc.

  	
   

  	
  43

  
	
  6.06

  	
   

  	
  Maintenance of Properties

  	
   

  	
  43

  
	
  6.07

  	
   

  	
  Maintenance of Insurance

  	
   

  	
  43

  
	
  6.08

  	
   

  	
  Compliance with Laws

  	
   

  	
  44

  
	
  6.09

  	
   

  	
  Books and Records

  	
   

  	
  44

  
	
  6.10

  	
   

  	
  Inspection Rights

  	
   

  	
  44

  
	
  6.11

  	
   

  	
  Use of Proceeds

  	
   

  	
  45

  
	
  6.12

  	
   

  	
  Agreement to Deliver Security Documents

  	
   

  	
  45

  
	
  6.13

  	
   

  	
  Production Proceeds

  	
   

  	
  45

  
	
  6.14

  	
   

  	
  Mortgaged Property Covenants

  	
   

  	
  45

  
	
  6.15

  	
   

  	
  Guaranties of Borrower’s Subsidiaries

  	
   

  	
  46

  
	
  6.16

  	
   

  	
  Environmental Matters; Environmental Reviews

  	
   

  	
  46

  
	
  6.17

  	
   

  	
  MV Oil Trust

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII. NEGATIVE
  COVENANTS

  	
   

  	
  47

  
	
  7.01

  	
   

  	
  Liens

  	
   

  	
  47

  
	
  7.02

  	
   

  	
  Investments

  	
   

  	
  47

  
	
  7.03

  	
   

  	
  Indebtedness

  	
   

  	
  48

  
	
  7.04

  	
   

  	
  Fundamental Changes

  	
   

  	
  48

  
	
  7.05

  	
   

  	
  Dispositions

  	
   

  	
  48

  
	
  7.06

  	
   

  	
  Restricted Payments

  	
   

  	
  50

  
	
  7.07

  	
   

  	
  Change in Nature of Business

  	
   

  	
  50

  
	
  7.08

  	
   

  	
  Transactions with Affiliates

  	
   

  	
  50

  
	
  7.09

  	
   

  	
  Burdensome Agreements

  	
   

  	
  50

  

 

 ii
 

 

	
  7.10

  	
   

  	
  Use of Proceeds

  	
   

  	
  50

  
	
  7.11

  	
   

  	
  Hedging Contracts

  	
   

  	
  51

  
	
  7.12

  	
   

  	
  Consolidated Fixed Charge Coverage Ratio

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII. events of
  default and remedies

  	
   

  	
  52

  
	
  8.01

  	
   

  	
  Events of Default

  	
   

  	
  52

  
	
  8.02

  	
   

  	
  Remedies Upon Event of Default

  	
   

  	
  54

  
	
  8.03

  	
   

  	
  Application of Funds

  	
   

  	
  54

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX. ADMINISTRATIVE
  AGENT

  	
   

  	
  55

  
	
  9.01

  	
   

  	
  Appointment and Authorization of Administrative
  Agent

  	
   

  	
  55

  
	
  9.02

  	
   

  	
  Rights as a Lender

  	
   

  	
  55

  
	
  9.03

  	
   

  	
  Exculpatory Provisions

  	
   

  	
  55

  
	
  9.04

  	
   

  	
  Reliance by Administrative Agent

  	
   

  	
  56

  
	
  9.05

  	
   

  	
  Delegation of Duties

  	
   

  	
  56

  
	
  9.06

  	
   

  	
  Resignation of Agent

  	
   

  	
  56

  
	
  9.07

  	
   

  	
  Non-Reliance on Agent and Other Lenders

  	
   

  	
  57

  
	
  9.08

  	
   

  	
  No Other Duties, Etc.

  	
   

  	
  57

  
	
  9.09

  	
   

  	
  Administrative Agent May File Proofs of Claim

  	
   

  	
  57

  
	
  9.10

  	
   

  	
  Guaranty Matters

  	
   

  	
  58

  
	
  9.11

  	
   

  	
  Collateral Matters

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X. MISCELLANEOUS

  	
   

  	
  60

  
	
  10.01

  	
   

  	
  Amendments, Etc.

  	
   

  	
  60

  
	
  10.02

  	
   

  	
  Notices; Effectiveness; Electronic
  Communications

  	
   

  	
  61

  
	
  10.03

  	
   

  	
  No Waiver; Cumulative Remedies

  	
   

  	
  62

  
	
  10.04

  	
   

  	
  Expenses; Indemnity; Damage Waiver

  	
   

  	
  63

  
	
  10.05

  	
   

  	
  Payments Set Aside

  	
   

  	
  64

  
	
  10.06

  	
   

  	
  Successors and Assigns

  	
   

  	
  65

  
	
  10.07

  	
   

  	
  Treatment of Certain Information;
  Confidentiality

  	
   

  	
  67

  
	
  10.08

  	
   

  	
  Right of Setoff

  	
   

  	
  68

  
	
  10.09

  	
   

  	
  Interest Rate Limitation

  	
   

  	
  68

  
	
  10.10

  	
   

  	
  Counterparts; Integration; Effectiveness

  	
   

  	
  69

  
	
  10.11

  	
   

  	
  Survival of Representations and Warranties

  	
   

  	
  69

  
	
  10.12

  	
   

  	
  Replacement of Lenders

  	
   

  	
  69

  
	
  10.13

  	
   

  	
  Severability

  	
   

  	
  70

  
	
  10.14

  	
   

  	
  Governing Law; Jurisdiction; Etc.

  	
   

  	
  70

  
	
  10.15

  	
   

  	
  Waiver of Right to Trial by Jury

  	
   

  	
  71

  
	
  10.16

  	
   

  	
  USA PATRIOT Act Notice

  	
   

  	
  71

  
	
  10.17

  	
   

  	
  Time of the Essence

  	
   

  	
  71

  
	
  10.18

  	
   

  	
  Restatement

  	
   

  	
  71

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BANK OF AMERICA, N.A.

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  Lenders’ Commitments and Applicable Percentages

  	
   

  	
   

  
	
  2

  	
   

  	
  Security Documents

  	
   

  	
   

  
							

 

 iii
 

 

	
  3

  	
   

  	
  Disclosure Schedule

  	
   

  	
   

  
	
  4

  	
   

  	
  Administrative Agent’s Office, Certain Addresses for
  Notices

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Form of

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A

  	
  Loan Notice

  	
   

  	
   

  
	
   

  	
  B

  	
  Note

  	
   

  	
   

  
	
   

  	
  C

  	
  Compliance Certificate

  	
   

  	
   

  
	
   

  	
  D

  	
  Assignment and Assumption

  	
   

  	
   

  
	
   

  	
  E

  	
  Opinion Of Counsel To Loan Parties

  	
   

  	
   

  
	
   

  	
  F

  	
  Mortgage Amendment

  	
   

  	
   

  
							

 

 iv

CREDIT
AGREEMENT

CREDIT
AGREEMENT (this “Agreement”) is entered into as of
January 24, 2007, among MV PARTNERS, LLC, a Kansas limited liability company (“Borrower”),
MV ENERGY, LLC, a Kansas limited liability company (“MV Energy”), and
VAP-I, LLC, a Kansas limited liability company (“VAP-I”; MV Energy and
VAP-I collectively called “Holders”), each lender from time to time
party hereto (collectively, “Lenders” and individually, a “Lender”),
and BANK OF AMERICA, N.A., as Administrative Agent.

WHEREAS, Borrower,
the lenders party thereto (the “Existing Lenders”) and Bank of America,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, are parties to
that certain Credit Agreement dated as of December 21, 2005 (such agreement,
the “Existing Credit Agreement”) pursuant to which the Existing Lenders
agreed to make revolving credit loans (therein referred to as the “Existing
Loans”) to Borrower, the Swing Line Lender agreed to make swing line loans
to Borrower, L/C Issuer agreed to issue letters of credit for the account of
Borrower, and Existing Lenders agreed to purchase participations in such swing
line loans and such letters of credit; and

WHEREAS, the
Borrower desires to convert, renew and extend $25,000,000 of the Existing Loans
into term loans; and

WHEREAS, the
Borrower desires to repay the Existing Loans in excess of $25,000,000, repay in
full the letters of credit obligations and the swing line loans, and terminate
the commitments to make, issue or participate in revolving credit loans, swing
line loans and letters of credit, in each case under the Existing Credit
Agreement; and

WHEREAS, the
Borrower desires to enter into the transactions contemplated by the MV Oil
Trust Documents, as defined herein, and obtain the consent and agreement of the
Existing Lenders thereto; and

WHEREAS, the
Lenders are willing, on the terms and subject to the conditions herein set
forth to convert, renew and extend $25,000,000 of the Existing Loans into term
loans and to consent and agree to the transactions contemplated by the MV Oil
Trust Documents; and

WHEREAS, in
consideration of the sale or transfer to the Guarantors of certain units of MV
Oil Trust, and for other consideration, the Guarantors are willing to guaranty
the indebtedness and obligations of Borrower and become parties to this
Agreement;

In consideration
of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE
I.  DEFINITIONS AND ACCOUNTING TERMS

1.01                 Defined
Terms.  As used in this Agreement, the
following terms shall have the meanings set forth below:

“Administrative
Agent” or “Agent” means Bank of America in its capacity as
administrative agent under any of the Loan Documents, or any successor
administrative agent.

“Administrative
Agent’s Office” means Agent’s address and, as appropriate, account as set
forth on Schedule 4, or such other address or account as Agent may from
time to time notify Borrower and Lenders.

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by
Agent.

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under
common Control with the Person specified.

“Agent Fee
Letter” has the meaning specified in Section 2.09.

“Aggregate
Commitments” means the Commitments of all Lenders.

“Agreement”
means this Credit Agreement.

“Applicable
Percentage” means with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of the Term Facility represented by
(i) on or prior to the Closing
Date, such Lender’s Commitment at such time and (ii) thereafter,
the principal amount of such Lender’s Loans at such time.

“Applicable
Rate” means zero percent per annum for Base Rate Loans and 2.00% per annum
for Eurodollar Rate Loans.

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and
an Eligible Assignee (with the consent of any party whose consent is required
by Section 10.06(b), and accepted by Agent, in substantially the
form of Exhibit D or any other form approved by Agent.

“Attributable
Indebtedness” means, on any date, (a) in respect of any capital lease of
any Person, the capitalized amount thereof that would appear on a balance sheet
of such Person prepared as of such date in accordance with GAAP, and (b) in
respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP
if such lease were accounted for as a capital lease.

“Audited
Financial Statements” means the audited consolidated balance sheet of
Borrower and its Subsidiaries for the fiscal year ended December 31, 2005, and
the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal year of Borrower and its Subsidiaries,
including the notes thereto.

“Bank of
America” means Bank of America, N.A. and its successors.

 2
 

“Base Rate”
means for any day a fluctuating rate per annum equal to the higher of (a) the
Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for
such day as publicly announced from time to time by Bank of America as its “prime
rate.”  The “prime rate” is a rate set by
Bank of America based upon various factors including Bank of America’s costs
and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below
such announced rate.  Any change in such
rate announced by Bank of America shall take effect at the opening of business
on the day specified in the public announcement of such change.

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate.

“Borrower”
has the meaning specified in the introductory paragraph hereto.

“Borrower
Materials” has the meaning specified in Section 6.02.

“Borrowing”
means the borrowing consisting of Loans by each of the Lenders pursuant to Section 2.01.

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial
banks are authorized to close under the Laws of, or are in fact closed in, the
state where Administrative Agent’s Office is located and, if such day relates
to any Eurodollar Rate Loan, means any such day on which dealings in Dollar
deposits are conducted by and between banks in the London interbank eurodollar
market.

“Change in Law”
means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or
treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or directive
(whether or not having the force of law) by any Governmental Authority.

“Change of
Control” means an event or series of events by which:

(a)                                  MV
Energy ceases to be the sole managing member of Borrower; or

(b)                                 Any
Person, other than David Murfin, J. Michael Vess or companies or trusts
Controlled by or established for the benefit of either of such individuals or
their respective heirs at law (such as companies or trusts established for
estate planning purposes) shall directly or indirectly Control MV Energy; or

(c)                                  Any
individual other than David Murfin or J. Michael Vess shall be the chief
executive officers or sole managers of MV Energy or shall be actively
performing the duties customarily associated with such positions.

“Closing Date”
means the first date all the conditions precedent in Section 4.01
are satisfied or waived in accordance with Section 10.01.

 3
 

“Closing
Transactions” means (i) the distribution by Borrower to MV Energy and VAP-I
of the remainder of the cash proceeds of the sale of 7,500,000 Trust Units as
contemplated by the MV Oil Trust Prospectus, minus amounts used to repay the
Existing Loans that exceed $25,000,000, and minus all fees, costs and expenses
of this Agreement and of the offering and sale of Trust Units as contemplated
by the MV Oil Trust Prospectus and the Underwriting Agreement, (ii) the
distribution by Borrower of 2,000,000 Trust Units to each of MV Energy and
VAP-I, (iii) the sale within 30 days from the date hereof of up to 562,500
Trust Units by each of MV Energy and VAP-I as “Additional Units” under the
Underwriting Agreement, (iv) the VAP-I Equity Repurchase, and (v) the
distribution within 40 days from the date hereof by MV Energy and by VAP-I of
the cash proceeds (but not the Trust Units) held by each of them after giving
effect to the foregoing transactions.

“Code”
means the Internal Revenue Code of 1986, as amended.

“Collateral”
means all property of any kind which is subject to a Lien in favor of Lenders
(or in favor of Administrative Agent for the benefit of Lenders) or which,
under the terms of any Security Document, is purported to be subject to such a
Lien.

“Commitment”
means, as to each Lender, its obligation to make Loans to Borrower pursuant to Section
1 in an aggregate principal amount at any one time outstanding not to
exceed the amount set forth opposite such Lender’s name on Schedule 1
under the caption “Commitment” or opposite such caption in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this
Agreement.

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C.

“Consolidated
EBITDA from Operations” means, for any period, for Borrower and its Subsidiaries
on a consolidated basis, an amount equal to the net income from operations of
Borrower and its Subsidiaries (excluding extraordinary gains but including
extraordinary losses) for that period plus the following to the extent
deducted in calculating such net income from operations: (i) Consolidated
Interest Charges for such period, (ii) the provision for Federal, state and
local income taxes payable by Borrower and its Subsidiaries for such period,
and (iii) depreciation, depletion and amortization expense and other non-cash
charges (including those resulting from the FASB 133, as amended, or FASB 143
or FASB 144).

“Consolidated Fixed Charge Coverage Ratio” means, for any period, the ratio of
(a) (i) Consolidated EBITDA from Operations for such period, plus (ii) the
amount of the actual cash distributions by MV Oil Trust during such period to
Borrower or to Holders if such amounts are actually paid by Holders to Borrower
during such period, whether as a repayment of debt, contribution to capital or
otherwise, less (iii) the aggregate amount of all capital expenditures
for maintenance,  repair or replacement
of existing assets during such period to (b) the sum of (i) Consolidated
Interest Charges for such period, plus (ii) the aggregate principal amount of
all regularly scheduled principal payments on debt for borrowed money
(including the Loans) payable during such period.

 4
 

“Consolidated
Interest Charges” means, for any period, for Borrower and its Subsidiaries
on a consolidated basis, the sum of (a) all interest, premium payments, debt
discount, fees, charges and related expenses of Borrower and its Subsidiaries
in connection with borrowed money (including capitalized interest) or in
connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, and (b) the portion of rent
expense of Borrower and its Subsidiaries with respect to such period under
capital leases that is treated as interest in accordance with GAAP.

“Contractual
Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.

“Control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled”
have meanings correlative thereto.

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization,
or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors
generally.

“Default”
means any event or condition that constitutes an Event of Default or that, with
the giving of any notice, the passage of time, or both, would be an Event of
Default.

“Default Rate”
means an interest rate equal to (i) the Base Rate plus (ii) the
Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per
annum; provided, however, that with respect to a Eurodollar Rate
Loan, the Default Rate shall be an interest rate equal to the interest rate
(including any Applicable Rate) otherwise applicable to such Loan plus 2% per
annum.

“Defaulting
Lender” means any Lender that (a) has failed to fund any portion of the Loans
required to be funded by it hereunder within one Business Day of the date
required to be funded by it hereunder, (b) has otherwise failed to pay over to
Agent or any other Lender any other amount required to be paid by it hereunder
within one Business Day of the date when due, unless the subject of a good
faith dispute, or (c) has been deemed insolvent or become the subject of a
bankruptcy or insolvency proceeding.

“Disclosure
Schedule” means Schedule 3 hereto.

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any property by
any Person, including any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims
associated therewith.

“Dollar”
and “$” mean lawful money of the United States.

 5
 

“Eligible
Assignee” means (a) a Lender; (b) an Affiliate of a Lender; and (c) any
other Person (other than a natural person) approved by (i) Agent and (ii) unless
an Event of Default has occurred and is continuing, Borrower (each such
approval not to be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include any Loan
Party or any Affiliate or Subsidiary of any Loan Party.

“Engineering
Report” means the Initial Engineering Report and each engineering report
delivered pursuant to Section 6.02(d) or Section 6.02 (e).

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental
restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including those related to
hazardous substances or wastes, air emissions and discharges to waste or public
systems.

“Environmental
Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of Borrower, any other Loan Party or any of their respective
Subsidiaries directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any
Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

“Equity
Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the
warrants, options or other rights for the purchase or acquisition from such
Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for
shares of capital stock of (or other ownership or profit interests in) such
Person or warrants, rights or options for the purchase or acquisition from such
Person of such shares (or such other interests), and all of the other ownership
or profit interests in such Person (including partnership, member or trust
interests therein), whether voting or nonvoting, and whether or not such
shares, warrants, options, rights or other interests are outstanding on any
date of determination.

“ERISA”
means the Employee Retirement Income Security Act of 1974.

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under
common control with a Loan Party within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of
provisions relating to Section 412 of the Code).

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by Borrower or any ERISA Affiliate from a Pension Plan subject to
Section 4063 of ERISA during a plan year in which it was a substantial
employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations that is treated as such a withdrawal 

 6
 

under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower
or any ERISA Affiliate from a Multiemployer Plan or notification that a
Multiemployer Plan is in reorganization; (d) the filing of a notice of intent
to terminate, the treatment of a Plan amendment as a termination under Sections
4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate
a Pension Plan or Multiemployer Plan; (e) an event or condition which
constitutes grounds under Section 4042 of ERISA for the termination of, or
the appointment of a trustee to administer, any Pension Plan or Multiemployer
Plan; or (f) the imposition of any liability under Title IV of ERISA, other
than for PBGC premiums due but not delinquent under Section 4007 of ERISA,
upon Borrower or any ERISA Affiliate.

“Eurodollar
Base Rate” has the meaning specified in the definition of Eurodollar Rate.

“Eurodollar
Rate” means for any Interest Period with respect to a Eurodollar Rate Loan,
a rate per annum determined by Agent pursuant to the following formula:

	
  Eurodollar Rate =

  	
   

  	
  Eurodollar Base Rate

  
	
   

  	
  1.00 — Eurodollar Reserve 

  
	
   

  	
    Percentage

  

 

Where,

“Eurodollar
Base Rate” means, for such Interest Period (rounded upwards, as necessary,
to the nearest 1/100 of 1%) the rate per annum equal to the British Bankers
Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other
commercially available source providing quotations of BBA LIBOR as designated
by Agent from time to time) at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period, for Dollar deposits
(for delivery on the first day of such Interest Period) with a term equivalent
to such Interest Period.  If such rate is
not available at such time for any reason, then the “Eurodollar Base Rate”
for such Interest Period (rounded upwards, as necessary, to the nearest 1/100
of 1%) shall be the rate per annum determined by Agent to be the rate at which
deposits in Dollars for delivery on the first day of such Interest Period in
same day funds in the approximate amount of the Eurodollar Rate Loan being made,
continued or converted by Bank of America and with a term equivalent to such
Interest Period would be offered by Bank of America’s London Branch to major
banks in the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two Business Days prior to the
commencement of such Interest Period.

“Eurodollar
Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places)
in effect on such day, whether or not applicable to any Lender, under
regulations issued from time to time by the Board of Governors of the Federal
Reserve System of the United States for determining the maximum reserve
requirement (including any emergency, supplemental or other marginal reserve
requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency

 7
 

liabilities”).  The Eurodollar Rate for each outstanding
Eurodollar Rate Loan shall be adjusted automatically as of the effective date
of any change in the Eurodollar Reserve Percentage.

“Eurodollar
Rate Loan” means a Loan that bears interest at a rate based on the
Eurodollar Rate.

“Event of
Default” has the meaning specified in Section 8.01.

“Existing
Credit Agreement” has the meaning given in the recitals to this Agreement.

“Existing Loans”
has the meaning given in the recitals to this Agreement.

“Excluded Taxes”
means, with respect to Agent, any Lender or any other recipient of any payment
to be made by or on account of any obligation of Borrower hereunder, (a) taxes
imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the
jurisdiction (or any political subdivision thereof) under the laws of which
such recipient is organized or in which its principal office is located or, in
the case of any Lender, in which its applicable Lending Office is located, and
(b) any branch profits taxes imposed by the United States or any similar tax
imposed by any other jurisdiction in which Borrower is located.

“Extraordinary
Receipt” means any cash received by or paid to or for the account of
any Person not in the ordinary course of business, including tax refunds,
pension plan reversions, proceeds of insurance (other than proceeds of business
interruption insurance to the extent such proceeds constitute compensation for
lost earnings), condemnation awards (and payments in lieu thereof), indemnity
payments and any purchase price adjustments; provided, however,
that an Extraordinary Receipt shall not include cash receipts from proceeds of
insurance, condemnation awards (or payments in lieu thereof) or indemnity
payments to the extent that such proceeds, awards or payments: (a) are in an
aggregate amount of less than $100,000 in respect of any single event or
condition or series of related events or conditions; (b) are in respect of loss
or damage to equipment, fixed assets or real property and are applied (or in
respect of which expenditures were previously incurred) to replace or repair
the equipment, fixed assets or real property in respect of which such proceeds
were received in accordance with the terms of Section 2.05(b)(iv);
or (c) are received by any Person in respect of any third party claim against
such Person and are applied to pay (or to reimburse such Person for its prior
payment of) such claim and the costs and expenses of such Person with respect
thereto.

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average
of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers on such day, as
published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to Bank of America on such day on such transactions as determined by
Agent.

 8
 

“FRB” means
the Board of Governors of the Federal Reserve System of the United States.

“GAAP”
means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of
the date of determination, consistently applied.

“Governmental
Authority” means the government of the United States or any other nation,
or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or
other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank).

“Guarantee”
means, as to any Person, any (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services
for the purpose of assuring the obligee in respect of such Indebtedness or
other obligation of the payment or performance of such Indebtedness or other
obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part), or (b) any Lien
on any assets of such Person securing any Indebtedness or other obligation of
any other Person, whether or not such Indebtedness or other obligation is
assumed by such Person (or any right, contingent or otherwise, of any holder of
such Indebtedness to obtain any such Lien). 
The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof
as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a
corresponding meaning.

“Guarantor”
means each of the Holders and each Subsidiary of Borrower.

“Guaranty”
means the Guaranty made by the Guarantor in favor of Agent for the benefit of
the Lenders, in form and substance satisfactory to Agent.

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum

 9
 

distillates, asbestos or
asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law.

“Holders”
has the meaning specified in the introductory paragraph hereto.

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the
following, whether or not included as indebtedness or liabilities in accordance
with GAAP:

(a)                                  all obligations of
such Person for borrowed money and all obligations of such Person evidenced by
bonds, debentures, notes, loan agreements or other similar instruments;

(b)                                 all direct or
contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments;

(c)                                  net obligations of
such Person under any Swap Contract;

(d)                                 all obligations of
such Person to pay the deferred purchase price of property or services (other
than trade accounts payable in the ordinary course of business and, in each
case, not past due for more than 60 days after the date on which such trade
account payable was created);

(e)                                  indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under
conditional sales or other title retention agreements), whether or not such
indebtedness shall have been assumed by such Person or is limited in recourse;

(f)                                    capital leases and
Synthetic Lease Obligations;

(g)                                 all obligations of
such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any Equity Interest in such Person or any other Person, valued,
in the case of a redeemable preferred interest, at the greater of its voluntary
or involuntary liquidation preference plus accrued and unpaid dividends;
and

(h)                                 all Guarantees of such
Person in respect of any of the foregoing.

For all purposes
hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which such Person is a general
partner or a joint venturer, unless such Indebtedness is expressly made
non-recourse to such Person.  The amount
of any net obligation under any Swap Contract on any date shall be deemed to be
the Swap Termination Value thereof as of such date.  The amount of any capital lease or Synthetic
Lease Obligation as of any date shall be deemed to be the amount of
Attributable Indebtedness in respect thereof as of such date.

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

 10
 

“Indemnitees”
has the meaning specified in Section 10.04(b).

“Information”
has the meaning specified in Section 10.07.

“Initial
Engineering Report” means the engineering report concerning oil and gas
properties of Loan Parties prepared by Cawley Gillespie & Associates
reflecting reserve values as of June 30, 2006.

“Interest
Charges” means, for any period, the sum of (a) all interest, premium
payments, debt discount, fees, charges and related expenses of Borrower in
connection with borrowed money (including capitalized interest) or in
connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP, and (b) the portion of rent
expense of Borrower with respect to such period under capital leases that is
treated as interest in accordance with GAAP, all calculated on a consolidated
basis.

“Interest Payment
Date” means, (a) as to any Loan other than a Base Rate Loan, the last day
of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurodollar Rate Loan exceeds
three months, the respective dates that fall every three months after the
beginning of such Interest Period shall also be Interest Payment Dates; and (b)
as to any Base Rate Loan, the last Business Day of each March, June, September
and December and the Maturity Date.

“Interest Period”
means, as to each Eurodollar Rate Loan, the period commencing on the date such
Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar
Rate Loan and ending on the date one, two, three or six months or, to the
extent available to all Lenders, twelve months thereafter, as selected by
Borrower in its Loan Notice; provided that:

(i)                                     any
Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day
falls in another calendar month, in which case such Interest Period shall end
on the next preceding Business Day;

(ii)                                  any
Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

(iii)                               no
Interest Period shall extend beyond the Maturity Date.

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by
such Person, whether by means of (a) the purchase or other acquisition of
capital stock or other securities of another Person, (b) a loan, advance or
capital contribution to, Guarantee or assumption of debt of, or purchase or
other acquisition of any other debt or equity participation or interest in,
another Person, including any partnership or joint venture interest in such
other Person and any arrangement pursuant to which the investor Guarantees
Indebtedness of such other Person, or (c) the purchase or other acquisition (in
one transaction or a series of transactions) of assets of another Person that
constitute a business unit.  For purposes
of covenant 

 11
 

compliance, the amount of
any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment.

“IRS” means
the United States Internal Revenue Service.

“Laws”
means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses,
authorizations and permits of, and agreements with, any Governmental Authority,
in each case whether or not having the force of law.

“Lender”
has the meaning specified in the introductory paragraph hereto.

“Lender
Counterparty” means a Lender or an Affiliate of a Lender.

“Lender Swap
Obligations” means all obligations arising from time to time under Swap
Contracts entered into from time to time between Borrower and a Lender
Counterparty; provided that if such Lender Counterparty ceases to be a Lender
hereunder or an Affiliate of a Lender hereunder, Lender Swap Obligations shall
not include such obligations.

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such
in such Lender’s Administrative Questionnaire, or such other office or offices
as a Lender may from time to time notify Borrower and Agent.

“Lien”
means, with respect to any property or assets, any right or interest therein of
a creditor to secure Indebtedness owed to it or any other arrangement with such
creditor which provides for the payment of such Indebtedness out of such
property or assets or which allows such creditor to have such Indebtedness
satisfied out of such property or assets prior to the general creditors of any
owner thereof, including any lien, mortgage, security interest, pledge,
deposit, production payment, rights of a vendor under any title retention or
conditional sale agreement or lease substantially equivalent thereto, tax lien,
mechanic’s or materialman’s lien, or any other charge or encumbrance for
security purposes, whether arising by Law or agreement or otherwise, but
excluding any right of offset which arises without agreement in the ordinary
course of business.  “Lien” also means
any filed financing statement, any registration of a pledge (such as with an
issuer of uncertificated securities), or any other arrangement or action which
would serve to perfect a Lien described in the preceding sentence, regardless
of whether such financing statement is filed, such registration is made, or
such arrangement or action is undertaken before or after such Lien exists.

“Loan”
means an advance made by any Lender under the Term Facility as provided in
Section 2.01.

“Loan Documents”
means this Agreement, each Note, the Agent Fee Letter and each Security
Document.

 12
 

“Loan Notice”
means a notice of (a) the Borrowing, (b) a conversion of Loans from one Type to
the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit A.

“Loan Parties”
means, collectively, Borrower and each Person (other than Agent or any Lender)
executing a Loan Document, including, without limitation, each Guarantor.

“MV Energy”
has the meaning specified in the introductory paragraph hereto.

“Material
Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the business, assets, properties, liabilities (actual or
contingent), operations, condition (financial or otherwise) or prospects of any
Loan Party; (b) a material impairment of the ability of any Loan Party to
perform its obligations under any Loan Document to which it is a party; or (c)
a material adverse effect upon the legality, validity, binding effect or
enforceability against any Loan Party of any Loan Document to which it is a
party.

“Maturity Date”
means January 24, 2012.

“Multiemployer
Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which Borrower or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan
years, has made or been obligated to make contributions.

“MV Oil Trust”
means the MV Oil Trust as described in the MV Oil Trust Prospectus.

“MV Oil Trust
Documents” means the Conveyance of Net Profits Interest by Borrower to the
trustee of the MV Oil Trust and each other agreement in effect of the Closing
Date between Borrower and MV Oil Trust, or the trustee thereof, as described in
or contemplated by the MV Oil Trust Prospectus.

“MV Oil Trust
Prospectus” means the Form S-1 of MV Oil Trust filed with the Securities
and Exchange Commission under Registration Number 333-136609, effective December 29, 2006.

“Net Cash
Proceeds” means:

(a)                                  with
respect to the sale of any property by any Loan Party pursuant to Section
7.05(f), (g) or (h), the excess, if any, of (i) the sum of cash and cash
equivalents received in connection with such sale (including any cash received
by way of deferred payment pursuant to, or by monetization of, a note
receivable or otherwise, but only as and when so received) over (ii) the sum of
(A) the out-of-pocket expenses incurred by such Loan Party in connection with
such sale and (B) income taxes reasonably estimated to be actually payable
within two years of the date of the relevant asset sale as a result of any gain
recognized in connection therewith;

(b)                                 with
respect to casualty, condemnation or payment in respect of indemnification, the
excess, if any, of (i) the sum of cash and cash equivalents constituting an
Extraordinary Receipt and received in connection with such casualty,
condemnation or payment in respect of 

 13
 

indemnification
(including any cash received by way of deferred payment pursuant to, or by
monetization of, a note receivable or otherwise, but only as and when so
received) over (ii) the sum of (A) the out-of-pocket expenses incurred by the
applicable Loan Party in connection with recovery of such amounts and (B) the
amount applied to repair or replacement or the payment to any Person (other
than a Loan Party) in respect of such casualty, condemnation or
indemnification;

(c)                                  with
respect to the sale of any capital stock or other Equity Interest by any Loan Party
other than in connection with the VAP-I Equity Repurchase, the excess of (i)
the sum of the cash and cash equivalents received in connection with such sale
over (ii) the underwriting discounts and commissions, and other out-of-pocket
expenses, incurred by such Loan Party in connection with such sale; and

(d)                                 with
respect to the incurrence of any Indebtedness for borrowed money (but without
this provision being construed to permit the incurrence of Indebtedness not
otherwise permitted by Section 7.03) by any Loan Party, the excess of
(i) the sum of the cash and cash equivalents received in connection with such
incurrence over (ii) the arrangement, upfront or underwriting fees, and other
out-of-pocket expenses, incurred by such Loan Party in connection with such
incurrence;

provided that Borrower
may elect from time to time to treat an amounts received under clauses (a) and
(b) above as not constituting Net Cash Proceeds up to an aggregate amount not
to exceed $100,000 at any one time.

“Note”
means a promissory note made by Borrower in favor of a Lender evidencing Loans
made by such Lender, substantially in the form of Exhibit B.

“Obligations”
means the Lender Swap Obligations and all advances to, and debts, liabilities,
obligations, covenants and duties of, any Loan Party arising under any Loan
Document or otherwise with respect to any Loan, whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against any Loan Party or any
Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest
and fees are allowed claims in such proceeding.

“Oil and Gas
Properties” means all oil, gas and/or mineral leases, oil, gas or mineral
properties, mineral servitudes and/or mineral rights of any kind (including,
without limitation, mineral fee interests, lease interests, farmout interests,
overriding royalty and royalty interests, net profits interests, oil payment
interests, production payment interests and other types of mineral interests),
and all oil and gas gathering, treating, storage, processing and handling
assets.

“Organization
Documents” means, (a) with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with
respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect 

 14
 

to any partnership, joint
venture, trust or other form of business entity, the partnership, joint venture
or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the
jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such entity.

“Other Taxes”
means all present or future stamp, intangible or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment
made hereunder or under any other Loan Document or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document.

 “Participant” has the meaning specified
in Section 10.06(d).

“PBGC”
means the Pension Benefit Guaranty Corporation.

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject
to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA
Affiliate or to which Borrower or any ERISA Affiliate contributes or has an
obligation to contribute, or in the case of a multiple employer or other plan
described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

“Permits”
means any permit, approval, authorization, license, registration, certificate,
concession, grant, franchise, variance or permission from any Governmental
Authority.

“Permitted
Liens” means:

(a)                                  statutory Liens for
taxes, assessments or other governmental charges or levies which are not yet
delinquent or which are being contested in good faith by appropriate action and
for which adequate reserves have been maintained in accordance with GAAP;

(b)                                 landlords’, operators’,
carriers’, warehousemen’s, repairmen’s, mechanics’, materialmen’s, or other
like Liens which do not secure Indebtedness, in each case only to the extent
arising in the ordinary course of business and only to the extent securing
obligations which are not delinquent or which are being contested in good faith
by appropriate proceedings and for which adequate reserves have been maintained
in accordance with GAAP;

(c)                                  minor defects and
irregularities in title to any property, so long as such defects and
irregularities neither secure Indebtedness nor materially impair the value of
such property or the use of such property for the purposes for which such
property is held;

(d)                                 deposits of cash or
securities to secure the performance of bids, trade contracts, leases,
statutory obligations and other obligations of a like nature (excluding appeal
bonds) incurred in the ordinary course of business;

(e)                                  Liens under the
Security Documents; and

 15
 

(f)                                    with respect only
to property subject to any particular Security Document, Liens burdening such
property which are expressly allowed by such Security Document.

“Permitted Tax Distributions”
means, for any Fiscal Year, the product of (a) the lesser of (i) the highest
combined federal and state income tax marginal rate applicable to individual
residents of Kansas or (ii) forty percent (40%) (twenty percent (20%) in the
case of and with respect to net long term capital gains of Borrower), and (b)
Borrower’s taxable income (or taxable gain) under the Code.

“Person”
means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other
entity.

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3)
of ERISA) established by Borrower or, with respect to any such plan that is
subject to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate.

“Platform”
has the meaning specified in Section 6.02.

“Projected Oil
and Gas Production” means the projected production of oil or gas (measured
by volume unit or BTU equivalent, not sales price) for the term of any Swap
Contract or for a particular month, as applicable, from properties and
interests owned by any Loan Party which are located in or offshore of the
United States and which have attributable to them Proved Developed Producing
Reserves, as such production is projected in the most recent report delivered
pursuant to Section 6.02(d) or (e), after deducting projected
production from any properties or interests sold or under contract for sale
that had been included in such report and after adding projected production
from any properties or interests that had not been reflected in such report but
that are reflected in a separate or supplemental reports meeting the requirements
of such Section 6.2(d) or (e) and otherwise are satisfactory to
Administrative Agent.

“Proved
Developed Producing Reserves” means Proved Reserves as defined in
Definitions for Oil and Gas Reserves (in this paragraph, the “Definitions”)
promulgated by the Society of Petroleum Engineers (or any generally recognized
successor) as in effect at the time in question, which are categorized as both “Developed”
and “Producing” in the Definitions.

“Register”
has the meaning specified in Section 10.06(c).

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and
the partners, directors, officers, employees, agents and advisors of such
Person and of such Person’s Affiliates.

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

“Request for
Borrowing” means with respect to the Borrowing, a Loan Notice.

“Required
Lenders” means, as of any date of determination, Lenders having more than
50% of the Term Facility on such date; provided that the portion of the
Term Facility held by any 

 16
 

Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders.

“Responsible
Officer” means the chief executive officer, president, chief financial
officer, treasurer or assistant treasurer of a Loan Party.  Any document delivered hereunder that is
signed by a Responsible Officer of a Loan Party shall be conclusively presumed
to have been authorized by all necessary corporate, partnership and/or other
action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party.

“Restricted
Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity
Interest of any Loan Party, or any payment (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, retirement, acquisition, cancellation or termination
of any such capital stock or other Equity Interest or on account of any return
of capital to a Loan Party’s stockholders, partners or members (or the
equivalent Person thereof).

Security Documents”
means the instruments listed in the Security Schedule and all other security
agreements, deeds of trust, mortgages, chattel mortgages, pledges, guaranties,
financing statements, continuation statements, extension agreements and other
agreements or instruments now, heretofore, or hereafter delivered by any Loan
Party to Administrative Agent in connection with this Agreement or any
transaction contemplated hereby to secure or guarantee the payment of any part
of the Obligations or the performance of any Loan Party’s other duties and
obligations under the Loan Documents.

“Security
Schedule” means Schedule 2 hereto.

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability
company or other business entity of which a majority of the shares of securities
or other interests having ordinary voting power for the election of directors
or other governing body (other than securities or interests having such power
only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or
indirectly through one or more intermediaries, or both, by such Person; provided,
however, for purposes of this Agreement, MV Oil Trust shall not be
treated as a Subsidiary of any Loan Party. 
Unless otherwise specified, all references herein to a “Subsidiary” or
to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Borrower.

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options,
forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price
or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and 

 17
 

(b) any and all
transactions of any kind, and the related confirmations, which are subject to
the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement
(any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master
Agreement.

“Swap
Termination Value” means, in respect of any one or more Swap Contracts,
after taking into account the effect of any legally enforceable netting
agreement relating to such Swap Contracts, (a) for any date on or after the
date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as
the mark-to-market value(s) for such Swap Contracts, as determined based upon
one or more mid-market or other readily available quotations provided by any recognized
dealer in such Swap Contracts (which may include a Lender or any Affiliate of a
Lender).

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement
for the use or possession of property creating obligations that do not appear
on the balance sheet of such Person but which, upon the insolvency or
bankruptcy of such Person, would be characterized as the indebtedness of such
Person (without regard to accounting treatment).

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable
thereto.

“Term Facility”
means, at any time, (a) on or prior to the Closing Date, the aggregate
amount of the Commitments at such time and (b) thereafter, the aggregate
principal amount of the Loans of all Lenders outstanding at such time.

“Threshold Amount”
means $100,000.

“Trust Units”
means trust units of MV Oil Trust.

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan.

“Underwriting
Agreement” means the Underwriting Agreement for the sale of Trust Units
contemplated by the MV Oil Trust Prospectus.

“Unfunded
Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension
Plan’s assets, determined in accordance with the assumptions used for funding
the Pension Plan pursuant to Section 412 of the Code for the applicable
plan year.

“United States”
and “U.S.” mean the United States of America. .

 18
 

“VAP-I” has
the meaning specified in the introductory paragraph hereto.

“VAP-I Equity
Repurchase” means the repurchase by VAP-I of up to 46.5% of the Equity
Interests in VAP-I on or within 40 days of the date of hereof in consideration
for (i) the cash proceeds of the sale of Trust Units (whether received by VAP-I
or any of its members as a distribution from the sale of the original offering
of Trust Units by Borrower, as the proceeds of up to 1,125,000 “Additional
Units” under the Underwriting Agreement, or as a cash contribution from one or
more of the members of VAP-I), or (ii) the delivery of Trust Units by VAP-I or
MV Energy,  limited, however, to the
portion of the 1,125,000 Trust Units that are contemplated to be sold as “Additional
Units” under the Underwriting Agreement, but which are not so sold as “Additional
Units” under the Underwriting Agreement, to the extent permitted pursuant to
Section 7.05(i).

1.02                        Other
Interpretive Provisions.  With
reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

(a)                                  The definitions of
terms herein shall apply equally to the singular and plural forms of the terms
defined.  Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms.  The words “include,”
“includes” and “including” shall be deemed to be followed by the
phrase “without limitation.”  The
word “will” shall be construed to have the same meaning and effect as
the word “shall.”  Unless the
context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein
or in any other Loan Document), (ii) any reference herein to any Person shall
be construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used
in any Loan Document, shall be construed to refer to such Loan Document in its
entirety and not to any particular provision thereof, (iv) all references in a
Loan Document to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory provisions consolidating, amending,
replacing or interpreting such law and any reference to any law or regulation
shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

(b)                                 In the computation of
periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to
and including.”

(c)                                  Section headings
herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any
other Loan Document.

 19

1.03                 Accounting
Terms.

(a)                                  Generally.  All accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations)
required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed
herein.  For purposes of this Agreement,
MV Oil Trust shall not be treated as a Subsidiary of any Loan Party.

(b)                                 Changes in GAAP.  If at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either Borrower or the Required Lenders shall so request,
Agent, Lenders and Borrower shall negotiate in good faith to amend such ratio
or requirement to preserve the original intent thereof in light of such change
in GAAP (subject to the approval of the Required Lenders); provided  that,
until so amended, (i) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (ii) Borrower shall
provide to Agent and Lenders financial statements and other documents required
under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP.

1.04                 Rounding.  Any financial ratios required to be
maintained by Borrower pursuant to this Agreement shall be calculated by
dividing the appropriate component by the other component, carrying the result
to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number).

1.05                 Times
of Day.  Unless otherwise specified,
all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable).

ARTICLE
II.  THE COMMITMENTS AND CREDIT
EXTENSIONS

2.01                 Loans.  Subject to the terms and conditions set forth
herein, each Lender severally agrees to renew and extend the Existing Loans
payable to it as a Loan hereunder to Borrower on the Closing Date in the amount
of such Lender’s Commitment Percentage of the Term Facility.  Any Loans repaid or prepaid may not be
reborrowed hereunder.  Loans may be Base
Rate Loans or Eurodollar Rate Loans, as further provided herein.

2.02      Borrowings,
Conversions and Continuations of Loans.

(a)                                  The
Borrowing, each conversion of Loans from one Type to the other, and each
continuation of Eurodollar Rate Loans shall be made upon Borrower’s irrevocable
notice to Agent, which may be given by telephone.  Each such notice must be received by Agent
not later than 11:00 a.m. (i) three Business Days prior to the
requested date of the Borrowing of, or any conversion to or continuation of,
Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base
Rate Loans, and (ii) on the requested date of the Borrowing of Base Rate
Loans; 

 20
 

provided, however, that if Borrower wishes to request Eurodollar Rate
Loans having an Interest Period other than one, two, three or six months
in duration as provided in the definition of “Interest Period”, the applicable
notice must be received by Agent not later than 11:00 a.m. four Business Days
prior to the requested date of the Borrowing, conversion or continuation,
whereupon Agent shall give prompt notice to Lenders of such request and
determine whether the requested Interest Period is acceptable to all of
them.  Not later than 11:00 a.m.,
three Business Days before the requested date of the Borrowing or any
conversion or continuation, Agent shall notify Borrower (which notice may be by
telephone) whether or not the requested Interest Period has been consented to
by all Lenders.  Each telephonic notice
by Borrower pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to Agent of a written Loan Notice, appropriately completed
and signed by a Responsible Officer of Borrower.  The Borrowing of, and each conversion to or
continuation of Eurodollar Rate Loans shall be in a principal amount of
$2,000,000 or a whole multiple of $500,000 in excess thereof.  The Borrowing of and each conversion to Base
Rate Loans shall be in a principal amount of $500,000 or a whole multiple of
$100,000 in excess thereof.  Each Loan
Notice (whether telephonic or written) shall specify (i) whether Borrower is
requesting the Borrowing, a conversion of Loans from one Type to the other, or
a continuation of Eurodollar Rate Loans, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a
Business Day), (iii) the principal amount of Loans to be borrowed, converted or
continued, (iv) the Type of Loans to be borrowed or to which existing Loans are
to be converted, and (v) if applicable, the duration of the Interest Period
with respect thereto.  If Borrower fails
to specify a Type of Loan in a Loan Notice or if Borrower fails to give a
timely notice requesting a conversion or continuation, then the applicable
Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate
Loans shall be effective as of the last day of the Interest Period then in
effect with respect to the applicable Eurodollar Rate Loans.  If Borrower requests a Borrowing of,
conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice,
but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.

(b)                                 Following
receipt of a Loan Notice, Agent shall promptly notify each Lender of the amount
of its Applicable Percentage of the applicable Loans, and if no timely notice
of a conversion or continuation is provided by Borrower, Agent shall notify
each Lender of the details of any automatic conversion to Base Rate Loans
described in the preceding subsection. 
In the case of the Borrowing, each Lender shall make the amount of its
Loan available to Agent in immediately available funds at Administrative Agent’s
Office not later than 1:00 p.m. on the Business Day specified in the
applicable Loan Notice.  Upon
satisfaction of the applicable conditions set forth in Sections 4.01
and  4.02, Agent shall make all funds so received available to
Borrower in like funds as received by Agent either by (i) crediting the account
of Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) Agent by Borrower.

(c)                                  Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or
converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During the existence of a Default, no Loans
may be converted to or continued as Eurodollar Rate Loans without the consent
of the Required Lenders, and the Required Lenders may demand that any or all of
the then outstanding Eurodollar Rate Loans be converted immediately to Base
Rate Loans 

 21
 

and Borrower agrees to pay all amounts due
under Section 3.05 in accordance with the terms thereof due to any
such conversion.

(d)                                 Agent
shall promptly notify Borrower and Lenders of the interest rate applicable to
any Interest Period for Eurodollar Rate Loans upon determination of such
interest rate.

(e)                                  After
giving effect to the Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more
than five Interest Periods in effect with respect to Loans.

2.03      Intentionally
Omitted.

2.04      Intentionally
Omitted.

2.05      Prepayments.

(a)                                  Borrower
may, upon notice to Agent, at any time or from time to time voluntarily prepay
Loans in whole or in part without premium or penalty; provided that
(i) such notice must be received by Agent not later than 11:00 a.m.
(A) three Business Days prior to any date of prepayment of Eurodollar Rate
Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any
prepayment of Eurodollar Rate Loans shall be in a principal amount of
$2,000,000 or a whole multiple of $500,000 in excess thereof; and (iii) any
prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a
whole multiple of $100,000 in excess thereof or, in each case, if less, the
entire principal amount thereof then outstanding.  Each such notice shall specify the date and
amount of such prepayment and the Type(s) of Loans to be prepaid.  Agent will promptly notify each Lender of its
receipt of each such notice, and of the amount of such Lender’s Applicable
Percentage of such prepayment.  If such
notice is given by Borrower, Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date
specified therein.  Any prepayment of a
Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amounts required pursuant to Section 3.05.

(b)                                 (i)
If any Loan Party Disposes of any property (other than any Disposition of any
property permitted by Section 7.05(a), (b) , (c), (d)
or (e)) which results in the realization by such Person of Net Cash
Proceeds, Borrower shall prepay an aggregate principal amount of Loans equal to
100% of such Net Cash Proceeds immediately upon receipt thereof by such Person.

(ii)                                  Upon the sale or
issuance by any Loan Party of any of its Equity Interests (other than any sales
or issuances of Equity Interests to another Loan Party or in connection with
the VAP-I Equity Repurchase), Borrower shall prepay an aggregate principal
amount of Loans equal to 100% of all Net Cash Proceeds received therefrom
immediately upon receipt thereof by  such
Loan Party.

(iii)                               Upon the incurrence or
issuance by any Loan Party of any Indebtedness (other than Indebtedness
expressly permitted to be incurred or issued pursuant to Section 7.03),
Borrower shall prepay an aggregate principal amount of Loans equal to 

 22
 

100% of all Net Cash Proceeds received therefrom immediately upon
receipt thereof by such Loan Party.

(iv)                              Upon any Extraordinary
Receipt received by or paid to or for the account of any Loan Party and not
otherwise included in clause (i), (ii) or (iii) of this Section 2.05(b),
Borrower shall prepay an aggregate principal amount of Loans equal to 100% of
all Net Cash Proceeds received therefrom immediately upon receipt thereof by
such Loan Party; provided, however, that with respect to any
proceeds of insurance, condemnation awards (or payments in lieu thereof) or
indemnity payments, so long as no Default shall have occurred and be
continuing, such Loan Party may apply within 180 days after the receipt of such
cash proceeds to replace or repair the equipment, fixed assets or real property
in respect of which such cash proceeds were received; and provided, further,
however, that any cash proceeds not so applied shall be immediately
applied to the prepayment of the Loans as set forth in this Section 2.05(b)(iv).

(c)                                    Each prepayment of the outstanding Loans
pursuant to this Section 2.05(a) or (b) shall be applied to the
principal repayment installments thereof in inverse order of maturity, and each
such prepayment shall be paid to the Lenders in accordance with their
respective Applicable Percentages.

2.06      Intentionally
Omitted.

2.07      Scheduled
Repayments of Loans.  Borrower shall
repay to the Lenders the aggregate principal amount of all Loans outstanding in
quarterly installments each in the amount of $1,250,000 and each payable on the
last Business Day of each March, June, September and December of each year,
beginning on the last Business Day of March 2007; provided, however,
that the final principal repayment installment of the Loans shall be repaid on
the Maturity Date and in any event shall be in an amount equal to the aggregate
principal amount of all Loans outstanding on such date; provided further, such
amounts shall be reduced as a result of the application of prepayments in
accordance with the order of priority set forth in Section 2.05.

2.08      Interest.

(a)                                  Subject
to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall
bear interest on the outstanding principal amount thereof for each Interest
Period at a rate per annum equal to the Eurodollar Rate for such Interest
Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear
interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate plus the Applicable
Rate.

(b)                                 (i)                                     If
any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or
otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws.

(ii)                                  If any amount (other
than principal of any Loan) payable by Borrower under any Loan Document is not
paid when due (without regard to any applicable grace

 23
 

periods), whether at stated maturity, by acceleration or otherwise,
then upon the request of the Required Lenders, such amount shall thereafter
bear interest at a fluctuating interest rate per annum at all times equal to
the Default Rate to the fullest extent permitted by applicable Laws.

(iii)                               Upon the request of the
Required Lenders, while any Event of Default exists, Borrower shall pay
interest on the principal amount of all outstanding Obligations hereunder at a
fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

(iv)                              Accrued and unpaid
interest on past due amounts (including interest on past due interest) shall be
due and payable upon demand.

(c)                                  Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable
in accordance with the terms hereof before and after judgment, and before and
after the commencement of any proceeding under any Debtor Relief Law.

2.09      Fees.  Borrower
shall pay to Agent for Agent’s own account, fees in the amounts and at the
times specified in the letter agreement, dated November 20, 2006 (the “Agent
Fee Letter”), between Borrower and Agent. 
Such fees shall be fully earned when paid and shall be nonrefundable for
any reason whatsoever.

2.10                 Computation
of Interest and Fees.  All
computations of interest for Base Rate Loans when the Base Rate is determined
by Bank of America’s “prime rate” shall be made on the basis of a year of 365
or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest
shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on
the basis of a 365-day year).  Interest
shall accrue on each Loan for the day on which the Loan is made, and shall not
accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid, provided that any Loan that is repaid on the same day
on which it is made shall, subject to Section 2.12(a), bear
interest for one day.  Each determination
by Agent of an interest rate or fee hereunder shall be conclusive and binding
for all purposes, absent manifest error.

2.11                 Evidence
of Debt.  The Loan made by each Lender
shall be evidenced by one or more accounts or records maintained by such Lender
and by Agent in the ordinary course of business.  The accounts or records maintained by Agent
and each Lender shall be conclusive absent manifest error of the amount of the
Loan made by Lenders to Borrower and the interest and payments thereon.  Any failure to so record or any error in
doing so shall not, however, limit or otherwise affect the obligation of
Borrower hereunder to pay any amount owing with respect to the
Obligations.  In the event of any
conflict between the accounts and records maintained by any Lender and the
accounts and records of Agent in respect of such matters, the accounts and
records of Agent shall control in the absence of manifest error.  Upon the request of any Lender made through
Agent, Borrower shall execute and deliver to such Lender (through Agent) a
Note, which shall evidence such Lender’s Loans in addition to such accounts or
records.  Each Lender

 24
 

may
attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount and maturity of its Loans and payments with respect
thereto.

2.12      Payments Generally; Agent’s
Clawback.

(a)                                  General.  All payments to be made by Borrower shall be
made without condition or deduction for any counterclaim, defense, recoupment
or setoff.  Except as otherwise expressly
provided herein, all payments by Borrower hereunder shall be made to Agent, for
the account of the respective Lenders to which such payment is owed, at the
Administrative Agent’s Office in Dollars and in immediately available funds not
later than 12:00 noon on the date specified herein.  Agent will promptly distribute to each Lender
its Applicable Percentage(or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender’s Lending
Office.  All payments received by Agent
after 12:00 noon shall be deemed received on the next succeeding Business Day
and any applicable interest or fee shall continue to accrue.  If any payment to be made by Borrower shall
come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in
computing interest or fees, as the case may be.

(i)                                     Funding by Lenders;
Presumption by Agent.  Unless Agent
shall have received notice from a Lender prior to the proposed date of the
Borrowing of Eurodollar Rate Loans (or, in the case of the Borrowing of Base
Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender
will not make available to Agent such Lender’s share of such Borrowing, Agent
may assume that such Lender has made such share available on such date in
accordance with Section 2.02 (or, in the case of a Borrowing of
Base Rate Loans, that such Lender has made such share available in accordance
with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to Borrower a corresponding amount.  In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to Agent, then the
applicable Lender and Borrower severally agree to pay to Agent forthwith on
demand such corresponding amount in immediately available funds with interest
thereon, for each day from and including the date such amount is made available
to Borrower to but excluding the date of payment to Agent, at (A) in the case
of a payment to be made by such Lender, the greater of the Federal Funds Rate
and a rate determined by Agent in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or similar fees
customarily charged by Agent in connection with the foregoing and (B) in the
case of a payment to be made by Borrower, the interest rate applicable to Base
Rate Loans.  If Borrower and such Lender
shall pay such interest to Agent for the same or an overlapping period, Agent
shall promptly remit to Borrower the amount of such interest paid by Borrower
for such period.  If such Lender pays its
share of the applicable Borrowing to Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing.  Any payment by Borrower shall be without
prejudice to any claim Borrower may have against a Lender that shall have
failed to make such payment to Agent.

(ii)                                  Payments by
Borrower; Presumptions by Agent. 
Unless Agent shall have received notice from Borrower prior to the date
on which any payment is due to Agent for 

 25
 

the account of the Lenders hereunder that Borrower will not make such
payment, Agent may assume that Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to
Lenders the amount due.  In such event,
if Borrower has not in fact made such payment, then each of Lenders severally
agrees to repay to Agent forthwith on demand the amount so distributed to such
Lender in immediately available funds with interest thereon, for each day from
and including the date such amount is distributed to it to but excluding the
date of payment to Agent, at the greater of the Federal Funds Rate and a rate
determined by Agent in accordance with banking industry rules on interbank
compensation.  A notice of Agent to any
Lender or Borrower with respect to any amount owing under this subsection (b)
shall be conclusive, absent manifest error.

(b)                                 Failure
to Satisfy Conditions Precedent.  If
any Lender makes available to Agent funds for any Loan to be made by such
Lender as provided in the foregoing provisions of this Article II,
and such funds are not made available to Borrower by Agent because the
conditions to the applicable Loan set forth in Article IV are not
satisfied or waived in accordance with the terms hereof, Agent shall return
such funds (in like funds as received from such Lender) to such Lender, without
interest.

(c)                                  Obligations
of Lenders Several.  The obligations
of Lenders hereunder to make Loans are several and not joint.  The failure of any Lender to make any Loan or
to make any payment under Section 10.04(c) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to
do so on such date, and no Lender shall be responsible for the failure of any
other Lender to so make its Loan or to make its payment under Section 10.04(c):

(d)                                 Funding
Source.  Nothing herein shall be
deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that
it has obtained or will obtain the funds for any Loan in any particular place
or manner.

2.13      Sharing
of Payments.  If any
Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of the Loans
made by it resulting in such Lender’s receiving payment of a proportion of the
aggregate amount of such Loans and accrued interest thereon greater than its pro
rata share thereof as provided herein, then the Lender receiving such
greater proportion shall (a) notify Agent of such fact, and (b) purchase
(for cash at face value) participations in the Loans of the other Lenders, or
make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective
Loans, provided that:

(i)                                     if any such
participations or subparticipations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest; and

 26
 

(ii)                                  the provisions of
this Section shall not be construed to apply to (x) any payment made
by Borrower pursuant to and in accordance with the express terms of this
Agreement or (y) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or
participant, other than to any Loan Party (as to which the provisions of this
Section shall apply).

Each Loan Party
consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against such Loan Party rights of setoff
and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of such Loan Party in the amount of such participation.

ARTICLE
III.  TAXES, YIELD PROTECTION AND
ILLEGALITY

3.01                 Taxes.

(a)                                  Payments
Free of Taxes.  Any and all payments
by Borrower to or on account of any obligation of Borrower hereunder or under
any other Loan Document shall be made free and clear of and without reduction
or withholding for any Indemnified Taxes or Other Taxes, provided that if
Borrower shall be required by any applicable law to deduct any Indemnified
Taxes (including any Other Taxes) from such payments, then, (i) the sum payable
shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this
Section), Agent or Lender, as the case may be, receives an amount equal to the
sum it would have received had no such deductions been made, (ii) Borrower
shall make such deductions, and (iii) Borrower shall timely pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable
law.

(b)                                 Payment
of Other Taxes by Borrower.  Without
limiting the provisions of subsection (a) above, Borrower shall timely pay any
Other Taxes to the relevant Governmental Authority in accordance with
applicable law.

(c)                                  Indemnification
by Borrower.  Borrower shall
indemnify Agent and each Lender, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this Section) paid by Agent or such Lender, as the case may be, and any
penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such
payment or liability delivered to Borrower by a Lender (with a copy to Agent),
or by Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.

(d)                                 Evidence
of Payments.  As soon as practicable
after any payment of Indemnified Taxes or Other Taxes by Borrower to a
Governmental Authority, Borrower shall deliver to Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to Agent.

 27
 

(e)                                  Status
of Lenders.  Any Lender, if requested
by Borrower or Agent, shall deliver such documentation prescribed by applicable
law or reasonably requested by Borrower or Agent as will enable Borrower or
Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements.

(f)                                    Treatment
of Certain Refunds.  If Agent or any
Lender determines, in its sole discretion, that it has received a refund of any
Taxes or Other Taxes as to which it has been indemnified by Borrower or with
respect to which Borrower has paid additional amounts pursuant to this Section,
it shall pay to Borrower an amount equal to such refund (but only to the extent
of indemnity payments made, or additional amounts paid, by Borrower under this
Section with respect to the Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses of Agent or such Lender, as the case
may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that Borrower,
upon the request of Agent or such Lender, agrees to repay the amount paid over
to Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to Agent or such Lender in the event Agent or
such Lender is required to repay such refund to such Governmental
Authority.  This subsection shall not be
construed to require Agent or any Lender to make available its tax returns (or
any other information relating to its taxes that it deems confidential) to
Borrower or any other Person.

3.02      Illegality.  If any Lender determines that any Law has
made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for any Lender or its applicable Lending Office to make, maintain or
fund Eurodollar Rate Loans, or to determine or charge interest rates based upon
the Eurodollar Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, Dollars in the London interbank market, then, on notice thereof by
such Lender to Borrower through Agent, any obligation of such Lender to make or
continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate
Loans shall be suspended until such Lender notifies Agent and Borrower that the
circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, Borrower shall,
upon demand from such Lender (with a copy to Agent), prepay or, if applicable,
convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on
the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such Eurodollar Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such Eurodollar Rate Loans.  Upon any such prepayment or conversion,
Borrower shall also pay accrued interest on the amount so prepaid or converted
and all amounts due under Section 3.05 in accordance with the terms
thereof due to such prepayment or conversion.

3.03                 Inability
to Determine Rates.  If Agent
determines in connection with any request for a Eurodollar Rate Loan or a
conversion to or continuation thereof that (a) Dollar deposits are not being
offered to banks in the London interbank eurodollar market for the applicable
amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Base Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Loan, or
(c) the Eurodollar Base Rate for any requested Interest Period with respect to
a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost
to such Lenders of funding such Loan, Agent will promptly so notify Borrower
and each Lender.  Thereafter, the
obligation of Lenders to make or maintain Eurodollar Rate Loans shall be 

 28
 

suspended
until Agent (upon the instruction of the Required Lenders) revokes such
notice.  Upon receipt of such notice,
Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurodollar Rate Loans or, failing that, will be deemed to have
converted such request into a request for a Borrowing of Base Rate Loans in the
amount specified therein.

3.04                 Increased
Costs.

(a)                                  Increased
Costs Generally.  If any Change in
Law shall:

(i)                                     impose, modify or
deem applicable any reserve, special deposit, compulsory loan, insurance charge
or similar requirement against assets of, deposits with or for the account of,
or credit extended or participated in by, any Lender (except any reserve
requirement reflected in the Eurodollar Rate);

(ii)                                  subject any Lender to
any tax of any kind whatsoever with respect to this Agreement or any Eurodollar
Rate Loan made by it, or change the basis of taxation of payments to such
Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered
by Section 3.01 and the imposition of, or any change in the rate
of, any Excluded Tax payable by such Lender); or

(iii)                               impose on any Lender or
the London interbank market any other condition, cost or expense affecting this
Agreement or Eurodollar Rate Loans made by such Lender;

and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining
any Eurodollar Rate Loan (or of maintaining its obligation to make any such
Loan), or to reduce the amount of any sum received or receivable by such Lender
hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender, Borrower will pay to such Lender, as the case may be,
such additional amount or amounts as will compensate such Lender, as the case
may be, for such additional costs incurred or reduction suffered.

(b)                                 Capital
Requirements.  If any Lender
determines that any Change in Law affecting such Lender or any Lending Office
of such Lender or such Lender’s holding company, if any, regarding capital
requirements has or would have the effect of reducing the rate of return on
such Lender’s capital or on the capital of such Lender’s holding company, if
any, as a consequence of this Agreement, the Commitments of such Lender or the
Loans made by such Lender, to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s policies and the policies of such Lender’s
holding company with respect to capital adequacy), then from time to time
Borrower will pay to such Lender, as the case may be, such additional amount or
amounts as will compensate such Lender or such Lender’s holding company for any
such reduction suffered.

(c)                                  Certificates
for Reimbursement.  A certificate of
a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in subsection
(a) or (b) of this Section and delivered to Borrower shall be conclusive 

 29
 

absent manifest error.  Borrower shall pay such Lender, as the case
may be, the amount shown as due on any such certificate within 30 days after
receipt thereof.

(d)                                 Delay
in Requests.  Failure or delay on the
part of any Lender to demand compensation pursuant to the foregoing provisions
of this Section shall not constitute a waiver of such Lender’s right to demand
such compensation, provided that Borrower shall not be required to
compensate a Lender pursuant to the foregoing provisions of this Section for
any increased costs incurred or reductions suffered more than nine months prior
to the date that such Lender, as the case may be, notifies Borrower of the
Change in Law giving rise to such increased costs or reductions and of such
Lender’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then
the nine-month period referred to above shall be extended to include the period
of retroactive effect thereof).

3.05                 Compensation
for Losses.  Upon demand
of any Lender (with a copy to Agent) from time to time, Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or
expense incurred by it as a result of:

(a)                                  any
continuation, conversion, payment or prepayment of any Loan other than a Base
Rate Loan on a day other than the last day of the Interest Period for such Loan
(whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise); or

(b)                                 any
failure by Borrower (for a reason other than the failure of such Lender to make
a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate
Loan on the date or in the amount notified by Borrower;

including any loss of
anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable
to terminate the deposits from which such funds were obtained.  Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the
foregoing.  For purposes of calculating
amounts payable by Borrower to Lenders under this Section 3.05,
each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it
at the Eurodollar Base Rate used in determining the Eurodollar Rate for such
Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether
or not such Eurodollar Rate Loan was in fact so funded.

3.06                 Mitigation
Obligations. If any Lender requests compensation under Section 3.04,
or Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, then such
Lender shall use reasonable efforts to designate a different Lending Office for
funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 3.01 or 3.04, as
the case may be, in the future, or eliminate the need for the notice pursuant
to Section 3.02, as applicable, and (ii) in each case, would not
subject such Lender to any unreimbursed cost or expense and would not otherwise
be disadvantageous to such Lender.

 30
 

Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender
in connection with any such designation or assignment.

3.07                 Survival.  All of Borrower’s obligations under this Article III
shall survive termination of the Aggregate Commitments and repayment of all
other Obligations hereunder.

ARTICLE
IV.  CONDITIONS PRECEDENT TO CREDIT
EXTENSIONS

4.01                 Conditions
of Borrowing.  The
obligation of each Lender to make its Loan hereunder is subject to satisfaction
of the following conditions precedent:

(a)                                  Agent’s
receipt of the following, each of which shall be originals or telecopies
(followed promptly by originals) unless otherwise specified, each properly
executed by a Responsible Officer of the signing Loan Party, each dated the
Closing Date (or, in the case of certificates of governmental officials, a
recent date before the Closing Date) and each in form and substance
satisfactory to Agent and each of the Lenders:

(i)                                     executed
counterparts of this Agreement, the Mortgage Amendment in the form of Exhibit F
hereto and each other Security Document listed in the Security Schedule,
sufficient in number for distribution to Agent, each Lender and Borrower;

(ii)                                  a Note executed by
Borrower in favor of each Lender requesting a Note;

(iii)                               such certificates of
resolutions or other action, incumbency certificates and/or other certificates
of Responsible Officers of each Loan Party as Agent may require evidencing the
identity, authority and capacity of each Responsible Officer thereof authorized
to act as a Responsible Officer in connection with this Agreement and the other
Loan Documents to which such Loan Party is a party;

(iv)                              such documents and
certifications as Agent may reasonably require to evidence that each Loan Party
is duly organized or formed, and that each Loan Party is validly existing, in
good standing and qualified to engage in business in each jurisdiction where
its ownership, lease or operation of properties or the conduct of its business
requires such qualification, except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect;

(v)                                 favorable opinions of
counsel to the Loan Parties from counsel licensed to practice law in the State
of Kansas addressed to Agent and each Lender, as to the matters concerning the
Loan Parties and the Loan Documents set forth in Exhibit E, in form and
substance satisfactory to Agent;

(vi)                              a certificate of a
Responsible Officer of each Loan Party either (A) attaching copies of all
consents, licenses and approvals required in connection with the execution,
delivery and performance by such Loan Party and the validity against such Loan
Party of the Loan Documents to which it is a party, and such consents, licenses
and approvals shall be in full force and effect, or (B) stating that no such
consents, licenses or approvals are so required;

 31
 

(vii)                           a certificate signed by a
Responsible Officer of Borrower certifying (A) that the conditions specified in
Sections 4.02(a) and (b) have been satisfied, and (B) that there
has been no event or circumstance since the date of the Audited Financial
Statements that has had or could be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect;

(viii)                        evidence that all insurance
required to be maintained pursuant to this Agreement has been obtained and is
in effect;

(ix)                                a duly completed
Compliance Certificate as of the last day of the fiscal quarter of Borrower
most recently ended prior to the Closing Date, signed by a Responsible Officer
of Borrower;

(x)                                   evidence that the
outstanding principal balance of loans under the Existing Credit Agreement,
other than the $25,000,000 of Existing Loans renewed and extended hereunder,
has been repaid in full, all letters of credit under the Existing Credit
Agreements have been terminated and all commitments under the Existing Credit
Agreement have been terminated; and

(xi)                                such other assurances,
certificates, documents, consents or opinions as Agent or the Required Lenders
reasonably may require.

(b)                                 Any
fees required to be paid on or before the Closing Date shall have been paid.

(c)                                  Unless
waived by Agent, Borrower shall have paid all fees, charges and disbursements
of counsel to Agent to the extent invoiced prior to or on the Closing Date,
plus such additional amounts of such fees, charges and disbursements as shall
constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings (provided
that such estimate shall not thereafter preclude a final settling of accounts
between Borrower and Agent).

(d)                                 The
contribution of a term net profits interest to MV Oil Trust in exchange for
Trust Units, and the sale of Trust Units, all as described in the MV Oil Trust
Prospectus.

(e)                                  The
Closing Date shall have occurred on or before January 31, 2007.

(f)                                    On
a pro forma basis, after giving effect to the Loans, the payment of all loans
and other liabilities in connection with the Existing Credit Agreement, the
payment of fees, closing costs and expenses in connection with this Agreement
the shall be in compliance with Sections 7.12.

Without limiting the
generality of the provisions of Section 9.04, for purposes of
determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless Agent shall have received notice from such
Lender prior to the proposed Closing Date specifying its objection thereto.

 32
 

4.02                 Additional
Conditions of Borrowing.  The
obligation of each Lender to make its Loan hereunder is also subject to the
following conditions precedent:

(a)                                  The
representations and warranties of Borrower and each other Loan Party contained
in Article V or any other Loan Document, or which are contained in
any document furnished at any time under or in connection herewith or
therewith, shall be true and correct on and as of the date of the Borrowing,
except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct as of
such earlier date.

(b)                                 No
Default shall exist, or would result from the Borrowing or from the application
of the proceeds thereof.

(c)                                  Agent
shall have received a Request for Borrowing in accordance with the requirements
hereof.

(d)                                 Agent
shall have received, in form and substance satisfactory to it, such other
assurances, certificates, documents or consents related to the foregoing as
Agent or the Required Lenders reasonably may require.

The Request for
Borrowing submitted by Borrower shall be deemed to be a representation and
warranty that the conditions specified in Sections 4.02(a) and (b)
have been satisfied on and as of the date of the Borrowing.

ARTICLE
V.  REPRESENTATIONS AND WARRANTIES

Each Loan Party
represents and warrants to Agent and the Lenders that:

5.01                 Existence,
Qualification and Power; Compliance with Laws.  Each Loan Party and each Subsidiary thereof
(a) is duly organized or formed, validly existing and in good standing under
the Laws of the jurisdiction of its incorporation or organization, (b) has all
requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own or lease its assets and carry
on its business and (ii) execute, deliver and perform its obligations under the
Loan Documents to which it is a party, (c) is duly qualified and is licensed
and in good standing under the Laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such
qualification or license, and (d) is in compliance with all Laws; except in
each case referred to in clause (b)(i), (c) or (d), to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect.

5.02                 Authorization;
No Contravention.  The
execution, delivery and performance by each Loan Party of each Loan Document to
which such Person is party, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not
(a) contravene the terms of any of such Person’s Organization Documents;
(b) conflict with or result in any breach or contravention of, or the creation
of any Lien under, or require any payment to be made under (i) any Contractual
Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries or (ii) any order,
injunction, writ or decree of

 33
 

any
Governmental Authority or any arbitral award to which such Person or its
property is subject; or (c) violate any Law. 
Each Loan Party and each Subsidiary thereof is in compliance with all
Contractual Obligations referred to in clause (b)(i), except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse
Effect.

5.03                 Governmental
Authorization; Other Consents.  No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental
Authority or any other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, any Loan Party
of this Agreement or any other Loan Document.

5.04                 Binding
Effect.  This Agreement has been, and
each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other
Loan Document when so delivered will constitute, a legal, valid and binding
obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms.

5.05                 Financial
Statements; No Material Adverse Effect.

(a)                                  The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly
noted therein; (ii) fairly present the financial condition of Borrower and its
Subsidiaries as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or
contingent, of Borrower and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and Indebtedness.

(b)                                 The
unaudited consolidated balance sheet of Borrower and its Subsidiaries dated
September 30, 2006, and the related consolidated statements of income or
operations, shareholders’ equity and cash flows for the fiscal quarter ended on
that date (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of Borrower and its
Subsidiaries as of the date thereof and their results of operations for the
period covered thereby, subject, in the case of clauses (i) and (ii), to the
absence of footnotes and to normal year-end audit adjustments.

(c)                                  Since
the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could
reasonably be expected to have a Material Adverse Effect.

5.06                 Litigation.  There are no actions, suits, proceedings,
claims or disputes pending or, to the knowledge of any Loan Party after due and
diligent investigation, threatened or contemplated, at law, in equity, in
arbitration or before any Governmental Authority, by or against any Loan Party
or any of its Subsidiaries or against any of their properties or revenues that
(a) purport to affect or pertain to this Agreement or any other Loan
Document, or any of the transactions contemplated hereby (including any which
challenge or otherwise pertain to any Loan Party’s 

 34
 

title
to any Collateral), or (b) except as specifically disclosed in the Disclosure
Schedule, either individually or in the aggregate, if determined adversely,
could reasonably be expected to have a Material Adverse Effect, and there has
been no adverse change in the status, or financial effect on any Loan Party or
any Subsidiary thereof, of the matters described in the Disclosure Schedule.

5.07                 No
Default.  No Loan Party is in default
under or with respect to any Contractual Obligation that could, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.  No Default has occurred
and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

5.08                 Ownership
of Property; Liens.  Each Loan
Party has good record and marketable title in fee simple to, or valid leasehold
interests in, all real property necessary or used in the ordinary conduct of
its business, except for such defects in title as could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.  The property of each Loan Party is subject to
no Liens, other than Liens permitted by Section 7.01.

5.09                 Environmental
Compliance.  The Loan
Parties conduct in the ordinary course of business a review of the effect of
existing Environmental Laws and claims alleging potential liability or
responsibility for violation of any Environmental Law on their respective
businesses, operations and properties, and as a result thereof Borrower has
reasonably concluded that, except as specifically disclosed in the Disclosure
Schedule, such Environmental Laws and claims could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

5.10                 Insurance.  The properties of each Loan Party are insured
with financially sound and reputable insurance companies, not Affiliates of any
Loan Party, in such amounts (after giving effect to any self-insurance
compatible with the following standards), with such deductibles and covering
such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where such Loan Party
operates.

5.11                 Taxes.  Each Loan Party has filed all Federal, state
and other material tax returns and reports required to be filed, and have paid
all Federal, state and other material taxes, assessments, fees and other
governmental charges levied or imposed upon its or its properties, income or
assets otherwise due and payable, except those which are being contested in
good faith by appropriate proceedings diligently conducted and for which
adequate reserves have been provided in accordance with GAAP.  There is no proposed tax assessment against
any Loan Party that would, if made, have a Material Adverse Effect.

5.12                 ERISA
Compliance.

(a)                                  Each
Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code and other Federal or state Laws.  Each Plan that is intended to qualify under
Section 401(a) of the Code has received a favorable determination letter
from the IRS or an application for such a letter is currently being processed
by the IRS with respect thereto and, to the best knowledge of Borrower, nothing
has occurred which would prevent, or cause the loss of, such
qualification.  Each Loan Party and each
ERISA Affiliate have made all required contributions to each Plan subject to
Section 412 of the Code, and no application for a funding 

 35
 

waiver or an extension of any amortization
period pursuant to Section 412 of the Code has been made with respect to
any Plan.

(b)                                 There
are no pending or, to the best knowledge of Borrower, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any
Plan that could be reasonably be expected to have a Material Adverse
Effect.  There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to
any Plan that has resulted or could reasonably be expected to result in a
Material Adverse Effect.

(c)                                  (i)  No ERISA Event has occurred or is reasonably
expected to occur; (ii) no Pension Plan has any Unfunded Pension
Liability; (iii) no Loan Party nor any ERISA Affiliate has incurred, or
reasonably expects to incur, any liability under Title IV of ERISA with
respect to any Pension Plan (other than premiums due and not delinquent under
Section 4007 of ERISA); (iv) no Loan Party nor any ERISA Affiliate has
incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA,
would result in such liability) under Sections 4201 or 4243 of ERISA with
respect to a Multiemployer Plan; and (v) no Loan Party nor any ERISA
Affiliate has engaged in a transaction that could be subject to Sections 4069
or 4212(c) of ERISA.

5.13                 Subsidiaries.  As of the Closing Date, Loan Parties have no
Subsidiaries other than those specifically disclosed in the Disclosure
Schedule, and all of the outstanding Equity Interests in such Subsidiaries have
been validly issued, are fully paid and nonassessable and are owned by a Loan
Party in the amounts specified in the Disclosure Schedule free and clear of all
Liens.  Loan Parties have no equity
investments in any other corporation or entity other than those specifically
disclosed in the Disclosure Schedule. 
All of the outstanding Equity Interests in each Loan Party have been
validly issued and are fully paid and nonassessable.

5.14                 Margin
Regulations; Investment Company Act; Public Utility Holding Company Act.

(a)                                  No
Loan Party is engaged nor will any Loan Party not engage, principally or as one
of its important activities, in the business of purchasing or carrying margin
stock (within the meaning of Regulation U issued by the FRB), or extending
credit for the purpose of purchasing or carrying margin stock.

(b)                                 None
of the Loan Parties, any Person Controlling the Loan Parties, or any Subsidiary
of any Loan Party is or is required to be registered as an “investment company”
under the Investment Company Act of 1940.

5.15                 Disclosure.  Each Loan Party has disclosed to Agent and
Lenders all agreements, instruments and corporate or other restrictions to
which it or any of its Subsidiaries is subject, and all other matters known to
it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect.  No
report, financial statement, certificate or other information, taken as a
whole, furnished (whether in writing or orally) by or on behalf of any Loan
Party to Agent or any Lender in connection with the transactions contemplated
hereby and the negotiation of this Agreement or delivered hereunder or under
any other Loan Document 

 36
 

(in
each case, as modified or supplemented by other information so furnished)
contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect
to projected financial information, Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

5.16                 Compliance
with Laws.  Each Loan
Party and each Subsidiary thereof is in compliance in all material respects
with the requirements of all Laws and all orders, writs, injunctions and
decrees applicable to it or to its properties, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted or (b)
the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

5.17                 Leases;
Contracts; Licenses, Etc.  The
leases, contracts, servitudes and other agreements forming a part of the Oil
and Gas Properties of the Loan Parties covered by the Initial Engineering
Report and each subsequent Engineering Report are in full force and
effect.  No Loan Party is in default with
respect to its obligations (and no Loan Party is aware of any default by any
third party with respect to such third party’s obligations) under any such
leases, contracts, servitudes and other agreements, or under any Permitted
Liens, or otherwise attendant to the ownership or operation of any part of the
Oil and Gas Properties, where such default could adversely affect the ownership
or operation of any Oil and Gas Properties. 
No Loan Party is currently accounting for any royalties, or overriding
royalties or other payments out of production, on a basis (other than delivery
in kind) less favorable to such Loan Party than proceeds received by such Loan
Party (calculated at the well) from sale of production, and no Loan Party has
any liability (or alleged liability) to account for the same on any such less
favorable basis.  Each Loan Party has
good and defensible title to, or valid leasehold interests in, all of the
Collateral owned or leased by such Loan Party and all of its other material
properties and assets necessary or used in the ordinary conduct of its
business, free and clear of all Liens, encumbrances, or adverse claims other
than Permitted Liens and of all impediments to the use of such properties and
assets in such Loan Party’s business, except that no representation or warranty
is made with respect to any oil, gas or mineral property or interest to which
no proved oil or gas reserves are properly attributed.  Each Loan Party owns the net interests in
production attributable to the wells and units evaluated in the Initial
Engineering Report.  The ownership of
such Properties does not in the aggregate in any material respect obligate such
Loan Party to bear the costs and expenses relating to the maintenance,
development and operations of such Properties in an amount materially in excess
of the working interest of such Properties set forth in the Initial Engineering
Reports.  Upon delivery of each
Engineering Report furnished to the Lenders pursuant to Sections 6.02(d)
and (e), the statements made in the preceding sentences of this section
shall be true with respect to such Engineering Report.  Each Loan Party possesses all licenses,
permits, franchises, patents, copyrights, trademarks and trade names, and other
intellectual property (or otherwise possesses the right to use such
intellectual property without violation of the rights of any other Person)
which are necessary to carry out its business as presently conducted and as
presently proposed to be conducted hereafter, and no Loan Party is in 

 37
 

violation
in any material respect of the terms under which it possesses such intellectual
property or the right to use such intellectual property.

5.18      Sale of Production. 
Except as set forth in the Disclosure Schedule, no Oil and Gas Property
is subject to any contractual or other arrangement (i) whereby payment for
production is or can be deferred for a substantial period after the month in
which such production is delivered (in the case of oil, not in excess of 60
days, and in the case of gas, not in excess of 90 days) or (ii) whereby
payments are made to a Loan Party other than by checks, drafts, wire transfer
advises or other similar writings, instruments or communications for the
immediate payment of money.  Except for
production sales contracts, processing agreements, transportation agreements
and other agreements relating to the marketing of production that are listed on
the Disclosure Schedule in connection with the Oil and Gas Properties to which
such contract or agreement relates: (i) no Oil and Gas Property is subject to
any contractual or other arrangement for the sale, processing or transportation
of production (or otherwise related to the marketing of production) which
cannot be canceled on 120 days’ (or less) notice and (ii) all contractual or
other arrangements for the sale, processing or transportation of
production  (or otherwise related to the
marketing of production) are bona fide arm’s length transactions made on the
best terms available with third parties not affiliated with Loan Parties.  Each Loan Party is presently receiving a
price for all production from (or attributable to) each Oil and Gas Property
covered by a production sales contract or marketing contract listed on the
Disclosure Schedule that is computed in accordance with the terms of such contract,
and no Loan Party is having deliveries of production from such Oil and Gas
Property curtailed substantially below such property’s delivery capacity.  Except as set forth in the Disclosure
Schedule, no Loan Party, nor any Loan Party’s predecessors in title, has
received prepayments (including payments for gas not taken pursuant to “take or
pay” or other similar arrangements) for any oil, gas or other hydrocarbons
produced or to be produced from any Oil and Gas Properties after the date
hereof.  Except as set forth in the
Disclosure Schedule, no Oil and Gas Property is subject to any “take or pay” or
other similar arrangement (i) which can be satisfied in whole or in part by the
production or transportation of gas from other properties or (ii) as a result
of which production from any Oil and Gas Property may be required to be
delivered to one or more third parties without payment (or without full
payment) therefor as a result of payments made, or other actions taken, with
respect to other properties.  Except as
set forth in the Disclosure Schedule, there is no Oil and Gas Property with
respect to which any Loan Party, or any Loan Party’s predecessors in title,
has, prior to the date hereof, taken more (“overproduced”), or less (“underproduced”),
gas from the lands covered thereby (or pooled or unitized therewith) than its
ownership interest in such Oil and Gas Property would entitle it to take; and
the Disclosure Schedule accurately reflects, for each well or unit with respect
to which such an imbalance is shown thereon to exist, (i) whether such Loan
Party is overproduced or underproduced and (ii) the volumes (in cubic feet or
British thermal units) of such overproduction or underproduction and the
effective date of such information. 
Except as set forth in the Disclosure Schedule, no Oil and Gas Property
is subject to a gas balancing arrangement under which one or more third parties
may take a portion of the production attributable to such Oil and Gas Property
without payment (or without full payment) therefor as a result of production
having been taken from, or as a result of other actions or inactions with
respect to, other properties.  No Oil and
Gas Property is subject at the present time 

 38
 

to any regulatory refund
obligation and, to the best of Loan Party’s knowledge, no facts exist which
might cause the same to be imposed.

5.19      Operation of Oil and Gas
Properties.  The Oil and Gas Properties (and all
properties unitized therewith) are being (and, to the extent the same could
adversely affect the ownership or operation of the Oil and Gas Properties after
the date hereof, have in the past been) maintained, operated and developed in a
good and workmanlike manner, in accordance with prudent industry standards and
in conformity in all material respects with all applicable Laws and in
conformity in all material respect with all oil, gas or other mineral leases
and other contracts and agreements forming a part of the Oil and Gas Property
and in conformity with the Permitted Liens. 
No Oil and Gas Property is subject to having allowable production after
the date hereof reduced below the full and regular allowable (including the
maximum permissible tolerance) because of any overproduction (whether or not
the same was permissible at the time) prior to the date hereof and (ii) none of
the wells located on the Oil and Gas Properties (or properties unitized
therewith) are or will be deviated from the vertical more than the maximum
permitted by applicable laws, regulations, rules and orders, and such wells are
bottomed under and producing from, with the well bores wholly within, the Oil
and Gas Properties (or, in the case of wells located on properties unitized
therewith, such unitized properties). 
There are no dry holes, or otherwise inactive wells currently required
to be plugged and abandoned by the Kansas Corporation Commission, located on
the Oil and Gas Properties or on lands pooled or unitized therewith, except for
wells that have been properly plugged and abandoned.  Each Loan Party has all material governmental
licenses and permits necessary or appropriate to own and operate its Oil and
Gas Property, and no Loan Party has received notice of any material violations
in respect of any such licenses or permits.

5.20      Ad Valorem and Severance
Taxes; Litigation.

(a)                                  Each
Loan Party has paid and discharged all ad valorem taxes assessed against its
Oil and Gas Property or any part thereof and all production, severance and
other taxes assessed against, or measured by, the production or the value, or
proceeds, of the production therefrom, except those which are being contested
in good faith by appropriate proceedings diligently conducted and for which
adequate reserves have been provided in accordance with GAAP.  There are no suits, actions, claims,
investigations, inquiries, proceedings or demands pending (or, to any Loan
Party’s knowledge, threatened) which might affect the Oil and Gas Property,
including any which challenge or otherwise pertain to any Loan Party’s title to
any Oil and Gas Property or rights to produce and sell oil and gas therefrom.

5.21                 Intellectual
Property; Licenses, Etc.  Each Loan Party owns, or possesses the right
to use, all of the trademarks, service marks, trade names, copyrights, patents,
patent rights, franchises, licenses and other intellectual property rights that
are reasonably necessary for the operation of its respective business, without
conflict with the rights of any other Person. 
To the best knowledge of each Loan Party, no slogan or other advertising
device, product, process, method, substance, part or other material now
employed, or now contemplated to be employed, by any Loan Party infringes upon
any rights held by any other Person.  No
claim or litigation regarding any of the foregoing is pending or, to the best
knowledge of any Loan Party, 

 39
 

threatened,
which, either individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect.

5.22      MV Oil Trust. 
Each representation and warranty of the Company contained in the
Underwriting Agreement and each representation and warranty of each Selling
Unitholder (as defined in the Underwriting Agreement) contained in the
Underwriting Agreement were true and correct on each date made or deemed made
as provided in the Underwriting Agreement.

ARTICLE
VI.  AFFIRMATIVE COVENANTS

So long as any
Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, each Loan Party shall:

6.01                 Financial
Statements.  Deliver to
Agent a sufficient number of copies for delivery by Agent to each Lender, in
form and detail satisfactory to Agent and the Required Lenders:

(a)                                  as
soon as available, but in any event within 90 days after the end of each fiscal
year of Borrower, a consolidated balance sheet of Borrower and its Subsidiaries
as at the end of such fiscal year, and the related consolidated statements of
income or operations, shareholders’ equity and cash flows for such fiscal year,
setting forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and prepared in accordance with GAAP,
audited and accompanied by reports and opinions of an independent certified
public accountant firm of nationally recognized standing reasonably acceptable
to the Required Lenders, which reports and opinions shall be prepared in
accordance with generally accepted auditing standards and shall not be subject
to any “going concern” or like qualification or exception or any qualification
or exception as to the scope of such audit; and

(b)                                 as
soon as available, but in any event within 45 days after the end of each of the
first three fiscal quarters of each fiscal year of Borrower, a consolidated
balance sheet of Borrower and its Subsidiaries as at the end of such fiscal
quarter, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal quarter and for the portion
of Borrower’s fiscal year then ended, setting forth in each case in comparative
form the figures for the corresponding fiscal quarter of the previous fiscal
year and the corresponding portion of the previous fiscal year, all in
reasonable detail, certified by a Responsible Officer of Borrower as fairly
presenting the financial condition, results of operations, shareholders’ equity
and cash flows of such Persons in accordance with GAAP, subject only to normal
year-end audit adjustments and the absence of footnotes.

6.02                 Certificates;
Other Information.  Deliver to
Agent a sufficient number of copies for delivery by Agent to each Lender, in
form and detail satisfactory to Agent and the Required Lenders:

(a)                                  concurrently
with the delivery of the financial statements referred to in Section 6.01(a),
a certificate of its independent certified public accountants certifying such
financial statements and stating that in making the examination necessary
therefor no knowledge 

 40
 

was obtained of any Default or, if any such
Default shall exist, stating the nature and status of such event;

(b)                                 concurrently
with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by a
Responsible Officer of Borrower;

(c)                                  promptly
after any request by Agent or any Lender, copies of any detailed audit reports,
management letters or recommendations submitted to the board of directors (or
the audit committee of the board of directors) of Borrower by independent
accountants in connection with the accounts or books of Borrower or any
Subsidiary, or any audit of any of them;

(d)                                 by
April 1 of each year, commencing April 1, 2007, an Engineering Report prepared
by Cawley Gillespie & Associates, or other independent petroleum engineers
chosen by Borrower and acceptable to Required Lenders, concerning all Oil and
Gas Properties owned by any Loan Party which are located in or offshore of the
United States and which have attributable to them proved oil or gas reserves
prepared as of the preceding January 1. 
This report shall be satisfactory to Administrative Agent, shall take
into account any “over-produced” status under gas balancing arrangements, and
shall contain information and analysis comparable in scope to that contained in
the Initial Engineering Report.  This
report shall distinguish (or shall be delivered together with a certificate
from an appropriate officer of Borrower which distinguishes) those properties
treated in the report which are Collateral from those properties treated in the
report which are not Collateral;

(e)                                  by
October 1 of each year, commencing October 1, 2007, an Engineering Report
prepared as of the preceding July 1 (or the last day of the preceding calendar
month in the case of a Special Determination) by petroleum engineers who are
employees of Borrower (or by the independent engineers named above), together
with an accompanying report on property sales, property purchases and changes
in categories, both in the same form and scope as the reports in (d) above;

(f)                                    as
soon as available, and in any event within forty-five (45) days after the end
of each calendar quarter, a report describing by lease or unit the gross volume
of production and sales attributable to production during such month from the
properties described in the most recent Engineering Report and describing the
related severance taxes, other taxes, and leasehold operating expenses attributable
thereto and incurred during such month;

(g)                                 concurrently
with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a report describing the Swap Contracts of the Loan
Parties, in form acceptable to Administrative Agent;

(h)                                 concurrently
with the delivery thereof, a copy of each report provided by the Company or the
trustee under the MV Oil Trust to the holders of Trust Units; and

 41
 

(i)                                     promptly,
such additional information regarding the business, financial or corporate affairs
of any Loan Party, or compliance with the terms of the Loan Documents, as Agent
or any Lender may from time to time reasonably request.

Each Loan Party hereby
acknowledges that (a) Agent will make available to Lenders materials and/or
information provided by or on behalf of Borrower hereunder (collectively, “Borrower
Materials”) by posting Borrower Materials on IntraLinks or another similar
electronic system (the “Platform”) and (b) certain of the Lenders may be
“public-side” Lenders (i.e., Lenders that
do not wish to receive material non-public information with respect to Borrower
or its securities) (each, a “Public Lender”).  Borrower hereby agrees that (w) all Borrower
Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower
Materials “PUBLIC,” Borrower shall be deemed to have authorized Agent and the
Lenders to treat such Borrower Materials as not containing any material
non-public information with respect to Borrower or its securities for purposes
of United States Federal and state securities laws (provided, however, that to
the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 10.07); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor;” and (z) Agent shall be entitled to treat
any Borrower Materials that are not marked “PUBLIC” as being suitable only for
posting on a portion of the Platform not designated “Public Investor.

6.03                        Notices.  Promptly notify Agent and each Lender:

(a)                                  of
the occurrence of any Default;

(b)                                 of
any matter that has resulted or could reasonably be expected to result in a
Material Adverse Effect, including (i) breach or non-performance of, or any
default under, a Contractual Obligation of any Loan Party; (ii) any dispute,
litigation, investigation, proceeding or suspension between any Loan Party and
any Governmental Authority; (iii) any dispute, litigation, investigation,
proceeding or suspension between any Loan Party and MV Oil Trust or (iv) the
commencement of, or any material development in, any litigation or proceeding
affecting any Loan Party, including pursuant to any applicable Environmental
Laws;

(c)                                  of
the occurrence of any ERISA Event;

(d)                                 of
the receipt of Net Cash Proceeds; and

(e)                                  of
any material change in accounting policies or financial reporting practices by
Borrower or any Subsidiary.

Each notice pursuant to this
Section shall be accompanied by a statement of a Responsible Officer of
Borrower setting forth details of the occurrence referred to therein and
stating what action Borrower has taken and proposes to take with respect
thereto.  Each notice pursuant to Section 6.03(a)
shall describe with particularity any and all provisions of this Agreement and
any other Loan Document that have been breached.

 42

6.04                 Payment
of Obligations.  Pay and discharge as
the same shall become due and payable, all its obligations and liabilities,
including (a) all tax liabilities, assessments and governmental charges or
levies upon it or its properties or assets, unless the same are being contested
in good faith by appropriate proceedings diligently conducted and adequate
reserves in accordance with GAAP are being maintained by such Loan Party; (b)
all lawful claims which, if unpaid, would by law become a Lien upon its property;
and (c) all Indebtedness, as and when due and payable, but subject to any
subordination provisions contained in any instrument or agreement evidencing
such Indebtedness.

6.05                 Preservation
of Existence, Etc.

(a)                                  Preserve, renew and
maintain in full force and effect its legal existence and good standing under
the Laws of the jurisdiction of its organization except in a transaction
permitted by Section 7.04 or 7.05;

(b)                                 take all reasonable
action to maintain all rights, privileges, permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except to the
extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and

(c)                                  preserve or renew all
of its registered patents, trademarks, trade names and service marks, the
non-preservation of which could reasonably be expected to have a Material
Adverse Effect.

6.06                 Maintenance
of Properties.

(a)                                  Maintain, preserve
and protect all of its material properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear
and tear excepted;

(b)                                 make all necessary
repairs thereto and renewals and replacements thereof except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect;
and

(c)                                  use the standard of
care typical in the industry in the operation and maintenance of its
facilities.

6.07                 Maintenance
of Insurance.

(a)                                  Borrower shall at all
times maintain (at its own expense) with financially sound and reputable insurance
companies, not Affiliates of Borrower, insurance required under
Section 6.7 of the Operating Agreement of Borrower as it exists on the
date hereof.  All insurance policies
covering Collateral shall be endorsed (a) to provide for payment of losses to Administrative
Agent as its interests may appear, (b) to provide that such policies may not be
canceled or reduced or affected in any material manner for any reason without
thirty (30) days prior notice to Administrative Agent, (c) to provide for any
other matters specified in any applicable Security Document or which
Administrative Agent may reasonably require, and (d) to provide for insurance
against fire, casualty and any other hazards normally insured against, in the 

 43
 

amount of the full value (less a reasonable deductible not to exceed
amounts customary in the industry for similarly situated businesses and
properties) of the property insured.

(b)                                 Each policy for
liability insurance shall provide for all losses to be paid on behalf of
Administrative Agent (for the benefit of Lenders) and Loan Parties as their
respective interests may appear, and each policy insuring loss or damage to
Collateral shall provide for all losses to be paid directly to Administrative
Agent.  Each such policy shall in
addition (A) name the appropriate Loan Party and Administrative Agent and
Lenders as insured parties thereunder (without any representation or warranty
by or obligation upon Administrative Agent or Lenders) as their interests may
appear, (B) contain the agreement by the insurer that any loss thereunder shall
be payable to Administrative Agent notwithstanding any action, inaction or
breach of representation or warranty by any Loan Party, (C) provide that there
shall be no recourse against Administrative Agent or Lenders for payment of
premiums or other amounts with respect thereto and (D) provide that at least
thirty (30) days’ prior written notice of cancellation or of lapse shall be
given to Administrative Agent by the insurer. 
Each Loan Party will, if so requested by Administrative Agent, deliver
to Administrative Agent original or duplicate policies of such insurance and,
as often as Administrative Agent may reasonably request, a report of a
reputable insurance broker with respect to such insurance.  Each Loan Party will also, at the request of
Administrative Agent, duly execute and deliver instruments of assignment of
such insurance policies and cause the respective insurers to acknowledge notice
of such assignment.  Administrative Agent
is hereby authorized to enforce payment under all such insurance policies and
to compromise and settle any claims thereunder, in its own name or in the name
of the Loan Parties.

6.08                 Compliance
with Laws.  Comply in all material
respects with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its business or property, except in such
instances in which (a) such requirement of Law or order, write, injunction or
decree is being contested in good faith by appropriate proceedings diligently conducted;
or (b) the failure to comply therewith could not reasonably be expected to have
a Material Adverse Effect.

6.09                 Books
and Records.

(a)                                  Maintain proper books
of record and account, in which full, true and correct entries in conformity
with GAAP consistently applied shall be made of all financial transactions and
matters involving the assets and business of such Loan Party; and

(b)                                 maintain such books of
record and account in material conformity with all applicable requirements of
any Governmental Authority having regulatory jurisdiction over such Loan Party.

6.10                 Inspection
Rights.  Permit representatives and
independent contractors of Agent and each Lender to visit and inspect any of
its properties, to examine its corporate, financial and operating records, and
make copies thereof or abstracts therefrom, and to discuss its affairs,
finances and accounts with its directors, officers, and independent public
accountants, all at the expense of Borrower and at such reasonable times during
normal business hours and as often as 

 44
 

may be reasonably
desired, upon reasonable advance notice to Borrower; provided, however,
that when an Event of Default exists Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of Borrower at any time during normal business hours
and without advance notice.

6.11                 Use
of Proceeds.  Use the proceeds of the
Borrowing (i) on the Closing Date to repay or refinance Indebtedness under the
Existing Credit Agreement and cost incurred in connection with the closing of
this Agreement and (ii) at any other time, for work capital purposes, capital
expenditures and other general company purposes not in contravention of any Law
or of any Loan Document.

6.12                 Agreement
to Deliver Security Documents.  Each
Loan Party agrees to deliver and to cause each other Loan Party to deliver, to
further secure the Obligations whenever requested by Administrative Agent in
its sole and absolute discretion, deeds of trust, mortgages, chattel mortgages,
security agreements, financing statements and other Security Documents in form
and substance satisfactory to Administrative Agent for the purpose of granting,
confirming, and perfecting first and prior liens or security interests in any real
or personal property of Borrower or any other Loan Parties, including all Oil
and Gas Properties and all MV Oil Trust Units owned by any Loan Party.  Each Loan Party agrees to deliver and to
cause each other Loan Party to deliver, whenever requested by Administrative
Agent, in its sole and absolute discretion, transfer orders or letters in lieu
thereof with respect to the production and proceeds of production from the
Collateral, in form and substance satisfactory to Administrative Agent.

6.13                 Production
Proceeds.  Notwithstanding that, by
the terms of the various Security Documents, Loan Parties are and will be
assigning to Administrative Agent and Lenders all of the “Production Proceeds”
(as defined therein) accruing to the property covered thereby, so long as no
Default has occurred Loan Parties may continue to receive from the purchasers
of production all such Production Proceeds, subject, however, to the Liens
created under the Security Documents, which Liens are hereby affirmed and
ratified.  Upon the occurrence of a
Default, Administrative Agent and Lenders may exercise all rights and remedies
granted under the Security Documents, including the right to obtain possession
of all Production Proceeds then held by Loan Parties or to receive directly from
the purchasers of production all other Production Proceeds.  In no case shall any failure, whether
purposed or inadvertent, by Administrative Agent or Lenders to collect directly
any such Production Proceeds constitute in any way a waiver, remission or release
of any of their rights under the Security Documents, nor shall any release of
any Production Proceeds by Administrative Agent or Lenders to Loan Parties
constitute a waiver, remission, or release of any other Production Proceeds or
of any rights of Administrative Agent or Lenders to collect other Production
Proceeds thereafter.

6.14                 Mortgaged
Property Covenants.

(a)                                  Leases and
Contracts; Performance of Obligations.  
Except to the extent Disposed of (including abandonment) pursuant to Section
7.05(f), each Loan Party will maintain in full force and effect all oil,
gas or mineral leases, contracts, servitudes and other agreements forming a
part of any Oil and Gas Property, to the extent the same cover or otherwise
relate to such Oil and Gas Property, and each Loan Party will timely perform
all of its obligations

 45
 

thereunder.  Each Loan Party will
promptly notify Administrative Agent of any claim (or any conclusion by such
Loan Party) that such Loan Party is obligated to account for any royalties, or
overriding royalties or other payments out of production, on a basis (other
than delivery in kind) less favorable to such Loan Party than proceeds received
by Loan Party (calculated at the well) from sale of production.

(b)                                 Representation to
Continue to be True.  Each Loan Party
will carry out its sales of production, will operate the Oil and Gas
Properties, and will otherwise deal with the Oil and Gas Properties and the
production, in such a way that the representations and warranties in Sections
5.18, 5.19 and 5.20 remain true and correct at, and as of,
all times that this Agreement is in effect (and not just at, and as of, the
times such representations and warranties are made).

6.15                 Guaranties
of Borrower’s Subsidiaries.  Each
Subsidiary of Borrower now existing or created, acquired or coming into
existence after the date hereof shall, promptly upon request by Administrative
Agent, execute and deliver to Administrative Agent a supplement to the Guaranty
in the form attached thereto guaranteeing the timely repayment of the
Obligations and the due and punctual performance of the obligations of Borrower
hereunder.  Borrower will cause each of
its Subsidiaries to deliver to Administrative Agent, simultaneously with its
delivery of such a supplement, written evidence satisfactory to Administrative
Agent and its counsel that such Subsidiary has taken all company action
necessary to duly approve and authorize its execution, delivery and performance
of such guaranty and any other documents which it is required to execute.

6.16                 Environmental
Matters; Environmental Reviews.

(a)                                  Each Loan Party will
comply in all material respects with all Environmental Laws now or hereafter
applicable to such Loan Party, as well as all contractual obligations and
agreements with respect to environmental remediation or other environmental
matters, and shall obtain, at or prior to the time required by applicable
Environmental Laws, all environmental, health and safety Permits and other
authorizations necessary for its operations and will maintain such
authorizations in full force and effect. 
No Loan Party will do anything or permit anything to be done which will
subject any of its properties to any remedial obligations under, or result in
noncompliance with applicable Permits issued under, any applicable
Environmental Laws, assuming disclosure to the applicable governmental
authorities of all relevant facts, conditions and circumstances.  Upon Administrative Agent’s reasonable
request, at any time (but not in excess of one inspection conducted at Borrower’s
expense hereunder during any 18 consecutive month period), Borrower will
provide at its own expense an environmental inspection of any of the Loan
Parties’ material real properties and audit of their environmental compliance
procedures and practices, in each case from an engineering or consulting firm
approved by Administrative Agent.

(b)                                 Borrower will promptly
furnish to Administrative Agent all written notices of violation, orders,
claims, citations, complaints, penalty assessments, suits or other proceedings
received by any Loan Party, or of which Borrower otherwise has notice, pending
or threatened against any Loan Party by any Governmental Authority with respect
to any alleged violation of or non-compliance with any Environmental Laws or
any Permits or other authorizations in

 46
 

connection with any Loan Party’s ownership or use of its properties or
the operation of its business that might result in a Loan Party being liable
for $50,000 or more.

(c)                                  Borrower will
promptly furnish to Administrative Agent all requests for information, notices
of claim, demand letters, and other notifications, received by Borrower in
connection with any Loan Party’s ownership or use of its properties or the
conduct of its business, relating to potential responsibility with respect to
any investigation or clean-up of Hazardous Material at any location that might
result in a Loan Party being liable for $50,000 or more.

6.17                 MV
Oil Trust.  Borrower shall at all
times comply in all material respect with its obligations under each of the MV
Oil Trust Documents.

ARTICLE VII. 
NEGATIVE COVENANTS

So long as any
Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, no Loan Party shall, directly or
indirectly:

7.01                 Liens.  Create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, other than Permitted Liens.

7.02                 Investments.  Make any Investments, except:

(a)                                  Investments held by a
Loan Party in the form of cash equivalents or short-term marketable debt
securities or marketable obligations, maturing within twelve months after
acquisition thereof, issued or unconditionally guaranteed by the United States
of America or an instrumentality or agency thereof and entitled to the full
faith and credit of the United states of America;

(b)                                 advances to officers,
directors and employees of Loan Parties in an aggregate amount not to exceed
$100,000 at any time outstanding, for travel, entertainment, relocation and
analogous ordinary business purposes;

(c)                                  Investments of
Holders in Borrower, Investments of Borrower in any wholly-owned Subsidiary
that is a Guarantor and Investments of any wholly-owned Subsidiary of Borrower
in Borrower or in another wholly-owned Subsidiary of Borrower;

(d)                                 Investments consisting
of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of
business, and Investments received in satisfaction or partial satisfaction
thereof from financially troubled account debtors to the extent reasonably
necessary in order to prevent or limit loss;

(e)                                  Guarantees permitted
by Section 7.03; and

(f)                                    Investments in
Trust Units.

 47
 

7.03                 Indebtedness.  Create, incur, assume or suffer to exist any
Indebtedness, except:

(a)                                  Indebtedness under
the Loan Documents;

(b)                                 Guarantees of Holders,
Borrower or any Subsidiary in respect of Indebtedness otherwise permitted
hereunder of Borrower or any wholly-owned Subsidiary;

(c)                                  obligations
(contingent or otherwise) of Borrower or any Subsidiary existing or arising
under any Swap Contract, provided that (i) such obligations are (or
were) entered into by such Person in the ordinary course of business for the
purpose of directly mitigating risks associated with liabilities, commitments,
investments, assets, or property held or reasonably anticipated by such Person,
or changes in the value of securities issued by such Person, and not for
purposes of speculation or taking a “market view;” (ii) such Swap Contract does
not contain any provision exonerating the non-defaulting party from its
obligation to make payments on outstanding transactions to the defaulting
party; (iii) and such Swap Contract does not violate the terms of Section
7.11;

(d)                                 Indebtedness of
Holders to Borrower subordinated to the Indebtedness under the Loan Documents
in form and substance satisfactory to Administrative Agent; and

(e)                                  Indebtedness to
Affiliates in an aggregate amount not to exceed $100,000.

7.04                 Fundamental
Changes.  Merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to or in favor of any Person,
except that, so long as no Default exists or would result therefrom:

(a)                                  any Subsidiary of
Borrower may merge with (i) Borrower, provided that Borrower shall be
the continuing or surviving Person, or (ii) any one or more other Subsidiaries
of Borrower, provided that when any wholly-owned Subsidiary is merging
with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or
surviving Person, and, provided  further that if a Guarantor is
merging with another Subsidiary, the Guarantor shall be the surviving Person;
and

(b)                                 any Subsidiary of
Borrower may Dispose of all or substantially all of its assets (upon voluntary
liquidation or otherwise) to Borrower or to another Subsidiary of Borrower; provided
that if the transferor in such a transaction is a wholly-owned Subsidiary, then
the transferee must either be Borrower or a wholly-owned Subsidiary and,
provided further that if the transferor of such assets is a Guarantor, the
transferee must either be Borrower or a Guarantor.

7.05                 Dispositions.  Make any Disposition or enter into any
agreement to make any Disposition, except:

(a)                                  Dispositions of
obsolete or worn out property, whether now owned or hereafter acquired, in the
ordinary course of business;

 48
 

(b)                                 Dispositions of
inventory in the ordinary course of business;

(c)                                  Dispositions of
equipment to the extent that (i) such property is exchanged for credit against
the purchase price of similar replacement property or (ii) the proceeds of such
Disposition are reasonably promptly applied to the purchase price of such
replacement property;

(d)                                 Dispositions of
property by any Subsidiary of Borrower to Borrower or to a wholly-owned
Subsidiary of Borrower; provided that if the transferor of such property
is a Guarantor, the transferee thereof must either be Borrower or a Guarantor;

(e)                                  Dispositions
permitted by Section 7.04;

(f)                                    Dispositions of
interests in oil and gas leases, or portions thereof (if released or abandoned
but not otherwise sold or transferred), so long as no well situated on any such
lease, or located on any unit containing all or any part thereof, is capable
(or is subject to being made capable through commercially feasible operations)
of producing oil, gas or other hydrocarbons or minerals in commercial
quantities;

(g)                                 Dispositions
contemplated by the VAP-I Equity Repurchase, and Dispositions of Trust Units to
a Person who is not an Affiliate for cash or cash equivalents;

(h)                                 Dispositions of Oil
and Gas Properties that are sold for fair consideration to a Person who is not
an Affiliate, provided that (i) the maximum aggregate amount of such sales in
any calendar year is limited to Oil and Gas Properties that account for no more
than 10% of the aggregate Oil and Gas Properties at the beginning of such
calendar year, (ii) at least 90% of the consideration received in connection
with such sales must be in cash or cash equivalents; and (iii) prior to and
after giving effect to any such sale no Default or Event of Default shall
exist; and

(i)                                     In the event that
less than 1,125,000 of Trust Units are sold by VAP-I or MV Energy as “Additional
Units” to the Underwriters as provided for in the Underwriting Agreement, then
Trust Units held by VAP-I or MV Energy equal to 1,125,000 minus the number of
Additional Units that are so sold, if any, by VAP-I may be Disposed of to
holders of Equity Interests in VAP-I as part of the consideration for the VAP-I
Equity Repurchase;

provided,
however, that any Disposition pursuant to clauses (a) through (h) shall
be for fair market value.

No Loan Party will abandon
or consent to the abandonment of, any oil or gas well constituting Collateral
so long as such well is capable (or is subject to being made capable through
drilling, reworking or other operations which it would be commercially feasible
to conduct) of producing oil, gas, or other hydrocarbons or other minerals in
commercial quantities (as determined without considering the effect of any
Mortgage).  No Loan Party will elect not
to participate in a proposed operation on any oil and gas property constituting
Collateral where the effect of such election would be the forfeiture either
temporarily (e.g., until a certain sum of money is received out of the
forfeited interest) or permanently of any interest in the Collateral.

 49
 

7.06                 Restricted
Payments.  Declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, or issue or sell any Equity Interests, except that, so
long as no Default shall have occurred and be continuing at the time of any action
described below or would result therefrom:

(a)                                  Each Subsidiary of
Borrower may make Restricted Payments to Borrower and any other Person that
owns an Equity Interest in such Subsidiary, ratably according to their
respective holdings of the type of Equity Interest in respect of which such
Restricted Payment is being made;

(b)                                 Borrower and each
Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by
it with the proceeds received from the substantially concurrent issue of new
shares of its common stock or other common Equity Interests;

(c)                                  Borrower may make
Permitted Tax Distributions to Holders and Holders may make Permitted Tax
Distributions to the holders of their respective Equity Interests; and

(d)                                 Borrower and
Guarantors may effect the Closing Transactions, including the VAP-I Equity
Repurchase.

7.07                 Change
in Nature of Business.  Engage in any
material line of business substantially different from those lines of business
conducted by such Loan Party on the date hereof or any business substantially
related or incidental thereto.

7.08                 Transactions
with Affiliates.  Enter into any
transaction of any kind with any Affiliate of such Loan Party, whether or not
in the ordinary course of business, other than on fair and reasonable terms
substantially as favorable to such Loan Party as would be obtainable by such
Loan Party at the time in a comparable arm’s length transaction with a Person
other than an Affiliate, provided that the foregoing restriction shall not
apply to (a) transactions between or among Borrower and its Subsidiaries or
between and among Subsidiaries of Borrower or (b) transactions provided for in
the MV Oil Trust Documents.

7.09                 Burdensome
Agreements.  Enter into any
Contractual Obligation (other than this Agreement or any other Loan Document)
that (a) limits the ability (i) of any Subsidiary of Borrower to make
Restricted Payments to Borrower or to otherwise transfer property to Borrower,
(ii) of any Subsidiary of Borrower to Guarantee the Indebtedness of Borrower or
(iii) of any Loan Party to create, incur, assume or suffer to exist Liens on
property of such Person; provided, however, that this clause
(iii) shall not prohibit any negative pledge incurred or provided in favor of
any holder of Indebtedness permitted under Section 7.03(e) solely
to the extent any such negative pledge relates to the property financed by or
the subject of such Indebtedness; or (b) requires the grant of a Lien to secure
an obligation of such Person if a Lien is granted to secure another obligation
of such Person.

7.10                 Use
of Proceeds.  Use the proceeds of any
Borrowing, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the
meaning of Regulation U of the FRB) or to extend credit to others for the
purpose of

 50
 

purchasing or carrying
margin stock or to refund indebtedness originally incurred for such purpose.

7.11                 Hedging
Contracts.  No Loan Party will be a
party to or in any manner be liable on any Swap Contract except:

(a)                                  Swap Contracts
existing on the date hereof.

(b)                                 Swap
Contracts entered into with the purpose and effect of fixing prices on
Projected Oil and Gas Production for production expected to be produced no more
than 36 months in the future that does not in the aggregate exceed ninety five
percent (95%) of the aggregate Projected Oil and Gas Production for such
period; provided that the aggregate production covered by all such contracts
for any single month does not in the aggregate exceed ninety five percent (95%)
of the aggregate Projected Oil and Gas Production anticipated to be sold in the
ordinary course of the Loan Parties’ businesses for such month.

(c)                                  Other
than Lender Swap Obligations, no Swap Contract shall require any Loan Party to
put up money, assets, or other security against the event of its nonperformance
prior to actual default by such Loan Party in performing its obligations
thereunder except for Swap Contracts entered into prior to the date hereof, and
each such contract (except for contracts with SemCrude, L.P. entered prior to
the date hereof) is with a counterparty or has a guarantor of the obligation of
the counterparty who (unless such counterparty is a Lender or one of its
Affiliates) at the time the contract is made has long-term obligations rated AA
or Aa2 or better, respectively, by either Rating Agency.

(d)                                 Contracts
entered into by a Loan Party with the purpose and effect of fixing interest
rates on a principal amount of indebtedness of such Loan Party that is accruing
interest at a variable rate, provided that (i) at the time such Hedging
Contract is entered into, the aggregate notional amount of such contracts does
not exceed fifty percent (50%) of the anticipated outstanding principal balance
of the indebtedness to be hedged by such contracts or an average of such
principal balances calculated using a generally accepted method of matching
interest swap contracts to declining principal balances, (ii) the floating rate
index of each such contract generally matches the index used to determine the
floating rates of interest on the corresponding indebtedness to be hedged by
such contract and (iii) each such contract is with a counterparty or has a
guarantor of the obligation of the counterparty who (unless such counterparty
is a Lender or one of its Affiliates) at the time the contract is made has
long-term obligations rated AA or Aa2 or better, respectively, by either Rating
Agency.

 51
 

7.12                 Consolidated
Fixed Charge Coverage Ratio.  Borrower
will not permit the Consolidated Fixed Charge Coverage Ratio for any period of
four consecutive Fiscal Quarters to be less than 1.25 to 1.0, calculated as of
the end of each Fiscal Quarter ending after the date of this Agreement.

ARTICLE VIII.  EVENTS OF DEFAULT AND REMEDIES

8.01                 Events
of Default.  Any of the following
shall constitute an Event of Default:

(a)                                  Non-Payment.  Borrower or any other Loan Party fails to pay
(i) when and as required to be paid herein any Loan, or (ii) within three (3)
Business Days after the same becomes due, any interest on any Loan, or any fee
due hereunder, or (iii) within three (3) days after the same becomes due, any
other amount payable hereunder or under any other Loan Document; or

(b)                                 Specific
Covenants.  Any Loan Party fails to
perform or observe any term, covenant or agreement contained in any of Section 6.03,
6.05, 6.10, 6.11,  6.12, 6.13, 6.14, 6.15
or 6.16 or Article VII; or

(c)                                  Other
Defaults.  Borrower or any other Loan
Party fails to perform or observe any other covenant or agreement (not
specified in subsection (a) or (b) above) contained in any Loan Document on its
part to be performed or observed and such failure continues for 30 days or
any default or Event of Default occurs under any other Loan Document; or

(d)                                 Representations
and Warranties.  Any representation,
warranty, certification or statement of fact made or deemed made by or on
behalf of Borrower or any other Loan Party herein, in any other Loan Document,
or in any document delivered in connection herewith or therewith shall be
incorrect or misleading when made or deemed made; or

(e)                                  Cross-Default.  (i) Any Loan Party or any of its Subsidiaries
(A) fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness
or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap
Contracts) having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than the Threshold Amount,
or (B) fails to observe or perform any other agreement or condition
relating to any such Indebtedness or Guarantee or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit
the holder or holders of such Indebtedness or the beneficiary or beneficiaries
of such Guarantee (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness to be demanded or to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to
repurchase, prepay, defease or redeem such Indebtedness to be made, prior to
its stated maturity, or such Guarantee to become payable or cash collateral in
respect thereof to be demanded; or (ii) there occurs under any Swap Contract an
Early Termination Date (as defined in such Swap Contract) resulting from
(A) any event of default under such Swap Contract as to which such

 52
 

Loan Party or any Subsidiary is the
Defaulting Party (as defined in such Swap Contract) or (B) any Termination
Event (as so defined) under such Swap Contract as to which such Loan Party or
Subsidiary is an Affected Party (as so defined) and, in either event, the Swap
Termination Value owed by such Loan Party or such Subsidiary as a result
thereof is greater than the Threshold Amount; or

(f)                                    Insolvency
Proceedings, Etc.  Any Loan Party or
any Subsidiary institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an assignment for the benefit of
creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer
for it or for all or any material part of its property; or any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer
is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such Person
and continues undismissed or unstayed for 60 calendar days, or an order for
relief is entered in any such proceeding; or

(g)                                 Inability
to Pay Debts; Attachment.  (i) Any
Loan Party or any Subsidiary becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due, or (ii) any writ or
warrant of attachment or execution or similar process is issued or levied
against all or any material part of the property of any such Person and is not
released, vacated or fully bonded within 30 days after its issue or levy; or

(h)                                 Judgments.  There is entered against any Loan Party or
any Subsidiary (i) a final judgment or order for the payment of money in an
aggregate amount exceeding the Threshold Amount (to the extent not covered by
independent third-party insurance as to which the insurer does not dispute
coverage), or (ii) any one or more non-monetary final judgments that have, or
could reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period
of 10 consecutive days during which a stay of enforcement of such
judgment, by reason of a pending appeal or otherwise, is not in effect; or

(i)                                     ERISA.  (i) An ERISA Event occurs with respect to a
Pension Plan or Multiemployer Plan which has resulted or could reasonably be
expected to result in liability of any Loan Party under Title IV of ERISA to
the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in
excess of the Threshold Amount, or (ii) any Loan Party or any ERISA Affiliate
fails to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in
excess of the Threshold Amount; or

(j)                                     Invalidity
of Loan Documents.  Any Loan Document
or any provision thereof, at any time after its execution and delivery and for
any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the Obligations, ceases to be in full force and
effect; or any Loan Party or any other Person contests in any manner the
validity or enforceability of any Loan Document or any provision thereof; or
any Loan Party denies that it has any or

 53
 

further liability or obligation under any
Loan Document, or purports to revoke, terminate or rescind any Loan Document or
any provision thereof; or

(k)                                  Change
of Control.  There occurs any Change
of Control; or

(l)                                     Material
Adverse Effect.  There occurs any
event of circumstance that has a Material Adverse Effect.

8.02                 Remedies
Upon Event of Default.  If any Event
of Default occurs and is continuing, Agent shall, at the request of, or may,
with the consent of, the Required Lenders, take any or all of the following
actions:

(a)                                  declare
the commitment of each Lender to make Loans to be terminated, whereupon such
commitments and obligation shall be terminated;

(b)                                 declare
the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any
other Loan Document to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
waived by Borrower; and

(c)                                  exercise
on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents;

provided, however,
that upon the occurrence of an actual or deemed entry of an order for relief
with respect to Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans shall automatically terminate and the
unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, in each case
without further act of Agent or any Lender.

8.03                 Application
of Funds.  After the exercise of
remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable as set forth in the proviso to Section 8.02),
any amounts received on account of the Obligations shall be applied by Agent in
the following order:

First, to payment of that portion of
the Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to Agent (including fees
and time charges for attorneys who may be employees of Agent) and amounts
payable under Article III) payable to Agent in its capacity as
such;

Second, to payment of that portion
of the Obligations constituting fees, indemnities and other amounts (other than
principal interest) payable to Lenders (including fees, charges and
disbursements of counsel to the respective Lenders (including fees and time
charges for attorneys who may be employees of any Lender) and amounts payable
under Article III), ratably among them in proportion to the
respective amounts described in this clause Second payable to them;

 54
 

Third, to payment of that portion of
the Obligations constituting accrued and unpaid interest on the Loans and other
Obligations, ratably among Lenders in proportion to the respective amounts
described in this clause Third payable to them;

Fourth, to payment of that portion
of the Obligations constituting unpaid principal of the Loans and to the Lender
Swap Obligations, ratably among Lenders and the Lender Counterparties in
proportion to the respective amounts described in this clause Fourth
held by them; and

Last, the balance, if any, after all
of the Obligations have been indefeasibly paid in full, to Borrower or as
otherwise required by Law.

ARTICLE
IX.  ADMINISTRATIVE AGENT

9.01                 Appointment
and Authorization of Administrative Agent. 
Each of the Lenders hereby irrevocably appoints Bank of America to act
on its behalf as Administrative Agent hereunder and under the other Loan
Documents and authorizes Agent to take such actions on its behalf and to
exercise such powers as are delegated to Agent by the terms hereof and thereof,
together with such actions and powers as are reasonably incidental
thereto.  The provisions of this Article
are solely for the benefit of Agent and the Lenders, and neither Borrower nor
any other Loan Party shall have rights as a third party beneficiary of any of such
provisions.

9.02                 Rights
as a Lender.  The Person serving as
Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not
Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving
as Agent hereunder in its individual capacity. 
Such Person and its Affiliates may accept deposits from, lend money to,
act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with any Loan Party or any Subsidiary
or other Affiliate thereof as if such Person were not Agent hereunder and
without any duty to account therefor to Lenders.

9.03                 Exculpatory
Provisions.  Agent shall not have any
duties or obligations except those expressly set forth herein and in the other
Loan Documents.  Without limiting the
generality of the foregoing, Agent:

(a)                                  shall
not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing;

(b)                                 shall
not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that Agent is required to
exercise as directed in writing by the Required Lenders (or such other number
or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents), provided that Agent shall not be required to
take any action that, in its opinion or the opinion of its counsel, may expose
Agent to liability or that is contrary to any Loan Document or applicable Law;
and

 55
 

(c)                                  shall
not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to Borrower or any of its Affiliates that is communicated
to or obtained by the Person serving as Agent or any of its Affiliates in any
capacity.

(d)                                 Agent
shall not be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary, or as Agent shall believe in
good faith shall be necessary, under the circumstances as provided in Sections
8.02 and 10.01) or (ii) in the absence of its own gross negligence
or willful misconduct.  Agent shall be
deemed not to have knowledge of any Default unless and until written notice
describing such Default is given to Agent by Borrower or a Lender.  Agent shall not be responsible for or have
any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan
Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii)
the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement, any other Loan Document or any other agreement, instrument or
document or (v) the satisfaction of any condition set forth in Article IV
or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to Agent.

9.04                 Reliance
by Administrative Agent.  Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or
other writing (including any electronic message, Internet or intranet website
posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person.  Agent also may rely upon any statement made
to it orally or by telephone and believed by it to have been made by the proper
Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition
hereunder to the making of a Loan, that by its terms must be fulfilled to the
satisfaction of a Lender, Agent may presume that such condition is satisfactory
to such Lender unless Agent shall have received notice to the contrary from
such Lender prior to the making of such Loan. 
Agent may consult with legal counsel (who may be counsel for Borrower),
independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of
any such counsel, accountants or experts.

9.05                 Delegation
of Duties.  Agent may perform any and
all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub agents appointed by
Agent.  Agent and any such sub agent may
perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. 
The exculpatory provisions of this Article shall apply to any such sub
agent and to the Related Parties of Agent and any such sub agent, and shall
apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Agent.

9.06                 Resignation
of Agent.  Agent may at any time give
notice of its resignation to Lenders and Borrower.  Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, in consultation with
Borrower, to appoint a successor, which shall be a bank with an

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office in the United
States, or an Affiliate of any such bank with an office in the United
States.  If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after the retiring Agent gives notice of its
resignation, then the retiring Agent may on behalf of Lenders, appoint a
successor Agent meeting the qualifications set forth above; provided
that if Agent shall notify Borrower and the Lenders that no qualifying Person
has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring Agent shall
be discharged from its duties and obligations hereunder and under the other
Loan Documents (except that in the case of any collateral security held by Agent
on behalf of the Lenders under any of the Loan Documents, the retiring Agent
shall continue to hold such collateral security until such time as a successor
Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through Agent shall instead be made by or to each
Lender directly, until such time as the Required Lenders appoint a successor
Agent as provided for above in this Section. 
Upon the acceptance of a successor’s appointment as Agent hereunder,
such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring (or retired) Agent, and the
retiring Agent shall be discharged from all of its duties and obligations
hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). 
The fees payable by Borrower to a successor Agent shall be the same as
those payable to its predecessor unless otherwise agreed between Borrower and
such successor.  After the retiring Agent’s
resignation hereunder and under the other Loan Documents, the provisions of
this Article and Section 10.04 shall continue in effect for the
benefit of such retiring Agent, its sub agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent.

9.07                 Non-Reliance
on Agent and Other Lenders.  Each
Lender acknowledges that it has, independently and without reliance upon Agent
or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. 
Each Lender also acknowledges that it will, independently and without
reliance upon Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder.

9.08                 No
Other Duties, Etc.  Anything herein
to the contrary notwithstanding, no Lender holding a title listed on the cover
page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as
applicable, as Agent or a Lender hereunder.

9.09                 Administrative
Agent May File Proofs of Claim.  In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to any Loan Party, Agent (irrespective of whether the
principal of any Loan shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether Agent shall have made any
demand on Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise

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(a)                                  to
file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of Agent and the Lenders (including any claim for the
reasonable compensation, expenses, disbursements and advances of Agent and the
Lenders and their respective agents and counsel and all other amounts due Agent
and the Lenders under Sections 2.09 and 10.04) allowed in such
judicial proceeding; and

(b)                                 to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to Agent and, in the event that Agent shall
consent to the making of such payments directly to Lenders, to pay to Agent any
amount due for the reasonable compensation, expenses, disbursements and
advances of Agent and its agents and counsel, and any other amounts due Agent
under Sections 2.09 and 10.04. 
Nothing contained herein shall be deemed to authorize Agent to authorize
or consent to or accept or adopt on behalf of any Lender any plan of
reorganization, arrangement, adjustment or composition affecting the
Obligations or the rights of any Lender or to authorize Agent to vote in
respect of the claim of any Lender in any such proceeding.

9.10                 Guaranty
Matters.  Each Lender hereby
irrevocably authorizes Agent, at its option and in its discretion, to release
any Guarantor from its obligations under the Guaranty if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder.  Upon request by Agent at any time, each Lender
will confirm in writing Agent’s authority to enter into the transactions
described in this Section 9.10.

9.11                 Collateral
Matters.  (a)  Each Lender hereby irrevocably authorizes and
directs Agent to enter into the Collateral Documents for the benefit of such
Lender.  Each Lender hereby agrees, and
each holder of any Note by the acceptance thereof will be deemed to agree,
that, except as otherwise set forth in Section 10.01, any action taken
by the Required Lenders, in accordance with the provisions of this Agreement or
the Collateral Documents, and the exercise by the Required Lenders of the
powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all of the
Lenders.  Agent is hereby authorized (but
not obligated) on behalf of all of the Lenders, without the necessity of any
notice to or further consent from any Lender from time to time prior to, an
Event of Default, to take any action with respect to any Collateral or Collateral
Documents which may be necessary to perfect and maintain perfected the Liens
upon the Collateral granted pursuant to the Collateral Documents.

(b)  Each Lender hereby irrevocably authorize
Agent, at its option and in its discretion,

(i)  to release any Lien on any property granted
to or held by Agent under any Loan Document (A) upon termination of the
Aggregate Commitments and payment in full of all Obligations (other than
contingent indemnification obligations) and the expiration or termination of
all

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Letters of Credit, (B) that
is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Loan Document, (C) subject to Section 10.01,
if approved, authorized or ratified in writing by the Required Lenders, or (D)
in connection with any foreclosure sale or other disposition of Collateral
after the occurrence of an Event of Default; and

(ii)  to subordinate any Lien on any property
granted to or held by Agent under any Loan Document to the holder of any Lien
on such property that is permitted by this Agreement or any other Loan
Document.

Upon request by Agent at any
time, each Lender will confirm in writing Agent’s authority to release or
subordinate its interest in particular types or items of Collateral pursuant to
this Section 9.11.

(c)  Subject to (b) above, Agent shall (and is
hereby irrevocably authorized by each Lender , to execute such documents as may
be necessary to evidence the release or subordination of the Liens granted to
Agent for the benefit of Agent and the Lenders herein or pursuant hereto upon
the applicable Collateral; provided that (i) Agent shall not be required to
execute any such document on terms which, in Agent’s opinion, would expose
Agent to or create any liability or entail any consequence other than the
release or subordination of such Liens without recourse or warranty and (ii)
such release or subordination shall not in any manner discharge, affect or
impair the Obligations or any Liens upon (or obligations of Borrower or any
other Loan Party in respect of) all interests retained by Borrower or any other
Loan Party, including the proceeds of the sale, all of which shall continue to
constitute part of the Collateral.  In
the event of any sale or transfer of Collateral, or any foreclosure with
respect to any of the Collateral, Agent shall be authorized to deduct all
expenses reasonably incurred by Agent from the proceeds of any such sale,
transfer or foreclosure.

(d)  Agent shall have no obligation whatsoever to
any Lender or any other Person to assure that the Collateral exists or is owned
by Borrower or any other Loan Party or is cared for, protected or insured or
that the Liens granted to Agent herein or in any of the Collateral Documents or
pursuant hereto or thereto have been properly or sufficiently or lawfully
created, perfected, protected or enforced or are entitled to any particular
priority, or to exercise or to continue exercising at all or in any manner or
under any duty of care, disclosure or fidelity any of the rights, authorities
and powers granted or available to Agent in this Section 9.11 or in any
of the Collateral Documents, it being understood and agreed that in respect of
the Collateral, or any act, omission or event related thereto, Agent may act in
any manner it may deem appropriate, in its sole discretion, given Agent’s own
interest in the Collateral as one of Lenders and that Agent shall have no duty
or liability whatsoever to Lenders.

(e)  Each Lender hereby appoints each other Lender
as agent for the purpose of perfecting Lenders’ security interest in assets
which, in accordance with Article 9 of the UCC can be perfected only by
possession.  Should any Lender (other
than Agent) obtain possession of any such Collateral, such Lender shall notify
Agent thereof, and, promptly upon Agent’s request therefor shall deliver such
Collateral to Agent or in accordance with Agent’s instructions.

 59

ARTICLE X.  MISCELLANEOUS

10.01          Amendments,
Etc.  No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any
departure by Borrower or any other Loan Party therefrom, shall be effective
unless in writing signed by the Required Lenders and Borrower or the applicable
Loan Party, as the case may be, and acknowledged by Agent, and each such waiver
or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that no such
amendment, waiver or consent shall:

(a)                                  waive
any condition set forth in Section 4.01(a) without the written
consent of each Lender; provided, however, in the sole discretion
of Agent, only a waiver by Agent shall be required with respect to immaterial
matters or items specified in Section 4.01(a) (iii) or (iv)
with respect to which Borrower has given assurances satisfactory to Agent that
such items shall be delivered promptly following the Closing Date;

(b)                                 extend
or increase the Commitment of any Lender (or reinstate any Commitment
terminated pursuant to Section 8.02) without the written consent of
such Lender;

(c)                                  postpone
any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts
due to Lenders (or any of them) hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby;

(d)                                 reduce
the principal of, or the rate of interest specified herein on, any Loan, or
(subject to clause (iv) of the second proviso to this Section 10.01)
any fees or other amounts payable hereunder or under any other Loan Document,
without the written consent of each Lender directly affected thereby; provided,
however, that only the consent of the Required Lenders shall be
necessary (i) to amend the definition of “Default Rate” or to waive any
obligation of Borrower to pay interest at the Default Rate;

(e)                                  amend
Section 7.12 (or any defined term used therein) without the written
consent of each Lender;

(f)                                    change
Section 2.13 or Section 8.03 in a manner that would
alter the pro rata sharing of payments required thereby without the written
consent of each Lender;

(g)                                 change
any provision of this Section or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders
required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender; or

(h)                                 release
any Guarantor from the Guaranty or release the Liens on all or substantially
all of the Collateral in any transaction or series of related transactions
except in accordance with the terms of any Loan Document, without the written
consent of each Lender;

and, provided
further, that (i) no amendment, waiver or consent shall, unless in writing and
signed by Agent in addition to the Lenders required above, affect the rights or
duties of

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Agent under this
Agreement or any other Loan Document; and (ii) the Agent Fee Letter may be
amended, or rights or privileges thereunder waived, in a writing executed only
by the parties thereto.  Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder, except that
the Commitment of such Lender may not be increased or extended without the
consent of such Lender.

10.02          Notices;
Effectiveness; Electronic Communications.

(a)                                  Notices
Generally.  Except in the case of
notices and other communications expressly permitted to be given by telephone
(and except as provided in subsection (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopier as follows, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

(i)                                     if to Borrower or
Agent, to the address, telecopier number, electronic mail address or telephone
number specified for such Person on Schedule 4; and

(ii)                                  if to any other
Lender, to the address, telecopier number, electronic mail address or telephone
number specified in its Administrative Questionnaire.

Notices sent by
hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier
shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at
the opening of business on the next business day for the recipient).  Notices delivered through electronic
communications to the extent provided in subsection (b) below, shall be
effective as provided in such subsection (b).

(b)                                 Electronic
Communications.  Notices and other
communications to the Lenders hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites)
pursuant to procedures approved by Agent, provided that the foregoing shall not
apply to notices to any Lender pursuant to Article II if such Lender, as
applicable has notified the Agent that it is incapable of receiving notices
under such Article by electronic communication.  Agent or Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of
such procedures may be limited to particular notices or communications.  Unless Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgement from the intended
recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of
the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient, and (ii)
notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail

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address as described in the foregoing clause
(i) of notification that such notice or communication is available and
identifying the website address therefor.

(c)                                  The
Platform.  THE PLATFORM IS PROVIDED “AS
IS” AND “AS AVAILABLE.”  THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF
BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH BORROWER MATERIALS
OR THE PLATFORM.  In no event shall Agent
or any of its Related Parties (collectively, the “Agent Parties”) have
any liability to Borrower, any Lender or any other Person for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or
otherwise) arising out of Borrower’s or Agent’s transmission of Borrower
Materials through the Internet, except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Agent Party; provided, however,
that in no event shall any Agent Party have any liability to Borrower, any
Lender or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages).

(d)                                 Change
of Address, Etc.  Each of Borrower or
Agent may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address,
telecopier or telephone number for notices and other communications hereunder
by notice to Borrower and Agent.  In
addition, each Lender agrees to notify Agent from time to time to ensure that
Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender.

(e)                                  Reliance
by Agent and Lenders.  Agent and
Lenders shall be entitled to rely and act upon any notices (including
telephonic Loan Notices) purportedly given by or on behalf of Borrower even if
(i) such notices were not made in a manner specified herein, were incomplete or
were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof.  Borrower shall
indemnify Agent, each Lender and the Related Parties of each of them from all
losses, costs, expenses and liabilities resulting from the reliance by such
Person on each notice purportedly given by or on behalf of Borrower.  All telephonic notices to and other
telephonic communications with Agent may be recorded by Agent, and each of the
parties hereto hereby consents to such recording.

10.03          No
Waiver; Cumulative Remedies.  No
failure by any Lender or Agent to exercise, and no delay by any such Person in
exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy,

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power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. 
The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.

10.04          Expenses;
Indemnity; Damage Waiver.

(a)                                  Costs
and Expenses.  Borrower shall pay (i)
all reasonable out of pocket expenses incurred by Agent and its Affiliates
(including the reasonable fees, charges and disbursements of counsel for
Agent), in connection with the syndication of the credit facilities provided
for herein, the preparation, negotiation, execution, delivery and
administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), and (ii) all out of pocket expenses incurred by Agent or any
Lender (including the fees, charges and disbursements of any counsel for Agent
or any Lender), and shall pay all fees and time charges for attorneys who may
be employees of Agent or any Lender, in connection with the enforcement or
protection of its rights (A) in connection with this Agreement and the other
Loan Documents, including its rights under this Section, or (B) in connection
with the Loans made or Letters of Credit issued hereunder, including all such out
of pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans or Letters of Credit.

(b)                                 Indemnification
by Borrower.  Borrower shall
indemnify Agent (and any sub-agent thereof), each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), and shall indemnify and hold
harmless each Indemnitee from all fees and time charges and disbursements for
attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by Borrower or any other
Loan Party arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder, or the
consummation of the transactions contemplated hereby or thereby, or, in the
case of Agent (and any sub-agent thereof) and its Related Parties only, the
administration of this Agreement and the other Loan Documents, (ii) any Loan or
the use or proposed use of the proceeds therefrom, (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or
operated by any Loan Party or any of its Subsidiaries, or any Environmental
Liability related in any way to any Loan Party or any of its Subsidiaries, or
(iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by Borrower or any other Loan
Party, and regardless of whether any Indemnitee is a party thereto, in all
cases, whether or not caused by or arising, in whole or in part, out of the
comparative, contributory or sole negligence of the Indemnitee; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee or (y) result from a claim brought by

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Borrower or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if Borrower or such Loan Party has obtained a
final and nonappealable judgment in its favor on such claim as determined by a
court of competent jurisdiction.

(c)                                  Reimbursement
by Lenders.  To the extent that
Borrower for any reason fails to indefeasibly pay any amount required under
subsection (a) or (b) of this Section to be paid by it to Agent (or any
sub-agent thereof) or any Related Party of any of the foregoing, each Lender
severally agrees to pay to Agent (or any such sub-agent) or such Related Party,
as the case may be, such Lender’s Applicable Percentage (determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against Agent (or any such sub-agent) in its
capacity as such, or against any Related Party of any of the foregoing acting
for Agent (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this
subsection (c) are subject to the provisions of Section 2.12(d).

(d)                                 Waiver
of Consequential Damages, Etc.  To
the fullest extent permitted by applicable law, Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or the use of
the proceeds thereof.  No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising
from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby.

(e)                                  Payments.  All amounts due under this Section shall be
payable not later than ten Business Days after demand therefor.

(f)                                    Survival.  The agreements in this Section shall survive
the resignation of Agent, the replacement of any Lender, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all the
other Obligations.

10.05          Payments
Set Aside.  To the extent that any
payment by or on behalf of Borrower is made to Agent or any Lender, or Agent or
any Lender exercises its right of setoff, and such payment or the proceeds of
such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by Agent or such Lender in its discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Law or otherwise, then (a) to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had
not been made or such setoff had not occurred, and (b) each Lender
severally agrees to pay to Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate
per

 64
 

annum equal to the
Federal Funds Rate from time to time in effect. 
The obligations of the Lenders under clause (b) of the preceding
sentence shall survive the payment in full of the Obligations and the
termination of this Agreement.

10.06          Successors
and Assigns.

(a)                                  Successors
and Assigns Generally.  The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted
hereby, except that neither Borrower nor any other Loan Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior
written consent of Agent and each Lender and no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except (i) to an Eligible
Assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of
subsection (d) of this Section, or (iii) by way of pledge or assignment of a
security interest subject to the restrictions of subsection (f) of this Section
(and any other attempted assignment or transfer by any party hereto shall be
null and void).  Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in subsection (d) of this
Section and, to the extent expressly contemplated hereby, the Related
Parties of each of Agent and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

(b)                                 Assignments
by Lenders.  Any Lender may at any
time assign to one or more Eligible Assignees all or a portion of its rights
and obligations under this Agreement (including all or a portion of its
Commitment and the Loans at the time owing to it); provided that (i)
except in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the
case of an assignment to a Lender or an Affiliate of a Lender, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding
thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall not be
less than $5,000,000 unless each of Agent and, so long as no Event of Default
has occurred and is continuing, Borrower otherwise consents (each such consent
not to be unreasonably withheld or delayed); (ii) each partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the
Commitment assigned; (iii) any assignment of a Commitment must be approved by
Agent unless the Person that is the proposed assignee is itself a Lender
(whether or not the proposed assignee would otherwise qualify as an Eligible
Assignee); and (iv) the parties to each assignment shall execute and deliver to
Agent an Assignment and Assumption, together with a processing and recordation
fee of $3,500 and the Eligible Assignee, if it shall not be a Lender, shall
deliver to Agent an Administrative Questionnaire.  Subject to acceptance and recording thereof
by Agent pursuant to subsection (c) of this Section, from and after the
effective date specified in each Assignment and Assumption, the Eligible
Assignee thereunder shall be a party to this Agreement and, to the extent of
the interest assigned by such Assignment and Assumption, have the rights and
obligations of a

 65
 

Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Sections 3.01, 3.04, 3.05, and 10.04
with respect to facts and circumstances occurring prior to the effective date
of such assignment.  Upon request,
Borrower (at its expense) shall execute and deliver a Note to the assignee
Lender.  Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section.

(c)                                  Register.  Agent, acting solely for this purpose as an
agent of Borrower, shall maintain at Administrative Agent’s Office a copy of
each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts of the Loans owing to each Lender pursuant to the terms
hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive, and Borrower, Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary.  The Register shall be
available for inspection by Borrower, at any reasonable time and from time to
time upon reasonable prior notice.  In
addition, at any time that a request for a consent for a material or
substantive change to the Loan Documents is pending, any Lender may request and
receive from Agent a copy of the Register.

(d)                                 Participations.  Any Lender may at any time, without the
consent of, or notice to, Borrower or Agent, sell participations to any Person
(other than a natural person or any Loan Party or any of Loan Party’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion
of such Lender’s rights and/or obligations under this Agreement (including all
or a portion of its Commitment and/or the Loans; provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (iii) Borrower, Agent and the
Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to Section 10.01 that
affects such Participant.  Subject to
subsection (e) of this Section, Borrower agrees that each Participant shall be
entitled to the benefits of Sections 3.01, 3.04 and 3.05
to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to subsection (b) of this Section.  To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be
subject to Section 2.13 as though it were a Lender.

(e)                                  Limitations
upon Participant Rights.  A
Participant shall not be entitled to receive any greater payment under Section 3.01
or 3.04 than the applicable Lender would have been

 66
 

entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to
such Participant is made with Borrower’s prior written consent.

(f)                                    Certain
Pledges.  Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.

(g)                                 Electronic
Execution of Assignments.  The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

(h)                                 Deemed
Consent of Borrower.  If the consent
of Borrower to an assignment to an Eligible Assignee is required hereunder
(including a consent to an assignment which does not meet the minimum
assignment threshold specified in clause (i) of the proviso to the first
sentence of Section 10.06(b)), Borrower shall be deemed to have
given its consent five Business Days after the date notice thereof has been
delivered to Borrower by the assigning Lender (through Agent) unless such
consent is expressly refused by Borrower prior to such fifth Business Day.

10.07          Treatment
of Certain Information; Confidentiality.  Agent and each Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information
may be disclosed (a) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, agents, advisors and
representatives (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority, purporting to have jurisdiction over it (including
any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable laws or regulations or
by any subpoena or similar legal process, (d) to any other party hereto,
(e) in connection with the exercise of any remedies hereunder or under any
other Loan Document or any action or proceeding relating to this Agreement or
any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as
those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to Borrower and its
obligations, (g) with the consent of Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach
of this Section or (y) becomes available to Agent, any Lender, or any of their
respective Affiliates on a nonconfidential basis from a source other than
Borrower.  For purposes of this Section, “Information”
means all information received from any Loan Party, any

 67
 

Subsidiary or MV Oil
Trust relating to any Loan Party, or any Subsidiary or MV Oil Trust or any of
their respective businesses, other than any such information that is available
to Agent or any Lender on a nonconfidential basis prior to disclosure by any
Loan Party, or any Subsidiary or MV Oil Trust, provided that, in the
case of information received from any Loan Party or any Subsidiary after the
date hereof, such information is clearly identified at the time of delivery as
confidential.  Any Person required to
maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential
information.  Each of Agent and the
Lenders acknowledges that (a) the Information may include material
non-public information concerning any Loan Party or a Subsidiary, as the case
may be, (b) it has developed compliance procedures regarding the use of
material non-public information and (c) it will handle such material non-public
information in accordance with applicable Law, including Federal and state
securities Laws.

10.08          Right
of Setoff.  If an Event of Default
shall have occurred and be continuing, each Lender and each of their respective
Affiliates is hereby authorized at any time and from time to time, after
obtaining the prior written consent of Agent, to the fullest extent permitted
by applicable law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by
such Lender or any such Affiliate to or for the credit or the account of
Borrower or any other Loan Party against any and all of the obligations of
Borrower or such Loan Party now or hereafter existing under this Agreement or
any other Loan Document to such Lender or any such Affiliate, irrespective of
whether or not such Lender shall have made any demand under this Agreement or
any other Loan Document and although such obligations of Borrower or such Loan
Party may be contingent or unmatured or are owed to a branch or office of such
Lender different from the branch or office holding such deposit or obligated on
such indebtedness.  The rights of each
Lender and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender or its
Affiliates may have.  Each Lender agrees
to notify Borrower and Agent promptly after any such setoff and application, provided
that the failure to give such notice shall not affect the validity of such
setoff and application.

10.09          Interest
Rate Limitation.  Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If Agent or any Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be
applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to Borrower.  In determining
whether the interest contracted for, charged, or received by Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by
applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and
spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder.

 68
 

10.10          Counterparts;
Integration; Effectiveness.  This
Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents
constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof.  Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by Agent
and when Agent shall have received counterparts hereof that, when taken
together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of
a manually executed counterpart of this Agreement.

10.11          Survival
of Representations and Warranties. 
All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery
hereof and thereof.  Such representations
and warranties have been or will be relied upon by Agent and each Lender,
regardless of any investigation made by Agent or any Lender or on their behalf
and notwithstanding that Agent or any Lender may have had notice or knowledge
of any Default at the time of any Borrowing, and shall continue in full force
and effect as long as any Loan or any other Obligation hereunder shall remain
unpaid or unsatisfied.

10.12          Replacement
of Lenders.  If any Lender requests
compensation under Section 3.04, or if Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting
Lender, or if any Lender fails to agree to upon a proposed Borrowing Base
pursuant to Section 2.15 that is the same as or is a decrease of the
then existing Borrowing Base if Lenders constituting the Required Lenders have
agreed to such proposed Borrowing Base, then Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section
10.06), all of its interests, rights and obligations under this Agreement
and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that: (a) Borrower shall have paid to the
Administrative Agent the assignment fee specified in Section 10.06; (b)
such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.05) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or Borrower (in the case
of all other amounts); (c) in the case of any such assignment resulting from a
claim for compensation under Section 3.04 or payments required to be
made pursuant to Section 3.01, such assignment will result in a
reduction in such compensation or payments thereafter; and (d) such assignment
does not conflict with applicable Laws.

A
Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling Borrower to require such assignment and delegation
cease to apply.

 69
 

10.13          Severability.  If any provision of this Agreement or the
other Loan Documents is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this
Agreement and the other Loan Documents shall not be affected or impaired
thereby and (b) the parties shall endeavor in good faith negotiations to
replace the illegal, invalid or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the illegal,
invalid or unenforceable provisions.  The
invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

10.14          Governing
Law; Jurisdiction; Etc.

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

(b)                                 SUBMISSION
TO JURISDICTION.  BORROWER AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW
YORK SITTING IN ADA COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE STATE
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT.  EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT
OR IN ANY OTHER MANNER PROVIDED BY LAW. 
NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT AGENT, ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST
BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

(c)                                  WAIVER
OF VENUE.  BORROWER AND EACH OTHER
LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(B) OF THIS SECTION.  EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT.

 70
 

(d)                                 SERVICE
OF PROCESS.  EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 10.02.  NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY APPLICABLE LAW.

10.15          Waiver
of Right to Trial by Jury.  EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

10.16          USA
PATRIOT Act Notice.  Each Lender that
is subject to the Act (as hereinafter defined) and Agent (for itself and not on
behalf of any Lender) hereby notifies Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies Borrower, which information includes the name and
address of Borrower and other information that will allow such Lender or Agent,
as applicable, to identify Borrower in accordance with the Act.

10.17          Time
of the Essence.  Time is of the
essence of the Loan Documents.

10.18          Restatement.
Effective as of the Closing Date, (a) each lender consents to the execution and
acceptance by Agent on its behalf of the Assignment, Assumption and Amendment
(b) this Agreement amends and restates the Existing Credit Agreement in its
entirety, and (c) the loans and all other obligations outstanding under the
Existing Credit Agreement shall be outstanding under and governed by this
Agreement.

[The remainder of
this page is intentionally left blank.]

 71

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

	
  

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC, its Managing 

  Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc., as Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   /s/ Robert D.
  Young

  	
   

  
	
   

  	
  Robert D. Young

  
	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MV ENERGY, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc., as Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   /s/ Robert D.
  Young

  	
   

  
	
   

  	
  Robert D. Young

  
	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VAP-I, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC, its Managing 

  Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc., as Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   /s/ Robert D.
  Young

  	
   

  
	
   

  	
  Robert D. Young

  
	
   

  	
  Treasurer

  
						

 

[SIGNATURE PAGE TO CREDIT
AGREEMENT]

 

	
  

  	
  BANK OF AMERICA, N.A., as Administrative 

  Agent

  
	
   

  	
  By:

  	
   /s/ Todd MacNeill

  	
   

  
	
   

  	
  Name:

  	
  Todd MacNeill

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
  Agency Management Officer III

  	
   

  
						

 

 

	
  

  	
  BANK OF AMERICA, N.A., as a Lender

  
	
   

  	
  By:

  	
   /s / Adam H.
  Fey

  	
   

  
	
   

  	
  Name:

  	
  Adam H. Fey

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
						

 

 

	
  

  	
  UNION BANK OF CALIFORNIA, N.A., as a 

  Lender

  
	
   

  	
  By:

  	
   /s/ Jarrod
  Bourgeois

  	
   

  
	
   

  	
  Name:

  	
  Jarrod Bourgeois

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
						

 

SCHEDULE
1

LENDERS’ COMMITMENTS 

AND APPLICABLE
PERCENTAGES

	
  Lender

  	
   

  	
  Commitment

  	
   

  	
  Applicable Percentage

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  $

  	
  12,500,0000

  	
   

  	
  50.0000000

  	
  %

  
	
  Union Bank of
  California, N.A.

  	
   

  	
  $

  	
  12,500,0000

  	
   

  	
  50.0000000

  	
  %

  
	
  Total

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  100.0000000

  	
  %

  

 

 

[CREDIT AGREEMENT]

SCHEDULE
2

SECURITY DOCUMENTS

1.             Mortgage Amendment covering the Oil and Gas Properties
to be dated as of the Closing Date from Borrower in favor of Administrative
Agent.

2.             Pledge and Security
Agreement covering the MV Trust Units to be dated as of the Closing Date from
Holders in favor of Administrative Agent.

SCHEDULE
3

DISCLOSURE
SCHEDULE

Litigation:

None

Subsidiaries and other
Equity Investments:

Holders collectively own Borrower.   Holders each own 17.4% of MV Oil Trust,
prior to the exercise by the underwriters of the purchase option provided by
the Underwriting Agreement.  Holders have
granted to Borrower security interest in Holders’ equity interests in Borrower
to secure Holders’ obligations to Borrower incurred to acquire a portion of
Holders’ interests in MV Oil Trust.

Existing Liens:

None

Existing Indebtedness:

None

Sale of Production
(Section 5.18):

MV Partners, LLC has
agreed to sell its crude oil production where practicable at market competitive
rates to SemGroup affiliates during the duration of the hedges reflected on the
attached confirmation.

SCHEDULE
4

ADMINISTRATIVE
AGENT’S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

BORROWER:

MV Partners, LLC

250 N. Water,
Suite 300

Wichita, Kansas 67202

Attention:  Bob
Young

Telephone:  (316) 267-3241

Telecopier:  (316) 267-6004

Electronic
Mail:  byoung@murfininc.com

Website Address: 
none

OFFICE OF ADMINISTRATIVE
AGENT AND SWING LINE LENDER

Notices (other than Requests for Extensions of
Credit):

	
  Att:

  	
  Todd Mac Neill

  
	
   

  	
  Agency Officer

  
	
   

  	
  Bank of America, N.A.

  
	
   

  	
  100 Federal Street

  
	
   

  	
  Boston, MA 02110

  

Tel:  (617) 434-6842

Facsimile:  (617) 790-1361

Electronic Mail:
todd.g.macneill@Bank of America.com

For Payments and Requests for Extensions of Credit:

BANK OF AMERICA, N.A.

Att:  Jackie Harvey

Tel:  (214) 209-2158

Facsimile: (214) 290-9671

Electronic Mail:

Payments:

BANK OF
AMERICA, N.A.

901 Main Street, 14th Floor

Dallas, Texas 75202

ABA No. 111000012

Account No: 1292000883

Account Name:  

Attn:  Credit Services, Jackie Harvey

Reference:  MV Partners, LLC

 2

EXHIBIT
A

FORM OF LOAN
NOTICE

Date: 
             ,     

To:          Bank of America, N.A., as Agent

Ladies and Gentlemen:

Reference
is made to that certain Credit Agreement, dated as of January 24, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used herein as
therein defined), among MV Partners, LLC, an Kansas
limited liability company (the “Borrower”), the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent.

The
undersigned hereby requests (select one):

o  A
Borrowing of Loans          o  A
conversion or continuation of Loans

1.             On                                                         (a
Business Day).

2.             In the amount of $                                                         .

3.             Comprised
of                                                               .

[Type of Loan requested]

4.             For Eurodollar Rate Loans:  with an Interest Period of           
months.

The
Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 2.01 of the Agreement.

	
  

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC, its General 

  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc., as Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Robert D. Young

  	
   

  
	
   

  	
   

  	
  Treasurer

  	
   

  
						

 

 A-1

EXHIBIT
B

FORM OF NOTE

	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

FOR VALUE RECEIVED, the
undersigned (“Borrower”), hereby promises to pay to                                           
or registered assigns (“Lender”), in accordance with the provisions of
the Agreement (as hereinafter defined), the principal amount of [$25,000,000].

Borrower promises to pay
interest on the unpaid principal amount of each Loan from the date of such Loan
until such principal amount is paid in full, at such interest rates and at such
times as provided in certain Credit Agreement, dated as of January 24, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used herein
as therein defined), among Borrower, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent.  All payments of principal and interest shall
be made to Agent for the account of the Lender in Dollars in immediately
available funds at the Administrative Agent’s Office.  If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from
the due date thereof until the date of actual payment (and before as well as
after judgment) computed at the per annum rate set forth in the Agreement.

This Note is one of the
Notes referred to in the Agreement, is entitled to the benefits thereof and may
be prepaid in whole or in part subject to the terms and conditions provided therein.  Upon the occurrence and continuation of one
or more of the Events of Default specified in the Agreement, all amounts then
remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable all as provided in the Agreement.  Loans made by the Lender shall be evidenced
by one or more loan accounts or records maintained by the Lender in the
ordinary course of business. The Lender may also attach schedules to this Note
and endorse thereon the date, amount and maturity of its Loans and payments
with respect thereto.

Borrower, for itself, its
successors and assigns, hereby waives diligence, presentment, protest and
demand and notice of protest, demand, dishonor and non-payment of this Note.

THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 B-1
 

 

	
  

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC, its General 

  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc., as Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Robert D. Young

  	
   

  
	
   

  	
   

  	
  Treasurer

  	
   

  
						

 

 B-2

EXHIBIT
C

FORM OF
COMPLIANCE CERTIFICATE

Financial
Statement Date:                    

To:          Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that
certain Credit Agreement, dated as of January 24, 2007 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among MV
Partners, LLC, a Kansas limited liability company (“Borrower”), the
Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent.

The undersigned
Responsible Officer hereby certifies as of the date hereof that he is the
acting Treasurer of Murfin, Inc., a Kansas corporation, which is a member of MV
Energy, LLC, a Kansas limited liability company, which is the sole managing
member of Borrower, and that, as such, he is authorized to execute and deliver
this Certificate to Agent on the behalf of Borrower, and that:

[Use following paragraph 1 for
fiscal year-end financial statements]

1.             Attached hereto as Schedule 1 are the year-end
audited financial statements required by Section 6.01(a) of the
Agreement for the fiscal year of Borrower ended as of the above date, together
with the report and opinion of an independent certified public accountant
required by such section.

[Use following paragraph 1 for
fiscal quarter-end financial statements]

1.             Attached hereto as Schedule 1 are the unaudited
financial statements required by Section 6.01(b) of the Agreement
for the fiscal quarter of Borrower ended as of the above date.  Such financial statements fairly present the
financial condition, results of operations and cash flows of Borrower and its
Subsidiaries in accordance with GAAP as at such date and for such period, subject
only to normal year-end audit adjustments and the absence of footnotes.

2.             The undersigned has reviewed and is familiar with the
terms of the Agreement and has made, or has caused to be made under his/her
supervision, a detailed review of the transactions and condition (financial or
otherwise) of Borrower during the accounting period covered by the attached
financial statements.

3.             A review of the activities of Borrower during such
fiscal period has been made under the supervision of the undersigned with a
view to determining whether during such fiscal period Borrower performed and
observed all its Obligations under the Loan Documents, and 

 C-1
 

[select
one:]

[to the best knowledge of the
undersigned during such fiscal period, Borrower performed and observed each
covenant and condition of the Loan Documents applicable to it, and no Default
has occurred and is continuing.] 

–or–

[the following covenants or
conditions have not been performed or observed and the following is a list of
each such Default and its nature and status:]

4.             The representations and warranties of Borrower contained
in Article V of the Agreement, and/or any representations and
warranties of Borrower or any other Loan Party that are contained in any
document furnished at any time under or in connection with the Loan Documents,
are true and correct on and as of the date hereof, except to the extent that
such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date, and except that
for purposes of this Compliance Certificate, the representations and warranties
contained in subsections (a) and (b) of Section 5.05 of the
Agreement shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01 of
the Agreement, including the statements in connection with which this
Compliance Certificate is delivered.

5.             The financial covenant analyses and information set
forth on Schedule 2 attached hereto are true and accurate on and as of
the date of this Certificate.

IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of
                         ,                         .

	
  

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC, its Managing

  
	
   

  	
   

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     Murfin, Inc., as Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Robert D. Young

  
	
   

  	
   

  	
  Treasurer

  
						

 

 C-2
 

For the
Quarter/Year ended                                    (“Reporting
Date”)

SCHEDULE 2

to the Compliance Certificate

($ in 000’s)

	
  I.  Section 7.12(b) –Fixed
  Charge Coverage Ratio.

  	
   

  
	
   

  	
   

  
	
  (A)

  	
  Consolidated EBITDA of Borrower and its Subsidiaries
  for the four Fiscal Quarter period ending on the Reporting Date (“Subject Period”):

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1. Consolidated net income from operations of Borrower
  and its Subsidiaries for Subject Period:

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  2. Consolidated Interest Charges for Subject Period*
  (Line II.B.3.):

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  3. Federal, state and local income taxes for Subject
  Period:*

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  4. Depreciation expenses for Subject Period:*

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  5. Amortization expenses for Subject Period:*

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  6. Depletion expenses for Subject Period:*

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  7. Other non-cash charges for Subject Period:*

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
  8. Consolidated EBITDA from operations (Lines II.A.1
  + 2 + 3 + 4 + 5 + 6 + 7):

  	
  $

  
	
   

  	
   

  	
   

  
	
  (B)    Cash
  distributions from MV Oil Trust Units

  	
  $

  
	
   

  	
   

  
	
  (C)    Consolidated
  Interest Charges:

  	
   

  
	
   

  	
   

  
	
  1.

  	
  Interest, premium payments, debt discount, fees,
  charges and related expenses of Borrower and its Subsidiaries in connection
  with borrowed money (including capitalized interest) or in connection with
  the deferred purchase price of assets for Subject Period:

  	
  $

  
				

 C-3
 

 

	
  2.

  	
  Portion of rent expense of Borrower and its
  Subsidiaries under capital leases for Subject Period:

  	
  $

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Consolidated Interest Charges (Line II.B.1. + Line
  II.B.2.)

  	
  $

  
	
   

  	
   

  	
   

  
	
  (D)      Scheduled
  payment of Principal:

  	
  $

  
	
   

  	
   

  
	
  (E)      Fixed
  Charge Coverage Ratio (Line II.A.8 + Line II.B  ̧
  Line II.C.3 + Line II.D)

  	
        
  to 1

  
	
   

  	
   

  
	
  (F)      Minimum
  required:

  	
  1.25 to 1

  

 

* include only
to the extent that it has been deducted in calculating Consolidated Net Income

 C-4
 

For the Fiscal Quarter/Year ended                                       (“Reporting
Date”)

Quarterly
Information for Schedule 2
 to the Compliance Certificate

($ in 000’s)

Consolidated EBITDA
 (in accordance with the definition of Consolidated
EBITDA from Operations

as set forth in the Agreement)

	
  Consolidated

  EBITDA

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Twelve 

  Months

  Ended

  	
   

  
	
  Consolidated Net
  Income from operations of Borrower and its Subsidiaries

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  + Consolidated
  Interest Charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  + Federal, state
  and local income taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  + depreciation
  expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  + amortization
  expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  + depletion
  expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  + other non-cash
  charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  = Consolidated EBITDA
  from operations

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 C-5

EXHIBIT D

FORM

OF

ASSIGNMENT AND ASSUMPTION

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below
(the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee.  The Standard
Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to
and incorporated herein by reference and made a part of this Assignment and
Assumption as if set forth herein in full.

For an agreed
consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions
and the Credit Agreement, as of the Effective Date inserted by Agent as
contemplated below (i) all of the Assignor’s rights and obligations as a Lender
under the Credit Agreement and any other documents or instruments delivered
pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based
on or related to any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all other claims
at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned
pursuant to clauses (i) and (ii) above being referred to herein collectively
as, the “Assigned Interest”). 
Such sale and assignment is without recourse to the Assignor and, except
as expressly provided in this Assignment and Assumption, without representation
or warranty by the Assignor.

1.             Assignor:

2.             Assignee:                                                                             
[and is an Affiliate of [identify Lender]]

3.             Borrower(s):          MV
Partners, LLC

4.             Administrative Agent: Bank of America, N. A., as the
administrative agent under the Credit Agreement

5.             Credit Agreement:      Credit
Agreement, dated as of January 24, 2007 among MV Partners, LLC, an Kansas
limited liability company, the Lenders from time to time party thereto, Bank of
America, N.A., as Administrative Agent

 D-1
 

6.             Assigned Interest:

	
  Aggregate 

  Amount of Loans

  for all 

  Lenders*

  	
   

  	
  Amount of 

  Loans Assigned*

  	
   

  	
  Percentage 

  Assigned of Loans

  	
   

  	
  CUSIP 

  No.

  	
   

  
	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  	
   

  	
   

  
									

 

[7.           Trade Date:                                            ]

Effective Date:                             ,
20     [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in
this Assignment and Assumption are hereby agreed to:

	
  ASSIGNOR

  
	
   

  
	
  [NAME
  OF ASSIGNOR]

  
	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

	
  ASSIGNEE

  
	
   

  
	
  [NAME
  OF ASSIGNEE]

  
	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 D-2
 

[Consented to and]
Accepted:

Bank of America, N. A.,
as

Administrative Agent

	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

[Consented to:]

	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 D-3
 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1.             Representations and Warranties.

1.1.          Assignor.  The Assignor (a) represents and warrants that
(i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse
claim and (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby; and (b) assumes no responsibility
with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the
execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or
observance by Borrower, any of its Subsidiaries or Affiliates or any other
Person of any of their respective obligations under any Loan Document.

1.2.          Assignee.  The Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all requirements of an Eligible Assignee under the
Credit Agreement (subject to receipt of such consents as may be required under
the Credit Agreement), (iii) from and after the Effective Date, it shall be
bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of the Assigned Interest, shall have the obligations of a Lender thereunder,
and (iv) it has received a copy of the Credit Agreement, together with copies
of the most recent financial statements delivered pursuant to Section 6.01(a)
or (b) thereof, as applicable, and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter
into this Assignment and Assumption and to purchase the Assigned Interest on
the basis of which it has made such analysis and decision independently and
without reliance on Agent or any other Lender; and (b) agrees that (i) it will,
independently and without reliance on Agent, the Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are
required to be performed by it as a Lender.

2.             Payments. 
From and after the Effective Date, Agent shall make all payments in
respect of the Assigned Interest (including payments of principal, interest,
fees and other amounts) to the Assignor for amounts which have accrued to but
excluding the Effective Date and to the Assignee for amounts which have accrued
from and after the Effective Date.

 D-4
 

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

 D-5

EXHIBIT E

OPINION OF COUNSEL TO LOAN PARTIES

 E-1

EXHIBIT F

MORTGAGE
AMENDMENT

 F-1Exhibit 10.56

STOCK PURCHASE AGREEMENT

dated as of

December 8, 2006

between

FLIGHTTECHNICS LLC

as the Seller

and

WILLIS LEASE FINANCE CORPORATION

as the Buyer

STOCK PURCHASE AGREEMENT

STOCK
PURCHASE AGREEMENT (“Agreement”),
dated as of December 8, 2006 between Willis Lease Finance Corporation, a
Delaware corporation (“Buyer”), and
FlightTechnics LLC, a Delaware limited liability company (“Seller”).

RECITALS

A.            Seller
owns and desires to sell 1,300,000 shares (“Shares”)
of Common Stock.

B.            Seller
has previously delivered a completed W-9 to Buyer.

C.            Buyer
desires to purchase the Shares from Seller subject to the terms and conditions
hereinafter set forth.

AGREEMENT

In
consideration of the foregoing and the mutual covenants and agreements herein
contained, and intending to be legally bound hereby, the parties agree as
follows:

ARTICLE 1: DEFINITIONS

SECTION
1.01. Definitions.  The following
terms, as used herein, have the following meanings:

(a)           “Business
Day” means any day that is not a Saturday, a Sunday or other day on which banks
are required or authorized by Law to be closed in the city of San Francisco.

(b)           “Closing
Date” means the date of the Closing.

(c)           “Common
Stock” means the common stock, par value $0.01 per share, of Buyer.

(d)                                 “Lien”
means, with respect to any property or asset, any mortgage, lien, pledge,
charge, security interest or encumbrance in respect of such property or asset.

(e)                                  “Person”
means an individual, corporation, partnership, limited liability company,
association, trust or other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

ARTICLE 2: PURCHASE AND SALE

SECTION
2.01. Purchase and Sale.  Subject
to the terms and conditions of this Agreement, Seller agrees to sell to Buyer,
and Buyer agrees to purchase from Seller, all of the Shares at the Closing (as
defined in Section 2.02 below).  The
purchase price for the Shares (the “Purchase Price”) is $9.00 per share, for a
total of $11,700,000 (the “Aggregate Purchase Price”).

 2
 

SECTION
2.02. Closing.  The closing (the “Closing”) of the purchase and sale of the Shares hereunder
shall take place within 3 Business Days after the date hereof at the offices of
Gibson, Dunn & Crutcher LLP, located at One Montgomery Street, San Francisco,
California.  On the date hereof, Seller
shall deliver to Gibson, Dunn & Crutcher LLP a certificate or certificates
representing the Shares (the “Certificates”)
accompanied by stock powers duly endorsed in blank, with any required transfer
stamps affixed thereto to be held in escrow until the Closing.  Buyer acknowledges that at any time prior to
closing, Seller may instruct Gibson, Dunn & Crutcher LLP to return the
Certificates and any accompanying stock powers to Seller.  At the Closing:

(a)                                  Seller
shall direct Gibson, Dunn & Crutcher LLP to release and deliver the
Certificates and any accompanying stock powers to Buyer.

(b)                                 Buyer
shall make payment of the Aggregate Purchase Price for the Shares in U.S.
dollars by wire transfer payable to Thelen Reid & Priest LLP’s client trust
account in an amount equal to the Aggregate Purchase Price, pursuant to the
wire instructions set forth on Exhibit A.

(c)                                  Upon
release and delivery of the Certificates and accompanying stock powers to
Buyer, Gibson, Dunn & Crutcher LLP shall inform Thelen Reid & Priest
LLP of the release and Thelen Reid & Priest LLP will thereupon release the
Aggregate Purchase Price to Seller.

SECTION
2.03. Failure to Close.  If the
parties shall fail to close the transaction and consummate the purchase and
sale of the Shares on or before the third Business Day after each party has
executed this Agreement, this Agreement shall be void ab initio and be of no
force and effect.

ARTICLE 3: REPRESENTATIONS AND WARRANTIES OF
SELLER

Seller
represents and warrants to Buyer as of the date hereof and as of the Closing
Date that:

SECTION
3.01. Existence and Power.  Seller
is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware.

SECTION
3.02. Authorization.  The
execution, delivery and performance by Seller of this Agreement and the
consummation of the transactions contemplated hereby are within the powers of
Seller and have been duly authorized by all necessary actions on the part of
Seller, including any approvals required by its members.  This Agreement constitutes a legal, valid and
binding agreement of Seller, enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights and remedies generally.

SECTION
3.03. Ownership of Shares.  Seller
is the record and beneficial owner of the Shares, free and clear of any Lien,
and will transfer and deliver to Buyer at the Closing valid title to the Shares
free and clear of any Lien. Seller has not granted any option or other right to
acquire the Shares to any Person.

 3
 

SECTION
3.04. Non-Contravention.  The
execution and delivery by Seller of this Agreement and the consummation of the
transactions contemplated hereby will not conflict with, constitute a default
under or violate: (a) any of the terms, conditions or provisions of its
articles of formation or LLC operating agreement; (b) any of the terms,
conditions or provisions of any document, agreement or other instrument to
which Seller is a party or by which Seller’s property is bound; or (c) any
judgment, writ, injunction, decree, order or ruling of any court or
governmental authority binding on Seller or Seller’s property.

SECTION
3.05. Certain Acknowledgements. 
In connection with the purchase and sale contemplated by this Agreement,
Seller hereby acknowledges that (a) Seller has the capacity to protect its own
interests based upon its own financial expertise; and (b) Seller has been given
the opportunity to review such documents and information (including Buyer’s
financial statements), and ask such questions of management as Seller has
deemed necessary or appropriate.  Seller
has done its own due diligence and research regarding the valuation of Buyer,
has made its own independent determination that the Purchase Price is fair,
adequate and in Seller’s best interests, and Seller has not relied upon any
statement, representation or warranty of Buyer or any of its employees or
agents in determining to sell the Shares for the Purchase Price.

SECTION
3.06. No Further Representations and Warranties. Other than the
Representations and Warranties set forth in Sections 3.01 to 3.05 above, no
additional representations and warranties are given or made by Seller.

ARTICLE 4: REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer
represents and warrants to Seller as of the date hereof and as of the Closing
Date that:

SECTION
4.01. Corporate Existence and Power. 
Buyer is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware.

SECTION
4.02. Corporate Authorization. 
The execution, delivery and performance by Buyer of this Agreement and
the consummation of the transactions contemplated hereby are within the
corporate powers of Buyer and have been duly authorized by all necessary
corporate actions on the part of Buyer. 
This Agreement constitutes a legal, valid and binding agreement of
Buyer, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights and
remedies generally.

SECTION
4.03. Non-Contravention.  The
execution and delivery by Buyer of this Agreement and the consummation of the
transactions contemplated hereby, and compliance by Buyer with any of the
provisions hereof, will not conflict with, constitute a default under or
violate (a) any of the terms, conditions or provisions of its certificate of
incorporation or by-laws; (b) any of the terms, conditions or provisions of any
document, agreement or other instrument to which Buyer is a party or by which
its property is bound; or (c) any judgment, writ, injunction, decree, order or
ruling of any court or governmental authority binding on it or its property.

SECTION
4.04. No Further Representations and Warranties. Other than the Representations
and Warranties set forth in Sections 4.01 to 4.03 above, no additional
representations and warranties are given or made by Buyer.

 4
 

ARTICLE 5: FURTHER ASSURANCES

SECTION
5.01. Further Assurances.  Subject
to the terms and conditions of this Agreement, Buyer and Seller will from time
to time, after the Closing, take, or cause to be taken, such other actions and
execute and deliver to any other party to this Agreement such further documents
as may be reasonably requested by any other party to the Agreement in order to
assure and confirm to such party

(a)                                the
rights created hereby or intended now or hereafter so to be created by this
Agreement; or

(b)                               the
validity of any assignment documents or other documents of conveyance to be
delivered at the Closing.

ARTICLE 6: MISCELLANEOUS

SECTION
6.01. Notices.  All notices and
other communications hereunder shall be in writing and shall be deemed duly
given (a) on the date of delivery if delivered personally, or if by facsimile,
upon written confirmation of receipt by facsimile, e-mail or otherwise, or (b)
on the first Business Day following the date of dispatch if delivered utilizing
a next-day service by a recognized next-day courier.  All notices hereunder shall be delivered to
the addresses set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice:

If to Buyer, at:                                                                    2320
Marinship Way, Suite 300

Sausalito, California 94965

Attention:  Thomas C. Nord, Esq.

Facsimile:  (415) 331-5167

with a copy (which
shall not constitute notice) to:

                                                                                                                                                Gibson,
Dunn & Crutcher LLP

One Montgomery Street

31st Floor

San Francisco, California 94104

Attention:  Peter T. Heilmann, Esq.

Facsimile:  (415) 374-8450

If to Seller, at:                                                                       FlightTechnics
LLC

c/o Wenger Plattner

Seestrasse 39

Goldbach Center

CH-8700 Kuesnacht

Switzerland

Attention: Rolf Winiger

Facsimile: +41 43 222 39 24

 5
 

with
a copy (which shall not constitute notice) to:

Thelen Reid and Priest

875 Third Avenue

New York, NY-10022

Attention: Gregory Katz, Esq.

Facsimile: (212) 829-2033

SECTION
6.02. Amendments and Waivers.  (a)
Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment,
by each party to this Agreement, or in the case of a waiver, by the party
against whom the waiver is to be effective.

(b)                                 No
failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by
law.

SECTION
6.03. Expenses.  All costs and
expenses incurred in connection with this Agreement shall be paid by the party
incurring such cost or expense.

SECTION
6.04. Successors and Assigns.  The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns; provided that
no party may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of each other party
hereto.

SECTION
6.05. Governing Law.  This Agreement
and all disputes or controversies arising out of or relating to this Agreement
or the transactions contemplated hereby shall be governed by, and construed in
accordance with, the internal laws of the State of New York, without regard to
the laws of any other jurisdiction that might be applied because of the
conflicts of laws principles of the State of New York (other than Section
5-1401 of the New York General Obligations Law).

SECTION
6.06. Jurisdiction.  Each of the
parties irrevocably agrees that any legal action or proceeding arising out of
or relating to this Agreement brought by the other party or its successors or
assigns shall be brought and determined in any New York State or federal court
sitting in the Borough of Manhattan in The City of New York (or, if such court
lacks subject matter jurisdiction, in any appropriate New York State or federal
court), and each of the parties hereby irrevocably submits to the exclusive
jurisdiction of the aforesaid courts for itself and with respect to its
property, generally and unconditionally, with regard to any such action or
proceeding arising out of or relating to this Agreement and the transactions
contemplated hereby.  Each of the parties
agrees not to commence any action, suit or proceeding relating thereto except
in the courts described above in New York, other than actions in any court of
competent jurisdiction to enforce any judgment, decree or award rendered by any
such court in New York as described herein. 
Each of the parties further agrees that notice as provided herein shall
constitute sufficient service of process and the parties further waive any
argument that such 

 6
 

service is
insufficient.  Each of the parties hereby
irrevocably and unconditionally waives, and agrees not to assert, by way of
motion or as a defense, counterclaim or otherwise, in any action or proceeding
arising out of or relating to this Agreement or the transactions contemplated
hereby, (a) any claim that it is not personally subject to the jurisdiction of
the courts in New York as described herein for any reason, (b) that it or its
property is exempt or immune from jurisdiction of any such court or from any
legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment,
execution of judgment or otherwise) and (c) that (i) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (ii) the
venue of such suit, action or proceeding is improper or (iii) this Agreement,
or the subject matter hereof, may not be enforced in or by such courts.

SECTION
6.07. WAIVER OF JURY TRIAL.  EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

SECTION
6.08. Counterparts; Third Party Beneficiaries.  This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument. This Agreement
shall become effective when each party hereto shall have received a counterpart
hereof signed by the other party hereto. 
No provision of this Agreement is intended to confer upon any Person
other than the parties hereto any rights or remedies hereunder.

SECTION
6.09. Entire Agreement.  This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter of this Agreement and supersedes all prior agreements and
understandings, both oral and written, between the parties with respect to the
subject matter of this Agreement.

 7
 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first
above written.

	
  

  	
   

  	
   

  	
  WILLIS LEASE FINANCE CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Thomas C. Nord

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  Thomas
  C. Nord

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   
  Senior Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  FLIGHTTECHNICS LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ W. William Coon, Jr.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  W.
  William Coon, Jr.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:    
  Chairman & President

  	
   

  	
   

  

 

Signature page to Stock Purchase Agreement

 8
 

Exhibit A

Thelen Reid &
Priest, LLP - Attorney Special Account (Non-Interest Bearing)

Account # 53505184

ABA # 021-000-089
(Sometimes known as routing number)

SWIFT CODE: Citi
US33

Citibank, N.A.

Citicorp Center

153 East 53rd
Street

New York, New York
10043

 9

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