Document:

Exhibit 10.7

 

GLOBAL
PARTNERS LP

 

CONTRIBUTION,
CONVEYANCE AND ASSUMPTION AGREEMENT

 

 

CONTRIBUTION, CONVEYANCE AND ASSUMPTION
AGREEMENT

 

This
Contribution, Conveyance and Assumption Agreement, dated as of October 4,
2005, is entered into by and among GLOBAL GP
LLC, a Delaware limited liability company (“GP LLC”), GLOBAL PARTNERS LP, a Delaware limited partnership (“MLP”), GLOBAL OPERATING LLC, a Delaware limited liability company (“OLLC”), GLOBAL COMPANIES LLC, a Delaware limited liability company (“Global”), GLOBAL MONTELLO GROUP LLC, a Delaware limited liability
company (“GMG”), CHELSEA SANDWICH LLC, a Delaware limited
liability company (“Chelsea LLC”), GLOBAL PETROLEUM CORP., a Massachusetts
corporation (“GPC”), LAREA HOLDINGS LLC, a Delaware limited liability company (“Larea”), LAREA HOLDINGS II LLC, a Delaware limited liability company (“Larea II”), CHELSEA TERMINAL LIMITED PARTNERSHIP, a Massachusetts limited
partnership (“Chelsea LP”),
SANDWICH TERMINAL, L.L.C., a
Massachusetts limited liability company (“Sandwich”)
and MONTELLO OIL CORPORATION, a
New Jersey corporation (“Montello”).  The above-named entities are sometimes
referred to in this Agreement each as a “Party” and collectively
as the “Parties.”  Capitalized terms used herein shall have the
meanings assigned to such terms in Section 1.1.

 

RECITALS:

 

WHEREAS, GPC and GP LLC
have formed MLP pursuant to the Delaware Revised Uniform Limited Partnership
Act (the “Delaware
LP Act”) for the purpose of engaging in any business activity
that is approved by GP LLC and that lawfully may be conducted by a limited
partnership organized pursuant to the Delaware LP Act.

 

WHEREAS, in order to
accomplish the objectives and purposes in the preceding recital, each of the
following actions have been taken prior to the date hereof:

 

1.                                       GPC formed GP LLC under the terms of the Delaware Limited Liability
Company Act (the “Delaware LLC Act”)
and contributed $1,000 to GP LLC in exchange for all of the member interests in
GP LLC.

 

2.                                       GP LLC and GPC formed MLP under the terms of the Delaware LP Act to
which GP LLC contributed $40 to MLP in exchange for a 2% general partner
interest in MLP and GPC contributed $1,960 to MLP in exchange for a 98% limited
partner interest in MLP.

 

3.                                       MLP formed OLLC under the terms of the Delaware LLC Act to which MLP
contributed $1,000 to OLLC in exchange for all of the member interests in OLLC.

 

WHEREAS, concurrently with
the consummation of the transactions contemplated hereby, each of the following
shall occur:

 

 

1.                                       The New Credit Facility will be entered into by and among the
parties thereto at which time borrowings under the New Credit Facility will be
used to repay any outstanding borrowings under the Old Credit Facility.

 

2.                                       Global will distribute approximately $45,250,000 in cash and receivables (“Working Capital Assets”),
to GPC, Montello, Larea and Larea II as follows:

 

(a)                                  GPC will receive $18,124,424;

 

(b)                                 Montello will receive $22,172,500;

 

(c)                                  Larea will receive $3,302,051;
and

 

(d)                                 Larea II will receive $1,651,025.

 

3.                                       GPC, Montello, Larea and Larea II will convey a 36%, 49%, 10% and
5%, respectively, member interest in Global to GP LLC in exchange for a 36%,
49%, 10% and 5%, respectively, member interest in GP LLC.  Such member interests in Global have an
aggregate value equal to 2% of the equity value of MLP at the closing of the
transactions contemplated by this Agreement and shall be referred to herein as
the “Global Interests.”

 

4.                                       GMG will convey all its right, title and interest in the Qualifying
Income Assets to Global as a capital contribution on behalf of GPC, Montello,
Larea and Larea II.

 

5.                                       GP LLC will convey the Global Interests to MLP in exchange for (a) 230,303
General Partner Units, which represents a continuation of its 2% general
partner interest in MLP, and (b) the issuance of the IDRs.

 

6.                                       GPC, Montello, Larea, Larea II, Chelsea LP and Sandwich (the “Owners”) will convey their member
interests in Global, GMG and Chelsea LLC (the “Operating Subsidiaries”) to MLP in exchange for (a) 742,424
Common Units representing a 6.4% limited partner interest in MLP, of which (i) GPC
will receive 226,736 Common Units, (ii) Montello will receive 308,552
Common Units, (iii) Larea will receive 74,242 Common Units, (iv) Larea
II will receive 37,121 Common Units, (v) Chelsea LP will receive 94,659
Common Units and (vi) Sandwich will receive 1,114 Common Units, (b) 5,642,424
Subordinated Units representing a 49.0% limited partner interest in MLP, of
which (i) GPC will receive 1,723,196 Subordinated Units, (ii) Montello
will receive 2,344,992 Subordinated Units, (iii) Larea will receive
564,242 Subordinated Units, (iv) Larea II will receive 282,121
Subordinated Units, (v) Chelsea LP will receive 719,409 Subordinated Units
and (vi) Sandwich will receive 8,464 Subordinated Units, and (c) the
assumption by MLP of the GPC Term Loan.

 

7.                                       In connection with MLP’s initial public offering (the “Offering”), the public, through the
Underwriters, will contribute $107,800,000
in cash to MLP, less the Underwriters’ discount of $7,144,200, in exchange for
4,900,000 Common Units representing a 42.6% limited partner interest in MLP.

 

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8.                                       MLP will convey all of its member interests in the Operating
Subsidiaries to OLLC as a capital contribution.

 

9.                                       MLP will (a) pay or cause to be paid approximately $4,405,8000
of offering expenses (excluding the Underwriters’ discount) in connection with
the Offering of the Common Units, (b) repay
approximately $51,000,000 of outstanding indebtedness under the GPC Term Loan
and (c) contribute its remaining cash of approximately $45,250,000 to OLLC
as a capital contribution.

 

10.                                 OLLC will convey approximately $45,250,000 to Global as a capital
contribution, which will use the funds to repay approximately $45,250,000 of outstanding
borrowings under the New Credit Facility.

 

11.                                 Global will convey all of its right, title and interest in the
Non-Qualifying Income Assets to GMG as a capital contribution on behalf of
OLLC.

 

12.                                 GMG will, pursuant to the terms of the Delaware LLC Act and the
Delaware General Corporation Law (the “Delaware
GCL”), convert to Global Montello Group Corp., a Delaware
corporation (“GMG
Corp.”).

 

13.                                 To the extent the Underwriters exercise their over-allotment option
to purchase up to 735,000 Common Units (the “Over-Allotment Option”), MLP will use the net proceeds to
redeem from the Owners a number of Common Units equal to those sold pursuant to
the Over-Allotment Option.

 

14.                                 The organizational documents of the Parties will be amended and
restated as necessary to reflect the applicable matters set forth above and as
contained in this Agreement.

 

NOW, THEREFORE, in consideration of
their mutual undertakings and agreements hereunder, the Parties undertake and
agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1                                      Terms.  The following defined terms shall have the
meanings given below:

 

“Agreement”
means this Contribution, Conveyance and Assumption Agreement.

 

“Assets” means all right, title and
interest of GMG and Global in and to the Qualifying Income Assets and the
Non-Qualifying Income Assets, respectively, whether tangible or intangible,
whether real, personal or mixed, whether accrued or contingent, and wherever
located.

 

“Chelsea LLC”
has the meaning as set forth in the opening paragraph of this Agreement.

 

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“Chelsea LP”
has the meaning as set forth in the opening paragraph of this Agreement.

 

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

 

“Common Units”
has the meaning as set forth in the Partnership Agreement.

 

“Delaware GCL”
has the meaning as set forth in the Recitals of this Agreement.

 

“Delaware LLC Act”
has the meaning as set forth in the Recitals of this Agreement.

 

“Delaware LP Act”
has the meaning as set forth in the Recitals of this Agreement.

 

“Effective Time” means 12:01 a.m. Eastern Daylight Time
on October 4, 2005.

 

“Employee-Related Liabilities” means all
liabilities arising out of or related to those agreements, contracts, plans and
similar arrangements listed on Schedule A to the extent arising or
accruing on and after the Effective Time, whether known or unknown, accrued or
contingent, and whether or not reflected on the books and records of Global or
its affiliates.

 

“FFE Assets” means the furniture,
fixtures and other equipment set forth on Schedule B and such other
furniture, fixtures and other equipment in which Global has a right, title and
interest in located at 800 South Street, Waltham, Massachusetts 02454, and at
such other locations where employees of any of the Partnership Entities are
situated.

 

“FFE Liabilities” means all
liabilities arising out of or related to the ownership of the FFE Assets to the
extent arising or accruing on and after the Effective Time, whether known or
unknown, accrued or contingent, and whether or not reflected on the books and
records of Global or its affiliates.

 

“General Partner
Units” has the meaning as set forth in the Partnership
Agreement.

 

“Glen Hes” means Glen Hes Corp., a
Delaware corporation.

 

“Global”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“Global Interests”
has the meaning as set forth in the Recitals of this Agreement.

 

“GMG”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“GMG Corp.”
has the meaning as set forth in the Recitals of this Agreement.

 

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“GP LLC”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“GPC”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“GPC Term Loan”
means that Term Loan Agreement dated as of July 2, 2004 by and among GPC,
as the borrower, those entities identified as guarantors and Bank of America,
N.A. and the other lending institutions listed on Schedule 1 thereto and
Bank of America, N.A., as agent.

 

“IDR”
has the same meaning as “Incentive Distribution Right” as set forth in the
Partnership Agreement.

 

“Larea”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“Larea II”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“MLP”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“MLP Agreement” means the First Amended
and Restated Agreement of Limited Partnership of MLP, as it may be amended,
supplemented or restated from time to time.

 

“Montello”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“New Credit Facility”
means that Credit Agreement dated as of October 4, 2005, among OLLC, Global, GMG, Glen Hes and Chelsea LLC, as
borrowers, MLP and GP LLC as initial guarantors, each lender from time to time
party thereto and Bank of America, N.A., as administrative agent.

 

“Non-Qualifying
Income Assets” means those assets set forth on Schedule C
and such other assets that do not generate “qualifying income” as defined in Section 7704
of the Code.

 

“Non-Qualifying Income Liabilities”
means all liabilities arising out of or related to the ownership of the
Non-Qualifying Income Assets to the extent arising or accruing on and after the
Effective Time, whether known or unknown, accrued or contingent, and whether or
not reflected on the books and records of Global or its affiliates.

 

“Offering”
has the meaning as set forth in the Recitals of this Agreement.

 

“Old Credit Facility”
means that Eighth Amended and Restated Revolving Credit Agreement dated as of July 1,
2003 by and among Global, GMG, Glen Hes, Chelsea LLC and Fleet National Bank
and the other lending institutions listed on Schedule 1 thereto and Fleet
National Bank, as agent, as amended.

 

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“OLLC”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“Operating
Subsidiaries” has the meaning as set forth in the Recitals of
this Agreement.

 

“Over-Allotment Option” has the meaning
as set forth in the Recitals of this Agreement.

 

“Owners”
has the meaning as set forth in the Recitals of this Agreement.

 

“Party”
or “Parties” has the
meaning as set forth in the opening paragraph of this Agreement.

 

“Partnership Entities” means GP LLC,
MLP, OLLC, the Operating Subsidiaries and Glen Hes.

 

“Qualifying Income
Assets” means those assets set forth on Schedule D
and such other assets that generate “qualifying income” as defined in Section 7704
of the Code.

 

“Qualifying Income
Liabilities” means all liabilities arising out of or related to
the ownership of the Qualifying Income Assets to the extent arising or accruing
on and after the Effective Time, whether known or unknown, accrued or
contingent, and whether or not reflected on the books and records of GMG or its
affiliates.

 

“Sandwich”
has the meaning as set forth in the opening paragraph of this Agreement.

 

“Subordinated Units”
has the meaning as set forth in the Partnership Agreement.

 

“Underwriters”
means Lehman Brothers Inc., KeyBanc Capital Markets, a Division of McDonald
Investments Inc., Raymond James & Associates, Inc., RBC Capital
Markets Corporation and Banc of America Securities LLC.

 

“Working Capital
Assets” has the meaning as set forth in the Recitals of this
Agreement.

 

ARTICLE II

CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS

 

Section 2.1                                      Distribution and Assignment of Working Capital Assets to GPC,
Montello, Larea and Larea II.  The Parties hereby acknowledge the
distribution and assignment by Global of the Working Capital Assets to GPC,
Montello, Larea and Larea II and the receipt by GPC, Montello, Larea and
Larea II of $18,124,424, $22,172,500, $3,302,051 and $1,651,025,
respectively, in cash and value associated with the Working Capital Assets.

 

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Section 2.2                                      Contribution of Global Interests by GPC, Montello, Larea and Larea
II to GP LLC. 
GPC, Montello, Larea and Larea II hereby grant, contribute, bargain,
convey, assign, transfer, set over and deliver to GP LLC, its successors and
assigns, for its and their own use forever, the Global Interests in exchange
for a 36%, 49%, 10% and 5%, respectively, member interest in GP LLC, and GP LLC
hereby accepts the Global Interests as a contribution to the capital of GP LLC.

 

Section 2.3                                      Contribution of Qualifying Income Assets by GMG to Global.  GMG hereby grants,
contributes, bargains, conveys, assigns, transfers, sets over and delivers to
Global, its successors and assigns, for its and their own use forever, all of
its right, title and interest in and to the Qualifying Income Assets, and
Global hereby accepts such assets as a contribution to the capital of Global on
behalf of GPC, Montello, Larea and Larea II.

 

TO HAVE
AND TO HOLD the Qualifying Income Assets unto Global, its successors and
assigns, together with all and singular the rights and appurtenances thereto in
any way belonging, subject, however, to the terms and conditions stated in this
Agreement, forever.

 

Section 2.4                                      Contribution of Global Interests by GP LLC to MLP.  GP LLC hereby grants, contributes,
bargains, conveys, assigns, transfers, sets over and delivers to MLP, its
successors and assigns, for its and their own use forever, the Global Interests
in exchange for (a) 230,303 General Partner Units, which represent a
continuation of its 2% general partner interest in MLP, and (b) the
issuance of the IDRs, and MLP hereby accepts the Global Interests as a
contribution to the capital of MLP.

 

Section 2.5                                      Contribution of Interests in Operating Subsidiaries by the Owners to
MLP.  The
Owners hereby grant, contribute, bargain, convey, assign, transfer, set over
and deliver to MLP, its successors and assigns, for its and their own use
forever, all remaining member interests in the Operating Subsidiaries in
exchange for (a) 742,424 Common Units representing a 6.4% limited partner
interest in MLP, of which (i) GPC receives 226,736 Common Units, (ii) Montello
receives 308,552 Common Units, (iii) Larea receives 74,242 Common Units, (iv) Larea
II receives 37,121 Common Units, (v) Chelsea LP receives 94,659 Common
Units and (vi) Sandwich receives 1,114 Common Units, (b) 5,642,424
Subordinated Units representing a 49.0% limited partner interest in MLP, of
which (i) GPC receives 1,723,196 Subordinated Units, (ii) Montello
receives 2,344,992 Subordinated Units, (iii) Larea receives 564,242
Subordinated Units, (iv) Larea II receives 282,121 Subordinated Units, (v) Chelsea
LP receives 719,409 Subordinated Units and (vi) Sandwich receives 8,464
Subordinated Units, and (c) agreement by MLP to assume and repay any outstanding
indebtedness under the GPC Term Loan, and MLP hereby accepts such member
interests in Operating Subsidiaries as a contribution to the capital of MLP.

 

Section 2.6                                      Public Cash Contribution.  The Parties acknowledge a cash contribution
by the public through the Underwriters to MLP of $107,800,000 ($100,655,800 after the Underwriters’ discount
of $7,144,200) in exchange for 4,900,000 Common Units representing a 42.6%
interest in MLP.

 

Section 2.7                                      Contribution of Interests in Operating Subsidiaries by MLP to OLLC.  MLP hereby grants,
contributes, bargains, conveys, assigns, transfers, sets over and 

 

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delivers to
OLLC, its successors and assigns, for its and their own use forever, all member
interests in the Operating Subsidiaries, and OLLC hereby accepts such member
interests in Operating Subsidiaries as a contribution to the capital of OLLC.

 

Section 2.8                                      Payment of Transaction Expenses and Outstanding Indebtedness by MLP;
Cash Contribution by MLP to OLLC.  The Parties acknowledge (a) the payment
by MLP, in connection with the transactions contemplated hereby, of transaction
expenses in the amount of approximately $4,405,800 (exclusive of the
Underwriters’ discount), (b) the repayment by MLP of approximately
$51,000,000 of outstanding indebtedness under the GPC Term Loan and (c) the
contribution by MLP of its remaining cash of approximately $45,250,000 to OLLC
as a capital contribution.

 

Section 2.9                                      OLLC Cash Contribution to Global.  The Parties acknowledge the contribution by
OLLC to Global and the receipt by Global of approximately $45,250,000 in cash.

 

The above
contribution has been made to repay approximately $45,250,000 of outstanding
borrowings under the New Credit Facility. 
Global acknowledges that the amounts acknowledged as being contributed
under this Section 2.9 have been used to repay approximately $45,250,000
of outstanding borrowings under the New Credit Facility.

 

Section 2.10                                Contribution of Non-Qualifying Income Assets by Global to GMG.  Global hereby grants,
contributes, bargains, conveys, assigns, transfers, sets over and delivers to
GMG, its successors and assigns, for its and their own use forever, all of its
right, title and interest in and to the Non-Qualifying Income Assets, and GMG
hereby accepts such assets as a contribution to the capital of GMG.

 

TO HAVE
AND TO HOLD the Non-Qualifying Income Assets unto GMG, its successors and
assigns, together with all and singular the rights and appurtenances thereto in
any way belonging, subject, however, to the terms and conditions stated in this
Agreement, forever.

 

Section 2.11                                Distribution of FFE Assets by Global to GP LLC.  Global hereby grants,
distributes, bargains, conveys, assigns, transfers, sets over and delivers to
GP LLC, its successors and assigns, for its and their own use forever, all of
its right, title and interest in and to the FFE Assets, and GP LLC hereby
accepts such assets for use by GP LLC and its employees in the management of
the business of the Partnership Entities.

 

TO HAVE
AND TO HOLD the FFE Assets unto GP LLC, its successors and assigns, together
with all and singular the rights and appurtenances thereto in any way
belonging, subject, however, to the terms and conditions stated in this
Agreement, forever.

 

ARTICLE III

ASSUMPTIONS OF CERTAIN LIABILITIES

 

Section 3.1                                      Assumption of Qualifying Income Liabilities by Global.  In connection with the
contribution and transfer by GMG of the Qualifying Income Assets to Global, as
set forth in Section 2.3 above, Global hereby assumes and agrees to duly
and timely pay, perform 

 

8

 

and discharge
the Qualifying Income Liabilities, to the full extent that GMG has been
heretofore or would have been in the future obligated to pay, perform and
discharge the Qualifying Income Liabilities were it not for the execution and
delivery of this Agreement; provided, however, that said assumption and
agreement to duly and timely pay, perform and discharge the Qualifying Income
Liabilities shall not (a) increase the obligation of Global with respect
to the Qualifying Income Liabilities beyond that of GMG, (b) waive any
valid defense that was available to GMG with respect to the Qualifying Income
Liabilities or (c) enlarge any rights or remedies of any third party, if
any, under any of the Qualifying Income Liabilities.

 

Section 3.2                                      Assumption of GPC Term Loan by MLP.  In connection with the contribution and
transfer by the Owners of interests in the Operating Subsidiaries to MLP, as
set forth in Section 2.5 above, MLP hereby assumes and agrees to duly and
timely pay, perform and discharge the GPC Term Loan, to the full extent that
the parties thereto have been heretofore or would have been in the future
obligated to pay, perform and discharge the GPC Term Loan were it not for the
execution and delivery of this Agreement; provided, however, that said
assumption and agreement to duly and timely pay, perform and discharge the GPC
Term Loan shall not (a) increase the obligation of MLP with respect to the
GPC Term Loan beyond that of the parties thereto, (b) waive any valid
defense that was available to the parties thereto with respect to the GPC Term
Loan or (c) enlarge any rights or remedies of any third party, if any,
under the GPC Term Loan.

 

Section 3.3                                      Assumption of Non-Qualifying Income Liabilities by GMG.  In connection with the
contribution and transfer by Global of the Non-Qualifying Income Assets to GMG,
as set forth in Section 2.10 above, GMG hereby assumes and agrees to duly
and timely pay, perform and discharge the Non-Qualifying Income Liabilities, to
the full extent that Global has been heretofore or would have been in the
future obligated to pay, perform and discharge the Non-Qualifying Income
Liabilities were it not for the execution and delivery of this Agreement;
provided, however, that said assumption and agreement to duly and timely pay,
perform and discharge the Non-Qualifying Income Liabilities shall not (a) increase
the obligation of GMG with respect to the Non-Qualifying Income Liabilities
beyond that of Global, (b) waive any valid defense that was available to
Global with respect to the Non-Qualifying Income Liabilities or (c) enlarge
any rights or remedies of any third party, if any, under any of the
Non-Qualifying Income Liabilities.

 

Section 3.4                                      Assumption of Employee-Related Liabilities by GP LLC.  In connection with the
Offering, GP LLC hereby assumes and agrees to duly and timely pay, perform and
discharge the Employee-Related Liabilities, to the full extent that Global has
been heretofore or would have been in the future obligated to pay, perform and
discharge the Employee-Related Liabilities were it not for the execution and
delivery of this Agreement; provided, however, that said assumption and
agreement to duly and timely pay, perform and discharge the Employee-Related
Liabilities shall not (a) increase the obligation of GP LLC with respect
to the Employee-Related Liabilities beyond that of Global, (b) waive any
valid defense that was available to Global with respect to the Employee-Related
Liabilities or (c) enlarge any rights or remedies of any third party, if
any, under any of the Employee-Related Liabilities.  Nothing in this Section 3.4, shall
affect the right of GP LLC to seek indemnification or reimbursement from MLP
pursuant to the terms of the MLP Agreement.

 

9

 

Section 3.5                                      Assumption of FFE Liabilities by GP LLC.  In connection with the
distribution and transfer by Global of the FFE Assets to GP LLC, as set forth
in Section 2.11 above, GP LLC hereby assumes and agrees to duly and timely
pay, perform and discharge the FFE Liabilities, to the full extent that Global
has been heretofore or would have been in the future obligated to pay, perform
and discharge the FFE Liabilities were it not for the execution and delivery of
this Agreement; provided, however, that said assumption and agreement to duly
and timely pay, perform and discharge the FFE Liabilities shall not (a) increase
the obligation of GP LLC with respect to the FFE Liabilities beyond that of
Global, (b) waive any valid defense that was available to Global with
respect to the FFE Liabilities or (c) enlarge any rights or remedies of
any third party, if any, under any of the FFE Liabilities.

 

ARTICLE IV

ADDITIONAL TRANSACTIONS

 

Section 4.1                                      Conversion of GMG.  GMG has adopted a certificate of conversion
and a certificate of incorporation pursuant to the Delaware GCL and the
Delaware LLC Act and will file a certificate of conversion and certificate of
incorporation with the Secretary of State of the State of Delaware which
filings shall convert (upon such filing or the effective time stated therein)
GMG into GMG Corp., having Global as its sole stockholder.

 

Section 4.2                                      Over-Allotment Option.  The Parties acknowledge that in the event the
Underwriters exercise their Over-Allotment Option, MLP shall use any net
proceeds therefrom to redeem from the Owners a pro rata number of Common Units
held by each of the Owners equal to the number of Common Units issued upon
exercise of the Over-Allotment Option, at a price per Common Unit equal to the
net proceeds per Common Unit received by MLP after the Underwriters’ discount
but before other expenses.

 

ARTICLE V

TITLE
MATTERS

 

Section 5.1                                      Encumbrances.

 

(a)                                  Except to the extent provided in any other document executed in
connection with this Agreement or the Offering, the contribution and conveyance
(by operation of law or otherwise) of the Assets as reflected in this Agreement
are made expressly subject to all recorded and unrecorded liens (other than
consensual liens), encumbrances, agreements, defects, restrictions, adverse
claims and all laws, rules, regulations, ordinances, judgments and orders of
governmental authorities or tribunals having or asserting jurisdictions over
the Assets and operations conducted thereon or in connection therewith, in each
case to the extent the same are valid and enforceable and affect the Assets,
including all matters that a current survey or visual inspection of the Assets
would reflect.

 

(b)                                 To the extent that certain jurisdictions in which the Assets are
located may require that documents be recorded in order to evidence the
transfers of title reflected in this Agreement, then the provisions set forth
in Section 5.1(a) immediately above shall also be applicable to the
conveyances under such documents.

 

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Section 5.2                                      Disclaimer of Warranties; Subrogation; Waiver of Bulk Sales Laws.

 

(a)                                  EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR
DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, THE PARTIES
ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND
EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS,
WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR
CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN,
PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF
THE ASSETS INCLUDING THE WATER, SOIL, GEOLOGY OR ENVIRONMENTAL CONDITION OF THE
ASSETS GENERALLY OR INCLUDING THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR
OTHER MATTERS ON THE ASSETS, (B) THE INCOME TO BE DERIVED FROM THE ASSETS,
(C) THE SUITABILITY OF THE ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT
MAY BE CONDUCTED THEREON, (D) THE COMPLIANCE OF OR BY THE ASSETS OR
THEIR OPERATION WITH ANY LAWS (INCLUDING ANY ZONING, ENVIRONMENTAL PROTECTION,
POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE
HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE ASSETS.  EXCEPT
TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN
CONNECTION WITH THIS AGREEMENT OR THE OFFERING, THE PARTIES ACKNOWLEDGE AND
AGREE THAT EACH HAS HAD THE OPPORTUNITY TO INSPECT THE RESPECTIVE ASSETS, AND
EACH IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE RESPECTIVE ASSETS AND
NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OF THE PARTIES.  EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER
DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE
OFFERING, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR
WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS
FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY.  EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER
DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE
OFFERING, EACH OF THE PARTIES ACKNOWLEDGES THAT TO THE MAXIMUM EXTENT PERMITTED
BY LAW, THE CONTRIBUTION OF THE ASSETS AS PROVIDED FOR HEREIN IS MADE IN AN “AS
IS”, “WHERE IS” CONDITION WITH ALL FAULTS, AND THE ASSETS ARE CONTRIBUTED AND
CONVEYED SUBJECT TO ALL OF THE MATTERS CONTAINED IN THIS SECTION.  THIS SECTION SHALL SURVIVE SUCH
CONTRIBUTION AND CONVEYANCE OR THE TERMINATION OF THIS AGREEMENT.  THE PROVISIONS OF THIS SECTION HAVE BEEN
NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A
COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER
EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS THAT MAY ARISE
PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET
FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN
CONNECTION WITH THIS AGREEMENT OR THE OFFERING.

 

11

 

(b)                                 The contributions of the Assets made under this Agreement are made
with full rights of substitution and subrogation of the respective Parties
receiving such contributions, and all persons claiming by, through and under
such Parties, to the extent assignable, in and to all covenants and warranties
by the predecessors-in-title of the Parties contributing the Assets, and with
full subrogation of all rights accruing under applicable statutes of limitation
and all rights of action of warranty against all former owners of the Assets.

 

(c)                                  Each of the Parties agrees that the disclaimers contained in this Section 5.2
are “conspicuous” disclaimers.  Any
covenants implied by statute or law by the use of the words “grant,” “contribute,”
“convey,” “bargain,” “assign,” “transfer,” “deliver,” “sell” or “set over” or
any of them or any other words used in this Agreement are hereby expressly
disclaimed, waived or negated.

 

(d)                                 Each of the Parties hereby waives compliance with any applicable
bulk sales law or any similar law in any applicable jurisdiction in respect of
the transactions contemplated by this Agreement.

 

ARTICLE VI

FURTHER ASSURANCES

 

From time to
time after the date hereof, and without any further consideration the Parties
agree to execute, acknowledge and deliver all such additional deeds,
assignments, bills of sale, conveyances, instruments, notices, releases,
acquittances and other documents, and will do all such other acts and things,
all in accordance with applicable law, as may be necessary or appropriate (a) more
fully to assure that the applicable Parties own all of the properties, rights,
titles, interests, estates, remedies, powers and privileges granted by this
Agreement, or which are intended to be so granted, or (b) more fully and
effectively to vest in the applicable Parties and their respective successors
and assigns beneficial and record title to the interests contributed and
assigned by this Agreement or intended so to be and to more fully and
effectively carry out the purposes and intent of this Agreement.

 

ARTICLE VII

EFFECTIVE TIME

 

Notwithstanding
anything contained in this Agreement to the contrary, none of the provisions of
Article II or Article III of this Agreement shall be operative or
have any effect until the Effective Time, at which time all the provisions of Article II
or Article III of this Agreement shall be effective and operative in
accordance with Article VIII, without further action by any Party.

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.1                                      Order of Completion of Transactions.  The transactions provided for in Article II
of this Agreement shall be completed immediately following the Effective Time
in the 

 

12

 

order set
forth in Article II of this Agreement. 
The transactions provided for in Article III of this Agreement
shall be completed simultaneously with the transactions provided for in Article II
of this Agreement.  The transactions
provided for in Article IV of this Agreement shall be completed after
those provided for in Article II and Article III of this Agreement.

 

Section 8.2                                      Costs.  Except for the transaction expenses set forth
in Section 2.8, OLLC shall pay all expenses, fees and costs, including
sales, use and similar taxes arising out of the contributions, conveyances and
deliveries to be made hereunder, and shall pay all documentary, filing,
recording, transfer, deed and conveyance taxes and fees required in connection
therewith. In addition, OLLC shall be responsible for all costs, liabilities
and expenses (including court costs and reasonable attorneys’ fees) incurred in
connection with the implementation of any conveyance or delivery pursuant to Article VI
of this Agreement.

 

Section 8.3                                      Headings; References; Interpretation.  All Article and Section headings in
this Agreement are for convenience only and shall not be deemed to control or
affect the meaning or construction of any of the provisions hereof.  The words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this
Agreement as a whole, and not to any particular provision of this
Agreement.  All references herein to
Articles and Sections shall, unless the context requires a different
construction, be deemed to be references to the Articles and Sections of this
Agreement, respectively.  All personal
pronouns used in this Agreement, whether used in the masculine, feminine or
neuter gender, shall include all other genders, and the singular shall include the
plural and vice versa.  The terms “include,”
“includes,” “including” or words of like import shall be deemed to be followed
by the words “without limitation.”

 

Section 8.4                                      Successors and Assigns.  The Agreement shall be binding upon and inure
to the benefit of the Parties and their respective successors and assigns.

 

Section 8.5                                      No Third Party Rights.  The provisions of this Agreement are intended
to bind the parties signatory hereto as to each other and are not intended to
and do not create rights in any other person or confer upon any other person
any benefits, rights or remedies and no person is or is intended to be a third
party beneficiary of any of the provisions of this Agreement.

 

Section 8.6                                      Counterparts.  This Agreement may be executed in any number
of counterparts, all of which together shall constitute one agreement binding
on the Parties.

 

Section 8.7                                      Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Massachusetts
applicable to contracts made and to be performed wholly within such state
without giving effect to conflict of law principles thereof.

 

Section 8.8                                      Severability.  If any of the provisions of this Agreement
are held by any court of competent jurisdiction to contravene, or to be invalid
under, the laws of any political body having jurisdiction over the subject
matter hereof, such contravention or invalidity shall not invalidate the entire
Agreement.  Instead, this Agreement shall
be construed as if it did not contain the particular provision or provisions held
to be invalid, and an equitable adjustment 

 

13

 

shall be made
and necessary provision added so as to give effect to the intention of the
Parties as expressed in this Agreement at the time of execution of this
Agreement.

 

Section 8.9                                      Amendment or Modification.  This Agreement may be amended or modified
from time to time only by the written agreement of all the Parties.

 

Section 8.10                                Integration.  This Agreement and the instruments referenced
herein supersede all previous understandings or agreements among the Parties,
whether oral or written, with respect to its subject matter.  This document and such instruments contain
the entire understanding of the Parties. 
No understanding, representation, promise or agreement, whether oral or
written, is intended to be or shall be included in or form part of this
Agreement unless it is contained in a written amendment hereto executed by the
Parties after the date of this Agreement.

 

Section 8.11                                Deed; Bill of Sale; Assignment.  To the extent required and permitted by
applicable law, this Agreement shall also constitute a “deed,” “bill of sale”
or “assignment” of the assets and interests referenced herein.

 

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

14

 

IN WITNESS
WHEREOF, this Agreement has been duly executed by the Parties as of the date
first written above.

 

 

	
   

  	
  GLOBAL GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  Executive Vice President, Secretary

  and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL PARTNERS LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GLOBAL GP LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
   

  	
  Edward
  J. Faneuil

  
	
   

  	
   

  	
   

  	
  Executive
  Vice President,

  Secretary and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL OPERATING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  Executive Vice President and

  Secretary

  

 

 

	
   

  	
  GLOBAL COMPANIES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  Executive Vice President and 

  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL MONTELLO GROUP
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  Secretary and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHELSEA SANDWICH LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  Executive Vice President and

  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL PETROLEUM CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LAREA HOLDINGS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric Slifka

  
	
   

  	
   

  	
  Eric Slifka

  
	
   

  	
   

  	
  Manager

  

 

 

	
   

  	
  LAREA HOLDINGS II LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Slifka

  
	
   

  	
   

  	
  Andrew Slifka

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHELSEA TERMINAL LIMITED

  PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CHELSEA TERMINAL CORP.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Edward J. Faneuil

  
	
   

  	
   

  	
   

  	
  Edward
  J. Faneuil

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SANDWICH TERMINAL,
  L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Global Petroleum Corp.

  
	
   

  	
   

  	
  its Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MONTELLO OIL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil

  
	
   

  	
   

  	
  SecretaryExhibit 10.8

 

[Published
CUSIP
Number:                     ]

 

CREDIT
AGREEMENT

 

Dated as of October 4,
2005

 

among

 

GLOBAL
OPERATING LLC,

GLOBAL COMPANIES LLC,

GLOBAL MONTELLO GROUP LLC

GLEN HES CORP. 

CHELSEA SANDWICH LLC

 

as the Borrowers,

 

BANK OF
AMERICA, N.A.,

as Administrative Agent and

L/C Issuer,

 

and

 

The Other Lenders Party Hereto

 

BANC OF
AMERICA SECURITIES LLC,

 

as

 

Sole Lead Arranger and Sole
Book Manager

 

 

	
  ARTICLE 1

  	
  DEFINITIONS AND ACCOUNTING
  TERMS

  	
   

  
	
  1.1

  	
  Defined
  Terms

  	
   

  
	
  1.2

  	
  Other
  Interpretive Provisions

  	
   

  
	
  1.3

  	
  Accounting
  Terms

  	
   

  
	
  1.4

  	
  Rounding

  	
   

  
	
  1.5

  	
  Times of Day

  	
   

  
	
  1.6

  	
  Letter of Credit Amounts

  	
   

  
	
  ARTICLE 2

  	
  THE
  COMMITMENTS AND CREDIT EXTENSIONS

  	
   

  
	
  2.1

  	
  Committed Loans

  	
   

  
	
  2.2

  	
  Borrowings, Conversions and
  Continuations of Committed Loans

  	
   

  
	
  2.3

  	
  Letters of Credit

  	
   

  
	
  2.4

  	
  Prepayments

  	
   

  
	
  2.5

  	
  Termination or Reduction of Commitments

  	
   

  
	
  2.6

  	
  Repayment of Loans

  	
   

  
	
  2.7

  	
  Interest

  	
   

  
	
  2.8

  	
  Fees

  	
   

  
	
  2.9

  	
  Computation of Interest and Fees

  	
   

  
	
  2.10

  	
  Evidence of Debt

  	
   

  
	
  2.11

  	
  Payments Generally; Administrative
  Agent’s Clawback

  	
   

  
	
  2.12

  	
  Sharing of Payments by Lenders

  	
   

  
	
  ARTICLE 3

  	
  TAXES,
  YIELD PROTECTION AND ILLEGALITY

  	
   

  
	
  3.1

  	
  Taxes

  	
   

  
	
  3.2

  	
  Illegality

  	
   

  
	
  3.3

  	
  Inability to Determine Rates

  	
   

  
	
  3.4

  	
  Increased Costs; Reserves on Eurodollar
  Rate Loans

  	
   

  
	
  3.5

  	
  Compensation for Losses

  	
   

  
	
  3.6

  	
  Mitigation Obligations; Replacement of Lenders

  	
   

  
	
  3.7

  	
  Survival

  	
   

  
	
  ARTICLE 4

  	
  CONDITIONS
  PRECEDENT TO CREDIT EXTENSIONS

  	
   

  
	
  4.1

  	
  Conditions of Initial Credit Extension

  	
   

  
	
  4.2

  	
  Conditions to all Credit Extensions

  	
   

  
	
  ARTICLE 5

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
   

  
	
  5.1

  	
  Existence, Qualification and Power;
  Compliance with Laws

  	
   

  

 

 

	
  5.2

  	
  Authorization; No Contravention

  	
   

  
	
  5.3

  	
  Governmental Authorization; Other
  Consents

  	
   

  
	
  5.4

  	
  Binding Effect

  	
   

  
	
  5.5

  	
  Financial Statements; No Material
  Adverse Effect; No Internal Control Event

  	
   

  
	
  5.6

  	
  Litigation

  	
   

  
	
  5.7

  	
  No Default

  	
   

  
	
  5.8

  	
  Ownership of Property; Liens

  	
   

  
	
  5.9

  	
  Environmental Compliance

  	
   

  
	
  5.10

  	
  Insurance

  	
   

  
	
  5.11

  	
  Taxes

  	
   

  
	
  5.12

  	
  ERISA Compliance

  	
   

  
	
  5.13

  	
  Subsidiaries; Equity Interests

  	
   

  
	
  5.14

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

  	
   

  
	
  5.15

  	
  Disclosure

  	
   

  
	
  5.16

  	
  Compliance with Laws

  	
   

  
	
  5.17

  	
  Intellectual Property; Licenses, Etc

  	
   

  
	
  5.18

  	
  Absence of Financing Statements

  	
   

  
	
  5.19

  	
  Perfection of Security Interests

  	
   

  
	
  5.20

  	
  Certain Transactions

  	
   

  
	
  5.21

  	
  Bank Accounts

  	
   

  
	
  ARTICLE 6

  	
  AFFIRMATIVE
  COVENANTS

  	
   

  
	
  6.1

  	
  Financial Statements

  	
   

  
	
  6.2

  	
  Certificates; Other Information

  	
   

  
	
  6.3

  	
  Notices

  	
   

  
	
  6.4

  	
  Payment of Obligations

  	
   

  
	
  6.5

  	
  Preservation of Existence, Etc

  	
   

  
	
  6.6

  	
  Maintenance of Properties

  	
   

  
	
  6.7

  	
  Maintenance of Insurance

  	
   

  
	
  6.8

  	
  Compliance with Laws

  	
   

  
	
  6.9

  	
  Books and Records

  	
   

  
	
  6.10

  	
  Inspection Rights

  	
   

  

 

 

	
  6.11

  	
  Use of Proceeds

  	
   

  
	
  6.12

  	
  Bank Accounts

  	
   

  
	
  6.13

  	
  Additional Guarantors

  	
   

  
	
  ARTICLE 7

  	
  NEGATIVE COVENANTS

  	
   

  
	
  7.1

  	
  Liens

  	
   

  
	
  7.2

  	
  Investments

  	
   

  
	
  7.3

  	
  Indebtedness

  	
   

  
	
  7.4

  	
  Fundamental Changes

  	
   

  
	
  7.5

  	
  Dispositions

  	
   

  
	
  7.6

  	
  Acquisitions

  	
   

  
	
  7.7

  	
  Restricted Payments

  	
   

  
	
  7.8

  	
  Change in Nature of Business

  	
   

  
	
  7.9

  	
  Transactions with Affiliates

  	
   

  
	
  7.10

  	
  Burdensome Agreements

  	
   

  
	
  7.11

  	
  Use of Proceeds

  	
   

  
	
  7.12

  	
  Compliance with Environmental Laws

  	
   

  
	
  7.13

  	
  Prohibited Commodity Transactions

  	
   

  
	
  7.14

  	
  Loans to Owners, Officers and Employees

  	
   

  
	
  7.15

  	
  Prepayment of Indebtedness

  	
   

  
	
  7.16

  	
  Bank Accounts

  	
   

  
	
  7.17

  	
  Amendment of Thru-Put

  	
   

  
	
  7.18

  	
  Financial Covenants

  	
   

  
	
  7.19

  	
  Capital Expenditures

  	
   

  
	
  ARTICLE 8

  	
  EVENTS OF
  DEFAULT AND REMEDIES

  	
   

  
	
  8.1

  	
  Events of Default

  	
   

  
	
  8.2

  	
  Remedies Upon Event of Default

  	
   

  
	
  8.3

  	
  Application of Funds

  	
   

  
	
  ARTICLE 9

  	
  ADMINISTRATIVE
  AGENT

  	
   

  
	
  9.1

  	
  Appointment and Authority

  	
   

  
	
  9.2

  	
  Rights as a Lender

  	
   

  
	
  9.3

  	
  Exculpatory Provisions

  	
   

  
	
  9.4

  	
  Reliance by Administrative Agent

  	
   

  
	
  9.5

  	
  Delegation of Duties

  	
   

  

 

 

	
  9.6

  	
  Resignation of Administrative Agent

  	
   

  
	
  9.7

  	
  Non-Reliance on Administrative Agent and
  Other Lenders

  	
   

  
	
  9.8

  	
  No Other Duties, Etc

  	
   

  
	
  9.9

  	
  Administrative Agent May File
  Proofs of Claim

  	
   

  
	
  9.10

  	
  Collateral and Guaranty Matters

  	
   

  
	
  ARTICLE 10

  	
  MISCELLANEOUS

  	
   

  
	
  10.1

  	
  Amendments, Etc

  	
   

  
	
  10.2

  	
  Notices; Effectiveness; Electronic
  Communication

  	
   

  
	
  10.3

  	
  No Waiver; Cumulative Remedies

  	
   

  
	
  10.4

  	
  Expenses; Indemnity; Damage Waiver

  	
   

  
	
  10.5

  	
  Payments Set Aside

  	
   

  
	
  10.6

  	
  Successors and Assigns

  	
   

  
	
  10.7

  	
  Treatment of Certain Information;
  Confidentiality

  	
   

  
	
  10.8

  	
  Right of Setoff

  	
   

  
	
  10.9

  	
  Interest Rate Limitation

  	
   

  
	
  10.10

  	
  Counterparts; Integration;
  Effectiveness

  	
   

  
	
  10.11

  	
  Survival of Representations and
  Warranties

  	
   

  
	
  10.12

  	
  Severability

  	
   

  
	
  10.13

  	
  Replacement of Lenders

  	
   

  
	
  10.14

  	
  Governing Law; Jurisdiction; Etc

  	
   

  
	
  10.15

  	
  Joint and Several Liability

  	
   

  
	
  10.16

  	
  USA PATRIOT Act Notice

  	
   

  

 

	
  SCHEDULES

  	
   

  
	
  1A

  	
  Existing Letters of Credit

  	
   

  
	
  1B

  	
  Major Oil Company Receivables

  	
   

  
	
  2.1

  	
  Commitments and Applicable Percentages

  	
   

  
	
  5.5

  	
  Supplement to Interim Financial Statements

  	
   

  
	
  5.6

  	
  Litigation

  	
   

  
	
  5.9

  	
  Environmental Matters

  	
   

  
	
  5.13

  	
  Subsidiaries; Other Equity Investments

  	
   

  
	
  5.21

  	
  Bank Accounts

  	
   

  
	
  7.1

  	
  Existing Liens

  	
   

  
	
  7.2

  	
  Existing Investments

  	
   

  
	
  7.3

  	
  Existing Indebtedness

  	
   

  
	
  7.9

  	
  Shared Services Agreement

  	
   

  
	
  10.2

  	
  Administrative Agent’s Office; Certain
  Addresses for Notices

  	
   

  

 

 

	
  10.6

  	
  Processing and Recordation Fees

  	
   

  

 

EXHIBITS

	
  Form of

  	
   

  
	
  A

  	
  Loan Notice

  	
   

  
	
  B

  	
  Borrowing Base Report

  	
   

  
	
  C

  	
  Note

  	
   

  
	
  D

  	
  Compliance Certificate

  	
   

  
	
  E

  	
  Assignment and Assumption

  	
   

  
	
  F

  	
  Guaranty

  	
   

  
	
  G

  	
  LOI Agreement

  	
   

  
	
  H

  	
  Opinion Matters

  	
   

  

 

 

CREDIT
AGREEMENT

 

This CREDIT
AGREEMENT (“Agreement”) is entered into as of October 4,
2005, among GLOBAL OPERATING LLC, a Delaware limited liability company (“OLLC”),
GLOBAL COMPANIES LLC, a Delaware
limited liability company (“Global”), GLOBAL
MONTELLO GROUP LLC, a Delaware limited liability company (“Montello LLC”), GLEN HES CORP., a Delaware corporation (“Glen Hes”), and CHELSEA SANDWICH
LLC, a Delaware limited liability company (“Chelsea LLC” and, collectively with OLLC, Global, Montello LLC and
Glen Hes, the “Borrowers” and each individually, a “Borrower”), GLOBAL PARTNERS LP, a Delaware limited
partnership (the “MLP”), GLOBAL GP LLC,
a Delaware limited liability company (the “GP” and, collectively with
the MLP, the “Initial  Guarantors” and each individually, an “Initial
Guarantor”), each lender from time to time party hereto (collectively, the “Lenders”
and individually, a “Lender”), and BANK
OF AMERICA, N.A., as
Administrative Agent and L/C Issuer.

 

The Borrowers have requested that the Lenders
provide a working capital revolving credit facility, an acquisition facility
and a general revolving credit facility to the Borrowers, and the Lenders are
willing to do so on the terms and conditions set forth herein.

 

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

 

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

“Acceptable
Issuer” means either (a) a Lender or (b) a financial institution
having, on the basis of its latest financial statements, capital, surplus and
undivided profits of at least $1,500,000,000 and having an unenhanced senior
unsecured short-term debt rating of BBB or better by Fitch IBCA or Baa2 by
Moody’s, and, in each of (a) and (b), which is acceptable to the
Administrative Agent in its sole discretion. 
Notwithstanding the foregoing, the Administrative Agent, in its sole and
absolute discretion, reserves the right to require a replacement Acceptable
Issuer to the extent a material adverse change in the condition (financial or
otherwise) occurs as to the then existing Acceptable Issuer, or, in the
Administrative Agent’s sole and absolute discretion, such then existing
Acceptable Issuer becomes less than “well capitalized” or any enforcement
action is threatened or commenced against such Acceptable Issuer.

 

“Accounts
Receivable” means rights of the Borrowers to payment for goods sold, leased
or otherwise marketed in the ordinary course of business, and all rights of the
Borrowers to payment for services rendered in the ordinary course of business
and all sums of money or other proceeds due thereon pursuant to transactions
with account debtors, except for that portion of the sum of money or other
proceeds due thereon that relate to sales, use or property taxes in conjunction
with such transactions, all as recorded on books of account in accordance with
generally accepted accounting principles.

 

 

“Acquisition
Commitment” means, as to each Lender, its obligation to make Acquisition
Loans to the Borrower pursuant to Section 2.1(b), in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.1 or 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.

 

“Acquisition
Loans” has the meaning set forth in Section 2.1(b) hereof.

 

“Administrative
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 the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other
address or account as the Administrative Agent may from time to time notify to
the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative 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. 
Notwithstanding anything to the contrary, for purposes of this Agreement,
Global Petroleum Corp., Montello Oil Corporation, Global Revco Terminal LLC,
Global South Terminal LLC, Global Revco Dock LLC, Alliance, Sandwich Terminal
LLC, Chelsea Terminal Limited Partnership, Chelsea Terminal Corporation, ASRS
Global General Partnership, and ASRS Montello General Partnership shall be an
Affiliate and as of the date hereof, the only Affiliates of the Loan Parties
are Global Petroleum Corp., Montello Oil Corporation, Global Revco Terminal
LLC, Global South Terminal LLC, Global Revco Dock LLC, Alliance, Sandwich
Terminal LLC, Chelsea Terminal Limited Partnership, Chelsea Terminal
Corporation, ASRS Global General Partnership and ASRS Montello General
Partnership.  For the purposes of this Agreement,
any other Person existing on the date hereof which would otherwise be an
Affiliate of any Loan Party pursuant to this definition shall not be deemed to
be an Affiliate of such Loan Party.

 

“Agency
Accounts” means, collectively, the wholesale lockbox account, the retail
lockbox account and the depository accounts maintained by the Loan Parties with
the Administrative Agent.

 

“Agreement”
means this Credit Agreement.

 

“Alliance”
means Alliance Energy Corp., a Massachusetts corporation.

 

“Applicable
Percentage” means with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of the Total WC Revolver Commitment,
the Total Revolver Commitment or the Total Acquisition Commitment, as the case
may be, represented by such Lender’s WC Commitment, Acquisition Commitment or
Revolver Commitment, as the case may be, at such time.  If the commitment of each Lender to make
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have
been terminated pursuant to Section 8.2

 

2

 

or if the Total WC Revolver Commitments, Total Revolver Commitments or
Total Acquisition Commitments, as the case may be,  have expired, then the Applicable Percentage
of each Lender shall be determined based on the Applicable Percentage of such
Lender most recently in effect, giving effect to any subsequent
assignments.  The initial Applicable
Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.1
or in the Assignment and Assumption pursuant to which such Lender becomes a
party hereto, as applicable.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an
entity that administers or manages a Lender.

 

“Arranger”
means Banc of America Securities
LLC, in its capacity as sole lead arranger and sole book manager.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

 

“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 10.6(b), and accepted by the Administrative
Agent, in substantially the form of Exhibit E or any other form
approved by the Administrative 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 combined balance sheet of the
Borrowers (other than OLLC) and their Subsidiaries for the fiscal year ended
December 31, 2004, and the
related combined statements of income or operations, shareholders’ or members’
equity and cash flows for such fiscal year of the Borrowers (other than OLLC)
and their Subsidiaries, including the notes thereto.

 

“Availability
Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the
Total WC Revolver Commitment, the Total Acquisition Commitment or the Total
Revolver Commitment, as the case may be, pursuant to Section 2.5,
and (c) the date of termination of the commitment of each Lender to make
Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions
pursuant to Section 8.2.

 

“Available
Cash” has the meaning set forth in the Partnership Agreement.

 

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

 

“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

 

3

 

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(s)”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower
Materials” has the meaning specified in Section 6.2.

 

“Borrowing”
means a borrowing consisting of simultaneous WC Revolver Loans, Acquisition
Loans or Revolver Loans, as the case may be, of the same Type and, in the case
of Eurodollar Rate Loans and Cost of Funds Rate Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.1.

 

“Borrowing
Base” means, at the relevant time of reference thereto, an amount
determined by the Administrative Agent by reference to the most recent
Borrowing Base Report delivered to the Lenders and the Administrative Agent
pursuant to Section 6.2(g), which is
equal to the sum of:

 

(a)                                  100%
of Eligible Cash and Cash Equivalents; plus

 

(b)                                 90%
of Major Oil Company Receivables; plus

 

(c)                                  85%
of Eligible Receivables not included in Major Oil Company Receivables; plus

 

(d)                                 85%
of Eligible Margin Deposits; plus

 

(e)                                  85%
of Hedged Eligible Inventory; plus

 

(f)                                    80%
of Eligible Petroleum Inventory; plus

 

(g)                                 100%
of Paid but Unexpired Letters of Credit; plus

 

(h)                                 80%
of Eligible Product Under Contract; plus

 

(i)                                     100%
of the face amount of a standby letter of credit (which shall be in form and
substance satisfactory to the Administrative Agent and which shall be in a
currency acceptable to the Required Lenders) issued in favor of the Administrative
Agent for the benefit of the Administrative Agent and the Lenders from an
issuer satisfactory to the Administrative Agent and the Required Lenders, and
which standby letter of credit shall not be amended, modified or altered
without the consent of the Administrative Agent and the Required Lenders; plus

 

(j)                                     the
lesser of (i) 80% of Positive Net Unrealized Forward Contract Positions
and (ii) $50,000,000; plus

 

4

 

(k)                                  100%
of the aggregate amount of Negative Net Unrealized Forward Contract Positions.

 

“Borrowing
Base Report” means a Borrowing Base Report, signed by any Responsible
Officer and in substantially the form of Exhibit B
hereto.

 

“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 the 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.

 

“Capital
Assets” means fixed assets, both tangible (such as land, buildings,
fixtures, machinery and equipment) and intangible (such as patents, copyrights,
trademarks, franchises and good will); provided that Capital Assets
shall not include any item customarily charged directly to expense or
depreciated over a useful life of twelve (12) months or less in accordance with
GAAP.

 

“Capital
Expenditures” means amounts paid or indebtedness incurred by any of the
Loan Parties in connection with (a) the purchase or lease by any of the
Loan Parties of Capital Assets that would customarily be required to be
capitalized and shown on the balance sheet of such Person in accordance with
generally accepted accounting principles; or (b) the lease of any assets
by any Loan Party as lessee under any Synthetic Lease to the extent that such
assets would have been Capital Assets had the Synthetic Lease been treated for
accounting purposes as a Capitalized Lease, provided,
however, for purposes of Section 7.19
hereof, any purchase or lease by any Loan Party of any Capital Assets that
would customarily be required to be capitalized and shown on the balance sheet
of such Person in accordance with GAAP and which were acquired pursuant to a
Permitted Acquisition or was purchased with Indebtedness permitted by
Section 7.3(e) shall not be considered a “Capital Expenditure”
thereunder.

 

“Capitalized
Leases” means leases under which any of the Loan Parties is the lessee or
obligor, the discounted future rental payment obligations under which are
customarily required to be capitalized on the balance sheet of the lessee or
obligor in accordance with GAAP.

 

“Cash”
means Dollar denominated currency in immediately available funds.

 

“Cash
Collateralize” has the meaning specified in Section 2.3(g).

 

“Cash
Equivalents” means, collectively, (a) repurchase agreements and
short-term obligations issued or guaranteed as to principal and interest by the
United States of America and having a maturity of not more than twelve (12)
months from the date of acquisition; (b) short-term certificates of
deposit, issued by (i) any Lender or (ii) any bank organized under
the laws of the United States of America or any state thereof and foreign
subsidiaries of such bank, having a rating of not less than A or its equivalent
by S&P or any successor; and (c) commercial paper or finance company
paper of (i) any Lender or any holding company controlling any Lender or
(ii) any other Person that is rated not less than prime-two or A2 or their
equivalents by Moody’s Investor Service, Inc. or S&P or their
successors.

 

5

 

“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)                                  any
“person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee
benefit plan of such person or its subsidiaries, and any person or entity
acting in its capacity as trustee, agent or other fiduciary or administrator of
any such plan) other than the Original Investors becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of
1934, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire
(such right, an “option right”), whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of
twenty percent (20%) or more of the equity securities of the GP entitled to
vote for members of the board of directors or equivalent governing body of the
GP on a fully-diluted basis (and taking into account all such securities that
such person or group has the right to acquire pursuant to any option right);

 

(b)                                 during
any period of twelve (12) consecutive months, a majority of the members of the
board of directors or other equivalent governing body of either the MLP or GP,
as the case may be, cease to be composed of individuals (i) who were
members of that board or equivalent governing body on the first day of such
period, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body or (iii) whose election or
nomination to that board or other equivalent governing body was approved by
individuals referred to in clauses (i) and (ii) above constituting at
the time of such election or nomination at least a majority of that board or
equivalent governing body (excluding, in the case of both clause (ii) and
clause (iii), any individual whose initial nomination for, or assumption of
office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the
election or removal of one or more directors by any person or group other than
a solicitation for the election of one or more directors by or on behalf of the
board of directors); or

 

(c)                                  any
Person or two or more Persons acting in concert, other than the Original
Investors, shall have acquired by contract or otherwise, or shall have entered
into a contract or arrangement that, upon consummation thereof, will result in
its or their acquisition of the power to exercise, directly or indirectly, a
controlling influence over the management or policies of MLP, or control over
the equity securities of MLP entitled to vote for members of the board of
directors or equivalent governing body of MLP on a fully-diluted basis (and
taking into account all such securities that such Person or group has the right
to acquire pursuant to any option right) representing twenty percent (20%) or
more of the combined voting power of such securities; or

 

6

 

(d)                                 the
GP ceases to be the general partner of MLP, or both Eric Slifka and Thomas
McManmon cease to have a full-time senior financial management position with
the GP;

 

(e)                                  MLP
shall at any time, legally or beneficially, own less than 100% of the capital
stock of the Borrowers; or

 

(f)                                    Alfred,
Richard and Eric Slifka (or their respective estates) shall at any time,
legally or beneficially, own less than 75% of the voting interests of GP as adjusted
pursuant to any stock split, stock dividend or recapitalization or
reclassification of the capital of GP.

 

“Closing
Date” means the first date all the conditions precedent in Section 4.1
are satisfied or waived in accordance with Section 10.1.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means all of the property, rights and interests of the Borrowers that are or
are intended to be subject to the liens and security interests created by the
Security Documents.

 

“Combined
or combined” means, with reference to any term defined herein, that term as
applied to the accounts of the applicable Loan Party to which it relates,
combined in accordance with GAAP.

 

“Combined
Current Assets” means all assets of the Borrowers on a combined basis that
are properly classified as current assets in accordance with GAAP, valued on a
FIFO basis

 

“Combined
Current Liabilities” means all liabilities of the Borrowers, on a combined
basis, maturing on demand or within one (1) year from the date as of which
Combined Current Liabilities are to be determined, and such other liabilities
as may properly be classified as current liabilities in accordance with GAAP.

 

“Combined
EBITDA” means for any period, for
the Borrowers and their Subsidiaries on a combined basis, an amount equal to
Combined Net Income for such period plus (a) the following to the
extent deducted in calculating such Combined Net Income: (i) Combined
Total Interest Expense for such period, (ii) the provision for Federal,
state, local and foreign income taxes payable by the Borrowers and their
Subsidiaries for such period, (iii) depreciation and amortization expense
and (iv) other non-recurring expenses of the Borrowers and their
Subsidiaries reducing such Combined Net Income which do not represent a cash
item in such period or any future period and minus (b) the
following to the extent included in calculating such Combined Net Income:
(i) Federal, state, local and foreign income tax credits of the Borrowers
and their Subsidiaries for such period, and (ii) all non-cash items
increasing Combined Net Income for such period. 
For purposes of calculating Combined EBITDA for purposes of calculating
the Combined Leverage Ratio for any period in which a Permitted Acquisition has
occurred, Combined EBITDA shall be adjusted in a manner which is satisfactory
to the Administrative Agent in all respects to give effect to the consummation
of such Permitted Acquisition on a pro forma basis as if such Permitted
Acquisition had occurred on the first date of the test period.

 

7

 

“Combined
Funded Debt” means as of any date of determination, for the Borrowers and
their Subsidiaries on a combined basis, the sum of, without duplication,
(a) the outstanding principal amount of all obligations, whether current
or long-term, for borrowed money (including Obligations hereunder other than
the outstanding amount of the WC Revolver Loans and the L/C Obligations) and
all obligations evidenced by bonds, debentures, notes, loan agreements or other
similar instruments, (b) all purchase money Indebtedness, (c) all
direct obligations arising under letters of credit (including standby and
commercial but excluding any L/C Obligations), bankers’ acceptances, bank
guaranties, surety bonds (but only to the extent the indemnity or other payment
obligation thereunder has actually arisen and is due and payable by the
Borrowers and/or their Subsidiaries) and similar instruments, (d) all
obligations in respect of the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business),
(e) Attributable Indebtedness in respect of capital leases and Synthetic
Lease Obligations, (f) without duplication, all Guarantees with respect to
outstanding Indebtedness of the types specified in clauses (a) through
(e) above of Persons other than the Borrowers or any Subsidiary, and
(g) all Indebtedness of the types referred to in clauses (a) through
(f) above of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which any
Borrower or a Subsidiary is a general partner or joint venturer, unless such
Indebtedness is expressly made non-recourse to such Borrower or such
Subsidiary.

 

“Combined
Interest Coverage Ratio” means, as at any date of determination, the ratio
of (a) Combined EBITDA for the Reference Period most recently ended less
the aggregate amount of Capital Expenditures (other than Capital Expenditures
made in connection with the purchase of assets in connection with a Permitted
Acquisition) for such Reference Period to (b) Combined Total Interest
Expense for such Reference Period.

 

“Combined
Leverage Ratio” means, as at any date of determination, the ratio of
(a) Combined Funded Debt as of such date of determination to
(b) Combined EBITDA for the Reference Period most recently ended.

 

“Combined
Net Income” means for any period, for the Borrowers and their Subsidiaries
on a combined basis, the net income of the Borrowers and their Subsidiaries
(excluding extraordinary gains but including extraordinary losses) for that
period.

 

“Combined
Total Interest Expense” means, for any period, for the Borrowers and their
Subsidiaries on a combined basis, the sum of (a) all interest, premium
payments, debt discount, fees, charges and related expenses of the Borrowers
and their 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 the Borrowers and their Subsidiaries
with respect to such period under Capitalized Leases that is treated as
interest in accordance with GAAP.  For purposes of calculating Combined Total
Interest Expense for purposes of calculating the Combined Leverage Ratio for
any period in which a Permitted Acquisition has occurred, Combined Total
Interest Expense shall be adjusted in a manner which is satisfactory to the
Administrative Agent in all respects to give effect to the consummation of such
Permitted Acquisition on a pro forma basis as if such Permitted Acquisition had
occurred on the first date of the test period.

 

8

 

“Combined
Working Capital” means the excess of Combined Current Assets over Combined
Current Liabilities, provided, however, for
the purposes of this definition, (a) all prepaid expenses of the Borrowers
in excess of $3,000,000 shall not be considered a Combined Current Asset
hereunder regardless of how such prepaid expenses would otherwise be classified
in accordance with GAAP; (b) any asset of any Borrower which will be
subsequently paid or otherwise distributed to such Borrower’s members as a
Permitted Distribution shall not be considered a Combined Current Asset
hereunder regardless of how such asset would otherwise be classified in
accordance with GAAP; (c) any asset of any Borrower consisting of an
intercompany receivable or other right to payment owing from another Loan Party
or an Affiliate (other than the Account Receivable owing from Alliance which is
included in the computation of Eligible Accounts Receivable) shall not be
considered a Combined Current Asset hereunder regardless of how such asset
would otherwise be classified in accordance with GAAP and (d) the
aggregate amount of all WC Revolver Loans outstanding hereunder shall be deemed
Combined Current Liabilities, regardless of how such outstanding amounts would
otherwise be classified in accordance with GAAP.

 

“Commitment”
means, as to each Lender, its obligation to (a) make Loans to the Borrower
pursuant to Section 2.1, and (b) purchase participations in
L/C Obligations, in an aggregate principal amount at any one time outstanding
not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1
or 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.

 

“Commodity
Hedging Agreement” means any Swap Contract which protects a Borrower
against fluctuations in commodity rates.

 

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

 

“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.

 

“Cost of
Funds Rate” means, as of any relevant date of determination, the per annum
rate of interest which the Administrative Agent is required to pay, or is
offering to pay, for wholesale liabilities of like tenor, as the same may be
adjusted for reserve requirements or any other requirements or impositions as
may be imposed by federal, state or local governmental or regulatory
authorities or agencies, all as determined by the Administrative Agent.

 

“Cost of
Funds Rate Loan” means a Loan that
bears interest based on the Cost of Funds Rate.

 

“Credit
Extension” means each of the following: (a) a Borrowing and
(b) an L/C Credit Extension.

 

9

 

“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 (a) when used with respect to Obligations other than
Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus
(ii) 2% per annum; provided, however, that with respect to a
Eurodollar Rate Loan or a Cost of Funds Rate Loan, the Default Rate shall be an
interest rate equal to the interest rate otherwise applicable to such Loan plus
2% per annum, and (b) when used with respect to Letter of Credit Fees, a
rate equal to the 100 basis points plus 2% per annum.

 

“Defaulting
Lender” means any Lender that (a) has failed to fund any portion of
the Loans or participations in L/C Obligations 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 the Administrative
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.

 

“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.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any
political subdivision of the United States.

 

“Eligible
Assignee” means (a) a Lender; (b) an Affiliate of a Lender;
(c) an Approved Fund; and (d) any other Person (other than a natural
person) approved by (i) the Administrative Agent and the L/C Issuer, and
(ii) unless an Event of Default has occurred and is continuing, the
Borrowers (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 of a Loan Party’s Affiliates or Subsidiaries.

 

“Eligible
Cash and Cash Equivalents” means Cash and Cash Equivalents of a Borrower
which are on deposit with the Administrative Agent and subject to a first
priority perfected Lien in favor of the Administrative Agent for the benefit of
the Administrative Agent and the Lenders.

 

“Eligible
Exchange Balances” means an amount equal to the aggregate amount of all
Exchange Balances after deducting therefrom each of (a) the value of all
such exchanges for

 

10

 

which performance has not been made on the date that such performance
is due, (b) the amount of all discounts, allowances, rebates, credits and
adjustments to such exchanges, (c) the amount billed for or representing
retainage, if any, until all prerequisites to the immediate payment of retainage
have been satisfied, and (d) all such exchanges owing by any affiliate of
any Borrower, provided that the Administrative Agent may, in its sole
and absolute discretion, exclude from Eligible Exchange Balances any Exchange
Balance with respect to which:

 

(i)                                     any representation
or warranty contained in this Credit Agreement or any other Loan Document is
materially breached;

 

(ii)                                  the customer or
trading partner has disputed liability, or made any claim with respect to such
Exchange Balance or with respect to any other Exchange Balance due from such
customer or trading partner to any Borrower other than for a minimal adjustment
in the ordinary course of business and in accordance with regular commercial
practice; or

 

(iii)                               the customer or trading
partner has filed a petition or other application for relief under any existing
or future law in any jurisdiction relating to bankruptcy, insolvency,
reorganization, or relief of debtors, or any petition or other application for
relief under any existing or future law of any jurisdiction relating to
bankruptcy, insolvency, reorganization, or relief of debtors has been filed
against such customer or trading partner, or the customer or trading partner
has failed, suspended normal business operations, become insolvent, or made a
general assignment for the benefit of creditors or had or suffered a receiver
or a trustee to be appointed for all or a significant portion of its assets or
affairs.

 

“Eligible
Inventory” means, with respect to the Borrowers, at the relevant time of
reference thereto, all Petroleum Products owned by the Borrowers which are held
for sale; provided that Eligible Inventory shall not include any
inventory (a) held on consignment, or not otherwise owned by the Borrowers
or of a type no longer sold by such Borrowers, (b) which has been returned
by a customer or is damaged or subject to any legal encumbrance other than
Permitted Liens, (c) which has been shipped to a customer of the Borrowers
regardless of whether such shipment is on a consignment basis unless such
inventory has been shipped to a customer of the Borrowers for the sole purpose
of storing such inventory at a terminal owned by a customer so long as title to
such inventory remains with the Borrowers, (d) which the Administrative Agent
deems to be obsolete or not marketable, or any other Inventory which the
Administrative Agent, from time to time, in its reasonable discretion, upon
five (5) days’ prior written notice to the Borrowers deems to be
ineligible, or (e) which is not subject to a valid, first priority
perfected lien and security interest in favor of the Administrative Agent on
behalf of the Lenders.

 

“Eligible
Investments” means the Borrowers’ investments in (a) repurchase
agreements permitted by §9.3(d) hereof; (b) United States Treasury
money market funds rated AAA by S&P; and (c) items which the
Administrative Agent in its reasonable discretion would classify as a cash
equivalent and which are expressly approved by the Administrative Agent; provided that all such investments shall be
subject to a valid, first priority, perfected lien and security interest in
favor of the Administrative Agent on behalf of the Lender, and the Borrowers,
the

 

11

 

Administrative Agent and the applicable account bank or financial
institution shall have executed a control agreement in form and substance
satisfactory to the Administrative Agent.

 

“Eligible
Margin Deposits” means the Borrowers’ net equity in the aggregate amount of
all sums deposited by the Borrowers with commodities brokers acceptable to the
Agent on nationally recognized exchanges, after deducting therefrom the
aggregate amount of all claims, disputes, contras and offsets (contingent or
otherwise) by such brokers or any other Person against such sums; provided,
however, that no sums deposited into any account with any commodities
broker shall be included in Eligible Margin Deposits unless and until such
broker and the applicable Borrower has executed and delivered to the
Administrative Agent a hedging account assignment with respect to such account,
in form and substance satisfactory to the Administrative Agent.

 

“Eligible Petroleum Inventory” means
Eligible Inventory not otherwise included in Hedged Eligible Inventory, valued
on a Marked-to-Market Basis, plus Eligible Exchange Balances (which
number can be either negative or positive).

 

“Eligible
Product Under Contract” means the purchase price of petroleum product
contracted for purchase by a Borrower, which product has not yet been delivered
to such Borrower, and as to which product the Borrowers’ obligation to pay the
purchase price is supported by Letters of Credit.

 

“Eligible Receivables” means, at any
time, the aggregate amount of the unpaid portions of all Accounts Receivable
carried on the books of the Borrowers arising in the ordinary course of
business, net of any and all credits, rebates, holdbacks, offsets,
counterclaims, contras or other adjustments or commissions payable to third
parties that are adjustments to such Accounts Receivable, and which Accounts
Receivable:

 

(a)                                  are
originally due within thirty (30) days of the date on which such Account
Receivable arises, and are not more than sixty (60) days past due, or, with
respect to Accounts Receivable from a federal, state, or local governmental
entity or public utility, are originally due within sixty (60) days and are not
more than thirty (30) days past due;

 

(b)                                 in
the case of Accounts Receivable which are trade receivables, that are supported
by letters of credit issued or confirmed by Acceptable Issuers, which letters
of credit authorize the Borrowers to draw time drafts under such letters of
credit for the amount of the related trade receivables, for periods not to
exceed one hundred and eighty (180) days from the respective invoice dates of
the underlying trade receivables;

 

(c)                                  constitute
the valid, binding and legally enforceable obligation of the obligor thereon,
and are not subordinate to any other claim against such obligor;

 

(d)                                 are
owned by the Borrowers free and clear of all liens, security interests or
encumbrances whatsoever, other than those in favor of the Administrative Agent,
on behalf of the Lenders and are subject to a valid, first priority, perfected
lien and security interest in favor of the Administrative Agent, on behalf of
the Administrative Agent and the Lenders;

 

12

 

(e)                                  are
not the subject of a return, rejection, loss of or damage to the goods or
petroleum product, the sale of which gave rise to the account receivable, or
any request for credit, rebate, offset, counterclaim, holdback or adjustment,
any commission payable to third parties or any other dispute with the obligor
on such Accounts Receivable;

 

(f)                                    if
the Obligor on any such Account Receivable is an Affiliate, such Affiliate is
Alliance and such Account Receivable was generated in the ordinary course of
business, in a fair and reasonable transaction no less favorable to the
Borrowers than would be a similar transaction conducted at arm’s-length with an
obligor which was not an Affiliate and, the aggregate amount of all Accounts
Receivable owing from Alliance shall not exceed $10,000,000 in the aggregate at
any time;

 

(g)                                 are
from an obligor on the Account Receivable which is creditworthy in the reasonable
business judgment of the Administrative Agent;

 

(h)                                 are
not Accounts Receivable from an obligor which is insolvent or which has filed a
petition for relief under any existing or future law in any jurisdiction
relating to bankruptcy, insolvency, reorganization or relief of debtors, made a
general assignment for the benefit of creditors, had filed against it any
petition or other application for relief under any existing or future law in
any jurisdiction relating to bankruptcy, insolvency, reorganization or relief
of debtors, failed, suspended business operations, become insolvent, called a
meeting of its creditors for the purpose of obtaining any financial concession
or accommodation, or had or suffered a receiver or a trustee to be appointed
for all or a significant portion of its assets or affairs, provided, however, the Borrowers shall be permitted to include such
Accounts Receivable from such obligors if (1) the Borrowers and the
Administrative Agent reasonably determine such obligor is creditworthy; and
(2) the applicable Borrower has been granted a superpriority lien over the
assets of such obligor pursuant to an order issued by the bankruptcy court
having jurisdiction over such obligor;

 

(i)                                     have
been invoiced and are currently due and payable or relate to Inventory which
has been sold and will be invoiced within five (5) Business Days;

 

(j)                                     are
denominated in Dollars and payable in the United States; and

 

(k)                                  are
otherwise satisfactory to the Required Lenders in their reasonable business
judgment.

 

For the
purpose of this definition, (i) to the extent that Eligible Receivables
owing by any obligor exceed fifteen percent (15%) of the aggregate amount of
all Eligible Receivables, such excess shall not be included in the calculation
of Eligible Receivables without the prior written consent of the Administrative
Agent, and, in the event such obligor is Alliance, also the consent of the
Required Lenders, or as otherwise provided in the definition of Major Oil
Company Receivables, and (ii) to the extent that the Borrowers,
individually or in the aggregate, are at any time directly or contingently
indebted for any reason to any obligor, the Accounts Receivable owing to the
Borrowers by such obligor shall be deemed to be subject to an offset,
counterclaim or contra in the amount of such indebtedness; provided, however,
to the extent that any indebtedness of the Borrowers to any obligor is secured
by a Letter of Credit, the portion of the indebtedness so secured (not to
exceed the amount available for drawing under the Letter of

 

13

 

Credit) shall not be deemed to be an offset, counterclaim or contra
with respect to the accounts receivable of such obligor owing to the Borrowers.

 

“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 the Borrowers, 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 Borrower 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 a 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 under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal
by a 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

 

14

 

imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the
Borrower or any ERISA Affiliate.

 

“Eurodollar
Rate” means, for any Interest Period with respect to a Eurodollar Rate
Loan, 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 the Administrative 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 Rate” for such
Interest Period shall be the rate per annum determined by the Administrative 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
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 8.1.

 

“Exchange
Balances” means an amount equal to the difference between (a) sum of
the values of any and all rights to receive Petroleum Products, to receive
payment of money or to receive other value that any Borrower generates,
acquires, possesses or owns whenever such Borrower trades, lends, borrows or
exchanges petroleum products in the ordinary course of business and
(b) the sum of the values of any and all obligations of the Borrowers to
deliver Petroleum Products and to make payments of money not secured by
outstanding Letters of Credit, the value thereof in each case being determined in
accordance with the price or prices set forth in the exchange agreements
entered into by such Borrower with each petroleum supplier or, if no such price
is set forth, in accordance with the then current market value for such
petroleum products determined on a Marked-to-Market Basis, provided,
that if the other party to any such exchange agreement is a Borrower or an
Affiliate of a Borrower, such exchange agreement is a fair and reasonable
transaction, no less favorable to the Borrowers than would be a similar exchange
agreement transacted at arm’s-length with a contract party which was not a
Borrower or an Affiliate.  If the amount
set forth in clause (a) above exceeds the amount set forth in clause
(b) above, Exchange Balances shall be expressed as a positive number, and
if the amount set forth in clause (b) above exceeds the amount set forth
in clause (a) above, Exchange Balances shall be expressed as a negative
number.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any
obligation of the 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, (b) any branch profits taxes
imposed by the United States or any similar tax

 

15

 

imposed by any other jurisdiction in which a Borrower is located and
(c) in the case of a Foreign Lender (other than an assignee pursuant to a
request by the Borrower under Section 10.13), any withholding tax
that is imposed on amounts payable to such Foreign Lender at the time such
Foreign Lender becomes a party hereto (or designates a new Lending Office) or
is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with Section 3.1(e), except to
the extent that such Foreign Lender (or its assignor, if any) was entitled, at
the time of designation of a new Lending Office (or assignment), to receive
additional amounts from the Borrowers with respect to such withholding tax
pursuant to Section 3.1(a).

 

“Existing Credit Agreement” means that certain Eighth Amended
and Restated Revolving Credit Agreement dated as of July 1, 2003 (as
amended from time to time) among certain of the Loan Parties, Bank of America,
N.A., as agent, and a syndicate of lenders.

 

“Existing Letters of Credit” means those Letters of Credit
identified on Schedule 1A hereto.

 

“Facility Decrease Date” has the meaning set forth in Section 2.1(a)(ii).

 

“Facility Increase Date” has the meaning set forth in Section 2.1(a)(ii).

 

“Federal
Funds Rate”   means, for any day or for any Interest Period
with respect to a Cost of Funds Rate Loan, 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
the Administrative Agent.

 

“Fee Letter”
means the letter agreement, dated as of the date hereof, among the Borrowers,
the Administrative Agent and the Arranger.

 

“FIFO”
means the first-in, first-out method of accounting.

 

“Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrowers are resident for tax purposes.  For purposes of this definition, the United
States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

 

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

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business.

 

16

 

“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.

 

“Guarantors” means, collectively, the Initial Guarantors and any
Domestic Subsidiary of MLP or any other Loan Party formed, acquired or
otherwise existing after the Closing Date.

 

“Guaranty”
means the Guaranty made by the Guarantors in favor of the Administrative Agent
and the Lenders, substantially in the form of Exhibit F.

 

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

 

17

 

“Hedged Eligible Inventory” means the future fixed
sales price (equal to the Marked-to-Market Basis determined pursuant to clause
(a) of that definition), net of storage and transportation costs, of
Eligible Inventory which has been (a) hedged on the London International
Petroleum Exchange or on the New York Mercantile Exchange, (b) covered by
swap contracts with investment grade companies or (c) where the margin on
wet barrels is fixed in a manner satisfactory to the Administrative Agent.

 

“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.

 

18

 

“Indemnitees”
has the meaning specified in Section 10.4(b).

 

“Information”
has the meaning specified in Section 10.7.

 

“Initial WC
Revolver Total Commitment” means the WC Revolver Total Commitment as in
effect on the Closing Date, as the same may be reduced in accordance with the
terms hereof.  On the Closing Date, the
Initial WC Revolver Total Commitment is $300,000,000.

 

“Intangible
Assets” means assets that are considered to be intangible assets under
GAAP, including customer lists, goodwill, computer software, copyrights, trade
names, trademarks, patents, franchises, licenses, unamortized deferred charges,
unamortized debt discount and capitalized research and development costs.

 

“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 calendar month and the Maturity Date.

 

“Interest
Period” means, (a) 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 7 days, one, two,
three or six months thereafter, as selected by the Borrowers in its Loan
Notice; and (b) as to each Cost of Funds Rate Loan, the period commencing
on the date such Cost of Funds Rate Loan is disbursed or converted to or
continued as a Cost of Funds Rate Loan and ending on the date 7 days
thereafter; provided that:

 

(a)                                  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;

 

(b)                                 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

 

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

 

“Internal
Control Event” means a material weakness in, or fraud that involves
management or other employees who have a significant role in, any Loan Party’s
internal controls over financial reporting, in each case as described in the
Securities Laws.

 

“Inventory”
means any “inventory” as that term is defined in §9-102(a)(48) of the Uniform
Commercial Code as in effect from time to time in the Commonwealth of
Massachusetts, as well as all inventory which is held for sale or which
consists of raw materials or work in process.

 

19

 

“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 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.

 

“IP Rights”
has the meaning specified in Section 5.17.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking
Law & Practice (or such later version thereof as may be in effect at
the time of issuance).

 

“Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by
the L/C Issuer and the Borrowers (or any Subsidiary) or in favor the L/C Issuer
and relating to any such Letter of Credit.

 

“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.

 

“L/C
Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Applicable Percentage.

 

“L/C
Borrowing” means an extension of credit resulting from a drawing under any
Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Borrowing.

 

“L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

“L/C Issuer”
means Bank of America in its capacity as issuer of Letters of Credit hereunder,
or any successor issuer of Letters of Credit hereunder.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be
drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the

 

20

 

amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.6.  For all purposes of this Agreement, if on any
date of determination a Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

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

 

“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 the Borrower and the
Administrative Agent.

 

“Letter of
Credit” means any letter of credit issued hereunder and shall include the
Existing Letters of Credit.  A Letter of
Credit may be a commercial letter of credit or a standby letter of credit.

 

“Letter of
Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C
Issuer.

 

“Letter of
Credit Expiration Date” means the day that is fourteen days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next
preceding Business Day).

 

“Letter of
Credit Fee” has the meaning specified in Section 2.3(i).

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or
other security interest or preferential arrangement in the nature of a security
interest of any kind or nature whatsoever (including any conditional sale or
other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having
substantially the same economic effect as any of the foregoing).

 

“Loan”
or “Loans” means all extensions of credit made pursuant to
Article II hereof, including, without limitation, the WC Revolver Loans,
the Acquisition Loans and the Revolver Loans.

 

“Loan
Documents” means this Agreement, each Note, each Issuer Document, any Swap
Contract with a Lender or an Affiliate of a Lender, the Fee Letter, and the
Security Documents.

 

“Loan
Notice” means a notice of (a) a Borrowing, (b) a conversion of
Loans from one Type to the other, or (c) a continuation of Eurodollar Rate
Loans or Cost of Funds Rate Loans, pursuant to Section 2.2(a),
which, if in writing, shall be substantially in the form of Exhibit A.

 

“Loan
Parties” means, collectively, the Borrowers and each Guarantor.

 

“Lock Box
Accounts” has the meaning set forth in Section 6.12.

 

21

 

“LOI
Agreement” means the Fifth Amended and Restated Continuing Letter of
Indemnity Agreement dated as of the date hereof by and among the Borrowers,
Bank of America, N.A. as “LOI Agent”, and the lending institutions party
thereto (the “LOI Banks”), as the same may be amended from time to time, in
form and substance satisfactory to the LOI Agent and the LOI Banks and in
substantially the form of Exhibit G hereto.

 

“Major Oil
Company Receivables” means, at any time, any of the following types of
Eligible Receivables:

 

(a)                                  an
Eligible Receivable carried on the books of any Borrower as to which the
obligor thereon is (i) either a Person considered by the Required Lenders
in their sole discretion, to be a “major oil company” at such time or a Person
listed on Schedule 1B hereto, as such schedule may be amended
from time to time by the Required Lenders, in their sole discretion, upon
written notice from the Administrative Agent to the Borrowers; provided,
that with respect to any obligor listed on Schedule 1B hereto, as
amended, the aggregate amount of all Eligible Receivables deemed to be Major
Oil Company Receivables hereunder shall not exceed that amount set forth
opposite such obligor’s name on Schedule 1B hereto, as amended, and
provided, further,
that no accounts receivable owing by such obligor in excess of such amount
shall be included in the Borrowing Base as either a Major Oil Company
Receivable under clause (b) of the definition of Borrowing Base or an
Eligible Receivable under clause (c) of the definition of Borrowing Base;
and (ii) such Person’s unenhanced senior unsecured short-term debt is
rated investment grade by either S&P or Moody’s; or

 

(b)                                 any
Eligible Receivable carried on the books of any Borrower as to which the
obligor thereon is a brokerage or trading firm (i) whose unenhanced senior
unsecured short-term debt is rated investment grade by either S&P or Moody’s
or (ii) whose Eligible Receivable is guaranteed by an entity whose debt is
so rated; or

 

(c)                                  any
Eligible Receivable as to which an Acceptable Issuer has issued an irrevocable
documentary or stand-by letter of credit in the amount of such Eligible
Receivable for the benefit of the Borrower on whose books such Eligible
Receivable is carried and on which such Borrower may draw in the event of a
default by such obligor with respect to such Eligible Receivable, provided,
that the Administrative Agent or any Lender is the Advising Bank (as such term
is defined in §5-103(1)(e) of the Uniform Commercial Code of the
Commonwealth of Massachusetts) for such letter of credit.

 

“Marked-to-Market
Basis” means, at the relevant time of reference thereto, (a) as to the
Borrowers’ inventory of petroleum products with respect to which the Borrowers
have existing firm contracts to sell such inventory, the value of such
inventory on a Marked-to-Market Basis shall be the specified price to be paid
for such inventory under such contracts and (b) as to other inventory, the
value of such inventory on a Marked-to-Market Basis shall be the Platt’s
(mid-point) (or if the PLATT’s publication is not available, another comparable
published market pricing schedule) value for the relevant type of petroleum
products at the storage location where such inventory is held.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual
or contingent), condition (financial or otherwise) or prospects of any Loan
Party or a Loan Party and its Subsidiaries

 

22

 

taken as a whole; (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 October 2, 2009.

 

“Monetary
Hedging Agreement” means any Swap Contract which protects a Borrower
against fluctuations in interest rates, exchange rates and forward rates.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgaged
Property” means any Real Estate which is subject to any Mortgage.

 

“Mortgages”
means, collectively, the several mortgages and/or deeds of trust, dated or to
be dated on or prior to the Closing Date from the applicable Borrower to the
Administrative Agent with respect to the fee and leasehold interests of the
applicable Borrower in the Real Estate and in form and substance satisfactory
to the Lenders and the Administrative Agent.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which any 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.

 

“Negative
Net Unrealized Forward Contract Positions” means the amount by which the
Net Unrealized Forward Contract Position is less than $0.

 

“Net
Unrealized Forward Contract Positions” means as of any date of
determination, the aggregate amount calculated by subtracting (a) the
Unrealized Losses on Forward Contract Positions on such date, from (b) the
Unrealized Profits on Forward Contract Positions on such date.

 

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

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and
duties of, any Loan Party arising under any Loan Document or the LOI Agreement
or otherwise with respect to any Loan or Letter of Credit, 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 and including any advances made
by any Lender for the account of any Loan Party to cover overdrafts on accounts
of such Loan Party with such Lender so long as such Indebtedness of such Loan
Party to such Lender is permitted hereunder (the “Overdrafts”).

 

23

 

“Off-Balance
Sheet Liabilities” means, with respect to any Person as of any date of
determination thereof, without duplication and to the extent not included as a
liability on the combined or the consolidated balance sheet of such Person and
its Subsidiaries in accordance with GAAP: (a) with respect to any asset
securitization transaction (including any accounts receivable purchase
facility) (i) the unrecovered investment of purchasers or transferees of
assets so transferred and (ii) any other payment, recourse, repurchase,
hold harmless, indemnity or similar obligation of such Person or any of its
Subsidiaries in respect of assets transferred or payments made in respect thereof,
other than limited recourse provisions that are customary for transactions of
such type and that neither (x) have the effect of limiting the loss or credit
risk of such purchasers or transferees with respect to payment or performance
by the obligors of the assets so transferred nor (y) impair the
characterization of the transaction as a true sale under applicable Laws
(including Debtor Relief Laws); (b) the monetary obligations under any
financing lease or so-called “synthetic,” tax retention or off-balance sheet
lease transaction which, upon the application of any Debtor Relief Law to such
Person or any of its Subsidiaries, would be characterized as indebtedness;
(c) the monetary obligations under any sale and leaseback transaction
which does not create a liability on the combined or consolidated balance sheet
of such Person and its Subsidiaries; or (d) any other monetary obligation
arising with respect to any other transaction which (i) is characterized
as indebtedness for tax purposes but not for accounting purposes in accordance
with GAAP or (ii) is the functional equivalent of or takes the place of
borrowing but which does not constitute a liability on the consolidated balance
sheet of such Person and its Subsidiaries (for purposes of this clause (d), any
transaction structured to provide tax deductibility as interest expense of any
dividend, coupon or other periodic payment will be deemed to be the functional
equivalent of a borrowing).

 

“Open
Position” means at the relevant time of reference thereto and with respect
to each type of Petroleum Products held by or to be delivered to the Borrowers
and sold by the Borrowers in the same market, the amount by which
(a)(i) the aggregate number of barrels of Purchased Product exceeds
(ii) the aggregate number of barrels of Product under Contract for Sale or
(b) the amount by which the number of barrels of Product under Contract
for Sale exceeds the number of barrels of Purchased Product.  For purposes of this definition, the
following rules shall apply:

 

(x)                                   The
Borrowers shall determine whether the locations at which Purchased Product is
to be delivered to a Borrower and Product Under Contract for Sale is to be sold
by such Borrower constitute the same market; provided that each such
determination shall be commercially reasonable and consistent with industry
practice in computing so-called “long” or “short” trading positions with
respect to petroleum product; and provided, further, that if the
Administrative Agent upon direction from the Required Lenders notifies the
Borrowers in writing that it does not consider certain specified locations to
be in the same market, such locations shall not thereafter be considered to be
in the same market for purposes of this definition of “Open Position” unless
and until the Administrative Agent upon direction from the Required Lenders
notifies the Borrowers otherwise; and

 

(y)                                 Product
Under Contract for Sale may only be deducted from Purchased Product if the date
of sale by the Borrowers of such Product under Contract for Sale is within 180
days following the delivery date to the Borrowers of such Purchased
Product.  With respect to each type of
petroleum product and each market, the number of barrels of Product under
Contract

 

24

 

for Sale which the Borrower may not deduct from the number of barrels
of Purchased Product pursuant to this clause (y) shall be considered to be a
separate Open Position for purposes of calculating the Borrowers’ Open Position
in Section 7.13 hereof.

 

“Operating
Account” means the operating account of the Loan Parties located with the
Administrative Agent in which the Loan Parties have granted a first priority
perfected security interest to the Administrative Agent for the benefit of the
Administrative Agent and the Lenders.

 

“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 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.

 

“Original
Investors” means Global Petroleum Corp., a Massachusetts corporation, Larea
Holdings LLC, a Delaware limited liability company, Larea Holdings II LLC, a
Delaware limited liability company, Chelsea Terminal Limited Partnership, a
Massachusetts limited partnership, Sandwich Terminal, L.L.C., a Massachusetts
limited liability company and Montello Oil Corporation, a New Jersey corporation.

 

“Other
Taxes” means all present or future stamp 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.

 

“Outstanding
Amount” means (i) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of Loans occurring on such date; and (ii) with
respect to any L/C Obligations on any date, the amount of such L/C Obligations
on such date after giving effect to any L/C Credit Extension occurring on such
date and any other changes in the aggregate amount of the L/C Obligations as of
such date, including as a result of any reimbursements by the Borrowers of
Unreimbursed Amounts.

 

“Overdrafts”
has the meaning set forth in the definition of Obligations.

 

“Paid But
Unexpired Letters of Credit” means the amounts available for drawing under
Letters of Credit issued to support obligations of the Borrowers if
(a) such obligations, whether arising from the transactions contemplated
by such Letters of Credit, or otherwise, have been fully paid and extinguished
by the Borrowers and there are no existing claims or disputes between the
Borrowers and the beneficiaries of such Letters of Credit which could give rise
to additional liability thereunder and (b) such Letters of Credit are
issued for standby purposes only, but only to the extent that the amounts
available for drawing thereunder do not then

 

25

 

support any underlying obligations and (c) such Letters of Credit
have not expired, been returned or otherwise presented to the Agent for
cancellation or been canceled.

 

“Participant”
has the meaning specified in Section 10.6(d).

 

“Partnership
Agreement” means that certain First Amended and Restated Agreement of
Limited Partnership of Global Partners LP dated October 4, 2005.

 

“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 the Borrower or
any ERISA Affiliate or to which the 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.

 

“Perfection
Certificates” means the Perfection Certificates as defined in the Security
Agreements.

 

“Permitted
Acquisition” has the meaning set forth in Section 7.6(c).

 

“Permitted
Distributions” means, so long as no Default or Event of Default has
occurred and is continuing or would exist as a result thereof, payments by the
MLP to its unitholders of cash distributions in an aggregate amount not to
exceed Available Cash.

 

“Permitted
Liens” means those Liens permitted by Section 7.1.

 

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

 

“Petroleum
Product” means petroleum, refined petroleum products, propane, butane,
natural gas and other energy-related commodities, including, without
limitation, blend components commonly used in the petroleum industry to improve
characteristics of, or meet governmental or customer specifications for,
petroleum or refined petroleum products.

 

“Plan”
means any “employee benefit plan” (as such term is defined in
Section 3(3) of ERISA) established by the 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 6.2.

 

“Positive
Net Unrealized Forward Contract Positions” means the amount by which the
Net Unrealized Forward Contract Position exceeds $0.

 

“Product
under Contract for Sale” means barrels of petroleum product which
(a) any Borrower has contracted to sell (whether by sale of a contract on
a commodities exchange or otherwise), and (b) for which a fixed purchase
price has been agreed upon by the purchaser thereof and the relevant Borrower.

 

26

 

“Purchased
Product” means barrels of petroleum product and therms of gas which any
Borrower holds in inventory or which any Borrower has contracted to purchase
(whether by purchase of a contract on a commodities exchange or otherwise)
(and, which for the avoidance of doubt includes product in pipelines) and with
respect to which (a) either (i) a fixed purchase price therefor has
been agreed upon by the seller thereof and the relevant Borrower or
(ii) the date (the so-called “Vessel
Loading Date”) on which the cargo has been loaded has occurred and
(b) the delivery date therefor is scheduled to occur within 180 days after
the date of calculation.

 

“Real
Estate” means all real property at any time owned or leased (as lessee or
sublessee) by any of the Loan Parties.

 

“Reference
Period” means, as of any date of determination, the period of four
(4) consecutive fiscal quarters of the Loan Parties ending on such date,
or if such date is not a fiscal quarter end date, the period of four
(4) consecutive fiscal quarters most recently ended (in each case treated
as a single accounting period).

 

“Register”
has the meaning specified in Section 10.6(c).

 

“Registered
Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of the Borrower as prescribed by the Securities Laws.

 

“Related
Contracts” means, collectively, all leases and all thru-put and other
similar agreements pertaining to any Mortgaged Property.

 

“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 Credit Extension” means (a) with respect to a Borrowing,
conversion or continuation of Loans, a Loan Notice, and (b) with respect
to an L/C Credit Extension, a Letter of Credit Application.

 

“Required
Lenders” means, as of any date of determination, Lenders having at least
sixty five percent (65%) of the Total Commitments or, if the commitment of each
Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.2, Lenders
holding in the aggregate at least sixty five percent (65%) of the Total
Outstandings (with the aggregate amount of each Lender’s risk participation and
funded participation in L/C Obligations being deemed “held” by such Lender for
purposes of this definition); provided that the Commitment of, and the
portion of the Total Outstandings held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of Required Lenders.

 

“Responsible
Officer” means the chief executive officer, chief operating officer,
president, vice president, chief financial officer, treasurer, assistant
treasurer or secretary of a Loan Party. 
Any document delivered hereunder that is signed by a Responsible Officer
of a Loan Party shall

 

27

 

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 Subsidiary, 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).

 

“Revolver
Commitment” means , as to each Lender, its obligation to make Revolver
Loans to the Borrower pursuant to Section 2.1(c), in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.1 or 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.

 

“Revolver
Loans” has the meaning set forth in Section 2.1(c) hereof.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

 

“Seasonal
Overline Period” means the nine consecutive calendar month period of
September 1 through June 30 of each calendar year.

 

“Securities
Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles,
rules, standards and practices promulgated, approved or incorporated by the SEC
or the Public Company Accounting Oversight Board, as each of the foregoing may
be amended and in effect on any applicable date hereunder.

 

“Security
Agreement” means that certain Security Agreement dated as of the Closing
Date among the Borrowers and the Administrative Agent and in form and substance
satisfactory to the Lenders and the Administrative Agent.

 

“Security
Documents” means, collectively, the Security Agreement, the Mortgages, the
Guarantee and all other instruments and documents, including without limitation
Uniform Commercial Code financing statements, required to be executed or
delivered pursuant to any Security Document.

 

28

 

“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.  Unless otherwise specified, all
references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a
Subsidiary or Subsidiaries of a Loan Party.

 

“Supermajority
Lenders” means , as of any date of determination, Lenders having at least
seventy five percent (75%) of the Total Commitments or, if the commitment of
each Lender to make Loans and the obligation of the L/C Issuer to make L/C
Credit Extensions have been terminated pursuant to Section 8.2,
Lenders holding in the aggregate at least seventy five percent (75%) of the
Total Outstandings (with the aggregate amount of each Lender’s risk
participation and funded participation in L/C Obligations being deemed “held”
by such Lender for purposes of this definition); provided that the
Commitment of, and the portion of the Total Outstandings held or deemed held
by, any Defaulting Lender shall be excluded for purposes of making a
determination of Supermajority Lenders.

 

“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 (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

 

29

 

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.

 

“Threshold
Amount” means $2,000,000.

 

“Title
Insurance Company” means Fidelity National Title Insurance Company of New
York, or such other title insurance company acceptable to the Administrative
Agent.

 

“Title
Policy” means, in relation to each Mortgaged Property, an ALTA standard
form title insurance policy issued by the Title Insurance Company (with such
reinsurance or co-insurance as the Lenders may require, any such reinsurance to
be with direct access endorsements) in such amount as may be determined by the
Lenders insuring the priority of the Mortgages and the Mortgaged Property and
that the applicable Loan Party holds marketable fee simple title to the
Mortgaged Property, subject only to the encumbrances permitted by such
Mortgages and which shall not contain exceptions for mechanics liens, persons
in occupancy or matters which would be shown by a survey (except as may be
permitted by each such Mortgage), shall not insure over any matter except to
the extent that any such affirmative insurance is acceptable to the
Administrative Agent in its sole discretion, and shall contain such
endorsements and affirmative insurance as the Agent in its discretion may
require, including but not limited to (a) comprehensive endorsement,
(b) variable rate of interest endorsement and (c) usury endorsement.

 

“Total
Acquisition Commitment” means the sum of the Acquisition Commitments of the
Lenders to make Acquisition Loans to the Borrowers.

 

“Total
Acquisition Outstandings” means the aggregate Outstanding Amount of all
Acquisitions Loans.

 

“Total
Commitments” means, collectively, the Total WC Revolver Commitment, the
Total Acquisition Commitment and the Total Revolver Commitment.

 

“Total
Outstandings” means the aggregate Outstanding Amount of all Loans and all
L/C Obligations.

 

“Total
Revolver Commitment” means the sum of the Revolver Commitments of the
Lenders to make Revolver Loans to the Borrowers.

 

“Total
Revolver Outstandings” means the aggregate Outstanding Amount of all
Revolver Loans.

 

“Total WC
Revolver Commitment” means the sum of the WC Revolver Commitments of the
Lenders to make WC Revolver Loans to the Borrowers and to purchase
participations in L/C Obligations, as in effect from time to time.

 

30

 

“Total WC
Revolver Outstandings” means the aggregate Outstanding Amount of all WC
Revolver Loans and all L/C Obligations.

 

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

 

“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.

 

“Unrealized
Losses on Forward Contract Positions” means, as of any date of
determination, the aggregate amount by which (a) the aggregate fair market
value determined on a Marked-To-Market Basis (net of storage and transportation
costs) on such date of Petroleum Product exceeds (b) the amount which the
Borrowers’ customers have contractually agreed to pay to such Borrower in
consideration of future deliveries of such Petroleum Product.

 

“Unrealized
Profits on Forward Contract Positions” means, as of any date of
determination, the aggregate amount by which (a) the amount which the
Borrowers’ customers have contractually agreed to pay to such Borrower in
consideration of future deliveries of Petroleum Product pursuant to
transactions which are scheduled to be consummated by not later than the period
ending nine (9) months after such date of determination, exceeds
(b) the aggregate fair market value determined on a Marked-to-Market Basis
(net of storage and transportation costs) on such date of such Petroleum
Product.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.3(c)(i).

 

“WC
Revolver Commitment” means , as to each Lender, its obligation to
(a) make WC Revolver Loans to the Borrower pursuant to Section 2.1(a),
and (b) purchase participations in L/C Obligations, in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.1 or 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.

 

“WC
Revolver Loans” has the meaning specified in Section 2.1(a).

 

1.2                               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

 

31

 

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.

 

1.3                               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.

 

(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 the Borrowers or the Required Lenders
shall so request, the Administrative Agent, the Lenders and the Borrowers 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) the Borrowers
shall provide to the Administrative Agent and the 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.

 

1.4                               Rounding.  Any financial ratios required to be
maintained by the Borrowers 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).

 

32

 

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

 

1.6                               Letter
of Credit Amounts.  Unless otherwise
specified herein, the amount of a Letter of Credit at any time shall be deemed
to be the stated amount of such Letter of Credit in effect at such time; provided,
however, that with respect to any Letter of Credit that, by its terms or
the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of
Credit shall be deemed to be the maximum stated amount of such Letter of Credit
after giving effect to all such increases, whether or not such maximum stated
amount is in effect at such time.

 

ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.1                               Commitments
for Loans.

 

(a)                                  Working Capital Revolver.

 

(i)                                     Subject
to the terms and conditions set forth herein, each Lender severally agrees to
make loans (each such loan, a “WC Revolver Loan”) to the Borrowers from
time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such
Lender’s WC Revolver Commitment; provided, however, that after
giving effect to any Borrowing of a WC Revolver Loan, (i) the Total WC
Revolver Outstandings shall not exceed the lesser of (1) the Total WC
Revolver Commitment as in effect on such date and (2) the Borrowing Base
at such time, and (ii) the aggregate Outstanding Amount of the WC Revolver
Loans of any Lender, plus such Lender’s Applicable Percentage of the
Outstanding Amount of all L/C Obligations shall not exceed such Lender’s WC
Revolver Commitment.  Within the limits
of each Lender’s WC Revolver Commitment, and subject to the other terms and
conditions hereof, the Borrowers may borrow under this Section 2.1(a),
prepay under Section 2.4, and reborrow under this Section 2.1(a).  WC Revolver Loans may be Base Rate Loans,
Cost of Funds Rate Loans or Eurodollar Rate Loans, as further provided herein.

 

(ii)                                  At
any time during a Seasonal Overline Period, upon one (1) Business Day
prior written notice to the Administrative Agent and the Lenders, and so long
as no Default or Event of Default has occurred and is continuing or would exist
as a result thereof, the Borrowers may increase the Total WC Revolver
Commitment by an amount equal to $50,000,000 (such amount being hereinafter
referred to as the “Facility Increase Amount”),
provided that the Total WC Revolver Commitment shall at no time exceed
the Initial Total WC Revolver Commitment as in effect immediately prior to such
increase plus $50,000,000, and, provided
further, that the Borrowers shall only be permitted to increase the Total
WC Revolver Commitment pursuant to this Section 2.1(a)(ii) once
during such Seasonal Overline Period. 
The increase in the Total WC Revolver Commitment shall become effective
upon (a) receipt by the Administrative Agent and the Lenders of the notice
as described in the first sentence of this Section 2.1(a)(ii); (b) evidence
satisfactory to the Administrative Agent of pro forma compliance with the
financial covenants contained in Section 7.18
hereof both before and after giving effect to the increase; and (c) receipt
by the Administrative Agent for the pro rata accounts of the Lenders of the fee
set forth in Section 2.8 hereof at the
time required by Section 2.8 (such
effective date being hereinafter referred to as a “Facility Increase Date”).  On
such Facility Increase Date, the WC Revolver

 

33

 

Commitment of each Lender shall be increased on a pro rata basis based
on each such Lender’s Commitment Percentage of the Total WC Revolver Commitment
as in effect after giving effect to the Facility Increase Amount.  In addition, on the Facility Increase Date, Schedule 2.1 attached hereto shall be
modified to reflect the increase in each Bank’s WC Revolver Commitment and the
Total WC Revolver Commitment contemplated by this Section 2(a)(ii).  Subject to the terms and conditions set forth
in this Agreement, each of the Lenders severally agrees that on the Facility
Increase Date, its WC Revolver Commitment shall be automatically increased as
set forth in this Section 2.1(a)(ii). 
To the extent the Borrowers have not reduced the Total WC Revolver
Commitment by $50,000,000 at the expiration of the Seasonal Overline Period,
then, on such expiration date, the Total WC Revolver Commitment shall
automatically be reduced by $50,000,000, and the Borrowers’ jointly and
severally agree to pay to the Administrative Agent, for the pro rata accounts
of the Lenders, the amount of any WC Revolver Loans which are in excess of the
Total WC Revolver Commitment as in effect after giving effect to such
reduction.   In addition, the parties
hereto hereby agree that at any time in which the Total WC Revolver Commitment
has been increased pursuant to this Section 2.1(a)(ii), the Borrowers
shall have the right at any time and from time to time during the applicable
Seasonal Overline Period, upon one (1) Business Days’ prior written notice
to the Administrative Agent to reduce the Total WC Revolver Commitment by an
amount equal to the Facility Increase Amount (the effective date of such
decrease shall be hereinafter referred to as a “Facility
Decrease Date”), whereupon the Total WC Revolver Commitment shall be
reduced by such amount (and the WC Revolver Commitments of the Lenders shall be
reduced pro rata in accordance with their respective Applicable Percentages by
such amount).  The Borrowers shall only
have the right to reduce the Total WC Revolver Commitment pursuant to this Section 2.1(a)(ii) once
during any Seasonal Overline Period. 
Promptly after receiving any notice of the Borrowers delivered pursuant
to this Section 2.1(a)(ii), the Administrative Agent will notify the
Lenders of the substance thereof.  On the
Facility Decrease Date, the Borrowers shall jointly and severally pay to the
Administrative Agent for the respective accounts of the Lenders the full amount
of any facility fee then accrued on the amount of the reduction and Schedule 2.1 attached hereto shall be
modified to reflect the decrease in each Lenders WC Revolver Commitment and the
Total WC Revolver Commitment contemplated by this Section 2.1(a)(ii).

 

(b)                                 Acquisition Facility.  Subject to the terms and conditions set forth
herein, each Lender severally agrees to make loans (each such loan, an “Acquisition
Loan”) to the Borrowers from time to time, on any Business Day during the
Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Acquisition Commitment; provided,
however, that after giving effect to any Borrowing of an Acquisition
Loan, (i) the Total Acquisition Outstandings shall not exceed the Total
Acquisition Commitment as in effect on such date, and (ii) the aggregate
Outstanding Amount of the Acquisition Loans of any Lender shall not exceed such
Lender’s Acquisition Commitment.  Within
the limits of each Lender’s Acquisition Commitment, and subject to the other
terms and conditions hereof, the Borrowers may borrow under this Section 2.1(b),
prepay under Section 2.4, and reborrow under this Section 2.1(b).  Acquisition Loans may be Base Rate Loans,
Cost of Funds Rate Loans or Eurodollar Rate Loans, as further provided
herein.  Acquisition Loans shall only be
requested by the Borrowers, and the proceeds thereof shall only be used by the
Borrowers, to fund all or any portion of a Permitted Acquisition.

 

34

 

(c)                                  Revolving Credit Facility.  Subject to the terms and conditions set forth
herein, each Lender severally agrees to make loans (each such loan, a “Revolver
Loan”) to the Borrowers from time to time, on any Business Day during the
Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Revolver Commitment; provided, however,
that after giving effect to any Borrowing of a Revolver Loan, (i) the
Total Revolver Outstandings shall not exceed the Total Revolver Commitment as
in effect on such date, and (ii) the aggregate Outstanding Amount of the
Revolver Loans of any Lender shall not exceed such Lender’s Revolver
Commitment.  Within the limits of each
Lender’s Revolver Commitment, and subject to the other terms and conditions
hereof, the Borrowers may borrow under this Section 2.1(c), prepay
under Section 2.4, and reborrow under this Section 2.1(c).  Revolver Loans may be Base Rate Loans, Cost
of Funds Rate Loans or Eurodollar Rate Loans, as further provided herein.  Notwithstanding anything to the contrary
contained herein, in each calendar year, the Outstanding Amount of all Revolver
Loans shall not exceed $0 for a period of thirty (30) consecutive calendar
days.

 

2.2                               Borrowings,
Conversions and Continuations of Loans.

 

(a)                                  Each
Borrowing, each conversion of Loans from one Type to the other, and each
continuation of Eurodollar Rate Loans and Cost of Funds Rate Loans shall be
made upon the Borrowers’ irrevocable notice to the Administrative Agent, which
may be given by telephone.  Each such
notice must be received by the Administrative Agent not later than 11:00 a.m.
(i) two Business Days prior to the requested date of any Borrowing of,
conversion to or continuation of Eurodollar Rate Loans or of any conversion of
Eurodollar Rate Loans to a Base Rate Loan or a Cost of Funds Rate Loan, and (ii) on
the requested date of any Borrowing of Base Rate Loans or Cost of Funds Rate
Loans.  Each telephonic notice by the
Borrowers pursuant to this Section 2.2(a) must be confirmed promptly
by delivery to the Administrative Agent of a written Loan Notice, appropriately
completed for the type of Loan being requested and signed by a Responsible
Officer of the Borrowers.  Each Borrowing
of, conversion to or continuation of Eurodollar Rate Loans shall be in a
principal amount of $500,000 or a whole multiple of $100,000 in excess
thereof.  Except as provided in Sections
2.3(c), each Borrowing of or conversion to a Cost of Funds Rate Loans or
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 the
Borrowers are requesting a WC Revolver Loan, an Acquisition Loan or a Revolver
Loan; (ii) whether the Borrowers are requesting a Borrowing, a conversion
of a particular Loan from one Type to the other, or a continuation of
Eurodollar Rate Loans or Cost of Funds Rate Loans, as the case may be, (iii) the
requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iv) the principal amount of Loans to be
borrowed, converted or continued, (v) the Type of Loans to be borrowed or
to which existing Loans are to be converted, and (vi) if applicable, the
duration of the Interest Period with respect thereto.  If the Borrowers fail to specify a Type of
Loan in a Loan Notice or if the Borrowers fail 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 or Cost of Funds Rate Loans, as the case may
be.  If the Borrowers request 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.

 

35

 

(b)                                 Following
receipt of a Loan Notice, the Administrative 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 the Borrowers,
the Administrative 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 a Borrowing,
each Lender shall make the amount of its applicable Loan available to the
Administrative Agent in immediately available funds at the 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 Section 4.2 (and,
if such Borrowing is the initial Credit Extension, Section 4.1),
the Administrative Agent shall make all funds so received available to the
Borrowers in like funds as received by the Administrative Agent either by (i) crediting
the account of the Borrowers 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) the Administrative
Agent by the Borrowers; provided, however, that if, on the date
the Loan Notice with respect to such Borrowing is given by the Borrowers, there
are L/C Borrowings outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second,
shall be made available to the Borrowers as provided above.

 

(c)                                  Except
as otherwise provided herein, a Eurodollar Rate Loan and a Cost of Funds Rate
Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Rate Loan or Cost of Funds Rate Loan, as applicable.  During the existence of a Default or Event of
Default, no Loans may be requested as, converted to or continued as Eurodollar
Rate Loans or Cost of Funds Rate Loans without the consent of the Required
Lenders.

 

(d)                                 The
Administrative Agent shall promptly notify the Borrowers and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans or
Cost of Funds Rate Loans upon determination of such interest rate.  At any time that Base Rate Loans are
outstanding, the Administrative Agent shall notify the Borrowers and the
Lenders of any change in Bank of America’s prime rate used in determining the
Base Rate promptly following the public announcement of such change.

 

(e)                                  After
giving effect to all 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 ten (10) Interest Periods in effect with respect to Loans.

 

(f)                                    The
Borrowing Base shall be determined weekly (or at such other interval as may be
specified pursuant to Section 6.2(g))
by the Administrative Agent by reference to the Borrowing Base Report.

 

2.3                               Letters
of Credit.

 

(a)                                  The
Letter of Credit Commitment.

 

(i)                                     Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees,
in reliance upon the agreements of the Lenders set forth in this Section 2.3,
(1) from time to time on any Business Day during the period from the
Closing Date until the

 

36

 

Letter of Credit
Expiration Date, to issue Letters of Credit for the account of the Borrowers,
and to amend or extend Letters of Credit previously issued by it, in accordance
with subsection (b) below, and (2) to honor drawings under the
Letters of Credit; and (B) the Lenders severally agree to participate in
Letters of Credit issued for the account of the Borrowers and any drawings
thereunder; provided that after giving effect to any L/C Credit
Extension with respect to any Letter of Credit, (x) the Total WC Revolver
Outstandings shall not exceed the lesser of (i) the Total WC Revolver
Commitments as in effect at such time and (ii) the Borrowing Base at such
time, and (y) the aggregate Outstanding Amount of the WC Revolver Loans of any
Lender, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all L/C Obligations shall not exceed such Lender’s WC Revolver
Commitment.  In addition, the aggregate
face amount of all standby Letters of Credit issued to secure bonding and
performance obligations of the Borrowers shall not exceed at any time
outstanding $10,000,000.  Each request by
a Borrower for the issuance or amendment of a Letter of Credit shall be deemed
to be a representation by the Borrowers that the L/C Credit Extension so requested
complies with the conditions set forth in the proviso to the preceding
sentence.  Within the foregoing limits,
and subject to the terms and conditions hereof, the Borrowers’ ability to
obtain Letters of Credit shall be fully revolving, and accordingly the
Borrowers may, during the foregoing period, obtain Letters of Credit to replace
Letters of Credit that have expired or that have been drawn upon and
reimbursed.  All Existing Letters of
Credit shall be deemed to have been issued pursuant hereto, and from and after
the Closing Date shall be subject to and governed by the terms and conditions
hereof.

 

(ii)                                  The
L/C Issuer shall not issue any Letter of Credit, if:

 

(A)                              the
request for such issuance, extension or renewal of any Letter of Credit is
later than nine (9) Business Days prior to the Maturity Date;

 

(B)                                any
Borrower requests a Letter of Credit be issued for any other purpose than to
support purchases of Petroleum Products or to secure bonding and performance
obligations;

 

(C)                                any
Borrower requests a standby Letter of Credit which is to be used to support
inventory purchases with an expiry date longer than 180 days from the date of
issuance;

 

(D)                               any
Borrower requests a standby Letter of Credit which is to be used to secure
bonding and performance obligations with an expiry date longer than 364 days;

 

(E)                                 any
Borrower requests a documentary Letter of Credit be issued with an expiry date
which is later than the Maturity Date or which has a term longer than ninety
(90) days;

 

(F)                                 subject
to Section 2.3(b)(iii), the expiry date of such requested Letter of Credit
would occur more than twelve months after the date of issuance

 

37

 

or last extension,
unless the Required Lenders have approved such expiry date; or

 

(G)                                the
expiry date of such requested Letter of Credit would occur after the Letter of
Credit Expiration Date, unless all the Lenders have approved such expiry date
or unless the Borrowers have provided to the LC Issuer cash collateral for the
maximum drawing amount of such Letter of Credit prior to the Maturity Date.

 

(iii)                               The
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)                              any
order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter
of Credit, or any Law applicable to the L/C Issuer or any request or directive
(whether or not having the force of law) from any Governmental Authority with
jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon the L/C Issuer with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which the
L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing
Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or
expense which was not applicable on the Closing Date and which the L/C Issuer
in good faith deems material to it;

 

(B)                                the
issuance of such Letter of Credit would violate one or more policies of the L/C
Issuer;

 

(C)                                except
as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter
of Credit is in an initial stated amount less than $100,000, in the case of a
documentary Letter of Credit, or $500,000, in the case of a standby Letter of
Credit;

 

(D)                               such
Letter of Credit is to be denominated in a currency other than Dollars; or

 

(E)                                 a default of any Lender’s obligations to fund
under Section 2.3(c) exists or any Lender is at such time a
Defaulting Lender hereunder, unless the L/C Issuer has entered into
satisfactory arrangements with the Borrower or such Lender to eliminate the L/C
Issuer’s risk with respect to such Lender.

 

(iv)                              The
L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue such Letter of Credit in its amended form under
the terms hereof.

 

(v)                                 The
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the
L/C Issuer would have no obligation at such time to issue such Letter of

 

38

 

Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter
of Credit does not accept the proposed amendment to such Letter of Credit.

 

(vi)                              The
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the L/C Issuer
shall have all of the benefits and immunities (A) provided to the
Administrative Agent in Article IX with respect to any acts taken
or omissions suffered by the L/C Issuer in connection with Letters of Credit
issued by it or proposed to be issued by it and Issuer Documents pertaining to
such Letters of Credit as fully as if the term “Administrative Agent” as used
in Article IX included the L/C Issuer with respect to such acts or
omissions, and (B) as additionally provided herein with respect to the L/C
Issuer.

 

(b)                                 Procedures
for Issuance and Amendment of Letters of Credit.

 

(i)                                     Each
Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrowers delivered to the L/C Issuer (with a copy to the
Administrative Agent) in the form of a Letter of Credit Application,
appropriately completed and signed by a Responsible Officer of the
Borrowers.  Such Letter of Credit
Application must be received by the L/C Issuer and the Administrative Agent not
later than 11:00 a.m. at least one Business Day (or such later date and
time as the Administrative Agent and the L/C Issuer may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date
of amendment, as the case may be.  In the
case of a request for an initial issuance of a Letter of Credit, such Letter of
Credit Application shall specify in form and detail satisfactory to the L/C
Issuer: (A) the proposed issuance date of the requested Letter of Credit
(which shall be a Business Day); (B) the amount thereof; (C) the expiry
date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing
thereunder; (F) the full text of any certificate to be presented by such
beneficiary in case of any drawing thereunder; and (G) such other matters
as the L/C Issuer may require.  In the
case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail satisfactory to
the L/C Issuer (A) the Letter of Credit to be amended; (B) the
proposed date of amendment thereof (which shall be a Business Day); (C) the
nature of the proposed amendment; and (D) such other matters as the L/C
Issuer may require.  Additionally, the
Borrowers shall furnish to the L/C Issuer and the Administrative
Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as the
L/C Issuer or the Administrative Agent may require.

 

(ii)                                  Promptly
after receipt of any Letter of Credit Application, the L/C Issuer will confirm
with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has received a copy of such Letter of Credit Application
from the Borrowers and, if not, the L/C Issuer will provide the Administrative
Agent with a copy thereof.  Unless the
L/C Issuer has received written notice from any Lender, the Administrative
Agent or any Loan Party, at least one Business Day prior to the requested date
of issuance or amendment of the applicable Letter of Credit, that one or

 

39

 

more applicable
conditions contained in Article IV shall not then be satisfied,
then, subject to the terms and conditions hereof, the L/C Issuer shall, on the
requested date, issue a Letter of Credit for the account of the Borrowers or
enter into the applicable amendment, as the case may be, in each case in
accordance with the L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter
of Credit, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the L/C Issuer a risk participation in
such Letter of Credit in an amount equal to the product of such Lender’s
Applicable Percentage times the amount of such Letter of Credit.

 

(iii)                               If
a Borrower so requests in any applicable Letter of Credit Application, the L/C
Issuer may, in its sole and absolute discretion, agree to issue a Letter of
Credit that has automatic extension provisions (each, an “Auto-Extension
Letter of Credit”); provided that any such Auto-Extension Letter of
Credit must permit the L/C Issuer to prevent any such extension at least once
in each twelve-month period (commencing with the date of issuance of such
Letter of Credit) by giving prior notice to the beneficiary thereof not later
than a day (the “Non-Extension Notice Date”) in each such twelve-month
period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the L/C Issuer,
the Borrowers shall not be required to make a specific request to the L/C
Issuer for any such extension.  Once an
Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to
have authorized (but may not require) the L/C Issuer to permit the extension of
such Letter of Credit at any time to an expiry date not later than the Letter
of Credit Expiration Date; provided, however, that the L/C Issuer
shall not permit any such extension if (A) the L/C Issuer has determined
that it would not be permitted, or would have no obligation, at such time to
issue such Letter of Credit in its revised form (as extended) under the terms
hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.3(a) or
otherwise), or (B) it has received notice (which may be by telephone or in
writing) on or before the day that is five Business Days before the
Non-Extension Notice Date (1) from the Administrative Agent that the
Required Lenders have elected not to permit such extension or (2) from the
Administrative Agent, any Lender or the Borrowers that one or more of the
applicable conditions specified in Section 4.2 is not then
satisfied, and in each such case directing the L/C Issuer not to permit such
extension.

 

(iv)                              Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof,
the L/C Issuer will also deliver to the Borrower and the Administrative Agent a
true and complete copy of such Letter of Credit or amendment.

 

(c)                                  Drawings
and Reimbursements; Funding of Participations.

 

(i)                                     Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing
under such Letter of Credit, the L/C Issuer shall notify the Borrowers and the
Administrative Agent thereof.  Not later
than 11:00 a.m. on the date of any payment by the L/C Issuer under a
Letter of Credit (each such date, an “Honor Date”), the Borrowers shall
reimburse the L/C Issuer through the Administrative Agent in an amount equal to
the amount of such drawing.  If the
Borrowers fail to so reimburse the L/C Issuer by

 

40

 

such time, the
Administrative Agent shall promptly notify each Lender of the Honor Date, the
amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the
amount of such Lender’s Applicable Percentage thereof.  In such event, the Borrowers shall be deemed
to have requested a Borrowing of a WC Revolver Loan which is a Base Rate Loans
to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in Section 2.2
for the principal amount of Base Rate Loans, but subject to the amount of the
unutilized portion of the Total WC Revolver Commitments and the conditions set
forth in Section 4.2 (other than the delivery of a Loan
Notice).  Any notice given by the L/C
Issuer or the Administrative Agent pursuant to this Section 2.3(c)(i) may
be given by telephone if immediately confirmed in writing; provided that
the lack of such an immediate confirmation shall not affect the conclusiveness
or binding effect of such notice.

 

(ii)                                  Each
Lender shall upon any notice pursuant to Section 2.3(c)(i) make
funds available to the Administrative Agent for the account of the L/C Issuer
at the Administrative Agent’s Office in an amount equal to its Applicable
Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the
Business Day specified in such notice by the Administrative Agent, whereupon,
subject to the provisions of Section 2.3(c)(iii), each Lender that
so makes funds available shall be deemed to have made a Base Rate Loan (which
is a WC Revolver Loan) to the Borrowers in such amount.  The Administrative Agent shall remit the
funds so received to the L/C Issuer.

 

(iii)                               With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing
of Base Rate Loans (which are WC Revolver Loans) because the conditions set
forth in Section 4.2 cannot be satisfied or for any other reason,
the Borrowers shall be deemed to have incurred from the L/C Issuer an L/C
Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on demand (together with interest)
and shall bear interest at the Default Rate. 
In such event, each Lender’s payment to the Administrative Agent for the
account of the L/C Issuer pursuant to Section 2.3(c)(ii) shall
be deemed payment in respect of its participation in such L/C Borrowing and
shall constitute an L/C Advance from such Lender in satisfaction of its
participation obligation under this Section 2.3.

 

(iv)                              Until
each Lender funds its WC Revolver Loan or L/C Advance pursuant to this Section 2.3(c) to
reimburse the L/C Issuer for any amount drawn under any Letter of Credit,
interest in respect of such Lender’s Applicable Percentage of such amount shall
be solely for the account of the L/C Issuer.

 

(v)                                 Each
Lender’s obligation to make WC Revolver Loans or L/C Advances to reimburse the
L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.3(c),
shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense
or other right which such Lender may have against the L/C Issuer, the Borrowers
or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make WC Revolver Loans pursuant to this Section 2.3(c) is
subject to the conditions set

 

41

 

forth in Section 4.2
(other than delivery by the Borrower of a Loan Notice).  No such making of an L/C Advance shall
relieve or otherwise impair the obligation of the Borrowers to reimburse the
L/C Issuer for the amount of any payment made by the L/C Issuer under any
Letter of Credit, together with interest as provided herein.

 

(vi)                              If
any Lender fails to make available to the Administrative Agent for the account
of the L/C Issuer any amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.3(c) by the time
specified in Section 2.3(c)(ii), the L/C Issuer shall be entitled
to recover from such Lender (acting through the Administrative Agent), on
demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available
to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds
Rate and a rate determined by the L/C Issuer in accordance with banking
industry rules on interbank compensation. 
A certificate of the L/C Issuer submitted to any Lender (through the
Administrative Agent) with respect to any amounts owing under this clause (vi) shall
be conclusive absent manifest error.

 

(d)                                 Repayment
of Participations.

 

(i)                                     At
any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such
payment in accordance with Section 2.3(c), if the Administrative
Agent receives for the account of the L/C Issuer any payment in respect of the
related Unreimbursed Amount or interest thereon (whether directly from the
Borrower or otherwise, including proceeds of Cash Collateral applied thereto by
the Administrative Agent), the Administrative Agent will distribute to such
Lender its Applicable Percentage thereof (appropriately adjusted, in the case
of interest payments, to reflect the period of time during which such Lender’s
L/C Advance was outstanding) in the same funds as those received by the
Administrative Agent.

 

(ii)                                  If
any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.3(c)(i) is required to be
returned under any of the circumstances described in Section 10.5
(including pursuant to any settlement entered into by the L/C Issuer in its
discretion), each Lender shall pay to the Administrative Agent for the account
of the L/C Issuer its Applicable Percentage thereof on demand of the
Administrative Agent, plus interest thereon from the date of such demand to the
date such amount is returned by such Lender, at a rate per annum equal to the
Federal Funds Rate from time to time in effect. 
The obligations of the Lenders under this clause shall survive the
payment in full of the Obligations and the termination of this Agreement.

 

(e)                                  Obligations
Absolute.  The
joint and several obligations of the Borrowers to reimburse the L/C Issuer for
each drawing under each Letter of Credit and to repay each L/C Borrowing shall
be absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement under all circumstances, including
the following:

 

(i)                                     any
lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

 

42

 

(ii)                                  the
existence of any claim, counterclaim, setoff, defense or other right that the
Borrowers or any Subsidiary may have at any time against any beneficiary or any
transferee of such Letter of Credit (or any Person for whom any such
beneficiary or any such transferee may be acting), the L/C Issuer or any other
Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

 

(iii)                               any
draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect; or any loss
or delay in the transmission or otherwise of any document required in order to
make a drawing under such Letter of Credit;

 

(iv)                              any
payment by the L/C Issuer under such Letter of Credit against presentation of a
draft or certificate that does not strictly comply with the terms of such
Letter of Credit; or any payment made by the L/C Issuer under such Letter of
Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator,
receiver or other representative of or successor to any beneficiary or any
transferee of such Letter of Credit, including any arising in connection with
any proceeding under any Debtor Relief Law; or

 

(v)                                 any
other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute
a defense available to, or a discharge of, the Borrower or any Subsidiary.

 

The Borrowers shall promptly examine a copy
of each Letter of Credit and each amendment thereto that is delivered to it
and, in the event of any claim of noncompliance with the Borrowers’
instructions or other irregularity, the Borrowers will immediately notify the
L/C Issuer.  The Borrowers shall be
conclusively deemed to have waived any such claim against the L/C Issuer and
its correspondents unless such notice is given as aforesaid.

 

(f)                                    Role
of L/C Issuer.  Each Lender and the Borrowers
agree that, in paying any drawing under a Letter of Credit, the L/C Issuer
shall not have any responsibility to obtain any document (other than any sight
draft, certificates and documents expressly required by the Letter of Credit)
or to ascertain or inquire as to the validity or accuracy of any such document
or the authority of the Person executing or delivering any such document.  None of the L/C Issuer, the Administrative
Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any
action taken or omitted in connection herewith at the request or with the
approval of the Lenders or the Required Lenders, as applicable; (ii) any
action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or
Issuer Document.  The Borrowers hereby
assume all risks of the acts or omissions of any beneficiary or transferee with
respect to its use of any Letter of Credit; provided, however,
that this assumption is not intended to, and shall not, preclude the Borrowers’
pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. 
None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of the
L/C Issuer shall be liable or

 

43

 

responsible for any of the matters described in clauses (i) through
(v) of Section 2.3(e); provided, however, that
anything in such clauses to the contrary notwithstanding, the Borrowers may
have a claim against the L/C Issuer, and the L/C Issuer may be liable to the
Borrowers, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrowers which the
Borrowers prove were caused by the L/C Issuer’s willful misconduct or gross
negligence or the L/C Issuer’s willful failure to pay under any Letter of
Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of
Credit.  In furtherance and not in limitation of the
foregoing, the L/C Issuer may accept documents that appear on their face to be
in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and the L/C Issuer shall not be
responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may
prove to be invalid or ineffective for any reason.

 

(g)                                 Cash
Collateral.  Upon the request of the
Administrative Agent, (i) if the L/C Issuer has honored any full or
partial drawing request under any Letter of Credit and such drawing has
resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit
Expiration Date, any L/C Obligation for any reason remains outstanding, the
Borrowers shall, in each case, immediately Cash Collateralize the then Outstanding
Amount of all L/C Obligations.  Sections
2.4 and 8.2(c) set forth certain additional requirements to
deliver Cash Collateral hereunder.  For
purposes of this Section 2.3, Section 2.4 and Section 8.2(c), “Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for
the benefit of the L/C Issuer and the Lenders, as collateral for the L/C
Obligations, cash or deposit account balances pursuant to documentation in form
and substance satisfactory to the Administrative Agent and the L/C Issuer
(which documents are hereby consented to by the Lenders).  Derivatives of such term have corresponding
meanings.  The Borrowers hereby grant to
the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a
security interest in all such cash, deposit accounts and all balances therein
and all proceeds of the foregoing.  Cash
Collateral shall be maintained in blocked, non-interest bearing deposit
accounts at Bank of America.

 

(h)                                 Applicability
of ISP and UCP.  Unless otherwise expressly agreed
by the L/C Issuer and the Borrowers when a Letter of Credit is issued
(including any such agreement applicable to an Existing Letter of Credit), (i) the
rules of the ISP shall apply to each standby Letter of Credit, and (ii) the
rules of the Uniform Customs and Practice for Documentary Credits, as most
recently published by the International Chamber of Commerce at the time of
issuance shall apply to each commercial Letter of Credit.

 

(i)                                     Letter
of Credit Fees.  The Borrowers shall
pay to the Administrative Agent for the account of each Lender in accordance
with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit
Fee”) for each Letter of Credit equal to the greater of (i) one
percent (1%) per annum times the daily amount available to be drawn
under such Letter of Credit and (ii) $400. 
For purposes of computing the daily amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined
in accordance with Section 1.6.  Letter of Credit Fees shall be (i) computed
on a monthly basis in arrears and (ii) due and payable on the first
Business Day after the end of each calendar month, commencing with the first
such date to occur after the issuance of such Letter of Credit, on the Letter
of Credit

 

44

 

Expiration Date and thereafter on demand.  Notwithstanding anything to the contrary
contained herein, upon the request of the Required Lenders, while any Event of
Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

(j)                                     Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer.  The Borrowers shall
pay directly to the L/C Issuer for its own account a fronting fee (i) with respect to each Letter of
Credit, at the rate specified in the Fee Letter, computed on the daily
amount available to be drawn under such Letter of Credit on a monthly basis in
arrears, and (ii) with respect to
any amendment of a Letter of Credit increasing the amount of such Letter of
Credit, at a rate separately agreed between the Borrowers and the L/C Issuer,
computed on the amount of such increase, and payable upon the effectiveness of
such amendment.  Such fronting fee
shall be due and payable on the first Business Day after the end of each
calendar month in respect of the most
recently-ended monthly period (or portion thereof, in the case of the
first payment), commencing with the first such date to occur after the issuance
of such Letter of Credit, on the Letter of Credit Expiration Date and
thereafter on demand.  For purposes of
computing the daily amount available to be drawn under any Letter of Credit,
the amount of such Letter of Credit shall be determined in accordance with Section 1.6.  In addition, the Borrowers shall pay directly
to the L/C Issuer for its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs and charges, of
the L/C Issuer relating to letters of credit as from time to time in effect.  Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable.

 

(k)                                  Conflict
with Issuer Documents.  In the event
of any conflict between the terms hereof and the terms of any Issuer Document,
the terms hereof shall control.

 

2.4                               Prepayments.

 

(a)                                  The
Borrowers may, upon notice to the Administrative 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 the
Administrative Agent not later than 11:00 a.m. (A) two Business Days
prior to any date of prepayment of Eurodollar Rate Loans and (B) on the
date of prepayment of Base Rate Loans or Cost of Funds Rate Loans; (ii) any
prepayment of Eurodollar Rate Loans shall be in a principal amount of $500,000
or a whole multiple of $100,000 in excess thereof; and (iii) any
prepayment of Base Rate Loans or Cost of Funds 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, the Type(s) of Loans to be
prepaid and whether such Loan being prepaid is a WC Revolver Loan, an
Acquisition Loan or a Revolver Loan.  The
Administrative 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
the Borrowers, the Borrowers 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 3.5.  Each such prepayment shall be applied to the
Loans of the Lenders in accordance with their respective Applicable
Percentages.

 

45

 

(b)                                 If
for any reason (i) the Total WC Revolver Outstandings at any time exceed
the lesser of (1) the Total WC Revolver Commitments then in effect and (2) the
Borrowing Base at such time, the Borrowers shall immediately prepay WC Revolver
Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount
equal to such excess; provided, however, that the Borrowers shall
not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.4(b) unless
after the prepayment in full of the WC Revolver Loans the Total WC Revolver
Outstandings exceed the Total WC Revolver Commitments then in effect; (ii) the
Total Acquisition Outstandings at any time exceed the Total Acquisition
Commitments then in effect the Borrowers shall immediately prepay Acquisition
Loans in an aggregate amount equal to such excess; and (iii) the Total
Revolver Outstandings at any time exceed the Total Revolver Commitments then in
effect the Borrowers shall immediately prepay Revolver Loans in an aggregate
amount equal to such excess.

 

2.5                               Termination
or Reduction of Commitments.  The
Borrowers may, upon notice to the Administrative Agent, terminate the Total WC
Revolver Commitments, the Total Revolver Commitments and/or the Total
Acquisition Commitments, as the case may be, or from time to time permanently
reduce the Total WC Revolver Commitments, the Total Revolver Commitments and/or
the Total Acquisition Commitments, as the case may be; provided that (i) any
such notice (which shall specify which Commitment is being reduced and/or
terminated) shall be received by the Administrative Agent not later than 11:00 a.m.
five Business Days prior to the date of termination or reduction, (ii) any
such partial reduction (1) of the Total WC Revolver Commitment shall be in
an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in
excess thereof; (2) of the Total Revolver Commitment shall be in an
aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess
thereof, and (3) the Total Acquisition Commitment shall be in an aggregate
amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof; and
(iii) the Borrowers shall not terminate or reduce the Total WC Revolver
Commitments, the Total Revolver Commitments and/or the Total Acquisition
Commitments, as the case may be, if, after giving effect thereto and to any
concurrent prepayments hereunder, the Total WC Revolver Outstandings, Total
Revolver Outstandings or Total Acquisition Outstandings, as the case may be,
would exceed the Total WC Revolver Commitment, the Total Revolver Commitment or
the Total Acquisition Commitment, as applicable.  The Administrative Agent will promptly notify
the Lenders of any such notice of termination or reduction of the Total WC
Revolver Commitments, the Total Revolver Commitments and/or the Total
Acquisition Commitments, as the case may be. 
Any reduction of the Total WC Revolver Commitments, the Total Revolver
Commitments and/or the Total Acquisition Commitments, as the case may be, shall
be applied to the applicable WC Revolver Commitment, the Acquisition Commitment
and the Revolver Commitment of each Lender according to its Applicable
Percentage.  All fees accrued until the
effective date of any termination of the Total WC Revolver Commitments, the Total
Revolver Commitments and/or the Total Acquisition Commitments, as the case may
be, shall be paid on the effective date of such termination.

 

2.6                               Repayment
of Loans.

 

(a)                                  The
Borrowers shall repay to the Lenders on the Maturity Date the aggregate
principal amount of Loans outstanding on such date.

 

46

 

2.7                               Interest.

 

(a)                                  WC Revolver Loans.  Subject to the provisions of subsection (d) below,
(i) each WC Revolver Loan which is a 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
one percent (1%); (ii) each WC Revolver Loan which is a Cost of Funds Rate
Loan shall bear interest on the outstanding principal amount thereof for each
Interest Period at a rate per annum equal to the Cost of Funds Rate for such
Interest Period plus one percent (1%); and (iii) each WC Revolver Loan
which is a 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.

 

(b)                                 Acquisition Loans.  Subject to the provisions of subsection (d) below,
(i) each Acquisition Loan which is a 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
one and three quarters of one percent (1 3/4%); (ii) each Acquisition Loan
which is a Cost of Funds Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to
the Cost of Funds Rate for such Interest Period plus one and three quarters of
one percent (1 3/4%); and (iii) each Acquisition Loan which is a 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.

 

(c)                                  Revolver Loans.  Subject to the provisions of subsection (d) below,
(i) each Revolver Loan which is a 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 one
and one half of one percent (1 1/2%); (ii) each Revolver Loan which is a
Cost of Funds Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the Cost of Funds
Rate for such Interest Period plus one and one half of one percent (1 1/2%);
and (iii) each Revolver Loan which is a 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.

 

(d)                                 (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 the Borrowers under
any Loan Document is not paid when due (without regard to any applicable grace
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, the 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.

 

47

 

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

 

(e)                                  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.

 

2.8                               Fees.  In addition to certain fees described in
subsections (i) and (j) of Section 2.3:

 

(a)                                  Commitment
Fee.  The
Borrowers jointly and severally shall pay to the Administrative Agent (i) in
connection with the WC Revolver Loans, for the account of each Lender in
accordance with its Applicable Percentage of the Total WC Revolver Commitment,
a commitment fee equal to twenty five (25) basis points per annum on the
average amount during each calendar month or portion thereof from the Closing
Date to the Maturity Date by which the Total WC Revolver Commitment as in
effect on such date minus the Outstanding Amount of L/C Obligations exceeds the
Total WC Revolver Outstandings during such calendar month; (ii) in
connection with the Acquisition Loans, for the account of each Lender in
accordance with its Applicable Percentage of the Total Acquisition Commitment,
a commitment fee equal to twenty five (25) basis points per annum on the
average amount during each calendar month or portion thereof from the Closing
Date to the Maturity Date by which the Total Acquisition Commitment as in
effect on such date exceeds the Total Acquisition Outstandings during such
calendar month; and (iii) in connection with the Revolver Loans, for the
account of each Lender in accordance with its Application Percentage of the
Total Revolver Commitment, a commitment fee equal to twenty five (25) basis
points per annum on the average amount during each calendar month or portion
thereof from the Closing Date to the Maturity Date by which the Total Revolver
commitment as in effect on such date exceeds the Total Revolver Outstandings
during such calendar month.  The
commitment fee shall accrue at all times during the Availability Period, including
at any time during which one or more of the conditions in Article IV
is not met, and shall be due and payable monthly in arrears on the last
Business Day of each calendar month, commencing with the first such date to
occur after the Closing Date, and on the Maturity Date.

 

(b)                                 Facility
Fee.  The Borrowers jointly and
severally shall pay to the Administrative Agent for the account of each Lender
in accordance with its Applicable Percentage of the Total WC Revolver
Commitment, a facility fee equal to ten (10) basis points per annum on the
average daily amount during each calendar month or portion thereof in each
applicable Seasonal Overline Period, commencing September 1, 2005 to the
Maturity Date by which the amount of $350,000,000 exceeds to the Total WC
Revolver Commitment actually in effect during each such calendar month.  The facility fee shall be payable monthly in
arrears on the last day of each calendar month in the applicable Seasonal
Overline Period for the calendar month then ending, with the first such payment
to be made hereunder on September 30, 2005, and a final payment on June 30,
2009.

 

(c)                                  Seasonal
Overline Fee.  To the extent the
Borrowers elect to increase the Total WC Revolver Commitment pursuant to Section 2.1(a)(ii) hereof
during any Seasonal Overline Period, on each Facility Increase Date, the
Borrowers shall pay to the Administrative Agent for

 

48

 

the account of each Lender in accordance with its Applicable Percentage
of the Total WC Revolver Commitment, an increase fee in the amount of $30,000.

 

(d)                                 Amendment/Waiver
Fee.  The Borrowers jointly and
severally shall pay to the Administrative Agent for the respective accounts of
the Lenders an administrative amendment and/or waiver fee, as the case may be,
in an amount equal to (i) $1,000 for each Lender in the case of a
requested amendment or waiver, as the case may be, which requires the consent
of the Required Lenders and (ii) $5,000 for each Lender in the case of a
requested amendment or waiver, as the case may be, which requires the consent
of all of the Lenders; provided, however, that no such amendment and/or waiver
fee shall be due and payable by the Borrowers if the sole purpose of such
amendment and/or waiver is to effect an assignment pursuant to Section 10.6
hereof.  The Borrowers agree that (i) each
such amendment and/or waiver fee shall be required to be paid by the Borrowers
whether or not such proposed amendment or waiver, as the case may be, ever
becomes effective; (ii) such amendment and/or waiver fee is an
administrative fee only,  and does not
preclude the Lenders from charging additional fees in connection with any
amendment or waiver; and (iii) the obligation of the Borrowers to pay such
fees does not in any manner constitute a commitment or obligation on the part
of any Lender to enter into the proposed amendment and/or waiver giving rise to
such fee.  Each such amendment and/or
waiver fee shall be due and payable by the Borrowers upon the earlier to occur
of (i) the closing and effectiveness of each such amendment or waiver, as
the case may be, and (ii) forty-five (45) days after the Borrowers request
such amendment or waiver, as the case may be.

 

(e)                                  Other
Fees.  (i) The
Borrowers jointly and severally shall pay to the Arranger and the
Administrative Agent for their own respective accounts fees in the amounts and
at the times specified in the Fee Letter. 
Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

(ii)                                  The
Borrowers shall jointly and severally pay to the Lenders such fees as shall
have been separately agreed upon in writing in the amounts and at the times so
specified.  Such fees shall be fully
earned when paid and shall not be refundable for any reason whatsoever.

 

2.9                               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 2.11(a), bear
interest for one day.  Each determination
by the Administrative Agent of an interest rate or fee hereunder shall be
conclusive and binding for all purposes, absent manifest error.

 

49

 

2.10                        Evidence
of Debt.

 

(a)                                  The
Credit Extensions made by each Lender shall be evidenced by one or more
accounts or records maintained by such Lender and by the Administrative Agent
in the ordinary course of business.  The
accounts or records maintained by the Administrative Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit
Extensions made by the Lenders to the Borrowers 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 joint and
several obligations of the Borrowers 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 the Administrative Agent in respect of such
matters, the accounts and records of the Administrative Agent shall control in
the absence of manifest error.  Upon the
request of any Lender made through the Administrative Agent, the Borrowers
shall execute and deliver to such Lender (through the Administrative Agent)
three Notes, the Notes being in the amount of such Lender’s WC Revolver
Commitment, Acquisition Commitment and Revolver Commitment, as the case may be,
which shall evidence such Lender’s Loans in addition to such accounts or
records.  Each Lender may attach
schedules to its Notes and endorse thereon the date, Type (if applicable),
amount and maturity of its Loans and payments with respect thereto.

 

(b)                                 In
addition to the accounts and records referred to in subsection (a), each
Lender and the Administrative Agent shall maintain in accordance with its usual
practice accounts or records evidencing the purchases and sales by such Lender
of participations in Letters of Credit. 
In the event of any conflict between the accounts and records maintained
by the Administrative Agent and the accounts and records of any Lender in
respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

2.11                        Payments
Generally; Administrative Agent’s Clawback.

 

(a)                                  General.  All payments to be made by the Borrowers
shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff.  Except as
otherwise expressly provided herein, all payments by the Borrowers hereunder
shall be made to the Administrative 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 2:00 p.m. on the
date specified herein.  The
Administrative 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 the Administrative
Agent after 2:00 p.m. 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 the Borrowers
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.

 

(b)                                 (i)                                     Funding
by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing of
Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans or
Cost of Funds Rate Loans, prior to 12:00 noon on the date of such Borrowing)
that such Lender will not make available to the Administrative Agent such
Lender’s share of such Borrowing, the Administrative Agent may assume that such
Lender has made such share available on such

 

50

 

date in accordance with Section 2.2 (or, in the case of a
Borrowing of Base Rate Loans or Cost of Funds Rate Loans, that such Lender has
made such share available in accordance with and at the time required by Section 2.2)
and may, in reliance upon such assumption, make available to the Borrowers a
corresponding amount.  In such event, if
a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then the applicable Lender and the Borrowers
severally agree to pay to the Administrative 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 the
Borrowers to but excluding the date of payment to the Administrative 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 the Administrative Agent in accordance with
banking industry rules on interbank compensation and (B) in the case
of a payment to be made by the Borrowers, the interest rate applicable to Base
Rate Loans.  If the Borrowers and such
Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the
Borrowers the amount of such interest paid by the Borrowers for such
period.  If such Lender pays its share of
the applicable Borrowing to the Administrative Agent, then the amount so paid
shall constitute such Lender’s Loan included in such Borrowing.  Any payment by the Borrowers shall be without
prejudice to any claim the Borrowers may have against a Lender that shall have
failed to make such payment to the Administrative Agent.

 

(ii)                                  Payments
by Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have
received notice from the Borrowers prior to the date on which any payment is
due to the Administrative Agent for the account of the Lenders or the L/C
Issuer hereunder that the Borrowers will not make such payment, the
Administrative Agent may assume that the Borrowers have made such payment on
such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the L/C Issuer, as the case may be, the amount
due.  In such event, if the Borrowers
have not in fact made such payment, then each of the Lenders or the L/C Issuer,
as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or the L/C Issuer,
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 the Administrative Agent, at the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation.

 

A notice of the Administrative Agent to any Lender or the Borrowers
with respect to any amount owing under this subsection (b) shall be
conclusive, absent manifest error.

 

(c)                                  Failure
to Satisfy Conditions Precedent.  If
any Lender makes available to the Administrative 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 the Borrowers by the Administrative
Agent because the conditions to the applicable Credit Extension set forth in Article IV
are not satisfied or waived in accordance with the terms hereof, the Administrative
Agent shall return such funds (in like funds as received from such Lender) to
such Lender, without interest.

 

51

 

(d)                                 Obligations
of Lenders Several.  The obligations
of the Lenders hereunder to make Loans, to fund participations in Letters of
Credit and to make payments pursuant to Section 10.4(c) are
several and not joint.  The failure of
any Lender to make any Loan, to fund any such participation or to make any
payment under Section 10.4(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, to purchase its participation or to make its
payment under Section 10.4(c).

 

(e)                                  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.

 

2.12                        Sharing of
Payments by Lenders.  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, or the participations in L/C Obligations held by it resulting in such
Lender’s receiving payment of a proportion of the aggregate amount of such
Loans or participations and accrued interest thereon greater than its pro
rata share thereof as provided herein, then the Lender receiving such
greater proportion shall (a) notify the Administrative Agent of such fact,
and (b) purchase (for cash at face value) participations in the applicable
Loans and subparticipations in L/C Obligations 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
and other amounts owing them, 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

 

(ii)                                  the
provisions of this Section shall not be construed to apply to (x) any
payment made by the Borrowers 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 or subparticipations in L/C Obligations to any assignee or participant
(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.

 

52

 

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.1                               Taxes.

 

(a)                                  Payments
Free of Taxes.  Any and all payments
by or on account of any obligation of the Borrowers 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
the Borrowers shall be required by 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) the Administrative Agent, Lender or L/C Issuer, as the case may
be, receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrowers shall make such deductions and (iii) the
Borrowers shall timely pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

 

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

 

(c)                                  Indemnification
by the Borrowers.  The Borrowers
shall jointly and severally indemnify the Administrative Agent, each Lender and
the L/C Issuer, 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 the Administrative Agent, such Lender or the L/C Issuer, 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 the Borrowers by a
Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or the L/C
Issuer, shall be conclusive absent manifest error.

 

(d)                                 Evidence
of Payments.  As soon as practicable
after any payment of Indemnified Taxes or Other Taxes by the Borrower to a
Governmental Authority, the Borrowers shall deliver to the Administrative 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 the Administrative
Agent.

 

(e)                                  Status
of Lenders.  Any Foreign Lender that
is entitled to an exemption from or reduction of withholding tax under the law
of the jurisdiction in which the Borrowers are resident for tax purposes, or
any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrowers (with
a copy to the Administrative Agent), at the time or times prescribed by
applicable law or reasonably requested by the Borrowers or the Administrative
Agent, such properly completed and executed documentation prescribed by
applicable law as will permit such payments to be made without withholding or
at a reduced rate of withholding.  In addition,
any Lender, if requested by the Borrowers or the Administrative Agent, shall
deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrowers or the Administrative Agent as will enable the
Borrowers or the Administrative Agent to determine

 

53

 

whether or not such Lender is subject to backup withholding or
information reporting requirements.

 

Without limiting the generality of the foregoing, in the event that the
Borrowers are resident for tax purposes in the United States, any Foreign
Lender shall deliver to the Borrowers and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the
date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the request of the Borrowers or the
Administrative Agent, but only if such Foreign Lender is legally entitled to do
so), whichever of the following is applicable:

 

(i)                                     duly
completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is
a party,

 

(ii)                                  duly
completed copies of Internal Revenue Service Form W-8ECI,

 

(iii)                               in
the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank”
within the meaning of section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the Borrowers within the meaning of section 881(c)(3)(B) of
the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of
the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN,
or

 

(iv)                              any
other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States Federal withholding tax duly completed together
with such supplementary documentation as may be prescribed by applicable law to
permit the Borrowers to determine the withholding or deduction required to be
made.

 

(f)                                    Treatment
of Certain Refunds.  If the
Administrative Agent, any Lender or the L/C Issuer 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 the Borrowers or with respect to which the
Borrowers have paid additional amounts pursuant to this Section, it shall pay
to the Borrowers an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrowers under
this Section with respect to the Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses of the Administrative Agent, such
Lender or the L/C Issuer, 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 the Borrowers, upon the request of the
Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount
paid over to the Borrowers (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent,
such Lender or the L/C Issuer in the event the Administrative Agent, such
Lender or the L/C Issuer is required to repay such refund to such Governmental
Authority.  This subsection shall
not be construed to require the Administrative Agent, any Lender or the L/C
Issuer to make available its tax returns (or any other information relating to
its taxes that it deems confidential) to the Borrowers or any other Person.

 

54

 

3.2                               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 the Borrowers through the Administrative Agent, any obligation
of such Lender to make or continue Eurodollar Rate Loans or to convert Base
Rate Loans or Cost of Funds Rate Loans to Eurodollar Rate Loans shall be
suspended until such Lender notifies the Administrative Agent and the Borrowers
that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, the Borrowers
shall, upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to
Base Rate Loans or Cost of Funds 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, the Borrowers
shall also pay accrued interest on the amount so prepaid or converted.

 

3.3                               Inability
to Determine Rates.  If the Required
Lenders determine that for any reason 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 Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar 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, the
Administrative Agent will promptly so notify the Borrowers and each
Lender.  Thereafter, the obligation of
the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until
the Administrative Agent (upon the instruction of the Required Lenders) revokes
such notice.  Upon receipt of such
notice, the Borrowers 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.

 

3.4                               Increased
Costs; Reserves on Eurodollar Rate Loans.

 

(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 contemplated by
Section 3.4(e)]) or the L/C Issuer;

 

(ii)                                  subject
any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit
or any Eurodollar Rate Loan made by it, or change the basis of taxation of
payments to such Lender or the L/C Issuer in respect thereof (except for
Indemnified

 

55

 

Taxes or Other
Taxes covered by Section 3.1 and the imposition of, or any change
in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); or

 

(iii)                               impose
on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans
made by such Lender or any Letter of Credit or participation therein;

 

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 increase the cost to
such Lender or the L/C Issuer of participating in, issuing or maintaining any
Letter of Credit (or of maintaining its obligation to participate in or to
issue any Letter of Credit), or to reduce the amount of any sum received or
receivable by such Lender or the L/C Issuer hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or the L/C
Issuer, the Borrowers will pay to such Lender or the L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or the
L/C Issuer, as the case may be, for such additional costs incurred or reduction
suffered.

 

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

 

(c)                                  Certificates
for Reimbursement.  A certificate of
a Lender or the L/C Issuer setting forth the amount or amounts necessary to
compensate such Lender or the L/C Issuer or its holding company, as the case
may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrowers shall be conclusive absent manifest error.  The Borrowers shall pay such Lender or the
L/C Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof.

 

(d)                                 Delay
in Requests.  Failure or delay on the
part of any Lender or the L/C Issuer to demand compensation pursuant to the
foregoing provisions of this Section shall not constitute a waiver of such
Lender’s or the L/C Issuer’s right to demand such compensation, provided
that the Borrowers shall not be required to compensate a Lender or the L/C
Issuer 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 or the L/C Issuer, as the case may be, notifies the
Borrowers of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs
or reductions is

 

56

 

retroactive, then the nine-month period referred to above shall be
extended to include the period of retroactive effect thereof).

 

(e)                                  Reserves
on Eurodollar Rate Loans.  The
Borrowers shall pay to each Lender, as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or
including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each
Eurodollar Rate Loan equal to the actual costs of such reserves allocated to
such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), which shall be due and payable on each date
on which interest is payable on such Loan, provided the Borrowers shall have received at least 10 days’ prior notice (with a copy
to the Administrative Agent) of such additional interest from such Lender.  If a Lender fails to give notice 10 days
prior to the relevant Interest Payment Date, such additional interest shall be
due and payable 10 days from receipt of such notice.

 

3.5                               Compensation
for Losses.  Upon demand of any
Lender (with a copy to the Administrative Agent) from time to time, the
Borrowers 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);

 

(b)                                 any
failure by the Borrowers (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 the Borrowers; or

 

(c)                                  any
assignment of a Eurodollar Rate Loan or a Cost of Funds Rate Loan on a day
other than the last day of the Interest Period therefor as a result of a
request by the Borrowers pursuant to Section 10.13;

 

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.  The Borrowers
shall also pay any customary administrative fees charged by such Lender in
connection with the foregoing.

 

For purposes of calculating amounts payable by the Borrowers to the
Lenders under this Section 3.5, each Lender shall be deemed to have
funded each Eurodollar Rate Loan made by it at 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.

 

3.6                               Mitigation
Obligations; Replacement of Lenders.

 

(a)                                  Designation of a Different Lending Office.  If
any Lender requests compensation under Section 3.4, or the
Borrowers are required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.1,
or if any

 

57

 

Lender gives a notice pursuant to Section 3.2, 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 3.1 or 3.4,
as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 3.2, 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. 
The Borrowers hereby jointly and severally agree to pay all reasonable
costs and expenses incurred by any Lender in connection with any such
designation or assignment.

 

(b)                                 Replacement
of Lenders.  If any Lender requests
compensation under Section 3.4, or if the Borrowers are required to
pay any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 3.1, the Borrowers may
replace such Lender in accordance with Section 10.13.

 

3.7                               Survival.  All of the Borrowers’ obligations under
this Article III shall survive termination of the Total Commitments
and repayment of all other Obligations hereunder.

 

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.1                               Conditions
of Initial Credit Extension.  The
obligation of the L/C Issuer and each Lender to make its initial Credit
Extension hereunder is subject to satisfaction of the following conditions
precedent:

 

(a)                                  The
Administrative 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 the Administrative Agent and each of the Lenders:

 

(i)                                     executed
counterparts of this Agreement and the other Loan Documents, sufficient in
number for distribution to the Administrative Agent, each Lender and the
Borrower;

 

(ii)                                  the
Notes, executed by the Borrowers 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 the
Administrative 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 the Administrative Agent may reasonably require
to evidence that each Loan Party is duly organized or formed, and

 

58

 

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)                                 a
favorable opinion of Edward J. Faneuil, Esq., counsel to the Loan Parties,
addressed to the Administrative Agent and each Lender, as to the matters set
forth in Exhibit H and such other matters concerning the Loan
Parties and the Loan Documents as the Required Lenders may reasonably request;

 

(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;

 

(vii)                           a
certificate signed by a Responsible Officer of the Borrowers certifying (A) that
the conditions specified in Sections 4.2(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 the Loan Documents has
been obtained and is in effect;

 

(ix)                                evidence
that each of the Existing Credit Agreement and the GPC Credit Agreement (as
such term is defined in the Existing Credit Agreement) have been or
concurrently with the Closing Date are being terminated and all Liens securing
obligations under the Existing Credit Agreement and the GPC Credit Agreement
have been or concurrently with the Closing Date are being released;

 

(x)                                   a
fully executed Perfection Certificate from each Borrower and the results of
Uniform Commercial Code searches with respect to the Collateral, indicating no
Liens other than Permitted Liens and otherwise in form and substance
satisfactory the Administrative Agent;

 

(xi)                                the
most recent Accounts Receivable aging report of the Borrowers dated as of a
date which shall be no more than fifteen (15) days prior to the Closing Date
and the Borrowers shall have notified the Administrative Agent in writing on
the Closing Date of any material deviation from the Accounts Receivable values
reflected in such Accounts Receivable aging report and shall have provided the
Administrative Agent with such supplementary documentation as the
Administrative Agent may reasonably request; and

 

(xii)                             such
other assurances, certificates, documents, consents or opinions as the
Administrative Agent, the L/C Issuer or the Required Lenders reasonably may
require.

 

59

 

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

 

(c)                                  Unless
waived by the Administrative Agent, the Borrowers shall have paid all fees,
charges and disbursements of counsel to the Administrative 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 the Borrowers and the
Administrative Agent).

 

(d)                                 The Security Documents shall be effective to
create in favor of the Administrative Agent a legal, valid and enforceable
first priority (except for Permitted Liens entitled to priority under
applicable law) security interest in and lien upon the Collateral.  All filings, recordings, deliveries of
instruments and other actions necessary or desirable in the opinion of the
Administrative Agent to protect and preserve such security interests shall have
been duly effected.  The Administrative
Agent shall have received evidence thereof in form and substance satisfactory
to the Administrative Agent.

 

(e)                                  The
Administrative Agent and each of the Lenders shall have received from the
Borrowers the initial Borrowing Base Report and marked-to-market inventory
report each as at September 23, 2005.

 

(f)                                    Evidence satisfactory to the Administrative
Agent and each of the Lenders that MLP has consummated the initial public
offering of its limited partnership units and has received gross cash proceeds
in connection therewith of not less than $90,000,000.

 

(g)                                 Evidence satisfactory to the Administrative
Agent and each of the Lenders of the corporate and capital structure of the
Loan Parties.

 

(h)                                 The Administrative Agent and each of the
Lenders shall have received the result of a commercial financial examination of
the Borrowers completed in June, 2005, and the results thereof shall be
satisfactory in all respects to the Administrative Agent and the Lenders.

 

Without limiting the generality of the provisions of Section 9.4,
for purposes of determining compliance with the conditions specified in this Section 4.1,
each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its
objection thereto.

 

4.2                               Conditions
to all Credit Extensions.  The
obligation of each Lender to honor any Request for Credit Extension (other than
a Loan Notice requesting only a conversion of Loans to the other Type, or a
continuation of Eurodollar Rate Loans or Cost of Funds Rate Loans) is subject
to the following conditions precedent:

 

(a)                                  The
representations and warranties of the Borrowers 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

 

60

 

and as of the date of such Credit Extension, 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, and except
that for purposes of this Section 4.2, the representations and
warranties contained in subsections (a) and (b) of Section 5.5
shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.1.

 

(b)                                 No
Default shall exist, or would result from such proposed Credit Extension or
from the application of the proceeds thereof.

 

(c)                                  The
Administrative Agent and, if applicable, the L/C Issuer shall have received a
Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension (other than a Loan Notice requesting
only a conversion of Loans to the other Type or a continuation of Eurodollar
Rate Loans or Cost of Funds Rate Loans) submitted by the Borrowers shall be
deemed to be a representation and warranty that the conditions specified in Sections
4.2(a) and (b) have been satisfied on and as of the date
of the applicable Credit Extension.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES

 

The Loan Parties
represent and warrant to the Administrative Agent and the Lenders that:

 

5.1                               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.

 

5.2                               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 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.

 

61

 

5.3                               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.

 

5.4                               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.

 

5.5                               Financial
Statements; No Material Adverse Effect; No Internal Control Event; Accuracy of
Borrowing Base Report and Solvency.

 

(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
the Borrower (other than OLLC) 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 the Borrowers
(other than OLLC) and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and Indebtedness.

 

(b)                                 The
unaudited combined balance sheets of the Borrowers (other than OLLC) and their
Subsidiaries dated [June 30, 2005], and the related combined 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 the Borrower (other than OLLC) and their 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.  Schedule 5.5
sets forth all material indebtedness and other liabilities, direct or
contingent, of (a) the Borrowers (other than OLLC) and their Subsidiaries
as of the date of such financial statements; and (b) MLP, GP and OLLC as
of the Closing Date, including liabilities for taxes, material commitments and
Indebtedness.

 

(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.

 

(d)                                 Since
the date of the Audited Financial Statements, no Internal Control Event has
occurred.  Since the date of the Audited
Financial Statements, none of the Loan Parties has made any Restricted Payment,
except Restricted Payments permitted by Section 7.7 hereof.

 

(e)                                  There
has been delivered to the Administrative Agent and each of the Lenders a
complete and accurate Borrowing Base Report as at September 23, 2005, with
an accompanying true and complete marked-to-market inventory report.

 

62

 

(f)                                    The
Loan Parties, on a combined and combining basis, both before and after giving
effect to the transactions contemplated by this Agreement and the other Loan
Documents (a) are solvent; (b) the fair value of the property of such
Person exceeds its total liabilities (including contingent liabilities but
without duplication of any underlying liability related thereto); (c) the
present fair saleable value on a going concern basis of the assets of such
Person is not less than the amount required to pay its probable liabilities on
its debts as they become absolute and mature; (d) does not intend to, and
does not believe that it will, incur debts or liabilities beyond its ability to
pay as such debts and liabilities mature; and (e) is not engaged, and is not
about to engage, in business or a transaction for which is property would
constitute unreasonably small capital.

 

5.6                               Litigation.  Except
as set forth on Schedule 5.6 hereto,
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, or (b) either individually or in the
aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

 

5.7                               No
Default.  Neither any Loan Party nor
any Subsidiary 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.

 

5.8                               Ownership
of Property; Liens.  Each Loan Party
and each Subsidiary 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 and its Subsidiaries is subject to no Liens, other than
Permitted Liens.

 

5.9                               Environmental
Compliance.  Each Loan Party and its
Subsidiaries 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 (including Real Estate), and as a result
thereof each Loan Party has reasonably concluded that, except as specifically
disclosed in Schedule 5.9, 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 each Loan Party and its
Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of a Loan Party, in such amounts, 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 or the applicable Subsidiary operates.

 

63

 

5.11                        Taxes.  Each Loan Party and its Subsidiaries have
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 them or
their 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 or any Subsidiary that would, if made, have a
Material Adverse Effect.  Neither any
Loan Party nor any Subsidiary thereof is party to any tax sharing agreement.

 

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 the Loan Parties, 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 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 any Loan Party, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to
any Plan that could 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) neither a 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) neither
a 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) neither
a 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;
Equity Interests.   Part (a) of Schedule 5.13
sets forth each Subsidiary of each Loan Party. 
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 on Part (a) of Schedule 5.13 free and
clear of all Liens other than Liens granted to the Administrative Agent for the
benefit of the Administrative Agent and the Lenders under the Loan
Documents.  The Loan Parties have no
equity investments in any other corporation or entity other than those
specifically disclosed in Part(b) of Schedule 5.13.  All of the outstanding Equity Interests in
each Loan Party have been validly issued,
are fully paid and nonassessable and,
as to each Loan Party other than MLP are owned by the Persons and in the
amounts specified on Part (c) of Schedule 5.13 free and
clear of all Liens other than Liens

 

64

 

granted to the Administrative Agent for the benefit of the
Administrative Agent and the Lenders under the Loan Documents.

 

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

 

(a)                                  No
Loan Party is engaged and will 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 a Loan Party, or any Subsidiary (i) is
a “holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate”
of a “holding company” or of a “subsidiary company” of a “holding company,”
within the meaning of the Public Utility Holding Company Act of 1935, or (ii) is
or is required to be registered as an “investment company” under the Investment
Company Act of 1940.

 

5.15                        Disclosure.  The Loan Parties have disclosed to the
Administrative Agent and the 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 furnished (whether in writing or orally) by or on behalf
of any Loan Party to the Administrative 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 (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, the Borrowers represent 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 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                        Intellectual
Property; Licenses, Etc.  Each Loan
Party and its Subsidiaries own, or possess the right to use, all of the
trademarks, service marks, trade names, copyrights, patents, patent rights,
franchises, licenses and other intellectual property rights (collectively, “IP
Rights”) that are reasonably necessary for the operation of their
respective businesses, without conflict with the rights of any other
Person.  To the best knowledge of the
Loan Parties, 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 or any Subsidiary 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 the Loan
Parties, threatened, which, either

 

65

 

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

 

5.18                        Absence of
Financing Statements, Etc.  Except
with respect to Permitted Liens, there is no financing statement, security
agreement, chattel mortgage, real estate mortgage or other document filed or
recorded with any filing records, registry or other public office that purports
to cover, affect or give notice of any present or possible future Lien on, or
security interest in, any assets or property of any of the Loan Parties or any
rights relating thereto.

 

5.19                        Perfection
of Security Interest.  All filings,
assignments, pledges and deposits of documents or instruments have been made
and all other actions have been taken that are necessary or advisable, under
applicable law, to establish and perfect the Administrative Agent’s security
interest in the Collateral.  The
Collateral and the Administrative Agent’s rights with respect to the Collateral
are not subject to any setoff, claims, withholdings or other defenses.  TheBorrowers are the owners of the Collateral
free from any Lien and any other claim or demand, except for Permitted Liens.

 

5.20                        Certain
Transactions.  None of the officers,
directors or employees of any Loan Party is presently a party to any
transaction with such Loan Party or any other Loan Party (other than for
services as employees, officers and directors and redemption agreements, and
loans to owners, officers and employees to the extent permitted by Section 7.14,
including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of any Loan Party, any
corporation, partnership, trust or other entity (other than for services as
employees, officers and directors and redemption agreements and loans to
owners, officers and employees, in each case in the ordinary course of business
consistent with past practices) in which any officer, director or any such
employee has a substantial interest or is an officer, director, trustee or
partner.

 

5.21                        Bank
Accounts.  Schedule 5.21 sets forth the account numbers and locations of
all bank accounts of each of the Loan Parties.

 

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, or any Letter of
Credit shall remain outstanding, the Loan Parties shall, and shall (except in
the case of the covenants set forth in Sections 6.1, 6.2, and 6.3)
cause each Subsidiary to:

 

6.1                               Financial
Statements.  Deliver to the
Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative 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 each Loan Party, a combined balance sheet of the Loan Parties (other
than the GP) and their Subsidiaries as at the end of such fiscal year, and the
related combined statements of

 

66

 

income or operations, shareholders’ or members’ 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 (i) a report and opinion
of a Registered Public Accounting Firm of nationally recognized standing
reasonably acceptable to the Required Lenders, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and
applicable Securities Laws 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 (ii) if required by law, an attestation report of
such Registered Public Accounting Firm as to the Borrower’s internal controls
pursuant to Section 404 of Sarbanes-Oxley expressing a conclusion to which
the Required Lenders do not object;

 

(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 the Loan Parties, a combined
balance sheet of the Loan Parties (other than the GP) and their Subsidiaries as
at the end of such fiscal quarter, and the related combined statements of
income or operations, shareholders’ equity and cash flows for such fiscal
quarter and for the portion of each such Loan Party’s fiscal year then ended,
each calculated on a FIFO basis and 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 the Loan Parties as fairly
presenting the financial condition, results of operations, shareholders’ equity
and cash flows of each Loan Party (other than the GP) and its Subsidiaries in
accordance with GAAP, subject only to normal year-end audit adjustments and the
absence of footnotes;

 

(c)                                  as soon as practicable, but in any event
within forty-five days after the end of each month of the Loan Parties,
unaudited monthly combined financial reports of the Loan Parties (other than
the GP) and their Subsidiaries for such month and the portion of the fiscal
year then ended (including balance sheet and income reports), each calculated
on a FIFO basis and prepared in accordance with GAAP, together with a
certification by a Responsible Officer that the information contained in such
financial reports fairly presents the combined financial condition of the Loan
Parties (other than the GP) on the date thereof (subject to year-end
adjustments);

 

As to any information contained in materials furnished pursuant to Section 6.2(d),
the Loan parties shall not be separately required to furnish such information
under clause (a) or (b) above, but the foregoing shall not be in
derogation of the obligation of the Loan Parties to furnish the information and
materials described in clauses (a) and (b) above at the times
specified therein.

 

6.2                               Certificates;
Other Information.  Deliver to the
Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders:

 

(a)                                  concurrently
with the delivery of the financial statements referred to in Section 6.1(a),
a certificate of its independent certified public accountants certifying such
financial statements and stating that in making the examination necessary
therefor no knowledge was obtained of any Default or, if any such Default shall
exist, stating the nature and status of such event;

 

67

 

(b)                                 concurrently
with the delivery of the financial statements referred to in Sections 6.1(a) and
(b), a duly completed
Compliance Certificate signed by a Responsible Officer of the Loan Parties;

 

(c)                                  promptly
after any request by the Administrative 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 the
Loan Parties by independent accountants in connection with the accounts or
books of each Loan Party or any Subsidiary, or any audit of any of them;

 

(d)                                 promptly
after the same are available, copies of each annual report, proxy or financial
statement or other material report or communication sent to the equity holders
of MLP or GP, and copies of all annual, regular, periodic and special reports
and registration statements which MLP or GP may file or be required to file
with the SEC under Section 13 or 15(d) of the Securities Exchange Act
of 1934, and not otherwise required to be delivered to the Administrative Agent
pursuant hereto; and

 

(e)                                  promptly after the furnishing thereof, copies
of any statement or report furnished to any holder of debt securities of any
Loan Party or any Subsidiary thereof pursuant to the terms of any indenture,
loan or credit or similar agreement and not otherwise required to be furnished
to the Lenders pursuant to Section 6.1 or any other clause of this Section 6.02;

 

(f)                                    promptly, and in any event within five
Business Days after receipt thereof by any Loan Party or any Subsidiary
thereof, copies of each notice or other correspondence received from the SEC
(or comparable agency in any applicable non-U.S. jurisdiction) concerning any
investigation or possible investigation or other inquiry by such agency
regarding financial or other operational results of any Loan Party or any
Subsidiary thereof;

 

(g)                                 no later than (i) the last Business Day
of each of the first three weeks of each calendar month (or such earlier time
as the Administrative Agent may reasonably request) a complete and accurate
Borrowing Base Report setting forth the Borrowing Base as at the close of
business on the last Business Day of the preceding week (or other date so
requested by the Administrative Agent), and (ii) the last Business Day of
each month (or at such earlier time as the Administrative Agent may reasonably
request), a complete and accurate Borrowing Base Report as of the close of
business on the last Business Day of such month (or other date so requested by
the Administrative Agent), in each case including a marked-to-market inventory
report and a summary report setting forth in appropriate detail the Borrowers’
computations of its Open Position as of the date of each Borrowing Base Report
by both product and market; provided, however, for purposes of determining the
available amount of WC Revolving Loans the Borrowers are permitted to borrow
and Letters of Credit the Borrowers are permitted to request pursuant to the
Agreement, the Borrowers shall be permitted at any time to deliver to the
Administrative Agent and the Lenders a more recent complete and accurate
Borrowing Base Report than is required to be delivered as described above, such
Borrowing Base Report setting forth the Borrowing Base as at the close of
business of the Business Day such Borrowing Base Report is dated, which
Borrowing Base Report shall include a marked-to-market inventory report and a
summary report setting forth in appropriate detail the Borrowers’ computations
of its Open Position as of the date of each Borrowing Base Report by both
product and market;

 

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(h)                                 as soon as practicable, but in any event
within fifteen (15) Business Days after the end of each month, an Accounts
Receivable aging summary;

 

(i)                                     as soon as practicable, but in any event
within forty five (45) days of the end of each fiscal quarter, a report of
gross margins and volumes by product for such fiscal quarter;

 

(j)                                     as soon as practicable, but in any event
within thirty (30) days after the first day of each fiscal year of the Loan
Parties (other than the GP), the annual budget and operating projections for
such fiscal year, including without limitation gross margins and volumes by
product; and

 

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

 

Documents required to be delivered pursuant to Section 6.1(a)or
(b) or Section 6.2(d) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the applicable Loan Party posts such
documents, or provides a link thereto on such Loan Party’s website on the
Internet at the website address listed on Schedule 10.2; or (ii) on
which such documents are posted on the applicable Loan Party’s behalf on an
Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); provided that: (i) the
Loan Parties shall deliver paper copies of such documents to the Administrative
Agent or any Lender that requests the Loan Parties to deliver such paper copies
until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender and (ii) the Borrowers shall notify
the Administrative Agent and each Lender (by telecopier or electronic mail) of
the posting of any such documents and provide to the Administrative Agent by
electronic mail electronic versions (i.e., soft copies) of such
documents.  Notwithstanding anything
contained herein, in every instance the Loan Parties shall be required to
provide paper copies of the Compliance Certificates required by Section 6.2(b) to
the Administrative Agent.  Except for
such Compliance Certificates, the Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to
above, and in any event shall have no responsibility to monitor compliance by
the Loan Parties with any such request for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of
such documents.

 

The Loan Parties hereby acknowledges that (a) the Administrative
Agent and/or the Arranger will make available to the Lenders and the L/C Issuer
materials and/or information provided by or on behalf of the Loan Parties
hereunder (collectively, “Borrower Materials”) by posting the 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 the Borrower or its securities)
(each, a “Public Lender”).  Each
Loan Party 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

 

69

 

thereof; (x) by marking Borrower Materials “PUBLIC,” the Loan Parties
shall be deemed to have authorized the Administrative Agent, the Arranger, the
L/C Issuer and the Lenders to treat such Borrower Materials as not containing
any material non-public information with respect to the Loan Parties 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) the
Administrative Agent and the Arranger 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.”

 

6.3                               Notices.  Promptly notify the Administrative 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 the Borrower or any Subsidiary; (ii) any
dispute, litigation, investigation, proceeding or suspension between the
Borrower or any Subsidiary and any Governmental Authority; or (iii) the
commencement of, or any material development in, any litigation or proceeding
affecting the Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws;

 

(c)                                  of
the occurrence of any ERISA Event;

 

(d)                                 of
any material change in accounting policies or financial reporting practices by
any Loan Party or any Subsidiary;

 

(e)                                  of
the occurrence of any Internal Control Event;

 

(f)                                    of (i) any material violation of any
Environmental Law that such Loan Party reports in writing or is reportable by
such Loan Party in writing (or for which any written report supplemental to any
oral report is made) to any federal, state or local environmental agency an d (ii) upon
becoming aware thereof, of any material inquiry, proceeding, investigation or
any other action pertaining to any Environmental Law, including a notice from
any agency of potential environmental liability, or any federal, state or local
environmental agency or board, that has the potential to have a Material
Adverse Effect; and

 

(g)                                 of any material setoff, claims (including,
with respect to the Real Estate, environmental claims), withholdings or other
defenses to which any of the Collateral, or the Administrative Agent’s rights
with respect to the Collateral, are subject.

 

Each notice pursuant to this Section shall be accompanied by a
statement of a Responsible Officer of the Loan Parties setting forth details of
the occurrence referred to therein and stating what action the applicable Loan
Party has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.3(a) shall
describe with particularity any and all provisions of this Agreement and any
other Loan Document that have been breached.

 

70

 

6.4                               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 each Loan Party or such
Subsidiary; (b) all lawful claims which, if unpaid, would by law become a
Lien upon its property, provided that such Loan Party will pay all such taxes,
assessments, charge and levies upon the commencement of proceedings to
foreclose any Lien that may have attached as security therefor; 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.

 

6.5                               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 7.4 or 7.5; (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.

 

6.6                               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.

 

6.7                               Maintenance
of Insurance.  Maintain with
financially sound and reputable insurance companies not Affiliates of any Loan
Party, insurance with respect to its properties and business against loss or
damage of the kinds customarily insured against by Persons engaged in the same
or similar business, of such types and in such amounts as are customarily carried
under similar circumstances by such other Persons and
providing for not less than 30 days’ prior notice to the Administrative Agent
of termination, lapse or cancellation of such insurance.

 

6.8                               Compliance
with Laws; Governing Documents.  Comply
(a) with the provisions of its charter documents and by-laws or other
organizational documents; (b) with all agreements and instruments to which
it or any of its properties may be bound and (c)  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 (i) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings
diligently conducted; or (ii) the failure to comply therewith could not
reasonably be expected to have a Material Adverse Effect.

 

6.9                               Books
and Records.  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 the Borrower or such

 

71

 

Subsidiary, as the case may be, and at all times engage Ernst &
Young or other independent certified public accounts satisfactory to the
Administrative Agent as the independent certified public accountants of the
Loan Parties and not permit more than thirty (30) days to elapse between the
cessation of such firm’s (or any successor firm’s) engagement as the
independent certified public accountants of the Loan Parties and the
appointment in such capacity of a successor firm as shall be satisfactory to
the Administrative Agent.

 

6.10                        Inspection
Rights.  Permit representatives and independent
contractors of the Administrative 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 the Loan Parties and at such
reasonable times during normal business hours and as often as may be reasonably
desired, upon reasonable advance notice to the Loan Parties; provided, however,
that when an Event of Default exists the Administrative Agent or any Lender (or
any of their respective representatives or independent contractors) may do any
of the foregoing at the expense of the Loan Parties at any time and without
advance notice.  In addition, the Loan
Parties shall permit the Administrative Agent, the Lenders or any of their
respective employees or agents to conduct commercial finance examinations once
per year (or more frequently if a Default or Event of Default has occurred and
is continuing) and from time to time upon request of the Administrative Agent
or any Lender, all at the Loan Parties’ expense.

 

6.11                        Use of
Proceeds.  Use the proceeds of (a) WC
Revolver Loans solely for working capital purposes and not in contravention of
any Law or of any Loan Document; (b) the Acquisition Loans to finance all
or any portion of Permitted Acquisitions and not in contravention of any Law or
of any Loan Document; and (c) the Revolver Loans for general corporate purposes
(including payment of Permitted Distributions) and not in contravention of any
Law or of any Loan Document.  The
Borrowers will request Letters of Credit solely to support petroleum product
purchases and to secure bonding and performance obligations.

 

6.12                        Bank
Accounts.  Continue to maintain a
wholesale lock box account, retail lock box account and depository lock box
account with the Administrative Agent or another Lender (the “Lock Box
Accounts”) as well as an Operating Account with the Administrative Agent,
and shall direct the Administrative Agent or any other Lender which has a Lock
Box Account, pursuant to an agreement in form and substance satisfactory to the
Administrative Agent, to cause all funds held by the Administrative Agent or
such Lender, as the case may be, in the Lock Box Accounts to be transferred
automatically and on a daily basis to the Operating Account.

 

6.13                        Additional
Guarantors.  Notify the
Administrative Agent at the time that any Person becomes a Domestic Subsidiary,
and promptly thereafter cause such Person to (a) become a Guarantor by
executing and delivering to the Administrative Agent a counterpart of the
Guaranty or such other document as the Administrative Agent shall deem
appropriate for such purpose and executing and delivering applicable Security
Documents, and (b) deliver to the Administrative Agent documents of the
types referred to in clauses (iii) and (iv) of Section 4.1(a) and
favorable opinions of counsel to such Person (which shall cover, among other things,

 

72

 

the legality, validity, binding effect and enforceability of the
documentation referred to in clause (a)), all in form, content and scope
reasonably satisfactory to the Administrative Agent.

 

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, or any Letter of
Credit shall remain outstanding, the Loan Parties shall not, nor shall it
permit any Subsidiary to, directly or indirectly:

 

7.1                               Liens.  Create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, or upon the income or profits therefrom, other than the
following:

 

(a)                                  Liens
pursuant to any Loan Document;

 

(b)                                 Liens
existing on the date hereof and listed on Schedule 7.1 and any
renewals or extensions thereof, provided that (i) the property
covered thereby is not changed, (ii) the amount secured or benefited
thereby is not increased, (iii) the direct or any contingent obligor with
respect thereto is not changed, and (iv) any renewal or extension of the
obligations secured or benefited thereby is permitted by Section 7.3(b);

 

(c)                                  Liens
for taxes not yet due or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect
thereto are maintained on the books of the applicable Person in accordance with
GAAP;

 

(d)                                 carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period
of more than thirty (30) days or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect
thereto are maintained on the books of the applicable Person;

 

(e)                                  pledges
or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation,
other than any Lien imposed by ERISA;

 

(f)                                    deposits
to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature incurred in the ordinary course of
business;

 

(g)                                 easements,
rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do
not in any case materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of
the applicable Person;

 

(h)                                 Liens
securing judgments for the payment of money not constituting an Event of
Default under Section 8.1(h);

 

73

 

(i)                                     Liens
securing Indebtedness permitted under Section 7.3(e); provided
that (i) such Liens do not at any time encumber any property other than
the property financed by such Indebtedness and (ii) the Indebtedness
secured thereby does not exceed the cost or fair market value, whichever is
lower, of the property being acquired on the date of acquisition;

 

(j)                                     Liens
in favor of the Administrative Agent or the LOI Agent (as defined in the
definition of LOI Agreement) for the benefit of the LOI Agent and the LOI Banks
(as defined in the definition of LOI Agreement) under the LOI Agreement; and

 

(k)                                  Liens
on the Mortgaged Property as and to the extent permitted by the Mortgages
applicable thereto.

 

In addition, no Loan
Party will (a) enter into or permit to exist any arrangement or agreement
(excluding the Agreement, the LOI Agreement and the other Loan Documents) which
directly prohibits such Loan Party from creating, assuming or incurring any
Lien upon its properties, revenues or assets whether now owned or hereafter
acquired or (b) enter into any agreement, contract or arrangement
(excluding the Agreement, the LOI Agreement and the other Loan Documents)
restricting the ability of any Subsidiary of a Loan Party to pay or make
dividends or distributions in cash or kind to such Loan Party, to make loans,
advances or other payments of whatsoever nature to such Loan Party, or to make
transfers or distributions of all or any part of its assets to such Loan Party,
in each case other than (i) restrictions on specific assets which assets
are the subject of purchase money security interests to the extent permitted by
Section 7.3(e), and (ii) customary
anti-assignment provisions contained in leases and licensing agreements entered
into by a Loan Party or such Subsidiary in the ordinary course of business.

 

7.2                               Investments.  Make any Investments, except:

 

(a)                                  Investments
held by a Loan Party or such Subsidiary in the form of marketable direct or
guaranteed obligations of the United States of America that mature within one (1) year
from the date of purchase by such Loan Party or Subsidiary;

 

(b)                                 Investments
held by a Loan Party or such Subsidiary in the form of demand deposits,
certificates of deposit, bankers acceptances and time deposits of any Lender or
any other United States bank having total assets in excess of $1,000,000,000
Dollars;

 

(c)                                  Investments
held by a Loan Party or such Subsidiary in the form of securities commonly
known as “commercial paper” issued by (i) any Lender or any corporation
controlling any Lender; (ii) any other corporation which is organized and
existing under the laws of the United States of America or any state thereof,
if at the time of purchase, such commercial paper has been rated and the
ratings therefore are not less than “P-2” if rated by Moody’s and not less than
“A-2” if rated by S&P;

 

(d)                                 Investments
held by a Loan Party or such Subsidiary in the form of repurchase agreements
secured by any one or more of the foregoing;

 

(e)                                  advances
to officers, directors and employees of a Loan Party to the extent permitted by
Section 7.14 hereof;

 

74

 

(f)                                    Investments
of one Loan Party into another Loan Party, so long as each such Person remains
a Loan Party hereunder;

 

(g)                                 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;

 

(h)                                 Investment
existing on the date hereof and set forth on Schedule 7.2
hereto, and Guarantees permitted by Section 7.3;

 

(i)                                     Investments
of a Loan Party in the form of short-term Investments in tax-exempt money
market funds acceptable to the Administrative Agent ; and

 

(j)                                     Investments
consisting of a Permitted Acquisition.

 

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

 

(a)                                  Indebtedness
under the Loan Documents;

 

(b)                                 Indebtedness
outstanding on the date hereof and listed on Schedule 7.3 and any
refinancings, refundings, renewals or extensions thereof; provided that (i) the amount of such
Indebtedness is not increased at the time of such refinancing, refunding,
renewal or extension except by an amount equal to a reasonable premium or other
reasonable amount paid, and fees and expenses reasonably incurred, in
connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder and (ii) the
terms relating to principal amount, amortization, maturity, collateral (if any)
and subordination (if any), and other material terms taken as a whole, of any
such refinancing, refunding, renewing or extending Indebtedness, and of any
agreement entered into and of any instrument issued in connection therewith,
are no less favorable in any material respect to the Loan Parties or the
Lenders than the terms of any agreement or instrument governing the Indebtedness
being refinanced, refunded, renewed or extended and the interest rate
applicable to any such refinancing, refunding, renewing or extending
Indebtedness does not exceed the then applicable market interest rate;

 

(c)                                  Indebtedness
of one Loan Party owing to another Loan Party, so long as both Persons are Loan
Parties hereunder, and, in addition, Guarantees of a Loan Party in respect of
Indebtedness otherwise permitted hereunder of another Loan Party;

 

(d)                                 obligations
(contingent or otherwise) of the 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;” and (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;

 

75

 

(e)                                  Indebtedness
in respect of capital leases, Synthetic Lease Obligations and purchase money
obligations for fixed or capital assets within the limitations set forth in Section 7.1(i);
provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding shall not exceed $5,000,000; and

 

(f)                                    Indebtedness
to any of the LOI Banks or the LOI Agent (as such terms are defined in the
definition of LOI Agreement) pursuant to the LOI Agreement.

 

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

 

(b)                                 any
Subsidiary may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to a Borrower or to a Guarantor other than the
GP or MLP.

 

In addition, the Loan
Parties have informed the Administrative Agent, the L/C Issuer and the Lenders
that after the Closing Date, OLLC intends to cause Montello LLC to convert in
accordance with Section 18-216 of the Delaware Limited Liability Company
Act and Section 265 of the Delaware General Corporation Law into a
Delaware corporation (to be known as Global Montello Group Corp. and after the
conversion hereinafter referred to as “Montello
Corp.”) (such action being the “Montello
Conversion”).  The parties hereto
hereby consent to the Montello Conversion so long as (a) no Default exists
or would result therefrom; (b) the Loan Parties have provided the
Administrative Agent with prompt written notice of the Montello Conversion,
together with copies of all documents, agreements and instruments to be filed
with the Secretary of State of the State of Delaware in connection with such
Montello Conversion and such documents, agreements and/or instruments shall be
satisfactory to the Administrative Agent; and (c) the Loan Parties take
whatever action the Administrative Agent shall reasonably require (including,
without limitation, delivery of all documents, agreements and instruments
evidencing such Montello Conversion, copies of all the Governing Documents of
Montello Corp. and authorizations to file amendments to any financing
statements of record evidencing the change of name) to evidence Montello Corp.
as a party to the Loan Documents as a Borrower and a Loan Party hereunder and
thereunder.

 

7.5                               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;

 

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

 

76

 

(c)                                  Dispositions
of equipment or real property to the extent that (i) such property is
exchanged for credit against the purchase price of similar replacement property,
(ii) the proceeds of such Disposition are reasonably promptly applied to
the purchase price of such replacement property or (iii) the value of any
equipment so disposed of pursuant to this Section 7.5(c)(iii) does
not exceed $100,000 per item of equipment and the aggregate value of all the
equipment disposed of pursuant to this Section 7.5(c)(iii) does not
exceed $2,000,000 over the life of this Agreement;

 

(d)                                 Dispositions
of property by any Subsidiary to a Borrower or to a Guarantor other than the GP
or MLP; and

 

(e)                                  Dispositions
permitted by Section 7.4.

 

7.6                               Acquisitions.  Become a party to any merger or
consolidation or agree to or effect any asset acquisition or stock acquisition,
except:

 

(a)                                  Acquisition
of assets in the ordinary course of business, consistent with past practices;

 

(b)                                 Mergers
and consolidations permitted by Section 7.4; and

 

(c)                                  Acquisitions
of the assets or stock of another Person (a “Permitted
Acquisition”), so long as (i) no Default or Event of Default has
occurred and is continuing or would exist as a result thereof; (ii) the
Person to be acquired (or, in the case of an asset acquisition, the assets of
such Person) are in the same or a substantially similar line of business as the
Loan Party making such acquisition; (iii) the Loan Parties have provided
the Administrative Agent with prior written notice of such acquisition, which
notice shall include a reasonably detailed description of such Permitted
Acquisition; (iv) the board of directors and (if required by applicable
law) the shareholders, or the equivalent thereof of each of the applicable Loan
Party or Subsidiary making such acquisition and of the Person to be acquired
has approved such merger, consolidation or acquisition; (v) in the event
of a stock or other similar equity acquisition the Person so acquired shall
become a wholly-owned Subsidiary of a Loan Party and shall comply with the
terms and conditions set forth in Section 6.13; (vi) the business to
be acquired would not subject the Administrative Agent or any Lender to
regulatory or third party approvals in connection with the exercise of any of
its rights and remedies under this Agreement or any other Loan Document; (vii) the
aggregate amount of the purchase price for any single acquisition or series of
related acquisitions which is payable in anything other than the equity
interests of MLP (and such equity interests shall have no redemption or
repurchase rights prior to a date which is one (1) year after the Maturity
Date and shall not have the ability to convert into any form of Indebtedness)
shall not exceed $25,000,000; and (viii) the aggregate amount of the
purchase price for all acquisitions over any twelve consecutive calendar month
period which is payable in anything other than the equity interests of MLP (and
such equity interests shall have no redemption or repurchase rights prior to a
date which is one (1) year after the Maturity Date and shall not have the
ability to convert into any form of Indebtedness) shall not exceed $35,000,000.

 

7.7                               Restricted
Payments.  Declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, or, other than
MLP, issue

 

77

 

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 may make Restricted Payments to a Borrower 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)                                 a
Loan Party may declare and make dividend payments or other distributions
payable solely in the common stock or other common Equity Interests of such
Person;

 

(c)                                  the
Borrowers shall be permitted to make Restricted Payments to the MLP in an
aggregate amount not to exceed Available Cash to enable the MLP to make the
Permitted Distribution, and the MLP shall be permitted to use the proceeds
thereof to make Restricted Payments to its unitholders so long as such
Restricted Payments constitute Permitted Distributions.

 

7.8                               Change
in Nature of Business.  Engage in any
material line of business substantially different from those lines of business
conducted by any Loan Party and its Subsidiaries on the date hereof or any
business substantially related or incidental thereto, provided, that nothing in
this Section 7.8 shall prevent any Loan Party from discontinuing the
operation of any of its properties if such discontinuance is, in the judgment
of such Loan Party, desirable in the conduct of its or their business and that
do not in the aggregate materially adversely affect the properties, assets,
financial condition or business of the Loan Parties on a combined basis.

 

7.9                               Transactions
with Affiliates.  Enter into any
transaction of any kind with any Affiliate of a Loan Party, whether or not in
the ordinary course of business, other than (a) the sale by Global on or
about the Closing Date to Global Petroleum Corp. of certain notes receivable in
an aggregate amount of approximately $3,050,000; (b) in connection with
the shared services agreements set forth on Schedule 7.9 hereto; or
(c) on fair and reasonable terms substantially as favorable to such Loan
Party or such Subsidiary as would be obtainable by such Loan Party or such
Subsidiary at the time in a comparable arm’s length transaction with a Person
other than an Affiliate.

 

7.10                        Burdensome
Agreements.  Enter into any
Contractual Obligation (other than this Agreement, the LOI Agreement or any
other Loan Document) that (a) limits the ability (i) of any
Subsidiary to make Restricted Payments to any Loan Party or to otherwise
transfer property to a Loan Party, (ii) of any Subsidiary to Guarantee the
Indebtedness of a Loan Party or (iii) of the a 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 7.3(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.

 

7.11                        Use of
Proceeds.  Use the proceeds of any
Credit Extension, 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

 

78

 

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

 

7.12                        Compliance
with Environmental Laws.  Conduct any
activity in any manner or permit to exist any activity or condition that would
result in any material violation not covered by insurance by any Loan Party or
for which any Loan Party is liable, of any Environmental Law.

 

7.13                        Prohibited
Commodity Transactions.  Purchase or
sell any commodities futures contracts, provided, that (a) the Loan
Parties may purchase and sell commodities futures contracts on national
commodities exchanges for the sale or purchase of petroleum product in
connection with hedging transactions entered into in the ordinary course of the
business of any Loan Party that are (i) economically appropriate and
consistent with such Loan Party’s business; (ii) used to offset price
risks incidental to such Loan Party’s cash or spot transactions in petroleum
product; and (iii) established and liquidated in accordance with sound
commercial practices, and (b) the Loan Parties may maintain an aggregate
Open Position (calculated by adding the Open Positions of the Loan Parties for
each type of petroleum product and each market and any separate Open Positions
determined pursuant to the last sentence of paragraph (y) of the definition of “Open
Position”) of not more than 1,000,000 barrels of petroleum product at any one time.

 

7.14                        Loans to
Owners, Officers and Employees.  Except
as may be prohibited by law, make loans or advances to any of their respective
owners, officers or employees without the prior written consent of the
Administrative Agent and the Required Lenders, and in no event shall (a) the
aggregate principal amount of all such loans at any time outstanding exceed
$2,000,000 (excluding loans secured by the cash value of life insurance
policies) or (b) any such loan have a term longer than 1 1⁄2 years; provided,
that, subject to the restrictions contained in clauses (a) and (b) above,
the Loan Parties may make loans to their respective directors and employees in
amounts not to exceed $500,000 for any individual loan without the prior
written consent of the Administrative Agent and the Required Lenders and,
provided further that notwithstanding the provisions of this Section 7.13,
the Loan Parties shall be permitted to make loans or advances to their
respective directors and employees in addition to those permitted by this Section 7.13
in an aggregate amount not to exceed $250,000 and with an unlimited term,
without the prior written consent of the Administrative Agent and the Lenders.

 

7.15                        Prepayment
of Indebtedness.  Make any
prepayments in respect of any Indebtedness, other than prepayments of the
Obligations pursuant to the terms of this Agreement or the other Loan Documents
and repayments and prepayments under the LOI Agreement.

 

7.16                        Bank
Accounts.  Either (a) establish any bank account other than those listed on Schedule 5.21 without the Administrative
Agent’s prior written consent; (b) violate directly or indirectly any Lock
Box Agreement or any control agreement in favor of the Administrative Agent for
the benefit of the Administrative Agent and the Lenders with respect to such
account; (c) deposit into any of the payroll accounts listed on Schedule 5.21 any amounts in excess of
amounts necessary to pay current payroll obligations from such accounts; (d) at
any time allow any amount in excess of $150,000 to remain in any of the
accounts listed on Schedule 5.21 as “petty
cash” accounts; or (e) allow any collected funds (other than nominal
amounts not in

 

79

 

excess of $500 and after taking into account any checks which the Loan
Parties may have written and mailed or otherwise tendered to the payee thereof)
to remain in any account which is not with the Administrative Agent (other than
those accounts listed on Schedule 5.21
as “petty cash” accounts unless the Administrative Agent or the Loan Parties
have requested that the amounts in such accounts be transferred to the Lock Box
Account or the Operating Account on a weekly or more frequent basis) at the
close of business on the day each week (or other, more frequent period
requested by the Administrative Agent or any Loan Party) on which amounts in
such accounts are to be transferred to the Lock Box Account.

 

7.17                        Amendment
of Thru Put.  Global will not amend,
in any material respects, the terms and conditions set forth in the thru-put
agreement between Global and Global Petroleum Corp. without the prior written
consent of the Required Lenders, which consent shall not be unreasonably
withheld.

 

7.18                        Financial
Covenants.

 

(a)                                  Combined
Working Capital.  Permit the Combined
Working Capital to be less than (i) $25,000,000 at any time from the
Closing Date through March 30, 2006; and (ii) $30,000,000 at any time
thereafter.

 

(b)                                 Minimum
EBITDA.  Permit Combined EBITDA as at
the end of any fiscal quarter to be less than $20,000,000 for the Reference
Period ended on such quarter end date.

 

(c)                                  Combined
Interest Coverage Ratio.  Permit the
Combined Interest Coverage Ratio as of the end of any fiscal quarter to be less
than 2.75:1.00.

 

(d)                                 Combined
Leverage Ratio.  Permit the Combined
Leverage Ratio as at the end of any fiscal quarter to be greater than
2.50:1.00.

 

7.19                        Capital
Expenditures.  Make or become legally
obligated to make any Capital Expenditure in any fiscal year that exceed, in
the aggregate for all Loan Parties, $4,000,000 for such fiscal year, provided,
however, that if, during any fiscal year the amount of Capital Expenditures
permitted for that fiscal year up to a maximum aggregate amount of $4,000,000
is not so utilized, such unutilized amount may be utilized in the next
succeeding fiscal year, but not in any subsequent fiscal year.

 

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

 

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

 

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

 

80

 

(b)                                 Specific
Covenants.  Any Loan Party fails to
perform or observe any term, covenant or agreement contained in any of Section 6.1,
6.2, 6.3, 6.5, 6.10, 6.11, 6.12 or
6.13 or ARTICLE VII, or any Guarantor fails to perform or observe any
term, covenant or agreement contained in the Guaranty or any Loan Party fails
to perform or observe any term, covenant or agreement contained in any Mortgage;
or

 

(c)                                  Other
Defaults.  Any 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

 

(d)                                 Representations
and Warranties.  Any representation,
warranty, certification or statement of fact made or deemed made by or on
behalf of any 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 Subsidiary (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 the
Borrower 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 the Borrower or any Subsidiary is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by the Borrower
or such Subsidiary as a result thereof is greater than the Threshold Amount; or

 

(f)                                    Insolvency
Proceedings, Etc.  Any Loan Party or
any of its Subsidiaries 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

 

81

 

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 ten (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 the Borrower 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) a 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 provision of any Loan Document, 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 provision of any Loan Document; or any
Loan Party denies that it has any or further liability or obligation under any
Loan Document, or purports to revoke, terminate or rescind any provision of any
Loan Document; or

 

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

 

8.2                               Remedies
Upon Event of Default.  If any Event
of Default occurs and is continuing, the Administrative 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 and any obligation of the L/C
Issuer to make L/C Credit Extensions 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 the Borrowers;

 

82

 

(c)                                  require
that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal
to the then Outstanding Amount thereof); and

 

(d)                                 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 (which, for the avoidance of doubt
shall include any event set forth in Section 8.1(f) hereof) of an
order for relief with respect to any Loan Party under the Bankruptcy Code of
the United States, the obligation and Commitments of each Lender to make Loans
and any obligation of the L/C Issuer to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Loans
and all interest and other amounts as aforesaid shall automatically become due
and payable, and the obligation of the Borrower to Cash Collateralize the L/C
Obligations as aforesaid shall automatically become effective, in each case
without further act of the Administrative Agent or any Lender.

 

8.3                               Application
of Funds.  After the exercise of
remedies provided for in Section 8.2 (or after the Loans have
automatically become immediately due and payable and the L/C Obligations have
automatically been required to be Cash Collateralized as set forth in the
proviso to Section 8.2), any amounts received on account of the
Obligations (including, without limitation, amounts realized upon any of the
Collateral) shall be applied by the Administrative 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 the Administrative
Agent and amounts payable under Article III) payable to the
Administrative Agent in its capacity as such;

 

Second, to all other Obligations, other than
the Obligations arising under the Commodity Hedging Agreements, the Overdrafts
or arising from an LOI, in such order or preference as the Required Lenders may
determine; provided, however, that (i) distributions in
respect of such Obligations shall be made pari
passu among Obligations with respect to the Administrative Agent’s fee and
all other Obligations, (ii)  distributions in respect of Obligations under
Monetary Hedging Agreements shall be made pari
passu with the other Obligations under this clause in respect of Loans and
Letters of Credit (including, without limitation, principal, interest, fees,
and L/C Obligations); and (iii) Obligations owing to the Lenders with
respect to each type of Obligation such as interest, principal, fees and
expenses, shall be made among the Lenders pro  rata; and provided,
further, that the Administrative Agent may in its discretion make proper
allowance to take into account any Obligations not then due and payable;

 

Third, to all Obligations arising under the
Commodity Hedging Agreement;

 

Fourth, to all Obligations consisting of the
Overdrafts on a pro  rata basis;

 

Fifth, to all Obligations arising pursuant to
the LOI Agreement (including, but not limited to cash collateralize in full the
face amount of any outstanding and unpaid LOI’s); and

 

83

 

Sixth, to the Administrative Agent for the
account of the L/C Issuer, to Cash Collateralize that portion of L/C
Obligations comprised of the aggregate undrawn amount of Letters of Credit;

 

Seventh, upon payment and satisfaction in full
or other provisions for payment in full satisfactory to the Lenders and the
Administrative Agent of all of the Obligations, to the payment of any obligations
required to be paid pursuant to §9-608(a)(1)(C) of the Uniform Commercial
Code of the Commonwealth of Massachusetts;

 

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

 

Subject to Section 2.3(c), amounts used to Cash
Collateralize the aggregate undrawn amount of Letters of Credit pursuant to
clause Sixth above shall be applied to satisfy drawings under such
Letters of Credit as they occur.  If any
amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to
the other Obligations, if any, in the order set forth above.

 

ARTICLE IX

ADMINISTRATIVE AGENT

 

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

 

9.2                               Rights
as a Lender.  The Person serving as
the Administrative 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 the Administrative Agent and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative 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 the Borrower or any Subsidiary or other Affiliate thereof as
if such Person were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.

 

9.3                               Exculpatory
Provisions.  The Administrative 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, the Administrative
Agent:

 

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

 

84

 

(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 the Administrative
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 the
Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and

 

(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 the Borrowers or any of its Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent
or any of its Affiliates in any capacity.

 

The Administrative 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 the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.1 and 8.2)
or (ii) in the absence of its own gross negligence or willful
misconduct.  The Administrative Agent
shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by a Loan Party, a
Lender or the L/C Issuer.

 

The Administrative 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 the Administrative Agent.

 

9.4                               Reliance
by Administrative Agent.  The
Administrative 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.  The Administrative
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, or
the issuance of a Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or the L/C Issuer, the Administrative Agent may
presume that such condition is satisfactory to such Lender or the L/C Issuer
unless the Administrative Agent shall have received notice to the contrary from
such Lender or the L/C Issuer prior to the making of such Loan or the issuance
of such Letter of Credit.  The
Administrative Agent may consult with legal counsel (who may be counsel for a
Loan Party), independent accountants and other experts selected by it, and
shall

 

85

 

not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

9.5                               Delegation
of Duties.  The Administrative 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 the Administrative Agent. 
The Administrative 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 the Administrative 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 Administrative
Agent.

 

9.6                               Resignation
of Administrative Agent.  The
Administrative Agent may at any time give notice of its resignation to the
Lenders, the L/C Issuer and the Borrowers. 
Upon receipt of any such notice of resignation, the Required Lenders
shall have the right, in consultation with the Borrowers, to appoint a
successor, which shall be a bank with an 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 Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the
Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting
the qualifications set forth above; provided that if the Administrative
Agent shall notify the Borrowers 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
Administrative 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 the
Administrative Agent on behalf of the Lenders or the L/C Issuer under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold
such collateral security until such time as a successor Administrative Agent is
appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuer directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above
in this Section.  Upon the acceptance of
a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) Administrative Agent, and the retiring
Administrative 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 the Borrowers to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the
Borrowers and such successor.  After the
retiring Administrative Agent’s resignation hereunder and under the other Loan
Documents, the provisions of this Article and Section 10.4
shall continue in effect for the benefit of such retiring Administrative 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.

 

86

 

Any resignation by Bank of America as
Administrative Agent pursuant to this Section shall also constitute its
resignation as L/C Issuer.  Upon the
acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such
successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring L/C Issuer, (b) the retiring L/C
Issuer shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan
Documents, and (c) the successor L/C Issuer shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to the retiring L/C
Issuer to effectively assume the obligations of the retiring L/C Issuer with
respect to such Letters of Credit.

 

9.7                               Non-Reliance
on Administrative Agent and Other Lenders. 
Each Lender and the L/C Issuer acknowledges that it has,
independently and without reliance upon the Administrative 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 and the L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative 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.

 

9.8                               No Other Duties, Etc.  Anything
herein to the contrary notwithstanding, none of the Bookrunners, or Arrangers
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 the Administrative Agent, a Lender or
the L/C Issuer hereunder.

 

9.9                               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, the Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then
be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on
the Borrowers) shall be entitled and empowered, by intervention in such
proceeding or otherwise

 

(a)                                  to
file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations 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 the Lenders, the L/C Issuer and the
Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuer and the
Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections
2.3(i)) and (j), 2.8 and 10.4) 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 and the L/C Issuer to
make

 

87

 

such payments to the Administrative Agent and, in the event that the
Administrative Agent shall consent to the making of such payments directly to
the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of
the Administrative Agent and its agents and counsel, and any other amounts due
the Administrative Agent under Sections 2.8 and 10.4.

 

Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or to authorize the Administrative Agent to vote in respect of
the claim of any Lender in any such proceeding.

 

9.10                        Collateral and  Guaranty Matters.  The
Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at
its option and in its discretion,

 

(a)                                  to
release any Lien on any property granted to or held by the Administrative Agent
under any Loan Document (i) upon termination of the Total Commitments and
payment in full of all Obligations (other than contingent indemnification
obligations) and the expiration or termination of all Letters of Credit, (ii) that
is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Loan Document, or (iii) subject to Section 10.1,
if approved, authorized or ratified in writing by the Required Lenders;

 

(b)                                 to subordinate any Lien on any property
granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by Section 7.1(i);
and

 

(c)                                  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 the Administrative Agent at any time, the Required
Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to
release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10.

 

ARTICLE X

MISCELLANEOUS

 

10.1                        Amendments,
Etc.  No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any
departure by any Loan Party therefrom, shall be effective unless in writing
signed by the Required Lenders and the Borrowers or the applicable Loan Party,
as the case may be, and acknowledged by the Administrative 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 4.1(a) or modify any
advance rates or other criteria set forth in the definition of Borrowing Base
or any definition of the component parts of the Borrowing Base without the
written consent of each Lender;

 

88

 

(b)                                 extend
or increase the Acquisition Commitment, the WC Revolver Commitment or the
Revolver Commitment, as the case may be, of any Lender (or reinstate any
Acquisition Commitment, the WC Revolver Commitment or the Revolver Commitment,
as the case may be, terminated pursuant to Section 8.2) without the
written consent of such Lender;

 

(c)                                  postpone
any date fixed by this Agreement or any other Loan Document for any payment of
principal, interest, fees, Unreimbursed Amount or other amounts due to the
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 L/C
Borrowing or L/C Advance, or (subject to clause (iii) of the second
proviso to this Section 10.1) 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 to amend the definition
of “Default Rate” or to waive any obligation of the Borrower to pay interest or
Letter of Credit Fees at the Default Rate;

 

(e)                                  change
Section 2.12 or Section 8.3 in a manner that would
alter the pro rata sharing of payments required thereby or change or waive any
other provision that provides for the pro rata nature of disbursements by or
payments to the Lenders without the written consent of each Lender, or amend,
change or waive Section 8.3 without the written consent of the Borrowers
and the Supermajority Banks;

 

(f)                                    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

 

(g)                                 release
the Guarantors from the Guaranty, or release the Administrative Agent’s Lien on
any Collateral with an aggregate value in excess of $500,000 without the
written consent of each Lender;

 

and, provided  further, that (i) no amendment, waiver
or consent shall, unless in writing and signed by the L/C Issuer in addition to
the Lenders required above, affect the rights or duties of the L/C Issuer under
this Agreement or any Issuer Document relating to any Letter of Credit issued
or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or duties of the Administrative Agent under
this Agreement or any other Loan Document; and (iii) the 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.

 

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10.2                        Notices;
Effectiveness; Electronic Communication.

 

(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 the Borrowers, the Administrative Agent or the L/C Issuer, to the address,
telecopier number, electronic mail address or telephone number specified for
such Person on Schedule 10.02; 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 and the L/C Issuer hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or
intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or
the L/C Issuer pursuant to Article II if such Lender or the L/C
Issuer, as applicable, has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic
communication.  The Administrative Agent or
the Borrowers 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 the Administrative 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 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
THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED

 

90

 

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
THE BORROWER MATERIALS OR THE PLATFORM. 
In no event shall the Administrative Agent or any of its Related Parties
(collectively, the “Agent Parties”) have any liability to the Borrower,
any Lender, the L/C Issuer or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrowers’ or the Administrative 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 the Borrowers, any
Lender, the L/C Issuer 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 the Borrower,
the Administrative Agent and the L/C Issuer 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 the Borrowers, the Administrative
Agent and the L/C Issuer.  In addition,
each Lender agrees to notify the Administrative Agent from time to time to ensure
that the Administrative 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 Administrative Agent, L/C Issuer and Lenders.  The Administrative Agent, the L/C
Issuer and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Loan Notices) purportedly given by or on behalf of the
Borrowers 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.  The Borrowers shall indemnify the
Administrative Agent, the L/C Issuer, 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
the Borrowers.  All telephonic notices to
and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby
consents to such recording.

 

10.3                        No Waiver;
Cumulative Remedies.  No failure by
any Lender, the L/C Issuer or the Administrative 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, 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.

 

91

 

10.4                        Expenses;
Indemnity; Damage Waiver.

 

(a)                                  Costs
and Expenses.  The Borrowers shall
jointly and severally pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent and its Affiliates (including the
reasonable fees, charges and disbursements of counsel for the Administrative
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),
(ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in
connection with the issuance, amendment, renewal or extension of any Letter of
Credit or any demand for payment thereunder and (iii) all out-of-pocket
expenses incurred by the Administrative Agent, any Lender or the L/C Issuer
(including the fees, charges and disbursements of any counsel for the
Administrative Agent, any Lender or the L/C Issuer, 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 the Borrowers.  The Borrower shall
jointly and severally indemnify the Administrative Agent (and any sub-agent
thereof), each Lender and the L/C Issuer, 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, incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrowers 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, the
consummation of the transactions contemplated hereby or thereby, or, in the
case of the Administrative 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 Letter of Credit or the use or proposed use of
the proceeds therefrom (including any refusal by the L/C Issuer to honor a
demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such
Letter of Credit), (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 the Borrowers or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; 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 the Borrowers 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 the
Borrowers or such Loan Party has obtained a final and

 

92

 

nonappealable judgment in its favor on such claim as determined by a
court of competent jurisdiction.

 

(c)                                  Reimbursement
by Lenders.  To the extent that the
Borrowers for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of
this Section to be paid by it to the Administrative Agent (or any
sub-agent thereof), the L/C Issuer or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or
any such sub-agent), the L/C Issuer 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 the Administrative Agent (or any such sub-agent) or the
L/C Issuer in its capacity as such, or against any Related Party of any of the
foregoing acting for the Administrative Agent (or any such sub-agent) or L/C
Issuer in connection with such capacity. 
The obligations of the Lenders under this subsection (c) are
subject to the provisions of Section 2.11(d).

 

(d)                                 Waiver
of Consequential Damages, Etc.  To
the fullest extent permitted by applicable law, the Borrowers shall not assert,
and hereby waive, 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 Letter of
Credit 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 the Administrative Agent and the L/C Issuer, the
replacement of any Lender, the termination of the Total Commitments and the
repayment, satisfaction or discharge of all the other Obligations.

 

10.5                        Payments
Set Aside.  To the extent that any
payment by or on behalf of any Borrower or any other Loan Party is made to the
Administrative Agent, the L/C Issuer or any Lender, or the Administrative
Agent, the L/C Issuer 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 the Administrative Agent,
the L/C Issuer 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 and the L/C Issuer
severally agrees to pay to the Administrative Agent upon demand its applicable
share (without duplication) of any amount so recovered from or

 

93

 

repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to
the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C
Issuer under clause (b) of the preceding sentence shall survive the
payment in full of the Obligations and the termination of this Agreement.

 

10.6                        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 no Loan Party may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the
Administrative 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 the Administrative Agent, the L/C Issuer 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 (including for purposes of this subsection (b),
participations in L/C Obligations) 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 or an Approved Fund with
respect to 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 the
Administrative 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 the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the Borrowers otherwise
consent (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and
concurrent assignments from members of an Assignee Group to a single Eligible
Assignee (or to an Eligible Assignee and members of its Assignee Group) will be
treated as a single assignment for purposes of determining whether such minimum
amount has been met;

 

94

 

(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 the Administrative Agent and the
L/C Issue 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 the Administrative
Agent an Assignment and Assumption, together with a processing and recordation
fee in the amount, if any, required as set forth in Schedule 10.06,
and the Eligible Assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

 

Subject to acceptance and recording thereof by the Administrative 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 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
3.1, 3.4, 3.5, and 10.4 with respect to facts and
circumstances occurring prior to the effective date of such assignment.  Upon request, the Borrowers (at their
expense) shall execute and deliver the Notes 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.  The Administrative Agent, acting solely for
this purpose as an agent of the Borrowers, shall maintain at the 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 and L/C Obligations owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive (absent manifest error), and the Borrowers, the Administrative 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 each of the Borrowers and the L/C Issuer 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 the Administrative Agent a copy of the
Register.

 

(d)                                 Participations.  Any Lender may at any time, without the
consent of, or notice to, the Borrowers or the Administrative Agent, sell
participations to any Person (other than a natural person or any Loan Party or
any of a Loan Party’s Affiliates or Subsidiaries) (each, a

 

95

 

“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 (including such Lender’s participations in L/C
Obligations) owing to it); 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) the Borrowers, the Administrative Agent, the
Lenders and the L/C Issuer 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 10.1 that affects such
Participant.  Subject to subsection (e) of
this Section, the Borrower agrees that each Participant shall be entitled to
the benefits of Sections 3.1, 3.4 and 3.5 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 10.8 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.12 as though it were
a Lender.

 

(e)                                  Limitations
upon Participant Rights.  A
Participant shall not be entitled to receive any greater payment under Section 3.1
or 3.4 than the applicable Lender would have
been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made
with the Borrowers’ prior written consent. 
A Participant that would be a Foreign Lender if it were a Lender shall
not be entitled to the benefits of Section 3.1 unless the Borrowers
are notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrowers, to comply with Section 3.1(e) as
though it were a Lender.

 

(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)                                 Resignation
as L/C Issuer after Assignment. 
Notwithstanding anything to the contrary contained herein, if at any
time Bank of America assigns all of its Commitment and

 

96

 

Loans pursuant to subsection (b) above, Bank of America may,
upon thirty (30) days’ notice to the Borrowers and the Lenders, resign as L/C
Issuer.  In the event of any such
resignation as L/C Issuer, the Borrowers shall be entitled to appoint from
among the Lenders a successor L/C Issuer hereunder; provided, however,
that no failure by the Borrowers to appoint any such successor shall affect the
resignation of Bank of America as L/C Issuer. 
If Bank of America resigns as L/C Issuer, it shall retain all the
rights, powers, privileges and duties of the L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its
resignation as L/C Issuer and all L/C Obligations with respect thereto
(including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.3(c)).  Upon the appointment of a successor L/C
Issuer, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring L/C Issuer and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to Bank of America to effectively assume the
obligations of Bank of America with respect to such Letters of Credit.

 

10.7                        Treatment
of Certain Information; Confidentiality. 
Each of the Administrative Agent, the Lenders and the L/C Issuer
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 the Borrowers and their obligations, (g) with the
consent of the Borrowers 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 the Administrative Agent, any Lender, the L/C Issuer
or any of their respective Affiliates on a nonconfidential basis from a source
other than the Borrowers.

 

For purposes of this Section, “Information” means all
information received from the Borrowers or any Subsidiary relating to the
Borrowers or any Subsidiary or any of their respective businesses, other than
any such information that is available to the Administrative Agent, any Lender
or the L/C Issuer on a nonconfidential basis prior to disclosure by the
Borrowers or any Subsidiary, provided that, in the case of information
received from the Borrowers 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

 

97

 

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 the Administrative Agent, the Lenders and the L/C Issuer
acknowledges that (a) the Information may include material non-public
information concerning the Borrowers 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.

 

10.8                        Right of
Setoff.  If an Event of Default shall
have occurred and be continuing, each Lender, the L/C Issuer and each of their
respective Affiliates is hereby authorized at any time and from time to time, 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,
the L/C Issuer or any such Affiliate to or for the credit or the account of any
Loan Party against any and all of the obligations of the any Loan Party now or
hereafter existing under this Agreement or any other Loan Document to such Lender
or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer
shall have made any demand under this Agreement or any other Loan Document and
although such obligations of such Loan Party may be contingent or unmatured or
are owed to a branch or office of such Lender or the L/C Issuer different from
the branch or office holding such deposit or obligated on such
indebtedness.  The rights of each Lender,
the L/C Issuer and their respective Affiliates under this Section are in
addition to other rights and remedies (including other rights of setoff) that
such Lender, the L/C Issuer or their respective Affiliates may have.  Each Lender and the L/C Issuer agrees to
notify the Borrowers and the Administrative 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.

 

10.9                        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 the Administrative Agent or any Lender
shall receive interest in an amount that exceeds the Maximum Rate, the excess
interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrowers. 
In determining whether the interest contracted for, charged, or received
by the Administrative 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.

 

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

 

98

 

Section 4.1,
this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative 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 the Administrative Agent and each Lender, regardless
of any investigation made by the Administrative Agent or any Lender or on their
behalf and notwithstanding that the Administrative Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and
shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit
shall remain outstanding.

 

10.12                 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.

 

10.13                 Replacement of
Lenders.  If any Lender requests
compensation under Section 3.4, or if the Borrowers are required to
pay any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 3.1, or if any Lender is
a Defaulting Lender, then the Borrowers may, at their 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 10.6),
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)                                  the
Borrowers shall have paid to the Administrative Agent the assignment fee
specified in Section 10.6(b);

 

(b)                                 such
Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and L/C Advances, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 3.5) from the
assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrowers (in the case of all other amounts);

 

(c)                                  in
the case of any such assignment resulting from a claim for compensation under Section 3.4
or payments required to be made pursuant to Section 3.1, such
assignment will result in a reduction in such compensation or payments
thereafter; and

 

99

 

(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 the Borrower to require such assignment
and delegation cease to apply.

 

10.14                 Governing Law;
Jurisdiction; Etc.  

 

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

 

(b)                                 SUBMISSION
TO JURISDICTION.  THE BORROWERS AND
EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND
ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE
COMMONWEALTH OF MASSACHUSETTS SITTING IN SUFFOLK COUNTY AND OF THE UNITED
STATES DISTRICT COURT OF THE FIRST
CIRCUIT, 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 MASSACHUSETTS 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 THE ADMINISTRATIVE AGENT, ANY
LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE
BORROWERS OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

 

(c)                                  WAIVER
OF VENUE.  THE BORROWES 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.

 

(d)                                 SERVICE
OF PROCESS.  EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 10.2.  NOTHING IN
THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

100

 

10.15                 Joint and Several
Liability.  

 

(a)                                  Each
of the Loan Parties is accepting joint and several liability hereunder and
under the other Loan Documents in consideration of the financial accommodations
to be provided by the Administrative Agent and the Lenders under this Agreement,
for the mutual benefit, directly and indirectly, of each of the Loan Parties
and in consideration of the undertakings of each other Loan Party to accept
joint and several liability for the Obligations

 

(b)                                 Each
of the Loan Parties, jointly and severally, hereby irrevocably and
unconditionally accepts, not merely as a surety but also as a co-debtor, joint
and several liability with the other Loan Parties, with respect to the payment
and performance of all of the Obligations (including, without limitation, any
Obligations arising under this Section 10.15), it being the intention of
the parties hereto that all the Obligations shall be the joint and several
Obligations of each of the Loan Parties without preferences or distinction
among them

 

(c)                                  If
and to the extent that any of the Loan Parties shall fail to make any payment
with respect to any of the Obligations as and when due or to perform any of the
Obligations in accordance with the terms thereof, then in each such event the
other Loan Parties will make such payment with respect to, or perform, such
Obligation

 

(d)                                 The
Obligations of each of the Loan Parties under the provisions of this Section 10.15
constitute full recourse Obligations of each of the Loan Parties enforceable
against each such Loan Party to the full extent of its properties and assets,
irrespective of the validity, regularity or enforceability of this Agreement as
against any particular Loan Party.

 

(e)                                  Except
as otherwise expressly provided in this Agreement, but only to the extent
permitted by applicable law, each of the Loan Parties hereby waives notice of
acceptance of its joint and several liability, notice of any Loans made, or
Letter of Credit issued, extended or renewed under this Agreement, notice of
the occurrence of any Event of Default or Default, or of any demand for any
payment under this Agreement, notice of any action at any time taken or omitted
by the Administrative Agent or any Lender under or in respect of any of the
Obligations, to the extent permitted by applicable law, all demands, notices
and other formalities of every kind in connection with this Agreement and the
other Loan Documents.  Each of the Loan
Parties hereby assents to, and waives notice of, any extension or postponement
of the time for the payment of any of the Obligations, the acceptance of any
partial payment thereon, any waiver, consent or other action or acquiescence by
the Administrative Agent or any Lender at any time or times in respect of any
Event of Default or Default by any of the Loan Parties in the performance or
satisfaction of any term, covenant, condition or provision of this Agreement or
any of the other Loan Documents, any and all other indulgences whatsoever by
the Administrative Agent or any Lender in respect of any of the Obligations, and
the taking, addition, substitution or release, in whole or in part, at any time
or times, of any security for any of the Obligations or the addition,
substitution or release, in whole or in part, of any of the Loan Parties.  Without limiting the generality of the
foregoing, but only to the extent permitted by applicable law, each of the Loan
Parties assents to any other action or delay in acting or failure to act on the
part of the Administrative Agent or any Lender with respect to the failure by
any of the Loan Parties to comply with any of its respective Obligations,
including, without limitation, any failure strictly or diligently to assert any
right or to pursue any remedy or to comply fully with applicable laws,
regulations thereunder, which might, but for the provisions

 

101

 

of this Section 10.15, afford grounds for terminating, discharging
or relieving any of the Loan Parties, in whole or in part, from any of its
Obligations under this Section 10.15, it being the intention of each of
the Loan Parties that, so long as any of the Obligations hereunder remain
unsatisfied, the Obligations of such Loan Parties under this Section 10.15
shall not be discharged except by performance and then only to the extent of
such performance.  The Obligations of
each of the Loan Parties under this Section 10.15 shall not be diminished
or rendered unenforceable by any winding up, reorganization, arrangement,
liquidation, reconstruction or similar proceeding with respect to any of the
Loan Parties, the Administrative Agent or any Lender.  The joint and several liability of the Loan
Parties hereunder shall continue in full force and effect notwithstanding any
absorption, merger, amalgamation or any other change whatsoever in the name,
membership, constitution or place of formation of any of the Loan Parties, the
Administrative Agent or any Lender.

 

(f)                                    The
provisions of this Section 10.15 are made for the benefit of the
Administrative Agent and the Lenders and their respective successors and
assigns, and may be enforced by any of them from time to time against any or
all of the Loan Parties as often as occasion therefor may arise and without
requirement on the part of the Administrative Agent or any Lender first to
marshall any of its claims or to exercise any of its rights against any other
Loan Party or to exhaust any remedies available to it against any other Loan
Party or to resort to any other source or means of obtaining payment of any of
the Obligations hereunder or to elect any other remedy.  The provisions of this Section 10.15
shall remain in effect until all of the Obligations shall have been paid in
full or otherwise fully satisfied.  If at
any time, any payment, or any part thereof, made in respect of any of the
Obligations, is rescinded or must otherwise be restored or returned by any
Lender upon the insolvency, bankruptcy or reorganization of any of the Loan
Parties, or otherwise, the provisions of this Section 10.15 will forthwith
be reinstated in effect, as though such payment had not been made.

 

(g)                                 (i) 
Each of the Loan Parties hereby irrevocably waives, and agrees that it will not
enforce, any of its rights of contribution or subrogation against any other
Loan Party with respect to any liability incurred by such Loan Party hereunder
or under any of the other Loan Documents, any payments made by such Loan Party
to the Administrative Agent for the accounts of the Lenders with respect to any
of the Obligations or any collateral security therefor.  Such waiver and agreement is for the benefit
of the other Loan Parties, the Lenders and the Administrative Agent.  If such waiver and agreement shall be
determined to be unenforceable by a court of competent jurisdiction, any claim
which such Loan Party may have against such other Loan Party with respect to
any payments to the Administrative Agent for the account of the Lenders
hereunder are hereby expressly made subordinate and junior in right of payment,
without limitation as to any increases in the Obligations arising hereunder, to
the prior payment in full of all amounts due and owing by such other Loan Party
to the Administrative Agent and the Lenders and, in the event of any
insolvency, bankruptcy, receivership, liquidation, reorganization or other
similar proceeding under the laws of any jurisdiction relating to such other
Loan Party, its debts or its assets, whether voluntary or involuntary, all
Indebtedness of such other Loan Party owing to the Lenders (“Senior
Indebtedness”) shall be paid in full before any payment or distribution of any
character, whether in cash, securities or other property, shall be made to such
Loan Party therefor.  Each Loan Party
hereby agrees that for so long as any Obligations are outstanding hereunder the
provisions of this Section 10.15(g) may be relied on

 

102

 

directly by any holder of Senior Indebtedness regardless of whether
such holder is a party hereto.

 

(ii)                                  Notwithstanding
the provisions of the preceding clause (i), each of the Loan Parties shall have
and be entitled to (1) all rights of subrogation otherwise provided by law
in respect of any payment such Loan Party may make or be obligated to make
under this Credit Agreement and (2) all claims (as defined in the
Bankruptcy Code) it would have against any of the other Loan Parties in the
absence of the preceding clause (i), and to assert and enforce the same, in
each case on and after, but at no time prior to , the date (the “Subrogation
Trigger Date”) which is one (1) year and five (5) days after the date
on which all the Obligations have been indefeasibly repaid in full if and only
if (A) no Default or Event of Default of the type described in §§13.1(g) or
(h) with respect to the other Loan Parties has existed at any time on or
after the Closing Date to and including the Subrogation Trigger Date and (B) the
existence of the Loan Party’s rights under this clause (ii) would not make
the Loan Party a creditor (as defined in the Bankruptcy Code) of the other Loan
Parties in any insolvency, bankruptcy, reorganization or similar proceeding
commenced on or prior to the Subrogation Trigger Date.

 

10.16                 USA PATRIOT Act
Notice.  Each Lender that is subject
to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrowers 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 the Borrowers, which information
includes the name and address of the Borrowers and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify the
Borrowers in accordance with the Act.

 

103

 

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

 

	
   

  	
  GLOBAL
  OPERATING LLC

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J.
  Faneuil, Executive Vice President

  
	
   

  	
   

  
	
   

  	
  GLOBAL
  COMPANIES LLC

  
	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J.
  Faneuil, Executive Vice President

  
	
   

  	
   

  
	
   

  	
  GLOBAL
  MONTELLO GROUP LLC

  
	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J. Faneuil,
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHELSEA
  SANDWICH LLC

  
	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J.
  Faneuil, Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLEN HES
  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J.
  Faneuil, Senior Vice President

  

 

 

	
   

  	
  GLOBAL
  PARTNERS LP

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J.
  Faneuil, Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLOBAL
  GP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  J. Faneuil

  
	
   

  	
   

  	
  Edward J.
  Faneuil, Executive Vice President

  

 

 

	
   

  	
  BANK OF
  AMERICA, N.A., as

  
	
   

  	
  Administrative
  Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Carol G.
  Alm

  
	
   

  	
  Name:

  	
  Carol G. Alm

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  
					

 

 

	
   

  	
  BANK OF
  AMERICA, N.A., as a Lender and L/C

  
	
   

  	
  Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Robert D.
  Valbona

  
	
   

  	
  Name:

  	
  Robert D.
  Valbona

  
	
   

  	
  Title:

  	
  Managing
  Director

  
					

 

 

	
   

  	
  JPMORGAN
  CHASE BANK, N.A.., as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/John M.
  Hariaczyi

  
	
   

  	
  Name:

  	
  John M.
  Hariaczyi

  
	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  SOCIETE
  GENERALE, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara
  Paulsen

  
	
   

  	
  Name:

  	
  Barbara
  Paulse

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Emmanuel
  Chesneau

  
	
   

  	
  Name:

  	
  Emmanuel
  Chesneau

  
	
   

  	
  Title:

  	
  Managing
  Director

  
							

 

 

	
   

  	
  STANDARD
  CHARTERED BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Maria Carolina Torres

  
	
   

  	
  Name:

  	
  Maria Carolina Torres

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  K. Reddington

  
	
   

  	
  Name:

  	
  Robert K.
  Reddington

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  
						

 

 

	
   

  	
  CITIZENS
  BANK OF MASSACHUSETTS, as a

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Marina E.
  Grossi

  
	
   

  	
  Name:

  	
  Marina E.
  Grossi

  
	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  FORTIS
  CAPITAL CORP., as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Edward F.
  Aldrich

  
	
   

  	
  Name:

  	
  Edward F.
  Aldrich

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Christina
  M. Renolds

  
	
   

  	
  Name:

  	
  Christina M.
  Renolds

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  
							

 

 

	
   

  	
  SOVEREIGN
  BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  D. Lanigan

  
	
   

  	
  Name:

  	
  Robert D.
  Lanigan

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  
					

 

 

	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION, as a

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Keven D.
  Smith

  
	
   

  	
  Name:

  	
  Keven D.
  Smith

  
	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  WEBSTER
  BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Carol
  Carver

  
	
   

  	
  Name:

  	
  Carol Carver

  
	
   

  	
  Title:

  	
  Vice
  President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]