Document:

Document

Exhibit 4.1

SUPPLEMENTAL INDENTURE
TO BE DELIVERED BY SUBSEQUENT GUARANTORS
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of July 1, 2022, among the subsequent guarantors listed in Part B of Annex I (together the “Guaranteeing Subsidiaries” and each a “Guaranteeing Subsidiary”), each a subsidiary of CVR Energy, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Company, the existing guarantors listed in Part A of Annex I (collectively, the “Existing Guarantors”) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).
W I T N E S E T H
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of January 27, 2020, providing for the issuance of 5.250% Senior Notes due 2025 (the “2025 Notes”) and the 5.750% Senior Notes due 2028 (the “2028 Notes” and together with the 2025 Notes, the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2.AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiaries hereby agree to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.
3.NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the Company or any Existing Guarantor or any direct or indirect parent of the Company, as such, will have any liability for any obligations of the Company or any Existing Guarantor under the Notes, this Indenture or the Note Guarantees, or any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
4.NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
5.COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
6.EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

									
			

7.THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Company.

									
			

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.
    
GUARANTEEING SUBSIDIARIES:
COMMON ASSETS HOLDCO, LLC 
CVR COMMON ASSETS CVL, LLC 
CVR COMMON ASSETS WYN LLC 
COMMON SERVICES HOLDCO, LLC 
CVR COMMON SERVICES, LLC 
RENEWABLE ASSETS HOLDCO, LLC 
CVR RENEWABLES CVL, LLC 
CVR RENEWABLES WYN, LLC 
CVR SUPPLY & TRADING, LLC 
CVR REFINING CVL, LLC 
CVR REFINING WYN, LLC
By:  /s/ Dane J. Neumann 
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary
CVR CHC, LP
By: CHC GP, LLC, its general partner
By:   /s/ Dane J. Neumann
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

CVR RHC, LP
By: RHC GP, LLC, its general partner
By:  /s/ Dane J. Neumann 
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

CVR FHC, LP
By: FHC GP, LLC, its general partner
By:  /s/ Dane J. Neumann 
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

CVR ENERGY, Inc, - Supplement to the Indenture
Signature Page
												
				

COMPANY:
CVR ENERGY, INC.
By:  /s/ Dane J. Neumann 
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary
EXISTING GUARANTORS:
CVR ENERGY HOLDINGS, INC.
CVR SERVICES, LLC
CVR REFINING GP, LLC
CVR REFINING, LLC
COFFEYVILLE RESOURCES CRUDE TRANSPORTATION, LLC
COFFEYVILLE RESOURCES REFINING & MARKETING, LLC
COFFEYVILLE RESOURCES PIPELINE, LLC
COFFEYVILLE RESOURCES TERMINAL, LLC
WYNNEWOOD ENERGY COMPANY, LLC
WYNNEWOOD REFINING COMPANY, LLC
CVR RENEWABLES, LLC
By:  /s/ Dane J. Neumann 
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

CVR REFINING, LP
By:  CVR Refining GP, LLC, its general partner
By:  /s/ Dane J. Neumann 
Name: Dane J. Neumann
Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

CVR ENERGY, Inc, - Supplement to the Indenture
Signature Page

									
			

TRUSTEE:
COMPUTERSHARE TRUST COMPANY, N.A. as agent for Wells Fargo Bank, National Association
By:  /s/ Amy Thompson 
Name: Amy Thompson
Title:  Vice President
CVR ENERGY, Inc, - Supplement to the Indenture
Signature Page

									
			

ANNEX I
A.
1.CVR Energy Holdings, Inc.
2.CVR Services, LLC
3.CVR Refining GP, LLC
4.CVR Refining, LP
5.CVR Refining, LLC
6.Coffeyville Resources Crude Transportation, LLC
7.Coffeyville Resources Refining & Marketing, LLC
8.Coffeyville Resources Pipeline, LLC
9.Coffeyville Resources Terminal, LLC
10.Wynnewood Energy Company, LLC
11.Wynnewood Refining Company, LLC 
12.CVR Renewables, LLC

B.
1.CVR CHC, LP
2.Common Assets Holdco, LLC
3.CVR Common Assets CVL, LLC
4.CVR Common Assets WYN, LLC
5.Common Services Holdco, LLC
6.CVR Common Services, LLC
7.CVR RHC, LP
8.Renewable Assets Holdco, LLC
9.CVR Renewables CVL, LLC
10.CVR Renewables WYN, LLC
11.CVR FHC, LP
12.CVR Refining CVL, LLC
13.CVR Refining WYN, LLC
14.CVR Supply & Trading, LLC

ANNEX Iexhibit101-amendmentno3t

       AMENDMENT NO. 3  TO AMENDED AND RESTATED ABL CREDIT AGREEMENT  AMENDMENT NO. 3 TO AMENDED AND RESTATED ABL CREDIT  AGREEMENT, dated June 30, 2022 (this “Amendment No. 3”), is by and among WELLS  FARGO BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as  Administrative Agent and Collateral Agent pursuant to the Credit Agreement (as hereinafter  defined) acting for and on behalf of the parties thereto as lenders (in such capacity, “Agent”), the  parties to the Credit Agreement as lenders (individually, each a “Lender” and collectively,  “Lenders”), COFFEYVILLE RESOURCES REFINING & MARKETING, LLC, a Delaware  limited liability company (“Refining LLC”), CVR REFINING, LLC, a Delaware limited liability  company (“CVR LLC”), COFFEYVILLE RESOURCES PIPELINE, LLC, a Delaware limited  liability company (“Pipeline LLC”), COFFEYVILLE RESOURCES CRUDE  TRANSPORTATION, LLC, a Delaware limited liability company (“Transportation LLC”),  COFFEYVILLE RESOURCES TERMINAL, LLC, a Delaware limited liability company  (“Terminal LLC”), WYNNEWOOD ENERGY COMPANY, LLC, a Delaware limited liability  company (“Wynnewood Energy”), WYNNEWOOD REFINING COMPANY, LLC, a Delaware  limited liability company (“Wynnewood Refining”), CVR RENEWABLES, LLC, a Delaware  limited liability company (“Renewables LLC” and, together with Refining LLC, CVR LLC,   Pipeline LLC, Transportation LLC, Terminal LLC, Wynnewood Energy and Wynnewood  Refining, each individually a “Borrower” and, collectively, “Borrowers”) and CVR REFINING,  LP, a Delaware limited partnership (“CVR LP”, and together with and any other Person that at any  time after the date hereof becomes a Guarantor, each individually a “Guarantor” and, collectively,  “Guarantors”).   W I T N E S S E T H :  WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into financing  arrangements pursuant to which Lenders (or Agent on behalf of Lenders) may make loans and  advances and provide other financial accommodations to Borrowers as set forth in the Amended  and Restated ABL Credit Agreement, dated as of December 20, 2012, by and among Agent,  Lenders, Borrowers and Guarantors, as amended by Amendment No. 1 to Amended and Restated  ABL Credit Agreement, dated November 14, 2017 and Amendment No. 2 to Amended and  Restated ABL Credit Agreement, dated December 23, 2019 (as the same now exists and is  amended and supplemented pursuant hereto and may hereafter be further amended, modified,  supplemented, extended, renewed, restated or replaced, the “Credit Agreement” or the “Existing  Credit Agreement”) and the other Credit Documents and have agreed to amend the Existing Credit  Agreement and replace it in its entirety in the form of Exhibit A to this Amendment No. 3 pursuant  to the terms and conditions of this Amendment No. 3;   NOW THEREFORE, in consideration of the foregoing and the mutual agreements and  covenants contained herein, and other good and valuable consideration, the receipt and sufficiency  of which are hereby acknowledged, the parties hereto agree as follows:  1. Definitions.  Exhibit 10.1  

 

  -2-     (a) Additional Definitions.  As used herein, the term “Amendment No. 3”  shall mean Amendment No. 3 to Amended and Restated ABL Credit Agreement, dated June 30,  2022, by and among Agent, Lenders, Borrowers and Guarantors, as the same now exists or may  hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, and the  Credit Agreement and the other Credit Documents shall be deemed and are hereby amended to  include, in addition and not in limitation, such definition.   (b) Interpretation.  For purposes of this Amendment No. 3, all terms used  herein which are not otherwise defined herein, including but not limited to, those terms used in  the recitals hereto, shall have the respective meanings assigned thereto in the Credit Agreement  as amended by this Amendment No. 3.  2. Amendment of Credit Agreement.  The Existing Credit Agreement is hereby  amended to read in its entirety as set forth in Exhibit A hereto (the “Amended Credit Agreement”).   All schedules and exhibits to the Existing Credit Agreement, as in effect immediately prior to the  date of this Amendment No. 3, shall constitute schedules and exhibits to the Amended Credit  Agreement except, that, Schedule 1.01(a) (Commitments), Schedule 1.01(c) (Methods of  Calculating market value of Inventory), Schedule 1.01(d) (Pipeline Delivery Points), Schedule  1.01(e) (Authorized Persons), Schedule 1.01(f) (Administrative Agent’s Account), Schedule  1.01(g) (Eligible Carriers), Schedule 8.18 (Environmental Matters), Schedule 10.06(j) (Affiliate  Agreements), Schedule 10.13 (Deposit Accounts) and Exhibit A (Form of SOFR Notice), which  are attached to the Amended Credit Agreement shall constitute those respective schedules and  exhibits after the date of this Amendment No. 3.  The Agent, each of the Lenders signatory hereto,  each Borrower and each Guarantor consent to the amendment of the Credit Agreement pursuant  to this Amendment No. 3.  3. Representations and Warranties.  Each Borrower and each Guarantor represents  and warrants with and to Agent and Lenders as follows, which representations and warranties shall  survive the execution and delivery hereof:  (a) no Default or Event of Default exists or has occurred and is continuing as  of the date of this Amendment No. 3;   (b) this Amendment No. 3 and each other agreement to be executed and  delivered by Borrowers and Guarantors in connection herewith (collectively, together with this  Amendment No. 3, the “Amendment Documents”) has been duly authorized, executed and  delivered by all necessary corporate action on the part of each Borrower and each Guarantor  which is a party hereto and, if necessary, its equity holders and is in full force and effect as of the  date hereof and the agreements and obligations of each Borrower and each Guarantor contained  herein and therein constitute legal, valid and binding obligations of each Borrower and each  Guarantor, enforceable against each Borrower and each Guarantor in accordance with their  terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium  or other laws relating to or affecting generally the enforcement of creditors’ rights and except to  the extent that availability of the remedy of specific performance or injunctive relief is subject to  the discretion of the court before which any proceeding therefor may be brought;   

 

  -3-     (c) the execution, delivery and performance of each Amendment Document  (i) are all within each Borrower’s and each Guarantor’s corporate or limited company powers, as  applicable, and (ii) are not in contravention of law or the terms of any Borrower’s or any  Guarantor’s certificate or articles of incorporation of formation, by laws, operating agreement or  other organizational documentation, or any indenture, agreement or undertaking to which any  Borrower or any Guarantor is a party or by which any Borrower or any Guarantor or its property  are bound; and  (d) all of the representations and warranties set forth in the Credit Agreement  and the other Credit Documents, each as amended hereby, are true and correct in all material  respects on and as of the date hereof, as if made on the date hereof (it being understood and  agreed that (i) any representation or warranty which by its terms is made as of a specified date  shall be required to be true and correct in all material respects only as of such specified date and  (ii) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect”  or similar language shall be true and correct in all respects on any such date).  4. Conditions Precedent.  This Amendment No. 3 shall be effective only upon the  satisfaction of each of the following conditions precedent in a manner satisfactory to Agent (the  “Amendment No. 3 Effective Date”):  (a) Agent shall have received counterparts of this Amendment No. 3, duly  authorized, executed and delivered by Borrowers, Guarantors and the Lenders;   (b) Agent shall have received, in form and substance satisfactory to Agent,  such opinion of counsel to Borrowers, addressed to Agent and Lenders, with respect to this  Amendment No. 3, as Agent shall reasonably require;  (c) Agent shall have received and reviewed lien and judgment search results  for the jurisdiction of organization or incorporation of each Borrower and each Guarantor and for  the jurisdiction of the chief executive office of each Borrower and each Guarantor, which search  results shall be in form and substance reasonably satisfactory to Agent;  (d) Agent shall have received, in form and substance satisfactory to Agent, a  certified certificate of formation and a good standing certificate (or its equivalent) for each  Borrower and each Guarantor from the Secretary of State (or comparable official) of the  jurisdiction of formation of each Borrower and each Guarantor;  (e) Agent shall have received, in form and substance satisfactory to Agent, a  certificate from an Authorized Officer of each Borrower and each Guarantor (or, if applicable, its  general partner) with respect to, among other things, the resolutions of the Board of Directors (or  similar governing body) of each Borrower and each Guarantor evidencing the adoption and  subsistence of resolutions approving the execution, delivery and performance by each Borrower  and each Guarantor of this Amendment No. 3 and the charter, governing documents and  incumbency of each Borrower and each Guarantor;  

 

  -4-     (f) Agent shall have received an updated Borrowing Base Certificate  executed by Borrowers, reflecting information as of, or around, the date of this Amendment No.  3;  (g) no Material Adverse Effect shall have occurred and no material pending or  threatened, litigation, proceeding, injunction, order or claims with respect to any Borrower or  any Guarantor shall exist;   (h) Agent shall have received all financial information, projections, budgets,  business plans, statements of cash flow and such other information as Agent has reasonably  requested;   (i) receipt by Lenders, not less than five business days prior to the date of this  Amendment No. 3, of the documentation and other information that is required by regulatory  authorities under applicable “know your customer” and anti-money-laundering rules and  regulations, including, without limitation, the Patriot Act, in each case that has been requested at  least ten business days prior to the date of this Amendment No. 3, the results of which are  satisfactory to Lenders;  (j) on the date of this Amendment No. 3, the Borrowers shall have paid to the  Agent and each Lender all costs, fees and expenses payable to the Agent or such Lender to the  extent then due;  (k) receipt by Agent of internal Flood Disaster Prevention Act approval; and  (l) no Default or Event of Default shall exist or have occurred and be  continuing, as of the date of this Amendment No. 3.  5. Effect of this Amendment.  Except as expressly set forth herein, no other  amendments, changes or modifications to the Credit Documents are intended or implied, and in all  other respects the Credit Documents are hereby specifically ratified, restated and confirmed by all  parties hereto as of the effective date hereof and Borrower shall not be entitled to any other or  further amendment by virtue of the provisions of this Amendment No. 3 or with respect to the  subject matter of this Amendment No. 3.  To the extent of conflict between the terms of this  Amendment No. 3 and the other Credit Documents, the terms of this Amendment No. 3 shall  control.  The Credit Agreement and this Amendment No. 3 shall be read and construed as one  agreement.  6. No Novation.  The amendment and restatement of the Existing Credit Agreement  pursuant to this Amendment No. 3 and the Amended Credit Agreement shall not, in any manner,  be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a  novation in respect of, the Obligations and other obligations and liabilities of Borrowers and  Guarantors evidenced by or arising under the Existing Credit Agreement or any of the other Credit  Documents and each Borrower and each Guarantor confirms and agrees that it continues to remain  liable for all such Obligations and other obligations and liabilities, and the liens and security  

 

  -5-     interests in the Collateral of Agents and Lenders securing such Obligations and other obligations  and liabilities, which shall not in any manner be impaired, limited, terminated, waived or released,  but shall continue in full force and effect in favor of Agent for the benefit of Lenders.  7. Governing Law.  The validity, interpretation and enforcement of this Amendment  No. 3 and any dispute arising out of the relationship between the parties hereto whether in contract,  tort, equity or otherwise, shall be governed by the internal laws of the State of New York.  8. Binding Effect.  This Amendment No. 3 shall be binding upon and inure to the  benefit of each of the parties hereto and their respective successors and assigns.  9. Entire Agreement.  This Amendment No. 3 represents the entire agreement and  understanding concerning the subject matter hereof among the parties hereto, and supersedes all  other prior agreements, understandings, negotiations and discussions, representations, warranties,  commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral  or written.  10. Headings.  The headings listed herein are for convenience only and do not  constitute matters to be construed in interpreting this Amendment No. 3.  11. Counterparts.  This Amendment No. 3, any documents executed in connection  herewith and any notices delivered under this Amendment No. 3, may be executed by means of  (a) an electronic signature that complies with the federal Electronic Signatures in Global and  National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any  other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a  faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or  photocopied manual signature shall for all purposes have the same validity, legal effect, and  admissibility in evidence as an original manual signature. Agent reserves the right, in its sole  discretion, to accept, deny, or condition acceptance of any electronic signature on this Amendment  No. 3 or on any notice delivered to Agent under this Amendment No. 3.  This Amendment No. 3  and any notices delivered under this Amendment No. 3 may be executed in any number of  counterparts, each of which shall be deemed to be an original, but such counterparts shall, together,  constitute only one instrument.  Delivery of an executed counterpart of a signature page of this  Amendment No. 3 and any notices as set forth herein will be as effective as delivery of a manually  executed counterpart of the Amendment No. 3 or notice.    [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]    

 

   Amendment No. 3 to A&R ABL Credit  Agreement     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be  duly executed and delivered by their authorized officers as of the day and year first above  written.   WELLS FARGO BANK, NATIONAL  ASSOCIATION, as Agent and a Lender   By:_/s/ Ryan Tozier__________________  Name:_Ryan Tozier__________________  Title:_Vice President_________________       

 

   Amendment No. 3 to A&R ABL Credit  Agreement     BORROWERS:    COFFEYVILLE RESOURCES REFINING & MARKETING,  LLC  CVR REFINING, LLC  COFFEYVILLE RESOURCES PIPELINE, LLC  COFFEYVILLE RESOURCES CRUDE  TRANSPORTATION, LLC  COFFEYVILLE RESOURCES TERMINAL, LLC  WYNNEWOOD ENERGY COMPANY, LLC  WYNNEWOOD REFINING COMPANY, LLC  CVR RENEWABLES, LLC       By: /s/ Dane J. Neumann     Name: Dane J. Neumann     Title: Executive Vice President, Chief Financial Officer,  Treasurer and Assistant Secretary  ________       GUARANTORS:  CVR REFINING, LP  By: CVR Refining GP, LLC, its general partner    By: /s/ Dane J. Neumann     Name: Dane J. Neumann     Title: Executive Vice President, Chief Financial Officer,  Treasurer and Assistant Secretary   _______    

 

   Amendment No. 3 to A&R ABL Credit  Agreement    U.S. BANK NATIONAL ASSOCIATION,  as a Lender  By:__/s/ Lisa Freeman_____________________  Name:_Lisa Freeman______________________  Title:_Senior Vice President________________      

 

   Amendment No. 3 to A&R ABL Credit  Agreement    BMO Harris Bank, N.A., as a Lender  By:__/s/ Dan Duffy_______________________  Name:_Dan Duffy  _______________________  Title:_Director      ________________________        

 

   Amendment No. 3 to A&R ABL Credit  Agreement    BARCLAYS BANK PLC, as a Lender  By:___/s/ Sydney G. Dennis________________  Name:__Sydney G. Dennis_________________  Title:__Director      _______________________      

 

   Amendment No. 3 to A&R ABL Credit  Agreement    Zions Bancorporation, N.A. dba Amegy  Bank, as a Lender  By:___/s/ John Moffitt         ________________  Name:__John Moffitt         _________________  Title:__Senior Vice President      ____________  

 

         Exhibit A  to  Amendment No. 3 to Amended and Restated ABL Credit Agreement      See attached.   

 

[Execution]        Exhibit A  to  Amendment No. 3 to Amended and Restated ABL Credit Agreement     AMENDED AND RESTATED ABL CREDIT AGREEMENT  among  CVR REFINING, LP,  CVR REFINING, LLC,  COFFEYVILLE RESOURCES REFINING & MARKETING, LLC,  COFFEYVILLE RESOURCES PIPELINE, LLC,  COFFEYVILLE RESOURCES CRUDE TRANSPORTATION, LLC,  COFFEYVILLE RESOURCES TERMINAL, LLC,  WYNNEWOOD ENERGY COMPANY, LLC,  WYNNEWOOD REFINING COMPANY, LLC,   CVR RENEWABLES, LLC  and  CERTAIN OTHER SUBSIDIARIES OF CVR REFINING, LP  FROM TIME TO TIME PARTY HERETO,  VARIOUS LENDERS,  WELLS FARGO BANK, NATIONAL ASSOCIATION,  BMO HARRIS BANK N.A., and  U.S. BANK NATIONAL ASSOCIATION,  as JOINT-LEAD ARRANGERS,  WELLS FARGO BANK, NATIONAL ASSOCIATION,  AS COLLATERAL AGENT AND ADMINISTRATIVE AGENT,  and  BARCLAYS BANK PLC,  as DOCUMENTATION AGENT  ________________________________  Dated as of December 20, 2012  as amended through June 30, 2022  ________________________________  and  WELLS FARGO BANK, NATIONAL ASSOCIATION,  AS SOLE ARRANGER AND SOLE BOOK RUNNER    

 

   (i)     Table of Contents  Page  SECTION 1. Definitions and Accounting Terms ..................................................................................... 1  1.01 Defined Terms. ................................................................................................................... 1  1.02 Other Definitional Provisions. .......................................................................................... 63  1.03 Divisions. .......................................................................................................................... 63  1.04 Rates. ................................................................................................................................ 63  1.05 Credit Party Agent. ........................................................................................................... 64  1.06 Reclassification. ................................................................................................................ 65  SECTION 2. Amount and Terms of Credit. ........................................................................................... 65  2.01 The Commitments. ............................................................................................................ 65  2.02 Minimum Amount of Each Borrowing. ............................................................................ 68  2.03 Notice of Borrowing. ........................................................................................................ 68  2.04 Disbursement of Funds. .................................................................................................... 69  2.05 Notes. ................................................................................................................................ 70  2.06 [Reserved]. ........................................................................................................................ 71  2.07 Pro Rata Borrowings. ........................................................................................................ 71  2.08 Interest. ............................................................................................................................. 71  2.09 Interest Periods. ................................................................................................................ 72  2.10 Capital Requirements. ....................................................................................................... 72  2.11 Compensation. .................................................................................................................. 74  2.12 Change of Lending Office. ............................................................................................... 74  2.13 Replacement of Lenders. .................................................................................................. 74  2.14 [Reserved] ......................................................................................................................... 75  2.15 Incremental Commitments. ............................................................................................... 75  2.16 Extensions of Loans and Commitments. .......................................................................... 77  2.17 SOFR Option. ................................................................................................................... 80  2.18 Maintenance of Loan Account. ......................................................................................... 83  2.19 Crediting Payments. .......................................................................................................... 84  SECTION 3. Letters of Credit. ............................................................................................................... 84  3.01 Letters of Credit. ............................................................................................................... 84  SECTION 4. Commitment Commission; Fees; Reductions of Commitment. ....................................... 91  4.01 Fees. .................................................................................................................................. 91  4.02 Voluntary Termination of Unutilized Commitments. ....................................................... 92  4.03 Mandatory Reduction of Commitments. ........................................................................... 93  SECTION 5. Prepayments; Payments; Taxes. ........................................................................................ 93  5.01 Voluntary Prepayments. .................................................................................................... 93  5.02 Mandatory Repayments; Cash Collateralization............................................................... 94  5.03 Method and Place of Payment. ......................................................................................... 96  5.04 Taxes. ................................................................................................................................ 97  

 

   (ii)     SECTION 6. Conditions Precedent to Credit Events on the Effective Date. ....................................... 101  6.01 Effective Date; Notes. ..................................................................................................... 101  6.02 Officer’s Certificate. ....................................................................................................... 101  6.03 Opinions of Counsel. ...................................................................................................... 102  6.04 Company Documents; Proceedings; etc. ........................................................................ 102  6.05 Shareholders’ Agreements; Management Agreements; Tax Sharing Agreements;  Existing Indebtedness Agreements. ................................................................................ 102  6.06 Refinancing. .................................................................................................................... 103  6.07 Material Adverse Change, Approvals. ............................................................................ 103  6.08 Litigation. ........................................................................................................................ 103  6.09 Intercreditor Agreement. ................................................................................................. 103  6.10 Pledge and Security Agreement. ..................................................................................... 103  6.11 [Reserved]. ...................................................................................................................... 104  6.12 Financial Statements; Pro Forma Balance Sheet; Projections. ....................................... 104  6.13 Solvency Certificate; Insurance Certificates. .................................................................. 104  6.14 Fees, etc. ......................................................................................................................... 105  6.15 Initial Borrowing Base Certificate; Excess Availability. ................................................ 105  6.16 Field Examinations; etc. ................................................................................................. 105  6.17 PATRIOT Act. ................................................................................................................ 105  6.18 Federal Reserve Board. ................................................................................................... 105  6.19 Flood Certifications. ....................................................................................................... 105  SECTION 7. Conditions Precedent to All Credit Events. .................................................................... 105  7.01 No Default; Representations and Warranties. ................................................................. 105  7.02 Notice of Borrowing; Letter of Credit Request. ............................................................. 106  7.03 Borrowing Base Limitations. .......................................................................................... 106  SECTION 8. Representations, Warranties and Agreements. ............................................................... 106  8.01 Company Status. ............................................................................................................. 107  8.02 Power and Authority. ...................................................................................................... 107  8.03 No Violation. .................................................................................................................. 107  8.04 Approvals. ....................................................................................................................... 107  8.05 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections. ......... 107  8.06 Litigation. ........................................................................................................................ 109  8.07 True and Complete Disclosure........................................................................................ 109  8.08 Use of Proceeds; Margin Regulations. ............................................................................ 109  8.09 Tax Returns and Payments.............................................................................................. 110  8.10 Compliance with ERISA. ............................................................................................... 110  8.11 Security Documents. ....................................................................................................... 111  8.12 Properties. ....................................................................................................................... 112  8.13 Capitalization. ................................................................................................................. 112  8.14 Subsidiaries. .................................................................................................................... 112  8.15 Compliance with Statutes, etc. ........................................................................................ 113  8.16 Governmental Regulation. .............................................................................................. 113  8.17 Borrowing Base Calculation. .......................................................................................... 113  8.18 Environmental Matters. .................................................................................................. 113  8.19 Employment and Labor Relations. ................................................................................. 113  8.20 Intellectual Property, etc. ................................................................................................ 114  

 

   (iii)     8.21 Indebtedness.................................................................................................................... 114  8.22 Insurance. ........................................................................................................................ 114  8.23 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. ................... 114  8.24 Material Contract. ........................................................................................................... 114  8.25 No Defaults. .................................................................................................................... 115  8.26 Relevant States; etc. ........................................................................................................ 115  8.27 Qualified Debt Obligations. ............................................................................................ 115  8.28 Solvency.......................................................................................................................... 115  SECTION 9. Affirmative Covenants .................................................................................................... 115  9.01 Information Covenants. .................................................................................................. 115  9.02 Books, Records and Inspections; and Field Examinations and Appraisals. ................... 120  9.03 Maintenance of Property; Insurance. .............................................................................. 120  9.04 Existence; Franchises. ..................................................................................................... 121  9.05 Compliance with Statutes, etc. ........................................................................................ 121  9.06 Compliance with Environmental Laws. .......................................................................... 121  9.07 ERISA. ............................................................................................................................ 123  9.08 End of Fiscal Years; Fiscal Quarters. ............................................................................. 124  9.09 Performance of Obligations. ........................................................................................... 124  9.10 Payment of Taxes and Other Claims. ............................................................................. 124  9.11 Use of Proceeds. ............................................................................................................. 124  9.12 Additional Security; Further Assurances; etc. ................................................................ 124  9.13 Permitted Acquisitions. ................................................................................................... 125  9.14 Landlords’ Agreements, Bailee Letters and Storage Agreements. ................................. 126  9.15 [Reserved]. ...................................................................................................................... 126  9.16 Coffeyville Refinery Revenue Bonds. ............................................................................ 127  9.17 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. ................... 128  SECTION 10. Negative Covenants ........................................................................................................ 128  10.01 Liens. .............................................................................................................................. 128  10.02 Consolidation, Merger, Purchase or Sale of Assets, etc. ................................................ 132  10.03 Dividends. ....................................................................................................................... 135  10.04 Indebtedness.................................................................................................................... 137  10.05 Advances, Investments and Loans. ................................................................................. 140  10.06 Transactions with Affiliates. ........................................................................................... 143  10.07 Fixed Charge Coverage Ratio. ........................................................................................ 144  10.08 Modifications of Certificate of Incorporation, By-Laws and Certain Other  Agreements; Limitations on Voluntary Payments, etc. .................................................. 145  10.09 Limitation on Certain Restrictions on Subsidiaries. ....................................................... 146  10.10 [Reserved]. ...................................................................................................................... 147  10.11 Business. ......................................................................................................................... 147  10.12 Limitation on Creation of Subsidiaries and Unrestricted Subsidiaries. .......................... 147  10.13 No Additional Deposit Accounts; etc. ............................................................................ 148  SECTION 11. Events of Default ............................................................................................................ 148  11.01 Payments. ........................................................................................................................ 148  11.02 Representations, etc. ....................................................................................................... 148  11.03 Covenants........................................................................................................................ 148  

 

   (iv)     11.04 Default Under Other Agreements. .................................................................................. 149  11.05 Bankruptcy, etc. .............................................................................................................. 149  11.06 ERISA. ............................................................................................................................ 150  11.07 Security Documents. ....................................................................................................... 150  11.08 Guaranty.......................................................................................................................... 150  11.09 Judgments. ...................................................................................................................... 150  11.10 Change of Control. .......................................................................................................... 150  11.11 Intercreditor Agreement. ................................................................................................. 150  SECTION 12. The Agents. ..................................................................................................................... 151  12.01 Appointment. .................................................................................................................. 151  12.02 Nature of Duties. ............................................................................................................. 151  12.03 Lack of Reliance on the Administrative Agent. .............................................................. 152  12.04 Certain Rights of the Agents. .......................................................................................... 152  12.05 Reliance. ......................................................................................................................... 152  12.06 Indemnification. .............................................................................................................. 153  12.07 Each Agent in its Individual Capacity. ........................................................................... 153  12.08 Holders. ........................................................................................................................... 153  12.09 Resignation by the Administrative Agent or the Collateral Agent. ................................ 153  12.10 Collateral Matters. .......................................................................................................... 155  12.11 Delivery of Information. ................................................................................................. 155  12.12 [Reserved]. ...................................................................................................................... 156  SECTION 13. Miscellaneous. ................................................................................................................ 156  13.01 Payment of Expenses, etc. .............................................................................................. 156  13.02 Right of Setoff. ............................................................................................................... 157  13.03 Notices. ........................................................................................................................... 158  13.04 Benefit of Agreement; Assignments; Participations. ...................................................... 159  13.05 No Waiver; Remedies Cumulative. ................................................................................ 162  13.06 Payments Pro Rata. ......................................................................................................... 162  13.07 Calculations; Computations. ........................................................................................... 163  13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF  JURY TRIAL. ................................................................................................................. 163  13.09 Counterparts. ................................................................................................................... 164  13.10 Effectiveness. .................................................................................................................. 165  13.11 Headings Descriptive. ..................................................................................................... 165  13.12 Amendment or Waiver; etc. ............................................................................................ 165  13.13 Survival. .......................................................................................................................... 168  13.14 Domicile of Loans. ......................................................................................................... 168  13.15 Register ........................................................................................................................... 168  13.16 Confidentiality. ............................................................................................................... 168  13.17 Patriot Act. ...................................................................................................................... 169  13.18 OTHER LIENS ON COLLATERAL; TERMS OF INTERCREDITOR  AGREEMENT; ETC. ..................................................................................................... 169  13.19 [Reserved]. ...................................................................................................................... 170  13.20 Interest Rate Limitation. ................................................................................................. 170  13.21 No Fiduciary Duty. ......................................................................................................... 170  SECTION 14. Nature of Borrower Obligations. .................................................................................... 171  

 

   (v)     14.01 Nature of Borrower Obligations. .................................................................................... 171  14.02 Independent Obligation. .................................................................................................. 171  14.03 Authorization. ................................................................................................................. 171  14.04 Reliance. ......................................................................................................................... 172  14.05 Contribution; Subrogation. ............................................................................................. 172  14.06 Waiver. ............................................................................................................................ 172  SECTION 15. CVR Renewables IPO. ................................................................................................... 172  15.01 Consent. .......................................................................................................................... 172  15.02 Release. ........................................................................................................................... 173  SECTION 16. Guaranty.......................................................................................................................... 173  16.01 Guaranty of the Guaranteed Obligations. ....................................................................... 173  16.02 Contribution by Guarantors. ........................................................................................... 173  16.03 Payment by Guarantors. .................................................................................................. 174  16.04 Liability of Guarantors Absolute. ................................................................................... 174  16.05 Waivers by Guarantors. .................................................................................................. 176  16.06 Guarantors’ Rights of Subrogation, Contribution, etc. ................................................... 177  16.07 Subordination of Other Guaranteed Obligations. ........................................................... 177  16.08 Continuing Guaranty. ...................................................................................................... 177  16.09 Authority of Guarantors or the Borrowers. ..................................................................... 178  16.10 Financial Condition of Company. ................................................................................... 178  16.11 Bankruptcy, etc. .............................................................................................................. 178  16.12 Discharge of Guaranty Upon Sale of Guarantor. ............................................................ 179  16.13 Additional Guarantors. .................................................................................................... 179  SECTION 17. ACKNOWLEDGMENT AND RESTATEMENT ......................................................... 179  17.01 Acknowledgment of Security Interests. .......................................................................... 179  17.02 Existing Credit Documents. ............................................................................................ 179  17.03 Restatement. .................................................................................................................... 180  17.04 Keepwell. ........................................................................................................................ 180  17.05 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. .............. 181  17.06 Acknowledgement Regarding Any Supported QFC’s. ................................................... 181  17.07 Erroneous Payments. ...................................................................................................... 182      

 

   -vi-     SCHEDULES AND EXHIBITS  SCHEDULE 1.01(a) Commitments  SCHEDULE 1.01(b) Certain Account Debtors/Concentration Limits  SCHEDULE 1.01(c) Methods of Calculating market value of Inventory  SCHEDULE 1.01(d) Pipeline Delivery Points  SCHEDULE 1.01(e) Authorized Persons  SCHEDULE 1.01(f) Administrative Agent’s Account  SCHEDULE 1.01(g) Eligible Carriers  SCHEDULE 1.01(h) Inventory Locations  SCHEDULE 8.06 Litigation  SCHEDULE 8.09 Tax Returns  SCHEDULE 8.12 Real Property  SCHEDULE 8.13 Capitalization  SCHEDULE 8.14 Subsidiaries  SCHEDULE 8.15 Statutes  SCHEDULE 8.18 Environmental Matters  SCHEDULE 8.21 Permitted Existing Indebtedness  SCHEDULE 8.22 Insurance  SCHEDULE 8.26 First Purchasers  SCHEDULE 10.01 Existing Liens  SCHEDULE 10.05 Existing Investments  SCHEDULE 10.06(g) Existing Affiliate Agreements  SCHEDULE 10.06(j) Affiliate Agreements  SCHEDULE 10.13 Deposit Accounts  SCHEDULE 13.03 Lender Addresses    EXHIBIT A Form of SOFR Notice  EXHIBIT B-1 Form of Revolving Note  EXHIBIT B-2 Form of Swingline Note  EXHIBIT C [Reserved]  EXHIBIT D [Reserved]  EXHIBIT E Form of Shareholder Subordinated Note  EXHIBIT F Form of Officers’ Certificate  EXHIBIT G Form of Pledge and Security Agreement  EXHIBIT H Form of Solvency Certificate  EXHIBIT I Form of Compliance Certificate  EXHIBIT J Form of Assignment and Assumption Agreement  EXHIBIT K Form of Intercompany Note  EXHIBIT L Form of Landlord Waiver and Consent Agreement  EXHIBIT M Form of Joinder Agreement  EXHIBIT N Form of Borrowing Base Certificate  EXHIBIT O [Reserved]  EXHIBIT P Form of Incremental Commitment Agreement      

 

    1        AMENDED AND RESTATED ABL CREDIT AGREEMENT, dated as of December 20, 2012,  among CVR REFINING, LLC, a Delaware limited liability company (“CVR LLC”), COFFEYVILLE  RESOURCES REFINING & MARKETING, LLC, a Delaware limited liability company (“Refining  LLC”), COFFEYVILLE RESOURCES PIPELINE, LLC, a Delaware limited liability company (“Pipeline  LLC”), COFFEYVILLE RESOURCES CRUDE TRANSPORTATION, LLC, a Delaware limited liability  company (“Transportation LLC”), COFFEYVILLE RESOURCES TERMINAL, LLC, a Delaware limited  liability company (“Terminal LLC”), WYNNEWOOD ENERGY COMPANY, LLC, a Delaware limited  liability company (“Wynnewood Energy”), WYNNEWOOD REFINING COMPANY, LLC, a Delaware  limited liability company (“Wynnewood Refining”), CVR RENEWABLES, LLC, a Delaware limited  liability company (“Renewables LLC”), CVR REFINING, LP, a Delaware limited partnership (“CVR LP”  or the “Company”), each other Person that at any time after the date hereof becomes a Borrower or a  Guarantor, the Lenders from time to time party hereto, WELLS FARGO BANK, NATIONAL  ASSOCIATION, as Administrative Agent and Collateral Agent (the “Agent”), WELLS FARGO BANK,  NATIONAL ASSOCIATION, BMO HARRIS BANK N.A., and U.S. BANK NATIONAL  ASSOCIATION, as Joint-Lead Arrangers, and BARCLAYS BANK PLC, as Documentation Agent.  All  capitalized terms used herein and defined in Section 1.01 are used herein as therein defined.  W I T N E S S E T H:  WHEREAS, CVR Services, LLC (f/k/a Coffeyville Resources, LLC), a Delaware limited liability  company (“CVR Services”), and certain affiliates of CVR Energy, Inc., a Delaware corporation (“CVR  Energy”), are parties to the ABL Credit Agreement, dated as of February 22, 2011 by and among them,  Deutsche Bank Trust Company Americas, as administrative and collateral agent, Deutsche Bank Trust  Company Americas, JP Morgan Chase Bank, N.A. and Wells Fargo Capital Finance, LLC, as co-ABL  collateral agents, the Lenders party thereto, (as amended, restated, supplemented or otherwise modified  from time to time prior to the date hereof, the “Existing Credit Agreement”);  WHEREAS, the Credit Parties (as hereinafter defined) have requested that the Agent and the  Lenders amend and restate the Existing Credit Agreement pursuant to and in accordance with the terms and  conditions set forth herein; and  WHEREAS, each Lender is willing to agree (severally and not jointly) to amend and restate this  Agreement and to make such Loans, and participate in such Letters of Credit, to the Borrowers in  accordance with its RL Percentage (as defined below) on the terms and conditions set forth herein and  Agent is willing to act as administrative and collateral agent for Lenders on the terms and conditions set  forth herein and the other Credit Documents;  NOW, THEREFORE, IT IS AGREED:  SECTION 1. Definitions and Accounting Terms  1.01 Defined Terms.  As used in this Agreement, the following terms shall have the following meanings (such meanings  to be equally applicable to both the singular and plural forms of the terms defined):  “ABL Priority Collateral” shall have the meaning provided in the Intercreditor Agreement.  

 

    2        “Acceptable Appraisal” means, with respect to an appraisal of Inventory, the most recent appraisal  of such property received by Administrative Agent (a) from an appraisal company reasonably satisfactory  to Administrative Agent, (b) the scope and methodology (including, to the extent relevant, any sampling  procedure employed by such appraisal company) of which are reasonably satisfactory to Administrative  Agent, and (c) the results of which are reasonably satisfactory to Administrative Agent, in each case, in  Administrative Agent’s Permitted Discretion.  “Account” shall mean an “account” as such term is defined in Article 9 of the UCC, and any and  all supporting obligations in respect thereof.  “Account Debtor” shall mean each Person who is obligated on an Account.  “Acquired Entity or Business” shall mean either (x) the assets constituting a business, division or  product line of any Person not already a Subsidiary or Unrestricted Subsidiary of a Credit Party or (y) more  than 50% of the Equity Interests of any such Person, which Person shall, as a result of the acquisition of  such Equity Interests, become a Borrower or a Guarantor (or shall be merged with and into a Borrower or  a Guarantor, with such Borrower or such Guarantor being the surviving or continuing Person).  “Additional Margin” shall have the meaning provided in Section 2.15(a).  “Additional Security Documents” shall have the meaning provided in Section 9.12.  “Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a)  Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided, that, if Adjusted Term  SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be  the Floor.  “Administrative Agent” shall mean Wells Fargo Bank, National Association, in its capacity as  Administrative Agent for the Lenders hereunder and under the other Credit Documents, and shall include  any successor to the Administrative Agent appointed pursuant to Section 12.09.  “Administrative Agent’s Account” shall mean the Deposit Account of the Administrative Agent  identified on Schedule 1.01(f) to this Agreement (or such other Deposit Account of the Administrative  Agent that has been designated as such, in writing, by the Administrative Agent to the Company and the  Lenders).  “Affected Financial Institution” shall mean (a) any EEA Financial Institution or (b) any UK  Financial Institution.  “Affected Lender” shall have the meaning provided in Section 2.10(b).  “Affiliate” of any specified Person shall mean any other Person directly or indirectly controlling or  controlled by or under direct or indirect common control with such specified Person; provided, that, (x)  none of the Administrative Agent, any Lender or any of their respective Affiliates shall be considered an  Affiliate of any Credit Party or any Subsidiary thereof and (y) except for the purposes of Section 10.06, no  operating portfolio company of any Qualifying Owner (other than the Credit Parties and their respective  Subsidiaries) shall constitute an Affiliate of any Credit Party or any of its Subsidiaries; provided further  

 

    3        that, solely for the purposes of the definitions of “Eligible Accounts”, “Exchange Agreement” and  “Exchange Agreement Positive Balance” any such operating portfolio company shall not constitute an  Affiliate of any Credit Party or any of its Subsidiaries only for so long as the underlying transaction giving  rise to the respective Eligible Account and such Eligible Account itself, the respective Exchange Agreement  and such Exchange Agreement Positive Balance satisfy the introductory paragraph of Section 10.06.  For  purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or  indirectly, of the power to direct or cause the direction of the management or policies of such Person,  whether through the ownership of voting securities, by agreement or otherwise.  For purposes of this  definition, the terms “controlling,” “controlled by” and “under common control with” have correlative  meanings.  “Affiliated Lender” shall mean a Person defined in clause (i) of the definition of Qualifying Owner  that is a Lender.  “Agent Advance” shall have the meaning provided in Section 2.01(e).  “Agent Advance Amount” shall have the meaning provided in Section 2.01(e).  “Agent Advance Period” shall have the meaning provided in Section 2.01(e).  “Agents” shall mean, collectively, the Administrative Agent and the Collateral Agent, and  individually, shall mean any one of the Administrative Agent or Collateral Agent.  “Aggregate Exposure” shall mean, at any time, the sum of (a) the aggregate principal amount of all  Revolving Loans then outstanding, (b) the aggregate amount of all Letter of Credit Usage at such time  (exclusive of Letter of Credit Usage which are repaid with the proceeds of, and simultaneously with the  incurrence of, the respective incurrence of Loans) and (c) the aggregate principal amount of all Swingline  Loans then outstanding (exclusive of Swingline Loans which are repaid with the proceeds of, and  simultaneously with the incurrence of, the respective incurrence of Revolving Loans).  “Agreement” shall mean this credit agreement, as modified, supplemented, amended, restated  (including any amendment and restatement hereof), extended or renewed from time to time.  “Amendment No. 1” shall mean Amendment No. 1 to Amended and Restated ABL Credit  Agreement, dated as of November 14, 2017, by and among Agent, Lenders, Borrowers and Guarantors, as  modified, supplemented, amended, restated, extended or renewed from time to time.  “Amendment No. 2” shall mean Amendment No. 2 to Amended and Restated ABL Credit  Agreement, dated as of December 23, 2019, by and among Agent, Borrowers and Guarantors, as modified,  supplemented, amended, restated, extended or renewed from time to time.  “Amendment No. 3” shall mean Amendment No. 3 to Amended and Restated ABL Credit  Agreement, dated as of June 30, 2022, by and among Agent, Lenders, Borrowers and Guarantors, as  modified, supplemented, amended, restated, extended or renewed from time to time.  “Amendment No. 3 Effective Date” has the meaning set forth in Section 4 of Amendment No. 3.  

 

    4        “Anti-Corruption Laws” shall mean the FCPA, the U.K. Bribery Act of 2010, as amended, and all  other applicable laws and regulations or ordinances concerning or relating to bribery or corruption in any  jurisdiction in which any Credit Party or any of its Subsidiaries or Affiliates is located or is doing business.  “Anti-Money Laundering Laws” shall mean the applicable laws or regulations in any jurisdiction  in which any Credit Party or any of its Subsidiaries or Affiliates is located or is doing business that relates  to money laundering, any predicate crime to money laundering, or any financial record keeping and  reporting requirements related thereto.  “Applicable Commitment Commission Percentage” shall mean (A) for the period from the  Amendment No. 3 Effective Date until the last day of the first full calendar quarter after the Amendment  No. 3 Effective Date, 0.375% per annum and (B) for each calendar quarter thereafter, (i) if for the  immediately preceding calendar quarter (or such shorter period, as the case may be) the daily average of  the outstanding Revolving Loans and Letters of Credit is less than 50% of the Total Revolving Loan  Commitment, 0.375% per annum and (ii) if for the immediately preceding calendar quarter (or such shorter  period, as the case may be) the daily average of the outstanding Revolving Loans and Letters of Credit is  equal to or greater than 50% of the Total Revolving Loan Commitment, 0.25% per annum.  From and after  the Extension, with respect to any Extended Revolving Loan Commitments and Extended Loans, the  Applicable Commitment Commission Percentage specified for such Extended Revolving Loan  Commitments and Extended Loans shall be those set forth in the applicable definitive documentation  thereof.  Swingline Loans will not be considered in the calculation of the Applicable Commitment  Commission Percentage.  “Applicable Margin” shall mean, as of any date of determination and with respect to Base Rate  Loans (including Swingline Loans) or SOFR Loans, as applicable, the applicable margin set forth in the  following table that corresponds to the Historical Excess Availability for the most recently completed Fiscal  Quarter; provided, that for the period from the Amendment No. 3 Effective Date through and including  June 30, 2022, the Applicable Margin shall be set at the margin in the row styled “Level I”; provided further,  that any time an Event of Default has occurred and is continuing, the Applicable Margin shall be set at the  margin in the row styled “Level II”:  Level Historical Excess Availability  Revolving Loans  Maintained as SOFR  Loans  Revolving Loans and  Swingline Loans  Maintained as Base Rate  Loans  I Greater than 50% of Availability 1.50% 0.50%  II Equal to or less than 50% of  Availability  1.75% 0.75%  The Applicable Margin shall be re-determined as of the first day of each Fiscal Quarter.  Notwithstanding  anything to the contrary contained above in this definition, (i) from and after the most recent Incremental  Commitment Date for any Incremental Commitment Agreement pursuant to which the Applicable Margins  have been increased above the Applicable Margins in effect immediately prior to such Incremental  Commitment Date, each of the Applicable Margins shall be increased to those respective percentages per  annum set forth in the applicable Incremental Commitment Agreement and (iii) from and after the  

 

    5        Extension, with respect to any Extended Loans, the Applicable Margins specified for such Extended Loans  shall be those specified in the applicable definitive documentation thereof.  “Asset Sale” shall mean any sale, transfer or other disposition by any Credit Party or any of its  Subsidiaries to any Person (including by way of redemption by such Person), other than to any other Credit  Party or a Wholly-Owned Subsidiary of any Guarantor, of any asset (including any capital stock or other  securities of, or Equity Interests in, another Person), but excluding sales of assets pursuant to Sections  10.02(b), (c), (g), (h), (i), (j), (k), (m), (n), (o), (p) and (q).  “Asset Sale Proceeds Account” shall mean one or more deposit accounts or securities accounts  holding solely the proceeds of any sale or other disposition of any Notes Priority Collateral (and only such  Collateral) that are required to be held in such account or accounts pursuant to the terms of any Qualified  Secured Debt Document to the extent that (x) any such Indebtedness has a Lien on the Notes Priority  Collateral that is senior to the Lien of the Obligations on such Notes Priority Collateral and (y) any such  deposit accounts or securities accounts are subject to the terms of the Intercreditor Agreement and are being  held for the benefit of the Secured Parties as well.  “Assignment and Assumption Agreement” shall mean an Assignment and Assumption Agreement  substantially in the form of Exhibit J (appropriately completed).  “Authorized Officer” shall mean, with respect to (i) delivering Notices of Borrowing, Notices of  Conversion/Continuation, requests for Letters of Credit and similar notices, any person or persons that has  or have been authorized by the board of directors (or similar governing body) of a Credit Party (and any  person or persons authorized by any such person or persons) to deliver such notices pursuant to this  Agreement and that has or have appropriate signature cards on file with the Administrative Agent, the  Swingline Lender or the respective Issuing Lender, (ii) delivering financial information and officer’s  certificates pursuant to this Agreement, the chief financial officer, the treasurer or the principal accounting  officer of a Credit Party, and (iii) any other matter in connection with this Agreement or any other Credit  Document, any officer (or a person or persons so designated by any officer) of a Credit Party.  “Authorized Person” shall mean any one of the individuals identified as an officer of a Borrower  on Schedule 1.01(e) to this Agreement, or any other individual identified by the Company as an authorized  person and authenticated through the Administrative Agent’s electronic platform or portal in accordance  with its procedures for such authentication.  “Availability” at any time shall mean the lesser of (i) the Borrowing Base at such time and (ii) the  Total Revolving Loan Commitment at such time.  “Available Tenor” means, as of any date of determination and with respect to the then-current  Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or  component thereof) that is or may be used for determining the length of an interest period pursuant to this  Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark  (or component thereof) that is or may be used for determining any frequency of making payments of interest  calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and  not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the  definition of “Interest Period” pursuant to Section 2.17(d)(iii)(D).   

 

    6        “Back Stop Arrangements” shall mean, collectively, Letter of Credit Back Stop Arrangements and  Swingline Back Stop Arrangements.  “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” shall mean (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union,  the implementing law, regulation, rule or requirement for such EEA Member Country from time to time  which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part  I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation  or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment  firms or other financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).  “Bank Product Reserve” shall mean a reserve established by the Collateral Agent from time to time  in respect of the Credit Parties’ liabilities (or potential liabilities) as part of their cash management system  such as, but not limited to, reserves for returned items, customary charges for maintaining Deposit Accounts  and similar items.  “Bankruptcy Code” shall have the meaning provided in Section 11.05.  “Base Rate” shall mean, at any time, the highest of (a) the Federal Funds Rate plus 1⁄2%, (b) Term  SOFR for a one month tenor in effect on such day, plus 1%, provided that this clause (b) shall not be  applicable during any period in which Term SOFR is unavailable or unascertainable, and (c) the rate of  interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its  “prime rate”, with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily  the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for  those loans making reference thereto and is evidenced by the recording thereof after its announcement in  such internal publications as Wells Fargo may designate (and, if any such announced rate is below zero,  then the rate determined pursuant to this clause (c) shall be deemed to be zero).  “Base Rate Loan” shall mean (i) each Swingline Loan and (ii) each Revolving Loan designated or  deemed designated as such by the relevant Borrower at the time of the incurrence thereof or conversion  thereto.  “Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark  Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current  Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such  Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.17(d)(iii)(A).  “Benchmark Replacement” means, with respect to any Benchmark Transition Event, the sum of:  (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company giving  due consideration to (i) any selection or recommendation of a replacement benchmark rate or the  mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then- prevailing market convention for determining a benchmark rate as a replacement for the then-current  Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement  

 

    7        Adjustment; provided that if such Benchmark Replacement as so determined would be less than the Floor,  such Benchmark Replacement shall be deemed to be the Floor for the purposes of this Agreement and the  other Credit Documents.  “Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current  Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread  adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or  negative value or zero) that has been selected by the Administrative Agent and the Company giving due  consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or  determining such spread adjustment, for the replacement of such Benchmark with the applicable  Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then- prevailing market convention for determining a spread adjustment, or method for calculating or determining  such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark  Replacement for Dollar-denominated syndicated credit facilities at such time.  “Benchmark Replacement Date” means the earliest to occur of the following events with respect  to the then-current Benchmark:  (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later  of (i) the date of the public statement or publication of information referenced therein and (ii) the date on  which the administrator of such Benchmark (or the published component used in the calculation thereof)  permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component  thereof); or  (b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the first date  on which such Benchmark (or the published component used in the calculation thereof) has been determined  and announced by the regulatory supervisor for the administrator of such Benchmark (or such component  thereof) to be non-representative; provided that such non-representativeness will be determined by  reference to the most recent statement or publication referenced in such clause (c) and even if any Available  Tenor of such Benchmark (or such component thereof) continues to be provided on such date.  For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the  case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or  events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the  published component used in the calculation thereof).  “Benchmark Transition Event” means the occurrence of one or more of the following events with  respect to the then-current Benchmark:  (a) a public statement or publication of information by or on behalf of the administrator of  such Benchmark (or the published component used in the calculation thereof) announcing that such  administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such  component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,  there is no successor administrator that will continue to provide any Available Tenor of such Benchmark  (or such component thereof);  

 

    8        (b) a public statement or publication of information by the regulatory supervisor for the  administrator of such Benchmark (or the published component used in the calculation thereof), the Board  of Governors, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the  administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the  administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or  resolution authority over the administrator for such Benchmark (or such component), which states that the  administrator of such Benchmark (or such component) has ceased or will cease to provide all Available  Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the  time of such statement or publication, there is no successor administrator that will continue to provide any  Available Tenor of such Benchmark (or such component thereof); or  (c) a public statement or publication of information by the regulatory supervisor for the  administrator of such Benchmark (or the published component used in the calculation thereof) announcing  that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future  date will not be, representative.  For the avoidance of doubt, if the then-current Benchmark has any Available Tenors, a “Benchmark  Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or  publication of information set forth above has occurred with respect to each then-current Available Tenor  of such Benchmark (or the published component used in the calculation thereof).  “Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the earlier  of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public  statement or publication of information of a prospective event, the 90th day prior to the expected date of  such event as of such public statement or publication of information (or if the expected date of such  prospective event is fewer than 90 days after such statement or publication, the date of such statement or  publication).  “Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a  Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the  then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with  Section 2.17(d)(iii) and (y) ending at the time that a Benchmark Replacement has replaced the then-current  Benchmark for all purposes hereunder and under any Credit Document in accordance with Section  2.17(d)(iii).  “Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership as  required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.  “Board” shall mean the Board of Governors of the Federal Reserve System of the United States.  “Borrower” and “Borrowers” shall mean CVR LLC, Refining LLC, Pipeline LLC, Transportation  LLC, Terminal LLC, Wynnewood Energy, Wynnewood Refining, and Renewables LLC, in each case  together with each other entity that becomes a Borrower pursuant to Section 10.12(a) (including any CVR  Borrower Affiliate Entity).  

 

    9        “Borrowing” shall mean the borrowing of one Type of Revolving Loan from all the Lenders, or  from the Swingline Lender in the case of Swingline Loans, on a given date (or resulting from a conversion  or conversions on such date) having in the case of SOFR Loans the same Interest Period; provided, that,  Base Rate Loans incurred pursuant to Section 2.17(d)(ii) shall be considered part of the related Borrowing  of SOFR Loans.  “Borrowing Base” shall mean, as of any date of determination, an amount equal to the sum of  (without duplication):  (a) 85.0% of Eligible Accounts arising from Account Debtors which are not Investment Grade  Account Debtors, plus  (b) 90.0% of Eligible Accounts arising from Account Debtors which are Investment Grade Account  Debtors, plus  (c) 95% of Accounts in support of which an irrevocable standby letter of credit satisfactory to Agent  in its Permitted Discretion (as to form, substance and issuer or domestic confirming bank) has been  delivered to Agent and is directly drawable by Agent in the amount of such Account, plus  (d) 85.0% of Eligible Unbilled Accounts, plus  (e) 80.0% of Eligible Refinery Hydrocarbon Inventory; provided, that, if the Company shall be in  compliance with a Fixed Charge Coverage Ratio of not less than 1.50:1.00 for the Test Period then most  recently ended for which financial statements have been (or are required to be) delivered pursuant to  Sections 9.01(b) or (c), as applicable, the amount under this clause (e) shall be increased by the lesser of (i)  5.0% of Eligible Refinery Hydrocarbon Inventory and (ii) $10,000,000, plus  (f) the lesser of (i) 85.0% of the value (calculated at the lower of cost or market on a basis consistent  with Borrowers’ historical accounting practices) of Eligible Renewable Feedstock Inventory and (ii) 85%  of the Net Recovery Percentage of Eligible Renewable Feedstock Inventory, plus  (g) 80.0% of Eligible Renewable Petroleum Inventory as identified on the most recent Acceptable  Appraisal received by Administrative Agent, plus  (h) the lesser of (i) 70% of Eligible RINs and (ii) the lesser of (A) 5% of the Borrowing Base and  (B) $15,000,000, plus  (i) the lesser of (i) 80.0% of the Eligible Exchange Agreement Positive Balance and (ii)  $10,000,000, plus  (j) 80.0% of Eligible In-Transit Crude Oil and Eligible In-Transit Renewable Feedstock, plus  (k) 100% of the value of Paid but Unexpired Standby Letters of Credit, minus  (l) the aggregate amount of the Reserves then established by the Collateral Agent.  

 

    10        For any purpose under any Credit Documents requiring the determination of the Borrowing Base, such  Borrowing Base shall be the Borrowing Base as set forth in the most recently delivered Borrowing Base  Certificate delivered to the Administrative Agent in accordance with Section 9.01(j) and Schedule 1.01(c)  (as such Schedule may be updated from time to time by the Company with the consent of the Administrative  Agent); provided, that, the Borrowing Base determined pursuant to clause (a) above may be adjusted on a  daily basis to reflect the aggregate amount under clause (a) above as of the open of business on each  Business Day as verified by the Administrative Agent.  The Collateral Agent shall have the right (but not  the obligation) to review such computations and if, in its Permitted Discretion, such computations have not  been calculated in accordance with the terms of this Agreement, the Collateral Agent shall have the right  to correct any such errors in such manner as it may determine in its Permitted Discretion.  “Borrowing Base Certificate” shall have the meaning provided in Section 9.01(j).  “Business” shall mean any corporation, limited liability company, partnership or other business  entity (or the adjectival form thereof, where appropriate) or the equivalent of the foregoing in any foreign  jurisdiction.  “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which the Federal  Reserve Bank of New York is closed.  “Calculation Period” shall mean, with respect to any Permitted Acquisition, any Significant Asset  Sale or any other event expressly required to be calculated on a Pro Forma Basis pursuant to the terms of  this Agreement, the Test Period most recently ended prior to the date of such Permitted Acquisition,  Significant Asset Sale or other event for which financial statements have been (or are required to be)  delivered pursuant to Sections 9.01(b) or (c), as applicable.  “Canadian Governmental Authority” shall mean the government of Canada or any political  subdivision thereof, whether provincial, territorial 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.  “Canadian Insolvency Laws” shall mean any of the Bankruptcy and Insolvency Act (Canada), the  Companies’ Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring Act (Canada),  each as now and hereafter in effect, and any successors to such statutes and any proceeding under applicable  corporate law seeking an arrangement of, or stay of proceedings to enforce, some or all of the debts of the  corporation.  “Canadian Priority Payables” shall mean, at any time, with respect to any Credit Party: (a) the  amount past due and owing by such Credit Party, or the accrued amount for which such Credit Party has an  obligation to remit, to a Canadian Governmental Authority or other Person pursuant to any applicable law,  rule or regulation, in respect of (i) pension fund obligations, (ii) Canada Pension Plan and Québec Pension  Plan, (iii) employment insurance, (iv) harmonized sales taxes, provincial sales taxes; excise taxes; employee  income taxes, and other taxes payable or to be remitted or withheld, (v) workers’ compensation, (vi) wages,  (vii) vacation pay and (ix) other like charges and demands, in each case, in respect of which any Canadian  Governmental Authority or other Person may claim a Lien, trust or other claim ranking or capable of  ranking in priority to or pari passu with one or more of the Liens granted in the Security Documents; (b)  the aggregate of any other amounts for which provision for payment is required to be made pursuant to  

 

    11        Section 6 of the Companies’ Creditors Arrangement Act (Canada) or Section 60 of the Bankruptcy and  Insolvency Act (Canada) (as such provisions may be amended, supplemented or replaced from time to  time), in order to obtain court’s sanction or approval of an arrangement, compromise or proposal; and (c)  the aggregate amount of any other liabilities of such Credit Party (i) in respect of which a trust has been or  may be imposed on any Collateral to provide for payment or (ii) which are secured by a Lien, right or other  claim on any Collateral which has not been subordinated to the Liens securing the Obligations under the  Security Documents on a basis satisfactory to the Collateral Agent or (iii) the holder of which enjoys a  right, in each case, pursuant to any applicable law, rule or regulation and which trust, Lien, right or claim  ranks or is capable of ranking in priority to or pari passu with one or more of the Liens granted in the  Security Documents.  “Capital Expenditures” shall mean, with respect to any Person, all expenditures by such Person  which should be capitalized in accordance with GAAP and, without duplication, the amount of all Finance  Lease Obligations incurred by such Person.  “Cash Equivalents” shall mean, as to any Person, (i) securities issued or directly and fully  guaranteed or insured by the United States government or any agency or instrumentality thereof (provided,  that, the full faith and credit of the United States is pledged in support thereof) having maturities of not  more than two years from the date of acquisition, (ii) time deposits, demand deposits, money market  deposits, certificates of deposit and eurodollar time deposits with maturities of one year or less from the  date of acquisition, bankers’ acceptances with maturities not exceeding one year from the date of acquisition  and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus  in excess of $250,000,000 (or $100,000,000 in the case of a non-U.S. bank), (iii) repurchase obligations for  underlying securities of the types set forth in clauses (i), (ii) and (vi) of this definition entered into with any  financial institution meeting the qualifications specified in clause (ii) above, (iv) commercial paper rated at  least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s nor S&P shall be rating  such obligations, an equivalent rating from another rating agency) and in each case maturing within two  years after the date of acquisition, (v) marketable short-term money market and similar securities having a  rating of at least P-2 or A-2 from either Moody’s or S&P, respectively, or liquidity funds or other similar  money market mutual funds, with a rating of at least Aaa by Moody’s or AAA by S&P (or, if at any time  neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency),  (vi) securities issued by any state, commonwealth or territory of the United States or any political  subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality  thereof, maturing within two years from the date of acquisition thereof and having an investment grade  rating from Moody’s or S&P, (vii) money market funds (or other investment funds) at least 95% of the  assets of which constitute Cash Equivalents of the kinds set forth in clauses (ii) through (vi) of this  definition, (viii) Euros or any national currency of any participating member state of the EMU, (ix) local  currency held by any Borrower or any Subsidiary thereof from time to time in the ordinary course of  business, (x) securities issued or directly and fully guaranteed by the sovereign nation or any agency thereof  (provided, that, the full faith and credit of such sovereign nation is pledged in support thereof) in which any  Borrower or any Subsidiary thereof is organized or is conducting business having maturities of not more  than one year from the date of acquisition and (xi) investments of the type and maturity set forth in clauses  (ii) through (vi) above of foreign obligors, which investments or obligors satisfy the requirements and have  ratings set forth in such clauses.  “Cash Management Control Agreement” shall mean a “control agreement” in form and substance  reasonably acceptable to the Administrative Agent.  

 

    12        “Cash Management Services” shall mean treasury, depositary or cash management services  (including overnight overdraft services), automated clearinghouse transfers of funds and purchasing, credit  and debit card services.  “Change in Law” shall mean the occurrence after the date of this Agreement of:  (a) the adoption  or effectiveness of any law, rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law,  rule, regulation, judicial ruling, judgment or treaty or in the administration, interpretation, implementation  or application by any Governmental Authority of any law, rule, regulation, guideline or treaty, (c) any new,  or adjustment to, requirements prescribed by the Board of Governors for “Eurocurrency Liabilities” (as  defined in Regulation D of the Board of Governors), requirements imposed by the Federal Deposit  Insurance Corporation, or similar requirements imposed by any domestic or foreign governmental authority  or resulting from compliance by the Administrative Agent or any Lender with any request or directive  (whether or not having the force of law) from any central bank or other Governmental Authority and related  in any manner to SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or (d) the  making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or  not having the force of law; provided, that notwithstanding anything in this Agreement to the contrary, (i)  the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or  directives thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or directives  concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee  on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory  authorities shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted  or issued.  “Change of Control” shall mean (a) any Person or “group” (within the meaning of Rules 13d-3 and  13d-5 under the Exchange Act) (other than any Qualifying Owner) shall have acquired (i) beneficial  ownership of 50% or more on a fully diluted basis of the voting Equity Interests of CVR Energy and CVR  Energy Holdings in the aggregate or (ii) the power (whether or not exercised) to elect, nominate or approve  a majority of the members of the board of directors (or similar governing body), or appoint or approve  directors so nominated, of CVR Energy and CVR Energy Holdings, (b) other than as a result of a transaction  expressly permitted hereunder (including the CVR Renewables IPO), CVR Energy and CVR Energy  Holdings shall cease to beneficially own and control, directly or indirectly, 100% on a fully diluted basis  of the economic and voting interest in the Equity Interests of each Credit Party, or (c) a “change of control”  (or similarly defined event) shall occur under the Qualified Debt Documents.  “Chattel Paper” shall mean “chattel paper” (as such term is defined in Article 9 of the UCC).   “CHC LP” shall mean CVR CHC, LP, a Delaware limited partnership.   “Chief Executive Office” shall mean, with respect to any Person, the location from which such  Person manages the main part of its business operations or other affairs.  “Code” shall mean the Internal Revenue Code of 1986, as amended.  “Coffeyville Refinery” shall mean the crude oil refinery located at 400 N. Linden Street in  Coffeyville, Kansas, which is owned and operated by a Borrower.  

 

    13        “Collateral” shall mean all property (whether real or personal) with respect to which any security  interests have been granted (or purported to be granted) pursuant to any Security Document, including all  Pledge and Security Agreement Collateral and all cash and Cash Equivalents delivered as collateral  pursuant to Section 5.02 or Section 11.  “Collateral Agent” shall mean Wells Fargo Bank, National Association, in its capacity as collateral  agent for the Secured Parties hereunder and pursuant to the Security Documents, and shall include any  successor to the Collateral Agent as provided in Section 12.09.  “Collateral Questionnaire” shall mean a certificate of an Authorized Officer of the Company in  form reasonably satisfactory to the Collateral Agent that provides information with respect to the personal  or mixed property of each Credit Party.  “Collection Account” shall mean each account established at a Collection Bank subject to a Cash  Management Control Agreement.  “Collection Banks” shall have the meaning provided in Section 5.03(b).  “Commingled Inventory” shall mean Inventory of any Borrower that is commingled (whether  pursuant to a consignment, a toll manufacturing agreement or otherwise) with Inventory of another Person  (other than another Borrower) at a location owned or leased by a Borrower to the extent that such Inventory  of such Borrower is not readily identifiable.  “Commitment Commission” shall have the meaning provided in Section 4.01(a).  “Commodity Agreement” shall mean any commodity exchange, swap, forward, cap, floor collar or  other similar agreement or arrangement each of which is for the purpose of hedging the exposure of the  Company and its Subsidiaries to fluctuations in the price of hydrocarbons, renewable feedstock, renewable  finished product, refined products and other commodities in their operations and not for speculative  purposes.  “Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as  amended from time to time, and any successor statute.  “Company” shall have the meaning provided in the first paragraph of this Agreement.  “Compliance Period” shall mean any period (a) commencing on the date on which Excess  Availability is less than the greater of (i) 10.0% of Availability and (ii) $30,000,000 and (b) ending on the  first date thereafter on which Excess Availability has been equal to or greater than the greater of (i) 10.0%  of Availability and (ii) $30,000,000, in either case for 30 consecutive days.  “Concentration Account” shall have the meaning provided in Section 5.03(c).  “Conforming Changes” means, with respect to either the use or administration of Term SOFR or  the use, administration, adoption or implementation of any Benchmark Replacement, any technical,  administrative or operational changes (including changes to the definition of “Base Rate,” the definition of  “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest  

 

    14        Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and  frequency of determining rates and making payments of interest, timing of borrowing requests or  prepayment, conversion or continuation notices, the applicability and length of lookback periods, the  applicability of Section 2.17(b)(ii) and other technical, administrative or operational matters) that the  Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such  rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially  consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such  market practice is not administratively feasible or if the Administrative Agent determines that no market  practice for the administration of any such rate exists, in such other manner of administration as the  Administrative Agent decides is reasonably necessary in connection with the administration of this  Agreement and the other Credit Documents).  “Consent Decree” shall mean the Consent Decree entered into by the United States of America, the  Kansas Department of Health and Environment ex rel. State of Kansas, Coffeyville Resources Refining &  Marketing, LLC, and Coffeyville Resources Terminal, LLC, entered by the United States District Court for  the District of Kansas on April 19, 2012, including any subsequent amendments thereto.  “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period  (without giving effect to (x) any extraordinary gains or losses, (y) any non-cash income, and (z) any gains  or losses from sales of assets other than inventory sold in the ordinary course of business) adjusted by (A)  adding thereto (in each case to the extent deducted in determining Consolidated Net Income for such  period), without duplication, the amount of (i) total interest expense (inclusive of that portion attributable  to Finance Lease Obligations, net costs under Interest Rate Protection Agreements and amortization of  deferred financing fees and other original issue discount and banking fees, charges and commissions (e.g.,  letter of credit fees and commitment fees)) of the Credit Parties determined on a consolidated basis for such  period, (ii) provision for taxes based on income and foreign withholding taxes for the Credit Parties  determined on a consolidated basis for such period, (iii) all depreciation and amortization expense of the  Credit Parties determined on a consolidated basis for such period, (iv) the amount of all fees and expenses  incurred by the Credit Parties in connection with the Transaction during such period, (v) the amount of all  other non-cash charges or losses of the Credit Parties determined on a consolidated basis for such period,  (vi) any expenses or charges incurred by the Credit Parties in connection with any acquisition (including a  Permitted Acquisition) or disposition of assets outside the ordinary course of business, any issuance of  Indebtedness or equity securities of the Credit Parties or any refinancing or recapitalization transaction for  such period, (vii) any unusual or non-recurring charges incurred by the Credit Parties during such period in  an aggregate amount not to exceed 10% of the amount of Consolidated EBITDA prior to the adjustment  provided in this clause (vii) as determined in such period, (viii) the amount of any integration costs or other  business optimization expenses or costs incurred by the Credit Parties for such period, including any one- time costs incurred in connection with acquisitions and costs related to the closure and/or consolidation of  facilities, in an aggregate amount not to exceed 10% of the amount of Consolidated EBITDA prior to the  adjustment provided for in this clause (viii) as determined in such period, (ix) any net after-tax loss from  disposed or discontinued operations and any net after-tax losses on disposal of disposed or discontinued  operations of the Credit Parties for such period, (x) Major Scheduled Turnaround Expenses for such fiscal  period, (xi) any FIFO Adjustment reducing Consolidated Net Income for such period, (xii) any losses  realized by the Credit Parties in connection with any extinguishment of Indebtedness for such period, and  (xiii) any losses incurred by the Credit Parties attributable to minority equity interests in the Credit Parties  for such period, and (B) subtracting therefrom (to the extent not otherwise deducted in determining  Consolidated Net Income for such period), without duplication, the amount of (i) all cash payments or cash  

 

    15        charges made (or incurred) by the Credit Parties for such period on account of any non-cash charges or  losses added back to Consolidated EBITDA pursuant to preceding sub clause (A)(v) in a previous period,  (ii) any FIFO Adjustment increasing Consolidated Net Income, (iii) any unusual or non-recurring gains by  the Credit Parties during such period, (iv) any net after-tax gain from disposed or discontinued operations  and any net after-tax gain on disposal of disposed or discontinued operations of the Credit Parties for such  period, (v) the aggregate amount of all Dividends paid pursuant to Section 10.03(c) for such period, (vi)  any gains realized by the Credit Parties in connection with any extinguishment of Indebtedness for such  period, and (vii) any income increasing Consolidated Net Income for such period attributable to minority  equity interests in the Credit Parties.  For the avoidance of doubt, it is understood and agreed that, to the extent any amounts are excluded  from Consolidated Net Income by virtue of the proviso to the definition thereof contained herein, any add  backs to Consolidated Net Income in determining Consolidated EBITDA as provided above shall be limited  (or denied) in a fashion consistent with the proviso to the definition of Consolidated Net Income contained  herein.  “Consolidated Indebtedness” shall mean, as at any date of determination, the remainder of (A) the  sum of (without duplication) (i) the aggregate stated balance sheet amount of all Indebtedness (including  Indebtedness as would be required to be treated as Finance Lease Obligations, but excluding Indebtedness  under clauses (iv), (vi) (but only in respect of undrawn amounts) and (x) of the definition thereof) of the  Credit Parties determined on a consolidated basis in accordance with GAAP, (ii) the aggregate amount of  all unpaid drawings under all letters of credit issued for the account of the Credit Parties and (iii) the  aggregate amount of all guaranties by the Credit Parties of Indebtedness of another Person of the type that  would otherwise be included in the calculation of Consolidated Indebtedness minus (B) the aggregate  amount, but not to exceed $250,000,000, of all Unrestricted cash and Cash Equivalents of the Credit Parties  that is subject to a Cash Management Control Agreement and in which the Collateral Agent has a First  Priority Lien.  “Consolidated Interest Expense” shall mean, for any period, the total interest expense (including  that portion attributable to Finance Lease Obligations in accordance with GAAP and capitalized interest)  of the Credit Parties on a consolidated basis with respect to all outstanding Indebtedness of the Credit Parties  for such period, including all commissions, discounts and other fees and charges owed with respect to letters  of credit and net costs under Interest Rate Protection Agreements.  “Consolidated Net Income” shall mean, for any period, the net income (or loss) of the Credit Parties  determined on a consolidated basis for such period (taken as a single accounting period) in accordance with  GAAP (after any deduction for minority interests); provided, that, the following items shall be excluded  (except to the extent provided below) in computing Consolidated Net Income (without duplication): (i) the  net income (or loss) of any Subsidiary of a Credit Party in which a Person or Persons other than a Credit  Party has an Equity Interest or Equity Interests to the extent of such Equity Interests held by Persons other  than a Credit Party in such Subsidiary, (ii) the net income (or loss) of (A) [Reserved], (B) any Unrestricted  Subsidiary and (C) any other Person (other than a Subsidiary of a Credit Party) in which a Person or Persons  other than a Credit Party has an Equity Interest or Equity Interests to the extent of such Equity Interests  held by Persons other than the Credit Parties in such Person; provided, that, (in the case of each of preceding  clauses (A), (B) and (C)) (x) the Consolidated Net Income of the Credit Parties shall be increased to the  extent of the amount of cash dividends or cash distributions actually paid to the Credit Parties by such  Fertilizer Entity, Unrestricted Subsidiary or other Person during such period, and (y) the Consolidated Net  

 

    16        Income of the Credit Parties shall be reduced to the extent of the amount of cash contributed by the Credit  Parties to any such Fertilizer Entity, Unrestricted Subsidiary or other Person during such period, (iii) except  for determinations expressly required to be made on a Pro Forma Basis, the net income (or loss) of any  Person accrued prior to the date it becomes a Subsidiary or all or substantially all of the property or assets  of such Person are acquired by a Subsidiary and (iv) the net income of any Subsidiary that is not a Credit  Party to the extent that the declaration or payment of cash dividends or similar cash distributions by such  Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any  agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such  Subsidiary.  “Consolidated Total Assets” shall mean, as of any date, the amount which, in accordance with  GAAP, would be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance  sheet of the Credit Parties (excluding the assets of Unrestricted Subsidiaries), as at the end of the most  recently ended Fiscal Quarter for which internal financial statements are available (giving pro forma effect  to any acquisitions or dispositions of assets or properties that have been made by the Credit Parties  subsequent to the date of such balance sheet, including through mergers or consolidations).  “Contractual Obligation” shall mean, as applied to any Person, any provision of any Equity  Interests issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement  or other instrument to which that Person is a party or by which it or any of its properties is bound or to  which it or any of its properties is subject.  “Controlled Foreign Corporation” shall mean any direct or indirect Subsidiary of any Credit Party  (i) which is a “controlled foreign corporation” within the meaning of Section 957 of the Code, or (ii)  substantially all of the direct or indirect assets of which are capital stock (or capital stock and Indebtedness  (which shall include any equity interest treated as debt for U.S. federal income tax purposes)) or other  Equity Interests of one or more “controlled foreign corporations” within the meaning of Section 957 of the  Code.  “Credit Account” shall have the meaning provided in Section 5.03(e).  “Credit Documents” shall mean this Agreement, the Pledge and Security Agreement, the  Intercreditor Agreement and, after the execution and delivery thereof pursuant to the terms of this  Agreement, each Note, each Joinder Agreement, each Incremental Commitment Agreement and each other  Security Document.  “Credit Event” shall mean the making of any Loan or the issuance, amendment, extension or  renewal of any Letter of Credit (other than any amendment, extension or renewal that does not increase the  maximum Stated Amount of such Letter of Credit).  “Credit Party” shall mean each Borrower and each Guarantor.  “CVR Borrower Affiliate Entity” shall mean (a) Common Assets Holdco, LLC, a Delaware limited  liability company, (b) CVR Common Assets CVL, LLC, a Delaware limited liability company, (c) CVR  Common Assets WYN, LLC, a Delaware limited liability company, (d) Common Services Holdco, LLC,  a Delaware limited liability company, (e) CVR Common Services, LLC, a Delaware limited liability  company, (f) Renewable Assets Holdco, LLC, a Delaware limited liability company, (g) CVR Renewables  

 

    17        CVL, LLC, a Delaware limited liability company, (h) CVR Renewables WYN, LLC, a Delaware limited  liability company, (i) CVR Supply & Trading, LLC, a Delaware limited liability company, (j) CVR  Refining CVL, LLC, a Delaware limited liability company, (k) CVR Refining WYN, LLC, a Delaware  limited liability company, (l) CHC LP, (m) RHC LP and (n) FHC LP.  “CVR Energy” shall have the meaning provided in the first paragraph of this Agreement.  “CVR Energy Holdings” shall mean CVR Energy Holdings, Inc., a Delaware corporation.  “CVR LLC” shall have the meaning provided in the first paragraph of this Agreement.  “CVR Renewables” shall mean Renewable Assets Holdco, LLC, a Delaware limited liability  company.  “CVR Renewables IPO” shall mean an initial public offering of all or a portion of the Equity  Interests of CVR Renewables or any direct or indirect parent thereof (other than a Credit Party, CVR Energy  and CVR Energy Holdings).  “CVR Reorganization” shall mean (a) the joinder of all CVR Borrower Affiliate Entities as  Borrowers under this Agreement and the other Credit Documents in accordance with Section 10.12(a);  provided, that, in the case of each CVR Borrower Affiliate Entity, Lenders shall have received all  documentation and other information that is requested by and satisfactory to such Lenders for purposes of  complying with all necessary “know your customer” and applicable anti-money laundering rules and  regulations, including, without limitation, the PATRIOT Act, and (b) subject to the Liens in favor of the  Collateral Agent, the distributions, contribution, transfer or other disposition by any existing Credit Party  of certain renewable assets, fossil fuel assets and common assets (including fixed assets and general  intangibles and other assets, including Equity Interests of any Subsidiary of CVR LP) to effect the transfer  of such assets to any CVR Borrower Affiliate Entity (in each case, pursuant to documents and instruments  reasonably satisfactory to Administrative Agent) so long as each such CVR Borrower Affiliate Entity is,  directly or indirectly, a wholly-owned Subsidiary of CVR Energy Holdings.  “CVR Services” shall have the meaning provided in the first paragraph of this Agreement.  “Default” shall mean any event, act or condition which with notice or lapse of time, or both, would  constitute an Event of Default.  “Defaulting Lender” shall mean any Lender with respect to which a Lender Default is in effect.  “Defaulting Lender Rate” means (a) for the first three days from and after the date the relevant  payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Revolving Loans that  are Base Rate Loans (inclusive of the Applicable Margin applicable thereto).  “Deposit Account” shall mean a demand, time, savings, passbook or like account with a bank,  savings and loan association, credit union or like organization.  

 

    18        “Disbursement Account” shall mean each checking and/or disbursement account maintained by  each Borrower and each Guarantor for their respective general corporate purposes, including for the purpose  of paying their trade payables and other operating expenses.  “Disqualified Equity Interest” shall mean, with respect to any Person, any Equity Interest in such  Person that, by its terms (or by the terms of any security into which it is convertible or for which it is  exchangeable, either mandatorily or at the option of the holder thereof) or upon the happening of any event  or condition:  (i) matures or is mandatorily redeemable (other than solely for Equity  Interests in such Person that do not constitute Disqualified Equity Interests and cash in lieu of fractional  shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise;  (ii) is convertible or exchangeable at the option of the holder thereof for  Indebtedness or Equity Interests (other than solely for Equity Interests in such Person that do not constitute  Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests); or  (iii) is redeemable (other than solely for Equity Interests in such Person that do  not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests) or  is required to be repurchased by such Person or any of its Affiliates, in whole or in part, at the option of the  holder thereof;  in each case, on or prior to the date that is six (6) months after the Initial Revolving Commitment  Termination Date; provided, that, an Equity Interest that would not constitute a Disqualified Equity Interest  but for terms thereof giving holders thereof the right to require such Person to redeem or purchase such  Equity Interest upon the occurrence of an “asset sale”, “change of control” or similar event shall not  constitute a Disqualified Equity Interest if any such requirement becomes operative only after repayment  in full in cash of all of the Obligations, the cancellation or expiration of all Letters of Credit and the  termination of the Commitments.  “Dividend” shall mean, with respect to any Person, that such Person has paid a dividend,  distribution or returned any equity capital to its stockholders, partners or members or authorized or made  any other distribution, payment or delivery of property (other than common Equity Interests of such Person)  or cash to its stockholders, partners or members in their capacity as such, or redeemed, retired, purchased  or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its capital stock  or any other Equity Interests outstanding on or after the Effective Date (or any options or warrants issued  by such Person with respect to its capital stock or other Equity Interests), or shall have permitted any of its  Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of the capital stock  or any other Equity Interests of such Person outstanding on or after the Effective Date (or any options or  warrants issued by such Person with respect to its capital stock or other Equity Interests).  “Dollars” and the sign “$” shall each mean freely transferable lawful money of the United States.  “Domestic Subsidiary” of any Person shall mean any Subsidiary of such Person incorporated or  organized in the United States or any State thereof or the District of Columbia.  “Dominion Period” shall mean any period commencing on the date (a) on which Excess  Availability is less than (i) the greater of (A) 10.0% of Availability or (B) $30,000,000 or (b) after the  

 

    19        occurrence of an Event of Default; provided, that, (1) to the extent that the Dominion Period has occurred  due to clause (a) of this definition, if Excess Availability shall be equal to or greater than (x) 10.0% of  Availability and (y) $30,000,000, for at least 45 consecutive days (provided, that such 45-day requirement  shall not apply if any Credit Party receives proceeds from any offering of Indebtedness or equity permitted  hereunder and such proceeds are in an amount sufficient to cause compliance with clause (a) of this  definition), the Dominion Period shall no longer be deemed to exist or be continuing until such time as  Excess Availability may again be less than such amount, (ii) to the extent that the Dominion Period has  occurred due to clause (b) of this definition, if such Event of Default is no longer continuing, and (iii) a  Dominion Period may not be cured more than 3 times in any twelve consecutive calendar month period.  “Drawing Document” shall mean any Letter of Credit or other document presented for purposes of  drawing under any Letter of Credit, including by electronic transmission such as SWIFT, electronic mail,  facsimile or computer generated communication.  “EEA Financial Institution” shall mean (a) any credit institution or investment firm established in  any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any  entity established in an EEA Member Country which is a parent of an institution described in clause (a) of  this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary  of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision  with its parent.  “EEA Member Country” shall mean any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” shall mean any public administrative authority or any person entrusted  with public administrative authority of any EEA Member Country (including any delegee) having  responsibility for the resolution of any EEA Financial Institution.  “Effective Date” shall have the meaning provided in Section 13.10.  “Eligible Accounts” shall mean those Accounts created by one of the Borrowers in the ordinary  course of their business, that arise out of their sale of goods or rendition of services, that comply with each  of the representations and warranties respecting Eligible Accounts made in the Credit Documents and that  are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided,  however, that such criteria may be revised from time to time by the Collateral Agent in its Permitted  Discretion to address the results of any audit or other collateral examination performed by or on behalf the  Administrative Agent or the Collateral Agent from time to time after the Effective Date, and other due  diligence or information with respect to the Borrowers’ business or assets of which the Collateral Agent  became aware after the Effective Date.  The Collateral Agent shall have the right to establish, modify or  eliminate Reserves against Eligible Accounts from time to time in its Permitted Discretion.  In determining  the amount to be included, Eligible Accounts shall be calculated net of customer deposits, unapplied cash,  bonding subrogation rights to the extent not cash collateralized, any and all returns, accrued rebates,  discounts (which may, at the Collateral Agent’s option, be calculated on shortest terms), credits, allowances  or sales or excise taxes of any nature at any time issued, owing, claimed by Account Debtors, granted,  outstanding or payable in connection with such Accounts at such time.  Eligible Accounts shall not include  the following:  

 

    20        (a) Accounts which either are 60 days or more past due or are unpaid more than 90 days after  the original invoice date;  (b) Accounts owed by an Account Debtor where 50% or more of the total amount of all  Accounts owed by that Account Debtor are deemed ineligible hereunder;  (c) Accounts with respect to which the Account Debtor is an Affiliate of a Borrower;  (d) Accounts arising in a transaction wherein goods are placed on consignment or are sold  pursuant to a guaranteed sale, a sale or return, a sale on approval, a bill and hold, or any other terms by  reason of which the payment by an Account Debtor may be conditional;  (e) Accounts that are not payable in Dollars;  (f) Accounts with respect to which the Account Debtor is a non-Governmental Authority  unless: (i) the Account Debtor either (A) maintains its Chief Executive Office in the United States, or (B)  is organized under the laws of the United States, or any state or subdivision thereof; or (ii) (A) the Account  is supported by an irrevocable letter of credit satisfactory to the Collateral Agent, in its Permitted Discretion  (as to form, substance, and issuer or domestic confirming bank), that has been delivered to the  Administrative Agent and is directly drawable by the Administrative Agent, or (B) the Account is covered  by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Collateral Agent,  in its Permitted Discretion;  (g) Accounts with respect to which the Account Debtor is the government of any foreign  country or sovereign state (other than Canada), or of any state, province, municipality, or other political  subdivision thereof (other than provincial or territorial governments within Canada), or of any department,  agency, public corporation, or other instrumentality thereof, unless (i) the Account is supported by an  irrevocable letter of credit satisfactory to the Collateral Agent, in its Permitted Discretion (as to form,  substance, and issuer or domestic confirming bank), that has been delivered to the Administrative Agent  and is directly drawable by the Administrative Agent, or (ii) the Account is covered by credit insurance in  form, substance, and amount, and by an insurer, satisfactory to the Collateral Agent, in its Permitted  Discretion;  (h) Accounts with respect to which the Account Debtor is the federal government of the United  States or any department, agency or instrumentality of the United States having an aggregate value at any  time in excess of the lesser of (i) $15,000,000 and (ii) 15% of Eligible Accounts (exclusive, however, of  Accounts with respect to which a Borrower has complied, to the reasonable satisfaction of the  Administrative Agent, with the Assignment of Claims Act, 31 USC § 3727);  (i) Accounts with respect to which the Account Debtor is (x) the federal government of  Canada or any department, agency or instrumentality of Canada or the provincial government of New  Brunswick or any department, agency, or instrumentality of New Brunswick; or (y) the provincial  government of Alberta or Manitoba or the territorial government of the Northwest Territories, Nunavut or  the Yukon or any other Canadian provincial or territorial government which restricts the assignment of  Crown debts, unless (i) the applicable Borrower has obtained the consent of the requisite Governmental  Authority to the assignment of the Account to the Collateral Agent and otherwise complied to the reasonable  satisfaction of the Collateral Agent with the applicable Canadian provincial and territorial law relating to  

 

    21        financial administration and assignment of Crown obligations, and (ii) the Account is either (A) supported  by an irrevocable letter of credit satisfactory to the Collateral Agent, in its Permitted Discretion (as to form,  substance, and issuer or domestic confirming bank), that has been delivered to the Administrative Agent  and is directly drawable by the Administrative Agent, or (B) covered by credit insurance in form, substance,  and amount, and by an insurer, satisfactory to the Collateral Agent, in its Permitted Discretion;  (j) Accounts with respect to which the Account Debtor is a creditor of a Borrower or any  Subsidiary or Unrestricted Subsidiary of a Borrower and such Account Debtor has or has asserted a right  of setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent (including  with respect to rebates) of such claim, right of setoff, or dispute; provided, that, such Accounts shall be  ineligible only to the extent of such right of setoff, dispute or claim;  (k) Accounts with respect to an Account Debtor (and its Affiliates) whose total obligations  owing to the Borrowers or any Subsidiary or Unrestricted Subsidiary of the Borrowers exceed 15% (or, in  the case of those Account Debtors (and their respective Affiliates) listed on Schedule 1.01(b), exceed the  respective percentages set forth opposite the names of such Account Debtors on such Schedule 1.01(b))  (such percentages set forth in Schedule 1.01(b) as applied to a particular Account Debtor (and its Affiliates)  being subject to reduction by the Collateral Agent, in its Permitted Discretion, if the creditworthiness of  such Account Debtor (and its Affiliates) deteriorates) of all Accounts owed to the Borrowers and their  Subsidiaries and Unrestricted Subsidiaries, to the extent of the obligations owing by such Account Debtor  (and its Affiliates) in excess of such percentages; provided, however, that (i) in each case, the amount of  Eligible Accounts that are excluded because they exceed the foregoing percentages shall be determined by  the Collateral Agent based on all of the total obligations owing by Account Debtors (and their respective  Affiliates) to any Borrower or any Subsidiary or Unrestricted Subsidiary of any Borrower prior to giving  effect to any eliminations based upon the foregoing concentration limit; and (ii) at the request of the  Company, and with the consent of the Collateral Agent (acting in their Permitted Discretion) Account  Debtors (and corresponding concentration limits) may be added to, and/or removed from, Schedule 1.01(b)  from time to time;  (l) Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding,  has gone out of business, or as to which any Borrower has received notice of an imminent insolvency  proceeding or a material impairment of the financial condition of such Account Debtor unless (x) such  Account is supported by a letter of credit satisfactory to the Collateral Agent, in its Permitted Discretion  (as to form, substance, and issuer or domestic confirming bank), that has been delivered to the  Administrative Agent and is directly drawable by the Administrative Agent or (y) such Account Debtor has  received debtor-in-possession financing sufficient as determined by the Collateral Agent in its Permitted  Discretion to finance its ongoing business activities;  (m) Accounts that are not subject to a valid and perfected First Priority Lien in favor of the  Collateral Agent pursuant to the relevant Security Document as provided in, if applicable, the Intercreditor  Agreement;  (n) Accounts with respect to which (i) the goods giving rise to such Account have not been  shipped and billed (excluding Eligible Unbilled Accounts) to the Account Debtor, or (ii) the services giving  rise to such Account have not been performed and billed (excluding Eligible Unbilled Accounts) to the  Account Debtor;  

 

    22        (o) Accounts that represent the right to receive progress payments or other advance billings  that are due prior to the completion of performance by a Borrower of the subject contract for goods or  services (other than customary maintenance contracts);  (p) Accounts with respect to which any return, rejection or repossession of any of the  merchandise giving rise to such Account has occurred, but only to the extent of the value of the goods  returned, rejected or repossessed;  (q) Accounts that are evidenced by Chattel Paper;  (r) Any Account that has not been invoiced, has not been billed (excluding Eligible Unbilled  Accounts) and has not been recognized as received by the applicable Account Debtor;  (s) Any Account with respect to which a partial payment of such Account has been made by  the respective Account Debtor; provided, that, to the extent such Account consists of multiple separate line- items, only the line items that have been partially paid shall be excluded;  (t) Accounts that are not payable to a Borrower;  (u) Accounts to the extent representing service charges or late fees; provided, that, such  Accounts shall be ineligible only to the extent of such service charges or late fees;  (v) Accounts to the extent representing unapplied cash balances;  (w) Accounts with respect to which the goods or services giving rise to such Account are sold  or performed on terms of “cash on delivery” or “cash in advance”; or  (x) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned  Entity.  “Eligible Carrier” shall mean any of the pipeline companies listed on Schedule 1.01(g) or otherwise  approved by the Collateral Agent in its Permitted Discretion.  “Eligible Exchange Agreement Positive Balance” shall mean, at any date of determination, the  amount of Exchange Agreement Positive Balance, which shall be determined after (a) adjusting the  Exchange Agreement Positive Balance upward or downward, as applicable, to account for discounts,  allowances, rebates, credits and other adjustments in respect of such Exchange Agreement Positive  Balances and (b) deducting from the Exchange Agreement Positive Balance the amount billed for or  representing retainage, if any, by counterparties to Exchange Agreements.  The Eligible Exchange  Agreement Positive Balance shall not include any Exchange Agreement Positive Balance (a) to the extent  that the Collateral Agent does not have a valid First Priority perfected security interest in the Exchange  Agreement Positive Balance and in the Petroleum Inventory to which such Exchange Agreement Positive  Balance relates, or (b) with respect to which (i) any representation, warranty or covenant contained in this  Agreement or any other Credit Document has been breached, (ii) the contract counterparty has disputed  liability, or made any claim to any Borrower with respect to such Exchange Agreement Positive Balance  or with respect to any other Exchange Agreement Positive Balance due from such contract counterparty,  other than for a minimal adjustment in the ordinary course of business and in accordance with regular  

 

    23        commercial practice, or (iii) any Insolvency Proceeding has occurred with respect to the contract  counterparty, or the contract counterparty has suspended normal business operations; provided, that, the  value of the Eligible Exchange Agreement Positive Balance shall be subject to Reserves as determined by  the Collateral Agent in its Permitted Discretion.  “Eligible In-Transit Crude Oil” shall mean, at any date of determination, In-Transit Crude Oil  owned by a Borrower that satisfies the criteria set forth in the definition of Eligible Inventory (other than  the requirements as to location of such Inventory as set forth in clauses (b) and (o) of the definition of  Eligible Inventory).  Without limiting the foregoing, unless otherwise agreed by the Collateral Agent, In- Transit Crude Oil shall not be Eligible In-Transit Crude Oil unless (a) the purchase price of such In-Transit  Crude Oil has been paid or is supported by a Letter of Credit and (b) the In-Transit Crude Oil is under the  control of one or more Borrowers or is with or in an Eligible Carrier.  Eligible In-Transit Crude Oil shall  be valued at market value determined in accordance with Schedule 1.01(c) (as such Schedule may be  updated from time to time by the Company with the consent of the Administrative Agent), and determined  after, if required by the Collateral Agent, taking into account transportation and handling charges that affect  the value thereto as determined by the Collateral Agent in its Permitted Discretion.  “Eligible In-Transit Renewable Feedstock” shall mean, at any date of determination, In-Transit  Renewable Feedstock owned by a Borrower that satisfies the criteria set forth in the definition of Eligible  Inventory (other than the requirements as to location of such Inventory as set forth in clauses (b) and (o) of  the definition of Eligible Inventory).  Without limiting the foregoing, unless otherwise agreed by the  Collateral Agent, In-Transit Renewable Feedstock shall not be Eligible In-Transit Renewable Feedstock  unless (a) the purchase price of such In-Transit Renewable Feedstock has been paid or is supported by a  Letter of Credit and (b) the In-Transit Renewable Feedstock is under the control of one or more Borrowers  or is with or in an Eligible Carrier.  Eligible In-Transit Renewable Feedstock shall be valued at market  value determined in accordance with Schedule 1.01(c) (as such Schedule may be updated from time to time  by the Company with the consent of the Administrative Agent), and determined after, if required by the  Collateral Agent, taking into account transportation and handling charges that affect the value thereto as  determined by the Collateral Agent in its Permitted Discretion.  “Eligible Inventory” shall mean, in the case of Eligible Refinery Hydrocarbon Inventory, Eligible  Renewable Feedstock Inventory, Eligible Renewable Petroleum Inventory, Eligible In-Transit Crude Oil  and Eligible In-Transit Renewable Feedstock, as applicable, all of such Inventory owned by one of the  Borrowers and reflected in the most recent Borrowing Base Certificate delivered by the Company to the  Administrative Agent and not excluded as ineligible inventory by virtue of one or more of the exclusionary  criteria set forth below; provided, however, that such criteria may be revised from time to time by the  Collateral Agent in its Permitted Discretion to address the results of any field examination performed by or  on behalf of the Administrative Agent or the Collateral Agent from time to time after the Effective Date,  and other due diligence or information with respect to the Borrowers’ business or assets of which the  Collateral Agent became aware after the Effective Date.  The Collateral Agent shall have the right to  establish, modify or eliminate Reserves against Eligible Inventory from time to time in its Permitted  Discretion.  Eligible Inventory shall not include any Inventory of a Borrower that:  (a) is not owned by a Borrower free and clear of all Liens and rights of any other Person  (including the rights of a purchaser that has made progress payments and the rights of a surety that has  issued a bond to assure a Borrower’s performance with respect to that Inventory), except (i) the First Priority  Lien in favor of the Collateral Agent on behalf of the Secured Parties, (ii) the junior Permitted Liens under  

 

    24        Section 10.01(d) in favor of any Qualified Secured Debt Agent on behalf of the respective Qualified  Secured Debt Secured Parties, (iii) statutory Liens securing First Purchase Crude Payables that are not  delinquent and (iv) Permitted Liens in favor of landlords, bailees and freight carriers and forwarders to the  extent permitted in the provisions of this Agreement (subject to Reserves established by the Collateral  Agent in accordance with the provisions of this Agreement);  (b)  (i) is not located on premises owned, leased or rented by a Borrower and set forth on  Schedule 1.01(h) (or such other location approved by the Collateral Agent in its Permitted Discretion) and,  in the case of leased or rented premises, unless either (x) if requested by the Administrative Agent a  reasonably satisfactory landlord waiver has been delivered to the Administrative Agent or (y) Reserves  reasonably satisfactory to the Collateral Agent have been established with respect thereto or (ii) is stored  with a bailee at a leased location, unless either (x) a reasonably satisfactory landlord waiver has been  delivered to the Administrative Agent, or (y) Reserves reasonably satisfactory to the Collateral Agent have  been established with respect thereto, or (iii) is stored with a bailee or warehouseman, unless either (x) a  reasonably satisfactory, acknowledged bailee letter has been received by the Administrative Agent or (y)  Reserves reasonably satisfactory to the Collateral Agent have been established with respect thereto;  (c) is placed on consignment unless Reserves reasonably satisfactory to the Collateral Agent  have been established with respect thereto;  (d) is in transit, except inventory that is in transit (A) in the case of In-Transit Crude Oil, in  pipelines to one of the locations in the United States or Canada listed on Schedule 1.01(d) (or other locations  in the United States or Canada identified to the Administrative Agent in writing by the Company and  acceptable to the Collateral Agent in its Permitted Discretion) if the operator of such pipeline has delivered  to the Administrative Agent an agreement that is in form and substance reasonably satisfactory to the  Administrative Agent and which, in any event, includes a lien waiver or lien subordination reasonably  satisfactory to the Administrative Agent, or with respect to which Reserves reasonably satisfactory to the  Collateral Agent and determined in the Collateral Agent’s Permitted Discretion have been established with  respect thereto and is not consigned to any Person, (B) in the case of In-Transit Crude Oil, within the United  States and under the control of one or more Borrowers and is in route to one of the locations set forth on  Schedule 1.01(h) (or such other location approved by the Collateral Agent in its Permitted Discretion), (C)  in the case of In-Transit Renewable Feedstock, to one of the locations in the United States or Canada listed  on Schedule 1.01(d) (or other locations in the United States or Canada identified to the Administrative  Agent in writing by the Company and acceptable to the Collateral Agent in its Permitted Discretion) if the  applicable vendor or supplier that is in possession of such renewable feedstock while in-transit has delivered  to the Administrative Agent an agreement that is in form and substance reasonably satisfactory to the  Administrative Agent and which, in any event, includes a lien waiver or lien subordination reasonably  satisfactory to the Administrative Agent, or with respect to which Reserves reasonably satisfactory to the  Collateral Agent and determined in the Collateral Agent’s Permitted Discretion have been established with  respect thereto and is not consigned to any Person and (D) in the case of In-Transit Renewable Feedstock,  within the United States and under the control of one or more Borrowers and is in route to one of the  locations set forth on Schedule 1.01(h) (or such other location approved by the Collateral Agent in its  Permitted Discretion), and, in the case of clauses (B), (C) and (D), with respect to which Reserves  reasonably satisfactory to the Collateral Agent and determined in the Collateral Agent’s Permitted  Discretion have been established with respect thereto;  

 

    25        (e) is covered by a negotiable document of title, unless, at the Administrative Agent’s request,  such document has been delivered to the Collateral Agent or an agent thereof and such Borrower takes such  other actions as the Administrative Agent requests in order to create a perfected First Priority security  interest in favor of the Collateral Agent in such Inventory with all necessary endorsements, free and clear  of all Liens except those in favor of the Collateral Agent and junior Permitted Liens under Section 10.01(d),  and the amount of any shipping fees, costs and expenses shall be reflected in Reserves;  (f) is obsolete or otherwise defective or unfit for sale;  (g) consists of goods that are slow moving or constitute spare parts (not intended for sale),  packaging and shipping materials, promotional products (not intended for sale), supplies used or consumed  in a Borrower’s business;  (h) consists of any gross profit mark-up in connection with the sale and distribution thereof to  any division of any Borrower or Subsidiary of such Borrower;  (i) consists of goods that have been returned or rejected by the buyer and are not in salable  condition;  (j) is not of a type held for sale in the ordinary course of any Borrower’s business;  (k) is not subject to a First Priority Lien in favor of the Collateral Agent on behalf of the  Secured Parties as provided in, if applicable, the Intercreditor Agreement; provided, that, no Inventory  subject to a Permitted Lien shall be Eligible Inventory to the extent, but only to the extent, such Permitted  Lien primes the First Priority Lien granted to the Collateral Agent, as determined by the Collateral Agent  in its Permitted Discretion;  (l) breaches in any material respect any of the representations or warranties pertaining to  Inventory set forth in the Credit Documents;  (m) does not conform to all standards imposed by any governmental agency, division or  department thereof which has regulatory authority over such goods or the use or sale thereof;  (n) is Commingled Inventory (except to the extent that it constitutes Eligible In-Transit Crude  Oil or Eligible In-Transit Renewable Feedstock);  (o) the Inventory is located outside of the United States of America (other than Eligible In- Transit Crude Oil or Eligible In-Transit Renewable Feedstock located in Canada);  (p) the Inventory is subject to a license agreement or other arrangement with a third party  which, in the Collateral Agent’s Permitted Discretion, restricts the ability of the Administrative Agent or  the Collateral Agent to exercise its rights under the Credit Documents with respect to such Inventory unless  such third party has entered into an agreement in form and substance reasonably satisfactory to the  Administrative Agent permitting the Administrative Agent or the Collateral Agent to exercise its rights  with respect to such Inventory or the Collateral Agent has otherwise agreed to allow such Inventory to be  eligible in the Collateral Agent’s Permitted Discretion;  

 

    26        (q) consists of any costs associated with “freight-in” charges;  (r) is not covered by casualty insurance as required by the terms of this Agreement;  (s) consists of tank heels; or  (t) consists of work-in-process (excluding intermediate feedstocks that otherwise constitute  Eligible Refinery Hydrocarbon Inventory, Eligible Renewable Feedstock Inventory or Eligible Renewable  Petroleum Inventory).  The Borrowers expressly acknowledge and agree that, notwithstanding anything to  the contrary contained above in this definition or elsewhere in this Agreement, the Administrative Agent’s  or the Collateral Agent’s entering into of a third party landlord-lendor or bailee agreement shall not, in and  of itself, indicate that such agreement is otherwise in form and substance reasonably satisfactory to the  Administrative Agent or preclude the Collateral Agent, in its Permitted Discretion, from establishing  Reserves as contemplated by this Agreement.  “Eligible Refinery Hydrocarbon Inventory” shall mean, at any date of determination, without  duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance  with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by  the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful  Petroleum Inventory owned by a Borrower and that otherwise constitutes Eligible Inventory.  “Eligible Renewable Feedstock Inventory” shall mean, at any date of determination, without  duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance  with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by  the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful  renewable feedstock which is owned by a Borrower and that otherwise constitutes Eligible Inventory.  “Eligible Renewable Petroleum Inventory” shall mean, at any date of determination, without  duplication of any other type of Eligible Inventory, the aggregate market value as determined in accordance  with the methods prescribed in Schedule 1.01(c) (as such Schedule may be updated from time to time by  the Company with the consent of the Administrative Agent) of all readily marketable, saleable and useful  renewable refined diesel (and such other renewable refined Inventory as Collateral Agent (in its sole  discretion) and Borrowers may mutually agree) which, in each case, is owned by a Borrower and that  otherwise constitutes Eligible Inventory.  “Eligible RINs” shall mean, at any date of determination, all RINs owned by a Borrower, valued  at the then current Market Value (RIN), and not excluded as ineligible by virtue of one or more of the  exclusionary criteria set forth below; provided, however, that such criteria may be revised from time to time  by the Collateral Agent in its Permitted Discretion to address the results of any field examination performed  by or on behalf of the Administrative Agent or the Collateral Agent from time to time after the Effective  Date, and other due diligence or information with respect to the Borrowers’ business or assets of which the  Collateral Agent became aware after the Effective Date.  The Collateral Agent shall have the right to  establish, modify or eliminate Reserves against Eligible RINs from time to time in its Permitted Discretion.   Eligible RINs shall only include RINs of a Borrower as described above that, in all instances, satisfy each  of the following requirements:  (a) such RIN is owned by such Borrower;  

 

    27        (b) such RIN is subject to a First Priority Lien in favor of the Collateral Agent on behalf of the  Secured Parties;  (c) such RIN has been generated in accordance with applicable law;  (d) such RIN is no longer assigned to a batch of fuel;  (e) such RIN is not required to be retired; and  (f) such RIN has an expiration date at least 90 days after the applicable date of determination.  “Eligible Transferee” shall mean and include a commercial bank, an insurance company, a finance  company, a financial institution, any fund that invests in loans or any other “accredited investor” (as defined  in Regulation D of the Securities Act), but in any event excluding the Credit Parties and their respective  Subsidiaries and CVR Energy and its Subsidiaries; provided, however, that any Affiliated Lender shall only  constitute an Eligible Transferee if, notwithstanding any provision of this Agreement to the contrary, each  of the conditions set forth in Section 13.04(c) is satisfied with respect to any assignment or purported  assignment to such Affiliated Lender of any Revolving Loan Commitment and/or Obligations.  “Eligible Unbilled Accounts” shall mean any Account of a Borrower which would otherwise  constitute an Eligible Account other than that an invoice or bill has not been delivered with respect thereto  for a period of no more than three Business Days after such Borrower has shipped the goods giving rise to  such Account or performed the services giving rise to such Account.  “Environmental Claims” shall mean any and all administrative, regulatory or judicial actions, suits,  demands, demand letters, directives, claims, liens and/or notices of noncompliance or violation,  investigations and/or proceedings relating in any way to any noncompliance with, or liability arising under,  Environmental Law or to any permit issued, or any approval given, under any Environmental Law  (hereafter, “Claims”), including (a) any and all Claims, or Remedial Action required, by governmental or  regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages  pursuant to any Environmental Law, and (b) any and all Claims, or Remedial Action required, by any third  party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief  arising out of or relating to an alleged injury or threat of injury to human health, safety or the environment  due to the presence of Hazardous Materials.  “Environmental Law” shall mean any applicable Federal, state, foreign or local statute, law  (including principles of common law), rule, regulation, ordinance, code, directive, judgment, order, or any  other requirements of Governmental Authorities (including the Consent Decree), and any binding judicial  or administrative interpretation thereof, relating to the protection of the environment, or of human health  (as it relates to the exposure to Hazardous Materials) or to the presence, Release or threatened Release, or  the manufacture, use, transportation, treatment, storage, disposal or recycling of Hazardous Materials, or  the arrangement for any such activities.  “Equity Interests” of any Person shall mean any and all shares, interests, rights to purchase,  warrants, options, participation or other equivalents of or interest in (however designated) equity of such  Person, including any common stock, preferred stock, any limited or general partnership interest and any  limited liability company membership interest.  

 

    28        “ERISA” shall mean the U.S. Employee Retirement Income Security Act of 1974, as amended  from time to time, and the regulations promulgated and rulings issued thereunder.  Section references to  ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of ERISA,  amendatory thereof, supplemental thereto or substituted therefor.  “ERISA Affiliate” shall mean any person that for purposes of Title I or Title IV of ERISA or  Section 412 of the Code would be deemed at any relevant time to be a single employer or otherwise  aggregated with any Credit Party or any of their respective Subsidiaries and Unrestricted Subsidiaries under  Section 414 of the Code or Section 4001 of ERISA.  “ERISA Event” shall mean any one or more of the following:  i. any Reportable Event;  ii. the filing of a notice of intent to terminate any Plan, if such termination would require  material additional contributions in order to be considered a standard termination within the meaning of  Section 4041(b) of ERISA, the filing under Section 4041(c) of ERISA of a notice of intent to terminate any  Plan or the termination of any Plan under Section 4041(c) of ERISA;  iii. the institution of proceedings, or the occurrence of an event or condition which would  reasonably be expected to constitute grounds for the institution of proceedings by the PBGC under Section  4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan;  iv. the failure to make a required contribution to any Plan that would result in the imposition  of a lien or other encumbrance or the provision of security under Section 430 of the Code or Section 303  or 4068 of ERISA, or the arising of such a lien or encumbrance; there being or arising any “unpaid minimum  required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section  4971 of the Code or Part 3 of Subtitle B of Title I of ERISA), whether or not waived; or the filing of any  request for or receipt of a minimum funding waiver under Section 412 of the Code with respect to any Plan,  or that such filing may be made or a determination that any Plan is, or is expected to be, considered an at- risk plan or in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code  or Sections 303, 304 or 305 of ERISA;  v. engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of  the Code or Section 406 of ERISA;  vi. the complete or partial withdrawal of any Credit Party or any of their respective  Subsidiaries or Unrestricted Subsidiaries or any ERISA Affiliate from a Multiemployer Plan, the  reorganization or insolvency under Title IV of ERISA of any Multiemployer Plan; or the receipt by any  Credit Party or any of their respective Subsidiaries or Unrestricted Subsidiaries or any ERISA Affiliate, of  any notice, or the receipt by any Multiemployer Plan from any of any Credit Party, any of their respective  Subsidiaries or Unrestricted Subsidiaries or any ERISA Affiliate of any notice, that a Multiemployer Plan  is in endangered or critical status under Section 305 of ERISA; or  vii. any Credit Party, any of their respective Subsidiaries or Unrestricted Subsidiaries or an  ERISA Affiliate incurring any liability under Title IV of ERISA with respect to any Plan (other than  premiums due and not delinquent under Section 4007 of ERISA).  

 

    29        “Erroneous Payment” shall have the meaning provided in Section 17.07.  “Erroneous Payment Deficiency Assignment” shall have the meaning provided in Section 17.07.  “Erroneous Payment Impacted Loans” shall have the meaning provided in Section 17.07.  “Erroneous Payment Return Deficiency” shall have the meaning provided in Section 17.07.  “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by  the Loan Market Association (or any successor person), as in effect from time to time.  “Event of Default” shall have the meaning provided in Section 11.  “Excess Availability” shall mean, as of any date of determination, the amount by which Availability  at such time exceeds the Aggregate Exposure at such time.  “Exchange Agreement” shall mean an agreement under which a Borrower undertakes to deliver  goods on behalf of a Person that is not an Affiliate of any Borrower to a customer of such Person in exchange  for such Person’s delivery of similar goods to a customer of such Borrower.  “Exchange Agreement Positive Balance” shall mean, at any date of determination, with respect to  a Borrower that is a party to an Exchange Agreement, the amount of the positive balance, valued on a mark- to-market basis in accordance with Schedule 1.01(c) (as such Schedule may be updated from time to time  by the Company with the consent of the Administrative Agent), of Petroleum Inventory that such Borrower  has the right to receive in the ordinary course of business from a counterparty to such Exchange Agreement  (other than an Affiliate of such Borrower) or money owing to such Borrower in connection with an  exchange of Petroleum Inventory under such Exchange Agreement, net of any offsets or counterclaims.  “Excluded Accounts” shall mean (x) Deposit Accounts or Securities Accounts the balance of which  consist exclusively of (i) withheld income taxes and federal, state, local or foreign employment taxes in  such amounts as are required in the reasonable judgment of any Borrower to be paid to the Internal Revenue  Service or any other U.S., federal, state or local or foreign government agencies within the following two  months with respect to employees of any of the Credit Parties, (ii) amounts required to be paid over to an  employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 or any foreign plan on behalf of or for the  benefit of employees of one or more Credit Parties, (iii) amounts which are required to be pledged or  otherwise provided as security pursuant to any law, other requirements of any Governmental Authority or  foreign pension requirement, (iv) any accounts opened and amounts or deposits relating to Liens permitted  by Section 10.01(l), (n), (u) and/or (z), in each case which are permitted hereunder, (v) funds held in an  escrow account, a fiduciary account or trust account that is segregated from the other assets of the Credit  Parties and exclusively used for such purposes, in each case, for the benefit of unaffiliated third parties and  (vi) amounts to be used to fund payroll obligations, (y) all other Deposit Accounts or Securities Accounts  established (or otherwise maintained) by any Credit Party or any of their respective Domestic Subsidiaries  (excluding Collection Accounts, Concentration Accounts and Wells Accounts) that do not have balances  (including the value of Cash Equivalents and other securities) at any time exceeding $1,000,000 for any  individual Deposit Account or Securities Account or $5,000,000 in the aggregate for all such Deposit  Accounts and Securities Accounts and (z) each Asset Sale Proceeds Account.  

 

    30        “Excluded Subsidiary” shall mean (a) any Immaterial Subsidiary, (b) any not-for-profit Subsidiary,  (c) any Domestic Subsidiary that is prohibited by contractual obligation (existing on the Amendment No.  3 Effective Date (or, if later, on the date such Person became a Subsidiary and not entered into in  contemplation thereof)), law or regulation from providing a Guaranty or that would require a governmental  (including regulatory) consent, approval, license or authorization to provide such Guaranty, (d) any captive  insurance Subsidiary, (e) any special purpose entities used for securitization facilities, (f) any direct or  indirect Domestic Subsidiary of a Foreign Subsidiary, (g) any Controlled Foreign Corporation and (h) any  other Domestic Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent  and the Company, the burden or cost (including any potential tax liability) of providing a Guaranty or a  Lien to secure such Guaranty shall outweigh the benefits to be afforded thereby; provided that the Company,  in its sole discretion, may cause any Subsidiary that qualifies as an Excluded Subsidiary to become a  Guarantor in accordance with the definition thereof and thereafter such Subsidiary shall not constitute an  “Excluded Subsidiary.”  “Excluded Swap Obligation” shall mean, with respect to any Credit Party, any Swap Obligation if,  and to the extent that, all or a portion of the guaranty of such Credit Party of, or the grant by such Credit  Party of a security interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes illegal  or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures  Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit  Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity  Exchange Act and the regulations thereunder at the time such guaranty of such Credit Party or the grant of  such security interest would otherwise have become effective with respect to such Swap Obligation.  If a  Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall  apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty or  security interest is or becomes illegal or unlawful under the Commodity Exchange Act or any rule,  regulation or order of the Commodity Futures Trading Commission (or the application or official  interpretation of any thereof).  “Excluded Taxes” shall mean (i) any Taxes imposed on the net income or net profits of any  Recipient (including any franchise taxes and branch profits taxes), in each case (a) imposed by the  jurisdiction (or by any political subdivision or taxing authority thereof) in which such Recipient is organized  or the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Recipient’s  principal office or, in the case of any Lender or Issuing Lender, its applicable lending office, is located or  (b) imposed as a result of a present or former connection between such Recipient and the jurisdiction or  taxing authority imposing the tax (other than any such connection arising solely from such Recipient having  executed, delivered or performed its obligations or received payment under, or enforced its rights or  remedies under this Agreement or any other Credit Document) (“Other Connection Taxes”), (ii) Taxes that  would not have been imposed but for a Recipient’s failure to comply with the requirements of Section  5.04(b) of this Agreement, (iii) any United States federal withholding Taxes that would be imposed on  amounts payable to a Lender based upon the applicable withholding rate in effect at the time such Lender  becomes a party to this Agreement (or designates a new lending office, other than a designation made at  the request of a Credit Party pursuant to Section 2.12), except to the extent that, pursuant to Section 5.04(a),  amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such  Lender became a party hereto or to such Lender immediately before it changed its lending office, and (iv)  any United States federal withholding Taxes imposed under FATCA.  “Existing Credit Agreement” shall have the meaning provided in the recitals to this Agreement.  

 

    31        “Existing Indebtedness” shall have the meaning provided in Section 8.21.  “Existing Indebtedness Agreements” shall have the meaning provided in Section 6.05(d).  “Extended Loan” shall mean each Revolving Loan and each Swingline Loan pursuant to an  Extended Revolving Loan Commitment.  “Extended Revolving Commitment Termination Date” shall mean, with respect to any Extended  Loan or Extended Revolving Loan Commitment, the agreed upon date occurring after the Initial Revolving  Commitment Termination Date.  “Extended Revolving Loan Commitment” shall have the meaning provided in Section 2.16.  “Extension” shall have the meaning provided in Section 2.16(a).  “Extension Offer” shall have the meaning provided in Section 2.16(a).  “Facing Fee” shall have the meaning provided in Section 4.01(c).  “Fair Market Value” shall mean, with respect to any asset (including any Equity Interests of any  Person), the price at which a willing buyer under no compulsion to buy, not an Affiliate of the seller, and a  willing seller under no compulsion to sell, would agree to purchase and sell such asset, as determined in  good faith by the board of directors or other governing body or, pursuant to a specific delegation of authority  by such board of directors or governing body, a designated senior executive officer, of the Company or the  Subsidiary selling such asset.  “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement  (or any amended or successor version that is substantively comparable and not materially more onerous to  comply with), and (a) any current or future regulations or official interpretations thereof, (b) any agreements  entered into pursuant to Section 1471(b)(1) of the Code, and (c) any intergovernmental agreement entered  into by the United States (or any fiscal or regulatory legislation, rules, or practices adopted pursuant to any  such intergovernmental agreement entered into in connection therewith).  “Federal Funds Rate” shall mean, for any period, a fluctuating interest rate per annum equal to, for  each day during such period, the weighted average of the rates on overnight Federal funds transactions with  members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal  Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the  average of the quotations for such day on such transactions received by the Administrative Agent from  three Federal funds brokers of recognized standing selected by it (and, if any such rate is below zero, then  the rate determined pursuant to this definition shall be deemed to be zero).  “Federal Reserve Bank of New York’s Website” shall mean the website of the Federal Reserve  Bank of New York at http://www.newyorkfed.org, or any successor source.  “Fees” shall mean all amounts payable pursuant to or referred to in Section 4.01.  

 

    32        “Fertilizer Entities” shall mean Coffeyville Resources Nitrogen Fertilizers, LLC, CVR Partners,  LP, East Dubuque Nitrogen Fertilizers, LLC and all of their respective Subsidiaries.  “FHC LP” shall mean CVR FHC, LP, a Delaware limited partnership.   “FIFO Adjustment” shall mean, with respect to any period (which shall be a period of four Fiscal  Quarters and which period, with respect to any Fiscal Quarter (the “Reference Fiscal Quarter”), shall begin  on the first day of the third preceding Fiscal Quarter and end on the last day of the Reference Fiscal Quarter),  to the extent changes in the inventory value of any item of inventory included in the inventory amount  shown in the financial statements of the Credit Parties (each an “Item”) reduce or increase Consolidated  Net Income, for each such Item, an amount equal to 75% of the sum of the products of (i) the inventory  volume of each Item at the beginning of such period and (ii) the amount determined by subtracting (a) the  inventory value of such Item at the beginning of such period from (b) the inventory value of such Item at  the end of such period, such that if the result is negative, it represents a loss, and if the result is positive, it  represents a gain.  “Finance Lease” shall mean a lease that is required to be capitalized for financial reporting purposes  in accordance with GAAP.  “Finance Lease Obligations” shall mean, with respect to any Person, that portion of the obligations  under a Finance Lease that is required to be capitalized in accordance with GAAP.  “First Priority” shall mean, with respect to any Lien purported to be created on any Collateral  pursuant to any Security Document, that such Lien is prior in right to any other Lien thereon, other than  any Permitted Liens (excluding Specified Permitted Liens) applicable to such Collateral which as a matter  of law (and giving effect to any actions taken pursuant to the last paragraph of Section 10.01) have priority  over the respective Liens on such Collateral created pursuant to the relevant Security Document.  “First Purchase Crude Payables” shall mean, at any time, the unpaid amount of any obligation of  any Borrower or any of its Subsidiaries as a “first purchaser” of crude oil, which is secured by a statutory  “first purchaser” Lien created under the laws of any state, including Colorado, Kansas, Mississippi,  Missouri, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas, to the extent such  obligation is not covered by a Letter of Credit issued hereunder (in which case, for the avoidance of doubt,  the amount of the First Purchase Crude Payables will be the unpaid amount of such obligations minus the  amount of such Letter of Credit).  “First Purchaser Reserve” shall mean the aggregate amount of reserves (if any) established by the  Collateral Agent from time to time in its Permitted Discretion in respect of First Purchase Crude Payables  owed by the Borrowers or any of their Subsidiaries; it being understood that (i) in respect of the state of  Oklahoma, such reserves shall be in an amount equal to 100% of the respective First Purchase Crude  Payables unless Collateral Agent in its sole discretion reduces the reserve in respect of First Purchase Crude  Payables to an amount equal to 50% of the respective First Purchase Crude Payables (it being understood  that such reserve shall be 50% of the respective First Purchase Crude Payables on and after the Amendment  No. 3 Effective Date until Collateral Agent, at any time in its sole discretion, increases such reserve to  100% of the respective First Purchase Crude Payables) and (ii) in respect of the states of Kansas, Colorado  and North Dakota, such reserves initially shall be in an amount equal to 0% of the respective First Purchase  

 

    33        Crude Payables and may thereafter be increased and adjusted by Collateral Agent from time to time in its  Permitted Discretion.  “Fiscal Quarter” shall mean, for any Fiscal Year, (i) the fiscal period commencing on January 1 of  such Fiscal Year and ending on March 31 of such Fiscal Year, (ii) the fiscal period commencing on April  1 of such Fiscal Year and ending on June 30 of such Fiscal Year, (iii) the fiscal period commencing on July  1 of such Fiscal Year and ending on September 30 of such fiscal year and (iv) the fiscal period commencing  on October 1 of such Fiscal Year and ending on December 31 of such Fiscal Year.  “Fiscal Year” shall mean, with respect to the Credit Parties, the fiscal period commencing on  January 1 of a calendar year and ending on December 31 of such calendar year.  “Fixed Charge Coverage Ratio” shall mean, for any period, the ratio of (a)(i) Consolidated  EBITDA for such period minus (ii) the aggregate amount of all Capital Expenditures made by the Credit  Parties during such period (other than Capital Expenditures to the extent financed with the proceeds of any  sale or issuance of Equity Interests, the proceeds of any asset sale (other than sales of inventory in the  ordinary course of business), the proceeds of any Recovery Event or the proceeds of any incurrence of  Indebtedness (other than the incurrence of any Loans or any loans under any other revolving credit (or  similar) facility), but including Capital Expenditures to the extent financed with proceeds of Loans and  loans under any other revolving credit (or similar) facility), minus (iii) the aggregate amount of all cash  payments (including cash Dividends pursuant to Section 10.03(d)) made by the Credit Parties in respect of  income taxes or income tax liabilities (net of cash income tax refunds) during such period (excluding such  cash payments related to asset sales not in the ordinary course of business) to (b) Fixed Charges for such  period.  “Fixed Charges” shall mean, for any period, the sum of (a) any amortization or other scheduled  payments made during such period on all Indebtedness of the Credit Parties for such period (including the  principal component of all obligations in respect of all Finance Lease Obligations), plus (b) Consolidated  Interest Expense of the Credit Parties for such period, plus (c) the aggregate amount of all cash Dividends  paid by the Credit Parties as permitted under Section 10.03 for such period in respect of Disqualified Equity  Interests.  “Floor” means a rate of interest equal to 0%.  “Foreign Pension Plan” shall mean any plan, fund (including any superannuation fund) or other  similar program established or maintained outside the United States by one or more Guarantors or any one  or more of their respective Subsidiaries primarily for the benefit of employees of such Guarantors or such  Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or  results in, retirement income, a deferral of income in contemplation of retirement or payments to be made  upon termination of employment, and which plan is not subject to ERISA or the Code.  “Foreign Subsidiary” of any Person shall mean any Subsidiary of such Person that is not a Domestic  Subsidiary of such Person.  “Funding Date” shall mean the date on which a Borrowing occurs.  “Funding Losses” shall have the meaning provided in Section 2.17.  

 

    34        “GAAP” shall mean generally accepted accounting principles in the United States as in effect from  time to time; provided, that, determinations in accordance with GAAP for purposes of Sections 9.13 and  Section 10 and the calculation of the Fixed Charge Coverage Ratio and the Total Leverage Ratio, including  defined terms as used therein, are subject (to the extent provided therein) to Section 13.07(a).  “Governmental Authority” shall mean the government of the United States of America, any other  nation or any political subdivision thereof, whether state, provincial 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.  “Guaranteed Creditors” shall mean and include each of the Administrative Agent, the Collateral  Agent, the Issuing Lenders, the Lenders, the Swingline Lender and each other Secured Party.  “Guaranteed Obligations” shall mean (i) the full and prompt payment when due (whether at the  stated maturity, by acceleration or otherwise) of all Obligations of any Borrower to the Administrative  Agent, the Collateral Agent, the Issuing Lenders, the Swingline Lender and the Lenders (or any of them)  now existing or hereafter incurred under, arising out of or in connection with this Agreement and each other  Credit Document and the due performance and compliance by such Borrower with all the terms, conditions  and agreements contained in this Agreement and in each such other Credit Document, (ii) the full and  prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all Secured  Hedging Obligations of any Borrower or any Subsidiary thereof to any Secured Hedging Creditor now  existing or hereafter incurred under, arising out of or in connection with any Secured Hedging Agreement  to which such Secured Hedging Creditor is a party, and the due performance and compliance by such  Borrower or such Subsidiary with all terms, conditions and agreements contained in such Secured Hedging  Agreement, and (iii) the full and prompt payment when due (whether at the stated maturity, by acceleration  or otherwise) of all Secured Cash Management Obligations of any Borrower or any Subsidiary thereof to  any Secured Cash Management Creditor now existing or hereafter incurred under, arising out of or in  connection with any Secured Cash Management Agreement to which such Secured Cash Management  Creditor is a party, and the due performance and compliance by such Borrower or such Subsidiary with all  terms, conditions and agreements contained in such Secured Cash Management Agreement.  “Guarantor” shall mean the Company and each Borrower (in its capacity as a guarantor under the  Guaranty), in each case together with each other entity that becomes a Guarantor pursuant to Section 16.13.  “Guaranty” shall mean the guaranty of the Guarantors pursuant to Section 16.  “Hazardous Materials” shall mean any chemicals, materials, wastes, pollutants, contaminants, or  substances in any form that is prohibited, limited or regulated pursuant to any Environmental Law by virtue  of their toxic or otherwise deleterious characteristics, including any petroleum or petroleum products,  radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam  insulation, dielectric fluid containing levels of polychlorinated biphenyls, and radon gas.  “Hedge Agreement” shall mean a “swap agreement” as that term is defined in Section 101(53B)(A)  of the Bankruptcy Code.  “Historical Excess Availability” shall mean, for the purposes of the definition of Applicable  Margin, an amount equal to (x) the sum of each day’s Excess Availability during the most recently ended  

 

    35        Fiscal Quarter divided by (y) the number of days in such Fiscal Quarter; provided, that, Excess Availability  shall be determined on a Pro Forma Basis in accordance with the requirements of the definition of “Pro  Forma Basis” contained herein.  “Immaterial Subsidiary” shall mean each Subsidiary of a Credit Party that is not a Material  Subsidiary.  “Incremental Commitment” shall mean, for any Lender, any Revolving Loan Commitment  provided by such Lender after the Effective Date in an Incremental Commitment Agreement delivered  pursuant to Section 2.15; it being understood, however, that on each date upon which an Incremental  Commitment of any Lender becomes effective, such Incremental Commitment of such Lender shall be  added to (and thereafter become a part of) the Revolving Loan Commitment of such Lender for all purposes  of this Agreement as contemplated by Section 2.15.  “Incremental Commitment Agreement” shall mean each Incremental Commitment Agreement in  substantially the form of Exhibit P (appropriately completed, and with such modifications as may be  reasonably satisfactory to the Administrative Agent) executed and delivered in accordance with Section  2.15.  “Incremental Commitment Date” shall mean each date upon which an Incremental Commitment  under an Incremental Commitment Agreement becomes effective as provided in Section 2.15(b).  “Incremental Commitment Requirements” shall mean, with respect to any provision of an  Incremental Commitment on a given Incremental Commitment Date, the satisfaction of each of the  following conditions on the Incremental Commitment Date of the respective Incremental Commitment  Agreement: (i) no Default or Event of Default exists or would exist after giving effect thereto; (ii) all of the  representations and warranties contained in the Credit Documents shall be true and correct in all material  respects at such time (unless stated to relate to a specific earlier date, in which case such representations  and warranties shall have been true and correct in all material respects as of such earlier date) (it being  understood and agreed that any representation or warranty that is qualified by “materiality”, “Material  Adverse Effect” or similar language shall be true and correct in all respects as of any such date); (iii) the  delivery by the Company to the Administrative Agent of an acknowledgment, in form and substance  satisfactory to the Administrative Agent and executed by each Credit Party, acknowledging that such  Incremental Commitment and all Revolving Loans subsequently incurred, and Letters of Credit issued, as  applicable, pursuant to such Incremental Commitment shall constitute Obligations under the Credit  Documents and secured on a pari passu basis with the Obligations under the Security Documents; (iv) the  Company shall have delivered a certificate executed by an Authorized Officer of the Company, certifying  to the best of such officer’s knowledge, compliance with the requirements of preceding clauses (i) and (ii)  and shall have delivered a Borrowing Base Certificate pursuant to Section 9.01(j); and (v) the completion  by each Credit Party of (x) such other actions as the Administrative Agent may reasonably request in  connection with such Incremental Commitment in order to create, continue or maintain the security interests  of the Collateral Agent in the Collateral and the perfection thereof (including any amendments to Security  Documents, additional Security Documents and such other documents reasonably requested by the  Administrative Agent to be delivered in connection therewith) and (y) such other conditions that may be  specified in the applicable Incremental Commitment Agreement.  “Incremental Lender” shall have the meaning provided in Section 2.15(b).  

 

    36        “Incremental Security Documents” shall have the meaning provided in Section 2.15(b).  “Indebtedness” as applied to any Person shall mean, without duplication, (i) all indebtedness for  borrowed money; (ii) all obligations of such Person under Finance Leases; (iii) notes payable and drafts  accepted representing extensions of credit whether or not representing obligations for borrowed money;  (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding  (x) trade payables and accrued expenses arising in the ordinary course of business and (y) obligations  incurred under ERISA), which purchase price is (a) due more than six months from the date of incurrence  of the obligation in respect thereof or (b) evidenced by a note or similar written instrument; (v) all  indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of  whether the indebtedness secured thereby shall have been assumed by that Person or is non-recourse to the  credit of that Person; provided, however, in the case of non-recourse Indebtedness, the amount of such  Indebtedness shall be limited to the value of the assets securing such indebtedness; (vi) the face amount of  any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for  reimbursement of drawings; (vii) the direct or indirect guaranty, endorsement (otherwise than for collection  or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse  by such Person of the Indebtedness of another; (viii) any obligation of such Person the primary purpose or  intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid  or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be  protected (in whole or in part) against loss in respect thereof; provided, that, such obligation shall not be  deemed Indebtedness unless the underlying obligation would be deemed Indebtedness; (ix) any liability of  such Person for an obligation of another through any agreement (contingent or otherwise) (a) to purchase,  repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment  or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital  contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or  financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this  clause (ix), the primary purpose or intent thereof is as described in clause (viii) above; provided, that, such  obligation shall not be deemed Indebtedness unless the underlying obligation would be deemed  Indebtedness; and (x) all net obligations of such Person in respect of any exchange traded or over the counter  derivative transaction, including any Interest Rate Protection Agreement or Other Hedging Agreement,  whether entered into for hedging or speculative purposes.  The Indebtedness of any Person shall include  the Indebtedness of any other entity (including any partnership in which such Person is a general partner)  to the extent such Person is directly liable therefore as a result of such Person’s ownership interest in or  other relationship with such entity, except to the extent the terms of such Indebtedness provide that such  Person is not liable therefor.   “Indemnified Person” shall have the meaning provided in Section 13.01.  “Indemnified Taxes” shall mean, (a) Taxes, other than Excluded Taxes, imposed on or with respect  to any payment made by, or on account of any obligation of, any Credit Party under any Credit Document,  and (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes.  “Individual Exposure” of any Lender shall mean, at any time, the sum of (a) the aggregate principal  amount of all Revolving Loans made by such Lender and then outstanding, (b) such Lender’s RL  Percentage of the aggregate principal amount of all Swingline Loans then outstanding and (c) such Lender’s  RL Percentage of the aggregate amount of all Letter of Credit Usage at such time.  

 

    37        “Initial Revolving Commitment Termination Date” shall mean June 30, 2027 .  “Insolvency Proceeding” shall mean any proceeding commenced by or against any Person under  any provision of the Bankruptcy Code or under any state or foreign bankruptcy or insolvency law (including  any Canadian Insolvency Law), assignments for the benefit of creditors, formal or informal moratoria,  compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or  other similar relief.  “Intercompany Debt” shall mean any Indebtedness, payables or other obligations, whether now  existing or hereafter incurred, owed by any Guarantor or Subsidiary of a Guarantor to any Guarantor or any  Subsidiary or Unrestricted Subsidiary of a Guarantor.  “Intercompany Loans” shall have the meaning provided in Section 10.05(h).  “Intercompany Note” shall mean a promissory note (which may be a global promissory note)  evidencing Intercompany Loans, duly executed and delivered substantially in the form of Exhibit K (or  such other form as shall be reasonably satisfactory to the Administrative Agent), with blanks completed in  conformity herewith.  “Intercreditor Agreement” shall mean any intercreditor agreement reasonably acceptable to the  Administrative Agent and the Company.  “Interest Determination Date” shall mean, with respect to any SOFR Loan, the second Business  Day prior to the commencement of any Interest Period relating to such SOFR Loan.  “Interest Period” shall mean, with respect to any SOFR Loan, a period commencing on the date of  the making of such SOFR Loan (or the continuation of a SOFR Loan or the conversion of a Base Rate Loan  to a SOFR Loan) and ending 1 or 3 months thereafter; provided, that (a) interest shall accrue at the  applicable rate based upon Adjusted Term SOFR from and including the first day of each Interest Period  to, but excluding, the day on which any Interest Period expires, (b) any Interest Period that would 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, (c) with respect to an 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), the Interest Period shall end on the last Business Day of the calendar month that is 1 or 3  months after the date on which the Interest Period began, as applicable, (d) Borrowers may not elect an  Interest Period which will end after the Revolving Commitment Termination Date and (e) no tenor that has  been removed from this definition pursuant to Section 2.17(d)(iii)(D) shall be available for specification in  any SOFR Notice or conversion or continuation notice.  “Interest Rate Protection Agreement” shall mean any interest rate swap agreement, interest rate cap  agreement, interest collar agreement, interest rate hedging agreement or other similar agreement or  arrangement.  “Intermediation Agreement” means the Second Amended and Restated Crude Oil Supply  Agreement, dated as of August 4, 2021, between Refining LLC on the one hand, and Vitol, Inc., on the  other hand, as such agreement may be amended or amended and restated from time to time.  

 

    38        “In-Transit Crude Oil” shall mean crude oil purchased by any Borrower for delivery to such  Borrower via pipeline from a vendor or supplier.  “In-Transit Renewable Feedstock” shall mean renewable feedstock purchased by any Borrower for  delivery to such Borrower in transit from a vendor or supplier.  “Inventory” shall mean “inventory” as such term is defined in Article 9 of the UCC.  “Inventory Reserve” shall mean reserves established by the Collateral Agent in its Permitted  Discretion to reflect declines in market value or to reflect factors that may negatively impact the value of  Inventory, including change in salability, obsolescence, seasonality, change in composition or mix,  markdowns and vendor chargebacks.  “Investment Grade Account Debtors” shall mean Account Debtors having a long-term issuer rating  equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, unless  any such Account Debtor (i) is rated Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by  S&P and (ii) has a negative outlook in the applicable rating.  “Investment Grade Securities” shall mean (i) securities issued or directly and fully guaranteed or  insured by the United States government or any agency or instrumentality thereof (provided, that, the full  faith and credit of the United States is pledged in support thereof), (ii) debt securities or debt instruments  with an investment grade rating (but not including any debt securities or instruments of any Credit Party or  any Subsidiary, Unrestricted Subsidiary or Affiliate thereof), (iii) investments in any fund that invests  exclusively in investments of the type set forth in clauses (i) and (ii) above which fund may also hold  immaterial amounts of cash pending investment or distribution, and (iv) corresponding instruments in  countries other than the United States customarily utilized for high quality investments.  “Investments” shall have the meaning provided in Section 10.05.  “ISP” shall mean, with respect to any Letter of Credit, the International Standby Practices 1998  (International Chamber of Commerce Publication No. 590) and any version or revision thereof accepted by  the Issuing Lender for use.  “Issuer Document” shall mean, with respect to any Letter of Credit, a letter of credit application, a  letter of credit agreement, or any other document, agreement or instrument entered into (or to be entered  into) by a Borrower in favor of Issuing Lender and relating to such Letter of Credit.  “Issuing Lender” shall mean each of (i) Wells Fargo Bank, National Association (except as  otherwise provided in Section 12.09), and (ii) any other Lender acceptable to the Administrative Agent in  its sole discretion which agrees to issue Letters of Credit hereunder; provided, that, if the Extension is  effected in accordance with Section 2.16, then on the occurrence of the Initial Revolving Commitment  Termination Date, each Issuing Lender shall have the right to resign as such on, or on any date within  twenty (20) Business Days after, the Initial Revolving Commitment Termination Date, upon not less than  ten (10) days’ prior written notice thereof to the Company and the Administrative Agent and, in the event  of any such resignation and upon the effectiveness thereof, the resigning Issuing Lender shall retain all of  its rights hereunder and under the other Credit Documents as Issuing Lender with respect to all Letters of  Credit theretofore issued by it (which Letters of Credit shall remain outstanding in accordance with the  

 

    39        terms hereof until their respective expirations) but shall not be required to issue any further Letters of Credit  hereunder.  If at any time and for any reason (including as a result of resignations as contemplated by the  last proviso to the preceding sentence), an Issuing Lender has resigned in such capacity in accordance with  the preceding sentence and no Issuing Lenders exist at such time, then no Person shall be an Issuing Lender  hereunder obligated to issue Letters of Credit unless and until (and only for so long as) a Lender (or Affiliate  of a Lender) reasonably satisfactory to the Administrative Agent and the Company agrees to act as Issuing  Lender hereunder.  Any Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to  be issued by one or more Affiliates of such Issuing Lender (and such Affiliate shall be deemed to be an  “Issuing Lender” for all purposes of the Credit Documents).  “Issuing Lender Sublimit” shall mean (a) with respect to Wells Fargo Bank, National Association,  $60,000,000 (as such amount may be increased at the sole discretion of Wells Fargo Bank, National  Association to an amount not to exceed $100,000,000) and (b) with respect to each other Issuing Lender  party hereto from time to time, Letter of Credit Usage at any time not to exceed in the aggregate an amount  to be agreed between the Company and such Issuing Lender (upon notice to the Administrative Agent) (as  such amount may be adjusted as provided below) and, in any case of clause (a) or (b), such other amount  to be agreed in writing between the Company and such Issuing Lender (in its sole discretion).  “Joinder Agreement” shall mean, collectively, (i) a Joinder Agreement substantially in the form of  Exhibit M, (ii) a joinder or counterpart agreement in the form attached to the Pledge and Security Agreement  and, if applicable, (iii) a joinder or counterpart agreement in the form attached to the Intercreditor  Agreement (in each case, appropriately completed).  “Landlord Personal Property Collateral Access Agreement” shall mean a Landlord Waiver and  Consent Agreement substantially in the form of Exhibit L, with such amendments, modifications or  supplements thereto as may be approved by the Administrative Agent.  “Lead Arranger” shall mean Wells Fargo Bank, National Association, in its capacity as Sole Lead  Arranger and Sole Book Runner for the credit facility hereunder, and any successors thereto.  “Leaseholds” of any Person shall mean all the right, title and interest of such Person as lessee or  licensee in, to and under leases or licenses of land, improvements and/or fixtures.  “Lender” shall mean each financial institution listed on Schedule 1.01(a), as well as any Person  that becomes a “Lender” hereunder pursuant to Section 2.13, Section 2.15 or Section 13.04(b).  “Lender Default” shall mean, as to any Lender, (i) the wrongful refusal (which has not been  retracted) of such Lender or the failure of such Lender (which has not been cured) to make available its  portion of any Borrowing (including any Mandatory Borrowing) or to fund its portion of any unreimbursed  payment with respect to a Letter of Credit pursuant to Section 3.01, which refusal or failure is not cured  within two Business Days after the date of such refusal or failure unless subject to a good faith dispute, (ii)  such Lender having been deemed insolvent or having become the subject of a bankruptcy or insolvency  proceeding or a takeover by a regulatory authority, or such Lender or its direct or indirect parent company  having become the subject of a Bail-In Action, or (iii) such Lender having notified the Administrative  Agent, the Swingline Lender, any Issuing Lender and/or any Credit Party (x) that it does not intend to  comply with its obligations under Section 2.01(a) or (c), Section 2.04 or Section 3, as the case may be, in  circumstances where such non-compliance would constitute a breach of such Lender’s obligations under  

 

    40        the respective Section (unless such notice, in the case of this sub-clause (x), has been retracted by such  Lender) or (y) of the events described in preceding clause (ii); provided, that, for purposes of (and only for  purposes of) Sections 2.01(b), 3.01 and 5.02(g) and any documentation entered into pursuant to the Back  Stop Arrangements (and the term “Defaulting Lender” as used therein), the term “Lender Default” shall  also include, as to any Lender, (i) any Affiliate of such Lender that has “control” (within the meaning  provided in the definition of “Affiliate”) of such Lender having been deemed insolvent or having become  the subject of a bankruptcy or insolvency proceeding or a takeover by a regulatory authority, (ii) any  previously cured “Lender Default” of such Lender under this Agreement, unless such Lender Default has  ceased to exist for a period of at least 90 consecutive days, (iii) any default by such Lender with respect to  its funding obligations under any other credit facility to which it is a party and which the Swingline Lender,  any Issuing Lender or the Administrative Agent believes in good faith has occurred and is continuing after  notice thereof to such Lender, unless subject to a good faith dispute, and (iv) the failure of such Lender to  make available its portion of any Borrowing (including any Mandatory Borrowing) or to fund its portion  of any unreimbursed payment with respect to a Letter of Credit pursuant to Section 3.01 within two Business  Days of the date (x) the Administrative Agent (in its capacity as a Lender) or (y) Lenders constituting the  Required Lenders with Revolving Loan Commitments has or have, as applicable, funded its or their portion  thereof; provided, however, a Lender shall not be deemed in Lender Default solely as a result of the  acquisition or maintenance of an ownership in such Lender or any Person controlling such Lender or the  exercise of control over such Lender or any Person controlling such Lender by a Governmental Authority  or an instrumentality thereof.  “Lender Group” shall mean each of the Lenders (including Issuing Lender and the Swingline  Lender) and Agents, or any one or more of them.  “Lender Group Expenses” shall mean all (a) costs or expenses (including taxes and insurance  premiums) required to be paid by any Credit Party or its Subsidiaries under any of the Credit Documents  that are paid, advanced, or incurred by the Lender Group, (b) reasonable documented out-of-pocket fees or  charges paid or incurred by the Administrative Agent in connection with the Lender Group’s transactions  with each Credit Party and its Subsidiaries under any of the Credit Documents, including, photocopying,  notarization, couriers and messengers, telecommunication, public record searches, filing fees, recording  fees, publication, real estate surveys, real estate title policies and endorsements, and environmental audits,  (c) the Administrative Agent’s reasonable fees and charges imposed or incurred in connection with any  background checks or OFAC/PEP searches related to any Credit Party or its Subsidiaries, (d) the  Administrative Agent’s reasonable fees and charges (as adjusted from time to time) with respect to the  disbursement of funds (or the receipt of funds) to or for the account of any Borrower (whether by wire  transfer or otherwise), together with any reasonable documented out-of-pocket costs and expenses incurred  in connection therewith, (e) reasonable charges imposed or incurred by the Administrative Agent resulting  from the dishonor of checks payable by or to any Credit Party, (f) reasonable, documented out-of-pocket  costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of  the Credit Documents, or during the continuance of an Event of Default, in gaining possession of,  maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the  Collateral, or any portion thereof, irrespective of whether a sale is consummated, (g) field examination,  appraisal, and valuation fees and expenses of the Administrative Agent related to any field examinations,  appraisals, or valuation to the extent of the fees and charges (up to the amount of any limitation) provided  in Section 9.02(b) of this Agreement, (h) the Administrative Agent’s and Lenders’ reasonable, documented  costs and expenses (including reasonable and documented attorneys’ fees and expenses, but limited, in the  case of counsel, to reasonable and documented out-of-pocket fees and expenses of one counsel to the Lender  

 

    41        Group, and, in the case of an enforcement action against Collateral, any other jurisdiction of a Credit Party  or where its Collateral is located, but subject to clause (j) below) relative to third party claims or any other  lawsuit or adverse proceeding paid or incurred, whether in enforcing or defending the Credit Documents or  otherwise in connection with the transactions contemplated by the Credit Documents, the Collateral Agent’s  Liens in and to the Collateral, or the Lender Group’s relationship with any Credit Party or any of its  Subsidiaries, (i) the Administrative Agent’s reasonable and documented costs and expenses (including  reasonable and documented attorneys’ fees, but limited, in the case of counsel, to reasonable and  documented out-of-pocket attorney’s fees limited to a single counsel in the United States and a single  counsel in any other applicable jurisdiction of a Credit Party or where Collateral is located, but subject to  clause (j) below) incurred in advising, structuring, drafting, reviewing, administering (including travel,  meals, and lodging), syndicating (including reasonable costs and expenses relative to CUSIP,  DXSyndicateTM, SyndTrak or other communication costs incurred in connection with a syndication of the  loan facilities), or amending, waiving, or modifying the Credit Documents, and (j) the Administrative  Agent’s and each Lender’s reasonable and documented costs and expenses (including reasonable and  documented attorneys, accountants, consultants, and other advisors fees and expenses) incurred in  terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses  incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning any  Credit Party or any of its Subsidiaries or in exercising rights or remedies under the Credit Documents), or  defending the Credit Documents, irrespective of whether a lawsuit or other adverse proceeding is brought,  or in taking any enforcement action or any Remedial Action with respect to the Collateral; provided, that,  the reasonable, documented out-of-pocket fees and expenses of counsel that constitute Lender Group  Expenses for purposes of this clause (j) shall in any event be limited to (A) one outside primary counsel to  the Lender Group, (B) any special or local counsel (limited to one local counsel in each relevant jurisdiction)  as shall be reasonably determined necessary by the Administrative Agent, (C) one specialty counsel in each  reasonably necessary specialty area, (D) one or more additional counsel if one or more conflicts of interest  arise, and (E) one additional counsel for the Lender Group.  “Letter of Credit” shall mean a letter of credit (as that term is defined in the UCC) issued by Issuing  Lender.  “Letter of Credit Collateralization” shall mean either (a) providing cash collateral (pursuant to  documentation reasonably satisfactory to the Administrative Agent (including that the Administrative  Agent has a first priority perfected Lien in such cash collateral), including provisions that specify that the  Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 3.01(k) of  this Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are  outstanding) to be held by the Administrative Agent for the benefit of the Lenders in an amount equal to  105% of the then existing Letter of Credit Usage, (b) delivering to the Administrative Agent documentation  executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to  the Administrative Agent and Issuing Lender, terminating all of such beneficiaries’ rights under the Letters  of Credit, or (c) providing the Administrative Agent with a standby letter of credit, in form and substance  reasonably satisfactory to the Administrative Agent, from a commercial bank acceptable to the  Administrative Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of  Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in this  Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that  accrue must be an amount that can be drawn under any such standby letter of credit).  

 

    42        “Letter of Credit Disbursement” shall mean a payment made by Issuing Lender pursuant to a Letter  of Credit.  “Letter of Credit Exposure” shall mean, as of any date of determination with respect to any Lender,  such Lender’s participation in the Letter of Credit Usage pursuant to Section 3.01(e) on such date.  “Letter of Credit Fee” shall have the meaning provided in Section 4.01(b).  “Letter of Credit Indemnified Costs” shall have the meaning provided in Section 3.01(f).  “Letter of Credit Related Person” shall have the meaning provided in Section 3.01(f).  “Letter of Credit Usage” means, as of any date of determination, the sum of (a) the aggregate  undrawn amount of all outstanding Letters of Credit, plus (b) the aggregate amount of outstanding  reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not  been paid through a Revolving Loan.  “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, lien (statutory or other), preference, priority or other security agreement of any kind or nature  whatsoever (including any conditional sale or other title retention agreement, any financing or similar  statement or notice filed under the UCC or any other similar recording or notice statute, the interest of a  lessor under a Finance Lease and any synthetic or other financing lease having substantially the same effect  as any of the foregoing).  “Loan” shall mean each Revolving Loan and each Swingline Loan.  “Loan Account” shall have the meaning provided in Section 2.18.  “Major Scheduled Turnaround” shall mean with respect to the Coffeyville Refinery, the  Wynnewood Refinery or any other refinery that may be acquired in accordance with the terms of this  Agreement, a scheduled shutdown of refinery process units primarily for purposes of conducting  maintenance of at least fifteen (15) consecutive days, which shutdown shall occur no more than three times  with respect to each such refinery prior to the Initial Revolving Commitment Termination Date.  “Major Scheduled Turnaround Expenses” shall mean expenses which have been incurred by the  Credit Parties and/or their Subsidiaries to complete a Major Scheduled Turnaround but only to the extent  such amounts are included in determining Consolidated Net Income for the respective period.  “Management Agreements” shall have the meaning provided in Section 6.05(b).  “Mandatory Borrowing” shall have the meaning provided in Section 2.01(c).  “Margin Stock” shall have the meaning provided in Regulation U.  “Market Value (RIN)” shall mean, as of any date of determination, with respect to an Eligible RIN  on any date of determination, the average of the “ARGUS High” and the “ARGUS Low” published quote  (or other quotation service or market reasonably satisfactory to the Administrative Agent or identified on  

 

    43        Schedule 1.01(c) (as such Schedule may be updated from time to time by the Company with the consent of  the Administrative Agent)) at which such Eligible RIN could be purchased or sold for delivery on that date.  “Material Adverse Effect” shall mean (a) a material adverse change in, or a material adverse effect  on, the business, operations, property, assets, liabilities or financial condition of the Credit Parties taken as  a whole or (b) a material impairment of the rights and remedies of the Lenders, the Administrative Agent  or the Collateral Agent under the Credit Documents or of the ability of the Credit Parties, taken as a whole,  to perform any of their material obligations under any Credit Document or (c) a material adverse effect  upon the legality, validity, binding effect or enforceability of any material Credit Document.  “Material Contract” shall mean (i) any contract or other arrangement to which any Credit Party or  any of their respective Subsidiaries is a party (other than the Credit Documents) for which breach,  nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse  Effect and (ii) for purposes of Section 4.5 of the Pledge and Security Agreement, any contract or agreement  relating to ABL Priority Collateral.  “Material Subsidiary” shall mean (a) each Borrower, and (b) each Subsidiary of a Credit Party that  (i) owns at least 2.50% of the Consolidated Total Assets of the Credit Parties for the most recently ended  Test Period for which financial statements have been (or are required to be) delivered pursuant to Sections  9.01(b) or (c), as applicable, (ii) generates at least 2.50% of the consolidated revenues of the Credit Parties  for the most recently ended Test Period for which financial statements have been (or are required to be)  delivered pursuant to Sections 9.01(b) or (c), as applicable, (iii) is the owner of Equity Interests of any  Subsidiary of a Credit Party that otherwise constitutes a Material Subsidiary, or (iv) any group comprising  Subsidiaries of a Credit Party that each would not have been a Material Subsidiary under clauses (i), (ii),  or (iii) but that, taken together, had revenues or total assets in excess of 2.5% of the consolidated revenues  or Consolidated Total Assets, as applicable, of the Credit Parties for the most recently ended Test Period  for which financial statements have been (or are required to be) delivered pursuant to Sections 9.01(b) or  (c), as applicable.  “Maximum Letter of Credit Amount” shall mean, at any time, an amount equal to $60,000,000 (as  such amount may be increased solely with the consent of the Agent to an amount not to exceed  $100,000,000).  “Maximum Rate” shall have the meaning provided in Section 13.20.  “Maximum Swingline Amount” shall mean, at any time, $30,000,000.  “Minimum Borrowing Amount” shall mean (i) for Revolving Loans, $500,000, and (ii) for  Swingline Loans (x) at all times when a Dominion Period is not in existence, $100,000, and (y) at all other  times, there shall be no Minimum Borrowing Amount.  “Minimum Extension Condition” shall have the meaning provided in Section 2.16(d).  “Moody’s” shall mean Moody’s Investors Service, Inc.  “Multiemployer Plan” shall mean any Plan that is a multiemployer plan as defined in Section  4001(a)(3) of ERISA.  

 

    44        “Net Insurance Proceeds” shall mean, with respect to any Recovery Event, the cash proceeds  received by the respective Person in connection with such Recovery Event (net of (a) reasonable costs and  taxes incurred in connection with such Recovery Event and (b) required payments of any Indebtedness  (other than Indebtedness secured pursuant to the Security Documents and Indebtedness secured by a junior  Lien on the ABL Priority Collateral) which is secured by the respective assets which are the subject of such  Recovery Event).  “Net Recovery Percentage” means, as of any date of determination, the percentage of the book  value of Borrowers’ Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory  net of all associated costs and expenses of such liquidation, such percentage to be determined as to each  category of Inventory and to be as specified in the most recent Acceptable Appraisal of Inventory.  “Net Sale Proceeds” shall mean, for any sale or other disposition of assets, the gross cash proceeds  (including any cash received by way of deferred payment pursuant to a promissory note, receivable or  otherwise, but only as and when received) received from such sale or other disposition of assets, net of (i)  reasonable transaction costs (including any underwriting, brokerage or other customary selling  commissions, reasonable legal, advisory and other fees and expenses (including title and recording  expenses), associated therewith and sales, VAT and transfer taxes arising therefrom), (ii) payments of  unassumed liabilities relating to the assets sold or otherwise disposed of, (iii) the amount of such gross cash  proceeds required to be used to permanently repay any Indebtedness (other than Indebtedness secured  pursuant to the Security Documents), which is secured by the respective assets which were sold or otherwise  disposed of, and (iv) the estimated net marginal increase in income taxes which will be payable by the  Credit Parties’ consolidated group or any Subsidiary of any Credit Party with respect to the Fiscal Year in  which the sale or other disposition occurs as a result of such sale or other disposition; provided, however,  that such gross proceeds shall not include any portion of such gross cash proceeds which the Company  determines in good faith should be reserved for post-closing adjustments (to the extent the Company  delivers to the Administrative Agent a certificate signed by an Authorized Officer of the Company as to  such determination), it being understood and agreed that on the day that all such post-closing adjustments  have been determined, the amount (if any) by which the reserved amount in respect of such sale or  disposition exceeds the actual post-closing adjustments payable by any Credit Party or any of their  respective Subsidiaries shall constitute Net Sale Proceeds on such date received by any Credit Party and/or  any of their respective Subsidiaries from such sale or other disposition.  “Non-Affiliated Lender” shall mean and include each Lender, other than an Affiliated Lender.  “Non-Defaulting Lender” shall mean and include each Lender, other than a Defaulting Lender.  “Non-Wholly-Owned Subsidiary” shall mean, as to any Person, each Subsidiary of such Person  which is not a Wholly-Owned Subsidiary of such Person.  “Note” shall mean each Revolving Note and the Swingline Note.  “Notes Priority Collateral” shall mean any and all Collateral other than the ABL Priority Collateral.  “Notice Date” shall have the meaning provided in Section 2.16(a).  

 

    45        “Notice Office” shall mean (i) for credit notices, the office of the Administrative Agent located at  1100 Abernathy Road, Suite 1600, Atlanta, Georgia 30328, Attn:  Loan Portfolio Manager, Telephone No.:  770-508-1300, and Telecopier No.: 855-260-0212, and (ii) for operational notices, the office of the  Administrative Agent located at 14241 Dallas Parkway, Suite 1300, Dallas, Texas 75254, Attn:  Loan  Portfolio Manager, Telephone No.: 972-851-9129, and Telecopier No.: 1-866-270-8693 (in either case)  such other office or person as the Administrative Agent may hereafter designate in writing as such to the  other parties hereto.  “Obligations” shall mean (x) the principal of, premium, if any, and interest on the Notes issued by,  and the Loans made to, the Borrowers under this Agreement, and all reimbursement obligations and Letter  of Credit Usage and (y) all other payment obligations (including obligations which, but for the automatic  stay under Section 362(a) of the Bankruptcy Code, would become due), indebtedness and liabilities owing  by the Borrowers and the other Credit Parties to the Administrative Agent, the Collateral Agent, any Issuing  Lender, the Swingline Lender or any Lender under this Agreement and each other Credit Document to  which any Borrower or other Credit Party is a party (including indemnities, expenses (including Lender  Group Expenses), Fees and interest thereon (including in each case any interest, Fees or expenses (including  Lender Group Expenses) accruing after the commencement of any bankruptcy, insolvency, receivership or  similar proceeding at the rate provided for in this Agreement, whether or not such interest, Fees or expenses  (including Lender Group Expenses) are an allowed claim in any such proceeding)), whether now existing  or hereafter incurred under, arising out of or in connection with each such Credit Document and including  all guaranties of the foregoing obligations, indebtedness and liabilities (but shall in any event exclude any  Secured Hedging Obligations and Secured Cash Management Obligations); provided, that, in no event shall  “Obligations” include any Excluded Swap Obligations.  “OFAC” shall mean The Office of Foreign Assets Control of the U.S. Department of the Treasury.  “Other Connection Taxes” shall have the meaning provided in “Excluded Taxes”.  “Other Hedging Agreements” shall mean any foreign exchange contracts, currency swap  agreements, commodity agreements (including Commodity Agreements) or other similar arrangements, or  arrangements designed to protect against fluctuations in currency values or commodity prices.  “Other Taxes” shall mean all present or future stamp, court, excise, value added, or documentary,  intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution,  delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest  under, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection  Taxes imposed with respect to an assignment.  “Paid but Unexpired Standby Letters of Credit” shall mean, during a Post Supplier Payment Period,  the amount available for drawing under an outstanding standby Letter of Credit issued to support the  purchase of Petroleum Inventory of the Borrowers as of such date of determination where the supplier of  such Petroleum Inventory in connection with which such standby Letter of Credit was specifically issued  has been paid in full and therefore is not otherwise entitled to draw on such standby Letter of Credit, in  whole or in part.  “Participant” shall have the meaning provided in Section 13.04(a).  

 

    46        “Participant Register” shall have the meaning provided in Section 13.04(a).  “Patriot Act” shall have the meaning provided in Section 13.17.  “Payment Conditions” shall mean that each of the following conditions are satisfied at the time of  each action or proposed action and immediately after giving effect thereto: (i) there is no Default or Event  of Default existing immediately before or after the action or proposed action, (ii) either (A) (x) Excess  Availability on the date of the action or proposed action (calculated after giving effect to the Borrowing of  any Loans or issuance of any Letters of Credit in connection with the action or proposed action) shall exceed  (I) in the case of Sections 9.13(a), 10.02(e), 10.04(w) and 10.05(t), 12.5% of Availability and (II) in the  case of Sections 10.03(h) and 10.08(a), 15.0% of Availability; and (y) the Company shall be in compliance  with a Fixed Charge Coverage Ratio of not less than (I) in the case of Sections 9.13(a), 10.02(e), 10.04(w)  and 10.05(t), 1.00:1.00 and (II) in the case of Sections 10.03(h) and 10.08(a), 1.00:1.00, in each case for  the Test Period then most recently ended for which financial statements have been (or are required to be)  delivered pursuant to Sections 9.01(b) or (c), as applicable, on a Pro Forma Basis as if such action or  proposed action had occurred on the first day of such Test Period, or (B) Excess Availability on the date of  the action or proposed action (calculated after giving effect to the Borrowing of any Loans or issuance of  any Letters of Credit in connection with the action or proposed action) shall exceed (I) in the case of  Sections 9.13(a), 10.02(e), 10.04(w) and 10.05(t), 17.5% of Availability and (II) in the case of Sections  10.03(h) and 10.08(a), 20.0% of Availability and (iii) the Company shall have delivered to the  Administrative Agent a certificate of an Authorized Officer of the Company certifying as to compliance  with preceding clauses (i) and (ii) and demonstrating (in reasonable detail) the calculations required by  preceding clause (ii).  “Payment Office” shall mean the office of the Administrative Agent located at 171 17th Street,  N.W., Suite 1600, Atlanta, Georgia 30328 or such other office as the Administrative Agent may hereafter  designate in writing as such to the other parties hereto.  “Payment Recipient” shall have the meaning provided in Section 17.07.  “PBGC” shall mean the U.S. Pension Benefit Guaranty Corporation.  “Permitted Acquisition” shall mean the acquisition by a Credit Party of an Acquired Entity or  Business; provided, that, (in each case) (a) the consideration paid or to be paid by the Credit Party consists  solely of cash (including proceeds of Loans), Equity Interests of any parent company of any Credit Party,  Equity Interests of the Company, the issuance or incurrence of Indebtedness otherwise permitted by Section  10.04 and the assumption/acquisition of any Indebtedness (calculated at face value) which is permitted to  remain outstanding in accordance with the requirements of Section 10.04, (b) the Acquired Entity or  Business acquired pursuant to the respective Permitted Acquisition is in a business permitted by Section  10.11, (c) the Acquired Entity or Business acquired pursuant to the respective Permitted Acquisition is  acquired in a “non-hostile” transaction approved by the board of directors (or similar body) of such  Acquired Entity or Business, (d) to the extent applicable at that time, all requirements of Sections 9.13,  10.02 and 10.12 applicable to Permitted Acquisitions are satisfied, and (e) no assets or properties so  acquired shall be deemed to constitute, or contribute to the calculation of, Eligible Accounts, Eligible  Exchange Agreement Positive Balance, Eligible In-Transit Crude Oil, Eligible In-Transit Renewable  Feedstock, Eligible Inventory, Eligible Refinery Hydrocarbon Inventory, Eligible Renewable Feedstock  Inventory or Eligible Renewable Petroleum Inventory, in each case unless and until the Collateral Agent,  

 

    47        unless otherwise agreed by the Collateral Agent, has either conducted a field examination or completed  other due diligence with respect thereto as it may require.  Notwithstanding anything to the contrary  contained in the immediately preceding sentence, an acquisition which does not otherwise meet the  requirements set forth above in the definition of “Permitted Acquisition” shall constitute a Permitted  Acquisition if, and to the extent, the Required Lenders agree in writing, prior to the consummation thereof,  that such acquisition shall constitute a Permitted Acquisition for purposes of this Agreement.  “Permitted Discretion” shall mean with reference to Administrative Agent and Collateral Agent, a  determination made in good faith in the exercise of its reasonable business judgment based on how an asset- based lender with similar rights providing a credit facility of the type set forth herein would act in similar  circumstances at the time with the information then available to it.  “Permitted Encumbrance” shall mean, with respect to any Real Property, such exceptions to title  as are set forth in any insurance policy with respect thereto.  “Permitted Liens” shall have the meaning provided in Section 10.01.  “Permitted Tax Distributions” shall mean with respect to each taxable year (or a portion thereof)  ending after the Amendment No. 3 Effective Date for which a Credit Party is treated as a partnership or  disregarded entity for U.S. federal income tax purposes, the payment of distributions to the Company’s  direct or indirect equity holders to enable such Persons to pay U.S. federal, state and local income taxes in  an aggregate amount not to exceed the amount of such U.S. federal, state and local income taxes actually  owing by such Persons at such time for the respective taxable year to the extent such tax liabilities are  attributable to the operations, business or assets of the Credit Parties and their Subsidiaries.  “Person” shall mean any individual, partnership, joint venture, firm, corporation, association,  limited liability company, trust or other enterprise or any Governmental Authority.  “Petroleum Inventory” shall mean Inventory consisting of refined petroleum products, crude oil,  condensate, natural gas liquids, liquefied petroleum gases, asphalt or any blend thereof.  “Plan” shall mean an “employee benefit plan” as defined in Section 3 of ERISA (other than a  Multiemployer Plan) maintained or contributed to by any Credit Party, any of their respective Subsidiaries  or any of their respective ERISA Affiliates or any Unrestricted Subsidiaries that are ERISA Affiliates or  with respect to which any Credit Party, any of their respective Subsidiaries or any of their respective ERISA  Affiliates or any Unrestricted Subsidiaries that are ERISA Affiliates has any obligation to contribute or any  liability.  “Pledge and Security Agreement” shall have the meaning provided in Section 6.10.  “Pledge and Security Agreement Collateral” shall mean all “Collateral” as defined in the Pledge  and Security Agreement.  “Post Supplier Payment Period” shall mean the period commencing on the date on which a  Borrower shall have paid in full all amounts owed for the purchase of Petroleum Inventory (the “Full  Payment Date”), the payment for which was supported by a standby Letter of Credit issued specifically for  such purpose and ending on the earlier of (a) three Business Days after the Full Payment Date and (b) the  

 

    48        date the original of such standby Letter of Credit is returned to the applicable Issuing Lender for cancellation  with such instructions for cancellation as such Issuing Lender may require.  “Preferred Equity”, as applied to the Equity Interests of any Person, means Equity Interests of such  Person (other than common Equity Interests of such Person) of any class or classes (however designed) that  ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or  involuntary liquidation, dissolution or winding up of such Person, to shares of Equity Interests of any other  class of such Person, and shall include any Qualified Preferred Stock.  “Prime Lending Rate” shall mean the rate which the Administrative Agent announces from time to  time as its prime lending rate, the Prime Lending Rate to change when and as such prime lending rate  changes.  The Prime Lending Rate is a reference rate and does not necessarily represent the lowest or best  rate actually charged to any customer by the Administrative Agent, which may make commercial loans or  other loans at rates of interest at, above or below the Prime Lending Rate.  “Pro Forma Basis” shall mean, in connection with any calculation of compliance with any financial  covenant or financial term, the calculation thereof after giving effect on a pro forma basis to (a) the  incurrence of any Indebtedness (other than revolving Indebtedness, except to the extent same is incurred to  refinance other outstanding Indebtedness, to finance a Permitted Acquisition or other Investment or to  finance a Dividend) after the first day of the relevant Calculation Period or Test Period, as the case may be,  as if such Indebtedness had been incurred (and the proceeds thereof applied) on the first day of such Test  Period or Calculation Period, as the case may be, (b) the permanent repayment of any Indebtedness (other  than revolving Indebtedness, except to the extent accompanied by a corresponding permanent commitment  reduction) after the first day of the relevant Test Period or Calculation Period, as the case may be, as if such  Indebtedness had been retired or repaid on the first day of such Test Period or Calculation Period, as the  case may be, and (c) any Permitted Acquisition or any Significant Asset Sale then being consummated as  well as any other Permitted Acquisition or any other Significant Asset Sale if consummated after the first  day of the relevant Test Period or Calculation Period, as the case may be, and on or prior to the date of the  respective Permitted Acquisition or Significant Asset Sale, as the case may be, then being effected, with  the following rules to apply in connection therewith:  (i) all Indebtedness (a) (other than revolving Indebtedness, except to the  extent same is incurred to refinance other outstanding Indebtedness, to finance Permitted Acquisitions or  other Investments or to finance a Dividend) incurred or issued after the first day of the relevant Test Period  or Calculation Period (whether incurred to finance a Permitted Acquisition, to refinance Indebtedness or  otherwise) shall be deemed to have been incurred or issued (and the proceeds thereof applied) on the first  day of such Test Period or Calculation Period, as the case may be, and remain outstanding through the date  of determination and (b) (other than revolving Indebtedness, except to the extent accompanied by a  corresponding permanent commitment reduction) permanently retired or redeemed after the first day of the  relevant Test Period or Calculation Period, as the case may be, shall be deemed to have been retired or  redeemed on the first day of such Test Period or Calculation Period, as the case may be, and remain retired  through the date of determination;  (ii) all Indebtedness assumed to be outstanding pursuant to preceding clause  (i) shall be deemed to have borne interest at (a) the rate applicable thereto, in the case of fixed rate  indebtedness, or (b) the rates which would have been applicable thereto during the respective period when  same was deemed outstanding, in the case of floating rate Indebtedness (although interest expense with  

 

    49        respect to any Indebtedness for periods while same was actually outstanding during the respective period  shall be calculated using the actual rates applicable thereto while same was actually outstanding); provided,  that, all Indebtedness (whether actually outstanding or deemed outstanding) bearing interest at a floating  rate of interest shall be tested on the basis of the rates applicable at the time the determination is made  pursuant to said provisions; and  (iii) in making any determination of Consolidated EBITDA on a Pro Forma  Basis, pro forma effect shall be given to any Permitted Acquisition or any Significant Asset Sale if effected  during the respective Calculation Period or Test Period as if same had occurred on the first day of the  respective Calculation Period or Test Period, as the case may be, and taking into account, in the case of any  Permitted Acquisition, any Pro Forma Cost Savings, as if such cost savings or expenses were realized on  the first day of the respective period.  “Pro Forma Cost Savings” shall mean, with respect to any period, the reduction in net costs,  integration and other synergies (including improvements to gross margins) and related adjustments that (a)  are directly attributable to an acquisition that occurred during the four-quarter period or after the end of the  four-quarter period and on or prior to the respective Calculation Period and calculated on a basis that is  consistent with Regulation S-X under the Securities Act, (b) were actually implemented with respect to any  acquisition within 12 months after the date of the acquisition and prior to the respective Calculation Period  that are supportable and quantifiable by underlying accounting records or (c) the Company reasonably  determines are expected to be realized by the Credit Parties within 12 months of the respective Calculation  Period and, in each case are set forth, as provided below, in an officer’s certificate of an Authorized Officer  of the Company, as if all such reductions in costs and integration and other synergies had been effected as  of the beginning of such period.  “Pro Forma Cost Savings” set forth above shall be established by a  certificate delivered to the Administrative Agent from an Authorized Officer of the Company that outlines  the specific actions taken or to be taken and the benefit achieved or to be achieved from each such action  and, in the case of clause (c) above, that states such benefits have been determined to be probable.  “Projected Excess Availability” shall mean, with respect to the applicable period set forth in the  definition of “Payment Conditions” following the date of the respective action or proposed action, Excess  Availability at all times during such period based on good faith and reasonable projections prepared by or  on behalf of the Company for the relevant period at the time that such projections are prepared and at the  time such projections are delivered to the Administrative Agent.  “Projections” shall mean (a) [reserved], (b) projected annual balance sheets, income statements,  statements of cash flows, availability and anticipated fixed charge coverage ratio of the Company and its  Subsidiaries through the end of the 2017 fiscal year, in each case as to the projections described in clauses  (a), (b) and (c) of this definition of “Projections” with the assumptions set forth in all of such projections in  form and substance reasonably satisfactory to Agent, and an opening pro forma balance sheet for the  Company and its Subsidiaries, and (c) any updates to the projections described in clause (b) of this definition  of “Projections”, in each case in form and substance reasonably satisfactory to Agent, in each case with the  assumptions set forth in all of such projections in form and substance reasonably satisfactory to  Administrative Agent, as prepared by or on behalf of the Company in connection with the Transaction and  delivered to the Administrative Agent and the Lenders prior to the Effective Date.  

 

    50        “Qualified Debt” shall mean Indebtedness permitted to be incurred pursuant to Sections 10.04(g)  (but, in the case of such clause (g), only to the extent such Indebtedness is in excess of $25,000,000 in the  aggregate), (o), (q) and (r).  “Qualified Debt Conditions” shall mean that each of the following conditions are satisfied: (i) such  Indebtedness is not a working capital facility; (ii) except as provided in clause (v) below, such Indebtedness  does not have any maturity, redemption, mandatory repayment or prepayment or similar requirements  earlier than six months after the Revolving Commitment Termination Date (other than customary  mandatory prepayments or offers to prepay pursuant to customary asset sale and insurance or condemnation  recovery event provisions (other than with respect to ABL Priority Collateral) and change of control  provisions); (iii) such Indebtedness is either (x) not secured by a Lien on any ABL Priority Collateral or (y)  if secured by a Lien on ABL Priority Collateral, such Lien is junior and subordinate to any Liens purported  to be created on any ABL Priority Collateral pursuant to the Security Documents and the Collateral Agent  (on behalf of the Secured Parties) has been granted a Lien on any collateral (that is not otherwise Collateral)  securing (or purporting to secure) such Indebtedness; (iv) if such Indebtedness is secured, the holders of  such Indebtedness (or the collateral (or similar) agent for such holders), each Credit Party that is an obligor  under such Indebtedness and the Collateral Agent shall have entered into the Intercreditor Agreement  establishing the relative rights and priorities (and related creditor rights) with respect to the ABL Priority  Collateral and such other Collateral; (v) such Indebtedness does not have any interim annual scheduled  amortization, redemption, maturity, repayment or similar requirement in excess of 2.00% of the aggregate  principal amount of such Indebtedness unless the Company shall be in compliance with a Fixed Charge  Coverage Ratio at the time of the incurrence of such Indebtedness of not less than 1.00:1.00 for the Test  Period then most recently ended for which financial statements have been (or are required to be) delivered  pursuant to Sections 9.01(b) or (c), as applicable, on a Pro Forma Basis as if such Indebtedness had been  incurred on the first day of such Test Period; (vi) no Default or Event of Default then exists or would result  therefrom; and (vii) prior to the date of the incurrence of such Indebtedness, the Company shall have  delivered to the Administrative Agent a certificate of an Authorized Officer of the Company certifying as  to compliance with preceding clauses (i) through (vi) and demonstrating (in reasonable detail) the  calculations required by preceding clause (v).  “Qualified Debt Documents” shall mean any indenture, purchase agreement, credit agreement, loan  agreement or similar agreement or arrangement evidencing or governing any Qualified Debt, and also shall  include all guarantee agreements and other documents, agreements or instruments from time to time relating  thereto.  “Qualified ECP Guarantor” shall mean, in respect of any Swap Obligation, each Credit Party that  has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security  interest becomes effective with respect to such Swap Obligation or such other person as constitutes an  “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated  thereunder and can cause another person to qualify as an “eligible contract participant” at such time by  entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Qualified Preferred Stock” shall mean any Preferred Equity of any Credit Party so long as the  terms of any such Preferred Equity (and the terms of any Equity Interests into which such Preferred Equity  is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof) (x)  do not contain any mandatory put, redemption, repayment, sinking fund or other similar provision, (y) do  not require the cash payment of dividends or distributions that would otherwise be prohibited by the terms  

 

    51        of this Agreement or any other agreement or contract of any Credit Party or any of their respective  Subsidiaries, and (z) are otherwise reasonably satisfactory to the Administrative Agent.  “Qualified Secured Debt” shall mean any Qualified Debt that is secured by a Lien on any asset or  property of any Credit Party or any of their respective Subsidiaries.  “Qualified Secured Debt Agent” shall mean any collateral agent, collateral trustee or similar  representative for any issue of Qualified Secured Debt.  “Qualified Secured Debt Documents” shall mean any Qualified Debt Documents evidencing or  governing any Qualified Secured Debt, and also shall include all pledge agreements, security agreements,  mortgages, deeds of trust, collateral documents and other documents, agreements or instruments from time  to time creating (or purporting to create) Liens on any assets or properties of any Credit Party or any of  their respective Subsidiaries to secure any obligations under any Qualified Secured Debt Documents.  “Qualified Secured Debt Secured Parties” shall mean and include any Qualified Secured Debt  Agent, any other agent, trustee, representative or similar Person for the holders of any Qualified Secured  Debt and the holders from time to time of any Qualified Secured Debt.  “Qualifying Owners” shall mean, collectively, (i) Icahn Enterprises L.P., the Related Parties and/or  one or more of their respective Affiliates and (ii) CVR Energy, CVR Energy Holdings, CVR Services, CVR  LLC, CVR Refining GP, LLC, CHC GP, LLC, RHC GP, LLC and FHC GP, LLC.  “Quarterly Payment Date” shall mean the first Business Day of each Fiscal Quarter occurring after  the Effective Date.  “RCRA Administrative Orders” shall mean (a) the Administrative Order on Consent between the  Coffeyville Group Holdings, LLC and the EPA dated October 21, 1994 pursuant to RCRA Docket No. VII- 94-H-0020; and (b) the Administrative Order on Consent between the Coffeyville Group Holdings, LLC  and the EPA dated January 12, 1996 pursuant to RCRA Docket No. VII-95-H-0011, in each case including  any subsequent amendments thereto.  “Real Property” of any Person shall mean all the right, title and interest of such Person in and to  land, improvements and fixtures, including Leaseholds.  “Recipient” shall mean (a) the Administrative Agent, (b) any Lender or (c) any Issuing Lender, as  applicable.  “Recovery Event” shall mean any event that gives rise to the receipt by any Credit Party or any of  their respective Subsidiaries of any cash insurance proceeds or condemnation awards payable (i) by reason  of theft, loss, physical destruction, damage, taking or any other similar event with respect to any property  or assets of any Credit Party or any of their respective Subsidiaries or (ii) under any policy of insurance  maintained by any of them.  “Refinery Revenue Bonds” shall have the meaning provided in Section 9.16.  “Register” shall have the meaning provided in Section 13.15.  

 

    52        “Regulation D” shall mean Regulation D of the Board as from time to time in effect and any  successor to all or a portion thereof establishing reserve requirements.  “Regulation T” shall mean Regulation T of the Board as from time to time in effect and any  successor to all or a portion thereof.  “Regulation U” shall mean Regulation U of the Board as from time to time in effect and any  successor to all or a portion thereof.  “Related Parties” shall mean (i) Carl Icahn and his siblings, his and their respective spouses and  descendants (including stepchildren and adopted children) and the spouses of such descendants (including  stepchildren and adopted children) (collectively, the “Family Group”); (ii) any trust, estate, partnership,  corporation, company, limited liability company or unincorporated association or organization (each an  “Entity” and collectively “Entities”) Controlled by one or more members of the Family Group; (iii) any  Entity over which one or more members of the Family Group, directly or indirectly, have rights that, either  legally or in practical effect, enable them to make or veto significant management decisions with respect to  such Entity, whether pursuant to the constituent documents of such Entity, by contract, through  representation on a board of directors or other governing body of such Entity, through a management  position with such Entity or in any other manner (such rights hereinafter referred to as “Veto Power”); (iv)  the estate of any member of the Family Group; (v) any trust created (in whole or in part) by any one or  more members of the Family Group; (vi) any individual or Entity who receives an interest in any estate or  trust listed in clauses (iv) or (v), to the extent of such interest; (vii) any trust or estate, substantially all the  beneficiaries of which (other than charitable organizations or foundations) consist of one or more members  of the Family Group; (viii) any organization described in Section 501(c) of the Code, over which any one  or more members of the Family Group and the trusts and estates listed in clauses (iv), (v) and (vii) have  direct or indirect Veto Power, or to which they are substantial contributors (as such term is defined in  Section 507 of the Code); (ix) any organization described in Section 501(c) of the Code of which a member  of the Family Group is an officer, director or trustee; or (x) any Entity, directly or indirectly (a) owned or  Controlled by or (b) a majority of the economic interests in which are owned by, or are for or accrue to the  benefit of, in either case, any Person or Persons identified in clauses (i) through (ix) above.  For purposes  of this definition, “Control” shall mean the possession, directly or indirectly, of the power to direct or cause  the direction of management and policies of a Person, whether through the ownership of Voting Stock, by  agreement or otherwise and “Controlled” has a corresponding meaning.  For the purposes of this definition,  and for the avoidance of doubt, in addition to any other Person or Persons that may be considered to possess  Control, (x) a partnership shall be considered Controlled by a general partner or managing general partner  thereof, (y) a limited liability company shall be considered Controlled by a managing member of such  limited liability company and (z) a trust or estate shall be considered Controlled by any trustee, executor,  personal representative, administrator or any other Person or Persons having authority over the control,  management or disposition of the income and assets therefrom.  “Release” shall mean any disposing, discharging, injecting, spilling, pumping, leaking, leaching,  dumping, emitting, escaping, emptying, pouring, seeping, migrating or the like, into or upon any land or  water or air, or otherwise entering into the environment.  “Relevant Governmental Body” shall mean the Board of Governors or the Federal Reserve Bank  of New York, or a committee officially endorsed or convened by the Board of Governors or the Federal  Reserve Bank of New York, or any successor thereto.  

 

    53        “Remedial Action” shall mean all actions taken to (a) clean up, remove, remediate, contain, treat,  monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment,  (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or  endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore  or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or  post-remedial operation and maintenance activities, or (e) conduct any other actions with respect to  Hazardous Materials required by Environmental Laws.  “Rent and Costs Reserve” shall mean a reserve established by the Collateral Agent in respect of (a)  all past due rent and other amounts owing by a Borrower to any landlord, warehouseman, processor,  repairman, mechanic, freight forwarder, shipper, pipeline or barge owner or operator, or other Person who  possesses or handles any ABL Priority Collateral or could assert a Lien on any ABL Priority Collateral and  (b) rent payments (not to exceed three months rent) made by a Borrower for each location at which  Inventory of a Borrower is located that is not subject to a Landlord Personal Property Collateral Access  Agreement (as reported to the Collateral Agent by the Company from time to time as requested by the  Collateral Agent), in each case as adjusted from time to time by the Collateral Agent in its Permitted  Discretion.  “Replaced Lender” shall have the meaning provided in Section 2.13.  “Replacement Lender” shall have the meaning provided in Section 2.13.  “Reportable Event” shall mean an event described in Section 4043(c) of ERISA with respect to a  Plan that is subject to Title IV of ERISA other than those events as to which the 30-day notice period is  waived under applicable regulations.  “Required Lenders” shall mean, at any time, Non-Defaulting Lenders and Non-Affiliated Lenders  the sum of whose outstanding Revolving Loan Commitments at such time (or, after the termination thereof,  outstanding Revolving Loans and RL Percentages of (x) outstanding Swingline Loans at such time and (y)  Letter of Credit Usage at such time) represents at least a majority of the sum of the Total Revolving Loan  Commitment in effect at such time less the Revolving Loan Commitments of all Defaulting Lenders and  all Affiliated Lenders at such time (or, after the termination thereof, the sum of then total outstanding  Revolving Loans of Non-Defaulting Lenders and Non-Affiliated Lenders and the aggregate RL Percentages  of all Non-Defaulting Lenders and Non-Affiliated Lenders of the total outstanding Swingline Loans and  Letter of Credit Usage at such time), in each case subject to Section 13.04(c)(ii).  “Reserves” shall mean reserves, if any, established by the Collateral Agent from time to time  hereunder in their Permitted Discretion against the Borrowing Base, including (i) Bank Product Reserves,  (ii) Rent and Costs Reserves, (iii) potential dilution related to Accounts, (iv) Inventory Reserves, (v) sums  that the Borrowers are or will be required to pay (such as taxes, assessments and insurance premiums) and  have not yet paid, (vi) amounts owing by any Borrower to any Person to the extent secured by a Lien on,  or trust over, any Collateral (including Canadian Priority Payables), (vii) amounts which pursuant to  applicable insolvency legislation must be paid in priority to or pari passu with any obligations (such as  Canadian Priority Payables), (viii) the First Purchaser Reserve, (ix) [reserved], (x) reduction in value of  RINs, and (xi) such other events, conditions or contingencies as to which the Collateral Agent, in its  Permitted Discretion, determine reserves should be established from time to time hereunder; provided,  however, that (i) the Collateral Agent may not implement reserves with respect to matters which are already  

 

    54        specifically reflected as ineligible Accounts or Inventory, (ii) the establishment of any new reserve category  by the Collateral Agent shall only become effective three Business Days after the date of written notice by  any of the Collateral Agent to the Company of such establishment and (iii) if an event giving rise to the  establishment of any reserves ceases to exist (unless Collateral Agent determines there is a reasonable  prospect that the event will occur again within a reasonable period of time thereafter), Borrowers may  request in writing that Collateral Agent discontinue the applicable reserves.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.  “Restricted” shall mean, when referring to cash, Cash Equivalents of any Credit Party or any of  their respective Subsidiaries, that such cash, Cash Equivalents (i) appears (or would be required to appear)  as “restricted” on the consolidated balance sheet of the Company (in each case as then defined in accordance  with the definition of “Company” set forth above) (unless such appearance is related to the Liens permitted  under Section 10.01(d)), (ii) are subject to any Lien in favor of any Person other than (x) the Collateral  Agent for the benefit of the Secured Parties and (y) the other Liens permitted in Section 10.01(d) or (iii) are  not otherwise generally available for use by such Credit Party or such Subsidiary.  “Returns” shall have the meaning provided in Section 8.09.  “Revolving Commitment Termination Date” shall mean the Initial Revolving Commitment  Termination Date; provided, that, with respect to any Extended Loans and any Extended Revolving Loan  Commitments, the Revolving Commitment Termination Date with respect thereto instead shall be the  Extended Revolving Commitment Termination Date.  “Revolving Loan” shall have the meaning provided in Section 2.01(a).  “Revolving Loan Commitment” shall mean, for each Lender, the amount set forth opposite such  Lender’s name in Schedule 1.01(a) directly below the column entitled “Revolving Loan Commitment,” as  same may be (x) reduced from time to time or terminated pursuant to Sections 4.02, 4.03 and/or Section  11, as applicable, (y) adjusted from time to time as a result of assignments to or from such Lender pursuant  to Section 2.13 or Section 13.04(b) or (z) increased from time to time pursuant to Section 2.15.  In addition,  the Revolving Loan Commitment of each Lender shall include, subject to the consent of such Lender, any  Extended Revolving Loan Commitment of such Lender.  “Revolving Note” shall have the meaning provided in Section 2.05(a).  “RHC LP” shall mean CVR RHC, LP, a Delaware limited partnership.  “RIN” means the unique renewable identification number generated to represent a volume of  renewable fuel pursuant to 40 C.F.R. Part 80, Subpart M, the Renewable Fuel Standard, specifically 40  C.F.R. § 80.1425 and 40 C.F.R. § 80.1426.  “RL Percentage” of any Lender at any time shall mean a fraction (expressed as a percentage) the  numerator of which is the Revolving Loan Commitment of such Lender at such time and the denominator  of which is the Total Revolving Loan Commitment at such time; provided, that, if the RL Percentage of  any Lender is to be determined after the Total Revolving Loan Commitment has been terminated, then the  

 

    55        RL Percentages of such Lender shall be determined immediately prior (and without giving effect) to such  termination.  “S&P” shall mean Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc.  “Sale Leaseback” shall mean any transaction or series of related transactions consummated  pursuant to which the Company or any of its Subsidiaries (a) sells, transfers or otherwise disposes of any  property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction,  thereafter rents or leases such property or other property that it intends to use for substantially the same  purpose or purposes as the property being sold, transferred or disposed.  “Sanctioned Entity” shall mean (a) a country or territory or a government of a country or territory,  (b) an agency of the government of a country or territory, (c) an organization directly or indirectly controlled  by a country or territory or its government, or (d) a Person resident in or determined to be resident in a  country or territory, in each case of clauses (a) through (d) that is a target of Sanctions, including a target  of any country sanctions program administered and enforced by OFAC.  “Sanctioned Person” shall mean, at any time (a) any Person named on the list of Specially  Designated Nationals and Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or  any other Sanctions-related list maintained by any Governmental Authority, (b) a Person or legal entity that  is a target of Sanctions, (c) any Person operating, organized or resident in a Sanctioned Entity, or (d) any  Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf  of any such Person or Persons described in clauses (a) through (c) above.  “Sanctions” shall mean individually and collectively, respectively, any and all economic sanctions,  trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism  laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced  from time to time by:  (a) the United States of America, including those administered by OFAC, the U.S.  Department of State, the U.S. Department of Commerce, or through any existing or future executive order,  (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d)  Her Majesty’s Treasury of the United Kingdom, or (e) any other Governmental Authority with jurisdiction  over any member of Lender Group or any Credit Party or any of their respective Subsidiaries or Affiliates.  “SEC” shall have the meaning provided in Section 9.01(h).  “Secured Cash Management Agreement” shall mean each written agreement among one or more  Credit Parties and a Secured Cash Management Creditor evidencing arrangements to provide Cash  Management Services to the Credit Parties and their Subsidiaries (where such Secured Cash Management  Agreements may be evidenced by standard account terms of such Secured Cash Management Creditor).  “Secured Cash Management Creditor” shall mean the Administrative Agent and/or any Lender  (and/or one or more of banking affiliates of the Administrative Agent or any Lender) that provides Cash  Management Services to the Credit Parties or any of their Subsidiaries.  “Secured Cash Management Obligations” shall mean all payment obligations (including  obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become  due), indebtedness and liabilities (including any interest, fees and expenses accruing after the  

 

    56        commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for  in the respective Secured Cash Management Agreements, whether or not such interest, fees or expenses is  an allowed claim in any such proceeding) owing by a Credit Party under each Secured Cash Management  Agreement to which any Secured Cash Management Creditor is a party, whether now in existence or  hereafter arising in each case under any Secured Cash Management Agreement.  “Secured Hedging Agreement” shall mean each Interest Rate Protection Agreement and/or Other  Hedging Agreements entered into by a Credit Party with a Secured Hedging Creditor; provided, that, (i)  such Interest Rate Protection Agreement and/or Other Hedging Agreement expressly states that (x) it  constitutes a “Secured Hedging Agreement” for purposes of this Agreement and the other Credit  Documents and (y) does not constitute a “Secured Hedging Agreement” (or substantially similar definition)  for purposes of any other Indebtedness subject to the Intercreditor Agreement, (ii) the Company and the  other parties thereto shall have delivered to the Administrative Agent a written notice specifying that such  Interest Rate Protection Agreement and/or Other Hedging Agreement (x) constitutes a “Secured Hedging  Agreement” for purposes of this Agreement and the other Credit Documents, (y) does not constitute a  “Secured Hedging Agreement” (or substantially similar definition) for purposes of any other Indebtedness  subject to the Intercreditor Agreement and (z) in the case of the Company, that such Interest Rate Protection  Agreement and/or Other Hedging Agreement and the obligations of the Company and its Subsidiaries  thereunder have been, and will be, incurred in compliance with this Agreement and (iii) on the effective  date of such Interest Rate Protection Agreement and/or Other Hedging Agreement and from time to time  thereafter, at the request of the Administrative Agent, the Company and the other parties thereto shall have  notified the Administrative Agent in writing of the aggregate amount of exposure under such Interest Rate  Protection Agreement and/or Other Hedging Agreement.  “Secured Hedging Creditor” shall mean any counterparty to an Interest Rate Protection Agreement  and/or Other Hedging Agreement that is the Administrative Agent, a Lender or an affiliate of the  Administrative Agent or a Lender, in each case at the time such Person enters into such Interest Rate  Protection Agreement and/or Other Hedging Agreement (even if the Administrative Agent or such Lender  subsequently ceases to be the Administrative Agent or a Lender, as the case may be, under this Agreement  for any reason), so long as the Administrative Agent, such Lender or such affiliate participates in such  Interest Rate Protection Agreement and/or Other Hedging Agreement.  “Secured Hedging Obligations” shall mean all payment obligations (including obligations which,  but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), indebtedness  and liabilities (including any interest, fees and expenses accruing after the commencement of any  bankruptcy, insolvency, receivership or similar proceeding at the rate provided for in the respective Secured  Hedging Agreements, whether or not such interest, fees or expenses is an allowed claim in any such  proceeding) owing by a Credit Party under each Secured Hedging Agreement to which any Secured  Hedging Creditor is a party, whether now in existence or hereafter arising in each case under any Secured  Hedging Agreement.  “Secured Parties” shall have the meaning assigned that term in the respective Security Documents.  “Securities Account” shall mean a securities account (as that term is defined in the UCC).  “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations  promulgated thereunder.  

 

    57        “Security Document” shall mean and include each of the Pledge and Security Agreement, after the  execution and delivery thereof, each Additional Security Document and each Incremental Security  Document and any other related document, agreement or grant pursuant to which any Credit Party or any  of their respective Subsidiaries grants, perfects or continues a security interest in favor of the Collateral  Agent for the benefit of the Secured Parties.  “Security Documents” solely for purposes of (a) Sections 8.03 and 10.01(d) and (b) the term “Credit  Documents” as used in Sections 10.04(a), 10.12 and 13.01.  “Settlement Date” shall have the meaning provided in Section 2.04(b)(i).  “Shareholder Subordinated Note” shall mean an unsecured junior subordinated note in the form of  Exhibit E and issued pursuant to Section 10.03(e), as the same may be modified, amended or supplemented  from time to time pursuant to the terms hereof and thereof.  “Shareholders’ Agreements” shall have the meaning provided in Section 6.05(a).  “Significant Asset Sale” shall mean any Asset Sale or series of related Assets Sales (i.e., separate  assets being sold, transferred or otherwise disposed of as part of an identifiable group of assets and within  a reasonably limited time period) where the aggregate consideration therefor is equal to, or in excess of,  $25,000,000.  “SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR  Administrator.  “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator  of the secured overnight financing rate).  “SOFR Deadline” has the meaning specified therefor in Section 2.17(b)(i).  “SOFR Loan” means each portion of a Revolving Loan that bears interest at a rate determined by  reference to Adjusted Term SOFR (other than pursuant to clause (c) of the definition of “Base Rate”).  “SOFR Notice” means a written notice in the form of Exhibit A.  “SOFR Option” has the meaning specified therefor in Section 2.17(a).  “Solvent” shall mean, at any time with respect to any Person, that at such time such Person (a) is  able to pay its debts as they mature and has (and has a reasonable basis to believe it will continue to have)  sufficient capital (and not unreasonably small capital) to carry on its business consistent with its practices  as of the date hereof, and (b) the assets and properties of such Person at a fair valuation (and including as  assets for this purpose at a fair valuation all rights of subrogation, contribution or indemnification arising  pursuant to any guarantees given by such Person) are greater than the Indebtedness of such Person, and  including subordinated and contingent liabilities computed at the amount which, such person has a  reasonable basis to believe, represents an amount which can reasonably be expected to become an actual or  matured liability (and including as to contingent liabilities arising pursuant to any guarantee the face amount  of such liability as reduced to reflect the probability of it becoming a matured liability).  

 

    58        “Specified Permitted Liens” shall mean Liens permitted pursuant to clauses (w), (x), (y) and (z) of  Section 10.01.  “Standard Letter of Credit Practice” means, for Issuing Lender, any domestic or foreign law or  letter of credit practices applicable in the city in which Issuing Lender issued the applicable Letter of Credit  or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised,  confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit  practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter  of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.  “Stated Amount” of each Letter of Credit shall mean, at any time, the maximum amount available  to be drawn thereunder in each case determined (x) as if any future automatic increases in the maximum  amount available that are provided for in any such Letter of Credit had in fact occurred at such time and (y)  without regard to whether any conditions to drawing could then be met but after giving effect to all previous  drawings made thereunder.  “Subsidiary” shall mean, as to any Person, (i) any corporation more than 50% of whose stock of  any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors  of such corporation (irrespective of whether or not at the time stock of any class or classes of such  corporation shall have or might have voting power by reason of the happening of any contingency) is at the  time owned by such Person and/or one or more Subsidiaries of such Person or (ii) any partnership, limited  liability company, association, joint venture or other entity in which such Person and/or one or more  Subsidiaries of such Person has more than a 50% equity interest at the time.  Unless otherwise qualified,  all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or  Subsidiaries of any Credit Party.  Notwithstanding the foregoing (except for the purposes of Sections 8.09,  8.10, 8.15, 9.05, 9.06, 9.07, 9.10 and 11.06 and the definition of Unrestricted Subsidiary contained herein),  no Unrestricted Subsidiary shall be deemed to be a Subsidiary of any Credit Party or any of their other  Subsidiaries for the purposes of this Agreement and the other Credit Documents.  “Supermajority Lenders” shall mean those Non-Defaulting Lenders which would constitute the  Required Lenders under, and as defined in, this Agreement, if the reference to “a majority” contained  therein were changed to “66 2/3%”.  “Swap Obligation” shall mean, with respect to any Credit Party, any obligation to pay or perform  under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47)  of the Commodity Exchange Act.  “Swingline Back-Stop Arrangements” shall have the meaning provided in Section 2.01(b).  “Swingline Expiry Date” shall mean that date which is five Business Days prior to the Revolving  Commitment Termination Date.  “Swingline Lender” shall mean the Administrative Agent, in its capacity as Swingline Lender  hereunder; provided, that, if the Extension is effected in accordance with Section 2.16, then on the  occurrence of the Initial Revolving Commitment Termination Date, the Swingline Lender at such time shall  have the right to resign as the Swingline Lender on, or on any date within twenty (20) Business Days after,  the Initial Revolving Commitment Termination Date, upon not less than ten (10) days’ prior written notice  

 

    59        thereof to the Company and the Administrative Agent and, in the event of any such resignation and upon  the effectiveness thereof, the applicable Borrowers shall repay any outstanding Swingline Loans made by  the respective entity so resigning and such entity shall not be required to make any further Swingline Loans  hereunder.  If at any time and for any reason (including as a result of resignations as contemplated by the  proviso to the preceding sentence), the Swingline Lender has resigned in such capacity in accordance with  the preceding sentence, then no Person shall be the Swingline Lender hereunder obligated to make  Swingline Loans unless and until (and only for so long as) a Lender reasonably satisfactory to the  Administrative Agent and the Company agrees to act as the Swingline Lender hereunder.  “Swingline Loan” shall have the meaning provided in Section 2.01(b).  “Swingline Note” shall have the meaning provided in Section 2.05(a).  “Synthetic Lease” shall mean a lease transaction under which the parties intend that (i) the lease  will be treated as an “operating lease” by the lessee and (ii) the lessee will be entitled to various tax and  other benefits ordinarily available to owners (as opposed to lessees) of like property.   “Tax Sharing Agreements” shall have the meaning provided in Section 6.05(c).  “Taxes” shall mean any taxes, levies, imposts, duties, fees, assessments or other charges of  whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing  authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto.  “Term SOFR” shall mean,  (a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a  tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR  Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of  such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if  as of 5:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the  applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement  Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term  SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding  U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was  published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities  Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic  Term SOFR Determination Day, and  (b) for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference  Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that  is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the  Term SOFR Administrator; provided, however, that if as of 5:00 p.m. on any Base Rate Term SOFR  Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the  Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference  Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published  by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for  which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so  

 

    60        long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S.  Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;  provided, further, that if Term SOFR determined as provided above (including pursuant to the proviso under  clause (a) or clause (b) above) shall ever be less than the Floor, then Term SOFR shall be deemed to be the  Floor.  “Term SOFR Adjustment” means, for any calculation, a percentage per annum as set forth below  for the applicable Interest Period therefor:  Interest Period Percentage  One month 0.11448%  Three months 0.26161%    “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a  successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its  reasonable discretion).  “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.  “Test Period” shall mean each period of twelve consecutive fiscal months of the Company then last  ended, in each case taken as one accounting period.  “Total Leverage Ratio” shall mean, on any date of determination, the ratio of (x) Consolidated  Indebtedness on such date to (y) Consolidated EBITDA for the Test Period most recently ended on or prior  to such date; provided, that, for purposes of any calculation of the Total Leverage Ratio pursuant to this  Agreement, Consolidated EBITDA and Indebtedness shall be determined on a Pro Forma Basis in  accordance with the requirements of the definition of “Pro Forma Basis” contained herein.  “Total Revolving Loan Commitment” shall mean, at any time, the sum of the Revolving Loan  Commitments of each of the Lenders at such time.  “Total Unutilized Revolving Loan Commitment” shall mean, at any time, an amount equal to the  remainder of (a) the Total Revolving Loan Commitment in effect at such time less (b) the sum of (i) the  aggregate principal amount of all Revolving Loans and Swingline Loans outstanding at such time plus (ii)  the aggregate amount of all Letter of Credit Usage at such time.  “Transaction” shall mean, collectively, (a) the amendment and restatement of the Existing Credit  Agreement, (b) the execution, delivery and performance by each Credit Party of the Credit Documents to  which it is a party, (c) [reserved], (d) all transactions entered into in connection with the foregoing and (e)  the payment of all costs and expenses in connection therewith.  

 

    61        “Type” shall mean the type of Loan determined with regard to the interest option applicable thereto,  i.e., whether a Base Rate Loan or a SOFR Loan.  “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the relevant  jurisdiction.  “UCP” shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for  Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any  version or revision thereof accepted by Issuing Lender for use.  “UK Financial Institution” shall mean any BRRD Undertaking (as such term is defined under the  PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation  Authority) or any person falling within IFPRU 11.06 of the FCA Handbook (as amended from time to time)  promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions  and investment firms, and certain affiliates of such credit institutions or investment firms.  “UK Resolution Authority” shall mean the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  “Unadjusted Benchmark Replacement” shall mean the Benchmark Replacement excluding the  Benchmark Replacement Adjustment.  “Unfunded Pension Liability” of any Plan subject to Title IV of ERISA shall mean the amount, if  any, by which the value of the accumulated plan benefits under such Plan determined on a plan termination  basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC  for purposes of Section 4044 of ERISA, exceeds the Fair Market Value of all plan assets allocable to such  liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions).  “United States” and “U.S.” shall each mean the United States of America.  “Unrestricted” shall mean, when referring to cash, Cash Equivalents of any Credit Party or any of  their respective Subsidiaries, that such cash, Cash Equivalents are not Restricted.  “Unrestricted Subsidiary” shall mean any Subsidiary of a Credit Party (other than a Subsidiary of  a Credit Party as of the Effective Date) that is designated by the Company at the time of the acquisition or  creation thereof as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent and  shall include any Subsidiary of such Unrestricted Subsidiary; provided, that, the Company shall only be  permitted to designate a Subsidiary as an Unrestricted Subsidiary so long as (a) no Default or Event of  Default then exists or would result therefrom and the other Payment Conditions exist both immediately  before and after giving effect to such designation, (b) such Unrestricted Subsidiary does not own any Equity  Interests in, or have any Lien on any property of, any Credit Party or any Subsidiary of any Credit Party,  other than a Subsidiary of the Unrestricted Subsidiary, (c) any Indebtedness and other obligations of such  Unrestricted Subsidiary are not recourse to any Credit Party and their other Subsidiaries (other than  Unrestricted Subsidiaries) and to any of their respective assets, (d) each Credit Party’s and its other  Subsidiaries’ aggregate Investments in all Unrestricted Subsidiaries made after the Effective Date have  been made pursuant to Section 10.05(t) or (u) and (e) the Company has designated such Subsidiary as an  

 

    62        Unrestricted Subsidiary also for purposes of any Qualified Debt to the extent that such concept is applicable  to any such Indebtedness and such Indebtedness is outstanding.  “Unutilized Revolving Loan Commitment” shall mean, with respect to any Lender at any time,  such Lender’s Revolving Loan Commitment at such time less the sum of (a) the aggregate outstanding  principal amount of all Revolving Loans made by such Lender at such time and (b) such Lender’s RL  Percentage of the Letter of Credit Usage at such time.  “U.S. Government Securities Business Day” shall mean any day except for (i) a Saturday, (ii) a  Sunday or (iii) a day on which the Securities Industry and Financial Markets Association, or any successor  thereto, recommends that the fixed income departments of its members be closed for the entire day for  purposes of trading in United States government securities; provided, that for purposes of notice  requirements in Sections 2.03(a) and 2.172.17(b), in each case, such day is also a Business Day.  “Weekly Borrowing Base Period” shall mean any period (a) commencing on the date on which (a)  either (i) an Event of Default has occurred and is continuing or (ii) Excess Availability is less than 15.0%  of Availability at any time and (b) ending on the first date thereafter on which (i) no Event of Default exists  and (ii) Excess Availability has been equal to or greater than 15.0% of Availability for 30 consecutive days.  “Wells Account” shall have the meaning provided in Section 5.03(d).  “Wells Fargo” shall mean Wells Fargo Bank, National Association, together with its successors  and assigns.  “Wholly-Owned Domestic Subsidiary” shall mean, as to any Person, any Domestic Subsidiary of  such Person that is a Wholly-Owned Subsidiary.  “Wholly-Owned Subsidiary” shall mean, as to any Person, (i) any corporation 100% of whose  capital stock is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such  Person and (ii) any partnership, limited liability company, association, joint venture or other entity in which  such Person and/or one or more Wholly-Owned Subsidiaries of such Person has a 100% equity interest at  such time (other than, in the case of a Foreign Subsidiary of any Credit Party with respect to the preceding  clauses (i) and (ii), directors’ qualifying shares and/or other nominal amounts of shares required to be held  by Persons other than the Credit Party and its Subsidiaries under applicable law).  “Write-Down and Conversion Powers” shall mean (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time  under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion  powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify  or change the form of a liability of any UK Financial Institution or any contract or instrument under which  that liability arises, to convert all or part of that liability into shares, securities or obligations of that person  or any other person, to provide that any such contract or instrument is to have effect as if a right had been  exercised under it or to suspend any obligation in respect of that liability or any of the powers under that  Bail-In Legislation that are related to or ancillary to any of those powers.  

 

    63        “Wynnewood Refinery” shall mean the oil refinery located at 906 S. Powell, Wynnewood,  Oklahoma, which is owned and operated by a Borrower.  1.02 Other Definitional Provisions.  (a) Unless otherwise specified therein, all terms defined in this Agreement shall have  the defined meanings when used in the other Credit Documents or any certificate or other document made  or delivered pursuant hereto or thereto.  (b) As used herein and in the other Credit Documents, and any certificate or other  document made or delivered pursuant hereto or thereto, (i) accounting terms not defined in Section 1.01  shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and  “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall  be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the  words “incurred” and “incurrence” shall have correlative meanings), (iv) unless the context otherwise  requires, 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, Equity Interests, securities,  revenues, accounts, leasehold interests and contract rights, (v) the word “will” shall be construed to have  the same meaning and effect as the word “shall”, and (vi) unless the context otherwise requires, any  reference herein (A) to any Person shall be construed to include such Person’s successors and assigns and  (B) to the Company or any other Credit Party shall be construed to include the Company or such Credit  Party as debtor and debtor-in-possession and any receiver or trustee for any the Company or any other  Credit Party, as the case may be, in any insolvency or liquidation proceeding.  Notwithstanding any changes  in GAAP after the Effective Date, any lease of the Borrowers or their Subsidiaries that would be  characterized as an operating lease under GAAP in effect on the Effective Date (whether such lease is  entered into before or after the Effective Date) shall not constitute a Finance Lease under this Agreement  or any other Credit Document as a result of changes in GAAP unless otherwise agreed to in writing by the  Company and the Administrative Agent.  (c) 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, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.  (d) The meanings given to terms defined herein shall be equally applicable to both the  singular and plural forms of such terms.  Unless the context of this Agreement or any other Credit Document  clearly requires otherwise, all references to time of day refer to Central standard time or Central daylight  savings time, as in effect in Houston, Texas on such day.  1.03 Divisions.  For all purposes under the Credit Documents, in connection with any division  or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a)  if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a  different Person, then it shall be deemed to have been transferred from the original Person to the subsequent  Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been  organized on the first date of its existence by the holders of its Equity Interests at such time.  1.04 Rates.  The Administrative Agent does not warrant or accept any responsibility for, and  shall not have any liability with respect to, (a) the continuation of, administration of, submission of,  

 

    64        calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted Term SOFR, Term  SOFR or any other Benchmark, any component definition thereof or rates referred to in the definition  thereof, or with respect to any alternative, successor or replacement rate thereto (including any then-current  Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any  such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may  not be adjusted pursuant to Section 2.17(d)(iii), will be similar to, or produce the same value or economic  equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Adjusted Term  SOFR, Term SOFR or any other Benchmark, prior to its discontinuance or unavailability, or (b) the effect,  implementation or composition of any Conforming Changes.  The Administrative Agent and its affiliates  or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference  Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement rate (including any  Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to a  Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion  to ascertain the Term SOFR Reference Rate or Term SOFR, or any other Benchmark, any component  definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this  Agreement, and shall have no liability to any Borrower, any Lender or any other person or entity for  damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,  costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any  error or calculation of any such rate (or component thereof) provided by any such information source or  service.  1.05 Credit Party Agent.  (i) Each Borrower hereby irrevocably appoints, CVR LLC (prior to  the joinder of CHC LP as a Borrower under this Agreement) and CHC LP (after the joinder of CHC LP as  a Borrower under this Agreement) as the borrowing agent and attorney-in-fact for all such Borrowers (CVR  LLC and CHC LP, as applicable, the “Administrative Borrower”) which appointment shall remain in full  force and effect unless and until Administrative Agent shall have received prior written notice signed by  the Borrowers that such appointment has been revoked and that another Borrower has been appointed  Administrative Borrower.  Each such Borrower hereby irrevocably appoints and authorizes the  Administrative Borrower (a) to provide Administrative Agent with all notices with respect to Revolving  Loans and Letters of Credit obtained for the benefit of such Borrower and all other notices and instructions  under this Agreement and the other Credit Documents (and any notice or instruction provided by the  Administrative Borrower shall be deemed to be given by the applicable Borrower hereunder and shall bind  each such Borrower), (b) to receive notices and instructions from members of the Lender Group (and any  notice or instruction provided by any member of the Lender Group to the Administrative Borrower in  accordance with the terms hereof shall be deemed to have been given to the applicable Borrower), and (c)  to take such action as the Administrative Borrower deems appropriate on its behalf to obtain Revolving  Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry  out the purposes of this Agreement.  It is understood that the handling of the Loan Account and Collateral  in a combined fashion, as more fully set forth herein, is done solely as an accommodation to Borrowers in  order to utilize the collective borrowing powers of Borrowers in the most efficient and economical manner  and at their request, and that Lender Group shall not incur liability to any Borrower as a result hereof.  Each  Borrower expects to derive benefit, directly or indirectly, from the handling of the Loan Account and the  Collateral in a combined fashion since the successful operation of each Borrower is dependent on the  continued successful performance of the integrated group.  To induce the Lender Group to do so, and in  consideration thereof, each Borrower hereby jointly and severally agrees to indemnify each member of the  Lender Group and hold each member of the Lender Group harmless against any and all liability, expense,  loss or claim of damage or injury, made against the Lender Group by any Borrower or by any third party  

 

    65        whosoever, arising from or incurred by reason of (i) the handling of the Loan Account and Collateral of  Borrowers as provided in this Section 1.05, or (ii) the Lender Group’s relying on any instructions of the  Administrative Borrower.  1.06 Reclassification.   For purposes of determining compliance at any time with Sections 10.01,  10.02, 10.03, 10.04 and/or 10.05 in the event that any Lien, Dividend, Disposition, Indebtedness and/or  Investment, as applicable, meets the criteria of more than one of the categories of transactions or items  permitted pursuant to any clause of Sections 10.01, 10.02, 10.03, 10.04 and/or 10.05, the Administrative  Borrower, in its sole discretion, may, from time to time, classify or reclassify such transaction or item (or  portion thereof) under one or more clauses of any one of such Sections, in each case, so long as the  requirements of each such clause (so utilized) are satisfied as of the date of determination.  Notwithstanding  anything in the foregoing to the contrary, (a) all Indebtedness under the Loan Documents shall be deemed  to have been incurred in reliance on the provisions of Section 10.04(a) and may not be reclassified or  divided as set forth above and (b) all Liens securing the obligations under the Loan Documents shall be  deemed to have been incurred in reliance on the provisions of Section 10.01(d)(i) and may not be  reclassified or divided as set forth above.    SECTION 2. Amount and Terms of Credit.  2.01 The Commitments.  (a) Subject to and upon the terms and conditions set forth herein, each Lender  severally agrees to make, at any time and from time to time on or after the Effective Date and prior to the  Revolving Commitment Termination Date, a revolving loan or revolving loans (each, a “Revolving Loan”  and, collectively, the “Revolving Loans”) to the Borrowers (on a joint and several basis), which Revolving  Loans (i) shall be denominated in Dollars, (ii) shall, at the option of the respective Borrower, be incurred  and maintained as, and/or converted into, Base Rate Loans or SOFR Loans; provided, that, except as  otherwise specifically provided in Section 2.17(d)(ii), all Revolving Loans comprising the same Borrowing  shall at all times be of the same Type, (iii) may be repaid and reborrowed in accordance with the provisions  hereof, (iv) shall not be made (and shall not be required to be made) by any Lender in any instance where  the incurrence thereof (after giving effect to the use of the proceeds thereof on the date of the incurrence  thereof to repay any amounts theretofore outstanding pursuant to this Agreement) would cause the  Individual Exposure of such Lender to exceed the amount of its Revolving Loan Commitment at such time  and (v) shall not be made (and shall not be required to be made) by any Lender in any instance where the  incurrence thereof (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof  to repay any amounts theretofore outstanding pursuant to this Agreement) would cause (A) the Aggregate  Exposure to exceed the Total Revolving Loan Commitment as then in effect or (B) the Aggregate Exposure  to exceed the Borrowing Base at such time.  (b) Subject to and upon the terms and conditions set forth herein, the Swingline Lender  agrees to make, at any time and from time to time on or after the Effective Date and prior to the Swingline  Expiry Date, a revolving loan or revolving loans (each, a “Swingline Loan” and, collectively, the  “Swingline Loans”) to the Borrowers (on a joint and several basis), which Swingline Loans (i) shall be  denominated in Dollars, (ii) shall be incurred and maintained as Base Rate Loans; (iii) may be repaid and  reborrowed in accordance with the provisions hereof, (iv) shall not be made (and shall not be required to  be made) by the Swingline Lender in any instance where the incurrence thereof (after giving effect to the  use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore  

 

    66        outstanding pursuant to this Agreement) would cause (A) the Aggregate Exposure to exceed the Total  Revolving Loan Commitment as then in effect or (B) the Aggregate Exposure to exceed the Borrowing  Base at such time, and (v) shall not exceed in aggregate principal amount at any time outstanding the  Maximum Swingline Amount.  Notwithstanding anything to the contrary contained in this Section 2.01(b),  (1) the Swingline Lender shall not be obligated to make any Swingline Loans at a time when a Lender  Default exists unless the Swingline Lender has entered into arrangements satisfactory to it and the Company  to eliminate the Swingline Lender’s risk with respect to the Defaulting Lender’s or Defaulting Lenders’  participation in such Swingline Loans (which arrangements are hereby consented to by the Lenders),  including by cash collateralizing such Defaulting Lender’s or Defaulting Lenders’ RL Percentage of the  outstanding Swingline Loans (such arrangements, the “Swingline Back-Stop Arrangements”) and (2) the  Swingline Lender shall not make any Swingline Loan after it has received written notice from any  Borrower, any other Credit Party or the Required Lenders stating that a Default or an Event of Default  exists and is continuing until such time as the Swingline Lender shall have received written notice (x) of  rescission of all such notices from the party or parties originally delivering such notice or notices or (y) of  the waiver of such Default or Event of Default by the Required Lenders.  (c) On any Business Day, the Swingline Lender may, in its sole discretion give notice  to the Lenders that the Swingline Lender’s outstanding Swingline Loans shall be funded with one or more  Borrowings of Revolving Loans (provided, that, such notice shall be deemed to have been automatically  given upon the occurrence of a Default or an Event of Default under Section 11.05 or upon the exercise of  any of the remedies provided in the last paragraph of Section 11), in which case one or more Borrowings  of Revolving Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall  be made on the immediately succeeding Business Day by all Lenders pro rata based on each such Lender’s  RL Percentage (determined before giving effect to any termination of the Revolving Loan Commitments  pursuant to the last paragraph of Section 11) and the proceeds thereof shall be applied directly by the  Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans.  Each Lender  hereby irrevocably agrees to make Revolving Loans upon one Business Day’s notice pursuant to each  Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date  specified in writing by the Swingline Lender notwithstanding (i) the amount of the Mandatory Borrowing  may not comply with the Minimum Borrowing Amount otherwise required hereunder, (ii) whether any  conditions specified in Section 7 are then satisfied, (iii) whether a Default or an Event of Default then exists,  (iv) the date of such Mandatory Borrowing, and (v) the amount of the Borrowing Base or the Total  Revolving Loan Commitment at such time.  In the event that any Mandatory Borrowing cannot for any  reason be made on the date otherwise required above (including as a result of the commencement of a  proceeding under the Bankruptcy Code with respect to any Borrower), then each Lender hereby agrees that  it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but  adjusted for any payments received from any Borrower on or after such date and prior to such purchase)  from the Swingline Lender such participations in the outstanding Swingline Loans as shall be necessary to  cause the Lenders to share in such Swingline Loans ratably based upon their respective RL Percentages  (determined before giving effect to any termination of the Revolving Loan Commitments pursuant to the  last paragraph of Section 11); provided, that, (A) all interest payable on the Swingline Loans shall be for  the account of the Swingline Lender until the date as of which the respective participation is required to be  purchased and, to the extent attributable to the purchased participation, shall be payable to the Participant  from and after such date and (B) at the time any purchase of participations pursuant to this sentence is  actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal  amount of participation purchased for each day from and including the day upon which the Mandatory  

 

    67        Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at  the overnight Federal Funds Rate for the first three days and at the interest rate otherwise applicable to  Revolving Loans maintained as Base Rate Loans hereunder for each day thereafter.  (d) Notwithstanding anything to the contrary in Section 2.01(a) or elsewhere in this  Agreement, the Collateral Agent shall have the right to establish Reserves, subject to the proviso in the  definition thereof, in such amounts, and with respect to such matters, as the Collateral Agent in its Permitted  Discretion shall deem necessary or appropriate, against the Borrowing Base (which reserves shall reduce  the then existing Borrowing Base in an amount equal to such reserves).  (e) (i) In the event that the Borrowers are unable to comply with the Borrowing Base  limitations set forth in Section 2.01(a) or (ii) the Borrowers are unable to comply with the conditions  precedent to the making of Revolving Loans set forth in Section 7, in either case, the Lenders, subject to  the immediately succeeding proviso, hereby authorize the Administrative Agent, for the account of the  Lenders, to make Revolving Loans to the Borrowers (on a joint and several basis), in either case solely in  the event that the Collateral Agent in its Permitted Discretion deems necessary or desirable (A) to preserve  or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the  Obligations, or (C) to pay any other amount chargeable to the Borrowers pursuant to the terms of this  Agreement, including Lender Group Expenses and Fees, which Revolving Loans may only be made as  Base Rate Loans (each, an “Agent Advance”) for a period commencing on the date the Administrative  Agent first receives a Borrowing request requesting an Agent Advance until the earliest of (1) the twentieth  (20th) Business Day after such date, (2) the date the respective Borrowers are again able to comply with  the Borrowing Base limitations and the conditions precedent to the making of Revolving Loans, or obtain  an amendment or waiver with respect thereto, and (3) the date the Required Lenders instruct the  Administrative Agent to cease making Agent Advances (in each case, the “Agent Advance Period”);  provided, that, the Administrative Agent shall not make any Agent Advance to the extent that at the time  of the making of such Agent Advance, the amount of such Agent Advance (x) when added to the aggregate  outstanding amount of all other Agent Advances made to the Borrowers at such time, would exceed 5.0%  of the Borrowing Base at such time (the “Agent Advance Amount”) or (y) when added to the Aggregate  Exposure as then in effect (immediately prior to the incurrence of such Agent Advance), would exceed the  Total Revolving Loan Commitment at such time.  Agent Advances may be made by the Administrative  Agent in its sole discretion and the Borrowers shall have no right whatsoever to require that any Agent  Advances be made.  Agent Advances will be subject to periodic settlement with the Lenders pursuant to  Section 2.04(b).  (f) If the Initial Revolving Commitment Termination Date shall have occurred at a  time when Extended Revolving Loan Commitments are in effect, then on the Initial Revolving Commitment  Termination Date all then outstanding Swingline Loans shall be repaid in full on such date (and there shall  be no adjustment to the participations in such Swingline Loans as a result of the occurrence of such Initial  Revolving Commitment Termination Date); provided, that, if on the occurrence of the Initial Revolving  Commitment Termination Date (after giving effect to any repayments of Revolving Loans and any  reallocation of Letter of Credit participations as contemplated in Section 3.01), there shall exist sufficient  unutilized Extended Revolving Loan Commitments so that the respective outstanding Swingline Loans  could be incurred pursuant the Extended Revolving Loan Commitments which will remain in effect after  the occurrence of the Initial Revolving Commitment Termination Date, then there shall be an automatic  adjustment on such date of the participations in such Swingline Loans and same shall be deemed to have  

 

    68        been incurred solely pursuant to the Extended Revolving Loan Commitments and such Swingline Loans  shall not be so required to be repaid in full on the Initial Revolving Commitment Termination Date.  2.02 Minimum Amount of Each Borrowing.  The aggregate principal amount of each Borrowing  of Loans of a specific Type shall not be less than the Minimum Borrowing Amount applicable thereto.   More than one Borrowing may occur on the same date, but at no time shall there be outstanding more than  ten Borrowings of SOFR Loans (or such greater number of Borrowings of SOFR Loans as may be agreed  to from time to time by the Administrative Agent).  2.03 Notice of Borrowing.  (a) Each Borrowing shall be made by a written request by an Authorized Person  delivered to the Administrative Agent (which may be delivered through the Administrative Agent’s  electronic platform or portal) and received by Agent no later than 11:00 a.m. (i) on the Business Day that  is the requested Funding Date in the case of a request for a Swingline Loan, (ii) on the Business Day that  is one Business Day prior to the requested Funding Date in the case of a request for a Base Rate Loan, and  (iii) on the U.S. Government Securities Business Day that is three U.S. Government Securities Business  Days prior to the requested Funding Date in the case of a request for a SOFR Loan, specifying (A) the  amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided,  that the Administrative Agent may, in its sole discretion, elect to accept as timely requests that are received  later than 11:00 a.m. on the applicable Business Day or U.S. Government Securities Business Day, as  applicable.  All Borrowing requests which are not made on-line via the Administrative Agent’s electronic  platform or portal shall be subject to (and unless the Administrative Agent elects otherwise in the exercise  of its sole discretion, such Borrowings shall not be made until the completion of) the Administrative Agent’s  authentication process (with results satisfactory to the Administrative Agent) prior to the funding of any  such requested Loan.  (b) (i)  Whenever a Borrower desires to incur Swingline Loans hereunder, such  Borrower shall give the Swingline Lender no later than 1:00 P.M. on the date that a Swingline Loan is to  be incurred, written notice or telephonic notice promptly confirmed in writing of each Swingline Loan to  be incurred hereunder.  Each such notice shall be irrevocable and specify in each case (A) the date of  Borrowing (which shall be a Business Day) and (B) the aggregate principal amount of the Swingline Loans  to be incurred pursuant to such Borrowing.  (ii)  Mandatory Borrowings shall be made upon the notice specified in Section  2.01(c), with the respective Borrower irrevocably agreeing, by its incurrence of any Swingline Loan, to the  making of the Mandatory Borrowings as set forth in Section 2.01(c).  (c) Without in any way limiting the obligation of any Borrower to confirm in writing  any telephonic notice of any Borrowing or prepayment of Loans, the Administrative Agent or the Swingline  Lender, as the case may be, may act without liability upon the basis of telephonic notice of such Borrowing  or prepayment, as the case may be, believed by the Administrative Agent or the Swingline Lender, as the  case may be, in good faith to be from an Authorized Officer of such Borrower, prior to receipt of written  confirmation.  In each such case, such Borrower hereby waives the right to dispute the Administrative  Agent’s or the Swingline Lender’s record of the terms of such telephonic notice of such Borrowing or  prepayment of Loans, as the case may be, absent manifest error.  

 

    69        2.04 Disbursement of Funds.  (a) No later than 1:00 P.M. on the date specified in each Borrowing request (or (i) in  the case of Revolving Loans that are Base Rate Loans that are to be made on same day notice, no later than  3:00 P.M. on the date specified pursuant to Section 2.03(a), (ii) in the case of Swingline Loans, no later  than 4:00 P.M. on the date specified in Section 2.03(b) or (iii) in the case of Mandatory Borrowings, no  later than 1:00 P.M. on the date specified in Section 2.01(c)), each Lender will make available its pro rata  portion (determined in accordance with Section 2.07) of each such Borrowing requested to be made on such  date (or in the case of Swingline Loans, the Swingline Lender will make available the full amount thereof).   All such amounts will be made available in Dollars and in immediately available funds at the Payment  Office, and the Administrative Agent will make available to the relevant Borrower at the Payment Office,  or to such other account at the relevant Borrower may specify in writing prior to the applicable date of  Borrowing, the aggregate of the amounts so made available by the Lenders; provided, that, if, on the date  of a Borrowing of Revolving Loans (other than a Mandatory Borrowing), there is Letter of Credit Usage or  Swingline Loans then outstanding, then the proceeds of such Borrowing shall be applied, first, to the  payment in full of any such Letter of Credit Usage with respect to Letters of Credit, second, to the payment  in full of any such Swingline Loans, and third, to the relevant Borrower as otherwise provided above.   Unless the Administrative Agent shall have been notified by any Lender prior to the date of Borrowing that  such Lender does not intend to make available to the Administrative Agent such Lender’s portion of any  Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such  amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent  may (but shall not be obligated to), in reliance upon such assumption, make available to the relevant  Borrower a corresponding amount.  If such corresponding amount is not in fact made available to the  Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such  corresponding amount on demand from such Lender.  If such Lender does not pay such corresponding  amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall  promptly notify the relevant Borrower, and the relevant Borrower shall immediately pay such  corresponding amount to the Administrative Agent.  The Administrative Agent also shall be entitled to  recover on demand from such Lender or the relevant Borrower, as the case may be, interest on such  corresponding amount in respect of each day from the date such corresponding amount was made available  by the Administrative Agent to the relevant Borrower until the date such corresponding amount is recovered  by the Administrative Agent, at a rate per annum equal to (1) if recovered from such Lender, the overnight  Federal Funds Rate for the first three days and at the interest rate otherwise applicable to such Loans for  each day thereafter and (2) if recovered from the relevant Borrower or Borrowers, the rate of interest  applicable to the respective Borrowing, as determined pursuant to Section 2.08.  Nothing in this Section  2.04 shall be deemed to relieve any Lender from its obligation to make Loans hereunder or to prejudice any  rights which any Borrower may have against any Lender as a result of any failure by such Lender to make  Loans hereunder.  (b) Unless the Required Lenders have instructed the Administrative Agent to the  contrary, the Administrative Agent on behalf of the Lenders may, but shall not be obligated to, make  Revolving Loans to the Borrower that are maintained as Base Rate Loans under Section 2.01(a) without  prior notice of the proposed Borrowing to the Lenders as follows:  (i) The amount of each Lender’s RL Percentage of Revolving Loans shall be  computed weekly (or more frequently in the Administrative Agent’s sole discretion) and shall be adjusted  upward or downward on the basis of the amount of outstanding Revolving Loans as of 5:00 P.M. on the  

 

    70        last Business Day of each week, or such other period specified by the Administrative Agent (each such  date, a “Settlement Date”).  The Lenders shall transfer to the Administrative Agent, or the Administrative  Agent shall transfer to the Lenders, such amounts as are necessary so that (after giving effect to all such  transfers) the amount of Revolving Loans made by each Lender shall be equal to such Lender’s RL  Percentage of the aggregate amount of Revolving Loans outstanding as of such Settlement Date.  If a notice  from the Administrative Agent of any such necessary transfer is received by a Lender on or prior to 12:00  Noon on any Business Day, then such Lender shall make transfers described above in immediately available  funds no later than 3:00 P.M. on the day such notice was received; and if such notice is received by a Lender  after 12:00 Noon on any Business Day, such Lender shall make such transfers no later than 1:00 P.M. on  the next succeeding Business Day.  The obligation of each of the Lenders to transfer such funds shall be  irrevocable and unconditional and without recourse to, or without representation or warranty by, the  Administrative Agent.  Each of the Administrative Agent and each Lender agrees and the Lenders agree to  mark their respective books and records on each Settlement Date to show at all times the dollar amount of  their respective RL Percentage of the outstanding Revolving Loans on such date.  (ii) To the extent that the settlement described in preceding clause (i) shall not  yet have occurred with respect to any particular Settlement Date, upon any repayment of Revolving Loans  by any Borrower prior to such settlement, the Administrative Agent may apply such amounts repaid directly  to the amounts that would otherwise be made available by the Administrative Agent pursuant to this Section  2.04(b).  (iii) Because the Administrative Agent on behalf of the Lenders may be  advancing and/or may be repaid Revolving Loans prior to the time when the Lenders will actually advance  and/or be repaid Revolving Loans, interest with respect to Revolving Loans shall be allocated by the  Administrative Agent to each Lender and the Administrative Agent in accordance with the amount of  Revolving Loans actually advanced by and repaid to each Lender and the Administrative Agent and shall  accrue from and including the date such Revolving Loans are so advanced to but excluding the date such  Revolving Loans are either repaid by the Borrower in accordance with the terms of this Agreement or  actually settled by the Administrative Agent or the applicable Lender as described in this Section 2.04(b).  2.05 Notes.  (a) Each Borrower’s joint and several obligation to pay the principal of, and interest  on, the Loans made by each Lender shall be evidenced in the Register maintained by the Administrative  Agent pursuant to Section 13.15 and shall, if requested by such Lender, also be evidenced (i) in the case of  Revolving Loans, by a promissory note duly executed and delivered by each Borrower substantially in the  form of Exhibit B-1, with blanks appropriately completed in conformity herewith (each, a “Revolving  Note” and, collectively, the “Revolving Notes”), and (ii) in the case of Swingline Loans, by a promissory  note duly executed and delivered by each Borrower substantially in the form of Exhibit B-2, with blanks  appropriately completed in conformity herewith (the “Swingline Note”).  (b) Each Lender will note on its internal records the amount of each Loan made by it  and each payment in respect thereof and prior to any transfer of any of its Notes will endorse on the reverse  side thereof the outstanding principal amount of Loans evidenced thereby.  Failure to make any such  notation or any error in such notation shall not affect any Borrower’s obligations in respect of such Loans.  (c) Notwithstanding anything to the contrary contained above in this Section 2.05 or  elsewhere in this Agreement, Notes shall only be delivered to Lenders which at any time specifically request  

 

    71        the delivery of such Notes.  No failure of any Lender to request, obtain, maintain or produce a Note  evidencing its Loans to any Borrower shall affect, or in any manner impair, the obligations of any Borrower  to pay the Loans (and all related Obligations) incurred by such Borrower which would otherwise be  evidenced thereby in accordance with the requirements of this Agreement, and shall not in any way affect  the security or guaranties therefor provided pursuant to any Credit Document.  Any Lender which does not  have a Note evidencing its outstanding Loans shall in no event be required to make the notations otherwise  described in preceding clause (b).  At any time when any Lender requests the delivery of a Note to evidence  any of its Loans, the respective Borrower shall promptly execute and deliver to the respective Lender the  requested Note in the appropriate amount or amounts to evidence such Loans.  2.06 [Reserved].  2.07 Pro Rata Borrowings.  All Borrowings of Revolving Loans under this Agreement shall be  incurred from the Lenders pro rata on the basis of their Revolving Loan Commitments; provided, that, all  Mandatory Borrowings shall be incurred from the Lenders pro rata on the basis of their RL Percentages.  It  is understood that no Lender shall be responsible for any default by any other Lender of its obligation to  make Loans hereunder and that each Lender shall be obligated to make the Loans provided to be made by  it hereunder, regardless of the failure of any other Lender to make its Loans hereunder.  2.08 Interest.  (a) Each Borrower jointly and severally agrees to pay interest in respect of the unpaid  principal amount of each Base Rate Loan from the date of Borrowing thereof until the earlier of (i) the  maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Base Rate Loan to  a SOFR Loan pursuant to Section 2.06 or 2.09, as applicable, at a rate per annum which shall be equal to  the sum of the relevant Applicable Margin plus the Base Rate, each as in effect from time to time.  (b) Each Borrower jointly and severally agrees to pay interest in respect of the unpaid  principal amount of each SOFR Loan from the date of Borrowing thereof until the earlier of (i) the maturity  thereof (whether by acceleration or otherwise) and (ii) the conversion of such SOFR Loan to a Base Rate  Loan pursuant to Section 2.06, 2.09 or 2.17(d)(ii), as applicable, at a rate per annum which shall, during  each Interest Period applicable thereto, be equal to the sum of the relevant Applicable Margin as in effect  from time to time during such Interest Period plus the Adjusted Term SOFR for such Interest Period.  (c) (i) Overdue principal and, to the extent permitted by law, overdue interest in  respect of each Loan shall, in each case, bear interest at a rate per annum equal to the rate which is 2% in  excess of the rate then borne by such Loans, and (ii) all other overdue amounts payable hereunder and under  any other Credit Document shall bear interest at a rate per annum equal to the rate which is 2% in excess  of the rate applicable to Base Rate Loans from time to time.  Interest that accrues under this Section 2.08(c)  shall be payable on demand.  (d) Accrued (and theretofore unpaid) interest shall be payable (i) in respect of each  Base Rate Loan, (A) quarterly in arrears on each Quarterly Payment Date, (B) on the date of any repayment  or prepayment in full of all outstanding Base Rate Loans, and (C) at maturity (whether by acceleration or  otherwise) and, after such maturity, on demand, and (ii) in respect of each SOFR Loan, (A) on the last day  of each Interest Period applicable thereto and (B) on the date of any repayment or prepayment (on the  

 

    72        amount repaid or prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on  demand.  (e) Upon each Interest Determination Date, the Administrative Agent shall determine  the SOFR for each Interest Period applicable to the respective SOFR Loans and shall promptly notify the  Company and the Lenders thereof.  Each such determination shall, absent manifest error, be final and  conclusive and binding on all parties hereto.  2.09 Interest Periods.  At the time any Borrower gives any SOFR Notice in respect of the making  of, or conversion into, any SOFR Loan (in the case of the initial Interest Period applicable thereto) or prior  to 1:00 P.M. on the third Business Day prior to the expiration of an Interest Period applicable to such SOFR  Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the Interest  Period applicable to such SOFR Loan, which Interest Period shall, at the option of the Borrower, be a one  or three month period; provided, that, (in each case):  (a) all SOFR Loans comprising a Borrowing shall at  all times have the same Interest Period; (b) the initial Interest Period for any SOFR Loan shall commence  on the date of Borrowing of such SOFR Loan (including the date of any conversion thereto from a Base  Rate Loan) and each Interest Period occurring thereafter in respect of such SOFR Loan shall commence on  the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for  a SOFR Loan begins on a day for which there is no numerically corresponding day in the calendar month  at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar  month; (d) if any Interest Period for a SOFR Loan would otherwise expire on a day which is not a Business  Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any  Interest Period for a SOFR Loan would otherwise expire on a day which is not a Business Day but is a day  of the month after which no further Business Day occurs in such month, such Interest Period shall expire  on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period  may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in  respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination  Date.  If by 1:00 P.M. on the third Business Day prior to the expiration of any Interest Period applicable to  a Borrowing of SOFR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest  Period to be applicable to such SOFR Loans as provided above, such Borrower shall be deemed to have  elected to convert such SOFR Loans into Base Rate Loans effective as of the expiration date of such current  Interest Period.  2.10 Capital Requirements.  (a) If, after the date hereof, Issuing Lender or any Lender determines that (i) any  Change in Law regarding capital, liquidity or reserve requirements for banks or bank holding companies,  or (ii) compliance by Issuing Lender or such Lender, or their respective parent bank holding companies,  with any guideline, request or directive of any Governmental Authority regarding capital adequacy or  liquidity requirements (whether or not having the force of law), has the effect of reducing the return on  Issuing Lender’s, such Lender’s, or such holding companies’ capital or liquidity as a consequence of Issuing  Lender’s or such Lender’s commitments, Loans, participations or other obligations hereunder to a level  below that which Issuing Lender, such Lender, or such holding companies could have achieved but for such  Change in Law or compliance (taking into consideration Issuing Lender’s, such Lender’s, or such holding  companies’ then existing policies with respect to capital adequacy or liquidity requirements and assuming  the full utilization of such entity’s capital) by any amount deemed by Issuing Lender or such Lender to be  material, then Issuing Lender or such Lender may notify Borrowers and Administrative Agent thereof.   

 

    73        Following receipt of such notice, Borrowers agree to pay Issuing Lender or such Lender on demand the  amount of such reduction of return of capital as and when such reduction is determined, payable within 30  days after presentation by Issuing Lender or such Lender of a statement in the amount and setting forth in  reasonable detail Issuing Lender’s or such Lender’s calculation thereof and the assumptions upon which  such calculation was based (which statement shall be deemed true and correct absent manifest error).  In  determining such amount, Issuing Lender or such Lender may use any reasonable averaging and attribution  methods.  Failure or delay on the part of Issuing Lender or any Lender to demand compensation pursuant  to this Section shall not constitute a waiver of Issuing Lender’s or such Lender’s right to demand such  compensation; provided, that Borrowers shall not be required to compensate Issuing Lender or a Lender  pursuant to this Section for any reductions in return incurred more than 180 days prior to the date that  Issuing Lender or such Lender notifies Borrowers of such Change in Law giving rise to such reductions  and of such Lender’s intention to claim compensation therefor; provided further, that if such claim arises  by reason of the Change in Law that is retroactive, then the 180-day period referred to above shall be  extended to include the period of retroactive effect thereof.  (b) If Issuing Lender or any Lender requests additional or increased costs referred to  in Section 2.17(d)(i) or Section 3.01(l) or amounts under Section 2.10(a) or sends a notice under Section  2.17(d)(ii) relative to changed circumstances (such Issuing Lender or Lender, an “Affected Lender”), then,  at the request of Borrowers, such Affected Lender shall use reasonable efforts to promptly designate a  different one of its lending offices or to assign its rights and obligations hereunder to another of its offices  or branches, if (i) in the reasonable judgment of such Affected Lender, such designation or assignment  would eliminate or reduce amounts payable pursuant to Section 3.01, Section 2.17(d)(i) or Section 2.10(a),  as applicable, or would eliminate the illegality or impracticality of funding or maintaining SOFR Loans (or  Base Rate Loans determined with reference to Adjusted Term SOFR), and (ii) in the reasonable judgment  of such Affected Lender, such designation or assignment would not subject it to any material unreimbursed  cost or expense and would not otherwise be materially disadvantageous to it.  Borrowers agree to pay all  reasonable out-of-pocket costs and expenses incurred by such Affected Lender in connection with any such  designation or assignment.  If, after such reasonable efforts, such Affected Lender does not so designate a  different one of its lending offices or assign its rights to another of its offices or branches so as to eliminate  Borrowers’ obligation to pay any future amounts to such Affected Lender pursuant to Section 3.01(l),  Section 2.17(d)(i) or Section 2.10(a), as applicable, or to enable Borrowers to obtain SOFR Loans (or Base  Rate Loans determined with reference to Adjusted Term SOFR), then Borrowers (without prejudice to any  amounts then due to such Affected Lender under Section 2.10(a), Section 2.17(d)(i) or Section 3.01(l), as  applicable) may, unless prior to the effective date of any such assignment the Affected Lender withdraws  its request for such additional amounts under Section 2.10(a), Section 2.17(d)(i) or Section 3.01(l), as  applicable, or indicates that it is no longer unlawful or impractical to fund or maintain SOFR Loans (or  Base Rate Loans determined with reference to Adjusted Term SOFR), may designate a different Issuing  Lender or substitute a Lender or prospective Lender, in each case, reasonably acceptable to Administrative  Agent to purchase the Obligations owed to such Affected Lender and such Affected Lender’s commitments  hereunder (a “Replacement Lender”), and if such Replacement Lender agrees to such purchase, such  Affected Lender shall assign to the Replacement Lender its Obligations and commitments, and upon such  purchase by the Replacement Lender, which such Replacement Lender shall be deemed to be “Issuing  Lender” or a “Lender” (as the case may be) for purposes of this Agreement and such Affected Lender shall  cease to be “Issuing Lender” or a “Lender” (as the case may be) for purposes of this Agreement.  (c) Notwithstanding anything herein to the contrary, the protection of this Section  2.13, Section 2.17(d) and Section 3.01(l) shall be available to Issuing Lender and each Lender (as  

 

    74        applicable) regardless of any possible contention of the invalidity or inapplicability of the law, rule,  regulation, judicial ruling, judgment, guideline, treaty or other change or condition which shall have  occurred or been imposed, so long as it shall be customary for Issuing Lenders or lenders affected thereby  to comply therewith.  Notwithstanding any other provision herein, neither Issuing Lender nor any Lender  shall demand compensation pursuant to this Section 2.13 if it shall not at the time be the general policy or  practice of Issuing Lender or such Lender (as the case may be) to demand such compensation in similar  circumstances under comparable provisions of other credit agreements, if any.  2.11 Compensation.  Each Borrower jointly and severally agrees to compensate each Lender,  upon its written request (which request shall set forth in reasonable detail the basis for requesting such  compensation and a certification to the Company that such request would be made with respect to similarly- situated borrowers), for all losses, expenses and liabilities (including any loss, expense or liability incurred  by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund its  SOFR Loans but excluding loss of anticipated profits) which such Lender may sustain:  (a) if for any reason  (other than a default by such Lender or the Administrative Agent) a Borrowing of, or conversion from or  into, SOFR Loans does not occur on a date specified therefor in a SOFR Notice (whether or not withdrawn  by the respective Borrower or Borrowers or deemed withdrawn pursuant to Section 2.10); (b) if any  prepayment or repayment (including any prepayment or repayment made pursuant to Section 5.01, Section  5.02 or as a result of an acceleration of the Loans pursuant to Section 11) or conversion of any of its SOFR  Loans occurs on a date which is not the last day of an Interest Period with respect thereto; (c) if any  prepayment of any of its SOFR Loans is not made on any date specified in a notice of prepayment given  by any Borrower; or (d) as a consequence of (i) any other default by any Borrower to repay SOFR Loans  when required by the terms of this Agreement or any Note held by such Lender or (ii) any election made  pursuant to Section 2.10.  2.12 Change of Lending Office.  Each Lender and each Issuing Lender agrees that on the  occurrence of any event giving rise to the operation of Section 2.10, Section 3.01(f) or Section 5.04 with  respect to such Lender or such Issuing Lender, it will, if requested by the Company, use reasonable efforts  (subject to overall policy considerations of such Lender or such Issuing Lender) to designate another  lending office for any Loans or Letters of Credit affected by such event; provided, that, such designation is  made on such terms that such Lender or such Issuing Lender and its lending office suffer no legal, regulatory  or unreimbursed economic disadvantage, with the object of avoiding the consequence of the event giving  rise to the operation of such Section.  Nothing in this Section 2.12 shall affect or postpone any of the  obligations of any Borrower or the right of any Lender provided in Sections 2.10, 3.01(f) and 5.04.  2.13 Replacement of Lenders.  (a) If any Lender becomes a Defaulting Lender, (i) if any Lender or Issuing Lender  requests payment of additional amounts under Section 2.10, Section 3.01(f) or Section 5.04 or if any  Borrower is required to pay any additional amount to any Lender, any Issuing Lender or any Governmental  Authority for the account of any Lender or any Issuing Lender pursuant to such Sections, (ii) in the case of  a refusal by a Lender to consent to a proposed change, waiver, discharge or termination with respect to this  Agreement which has been approved by the Required Lenders as (and to the extent) provided in Section  13.12(b) or (iii) in the case of rejection (or deemed rejection) by a Lender of the Extension under Section  2.16(a) which Extension has been accepted under Section 2.16(a) by the Required Lenders, the Company  shall have the right, in accordance with Section 13.04(b), if no Default or Event of Default would exist after  giving effect to such replacement, to replace such Lender or Issuing Lender (the “Replaced Lender”) with  

 

    75        one or more other Eligible Transferees, none of whom shall constitute a Defaulting Lender at the time of  such replacement (collectively, the “Replacement Lender”) and each of which shall be reasonably  acceptable to the Administrative Agent and each Issuing Lender; provided, that:  (i) at the time of any replacement pursuant to this Section 2.13, the  Replacement Lender shall enter into one or more Assignment and Assumption Agreements pursuant to  Section 13.04(b) (and with all fees payable pursuant to said Section 13.04(b) to be paid by the Borrowers)  pursuant to which the Replacement Lender shall acquire the entire Revolving Loan Commitment and all  outstanding Revolving Loans of, and all participations in Letters of Credit by, the Replaced Lender and, in  connection therewith, shall pay to (A) the Replaced Lender in respect thereof an amount equal to the sum  of (1) an amount equal to the principal of, and all accrued interest on, all outstanding Revolving Loans of  the respective Replaced Lender, (2) an amount equal to all Letter of Credit Usage that has been funded by  (and not reimbursed to) such Replaced Lender, together with all then unpaid interest with respect thereto at  such time and (3) an amount equal to all accrued, but theretofore unpaid, Fees owing to the Replaced Lender  pursuant to Section 4.01, (B) each Issuing Lender an amount equal to such Replaced Lender’s RL  Percentage of any Letter of Credit Usage relating to Letters of Credit issued by such Issuing Lender (which  at such time remains unpaid) to the extent such amount was not theretofore funded by such Replaced Lender  and (C) the Swingline Lender an amount equal to such Replaced Lender’s RL Percentage of any Mandatory  Borrowing to the extent such amount was not theretofore funded by such Replaced Lender to the Swingline  Lender; and (D) all obligations of the Borrowers then owing to the Replaced Lender (other than those  specifically described in clause (A) above in respect of which the assignment purchase price has been, or  is concurrently being, paid, but including all amounts, if any, owing under Section 2.11) shall be paid in  full to such Replaced Lender concurrently with such replacement.  (b) Upon receipt by the Replaced Lender of all amounts required to be paid to it  pursuant to this Section 2.13, the Administrative Agent shall be entitled (but not obligated) and is authorized  (which authorization is coupled with an interest) to execute an Assignment and Assumption Agreement on  behalf of such Replaced Lender, and any such Assignment and Assumption Agreement so executed by the  Administrative Agent and the Replacement Lender shall be effective for purposes of this Section 2.13 and  Section 13.04.  Upon the execution of the respective Assignment and Assumption Agreement, the payment  of amounts referred to in clauses (A) and (B) above, recordation of the assignment on the Register by the  Administrative Agent pursuant to Section 13.15 and, if so requested by the Replacement Lender, delivery  to the Replacement Lender of the appropriate Note or Notes executed by the relevant Borrowers, (i) the  Replacement Lender shall become a Lender hereunder and the Replaced Lender shall cease to constitute a  Lender hereunder, except with respect to indemnification provisions under this Agreement (including  Sections 2.10, 2.11, 3.01(f), 5.04, 12.06, 13.01 and 13.06), which shall survive as to such Replaced Lender  and (ii) the RL Percentages of the Lenders shall be automatically adjusted at such time to give effect to  such replacement.  2.14 [Reserved].    2.15 Incremental Commitments.  (a) The Borrowers shall have the right, without requiring the consent of the  Administrative Agent (except as otherwise provided in this Section 2.15) or the Lenders (except for the  Issuing Lenders as provided below), to request at any time and from time to time after the Effective Date  and prior to the Revolving Commitment Termination Date that one or more Lenders (and/or one or more  

 

    76        other Persons which are Eligible Transferees and which will become Lenders) provide Incremental  Commitments and, subject to the applicable terms and conditions contained in this Agreement and the  relevant Incremental Commitment Agreement, make Revolving Loans and participate in Letters of Credit  and Swingline Loans pursuant thereto; provided, that, (i) no Lender shall be obligated to provide an  Incremental Commitment, and until such time, if any, as such Lender has agreed in its sole discretion to  provide an Incremental Commitment and has executed and delivered to the Administrative Agent, the  Company and the other Borrowers an Incremental Commitment Agreement as provided in clause (b) of this  Section 2.15, such Lender shall not be obligated to fund any Revolving Loans in excess of its Revolving  Loan Commitment (if any) or participate in any Letters of Credit or Swingline Loans in excess of its RL  Percentage, in each case, as in effect prior to giving effect to such Incremental Commitment provided  pursuant to this Section 2.15; provided, that, the Lenders shall have at least 10 Business Days following the  Borrowers’ request for Incremental Commitments to decide whether or not to provide any such Incremental  Commitments (and, to the extent that any such Lender fails to respond within such 10 Business Day period,  such Lender shall be deemed to have rejected to provide an Incremental Commitment), (ii) any Lender  (including any Person which is an Eligible Transferee who will become a Lender) may so provide an  Incremental Commitment without the consent of the Administrative Agent or any other Lender; provided,  that, any Person that is not a Lender prior to the effectiveness of its Incremental Commitment shall require  the consent of the Administrative Agent and each Issuing Lender (each of which consents shall not be  unreasonably withheld) to provide an Incremental Commitment pursuant to this Section 2.15, (iii) the  aggregate amount of each request (and provision therefor) for Incremental Commitments shall be in a  minimum aggregate amount for all Lenders which provide an Incremental Commitment pursuant to a given  Incremental Commitment Agreement pursuant to this Section 2.15 (including Persons who are Eligible  Transferees and will become Lenders) of at least $25,000,000 (or such lesser amount that is acceptable to  the Administrative Agent), (iv) the aggregate amount of all Incremental Commitments permitted to be  provided pursuant to this Section 2.15 shall not exceed, on and after the Amendment No. 3 Effective Date,  $125,000,000 in the aggregate, (v) the Borrowers shall not increase the Total Revolving Loan Commitment  pursuant to this Section 2.15 more than five times, (vi) if the Applicable Margins with respect to Revolving  Loans to be incurred pursuant to an Incremental Commitment shall be more than 50 basis points higher  than those applicable to any other Revolving Loans, the Applicable Margins for such other Revolving Loans  and extension of credit hereunder shall be automatically increased by an amount equal to such excess (such  increase, the “Additional Margin”), (vii) all Revolving Loans incurred pursuant to an Incremental  Commitment (and all interest, fees and other amounts payable thereon) shall be Obligations under this  Agreement and the other applicable Credit Documents and shall be secured by the relevant Security  Documents, and guaranteed under the Guaranty, on a pari passu basis with all other Obligations secured by  each relevant Security Document and guaranteed under the Guaranty, and (viii) each Lender (including any  Person which is an Eligible Transferee who will become a Lender) agreeing to provide an Incremental  Commitment pursuant to an Incremental Commitment Agreement shall, subject to the satisfaction of the  relevant conditions set forth in this Agreement, participate in Swingline Loans and Letters of Credit  pursuant to Sections 2.01(b) and 3.01, respectively, and make Revolving Loans as provided in Section  2.01(a) and such Revolving Loans shall constitute Revolving Loans for all purposes of this Agreement and  the other applicable Credit Documents.  (b) At the time of the provision of Incremental Commitments pursuant to this Section  2.15, (i) the Credit Parties, the Administrative Agent and each such Lender or other Eligible Transferee  which agrees to provide an Incremental Commitment (each, an “Incremental Lender”) shall execute and  deliver to the Borrowers and the Administrative Agent an Incremental Commitment Agreement,  

 

    77        appropriately completed (with the effectiveness of the Incremental Commitment provided therein to occur  on the date set forth in such Incremental Commitment Agreement, which date in any event shall be no  earlier than the date on which (A) all fees required to be paid in connection therewith at the time of such  effectiveness shall have been paid, (B) all Incremental Commitment Requirements have been satisfied, (C)  all conditions set forth in this Section 2.15 shall have been satisfied and (D) all other conditions precedent  that may be set forth in such Incremental Commitment Agreement shall have been satisfied) and (ii) the  Credit Parties and the Collateral Agent and each Incremental Lender (as applicable) shall execute and  deliver to the Administrative Agent such additional Security Documents and/or amendments to the Security  Documents which are necessary to ensure that all Loans incurred pursuant to the Incremental Commitments  and any Additional Margin are secured by each relevant Security Document (the “Incremental Security  Documents”).  The Administrative Agent shall promptly notify each Lender as to the effectiveness of each  Incremental Commitment Agreement and, at such time, Schedule 1.01(a) shall be deemed modified to  reflect the Incremental Commitments of such Incremental Lenders.  (c) It is understood and agreed that the Incremental Commitments provided by an  Incremental Lender or Incremental Lenders, as the case may be, pursuant to each Incremental Commitment  Agreement shall constitute part of, and be added to, the Total Revolving Loan Commitment and each  Incremental Lender shall constitute a Lender for all purposes of this Agreement and each other applicable  Credit Document.  (d) At the time of any provision of Incremental Commitments pursuant to this Section  2.15, each Borrower shall, in coordination with the Administrative Agent, repay outstanding Revolving  Loans of certain of the Lenders, and incur additional Revolving Loans from certain other Lenders (including  the Incremental Lenders), in each case to the extent necessary so that all of the Lenders participate in each  outstanding Borrowing of Revolving Loans pro rata on the basis of their respective Revolving Loan  Commitments (after giving effect to any increase in the Total Revolving Loan Commitment pursuant to  this Section 2.15) and with the Borrowers being obligated to pay to the respective Lenders any costs of the  type referred to in Section 2.11 in connection with any such repayment and/or Borrowing.  (e) At the time of any provision of Incremental Commitments pursuant to this Section  2.15, (i) all dollar thresholds included in any determination made with respect to Excess Availability shall  be increased automatically in an amount equal to the percentage by which the Incremental Commitments  increase the Total Revolving Loan Commitments and (ii) at the Company’s request, the Maximum Letter  of Credit Amount, the Maximum Swingline Amount and the commitments of the Issuing Lenders and the  Swingline Lender with respect thereto, shall each be increased, ratably, to take account of any Incremental  Commitments provided pursuant to this Section 2.15.  2.16 Extensions of Loans and Commitments.  (a) Notwithstanding anything to the contrary in this Agreement, subject to the terms  of this Section 2.16, the Borrowers may extend the maturity date, and otherwise modify the terms of the  Total Revolving Loan Commitment, or any portion thereof (including by increasing the interest rate or fees  payable in respect of any Loans and/or Revolving Loan Commitments or any portion thereof (and related  outstandings)) (the “Extension”) pursuant to a written offer (the “Extension Offer”) made by the Company  to all Lenders, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the  respective outstanding Revolving Loans and unfunded Revolving Loan Commitments) and on the same  terms to each such Lender.  In connection with the Extension, the Company will provide notification to the  

 

    78        Administrative Agent (for distribution to the Lenders).  In connection with the Extension, each Lender,  acting in its sole and individual discretion, wishing to participate in the Extension shall, prior to the date  (the “Notice Date”) that is 30 days after delivery of notice by the Administrative Agent to such Lender,  provide the Administrative Agent with a written notice thereof in a form reasonably satisfactory to the  Administrative Agent.  Any Lender that does not respond to the Extension Offer by the Notice Date shall  be deemed to have rejected such Extension.  The Administrative Agent shall promptly notify the Company  of each Lender’s determination under this Section 2.16(a).  The election of any Lender to agree to the  Extension shall not obligate any other Lender to so agree.  After giving effect to the Extension, the  Revolving Loan Commitments so extended shall cease to be a part of the tranche of the Revolving Loan  Commitments they were a part of immediately prior to the Extension and shall be a new tranche of Extended  Revolving Loan Commitments hereunder.  (b) The Company shall have the right to replace each Lender that shall have rejected  (or be deemed to have rejected) the Extension under Section 2.16(a) with, and add as “Lenders” under this  Agreement in place thereof, one or more Replacement Lenders as provided in Section 2.13; provided, that,  each of such Replacement Lenders shall enter into an Assignment and Assumption Agreement pursuant to  which such Replacement Lender shall, effective as of a closing date selected by the Administrative Agent  in consultation with the Company (which shall occur no later than 30 days following the Notice Date and  shall occur on the same date as the effectiveness of the Extension as to the Lenders which have consented  thereto pursuant to Section 2.16(a)), undertake the Revolving Loan Commitment of such Replaced Lender  (and, if any such Replacement Lender is already a Lender, its Revolving Loan Commitment shall be in  addition to such Lender’s Revolving Loan Commitment hereunder on such date).  (c) The Extension shall be subject to the following:  (i) no Default or Event of Default  shall have occurred and be continuing at the time any offering document in respect of the Extension Offer  is delivered to the Lenders and at the time of the Extension; (ii) except as to interest rates, utilization fees,  unused fees and final maturity, the Revolving Loan Commitment of any Lender extended pursuant to the  Extension (the “Extended Revolving Loan Commitment”), and the related outstandings, shall be a  Revolving Loan Commitment (or related outstandings, as the case may be) with the same terms as the  original Revolving Loan Commitments (and related outstandings); provided, that, subject to the provisions  of Sections 3.01 and 2.01(f) to the extent dealing with Swingline Loans and Letters of Credit which mature  or expire after the Initial Revolving Commitment Termination Date, all Swingline Loans and Letters of  Credit shall be participated in on a pro rata basis by all Lenders with Revolving Loan Commitments and/or  Extended Revolving Loan Commitments in accordance with their RL Percentages (and except as provided  in Sections 3.01 and 2.01(f), without giving effect to changes thereto on the Initial Revolving Commitment  Termination Date with respect to Swingline Loans and Letters of Credit theretofore incurred or issued) and  all borrowings under Revolving Loan Commitments and Extended Revolving Loan Commitments and  repayments thereunder shall be made on a pro rata basis (except for (x) payments of interest and fees at  different rates on Extended Revolving Loan Commitments (and related outstandings) and (y) repayments  required upon any Revolving Commitment Termination Date of any tranche of Revolving Loan  Commitments or Extended Revolving Loan Commitments); (iii) if the aggregate principal amount of  Revolving Loan Commitments in respect of which Lenders shall have accepted the Extension Offer shall  exceed the maximum aggregate principal amount of Revolving Loan Commitments offered to be extended  by the Company pursuant to the Extension Offer, then the Revolving Loan Commitments of such Lenders  shall be extended ratably up to such maximum amount based on the respective principal amounts (but not  to exceed actual holdings of record) with respect to which such Lenders have accepted the Extension Offer;  (iv) all documentation in respect of the Extension shall be consistent with the foregoing, and all written  

 

    79        communications by the Borrowers generally directed to the Lenders in connection therewith shall be in  form and substance consistent with the foregoing and otherwise reasonably satisfactory to the  Administrative Agent; (v) the Minimum Extension Condition shall be satisfied; and (vi) the Extension shall  not become effective unless, on the proposed effective date of the Extension, (x) the Company shall deliver  to the Administrative Agent a certificate of an Authorized Officer of each Credit Party dated the applicable  date of the Extension and executed by an Authorized Officer of such Credit Party certifying and attaching  the resolutions adopted by such Credit Party approving or consenting to such Extension and (y) the  conditions set forth in Section 7 shall be satisfied (with all references in such Section to any Credit Event  being deemed to be references to the Extension on the applicable date of the Extension) and the  Administrative Agent shall have received a certificate to that effect dated the applicable date of the  Extension and executed by an Authorized Officer of the Company.  (d) With respect to the Extension consummated by the Borrowers pursuant to this  Section 2.16, (i) the Extension shall not constitute voluntary or mandatory payments or prepayments for  purposes of Sections 5.01, 5.02, 5.03, 13.02 or 13.06, (ii) the Extension Offer shall contain a condition (a  “Minimum Extension Condition”) to consummating the Extension that at least 35% of the aggregate  amount of the Revolving Loan Commitments in effect immediately prior to the Initial Revolving  Commitment Termination Date (unless another amount is agreed to by the Administrative Agent) shall be  in effect immediately following the Initial Revolving Commitment Termination Date, (iii) if the amount  extended is less than the Maximum Letter of Credit Amount, the Maximum Letter of Credit Amount shall  be reduced upon the date that is five (5) Business Days prior to the Initial Revolving Commitment  Termination Date (to the extent needed so that the Maximum Letter of Credit Amount does not exceed the  aggregate Revolving Loan Commitments which would be in effect after the Initial Revolving Commitment  Termination Date), and, if applicable, the Borrowers shall cash collateralize obligations under any issued  Letters of Credit in an amount equal to 105% of the Stated Amount of such Letters of Credit, and (iv) if the  amount extended is less than the Maximum Swingline Amount, the Maximum Swingline Amount shall be  reduced upon the date that is five (5) Business Days prior to the Initial Revolving Commitment Termination  Date (to the extent needed so that the Maximum Swingline Amount does not exceed the aggregate  Revolving Loan Commitments which would be in effect after the Initial Revolving Commitment  Termination Date), and, if applicable, the Borrowers shall prepay any outstanding Swingline Loans.  The  Administrative Agent and the Lenders hereby consent to the Extension and the other transactions  contemplated by this Section 2.16 (including, for the avoidance of doubt, payment of any interest or fees in  respect of any Extended Revolving Loan Commitments on such terms as may be set forth in the Extension  Offer) and hereby waive the requirements of any provision of this Agreement (including Sections 5.01,  5.02, 5.03, 13.02 or 13.06) or any other Credit Document that may otherwise prohibit the Extension or any  other transaction contemplated by this Section 2.16; provided, that, such consent shall not be deemed to be  an acceptance of the Extension Offer.  (e) The Lenders hereby irrevocably authorize the Administrative Agent to enter into  amendments to this Agreement and the other Credit Documents with the Credit Parties as may be necessary  in order establish new tranches in respect of Revolving Loan Commitments so extended and such technical  amendments as may be necessary in connection with the establishment of such new tranches, in each case  on terms consistent with this Section 2.16.  (f) In connection with the Extension, the Company shall provide the Administrative  Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Administrative  Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be reasonably  

 

    80        established by, or reasonably acceptable to, the Administrative Agent, in each case acting reasonably to  accomplish the purposes of this Section 2.16.  2.17 SOFR Option.  (a) Interest and Interest Payment Dates.  In lieu of having interest charged at the rate  based upon the Base Rate, Borrowers shall have the option, subject to Section 2.17(b) below (the “SOFR  Option”) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when  made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon  continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon Adjusted Term SOFR.   Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable  thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms  hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof.  On the last day  of each applicable Interest Period, unless Borrowers have properly exercised the SOFR Option with respect  thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest  then applicable to Base Rate Loans of the same type hereunder.  At any time that an Event of Default has  occurred and is continuing Borrowers no longer shall have the option to request that Revolving Loans bear  interest at a rate based upon Adjusted Term SOFR.  (b) SOFR Election.  (i) Borrowers may, at any time and from time to time, so long as no Event of  Default has occurred and is continuing, elect to exercise the SOFR Option by notifying the Administrative  Agent prior to 11:00 a.m. at least three U.S. Government Securities Business Days prior to the  commencement of the proposed Interest Period (the “SOFR Deadline”).  Notice of Borrowers’ election of  the SOFR Option for a permitted portion of the Revolving Loans and an Interest Period pursuant to this  Section shall be made by delivery to the Administrative Agent of a SOFR Notice received by the  Administrative Agent before the SOFR Deadline.  Promptly upon its receipt of each such SOFR Notice,  the Administrative Agent shall provide a notice thereof to each of the affected Lenders.  (ii) Each SOFR Notice shall be irrevocable and binding on Borrowers.  In  connection with each SOFR Loan, each Borrower shall indemnify, defend, and hold the Administrative  Agent and the Lenders harmless against any loss, cost, or expense actually incurred by the Administrative  Agent or any Lender as a result of (A) the payment or required assignment of any principal of any SOFR  Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of  Default), (B) the conversion of any SOFR Loan other than on the last day of the Interest Period applicable  thereto, or (C) the failure to borrow, convert, continue or prepay any SOFR Loan on the date specified in  any SOFR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”).  (iii) A certificate of the Administrative Agent or a Lender delivered to  Borrowers setting forth in reasonable detail any amount or amounts that the Administrative Agent or such  Lender is entitled to receive pursuant to this Section 2.17 shall be conclusive absent manifest error.   Borrowers shall pay such amount to the Administrative Agent or the Lender, as applicable, within 30 days  of the date of its receipt of such certificate.  If a payment of a SOFR Loan on a day other than the last day  of the applicable Interest Period would result in a Funding Loss, the Administrative Agent may, in its sole  discretion at the request of Borrowers, hold the amount of such payment as cash collateral in support of the  Obligations until the last day of such Interest Period and apply such amounts to the payment of the  

 

    81        applicable SOFR Loan on such last day of such Interest Period, it being agreed that the Administrative  Agent has no obligation to so defer the application of payments to any SOFR Loan and that, in the event  that the Administrative Agent does not defer such application, Borrowers shall be obligated to pay any  resulting Funding Losses.  (iv) Unless the Administrative Agent, in its sole discretion, agrees otherwise,  Borrowers shall have not more than five SOFR Loans in effect at any given time.  Borrowers may only  exercise the SOFR Option for proposed SOFR Loans of at least $1,000,000.  (c) Conversion; Prepayment.  Borrowers may convert SOFR Loans to Base Rate  Loans or prepay SOFR Loans at any time; provided, that in the event that SOFR Loans are converted or  prepaid on any date that is not the last day of the Interest Period applicable thereto, including as a result of  any prepayment through the required application by the Administrative Agent of any payments or proceeds  of Collateral in accordance with Section 5.02(d) or for any other reason, including early termination of the  term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof,  each Borrower shall indemnify, defend, and hold the Administrative Agent and the Lenders and their  Participants harmless against any and all Funding Losses in accordance with Section 2.17(b)(ii).  (d) Special Provisions Applicable to Adjusted Term SOFR.  (i) Adjusted Term SOFR may be adjusted by the Administrative Agent with  respect to any Lender on a prospective basis to take into account any additional or increased costs (other  than Taxes which shall be governed by Section 16), in each case, due to changes in applicable law occurring  subsequent to the commencement of the then applicable Interest Period, or pursuant to any Change in Law  or change in the reserve requirements imposed by the Board of Governors, which additional or increased  costs would increase the cost of funding or maintaining loans bearing interest at Adjusted Term SOFR.  In  any such event, the affected Lender shall give Borrowers and the Administrative Agent notice of such a  determination and adjustment and the Administrative Agent promptly shall transmit the notice to each other  Lender and, upon its receipt of the notice from the affected Lender, Borrowers may, by notice to such  affected Lender (A) require such Lender to furnish to Borrowers a statement setting forth in reasonable  detail the basis for adjusting Adjusted Term SOFR and the method for determining the amount of such  adjustment, or (B) repay the SOFR Loans or Base Rate Loans determined with reference to Adjusted Term  SOFR, in each case, of such Lender with respect to which such adjustment is made (together with any  amounts due under Section 2.17(b)(ii)).  (ii) Subject to the provisions set forth in Section 2.17(d)(iii) below, (x) in the  event that any change in market conditions or any Change in Law shall at any time after the date hereof, in  the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain  SOFR Loans (or Base Rate Loans determined with reference to Adjusted Term SOFR) or to continue such  funding or maintaining, or to determine or charge interest rates at the Term SOFR Reference Rate, Term  SOFR or SOFR, such Lender shall give notice of such changed circumstances to the Administrative Agent  and Borrowers and the Administrative Agent promptly shall transmit the notice to each other Lender and  (y)(i) in the case of any SOFR Loans of such Lender that are outstanding, such SOFR Loans of such Lender  will be deemed to have been converted Base Rate Loans on the last day of the Interest Period of such SOFR  Loans, if such Lender may lawfully continue to maintain such SOFR Loans, or immediately, if such Lender  may not lawfully continue to maintain such SOFR Loans, and thereafter interest upon the SOFR Loans of  such Lender thereafter shall accrue interest at the rate then applicable to Base Rate Loans (and if applicable,  

 

    82        without reference to the Adjusted Term SOFR component thereof) and (ii) in the case of any such Base  Rate Loans of such Lender that are outstanding and that are determined with reference to Adjusted Term  SOFR, interest upon the Base Rate Loans of such Lender after the date specified in such Lender’s notice  shall accrue interest at the rate then applicable to Base Rate Loans without reference to the Adjusted Term  SOFR component thereof and (z) Borrowers shall not be entitled to elect the SOFR Option and Base Rate  Loans shall not be determined with reference to the Adjusted Term SOFR component thereof, in each case,  until such Lender determines that it would no longer be unlawful or impractical to do so.  (iii) Benchmark Replacement Setting.  (A) Benchmark Replacement.  Notwithstanding anything to the  contrary herein or in any other Credit Document, upon the occurrence of a Benchmark Transition Event,  the Administrative Agent and the Company may amend this Agreement to replace the then-current  Benchmark with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition  Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has  posted such proposed amendment to all affected Lenders and the Company so long as the Administrative  Agent has not received, by such time, written notice of objection to such amendment from Lenders  comprising the Required Lenders.  No replacement of a Benchmark with a Benchmark Replacement  pursuant to this Section 2.17(d)(iii) will occur prior to the applicable Benchmark Transition Start Date.  (B) Benchmark Replacement Conforming Changes.  In connection  with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative  Agent and the Company will have the right to make Conforming Changes from time to time and,  notwithstanding anything to the contrary herein or in any other Credit Document, any amendments  implementing such Conforming Changes will become effective without any further action or consent of  any other party to this Agreement or any other Credit Document.  (C) Notices; Standards for Decisions and Determinations.  The  Administrative Agent will promptly notify the Company and the Lenders of (1) the implementation of any  Benchmark Replacement and (2) the effectiveness of any Conforming Changes in connection with the use,  administration, adoption or implementation of a Benchmark Replacement.  The Administrative Agent will  notify the Company of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section  2.17(d)(iii)(D) and (y) the commencement of any Benchmark Unavailability Period.  Any determination,  decision or election that may be made by the Administrative Agent, the Company or, if applicable, any  Lender (or group of Lenders) pursuant to this Section 2.17(d)(iii), including any determination with respect  to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and  any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent  manifest error and may be made in its or their sole discretion and without consent from any other party to  this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this  Section 2.17(d)(iii).  (D) Unavailability of Tenor of Benchmark.  Notwithstanding anything  to the contrary herein or in any other Credit Document, at any time (including in connection with the  implementation of a Benchmark Replacement), (1) if the then-current Benchmark is a term rate (including  the Term SOFR Reference Rate) and either (I) any tenor for such Benchmark is not displayed on a screen  or other information service that publishes such rate from time to time as selected by the Administrative  Agent in its reasonable discretion or (II) the regulatory supervisor for the administrator of such Benchmark  has provided a public statement or publication of information announcing that any tenor for such  

 

    83        Benchmark is not or will not be representative, then the Administrative Agent and the Company may  modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark  settings at or after such time to remove such unavailable or non-representative tenor and (2) if a tenor that  was removed pursuant to clause (1) above either (I) is subsequently displayed on a screen or information  service for a Benchmark (including a Benchmark Replacement) or (II) is not, or is no longer, subject to an  announcement that it is not or will not be representative for a Benchmark (including a Benchmark  Replacement), then the Administrative Agent and the Company may modify the definition of “Interest  Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate  such previously removed tenor.  (E) Benchmark Unavailability Period.  Upon the Company’s receipt  of notice of the commencement of a Benchmark Unavailability Period, (1) the Company may revoke any  pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or  continued during any Benchmark Unavailability Period and, failing that, the Company will be deemed to  have converted any such request into a request for a borrowing of or conversion to Base Rate Loans and  (2) any outstanding affected SOFR Loans will be deemed to have been converted to Base Rate Loans at the  end of the applicable Interest Period.  During any Benchmark Unavailability Period or at any time that a  tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based  upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any  determination of the Base Rate.  (e) No Requirement of Matched Funding.  Anything to the contrary contained herein  notwithstanding, neither the Administrative Agent, nor any Lender, nor any of their Participants, is required  actually to match fund any Obligation as to which interest accrues at Adjusted Term SOFR or the Term  SOFR Reference Rate.  (f) [Reserved].  (g) Term SOFR Conforming Changes.  In connection with the use or administration  of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to  time and, notwithstanding anything to the contrary herein or in any other Credit Document, any  amendments implementing such Conforming Changes will become effective without any further action or  consent of any other party to this Agreement or any other Credit Document.  The Administrative Agent will  promptly notify the Company and the Lenders of the effectiveness of any Conforming Changes in  connection with the use or administration of Term SOFR.   2.18 Maintenance of Loan Account.  The Administrative Agent shall maintain an account on its  books in the name of Borrowers (the “Loan Account”) on which Borrowers will be charged with all  Revolving Loans (including Agent Advance and Swingline Loans) made by the Administrative Agent,  Swingline Lender, or the Lenders to Borrowers or for Borrowers’ account, the Letters of Credit issued or  arranged by Issuing Lender for Borrowers’ account, and with all other payment Obligations hereunder or  under the other Credit Documents, including, accrued interest, fees and expenses, and Lender Group  Expenses.  In accordance with Section 2.19, the Loan Account will be credited with all payments received  by the Administrative Agent from Borrowers or for Borrowers’ account.  The Administrative Agent shall  make available to Borrowers monthly statements regarding the Loan Account, including the principal  amount of the Revolving Loans, interest accrued hereunder, fees accrued or charged hereunder or under the  other Credit Documents, and a summary itemization of all charges and expenses constituting Lender Group  

 

    84        Expenses accrued hereunder or under the other Credit Documents, and each such statement, absent manifest  error, shall be conclusively presumed to be correct and accurate and constitute an account stated between  Borrowers and the Lender Group unless, within 30 days after the Administrative Agent first makes such a  statement available to Borrowers, Borrowers shall deliver to the Administrative Agent written objection  thereto describing the error or errors contained in such statement.  2.19 Crediting Payments.  The receipt of any payment item by the Administrative Agent shall  not be required to be considered a payment on account unless such payment item is a wire transfer of  immediately available funds made to the Administrative Agent’s Account or unless and until such payment  item is honored when presented for payment.  Should any payment item not be honored when presented for  payment, then Borrowers shall be deemed not to have made such payment.  Anything to the contrary  contained herein notwithstanding, any payment item shall be deemed received by the Administrative Agent  only if it is received into the Administrative Agent’s Account on a Business Day on or before 1:30 p.m.  If  any payment item is received into the Administrative Agent’s Account on a non-Business Day or after 1:30  p.m. on a Business Day (unless the Administrative Agent, in its sole discretion, elects to credit it on the  date received), it shall be deemed to have been received by the Administrative Agent as of the opening of  business on the immediately following Business Day.  SECTION 3. Letters of Credit.  3.01 Letters of Credit.  (a) Subject to the terms and conditions of this Agreement, upon the request of  Borrowers made in accordance herewith, and prior to the Revolving Commitment Termination Date,  Issuing Lender agrees to issue a requested standby Letter of Credit or a sight commercial Letter of Credit  for the account of Borrowers.  By submitting a request to Issuing Lender for the issuance of a Letter of  Credit, Borrowers shall be deemed to have requested that Issuing Lender issue the requested Letter of  Credit.  Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any  outstanding Letter of Credit, shall be (i) irrevocable and made in writing by an Authorized Person, (ii)  delivered to the Administrative Agent and Issuing Lender via telefacsimile or other electronic method of  transmission reasonably acceptable to the Administrative Agent and Issuing Lender and reasonably in  advance of the requested date of issuance, amendment, renewal, or extension, and (iii) subject to Issuing  Lender’s authentication procedures with results satisfactory to Issuing Lender.  Each such request shall be  in form and substance reasonably satisfactory to the Administrative Agent and Issuing Lender and (i) shall  specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension  of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address  of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to  drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to  be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter  of Credit, and (ii) shall be accompanied by such Issuer Documents as the Administrative Agent or Issuing  Lender may request or require, to the extent that such requests or requirements are consistent with the Issuer  Documents that Issuing Lender generally requests for Letters of Credit in similar circumstances.  Issuing  Lender’s records of the content of any such request will be conclusive.  Anything contained herein to the  contrary notwithstanding, Issuing Lender may, but shall not be obligated to, issue a Letter of Credit that  supports the obligations of a Credit Party or one of its Subsidiaries in respect of (x) a lease of real property  to the extent that the face amount of such Letter of Credit exceeds the highest rent (including all rent-like  charges) payable under such lease for a period of one year, or (y) an employment contract to the extent that  

 

    85        the face amount of such Letter of Credit exceeds the highest compensation payable under such contract for  a period of one year.  (b) Issuing Lender shall have no obligation to issue a Letter of Credit if any of the  following would result after giving effect to the requested issuance:  (i) the Letter of Credit Usage would exceed the Maximum Letter of Credit  Amount, or  (ii) the Letter of Credit Usage attributable to Letters of Credit issued by any  Issuing Lender would exceed the Issuing Lender Sublimit, or  (iii) the Letter of Credit Usage would exceed the Total Revolving Loan  Commitment less the outstanding amount of Revolving Loans (including Swingline Loans), or  (iv) the Letter of Credit Usage would exceed the Borrowing Base at such time  less the outstanding principal balance of the Revolving Loans (inclusive of Swingline Loans) at such time.  (c) In the event there is a Defaulting Lender as of the date of any request for the  issuance of a Letter of Credit, Issuing Lender shall not be required to issue or arrange for such Letter of  Credit to the extent (i) the Defaulting Lender’s Letter of Credit Exposure with respect to such Letter of  Credit may not be reallocated pursuant to Section 2.13, or (ii) Issuing Lender has not otherwise entered into  arrangements reasonably satisfactory to it and Borrowers to eliminate Issuing Lender’s risk with respect to  the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include  Borrowers cash collateralizing such Defaulting Lender’s Letter of Credit Exposure in accordance with  Section 2.13.  Additionally, Issuing Lender shall have no obligation to issue or extend a 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 Issuing Lender from issuing such Letter of Credit, or any law applicable to Issuing  Lender or any request or directive (whether or not having the force of law) from any Governmental  Authority with jurisdiction over Issuing Lender shall prohibit or request that Issuing Lender refrain from  the issuance of letters of credit generally or such Letter of Credit in particular, (B) the issuance of such  Letter of Credit would violate one or more policies of Issuing Lender applicable to letters of credit generally,  or (C) if amounts demanded to be paid under any Letter of Credit will not or may not be in United States  Dollars.  (d) Any Issuing Lender (other than Wells Fargo or any of its Affiliates) shall notify  the Administrative Agent in writing no later than the Business Day prior to the Business Day on which such  Issuing Lender issues any Letter of Credit.  In addition, each Issuing Lender (other than Wells Fargo or any  of its Affiliates) shall, on the first Business Day of each week, submit to the Administrative Agent a report  detailing the daily undrawn amount of each Letter of Credit issued by such Issuing Lender during the prior  calendar week.  Each Letter of Credit shall be in form and substance reasonably acceptable to Issuing  Lender, including the requirement that the amounts payable thereunder must be payable in Dollars.  If  Issuing Lender makes a payment under a Letter of Credit, Borrowers shall pay to the Administrative Agent  an amount equal to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit  Disbursement is made and, in the absence of such payment, the amount of the Letter of Credit Disbursement  immediately and automatically shall be deemed to be a Revolving Loan hereunder (notwithstanding any  failure to satisfy any condition precedent set forth in Section 7) and, initially, shall bear interest at the rate  then applicable to Revolving Loans that are Base Rate Loans.  If a Letter of Credit Disbursement is deemed  

 

    86        to be a Revolving Loan hereunder, Borrowers’ obligation to pay the amount of such Letter of Credit  Disbursement to Issuing Lender shall be automatically converted into an obligation to pay the resulting  Revolving Loan.  Promptly following receipt by the Administrative Agent of any payment from Borrowers  pursuant to this paragraph, the Administrative Agent shall distribute such payment to Issuing Lender or, to  the extent that Lenders have made payments pursuant to Section 3.01(e) to reimburse Issuing Lender, then  to such Lenders and Issuing Lender as their interests may appear.  (e) Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant  to Section 3.01(d), each Lender agrees to fund its RL Percentage of any Revolving Loan deemed made  pursuant to Section 3.01(d) on the same terms and conditions as if Borrowers had requested the amount  thereof as a Revolving Loan and the Administrative Agent shall promptly pay to Issuing Lender the  amounts so received by it from the Lenders.  By the issuance of a Letter of Credit (or an amendment,  renewal, or extension of a Letter of Credit) and without any further action on the part of Issuing Lender or  the Lenders, Issuing Lender shall be deemed to have granted to each Lender, and each Lender shall be  deemed to have purchased, a participation in each Letter of Credit issued by Issuing Lender, in an amount  equal to its RL Percentage of such Letter of Credit, and each such Lender agrees to pay to the Administrative  Agent, for the account of Issuing Lender, such Lender’s RL Percentage of any Letter of Credit  Disbursement made by Issuing Lender under the applicable Letter of Credit.  In consideration and in  furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the  Administrative Agent, for the account of Issuing Lender, such Lender’s RL Percentage of each Letter of  Credit Disbursement made by Issuing Lender and not reimbursed by Borrowers on the date due as provided  in Section 3.01(d), or of any reimbursement payment that is required to be refunded (or that the  Administrative Agent or Issuing Lender elects, based upon the advice of counsel, to refund) to Borrowers  for any reason.  Each Lender acknowledges and agrees that its obligation to deliver to the Administrative  Agent, for the account of Issuing Lender, an amount equal to its respective RL Percentage of each Letter  of Credit Disbursement pursuant to this Section 3.01(e) shall be absolute and unconditional and such  remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default  or the failure to satisfy any condition set forth in Section 7.  If any such Lender fails to make available to  the Administrative Agent the amount of such Lender’s RL Percentage of a Letter of Credit Disbursement  as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and the Administrative  Agent (for the account of Issuing Lender) shall be entitled to recover such amount on demand from such  Lender together with interest thereon at the Defaulting Lender Rate until paid in full.  (f) Each Borrower agrees to indemnify, defend and hold harmless each member of the  Lender Group (including Issuing Lender and its branches, Affiliates, and correspondents) and each such  Person’s respective directors, officers, employees, attorneys and agents (each, including Issuing Lender, a  “Letter of Credit Related Person”) (to the fullest extent permitted by law) from and against any and all  claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages,  and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and  expenses actually incurred in connection therewith or in connection with the enforcement of this  indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be  incurred by or awarded against any Letter of Credit Related Person (other than Taxes, which shall be  governed by Section 5.04) (the “Letter of Credit Indemnified Costs”), and which arise out of or in  connection with, or as a result of this Agreement, any Letter of Credit, any Issuer Document, or any Drawing  Document referred to in or related to any Letter of Credit, or any action or proceeding arising out of any of  the foregoing (whether administrative, judicial or in connection with arbitration); in each case, including  that resulting from the Letter of Credit Related Person’s own negligence; provided, that such indemnity  

 

    87        shall not be available to any Letter of Credit Related Person claiming indemnification to the extent that  such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of  a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct  of the Letter of Credit Related Person claiming indemnity.  This indemnification provision shall survive  termination of this Agreement and all Letters of Credit.  (g) The liability of Issuing Lender (or any other Letter of Credit Related Person) under,  in connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal  grounds of the action or proceeding, shall be limited to direct damages suffered by Borrowers that are  caused directly by Issuing Lender’s gross negligence or willful misconduct in (i) honoring a presentation  under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions  of such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies  with the terms and conditions of such Letter of Credit, or (iii) retaining Drawing Documents presented  under a Letter of Credit.  Borrowers’ aggregate remedies against Issuing Lender and any Letter of Credit  Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining  honored Drawing Documents shall in no event exceed the aggregate amount paid by Borrowers to Issuing  Lender in respect of the honored presentation in connection with such Letter of Credit under Section  3.01(d), plus interest at the rate then applicable to Base Rate Loans hereunder.  Borrowers shall take action  to avoid and mitigate the amount of any damages claimed against Issuing Lender or any other Letter of  Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit.   Any claim by Borrowers under or in connection with any Letter of Credit shall be reduced by an amount  equal to the sum of (x) the amount (if any) saved by Borrowers as a result of the breach or alleged wrongful  conduct complained of, and (y) the amount (if any) of the loss that would have been avoided had Borrowers  taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically  and timely authorizing Issuing Lender to effect a cure.  (h) Borrowers are responsible for the final text of the Letter of Credit as issued by  Issuing Lender, irrespective of any assistance Issuing Lender may provide such as drafting or  recommending text or by Issuing Lender’s use or refusal to use text submitted by Borrowers.  Borrowers  understand that the final form of any Letter of Credit may be subject to such revisions and changes as are  deemed necessary or appropriate by Issuing Lender, and Borrowers hereby consent to such revisions and  changes not materially different from the application executed in connection therewith.  Borrowers are  solely responsible for the suitability of the Letter of Credit for Borrowers’ purposes.  If Borrowers request  Issuing Lender to issue a Letter of Credit for an affiliated or unaffiliated third party (an “Account Party”),  (i) such Account Party shall have no rights against Issuing Lender; (ii) Borrowers shall be responsible for  the application and obligations under this Agreement; and (iii) communications (including notices) related  to the respective Letter of Credit shall be among Issuing Lender and Borrowers.  Borrowers will examine  the copy of the Letter of Credit and any other documents sent by Issuing Lender in connection therewith  and shall promptly notify Issuing Lender (not later than three (3) Business Days following Borrowers’  receipt of documents from Issuing Lender) of any non-compliance with Borrowers’ instructions and of any  discrepancy in any document under any presentment or other irregularity.  Borrowers understand and agree  that Issuing Lender is not required to extend the expiration date of any Letter of Credit for any reason.  With  respect to any Letter of Credit containing an “automatic amendment” to extend the expiration date of such  Letter of Credit, Issuing Lender, in its sole and absolute discretion, may give notice of nonrenewal of such  Letter of Credit and, if Borrowers do not at any time want the then current expiration date of such Letter of  Credit to be extended, Borrowers will so notify the Administrative Agent and Issuing Lender at least 30  

 

    88        calendar days before Issuing Lender is required to notify the beneficiary of such Letter of Credit or any  advising bank of such non-extension pursuant to the terms of such Letter of Credit.  (i) Borrowers’ reimbursement and payment obligations under this Section 3.01 are  absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this  Agreement under any and all circumstances whatsoever; provided, that subject to Section 3.01(g) above,  the foregoing shall not release Issuing Lender from such liability to Borrowers as may be finally determined  in a final, non-appealable judgment of a court of competent jurisdiction against Issuing Lender following  reimbursement or payment of the obligations and liabilities, including reimbursement and other payment  obligations, of Borrowers to Issuing Lender arising under, or in connection with, this Section 3.01 or any  Letter of Credit.  (j) Without limiting any other provision of this Agreement, Issuing Lender and each  other Letter of Credit Related Person (if applicable) shall not be responsible to Borrowers for, and Issuing  Lender’s rights and remedies against Borrowers and the obligation of Borrowers to reimburse Issuing  Lender for each drawing under each Letter of Credit shall not be impaired by:  (i) honor of a presentation under any Letter of Credit that on its face  substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit  requires strict compliance by the beneficiary;  (ii) honor of a presentation of any Drawing Document that appears on its face  to have been signed, presented or issued (A) by any purported successor or transferee of any beneficiary or  other Person required to sign, present or issue such Drawing Document or (B) under a new name of the  beneficiary;  (iii) acceptance as a draft of any written or electronic demand or request for  payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft or notwithstanding any  requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit;  (iv) the identity or authority of any presenter or signer of any Drawing  Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than Issuing  Lender’s determination that such Drawing Document appears on its face substantially to comply with the  terms and conditions of the Letter of Credit);  (v) acting upon any instruction or request relative to a Letter of Credit or  requested Letter of Credit that Issuing Lender in good faith believes to have been given by a Person  authorized to give such instruction or request;  (vi) any errors, omissions, interruptions or delays in transmission or delivery  of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation  of technical terms or in translation or any delay in giving or failing to give notice to any Borrower;  (vii) any acts, omissions or fraud by, or the insolvency of, any beneficiary, any  nominated person or entity or any other Person or any breach of contract between any beneficiary and any  Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates;  

 

    89        (viii) assertion or waiver of any provision of the ISP or UCP that primarily  benefits an issuer of a letter of credit, including any requirement that any Drawing Document be presented  to it at a particular hour or place;  (ix) payment to any presenting bank (designated or permitted by the terms of  the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or  indemnity under Standard Letter of Credit Practice applicable to it;  (x) acting or failing to act as required or permitted under Standard Letter of  Credit Practice applicable to where Issuing Lender has issued, confirmed, advised or negotiated such Letter  of Credit, as the case may be;  (xi) honor of a presentation after the expiration date of any Letter of Credit  notwithstanding that a presentation was made prior to such expiration date and dishonored by Issuing  Lender if subsequently Issuing Lender or any court or other finder of fact determines such presentation  should have been honored;  (xii) dishonor of any presentation that does not strictly comply or that is  fraudulent, forged or otherwise not entitled to honor; or  (xiii) honor of a presentation that is subsequently determined by Issuing Lender  to have been made in violation of international, federal, state or local restrictions on the transaction of  business with certain prohibited Persons.  (k) Borrowers shall pay immediately upon demand to the Administrative Agent for  the account of Issuing Lender as non-refundable fees, commissions, and charges (it being acknowledged  and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant to the  provisions of Section 4.01 shall be deemed to constitute a demand for payment thereof for the purposes of  this Section 3.01(k)):  (i) a fronting fee which shall be imposed by Issuing Lender equal to 0.125% per  annum times the average amount of the Letter of Credit Usage during the immediately preceding quarter  (or if an Event of Default has occurred, month) (or portion thereof), plus (ii) any and all other customary  commissions, fees and charges then in effect imposed by, and any and all expenses incurred by, Issuing  Lender, or by any adviser, confirming institution or entity or other nominated person, relating to Letters of  Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with  respect to any Letter of Credit (including transfers, assignments of proceeds, amendments, drawings,  renewals or cancellations).  (l) If by reason of (x) any Change in Law, or (y) compliance by Issuing Lender or any  other member of the Lender Group with any direction, request, or requirement (irrespective of whether  having the force of law) of any Governmental Authority or monetary authority including, Regulation D of  the Board as from time to time in effect (and any successor thereto):  (i) any reserve, deposit, or similar requirement is or shall be imposed or  modified in respect of any Letter of Credit issued or caused to be issued hereunder or hereby, or any Loans  or obligations to make Loans hereunder or hereby, or  (ii) there shall be imposed on Issuing Lender or any other member of the  Lender Group any other condition regarding any Letter of Credit, Loans, or obligations to make Loans  hereunder,  

 

    90        and the result of the foregoing is to increase, directly or indirectly, the cost to Issuing Lender or any other  member of the Lender Group of issuing, making, participating in, or maintaining any Letter of Credit or to  reduce the amount receivable in respect thereof, then, and in any such case, the Administrative Agent may,  at any time within a reasonable period after the additional cost is incurred or the amount received is reduced,  notify Borrowers, and Borrowers shall pay within 30 days after demand therefor, such amounts as the  Administrative Agent may specify to be necessary to compensate Issuing Lender or any other member of  the Lender Group for such additional cost or reduced receipt, together with interest on such amount from  the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans  hereunder; provided, that (A) Borrowers shall not be required to provide any compensation pursuant to this  Section 3.01(l) for any such amounts incurred more than 180 days prior to the date on which the demand  for payment of such amounts is first made to Borrowers, and (B) if an event or circumstance giving rise to  such amounts is retroactive, then the 180-day period referred to above shall be extended to include the  period of retroactive effect thereof.  The determination by the Administrative Agent of any amount due  pursuant to this Section 3.01(l), as set forth in a certificate setting forth the calculation thereof in reasonable  detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of  the parties hereto.  (m) Each standby Letter of Credit shall expire not later than the date that is 12 months  after the date of the issuance of such Letter of Credit; provided, that any standby Letter of Credit may  provide for the automatic extension thereof for any number of additional periods each of up to one year in  duration; provided further, that with respect to any Letter of Credit which extends beyond the Revolving  Commitment Termination Date, Letter of Credit Collateralization shall be provided therefor on or before  the date that is five Business Days prior to the Revolving Commitment Termination Date.  Each commercial  Letter of Credit shall expire on the earlier of (i) 120 days after the date of the issuance of such commercial  Letter of Credit and (ii) five Business Days prior to the Revolving Commitment Termination Date.  (n) If (i) any Event of Default shall occur and be continuing, or (ii) Availability shall  at any time be less than zero, then on the Business Day following the date when the Company receives  notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Obligations has  been accelerated, Lenders with Letter of Credit Exposure representing greater than 50% of the total Letter  of Credit Exposure) demanding Letter of Credit Collateralization pursuant to this Section 3.01(n) upon such  demand, Borrowers shall provide Letter of Credit Collateralization with respect to the then existing Letter  of Credit Usage.  If Borrowers are required to provide Letter of Credit Collateralization hereunder as a  result of the occurrence of an Event of Default, any cash collateral held by the Administrative Agent as a  result of such Letter of Credit Collateralization shall be returned by the Administrative Agent to Borrowers  promptly, but in no event later than seven Business Days, after such Event of Default has been cured or  waived in accordance with this Agreement.  If Borrowers fail to provide Letter of Credit Collateralization  as required by this Section 3.01(n), the Lenders may (and, upon direction of the Administrative Agent,  shall) advance, as Revolving Loans the amount of the cash collateral required pursuant to the Letter of  Credit Collateralization provision so that the then existing Letter of Credit Usage is cash collateralized in  accordance with the Letter of Credit Collateralization provision (whether or not the Revolving Loan  Commitments have terminated, an Agent Advance exists or the conditions in Section 7 are satisfied).  (o) Unless otherwise expressly agreed by Issuing Lender and Borrowers when a Letter  of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of  the UCP shall apply to each commercial Letter of Credit.  

 

    91        (p) Issuing Lender shall be deemed to have acted with due diligence and reasonable  care if Issuing Lender’s conduct is in accordance with Standard Letter of Credit Practice or in accordance  with this Agreement.  (q) In the event of a direct conflict between the provisions of this Section 3.01 and any  provision contained in any Issuer Document, it is the intention of the parties hereto that such provisions be  read together and construed, to the fullest extent possible, to be in concert with each other.  In the event of  any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this  Section 3.01 shall control and govern.  (r) The provisions of this Section 3.01 shall survive the termination of this Agreement  and the repayment in full of the Obligations with respect to any Letters of Credit that remain outstanding.  (s) At Borrowers’ costs and expense, Borrowers shall execute and deliver to Issuing  Lender such additional certificates, instruments and/or documents and take such additional action as may  be reasonably requested by Issuing Lender to enable Issuing Lender to issue any Letter of Credit pursuant  to this Agreement and related Issuer Document, to protect, exercise and/or enforce Issuing Lenders’ rights  and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any  Issuer Document.  Each Borrower irrevocably appoints Issuing Lender as its attorney-in-fact and authorizes  Issuing Lender, without notice to Borrowers, to execute and deliver ancillary documents and letters  customary in the letter of credit business that may include but are not limited to advisements, indemnities,  checks, bills of exchange and issuance documents.  The power of attorney granted by the Borrowers is  limited solely to such actions related to the issuance, confirmation or amendment of any Letter of Credit  and to ancillary documents or letters customary in the letter of credit business.  This appointment is coupled  with an interest.  SECTION 4. Commitment Commission; Fees; Reductions of Commitment.  4.01 Fees.  (a) The Borrowers jointly and severally agree to pay to the Administrative Agent for  distribution to each Non-Defaulting Lender a commitment commission (the “Commitment Commission”)  for the period from and including the Effective Date to and including the Revolving Commitment  Termination Date (or such earlier date on which the Total Revolving Loan Commitment has been  terminated) computed at a rate per annum equal to the Applicable Commitment Commission Percentage of  the Unutilized Revolving Loan Commitment of such Non-Defaulting Lender as in effect from time to time.   Accrued Commitment Commission shall be due and payable quarterly in arrears on each Quarterly Payment  Date and on the date upon which the Total Revolving Loan Commitment is terminated.  (b) The Borrowers jointly and severally agree to pay to the Administrative Agent for  distribution to each Lender (based on each such Lender’s respective RL Percentage) a fee in respect of each  Letter of Credit (the “Letter of Credit Fee”) for the period from and including the date of issuance of such  Letter of Credit to and including the date of termination or expiration of such Letter of Credit, computed at  a rate per annum equal to (i) in the case of standby Letters of Credit, the Applicable Margin as in effect  from time to time during such period with respect to Revolving Loans that are maintained as SOFR Loans  on the daily Stated Amount of each such Letter of Credit and (ii) in the case of commercial Letters of Credit,  the Applicable Margin as in effect from time to time during such period with respect to Revolving Loans  

 

    92        that are maintained as SOFR Loans (less 50 basis points) on the daily Stated Amount of each such Letter  of Credit.  Accrued Letter of Credit Fees shall be due and payable quarterly in arrears on each Quarterly  Payment Date and on the first day on or after the termination of the Total Revolving Loan Commitment  upon which no Letters of Credit remain outstanding.  (c) The Borrowers jointly and severally agree to pay to each Issuing Lender, for its  own account, a facing fee in respect of each Letter of Credit issued by it (the “Facing Fee”) for the period  from and including the date of issuance of such Letter of Credit to and including the date of termination or  expiration of such Letter of Credit, computed at a rate per annum equal to 1/8 of 1% on the daily Stated  Amount of such Letter of Credit.  Accrued Facing Fees shall be due and payable quarterly in arrears on  each Quarterly Payment Date and upon the first day on or after the termination of the Total Revolving Loan  Commitment, upon which no Letters of Credit remain outstanding.  (d) The Borrowers jointly and severally agree to pay to each Issuing Lender, for its  own account, upon each payment under, issuance of, or amendment to, any Letter of Credit issued by it,  such amount as shall at the time of such event be the administrative charge and the reasonable expenses  which such Issuing Lender is generally imposing in connection with such occurrence with respect to letters  of credit.  (e) The Borrowers jointly and severally agree to pay to the Administrative Agent such  fees as may have been, or are hereafter, agreed to in writing from time to time by any Credit Party or any  of their respective Subsidiaries and the Administrative Agent.  4.02 Voluntary Termination of Unutilized Commitments.  (a) Upon at least three Business Day’s prior written notice to the Administrative Agent  at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders),  the Company shall have the right, at any time or from time to time, without premium or penalty to terminate  the Total Unutilized Revolving Loan Commitment in whole, or reduce it in part, pursuant to this Section  4.02(a), in an integral multiple of $1,000,000 in the case of partial reductions to the Total Unutilized  Revolving Loan Commitment; provided, that, (i) each such reduction shall apply proportionately to  permanently reduce the Revolving Loan Commitment of each Lender and (ii) after giving effect to such  termination (A) the aggregate amount of the Letter of Credit Usage shall not exceed the Maximum Letter  of Credit Amount and (B) the aggregate principal amount of Swingline Loans then outstanding shall not  exceed the Maximum Swingline Amount.  In connection with any reduction in the Revolving Loan  Commitments prior to the Revolving Commitment Termination Date, if any Credit Party or any of its  Subsidiaries owns any Margin Stock, Borrowers shall deliver to the Administrative Agent an updated Form  U-1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the  Borrowers, together with such other documentation as the Administrative Agent shall reasonably request,  in order to enable the Administrative Agent and the Lenders to comply with any of the requirements under  Regulations T, U or X of the Federal Reserve Board.  (b) In the event of certain refusals by a Lender to consent to certain proposed changes,  waivers, discharges or terminations with respect to this Agreement which have been approved by the  Required Lenders as (and to the extent) provided in Section 13.12(b), the Company shall have the right,  subject to obtaining the consents required by Section 13.12(b), upon five Business Days’ prior written  notice to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall  

 

    93        promptly transmit to each of the Lenders), to terminate the entire Revolving Loan Commitment of such  Lender, so long as all Loans, together with accrued and unpaid interest, Fees and all other amounts, owing  to such Lender (including all amounts, if any, owing pursuant to Section 2.11) are repaid concurrently with  the effectiveness of such termination (at which time Schedule 1.01(a) shall be deemed modified to reflect  such changed amounts) and such Lender’s RL Percentage of all outstanding Letters of Credit is cash  collateralized in a manner satisfactory to the Administrative Agent and the respective Issuing Lenders, and  at such time such Lender shall no longer constitute a “Lender” for purposes of this Agreement, except with  respect to indemnifications under this Agreement (including Sections 2.10, 2.11, 3.01(f), 5.04, 12.06, 13.01  and 13.06), which shall survive as to such repaid Lender.  4.03 Mandatory Reduction of Commitments.  The Total Revolving Loan Commitment (and the Revolving Loan Commitment of each Lender) shall  terminate in its entirety upon the Revolving Commitment Termination Date.  SECTION 5. Prepayments; Payments; Taxes.  5.01 Voluntary Prepayments.  (a) Each Borrower shall have the right to prepay the Loans, without premium or  penalty, in whole or in part at any time and from time to time on the following terms and conditions: (i)  such Borrower shall give the Administrative Agent prior to 12:00 Noon (or 11:00 A.M. in the case of  succeeding clause (A)) at the Notice Office (A) same day written notice (or telephonic notice promptly  confirmed in writing) of its intent to prepay Base Rate Loans and (B) at least three Business Days’ prior  written notice (or telephonic notice promptly confirmed in writing) of its intent to prepay SOFR Loans,  which notice (in each case) shall specify whether Revolving Loans or Swingline Loans shall be prepaid,  the amount of such prepayment and the Types of Loans to be prepaid and, in the case of SOFR Loans, the  specific Borrowing or Borrowings pursuant to which such SOFR Loans were made, and which notice the  Administrative Agent shall, except in the case of a prepayment of Swingline Loans, promptly transmit to  each of the Lenders; (ii) (A) each partial prepayment of Revolving Loans pursuant to this Section 5.01(a)  shall be in an aggregate principal amount of at least $250,000 (or such lesser amount as is acceptable to the  Administrative Agent) and (B) each partial prepayment of Swingline Loans pursuant to this Section 5.01(a)  shall be in an aggregate principal amount of at least $100,000 (or such lesser amount as is acceptable to the  Administrative Agent in any given case); provided, that, if any partial prepayment of SOFR Loans made  pursuant to any Borrowing shall reduce the outstanding principal amount of SOFR Loans made pursuant  to such Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, then such  Borrowing may not be continued as a Borrowing of SOFR Loans (and same shall automatically be  converted into a Borrowing of Base Rate Loans) and any election of an Interest Period with respect thereto  given by such Borrower shall have no force or effect; and (iii) each prepayment pursuant to this Section  5.01(a) in respect of any Revolving Loans made pursuant to a Borrowing shall be applied pro rata among  such Revolving Loans; provided, that, at such Borrower’s election in connection with any prepayment of  Revolving Loans pursuant to this Section 5.01(a), such prepayment shall not, so long as no Default or Event  of Default then exists, be applied to any Revolving Loan of a Defaulting Lender (it being understood and  agreed that, if at any time thereafter any such Defaulting Lender ceases to be a Defaulting Lender under  this Agreement, each Borrower shall, in coordination with the Administrative Agent, repay outstanding  Revolving Loans of certain of the Lenders, and incur additional Revolving Loans from certain other  Lenders, in each case to the extent necessary so that all of the Lenders participate in each outstanding  

 

    94        Borrowing of Revolving Loans pro rata on the basis of their respective Revolving Loan Commitments and  with the Borrowers being obligated to pay to the respective Lenders any costs of the type referred to in  Section 2.11 in connection with any such repayment and/or Borrowing).  (b) In the event of certain refusals by a Lender to consent to certain proposed changes,  waivers, discharges or terminations with respect to this Agreement which have been approved by the  Required Lenders as (and to the extent) provided in Section 13.12(b), the Borrowers may, upon five  Business Days’ prior written notice to the Administrative Agent at the Notice Office (which notice the  Administrative Agent shall promptly transmit to each of the Lenders), repay all Revolving Loans of such  Lender, together with accrued and unpaid interest, Fees and all other amounts then owing to such Lender  (including all amounts, if any, owing pursuant to Section 2.11) in accordance with, and subject to the  requirements of, Section 13.12(b), so long as (i) (A) the Revolving Loan Commitment of such Lender is  terminated concurrently with such repayment pursuant to Section 4.02(b) (at which time Schedule 1.01(a)  shall be deemed modified to reflect the changed Revolving Loan Commitments) and (B) such Lender’s RL  Percentage of all outstanding Letters of Credit is cash collateralized in a manner satisfactory to the  Administrative Agent and the respective Issuing Lenders and (ii) the consents, if any, required by Section  13.12(b) in connection with the repayment pursuant to this clause (b) shall have been obtained.  5.02 Mandatory Repayments; Cash Collateralization.  (a) (i)  On any day on which the Aggregate Exposure exceeds (a) 100% (or, during an  Agent Advance Period, 105%) of the Borrowing Base at such time and/or (b) the Total Revolving Loan  Commitment at such time, then in each case, the Borrowers jointly and severally shall repay on such day  the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline  Loans are outstanding, Revolving Loans in an amount equal to such excess.  If, after giving effect to the  repayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of  Credit Usage exceeds (c) the Borrowing Base at such time and/or (d) the Total Revolving Loan  Commitment at such time, then in each case, the Borrowers jointly and severally shall pay to the  Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal  to the amount of such excess (up to a maximum amount equal to the Letter of Credit Usage at such time),  such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrowers to each  applicable Issuing Lender and the Lenders hereunder in a cash collateral account to be established by, and  under the sole dominion and control of, the Administrative Agent.  (ii)  On any day on which either (A) the aggregate amount of the Letter of Credit  Usage exceeds the Maximum Letter of Credit Amount or (B) the aggregate amount of Letter of Credit  Usage in respect of Letters of Credit issued by a particular Issuing Lender exceeds the Issuing Lender  Sublimit for such Issuing Lender, the Borrowers jointly and severally shall pay to the Administrative Agent  at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of either  such excess, such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrowers  to each applicable Issuing Lender and the Lenders hereunder in a cash collateral account to be established  by, and under the sole dominion and control of, the Administrative Agent.  (iii)  On any day on which the aggregate principal amount of Swingline Loans then  outstanding exceeds the Maximum Swingline Amount, the Borrowers jointly and severally shall repay on  such day the principal of Swingline Loans in an amount equal to such excess.  

 

    95        (b) In addition to any other mandatory repayments pursuant to this Section 5.02, on  each date on or after the Effective Date upon which any Credit Party or any of its Subsidiaries receives any  cash proceeds from any Asset Sale of ABL Priority Collateral (other than Asset Sales or series of related  Asset Sales where the Net Sale Proceeds therefrom do not exceed $2,500,000 in any Fiscal Year) during a  Dominion Period, an amount equal to 100% of the Net Sale Proceeds therefrom shall be applied within  three Business Days of receipt thereof as a mandatory repayment in accordance with the requirements of  Sections 5.02(d) and (e).  (c) In addition to any other mandatory repayments pursuant to this Section 5.02, on  each date on or after the Effective Date upon which any Credit Party or any of its Subsidiaries receives any  cash proceeds from any Recovery Event in respect of ABL Priority Collateral (other than Recovery Events  where the Net Insurance Proceeds therefrom do not exceed $2,500,000 in any Fiscal Year) during a  Dominion Period, an amount equal to 100% of the Net Insurance Proceeds from such Recovery Event shall  be applied within three Business Days of receipt thereof as a mandatory repayment in accordance with the  requirements of Sections 5.02(d) and (e).  (d) Each amount required to be applied pursuant to Sections 5.02(b) and (c) in  accordance with this Section 5.02(d) shall be applied (i) first, to repay the outstanding principal amount of  Swingline Loans without any reduction in the Total Revolving Loan Commitment, (ii) second, if no  Swingline Loans are or remain outstanding, to repay the outstanding principal amount of Revolving Loans  without any reduction in the Total Revolving Loan Commitment and (iii) third, if no Swingline Loans or  Revolving Loans are or remain outstanding and a Default or an Event of Default then exists, to cash  collateralize Letters of Credit (such cash collateral to be held by the Administrative Agent in a cash  collateral account to be established by, and under the sole dominion and control of, the Administrative  Agent and applied to the Obligations of the applicable Borrowers to the Issuing Lenders and/or Lenders in  respect of any drawings made under any such Letters of Credit).  (e) With respect to each repayment of Loans required by this Section 5.02, the  Borrowers may designate the Types of Loans which are to be repaid and, in the case of SOFR Loans, the  specific Borrowing or Borrowings pursuant to which such SOFR Loans were made; provided, that:  (i)  repayments of SOFR Loans pursuant to this Section 5.02 made on a day other than the last day of an Interest  Period applicable thereto shall be subject to Section 2.11; (ii) if any repayment of SOFR Loans made  pursuant to a single Borrowing shall reduce the outstanding SOFR Loans made pursuant to such Borrowing  to an amount less than the Minimum Borrowing Amount applicable thereto, such Borrowing shall be  automatically converted into a Borrowing of Base Rate Loans; and (iii) each repayment of any Revolving  Loans made pursuant to a Borrowing shall be applied pro rata among the Lenders holding such Revolving  Loans.  In the absence of a designation by a Borrower as described in the preceding sentence, the  Administrative Agent shall, subject to the above, make such designation in its sole discretion.  (f) In addition to any other mandatory repayments pursuant to this Section 5.02, (i) all  then outstanding Swingline Loans shall be repaid in full on the earlier of (A) the tenth Business Day  following the date the incurrence of such Swingline Loans and (B) Swingline Expiry Date, and (ii) all then  outstanding Revolving Loans shall be repaid in full on the Revolving Commitment Termination Date.  (g) If any Lender becomes a Defaulting Lender at any time that any Letter of Credit  issued by any Issuing Lender is outstanding, the Borrower shall enter into the applicable Letter of Credit  

 

    96        Back Stop Arrangements with such Issuing Lender no later than 10 Business Days after the date such  Lender becomes a Defaulting Lender.  5.03 Method and Place of Payment.  (a) Except as otherwise expressly provided herein, all payments by Borrowers shall  be made to the Administrative Agent’s Account for the account of the Lender Group and shall be made in  immediately available funds, no later than 1:30 p.m. on the date specified herein; provided that, for the  avoidance of doubt, any payments deposited into a Collection Account shall be deemed not to be received  by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account  prior to 1:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds  in Agent’s Account later than 1:30 p.m. shall be deemed to have been received (unless Agent, in its sole  discretion, elects to credit it on the date received) on the following Business Day and any applicable interest  or fee shall continue to accrue until such following Business Day.  (b) Each Borrower and each Guarantor shall, along with the Collateral Agent and  certain financial institutions with which the Borrowers and Guarantors maintain Deposit Accounts (the  “Collection Banks”), enter into on or prior to the 90th day following the Effective Date (as such date may  be extended from time to time by the Administrative Agent in its sole discretion) and thereafter maintain  separate Cash Management Control Agreements with respect to all Deposit Accounts (other than Excluded  Accounts).  Each Credit Party shall instruct all Account Debtors of the Credit Parties to remit all payments  to the applicable “P.O. Boxes” or “Lockbox Addresses” of the applicable Collection Bank (or to remit such  payments to the applicable Collection Bank by electronic settlement) with respect to all Accounts of such  Account Debtor, which remittances shall be collected by the applicable Collection Bank and deposited in  the applicable Collection Account.  All amounts received by any Credit Party and any Collection Bank in  respect of any Account, in addition to all other cash received from any other source, shall upon receipt be  deposited into a Collection Account or directly into a Concentration Account or, to the extent permitted  hereunder in the case of amounts not constituting payments in respect of Accounts of a Credit Party, an  Excluded Account.  Each Credit Party shall, along with the Collateral Agent and each of those banks or  other Persons in which any other Deposit Accounts (other than Excluded Accounts) and Securities  Accounts (other than Excluded Accounts) are maintained, enter into on or prior to the 90th day following  the Effective Date (as such date may be extended from time to time by the Administrative Agent in its sole  discretion) and thereafter maintain separate Cash Management Control Agreements.  (c) All amounts held in all of the Collection Accounts and Disbursement Accounts  (but not Excluded Accounts) with respect to each Credit Party shall be wired by the close of business on  each Business Day into one or more concentration accounts (each, a “Concentration Account”) with the  Collateral Agent, one or more Lenders and/or one or more other institutions reasonably acceptable to the  Administrative Agent (it being understood that any institution with which the Company or any other Credit  Party maintains a Deposit Account as of the Effective Date shall be reasonably satisfactory to the  Administrative Agent) unless such amounts are otherwise required or permitted to be applied pursuant to  Section 5.02.  All of the Collection Accounts and Disbursement Accounts (other than an Excluded Account)  shall be “zero” balance accounts.  So long as no Dominion Period then exists, the Borrowers and the  Guarantors shall be permitted to transfer cash from the Concentration Accounts to the Disbursement  Accounts to be used for working capital and general corporate purposes, all subject to the requirements of  this Section 5.03(c) and pursuant to procedures and arrangements to be determined by the Administrative  

 

    97        Agent.  If a Dominion Period exists, all collected amounts held in the Concentration Accounts shall be  applied as provided in Section 5.03(d).  (d) Each Cash Management Control Agreement relating to a Concentration Account  and each Securities Account shall (unless otherwise agreed by the Administrative Agent in its reasonable  discretion) include provisions that allow, during any Dominion Period, for all collected and other amounts  held in such Concentration Account and such Securities Account from and after the date requested by the  Administrative Agent, to be sent by ACH or wire transfer or similar electronic transfer no less frequently  than once per Business Day to one or more accounts maintained with the Administrative Agent (each, a  “Wells Account”).  Subject to the terms of the respective Security Document, all amounts received in a  Wells Account shall be applied (and allocated) by the Administrative Agent on a daily basis in the following  order (in each case, to the extent the Administrative Agent has actual knowledge of the amounts owing or  outstanding as described below and after giving effect to the application of any such amounts otherwise  required to be applied pursuant to Section 5.02(b) or (c) constituting proceeds from any Collateral otherwise  required to be applied pursuant to the terms of the respective Security Document): (i) first, to the payment  (on a ratable basis) of any outstanding Lender Group Expenses actually due and payable to the  Administrative Agent or the Collateral Agent under any of the Credit Documents and to repay or prepay  outstanding Loans advanced by the Administrative Agent on behalf of the Lenders pursuant to Sections  2.01(e) and 2.04(b); (ii) second, to the extent all amounts referred to in preceding clause (i) have been paid  in full, to pay (on a ratable basis) all outstanding Lender Group Expenses actually due and payable to each  Issuing Lender under any of the Credit Documents and to repay all outstanding Letter of Credit  Disbursements and all interest thereon; (iii) third, to the extent all amounts referred to in preceding clauses  (i) and (ii) have been paid in full, to pay (on a ratable basis) all accrued and unpaid interest actually due and  payable on the Loans and all accrued and unpaid Fees actually due and payable to the Administrative Agent,  the Issuing Lenders and the Lenders under any of the Credit Documents; (iv) fourth, to the extent all  amounts referred to in preceding clauses (i) through (iii), inclusive, have been paid in full, to repay (on a  ratable basis) the outstanding principal of Revolving Loans (whether or not then due and payable); and (v)  fifth, to the extent all amounts referred to in preceding clauses (i) through (iv), inclusive, have been paid in  full, to pay (on a ratable basis) all other outstanding Obligations then due and payable to the Administrative  Agent, the Collateral Agent and the Lenders under any of the Credit Documents.  (e) Without limiting the provisions set forth in Section 13.15, the Administrative  Agent shall maintain accounts on its books in the name of each Borrower (collectively, the “Credit  Account”) in which each Borrower will be charged with all loans and advances made by the Lenders to the  respective Borrower for the respective Borrower’s account, including the Loans, the Letter of Credit Usage,  and the Fees, Lender Group Expenses and any other Obligations relating thereto.  Each Borrower will be  credited, in accordance with this Section 5.03, with all amounts received by the Lenders from such  Borrower or from others for its account, including, as set forth above, all amounts received by the  Administrative Agent and applied to the Obligations.  In no event shall prior recourse to any Accounts or  other Collateral be a prerequisite to the Administrative Agent’s right to demand payment of any Obligation  upon its maturity.  Further, the Administrative Agent shall have no obligation whatsoever to perform in any  respect any of the Borrowers’ or the Guarantors’ contracts or obligations relating to the Accounts.  5.04 Taxes.  (a) Payments.  All payments made by any Credit Party under any Credit Document  will be made free and clear of, and without deduction or withholding for, any Taxes, except as required by  

 

    98        applicable law.  In the event any such deduction or withholding of Taxes is required by applicable law, the  applicable withholding agent or Credit Party shall make the requisite withholding, promptly pay over to the  applicable Governmental Authority the withheld Tax, and furnish to the Administrative Agent as promptly  as reasonably possible after the date the payment of any such Tax is due pursuant to applicable law, certified  copies of tax receipts evidencing such payment by the Credit Parties.  Furthermore, if any such Tax is an  Indemnified Tax, the sum payable by the applicable Credit Party shall be increased as necessary so that  after such deduction or withholding has been made (including such deductions and withholdings applicable  to additional sums payable under this Section 5.04(a)) the applicable Recipient receives an amount equal  to the sum it would have received had no such deduction or withholding been made.  The Credit Parties  will promptly pay any Other Taxes or reimburse the Administrative Agent for such Other Taxes upon the  Administrative Agent’s demand.  The Credit Parties shall indemnify each Recipient for the full amount of  Indemnified Taxes arising in connection with this Agreement or any other Credit Document (including any  Indemnified Taxes imposed or asserted on, or attributable to, amounts payable under this Section 5.04)  imposed on, or paid by, such Recipient and all reasonable costs and expenses related thereto, whether or  not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental  Authority (other than Indemnified Taxes and additional amounts that a court of competent jurisdiction  finally determines to have resulted from the gross negligence or willful misconduct of such Recipient).  The  obligations of the Credit Parties under this Section 5.04 shall survive the termination of this Agreement, the  resignation and replacement of the Administrative Agent, and the repayment of the Obligations.  (b) Exemptions.  (i) Any Lender that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Credit Document shall deliver to the Credit  Parties and the Administrative Agent, at the time or times reasonably requested by the Credit Parties or the  Administrative Agent, such properly completed and executed documentation reasonably requested by the  Credit Parties or the Administrative Agent as will permit such payments to be made without withholding  or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Credit Parties  or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or  reasonably requested by the Credit Parties or the Administrative Agent as will enable the Credit Parties or  the Administrative Agent to determine whether or not such Lender is subject to backup withholding or  information reporting requirements.  Without limiting the generality of the foregoing, if a Lender or  Participant is entitled to claim an exemption from or reduction in United States withholding tax, such  Lender or Participant agrees with and in favor of the Administrative Agent, to deliver to the Administrative  Agent (or, in the case of a Participant, to the Lender granting the participation only) and the Company on  behalf of all Borrowers whichever of the following is applicable before receiving its first payment under  this Agreement:  (A) if such Lender or Participant is claiming an exemption from  United States withholding tax pursuant to the portfolio interest exception, (A) a statement of the Lender or  Participant signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A)  of the Code, (II) a 10% shareholder of any Borrower (within the meaning of Section 871(h)(3)(B) of the  Code), or (III) a controlled foreign corporation related to any Borrower within the meaning of 881(c)(3)(C)  or Section 864(d)(4) of the Code, and (B) a properly completed and executed IRS Form W-8BEN, Form  W-8BEN-E or Form W-8IMY, as applicable (with proper attachments as applicable);  

 

    99        (B) if such Lender or Participant is claiming an exemption from, or a  reduction of, withholding tax under a United States tax treaty, (x) with respect to payments of interest under  any Credit Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,  establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”  article of such tax treaty and (y) with respect to any other applicable payments under any Credit Document,  IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction  of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax  treaty;  (C) if such Lender or Participant is claiming that interest paid under  this Agreement is exempt from United States withholding tax because it is effectively connected with a  United States trade or business of such Lender or Participant, a properly completed and executed copy of  IRS Form W-8ECI;  (D) if such Lender or Participant is claiming that interest paid under  this Agreement is exempt from United States withholding tax because such Lender or Participant serves as  an intermediary, a properly completed and executed copy of IRS Form W-8IMY (including a withholding  statement and copies of the tax certification documentation for its beneficial owner(s) of the income paid  to the intermediary, if required based on its status provided on the Form W-8IMY); or  (E) a properly completed and executed copy of any other form or  forms, including IRS Form W-9, as may be required under the Code or other laws of the United States as a  condition to exemption from, or reduction of, United States withholding or backup withholding tax.  (ii) Each Lender or Participant shall provide new forms (or successor forms)  upon the expiration or obsolescence of any previously delivered forms and to promptly notify the  Administrative Agent and Company (or, in the case of a Participant, to the Lender granting the participation  only) of any change in circumstances which would modify or render invalid any claimed exemption or  reduction.  (iii) If a Lender or Participant claims an exemption from withholding tax in a  jurisdiction other than the United States, such Lender or such Participant agrees with and in favor of the  Administrative Agent and Borrowers, to deliver to the Administrative Agent and Company (or, in the case  of a Participant, to the Lender granting the participation only) any such form or forms, as may be required  under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding  or backup withholding tax before receiving its first payment under this Agreement, but only if such Lender  or such Participant is legally able to deliver such forms, or the providing of or delivery of such forms in the  Lender’s reasonable judgment would not subject such Lender to any material unreimbursed cost or expense  or materially prejudice the legal or commercial position of such Lender (or its Affiliates); provided, further,  that nothing in this Section 5.04(b) shall require a Lender or Participant to disclose any information that it  deems to be confidential (including its tax returns).  Each Lender and each Participant shall provide new  forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and  promptly notify the Administrative Agent and Company (or, in the case of a Participant, to the Lender  granting the participation only) of any change in circumstances which would modify or render invalid any  claimed exemption or reduction.  (iv) If a Lender or Participant claims exemption from, or reduction of,  withholding tax and such Lender or Participant sells, assigns, grants a participation in, or otherwise transfers  

 

    100        all or part of the Obligations of Borrowers to such Lender or Participant, such Lender or Participant agrees  to notify the Administrative Agent and Company (or, in the case of a sale of a participation interest, to the  Lender granting the participation only) of the percentage amount in which it is no longer the beneficial  owner of Obligations of Borrowers to such Lender or Participant.  To the extent of such percentage amount,  the Administrative Agent and Company will treat such Lender’s or such Participant’s documentation  provided pursuant to Section 5.04(b)(i) or 5.04(b)(iii) as no longer valid.  With respect to such percentage  amount, such Participant or assignee may provide new documentation, pursuant to Section 5.04(b)(i) or  5.04(b)(iii), if applicable.  (v) If a payment made to a Lender under any Credit Document would be  subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the  applicable due diligence and reporting requirements of FATCA (including those contained in Section  1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent (or,  in the case of a Participant, to the Lender granting the participation only) at the time or times prescribed by  law and at such time or times reasonably requested by the Administrative Agent (or, in the case of a  Participant, the Lender granting the participation) such documentation prescribed by applicable law  (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation  reasonably requested by the Administrative Agent (or, in the case of a Participant, the Lender granting the  participation) as may be necessary for the Administrative Agent or Borrowers to comply with their  obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations  under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes  of this clause (v), “FATCA” shall include any amendments made to FATCA after the date of this  Agreement.  (c) Reductions.  (i) If a Lender or a Participant is subject to an applicable withholding Tax,  the Administrative Agent (or, in the case of a Participant, the Lender granting the participation) may  withhold from any payment to such Lender or such Participant an amount equivalent to the applicable  withholding Tax.  If the forms or other documentation required by Section 5.04(b)(i) or 5.04(b)(iii) are not  delivered to the Administrative Agent (or, in the case of a Participant, to the Lender granting the  participation), then the Administrative Agent (or, in the case of a Participant, to the Lender granting the  participation) may withhold from any payment to such Lender or such Participant not providing such forms  or other documentation an amount equivalent to the applicable withholding Tax.  (ii) If the IRS or any other Governmental Authority of the United States or  other jurisdiction asserts a claim that the Administrative Agent (or, in the case of a Participant, to the Lender  granting the participation) did not properly withhold Tax from amounts paid to or for the account of any  Lender or any Participant due to a failure on the part of the Lender or any Participant (because the  appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the  Administrative Agent (or such Participant failed to notify the Lender granting the participation) of a change  in circumstances which rendered the exemption from, or reduction of, withholding Tax ineffective, or for  any other reason) such Lender shall indemnify and hold the Administrative Agent harmless (or, in the case  of a Participant, such Participant shall indemnify and hold the Lender granting the participation harmless)  for all amounts paid, directly or indirectly, by the Administrative Agent (or, in the case of a Participant, to  the Lender granting the participation), as Tax or otherwise, including penalties and interest, and including  any Taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent (or, in the case  

 

    101        of a Participant, to the Lender granting the participation only) under this Section 5.04, together with all  costs and expenses (including attorneys’ fees and expenses).  The obligation of the Lenders and the  Participants under this subsection shall survive the payment of all Obligations and the resignation or  replacement of the Administrative Agent.  (d) Refunds.  If the Administrative Agent or a Lender determines, in its sole discretion  exercised in good faith, that it has received a refund of any Indemnified Taxes to which the Credit Parties  have paid additional amounts pursuant to this Section 5.04, so long as no Default or Event of Default has  occurred and is continuing, it shall pay over such refund to the Company on behalf of the Credit Parties  (but only to the extent of payments made, or additional amounts paid, by the Credit Parties under this  Section 5.04 with respect to Indemnified Taxes giving rise to such a refund), net of all out-of-pocket  expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by  the applicable Governmental Authority with respect to such a refund); provided, that the Credit Parties,  upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the  Credit Parties (plus any penalties, interest or other charges, imposed by the applicable Governmental  Authority, other than such penalties, interest or other charges imposed as a result of the willful misconduct  or gross negligence of the Administrative Agent or Lender hereunder as finally determined by a court of  competent jurisdiction) to the Administrative Agent or such Lender in the event the Administrative Agent  or such Lender is required to repay such refund to such Governmental Authority.  Notwithstanding anything  in this Agreement to the contrary, this Section 5.04 shall not be construed to require the Administrative  Agent or any Lender to make available its tax returns (or any other information which it deems confidential)  to Credit Parties or any other Person or require the Administrative Agent or any Lender to pay any amount  to an indemnifying party pursuant to Section 5.04(d), the payment of which would place the Administrative  Agent or such Lender (or their Affiliates) in a less favorable net after-Tax position than such Person would  have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,  withheld or otherwise imposed and the indemnification payments or additional amounts with respect to  such Tax had never been paid.  (e) For purposes of this Section, the term “Lender” includes any Issuing Lender and  the term “applicable law” includes FATCA.  SECTION 6. Conditions Precedent to Credit Events on the Effective Date.  The occurrence of the Effective Date and the obligation of each Lender to make Loans, and the  obligation of each Issuing Lender to issue Letters of Credit, on the Effective Date, are subject to the  satisfaction of the following conditions:  6.01 Effective Date; Notes.  On or prior to the Effective Date, (a) this Agreement shall have  been executed and delivered as provided in Section 13.10 and (b) there shall have been delivered to the  Administrative Agent for the account of each of the Lenders that has requested same the appropriate  Revolving Notes executed by the Borrowers and if requested by the Swingline Lender, the appropriate  Swingline Notes executed by the Borrowers, in each case, in the amount, maturity and as otherwise  provided herein.  6.02 Officer’s Certificate.  On the Effective Date, the Administrative Agent shall have received  a certificate, dated the Effective Date and signed on behalf of the Company by an Authorized Officer of the  

 

    102        Company, certifying on behalf of the Company that all of the conditions in Sections 6.06 through 6.08,  inclusive, and 7.01 have been satisfied on such date.  6.03 Opinions of Counsel.  On the Effective Date, the Administrative Agent shall have received  (a) from Fried, Frank, Harris, Shriver & Jacobson LLP, special counsel to the Credit Parties, an opinion, in  form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative  Agent, the Collateral Agent and each of the Lenders and dated the Effective Date covering such matters  incident to the transactions contemplated herein as the Administrative Agent may reasonably request,  including, without limitation, those matters referred to in Section 6.09 hereof and (b) from McCarthy  Tetrault LLP, Canadian counsel to the Credit Parties, an opinion, in form and substance reasonably  satisfactory to the Administrative Agent, addressed to the Administrative Agent, the Collateral Agent and  each of the Lenders and dated the Effective Date covering such matters incident to the transactions  contemplated herein as the Administrative Agent may reasonably request.  6.04 Company Documents; Proceedings; etc.  (a) On the Effective Date, the Administrative Agent shall have received a certificate  from each Credit Party, dated the Effective Date, signed by the chairman of the board, the chief executive  officer, the chief financial officer, the president or any vice president of such Credit Party, and attested to  by the secretary or any assistant secretary of such Credit Party, in the form of Exhibit F with appropriate  insertions, together with copies of the certificate or articles of incorporation and by-laws (or other  equivalent organizational documents), as applicable, of such Credit Party and the resolutions of such Credit  Party referred to in such certificate, and each of the foregoing shall be in form and substance reasonably  acceptable to the Administrative Agent.  (b) On the Effective Date, the Administrative Agent shall have received all  information and copies of all documents and papers, including board (or equivalent) resolutions,  governmental approvals, good standing certificates and bring-down telegrams or facsimiles, if any, which  the Administrative Agent reasonably may have requested in connection therewith, such documents and  papers where appropriate to be certified by proper Business or Governmental Authorities.  6.05 Shareholders’ Agreements; Management Agreements; Tax Sharing Agreements; Existing  Indebtedness Agreements.  On or prior to the Effective Date, there shall have been delivered to the Administrative Agent true  and correct copies of the following documents, certified as such by an Authorized Officer of the Company:  (a) all agreements entered into by any Credit Party or any of their respective  Subsidiaries governing the terms and relative rights of its equity interests and any agreements entered into  by its shareholders relating to any such entity with respect to its equity interests (collectively, the  “Shareholders’ Agreements”);  (b) all material agreements with members of, or with respect to, the management of  any Credit Party or any of their respective Subsidiaries (other than employment agreements) (collectively,  the “Management Agreements”);  (c) all tax sharing, tax allocation and other similar agreements (if any) entered into by  any Credit Party or any of their respective Subsidiaries (collectively, the “Tax Sharing Agreements”); and  

 

    103        (d) all agreements evidencing or relating to Existing Indebtedness (other than  agreements relating to Finance Lease Obligations, purchase money Indebtedness and intercompany  Indebtedness) (the “Existing Indebtedness Agreements”).  6.06 Refinancing.  On or prior to the Effective Date, all Indebtedness and other obligations  (other than the letters of credit issued thereunder) in respect of the Existing Credit Agreement shall have  been repaid in full, together with all fees and other amounts owing thereon, and all letters of credit issued  pursuant thereto shall have been terminated, incorporated as a Letter of Credit hereunder or backstopped  pursuant to a Letter of Credit issued hereunder.  Deutsche Bank Trust Company Americas, as administrative  agent, collateral agent and Issuing Lender under the Existing Credit Agreement, shall have resigned in each  such capacity.  6.07 Material Adverse Change, Approvals.  (a) Since December 31, 2011, nothing shall have occurred which has had, or could  reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.  (b) On or prior to the Effective Date, all necessary governmental (domestic and  foreign) and material third party approvals and/or consents in connection with the amendment and  restatement of the Existing Credit Agreement, the other related transactions contemplated hereby and the  granting of Liens under the Credit Documents shall have been obtained and remain in effect, and all  applicable waiting periods with respect thereto shall have expired without any action being taken by any  competent authority which restrains, prevents or imposes materially adverse conditions upon the  consummation of any such transaction.  On the Effective Date, there shall not exist any judgment, order,  injunction or other restraint issued or filed or a hearing seeking injunctive relief or other restraint pending  or notified prohibiting or imposing materially adverse conditions upon the amendment and restatement of  the Existing Credit Agreement or the execution and performance of this Agreement and the other Credit  Documents.  6.08 Litigation.  On the Effective Date, there shall be no actions, suits or proceedings pending  or threatened (a) with respect to the amendment and restatement of the Existing Credit Agreement, this  Agreement or any other Credit Document, or (b) which has had, or could reasonably be expected to have,  either individually or in the aggregate, a Material Adverse Effect.  6.09 Intercreditor Agreement.  The Intercreditor Agreement shall be in full force and effect, no  party thereto shall be in breach of any of the provisions thereof.  6.10 Pledge and Security Agreement.  On the Effective Date, each Credit Party shall have duly  authorized, executed and delivered the Pledge and Security Agreement in the form of Exhibit G (as  amended, modified, restated and/or supplemented from time to time, the “Pledge and Security Agreement”),  together with:  (a) proper financing statements (Form UCC-1 or the equivalent) fully authorized for  filing under the UCC or other appropriate filing offices of each jurisdiction as may be necessary or, in the  reasonable opinion of the Collateral Agent, desirable, to perfect the security interests purported to be created  by the Pledge and Security Agreement;  

 

    104        (b) subject to the Intercreditor Agreement, delivery of (i) all certificates or other  instruments (to the extent issuable, including by amending any applicable governing documents, in  certificate form) representing all such Equity Interests required to be delivered to the Collateral Agent  pursuant to the Pledge and Security Agreement, together with undated stock powers or other instruments  of transfer with respect thereto endorsed in blank and (ii) all promissory notes required to be delivered to  the Collateral Agent pursuant to the Pledge and Security Agreement, together with undated instruments of  transfer with respect thereto endorsed in blank;  (c) delivery of a completed Collateral Questionnaire dated the Effective Date and  executed by an Authorized Officer of each Credit Party, together with all attachments contemplated thereby,  including the results of a recent search, by a Person reasonably satisfactory to the Collateral Agent, of all  effective UCC financing statements (or equivalent filings) made with respect to any personal or mixed  property the creation of security interests in which is governed by the UCC of any Credit Party or any of  their respective Subsidiaries in the jurisdictions specified in the Collateral Questionnaire or, in the case of  such Subsidiaries which are not Credit Parties as reasonably determined by the Administrative Agent,  together with copies of all such filings disclosed by such search;  (d) evidence of the completion of all other recordings and filings of, or with respect  to, the Pledge and Security Agreement as may be necessary to perfect and protect the security interests  intended to be created by the Pledge and Security Agreement; and  (e) evidence that all other actions necessary to perfect and protect the security interests  purported to be created by the Pledge and Security Agreement have been taken, and the Pledge and Security  Agreement shall be in full force and effect.  6.11 [Reserved].  6.12 Financial Statements; Pro Forma Balance Sheet; Projections.  On or prior to the Effective  Date, the Administrative Agent shall have received true and correct copies of the historical financial  statements, the pro forma financial statements and the Projections referred to in Sections 8.05(a) and  8.05(d), which historical financial statements, pro forma financial statements and Projections shall be in  form and substance reasonably satisfactory to the Administrative Agent, it being hereby acknowledged that  the historical financial statements, the pro forma financial statements and the Projections delivered to  Administrative Agent on or prior to December 1, 2012 are satisfactory.  6.13 Solvency Certificate; Insurance Certificates.  On the Effective Date, the Administrative  Agent shall have received:  (a) a solvency certificate from the chief financial officer of the Company in the form  of Exhibit H; and  (b) certificates of insurance complying with the requirements of Section 9.03 for the  business and properties of the Credit Parties, in form and substance reasonably satisfactory to the  Administrative Agent and naming the Collateral Agent as an additional insured and/or as loss payee, as  applicable, and stating that such insurance shall not be canceled without at least 30 days’ prior written  notice by the insurer to the Collateral Agent.  

 

    105        6.14 Fees, etc.  On the Effective Date, the Borrowers shall have paid to the Administrative  Agent, the Lead Arranger, the Collateral Agent and each Lender all costs, fees and expenses (including  reasonable legal fees and expenses) and other compensation contemplated hereby payable to the  Administrative Agent, the Lead Arranger, the Collateral Agent or such Lender to the extent then due.  6.15 Initial Borrowing Base Certificate; Excess Availability.  On the Effective Date, the  Administrative Agent and the Collateral Agent shall have received the initial Borrowing Base Certificate  meeting the requirements of Section 9.01(j).  (a) On the Effective Date and after giving effect to the Transaction (and the Credit  Events hereunder on such date), Excess Availability shall equal or exceed $250,000,000 and the Company  shall have delivered an officer’s certificate from its chief financial officer demonstrating in reasonable detail  such Excess Availability.  6.16 Field Examinations; etc.  On or prior to the Effective Date, the Company shall have  provided to the Administrative Agent and the Collateral Agent a collateral examination of the Accounts  and Inventory and related accounts, in each case, in scope, and from a third-party consultant, reasonably  satisfactory to the Administrative Agent and the Collateral Agent, and the results of such collateral  examination shall be in form and substance reasonably satisfactory to the Administrative Agent and the  Collateral Agent.  6.17 PATRIOT Act.  On or prior to the Effective Date, the Administrative Agent and the  Lenders shall have received all documentation and other information required by regulatory authorities  under applicable “know your customer” and anti-money laundering rules and regulations, including the  PATRIOT Act.  6.18 Federal Reserve Board.  All Loans and all other financings to the Borrowers (and all  guaranties thereof and security therefor), as well as the Transaction and the consummation thereof, shall be  in compliance with all applicable requirements of law, including Regulations T, U and X of the Federal  Reserve Board.  6.19 Flood Certifications.  On or prior to the Effective Date, the Collateral Agent shall have  received flood certifications with respect to all real property Collateral, each in form and substance  satisfactory to the Collateral Agent.  SECTION 7. Conditions Precedent to All Credit Events.  The obligation of each Lender to make Loans (including Loans made on the Effective Date), and  the obligation of each Issuing Lender to issue Letters of Credit (including Letters of Credit issued on the  Effective Date), are subject, at the time of each such Credit Event (except as hereinafter indicated), to the  occurrence of the Effective Date and the satisfaction of the following conditions:  7.01 No Default; Representations and Warranties.  At the time of each such Credit Event and  also after giving effect thereto (a) there shall exist no Default or Event of Default and (b) all representations  and warranties contained herein and in the other Credit Documents shall be true and correct in all material  respects with the same effect as though such representations and warranties had been made on the date of  such Credit Event (it being understood and agreed that (i) any representation or warranty which by its terms  is made as of a specified date shall be required to be true and correct in all material respects only as of such  

 

    106        specified date and (ii) any representation or warranty that is qualified as to “materiality,” “Material Adverse  Effect” or similar language shall be true and correct in all respects on any such date).  7.02 Notice of Borrowing; Letter of Credit Request.  (a) Prior to the making of each Loan (other than a Swingline Loan or a Revolving  Loan made pursuant to a Mandatory Borrowing), the Administrative Agent shall have received a Borrowing  request meeting the requirements of Section 2.03(a).  Prior to the making of each Swingline Loan, the  Swingline Lender shall have received the notice referred to in Section 2.03(b)(i).  (b) Prior to the issuance of each Letter of Credit, the Administrative Agent and the  respective Issuing Lender shall have received a Letter of Credit request meeting the requirements of Section  3.01.  7.03 Borrowing Base Limitations.  Notwithstanding anything to the contrary set forth herein  (but subject to Section 2.01(e)), it shall be a condition precedent to each Credit Event that after giving effect  thereto (and the use of the proceeds thereof):  (a) the Aggregate Exposure would not exceed 100% (or, during an Agent Advance  Period 105%) of the Borrowing Base at such time; and  (b) the Aggregate Exposure at such time would not exceed the Total Revolving Loan  Commitment at such time.  The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by the  Credit Parties to the Administrative Agent and each of the Lenders that all the conditions specified in  Section 6 (with respect to the occurrence of the Effective Date and Credit Events on the Effective Date)  and in this Section 7 (with respect to the occurrence of the Effective Date and Credit Events on or after the  Effective Date) and applicable to the occurrence on the Effective Date and such Credit Event are satisfied  as of that time.  All of the Notes, certificates, legal opinions and other documents and papers referred to in  Section 6 and in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent  at the Notice Office for the account of each of the Lenders and, shall be in form and substance reasonably  satisfactory to the Administrative Agent.  SECTION 8. Representations, Warranties and Agreements.  In order to induce the Lenders to enter into this Agreement and to make the Loans, and issue (or  participate in) the Letters of Credit as provided herein, each Credit Party makes the following  representations, warranties and agreements, in each case after giving effect to the Transaction, all of which  shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans and  the issuance of the Letters of Credit, with the occurrence of the Effective Date and each Credit Event on or  after the Effective Date being deemed to constitute a representation and warranty that the matters specified  in this Section 8 are true and correct in all material respects on and as of the Effective Date and on the date  of each Credit Event (it being understood and agreed that (a) any representation or warranty which by its  terms is made as of a specified date shall be required to be true and correct in all material respects only as  of such specified date and (b) any representation or warranty that is qualified by “materiality”, “Material  Adverse Effect” or similar language shall be true and correct in all respects).  

 

    107        8.01 Company Status.  Each of the Credit Parties and each of their respective Subsidiaries (a) is  a duly organized and validly existing Business in good standing under the laws of the jurisdiction of its  organization, (b) has the Business power and authority to own its property and assets and to transact the  business in which it is engaged and presently proposes to engage and (c) is duly qualified and is authorized  to do business and is in good standing in each jurisdiction where the ownership, leasing or operation of its  property or the conduct of its business requires such qualifications except, in the case of this clause (c), for  failures to be so qualified or authorized which, either individually or in the aggregate, could not reasonably  be expected to have a Material Adverse Effect.  8.02 Power and Authority.  Each Credit Party has the Business power and authority to execute,  deliver and perform the terms and provisions of each of the Credit Documents to which it is party and has  taken all necessary Business action to authorize the execution, delivery and performance by it of each of  such Credit Documents.  Each Credit Party has duly executed and delivered each of the Credit Documents  to which it is party, and each of such Credit Documents constitutes its legal, valid and binding obligation  enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited  by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting  creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at  law).  8.03 No Violation.  Neither the execution, delivery or performance by any Credit Party of the  Credit Documents to which it is a party, nor compliance by it with the terms and provisions thereof, (a) will  contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of  any court or Governmental Authority, except for contraventions which, either individually or in the  aggregate, could not reasonably be expected to have a Material Adverse Effect, (b) will conflict with or  result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under,  or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant  to the Security Documents) upon any of the property or assets of any Credit Party or any of their respective  Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan  agreement, or any other agreement, contract or instrument, in each case to which any Credit Party or any  of their respective Subsidiaries is a party or by which it or any its property or assets is bound or to which it  may be subject, except for conflicts, breaches, defaults or impositions of Liens which, either individually  or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, or (c) will violate  any provision of the certificate or articles of incorporation, certificate of formation, limited liability  company agreement or bylaws (or equivalent organizational documents), as applicable, of any Credit Party  or any of their respective Subsidiaries.  8.04 Approvals.  No material order, consent, approval, license, authorization or validation of, or  filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or  prior to the Effective Date and which remain in full force and effect on the Effective Date and (y) filings  which are necessary to perfect the security interests created or intended to be created under the Security  Documents, which filings will be made within ten days following the Effective Date), or exemption by, any  Governmental Authority is required to be obtained or made by, or on behalf of, any Credit Party to  authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with, (a)  the execution, delivery and performance of any Credit Document or (b) the legality, validity, binding effect  or enforceability of any such Credit Document.  8.05 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections.  

 

    108        (a) (i) The audited consolidated balance sheet of Coffeyville Resources at December  31, 2011 and December 31, 2010 and the related consolidated statements of income and cash flows and  changes in shareholders’ equity of Coffeyville Resources for the Fiscal Years ended on such dates, in each  case furnished to the Lenders prior to the Effective Date, present fairly in all material respects the  consolidated financial position of Coffeyville Resources at the date of said financial statements and the  results for the respective periods covered thereby and (ii) the unaudited consolidated balance sheet of  Coffeyville Resources at September 30, 2012 and the related consolidated statements of income and cash  flows and changes in shareholders’ equity of Coffeyville Resources for the nine-month period ended on  such date, furnished to the Lenders prior to the Effective Date, present fairly in all material respects the  consolidated financial condition of Coffeyville Resources at the date of said financial statements and the  results for the period covered thereby, subject to normal year-end adjustments.  All such financial  statements have been prepared in accordance with GAAP consistently applied except to the extent provided  in the notes to said financial statements and subject, in the case of the unaudited financial statements, to  normal year-end audit adjustments (all of which are of a recurring nature and none of which, individually  or in the aggregate, would be material) and the absence of footnotes.  (b) (i) The sum of the fair value of the assets, at a fair valuation, of the Credit Parties  (taken as a whole) will exceed its or their respective debts, (i) the sum of the present fair saleable value of  the assets of the Credit Parties (taken as a whole) will exceed its or their respective debts, (ii) the Credit  Parties (taken as a whole) have not incurred and do not intend to incur, and do not believe that they will  incur, debts beyond their respective ability to pay such debts as such debts mature, and (iii) the Credit  Parties (taken as a whole) will have sufficient capital with which to conduct their respective businesses.   For purposes of this Section 8.05(b), “debt” means any liability on a claim, and “claim” means (A) right to  payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent,  matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured or (B) right to an  equitable remedy for breach of performance if such breach gives rise to a payment, whether or not such  right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,  undisputed, secured or unsecured.  The amount of contingent liabilities at any time shall be computed as  the amount that, in the light of all the facts and circumstances existing at such time, represents the amount  that can reasonably be expected to become an actual or matured liability.  (c) Except as fully disclosed in the financial statements delivered pursuant to Section  8.05(a), there were as of the Effective Date no liabilities or obligations with respect to Coffeyville Resources  or any of its Subsidiaries of any nature whatsoever (whether absolute, accrued, contingent or otherwise and  whether or not due) which, either individually or in the aggregate, could reasonably be expected to be  material to Coffeyville Resources and its Subsidiaries taken as a whole.  As of the Effective Date, no Credit  Party knows of any basis for the assertion against it or any of its Subsidiaries of any liability or obligation  of any nature whatsoever that is not fully disclosed in the financial statements delivered pursuant to Section  8.05(a) or referred to in the immediately preceding sentence which, either individually or in the aggregate,  could reasonably be expected to be material to the Credit Parties and their respective Subsidiaries taken as  a whole.  (d) The Projections delivered to the Administrative Agent and the Lenders prior to the  Effective Date have been prepared in good faith and are based on reasonable assumptions, and there are no  statements or conclusions in the Projections which are based upon or include information known to any  Credit Party to be misleading in any material respect or which fail to take into account material information  known to any Credit Party regarding the matters reported therein.  On the Effective Date, the Credit Parties  

 

    109        believe that the Projections are reasonable and attainable, it being recognized by the Lenders, however, that  projections as to future events are not to be viewed as facts and that the actual results during the period or  periods covered by the Projections may differ from the projected results included in such Projections and  such differences may be material.  (e) Since December 31, 2011, nothing has occurred that has had, or could reasonably  be expected to have, either individually or in the aggregate, a Material Adverse Effect.  8.06 Litigation.  Except as (and to the extent) disclosed in Schedule 8.06 or in the public filings  of CVR Energy, there are no actions, suits or proceedings pending or, to the knowledge of any Credit Party,  threatened (a) with respect to any Credit Document or (b) that has had, or could reasonably be expected to  have, either individually or in the aggregate, a Material Adverse Effect.  8.07 True and Complete Disclosure.  All factual information (taken as a whole) furnished by or  on behalf of any Credit Party in writing to the Administrative Agent or any Lender (including all  information contained in the Credit Documents) for purposes of or in connection with this Agreement, the  other Credit Documents or any transaction contemplated herein or therein is, and all other such factual  information (taken as a whole) hereafter furnished by or on behalf of any Credit Party in writing to the  Administrative Agent or any Lender will be, true and accurate in all material respects on the date as of  which such information is dated or certified and not incomplete by omitting to state any fact necessary to  make such information (taken as a whole) not misleading in any material respect at such time in light of the  circumstances under which such information was provided, it being understood and agreed that for purposes  of this Section 8.07, such factual information shall not include the Projections or any pro forma financial  information.  To the extent a Beneficial Ownership Certification has been delivered to the Administrative  Agent, the information included in the Beneficial Ownership Certification most recently provided to the  Administrative Agent is true and correct in all respects as of the date of such certification.  8.08 Use of Proceeds; Margin Regulations.  (a) All proceeds of the Loans will be used for Capital Expenditures and the working  capital and general corporate purposes of the Credit Parties and their Subsidiaries; provided, that, the  proceeds of Swingline Loans shall not be used to refinance then outstanding Swingline Loans.  (b) No part of any Credit Event (or the proceeds thereof) will be used to purchase or  carry any Margin Stock or to extend credit for the purpose of purchasing or carrying any Margin Stock.   Neither the making of any Loan nor the use of the proceeds thereof nor the occurrence of any other Credit  Event will violate or be inconsistent with the provisions of Regulation T, U or X.  No part of the proceeds  of any Loan or Letter of Credit will be used, directly or, to the knowledge of the Borrowers after due care  and inquiry, indirectly, to make any payments to a Sanctioned Entity or a Sanctioned Person, to fund any  investments, loans or contributions in, or otherwise make such proceeds available to, a Sanctioned Entity  or a Sanctioned Person, to fund any operations, activities or business of a Sanctioned Entity or a Sanctioned  Person, or in any other manner that would result in a violation of Sanctions by any Person, and no part of  the proceeds of any Loan or Letter of Credit will be used, directly or indirectly, in furtherance of an offer,  payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to  any Person in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.  

 

    110        (c) Neither any Credit Party nor any of its Subsidiaries is engaged principally, or as  one of its important activities, in the business of extending credit for the purpose of purchasing or carrying  any Margin Stock.  As of the Amendment No. 3 Effective Date, neither any Credit Party nor any of its  Subsidiaries owns or expects to acquire any Margin Stock.  8.09 Tax Returns and Payments.  Except as (and to the extent) set forth on Schedule 8.09, (a)  each of the Credit Parties and each of their respective Subsidiaries has timely filed or caused to be timely  filed with the appropriate taxing authority all federal and other material returns, statements, forms and  reports for taxes (the “Returns”) required to be filed by, or with respect to the income, properties or  operations of, any Credit Party and/or any of their respective Subsidiaries, (b) the Returns accurately reflect  in all material respects all liability for Taxes of the Credit Parties and their respective Subsidiaries, as  applicable, for the periods covered thereby, (c) each of the Credit Parties and each of their respective  Subsidiaries has paid or caused to be paid all Taxes and assessments payable by it which have become due,  other than those that are immaterial or those that are being contested in good faith and adequately disclosed  and fully provided for on the financial statements of the Company in accordance with GAAP, and (d) there  is no material action, suit, proceeding, investigation, audit or claim now pending or threatened in writing  by any taxing authority regarding any material Taxes relating to any Credit Party or any of their respective  Subsidiaries.  As of the Amendment No. 3 Effective Date, no Credit Party nor any of their respective  Subsidiaries has entered into an agreement or waiver or been requested to enter into an agreement or waiver  extending any statute of limitations relating to the payment or collection of Taxes of any Credit Party or  any of their respective Subsidiaries.  8.10 Compliance with ERISA.  (a) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect:  (i) each Plan is in compliance in form and operation with its terms  and with ERISA and the Code (including the Code provisions compliance with which is necessary for any  intended favorable tax treatment) and all other applicable laws and regulations; (ii) each Plan (and each  related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a  favorable determination letter from the IRS to the effect that it meets the requirements of Sections 401(a)  and 501(a) of the Code covering all applicable tax law changes or is comprised of a master or prototype  plan that has received a favorable opinion letter from the IRS, and to the knowledge of any Credit Party or  any of their respective Subsidiaries, nothing has occurred since the date of such determination that would  reasonably be expected to adversely affect such determination (or, in the case of a Plan with no  determination, to the knowledge of any Credit Party or any of their respective Subsidiaries, nothing has  occurred that would reasonably be expected to adversely affect the issuance of a favorable determination  letter or otherwise adversely affect such qualification); and (iii) no ERISA Event has occurred, or is  reasonably expected to occur.  (b) There exists no Unfunded Pension Liability with respect to any Plan, which either  individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  (c) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect:  (i) no Multiemployer Plan is insolvent or in reorganization; (ii) none  of the Credit Parties or any of their respective Subsidiaries or any ERISA Affiliate has incurred a complete  or partial withdrawal from any Multiemployer Plan; and (iii) none of the Credit Parties, any of their  respective Subsidiaries, or any of their respective ERISA Affiliates would incur any withdrawal liability if  

 

    111        any of them were to withdraw in a complete withdrawal as of the date this assurance is given or deemed  given.  (d) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect, there are no actions, suits or claims pending against or involving a  Plan (other than routine claims for benefits) or, to the knowledge of any Credit Party, which would  reasonably be expected to be asserted successfully against any Plan and, if so asserted successfully, could  reasonably be expected either singly or in the aggregate to result in liability.  (e) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect, the Credit Parties, their respective Subsidiaries and any ERISA  Affiliate have made all material contributions to or under each Plan and Multiemployer Plan required by  law within the applicable time limits prescribed thereby, the terms of such Plan or Multiemployer Plan,  respectively, or any contract or agreement requiring contributions to a Plan or Multiemployer Plan save  where any failure to comply, individually or in the aggregate, could not reasonably be expected to result in  liability.  (f) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect:  (i) no Plan which is subject to Section 412 of the Code or Section  302 of ERISA has applied for or received an extension of any amortization period, within the meaning of  Section 412 of the Code or Section 303 or 304 of ERISA; (ii) the Credit Parties, their respective Subsidiaries  and any ERISA Affiliate have not ceased operations at a facility so as to become subject to the provisions  of Section 4068(a) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions  of Section 4063 of ERISA or ceased making contributions to any Plan subject to Section 4064(a) of ERISA  to which it made contributions; (iii) none of the Credit Parties, their respective Subsidiaries or any ERISA  Affiliate have incurred or reasonably expect to incur liability to the PBGC; (iv) no lien imposed under the  Code or ERISA on the assets of the Credit Parties, their respective Subsidiaries or any ERISA Affiliate  exists or is likely to arise on account of any Plan; and (v) none of the Credit Parties, their respective  Subsidiaries or any ERISA Affiliate has any liability under Section 4069 or 4212(c) of ERISA.  (g) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect:  (i) each Foreign Pension Plan has been maintained in compliance  with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and  orders and has been maintained, where required, in good standing with applicable regulatory authorities;  (ii) all contributions required to be made with respect to a Foreign Pension Plan have been timely made;  (iii) neither any Credit Party nor any of their respective Subsidiaries has incurred any obligation in  connection with the termination of, or withdrawal from, any Foreign Pension Plan; and (iv) the present  value of the accrued benefit liabilities (whether or not vested) under each Foreign Pension Plan, determined  as of the end of the Credit Parties’ most recently ended fiscal year on the basis of actuarial assumptions,  each of which is reasonable, did not exceed the current value of the assets of such Foreign Pension Plan  allocable to such benefit liabilities.  8.11 Security Documents.  The provisions of the Pledge and Security Agreement are effective  to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable  security interest in all right, title and interest of the Credit Parties in all of the Pledge and Security Collateral  described therein, and the Collateral Agent, for the benefit of the Secured Parties, has (or within 10 days  following the Effective Date will have) a fully perfected security interest in all right, title and interest in all  

 

    112        of the Pledge and Security Collateral described therein, subject to no Liens other than Permitted Liens (it  being understood that the Permitted Liens described in Section 10.01(d) are subject to the terms of the  Intercreditor Agreement).  8.12 Properties.  (a) All Real Property owned or leased by any Credit Party or any of their respective  Subsidiaries as of the Effective Date, and the nature of the interest therein, is correctly set forth in Schedule  8.12. Each of the Credit Parties and each of their respective Subsidiaries has good and indefeasible title to  all material properties (and to all buildings, fixtures and improvements located thereon) owned by it,  including all material property reflected in the most recent historical balance sheets referred to in Section  8.05(a) (except as sold or otherwise disposed of since the date of such balance sheet in the ordinary course  of business or as permitted by the terms of this Agreement), free and clear of all Liens, other than Permitted  Liens.  Each of the Credit Parties and each of their respective Subsidiaries has a valid and indefeasible  leasehold interest in the material properties leased by it free and clear of all Liens other than Permitted  Liens.  (b) All pipelines, pipeline easements, utility lines, utility easements and other  easements, servitudes and rights-of-way burdening or benefiting the Real Property will not, as of the  Effective Date, materially interfere with or prevent any operations conducted at the Real Property by any  Credit Party or any of their respective Subsidiaries in the manner operated on the date of this Agreement,  except for any Permitted Liens.  Except for Permitted Liens, with respect to any pipeline, utility, access or  other easements, servitudes, and licenses located on or directly serving the Real Property and owned or  used by any Credit Party or any of their respective Subsidiaries in connection with its operations at the Real  Property, to Credit Party’s knowledge, such agreements are in full force and effect other than agreements  that, individually or in the aggregate are not material to the Credit Parties and their respective Subsidiaries,  taken as a whole and no defaults exist thereunder and no events or conditions exist which, with or without  notice or lapse of time or both, would constitute a default thereunder or result in a termination, except for  such failures, defaults, terminations and other matters that, individually or in the aggregate, could not  reasonably be expected to have a Material Adverse Effect.  8.13 Capitalization.  On the Effective Date, the authorized capital stock of the Credit Parties  consists of the number of shares of capital stock, at a par value per share (if applicable), with the number  of which shares are issued and outstanding (if applicable), in each case as set forth on Schedule 8.13.  All  such outstanding capital stock has been duly and validly issued, are fully paid and non-assessable and have  been issued free of preemptive rights.  As of the Effective Date, except as set forth on Schedule 8.13 hereto,  no Credit Party has outstanding any capital stock or other securities convertible into or exchangeable for its  capital stock or any rights to subscribe for or to purchase, or any options for the purchase of, or any  agreement providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of  any character relating to, its capital stock or any stock appreciation or similar rights.  8.14 Subsidiaries.  On and as of the Effective Date, the Credit Parties have no Subsidiaries other  than those Subsidiaries listed on Schedule 8.14.  Schedule 8.14 sets forth, as of the Effective Date, the  percentage ownership (direct and indirect) of the Credit Parties in each class of capital stock or other Equity  Interests of each of their respective Subsidiaries and also identifies the direct owner thereof.  All outstanding  shares of Equity Interests of each Subsidiary of any Credit Party have been duly and validly issued, are  fully paid and non-assessable and have been issued free of preemptive rights.  No Subsidiary of any Credit  

 

    113        Party has outstanding any securities convertible into or exchangeable for its Equity Interests or outstanding  any right to subscribe for or to purchase, or any options or warrants for the purchase of, or any agreement  providing for the issuance (contingent or otherwise) of or any calls, commitments or claims of any character  relating to, its Equity Interests or any stock appreciation or similar rights.  8.15 Compliance with Statutes, etc.  Except as (and to the extent) set forth on Schedule 8.15 or  in the public filings of CVR Energy, each of the Credit Parties and each of their respective Subsidiaries is  in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed  by, all Governmental Authorities in respect of the conduct of its business and the ownership of its property,  except such non-compliances as could not, either individually or in the aggregate, reasonably be expected  to have a Material Adverse Effect.  8.16 Governmental Regulation.  No Credit Party nor any of its Subsidiaries is subject to  regulation under the Federal Power Act or the Investment Company Act or under other federal or state  statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or  any portion of the Obligations unenforceable.  No Credit Party or any of its Subsidiaries is an “investment  company” or a company “controlled” by an “investment company,” within the meaning of the Investment  Company Act of 1940, as amended.  8.17 Borrowing Base Calculation.  The calculation by the Company of the Borrowing Base and  the valuation thereunder is complete and accurate.  8.18 Environmental Matters.  (a) Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect or except as (and to the extent) set forth on Schedule 8.18:  (i) each  of the Credit Parties and each of their respective Subsidiaries is in compliance with all applicable  Environmental Laws (including any Credit Party’s obligations pursuant to the Consent Decree and the  RCRA Administrative Orders) and has obtained and is in compliance with the terms of any permits required  under such Environmental Laws (“Environmental Permits”); (ii) there are no Environmental Claims  pending or to the knowledge of any Credit Party, threatened, against any Credit Party or any of their  respective Subsidiaries; (iii) no Lien, other than a Permitted Lien, has been recorded or to the knowledge  of any Credit Party, threatened under any Environmental Law with respect to any Real Property owned by  any Credit Party or any Subsidiary of any Credit Party; (iv) no Credit Party nor any of their respective  Subsidiaries has agreed in writing to assume or accept responsibility for any liability of any other Person  under any Environmental Law; and (v) there are no facts, circumstances, conditions or occurrences with  respect to the past or present business, operations, properties or facilities of any Credit Party or any of their  respective Subsidiaries, or any of their respective predecessors, that could reasonably be expected to give  rise to any Environmental Claim or any liability under any Environmental Law.  (b) No Credit Party nor any of their respective Subsidiaries has received any letter or  request for information under Section 104(e) of the Comprehensive Environmental Response,  Compensation, and Liability Act (42 U.S.C. § 9601, et seq.) or any comparable state law with regard to any  matter that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse  Effect.  8.19 Employment and Labor Relations.  Neither any Credit Party nor any of its respective  Subsidiaries is engaged in any unfair labor practice that could reasonably be expected, either individually  

 

    114        or in the aggregate, to have a Material Adverse Effect.  There is (i) no unfair labor practice complaint  pending against any Credit Party or any of their respective Subsidiaries or, to the knowledge of any Credit  Party, threatened against any of them, before the National Labor Relations Board, and no grievance or  arbitration proceeding arising out of or under any collective bargaining agreement is so pending against any  Credit Party or any of their respective Subsidiaries or, to the knowledge of any Credit Party, threatened  against any of them, (ii) no strike, labor dispute, slowdown or stoppage pending against any Credit Party  or any of their respective Subsidiaries or, to the knowledge of any Credit Party, threatened against any  Credit Party or any of their respective Subsidiaries, (iii) no union representation question exists with respect  to the employees of any Credit Party or any of their respective Subsidiaries, (iv) no equal employment  opportunity charges or other claims of employment discrimination are pending or, to any Credit Party’s  knowledge, threatened against any Credit Party or any of their respective Subsidiaries, and (v) no wage and  hour department investigation has been made of any Credit Party or any of their respective Subsidiaries,  except (with respect to any matter specified in clauses (i) – (v) above, either individually or in the aggregate)  such as could not reasonably be expected to have a Material Adverse Effect.  8.20 Intellectual Property, etc.  Each of the Credit Parties and each of their respective  Subsidiaries owns or has the right to use all the patents, trademarks, permits, domain names, service marks,  trade names, copyrights, licenses, franchises, inventions, trade secrets, proprietary information and know- how of any type, whether or not written (including, but not limited to, rights in computer programs and  databases) and formulas, or rights with respect to the foregoing, used in the conduct of its business, without  any known conflict with the rights of others which, or the failure to own or have which, as the case may be,  could reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect.  8.21 Indebtedness.  Schedule 8.21 sets forth a list of all Indebtedness of the Credit Parties and  their respective Subsidiaries as of the Effective Date and which is to remain outstanding after giving effect  to the Transaction (excluding the Obligations) (all such non-excluded Indebtedness, “Existing  Indebtedness”), in each case showing the aggregate principal amount thereof and the name of the respective  borrower and guarantors thereof.  8.22 Insurance.  Schedule 8.22 sets forth a listing of all insurance maintained by the Company  and its Subsidiaries as of the Effective Date, with the amounts insured (and any deductibles) set forth  therein.  8.23 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.  (a) No Credit  Party or any of its Subsidiaries is in violation of any Sanctions.  No Credit Party nor any of its Subsidiaries  nor, to the knowledge of such Credit Party, any director, officer, employee, agent or Affiliate of such Credit  Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets located in  Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons  or Sanctioned Entities in violation of Sanctions.  Each of the Credit Parties and its Subsidiaries has  implemented and maintains in effect policies and procedures designed to ensure compliance with all  Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.  Each of the Credit Parties and its  Subsidiaries, and to the knowledge of each such Credit Party, each director, officer, employee, agent and  Affiliate of each such Credit Party and each such Subsidiary, is in compliance with all Sanctions, Anti- Corruption Laws and Anti-Money Laundering Laws.    8.24 Material Contract.  All Material Contracts in effect on the Effective Date are in full force  and effect and no defaults currently exist thereunder other than defaults the consequence of which, either  individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.  

 

    115        8.25 No Defaults.  No Credit Party nor any of its Subsidiaries is in default in the performance,  observance or fulfillment of any of the obligations, covenants or conditions contained in any of its  Contractual Obligations, and no condition exists which, with the giving of notice or lapse of time or both,  could constitute such default, except where the consequences, direct or indirect, of such default or defaults,  if any, individually or in aggregate had not had, or could not be reasonably expected to have, a Material  Adverse Effect.  8.26 Relevant States; etc.  As of the Effective Date, (a) the only states in which any Credit Party  is the first Person who takes, receives or purchases oil or gas from an interest owner at the time the oil or  gas is severed from the applicable real estate are Oklahoma, Nebraska, Missouri, Texas and Kansas, and  (b) except as set forth on Schedule 8.26, there is no other Person from whom any Credit Party is the first  Person who takes, receives or purchases oil or gas from an interest owner at the time the oil and gas is  severed from the applicable real estate.  8.27 Qualified Debt Obligations.  All Obligations hereunder and under the other Credit  Documents (including the Guaranty and the Security Documents) are permitted under any Qualified Debt  Documents, if any.  8.28 Solvency.  Credit Parties, on a consolidated basis, are Solvent and will continue to be  Solvent after the creation of the Obligations, the security interests of Collateral Agent and the other  transactions contemplated hereunder.  SECTION 9. Affirmative Covenants  Each Credit Party hereby covenants and agrees that on and after the Effective Date and until the  Total Revolving Loan Commitment and all Letters of Credit have terminated and the Loans, Notes and  Letter of Credit Exposure (in each case together with interest thereon), Fees and all other Obligations (other  than indemnities and expense reimbursement obligations which, in either case, are not then due and  payable) incurred hereunder and thereunder, are paid in full:  9.01 Information Covenants.  The Company will furnish to the Administrative Agent (for  delivery to each Lender):   (a) Monthly Reports.  If Excess Availability is less than 20% of Availability, within  30 days of any request by the Administrative Agent (other than in respect of each fiscal month ending  March 31st, June 30th, September 30th and December 31st), the consolidated balance sheet of CVR Energy  and its Subsidiaries (which, for purposes of this Section 9.01(a), may include any Unrestricted Subsidiaries,  to the extent that such Persons are required to be consolidated with CVR Energy and its Subsidiaries in  CVR Energy’s consolidated financial statements in accordance with GAAP) as at the end of the most  recently ended fiscal month and the related consolidated statements of income and stockholders’ equity and  statement of cash flows and position summary with respect to obligations under Commodity Agreements  for such fiscal month, all of which shall be certified by an Authorized Officer of the Company that they  fairly present in all material respects in accordance with GAAP the financial condition of CVR Energy and  its Subsidiaries as of the dates indicated and the results of their operations for the periods indicated, subject  to normal year-end audit adjustments and the absence of footnotes (but which balance sheet shall also  include the consolidated financial condition and results of operation of each business unit (as determined  in accordance with GAAP) of CVR Energy).  

 

    116        (b) Quarterly Financial Statements.  Within 45 days after the close of each of the first  three Fiscal Quarters in each Fiscal Year, (i) the consolidated balance sheet of CVR Energy and its  Subsidiaries (which, for the purposes of this Section 9.01(b), may include any Unrestricted Subsidiaries to  the extent that such Persons are required to be consolidated with CVR Energy and its Subsidiaries in CVR  Energy’s consolidated financial statements in accordance with GAAP) as at the end of such Fiscal Quarter  and the related consolidated statements of income and stockholders’ equity and statement of cash flows and  position summary with respect to obligations of the Credit Parties under Commodity Agreements for such  Fiscal Quarter and for the elapsed portion of the Fiscal Year ended with the last day of such Fiscal Quarter,  in each case setting forth comparative figures for the corresponding Fiscal Quarter in the prior Fiscal Year  and comparable budgeted figures for such Fiscal Quarter as set forth in the respective budget delivered  pursuant to Section 9.01(e), all of which shall be certified by an Authorized Officer of the Company that  they fairly present in all material respects in accordance with GAAP the financial condition of CVR Energy  and its Subsidiaries as of the dates indicated and the results of their operations for the periods indicated,  subject to normal year-end audit adjustments and the absence of footnotes, and (ii) management’s  discussion and analysis of the important operational and financial developments during such Fiscal Quarter;  provided, that, if CVR Energy has filed with the SEC its quarterly report on Form 10-Q for the respective  Fiscal Quarter containing management’s discussion and analysis of financial condition and results of  operations (which includes the consolidated financial condition and results of operation of each business  unit (as determined in accordance with GAAP) of CVR Energy) as required by Item 303 of Regulation S- K, such report shall be deemed to meet the requirement that the Company provide management’s discussion  and analysis of the important operational and financial developments as otherwise required above for the  respective Fiscal Quarter.  (c) Annual Financial Statements.  Within 90 days after the close of each Fiscal Year  (commencing with its Fiscal Year ending December 31, 2012), (i) the consolidated balance sheet of CVR  Energy and its Subsidiaries (which, for purposes of this Section 9.01(c), may include any Unrestricted  Subsidiaries to the extent that such Persons are required to be consolidated with CVR Energy and its  Subsidiaries in CVR Energy’s consolidated financial statements in accordance with GAAP) as at the end  of such Fiscal Year and the related consolidated statements of income and stockholders’ equity and  statement of cash flows for such Fiscal Year setting forth, comparative figures for the preceding Fiscal Year  and audited by Grant Thornton or other independent certified public accountants of recognized national  standing, and (ii) management’s discussion and analysis of the important operational and financial  developments during such Fiscal Year; provided, that, if the Company has filed with the SEC its annual  report on Form 10-K for the respective Fiscal Year containing management’s discussion and analysis of  financial condition and results of operations (which includes the financial condition and results of  operations of the Company and its Subsidiaries) as required by Item 303 of Regulation S-K, such report  shall be deemed to meet the requirement that the Company provide management’s discussion and analysis  of the important operational and financial developments as otherwise required above for the respective  Fiscal Year.  (d) Management Letters.  If requested by the Administrative Agent or any Lender,  promptly after the Company’s or any of its Subsidiaries’ receipt thereof, a copy of any “management letter”  received from its certified public accountants and management’s response thereto.  (e) Budgets.  No later than the 60th day of each Fiscal Year (commencing with its  Fiscal Year ending December 31, 2013), a budget in form reasonably satisfactory to the Administrative  Agent (including (x) budgeted statements of income, sources and uses of cash and balance sheets for the  

 

    117        Company (in each case under this Section 9.01(e) as then defined in accordance with the definition of  “Company” set forth herein) and its Subsidiaries on a consolidated basis and (y) expected timing and  duration of any Major Scheduled Turnaround) for each of the twelve months of such Fiscal Year prepared  in detail setting forth, with appropriate discussion, the principal assumptions upon which such budget is  based.  (f) Officer’s Certificates.  At the time of the delivery of the financial statements  provided for in Sections 9.01(b) and (c), a compliance certificate from an Authorized Officer of the  Company in the form of Exhibit I certifying on behalf of the Company that, to such officer’s knowledge  after due inquiry, no Default or Event of Default has occurred and is continuing or, if any Default or Event  of Default has occurred and is continuing, specifying the nature and extent thereof, which certificate shall  set forth in reasonable detail the calculations required to establish whether the Company and its Subsidiaries  were in compliance with the provisions of Section 10.07, at the end of such Fiscal Quarter or Fiscal Year,  as the case may be (setting forth, for the purposes of such certificate, calculations setting forth the Fixed  Charge Coverage Ratio for the Test Period ended on the last day of such fiscal period irrespective of whether  a Compliance Period exists at such time (other than to the extent set forth above)), at the end of such Fiscal  Quarter or Fiscal Year, as the case may be.  (g) Notice of Default, Litigation, Refinery Disruption, Material Adverse Effect,   Margin Stock and Intermediation Agreement.  Promptly, and in any event within three Business Days after  any officer of any Credit Party or any of their respective Subsidiaries obtains knowledge thereof (or, in the  case succeeding clause (iii), no later than the time by which any Credit Party issues a public press release  or files a Form 8-K with the SEC), notice of (i) the occurrence of any event which constitutes a Default or  an Event of Default, (ii) any litigation or governmental investigation or proceeding pending against any  Credit Party or any of their respective Subsidiaries (x) which, either individually or in the aggregate, has  had, or could reasonably be expected to have, a Material Adverse Effect or (y) with respect to any Credit  Document, (iii) any event at the Coffeyville Refinery or the Wynnewood Refinery which halts or materially  disrupts production for a period of greater than 10 days, (iv) any other event, change or circumstance that  has had, or could reasonably be expected to have, a Material Adverse Effect, (v) the acquisition by any  Credit Party of any Margin Stock, or (vi) any transaction under the Intermediation Agreement being  construed by any Governmental Authority as a loan or any other construct whereby a Lien may arise in  favor of the seller under the Intermediation Agreement on any of the Inventory or other items purchased by  any Borrower thereunder.  (h) Other Reports and Filings.  Promptly after the filing or delivery thereof, copies of  all financial information, proxy materials and reports, if any, which any Credit Party or any of their  respective Subsidiaries shall (i) publicly file with the Securities and Exchange Commission or any successor  thereto (the “SEC”) or (ii) deliver to holders (or any trustee, agent or other representative therefor) of any  material Indebtedness pursuant to the terms of the documentation governing the same.  (i) Environmental Matters.  Promptly after any officer of any Credit Party or any of  their respective Subsidiaries obtains knowledge thereof, notice of the following environmental  developments to the extent that such environmental developments, either individually or when aggregated  with all such other environmental developments, could reasonably be expected to have a Material Adverse  Effect:  

 

    118        (i) any pending or threatened Environmental Claim against any Credit Party  or any of their respective Subsidiaries or any Real Property owned, leased or operated by any Credit Party  or any of their respective Subsidiaries;  (ii) any condition or occurrence on any Real Property owned, leased or  operated by any Credit Party or any of their respective Subsidiaries that could reasonably be expected to  cause such Real Property to be subject to any restrictions on the ownership, lease, occupancy, use or  transferability by any Credit Party or any of their respective Subsidiaries of such Real Property under any  Environmental Law; or  (iii) the taking of any removal or Remedial Action to the extent required by  any Environmental Law or any Governmental Authority in response to the Release or threatened Release  of any Hazardous Materials on any Real Property owned, leased or operated by any Credit Party or any of  their respective Subsidiaries.  All such notices shall describe in reasonable detail the nature of the claim, investigation, condition,  occurrence or removal or Remedial Action and the Credit Party’s or such Subsidiary’s response thereto.  (j) Borrowing Base Certificate.  (i) On the Effective Date, (ii) unless clause (iii) below  applies, each month, on or before the 12th Business Day of each such month, (iii) during any period in  which a Weekly Borrowing Base Period is in effect, not later than 5:00 P.M. on or before the third Business  Day of each such week (or at such other times as the Administrative Agent may request) and (iv) at the  time of the consummation of a disposition pursuant to Section 10.02(e) in excess of the $35,000,000 amount  specified in such Section (in each case under clauses (i)-(iv) hereof with supporting calculations in  reasonable detail including, without limitation, with respect to cash balances, accounts receivable, accounts  payable and inventory amounts), substantially in the form of Exhibit N (each, a “Borrowing Base  Certificate”), which shall be prepared as of the last Business Day of the preceding month in the case of each  subsequent Borrowing Base Certificate (or, if any such Borrowing Base Certificate is delivered more  frequently than monthly, as of the last Business Day of the week preceding such delivery).  Each such  Borrowing Base Certificate shall include such other supporting information as may be reasonably requested  from time to time by the Administrative Agent or the Collateral Agent.  Simultaneously with the delivery  of each (x) borrowing request pursuant to Section 2.03 and (y) Borrowing Base Certificate (to the extent  any Loans are then outstanding), Borrowers shall deliver to Administrative Agent a report reflecting all  additional Investment Grade Account Debtors and all Account Debtors which are no longer Investment  Grade Account Debtors, in each case, since the date of the delivery of the immediately prior Borrowing  Base Certificate or borrowing request, as applicable.  Borrowers and the Administrative Agent hereby agree  that the delivery of any Borrowing Base Certificate through Administrative Agent’s electronic platform or  portal, subject to Administrative Agent’s authentication process, by such other electronic method as may  be approved by Administrative Agent from time to time in its sole discretion, or by such other electronic  input of information necessary to calculate the Borrowing Base as may be approved by Administrative  Agent from time to time in its sole discretion, shall in each case be deemed to satisfy the obligation of  Borrowers to deliver such Borrowing Base Certificate, with the same legal effect as if such Borrowing Base  Certificate had been manually executed by Borrowers and delivered to Administrative Agent.  (k) Notice of Dominion Period or Compliance Period.  Promptly after any Authorized  Officer of any Credit Party or any of their respective Subsidiaries obtains knowledge thereof, notice of the  commencement of a Dominion Period or a Compliance Period.  

 

    119        (l) Past Due Accounts.  At least monthly at the time of delivery of a Borrowing Base  Certificate pursuant to Section 9.01(j), and at any other time promptly upon, and in any event within 10  Business Days after, any request therefor by the Administrative Agent or the Collateral Agent: (i) a detailed  aged trial balance and a detailed summary of all Accounts indicating which Accounts are thirty, sixty and  ninety days past due and listing the names of all Account Debtors, (ii) a detailed listing and a detailed  summary of the Borrowers’ accounts payable indicating which accounts payable are more than thirty days  past due, (iii) detailed inventory listings and a detailed inventory listing summary, and (iv) a reconciliation  of Accounts, accounts payable and inventory to the financial statements delivered pursuant to clause (b) of  this Section 9.01 and to the Borrowing Base Certificate delivered pursuant to clause (j) of this Section 9.01  (for each fiscal month which is the last fiscal month of a Fiscal Quarter).  (m) Annual Collateral Verification.  Each year, at the time of delivery of annual  financial statements with respect to the preceding Fiscal Year pursuant to Section 9.01(c), an officer’s  certificate of an Authorized Officer of the Company (i) either confirming that there has been no material  change in such information since the date of the Collateral Questionnaire delivered on the Effective Date  or the date of the most recent certificate delivered pursuant to this Section 9.01(m) and/or identifying such  material changes and (ii) certifying that all Uniform Commercial Code financing statements (including  fixtures filings, as applicable) or other appropriate filings, recordings or registrations, have been filed of  record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant  to clause (i) above to the extent necessary to protect and perfect the security interests under the Security  Documents for a period of not less than 18 months after the date of such certificate (except as noted therein  with respect to any continuation statements to be filed within such period).  (n) Purchases Under Intermediation Agreement.  Promptly following the  Administrative Agent’s request therefor, a written report setting forth the aggregate amount of crude oil or  other Inventory, as applicable, (in dollars and volume) (A) purchased by Borrowers in connection with the  Intermediation Agreement which is currently owned by Borrowers and (b) purchased by Borrowers in  connection with the Intermediation Agreement since the date of the most recent report delivered to  Administrative Agent pursuant hereto.  (o) Patriot Act.  Promptly following the Administrative Agent’s or any Lender’s  request therefor, all documentation and other information that the Administrative Agent or such Lender  reasonably requests in order to comply with its ongoing obligations under the applicable “know your  customer” and anti-money laundering rules and regulations, including the Patriot Act.  (p) Reconciliation.  If the Company has designated any of its Subsidiaries as  Unrestricted Subsidiaries, the quarterly and annual financial information required by Sections 9.01(b) and  9.01(c) will then include a reasonably detailed presentation prepared by the Company of the financial  condition and results of operations of the Company and its Subsidiaries separate from the financial  condition and results of operations of the Unrestricted Subsidiaries of the Company.  (q) First Purchaser of Crude Oil.  Promptly after the occurrence of any event in  succeeding clause (i) or (ii), (i) notice that any Credit Party has become a first Person who takes, receives  or purchases oil or gas from an interest owner at the time the oil or gas is severed from the applicable real  estate in any state other than Kansas, Oklahoma, Nebraska, Texas, Missouri, North Dakota and Colorado  and the name of such other state, and (ii) notice of the name of any Person from whom any Credit Party has  

 

    120        become a first Person who takes, receives or purchases oil or gas from an interest owner at the time the oil  or gas is severed from the applicable real estate to the extent such Person is not listed on Schedule 8.26.  (r) Other Information.  From time to time, such other information or documents  (financial or otherwise) with respect to any Credit Party or any of their respective Subsidiaries as the  Administrative Agent, the Collateral Agent or any Lender (through the Administrative Agent) may  reasonably request.  9.02 Books, Records and Inspections; and Field Examinations and Appraisals.  (a) Each of the Credit Parties will, and will cause each of their respective Subsidiaries  to, keep proper books of record and accounts in which full, true and correct entries in conformity with  GAAP and all requirements of law shall be made of all dealings and transactions in relation to its business  and activities.  Each of the Credit Parties will, and will cause each of their respective Subsidiaries to, permit  officers and designated representatives of the Administrative Agent, any other Agent and, upon the  occurrence and during the continuance of any Event of Default, any Lender (i) to visit and inspect, under  guidance of officers of such Credit Party or such Subsidiary, any of the properties of such Credit Party or  such Subsidiary, (ii) to examine the books of account of such Credit Party or such Subsidiary and discuss  the affairs, finances and accounts of such Credit Party or such Subsidiary with, and be advised as to the  same by, its and their officers and independent accountants and (iii) to verify Eligible Accounts and/or  Eligible Inventory, all upon reasonable prior notice and at such reasonable times and intervals and to such  reasonable extent as the Administrative Agent, any such other Agent or any such Lender may reasonably  request.  (b) In the case of sub-clauses (x) and (y) below, (i) up to one time in each Fiscal Year,  (ii) if, at any time in any twelve month period, Excess Availability is less than 25% of Availability for three  consecutive Business Days, up to two times in each Fiscal Year during which Excess Availability is less  than 25% of Availability for three consecutive Business Days, (iii) [Reserved], and (iv) at any time that any  Event of Default exists, as often as the Administrative Agent or the Collateral Agent may reasonably  request, the Company will, and will cause each of its Subsidiaries to, permit officers and designated  representatives of the Administrative Agent and/or the Collateral Agent or any third-party appraiser or  consultant engaged by, and reasonably satisfactory to, the Administrative Agent and the Collateral Agent,  to visit and inspect (at the Borrowers’ joint and several expense), and the Administrative Agent and/or the  Collateral Agent shall so visit and inspect, under guidance of officers of the Company or such Subsidiary,  any of the properties of the Company or such Subsidiary and to verify the Eligible Accounts and Eligible  Inventory in order to complete (x) an appraisal of each applicable category of the Inventory of the  Borrowers and (y) a collateral examination of the Inventory and Accounts and related accounts of the  Borrowers, and the results of such appraisal and collateral examination shall be in form and substance  reasonably satisfactory to the Administrative Agent and the Collateral Agent, and in connection therewith  the Company shall provide the Administrative Agent, the Collateral Agent and any field examiner or  appraiser reasonable access to the books and records and the Collateral and shall cooperate with such field  examiner or appraiser with respect to the foregoing.  9.03 Maintenance of Property; Insurance.  (a) Each of the Credit Parties will, and will cause each of their respective Subsidiaries  to, (i) keep all property necessary to the business of the Credit Parties and their respective Subsidiaries in  

 

    121        good working order and condition, ordinary wear and tear excepted and subject to the occurrence of casualty  events, (ii) maintain with financially sound and reputable insurance companies insurance on all such  property and against all such risks as is consistent and in accordance with industry practice for companies  similarly situated owning similar properties and engaged in similar businesses as the Credit Parties and  their respective Subsidiaries, and (iii) furnish to the Administrative Agent, upon its request therefor, full  information as to the insurance carried.  In addition to the requirements of the immediately preceding  sentence, the Credit Parties will at all times cause insurance of the types described in Schedule 8.22 to be  maintained (with the same scope of coverage as that described in Schedule 8.22) at levels which are  consistent with their practices immediately before the Effective Date.  Such insurance shall include physical  damage insurance on all real and personal property (whether now owned or hereafter acquired) on an all  risk basis and business interruption insurance.  The provisions of this Section 9.03 shall be deemed  supplemental to, but not duplicative of, the provisions of any Security Documents that require the  maintenance of insurance.  (b) Each of the Credit Parties will, and will cause each of their respective Subsidiaries  to, at all times keep its property insured in favor of the Collateral Agent, and all policies or certificates (or  certified copies thereof) with respect to such insurance (and any other insurance maintained by such Credit  Party and/or such Subsidiaries) (i) shall be endorsed to the Collateral Agent’s satisfaction for the benefit of  the Collateral Agent (including by naming the Collateral Agent as loss payee and/or additional insured),  (ii) shall state that such insurance policies shall not be canceled without at least 30 days’ prior written notice  thereof by the respective insurer to the Collateral Agent, (iii) shall provide that the respective insurers  irrevocably waive any and all rights of subrogation with respect to the Collateral Agent and the other  Secured Parties, and (iv) shall be deposited with the Collateral Agent.  (c) If any Credit Party or any of their respective Subsidiaries shall fail to maintain  insurance in accordance with this Section 9.03, or if any Credit Party or any of their respective Subsidiaries  shall fail to so endorse and deposit all policies or certificates with respect thereto, the Administrative Agent  shall have the right (but shall be under no obligation) to procure such insurance and the Credit Parties jointly  and severally agree to reimburse the Administrative Agent for all costs and expenses of procuring such  insurance.  9.04 Existence; Franchises.  Each of the Credit Parties will, and will cause each of their  respective Subsidiaries to, do or cause to be done, all things necessary to preserve and keep in full force  and effect its existence and its material rights, franchises, licenses, permits, copyrights, trademarks and  patents; provided, however, that nothing in this Section 9.04 shall prevent (a) sales of assets and other  transactions by any Credit Party or any of their respective Subsidiaries otherwise permitted hereunder or  (b) the withdrawal by any Credit Party or any of their respective Subsidiaries of its qualification as a foreign  Business in any jurisdiction if such withdrawal could not, either individually or in the aggregate, reasonably  be expected to have a Material Adverse Effect.  9.05 Compliance with Statutes, etc.  Each of the Credit Parties will, and will cause each of their  respective Subsidiaries to, comply with all applicable statutes, regulations and orders of, and all applicable  restrictions imposed by, all Governmental Authorities in respect of the conduct of its business and the  ownership of its property, except such non-compliances as could not, either individually or in the aggregate,  reasonably be expected to have a Material Adverse Effect.  9.06 Compliance with Environmental Laws.  

 

    122        (a) Each of the Credit Parties will (i) comply, and will cause each of their respective  Subsidiaries to comply, with all Environmental Laws and permits applicable to, or required in respect of  the conduct of its business or operations or by, the ownership, lease or use of any Real Property now or  hereafter owned, leased or operated by any Credit Party or any of their respective Subsidiaries, except for  such non-compliances as could not, either individually or in the aggregate, reasonably be expected to have  a Material Adverse Effect, and will promptly pay or cause to be paid all costs and expenses incurred in  connection with such compliance, and will keep or cause to be kept all such Real Property free and clear of  any Liens imposed pursuant to such Environmental Laws, other than Permitted Liens, (ii) take, and will  cause each of its Subsidiaries to take, any reasonable actions necessary to materially comply with the terms  and conditions of the Consent Decree and the RCRA Administrative Orders, as such decree and orders have  been, or may in the future be, modified or replaced, and (iii) take any Remedial Actions required to comply,  in all material respects, with applicable Environmental Law.  (b) Subject to Section 9.06(c), the Company will deliver to the Administrative Agent  and the Lenders with reasonable promptness, such documents and information as from time to time may be  reasonably requested by Administrative Agent in relation to any matters addressed by this Section 9.06.  (c) Right of Access and Inspection.  (i) After the receipt by the Administrative Agent or any Lender of any notice  of the type described in Section 9.01(i), or (ii) if an Event of Default has occurred and is continuing, then,  at the reasonable request of the Administrative Agent, the Company will prepare an environmental report  with respect to any matter disclosed pursuant to Section 9.01(i) or, if an Event of Default has occurred and  is continuing with respect to any facility of any Credit Party or any Subsidiary thereof (the “Environmental  Report”); provided, however, that any such Environmental Report shall not include the taking of samples  of air, soil, surface water, groundwater, effluent, and building materials, in, on or under any owned or  operated facilities unless the Administrative Agent reasonably concludes that such sampling is  commercially reasonable and necessary.  Any such sampling shall be conducted by a qualified  environmental consulting firm reasonably acceptable to the Administrative Agent.  If an Event of Default  has occurred and is continuing, or if the Company does not prepare an Environmental Report or conduct  the requested tests and investigations in a reasonably timely manner, the Administrative Agent may, upon  prior notice to the Company, retain an environmental consultant, at the Credit Parties’ expense, to prepare  an Environmental Report and conduct such sampling as it reasonably concludes is commercially reasonable  and necessary.  The Credit Parties and their respective Subsidiaries will provide the Administrative Agent  and its consultants with access to the facilities during normal business hours in order to complete any  necessary inspections or sampling in accordance with this Section 9.06(c).  The Administrative Agent will  make commercially reasonable efforts to conduct any such investigations so as to avoid interfering with the  operation of the facility.  (ii) The exercise of the Administrative Agent’s rights under Section 9.06(c)(i)  shall not constitute a waiver of any default by the Credit Parties or their respective Subsidiaries and shall  not impose any liability on the Administrative Agent or any of the Lenders.  In no event will any site visit,  observation, test or investigation by the Administrative Agent be deemed a representation that Hazardous  Materials are or are not present in, on or under any of the facilities, or that there has been or will be  compliance with any Environmental Law, and the Administrative Agent shall not be deemed to have made  any representation or warranty to any party regarding the truth, accuracy or completeness of any report or  findings with regard thereto.  Without express written authorization, which shall not be unreasonably  

 

    123        withheld, neither any Credit Party nor any other party shall be entitled to rely on any site visit observation,  test or investigation by the Administrative Agent.  The Administrative Agent and the Lenders owe no duty  of care to protect any Credit Party or any other party against, or to inform any Credit Party or any other  party of, any Hazardous Materials or any other adverse Environmental Condition affecting any of the  facilities.  The Administrative Agent may in its reasonable discretion disclose to any Credit Party or, if so  required by law, to any third party, any report or findings made as a result of, or in connection with, any  site visit, observation, testing or investigation by the Administrative Agent.  If the Administrative Agent  reasonably believes that it is legally required to disclose any such report or finding to any third party, then  the Administrative Agent shall use its reasonable efforts to give the Company prior notice of such disclosure  and afford the Company the opportunity to object or defend against such disclosure at its own and sole cost;  provided, that, the failure of the Administrative Agent to give any such notice or afford the Company the  opportunity to object or defend against such disclosure shall not result in any liability to the Administrative  Agent.  Each Credit Party acknowledges that it or its Subsidiaries may be obligated to notify relevant  Governmental Authorities regarding the results of any site visit, observation, testing or investigation by the  Administrative Agent and that such reporting requirements are site and fact-specific, and are to be evaluated  by such Credit Party without advice or assistance from the Administrative Agent.  Nothing contained in  this Section 9.06(c)(ii) shall be construed as releasing the Administrative Agent or the Lenders from any  liability to the extent incurred as a result of their gross negligence or willful misconduct (as determined by  a court of competent jurisdiction in a final and non-appealable decision).  (iii) If counsel to any Credit Party or any of their respective Subsidiaries  reasonably determines that provision to the Administrative Agent of a document otherwise required to be  provided pursuant to this Section 9.06 (or any other provision of this Agreement or any other Credit  Document relating to environmental matters) would jeopardize an applicable attorney-client or work  product privilege pertaining to such document, then the Credit Parties or their respective Subsidiaries shall  not be obligated to deliver such document to the Administrative Agent but shall provide the Administrative  Agent with a notice identifying the author and recipient of such document and generally describing the  contents of the document.  Upon request of the Administrative Agent, the Credit Parties and their respective  Subsidiaries shall take all reasonable steps necessary to provide the Administrative Agent with the factual  information contained in any such privileged document.  9.07 ERISA.  Except as could not reasonably be expected to have, either individually or in the  aggregate, a Material Adverse Effect, the Company shall supply to the Administrative Agent (in sufficient  copies for all Lenders, if the Administrative Agent so requests);  (a) promptly and in any event within 15 days after receiving a request from the Agent  a copy of IRS Form 5500 (including the Schedule B) with respect to a Plan subject to Title IV of ERISA;  (b) promptly and in any event within 30 days after any Credit Party, any Subsidiary of  any Credit Party or any ERISA Affiliate knows or has reason to know that any ERISA Event has occurred  that would reasonably be expected to result in liability to any Credit Party or any Subsidiaries of any Credit  Party, a certificate of the chief financial officer of the Company describing such ERISA Event and the  action, if any, proposed to be taken with respect to such ERISA Event and a copy of any notice filed with  the PBGC or the IRS pertaining to such ERISA Event and any notices received by any Credit Party, any  Subsidiary of any Credit Party or ERISA Affiliate from the PBGC or any other governmental agency with  respect thereto; provided, that, in the case of ERISA Events under clause (iv) of the definition thereof, the  30-day period set forth above shall be a 10-day period, and, in the case of ERISA Events under clause (ii)  

 

    124        of the definition thereof, in no event shall notice be given later than 10 days after the occurrence of the  ERISA Event; and  (c) promptly, and in any event within 30 days, after becoming aware that any of the  following has occurred if such event is reasonably expected to result in liability to any Credit Party, any  Subsidiary or any ERISA Affiliate, (i) an increase in Unfunded Pension Liabilities (taking into account  only Plans with positive Unfunded Pension Liabilities) since the date the representations hereunder are  given or deemed given, or from any prior notice, as applicable, (ii) an increase since the date the  representations hereunder are given or deemed given, or from any prior notice, as applicable, in potential  withdrawal liability under Section 4201 of ERISA, if any Credit Party, any Subsidiary of any Credit Party  and the ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans, (iii) any  contribution required to made with respect to a Foreign Pension Plan has not been timely made or (iv) the  adoption of any amendment to a Plan which results in an increase in contribution obligations of any Credit  Party or any Subsidiary of any Credit Party, a detailed written description thereof from the chief financial  officer of the Company.  9.08 End of Fiscal Years; Fiscal Quarters.  The Company will cause (i) its and each of its  Subsidiaries’ Fiscal Years to end on the last day of the period described in the definition of “Fiscal Year”  and (ii) its and each of their respective Subsidiaries’ fiscal quarters to end on the last day of each period  described in the definition of “Fiscal Quarter”.  9.09 Performance of Obligations.  Each of the Credit Parties will, and will cause each of their  respective Subsidiaries to, perform all of its obligations under the terms of each Contractual Obligation by  which it is bound, except such non-performances as could not, either individually or in the aggregate,  reasonably be expected to have a Material Adverse Effect.  9.10 Payment of Taxes and Other Claims.  Each of the Credit Parties will pay and discharge,  and will cause each of their respective Subsidiaries to pay and discharge, all federal and other material  taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or  upon any properties belonging to it prior to the date on which penalties attach thereto, and all lawful material  claims (including material claims for labor, services, materials and supplies) for sums that have become  due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to  the time when any penalty or fine shall be incurred with respect thereto; provided, that, no Credit Party nor  any of their respective Subsidiaries shall be required to pay any such Tax, assessment, charge, levy or claim  which is being contested in good faith and by proper proceedings if it has maintained adequate reserves  with respect thereto in accordance with GAAP.  9.11 Use of Proceeds.  The Borrowers will use the proceeds of the Loans only as provided in  Section 8.08.  9.12 Additional Security; Further Assurances; etc.  (a) Each of the Credit Parties will, and will cause each other Credit Party to, grant to  the Collateral Agent for the benefit of the Secured Parties security interests in such assets of such Credit  Party and such other Credit Party as are not covered by the original Security Documents and as may be  reasonably requested from time to time by the Administrative Agent (or otherwise required at such time  pursuant to the Intercreditor Agreement) (collectively, the “Additional Security Documents”).  All such  security interests shall be granted pursuant to documentation reasonably satisfactory in form and substance  

 

    125        to the Collateral Agent and shall constitute valid and enforceable perfected security interests subject to no  Liens (except for Permitted Liens, it being understood that Liens permitted by Section 10.01(d) shall be  subject to the terms of the Intercreditor Agreement).  The Additional Security Documents or instruments  related thereto shall have been duly recorded or filed in such manner and in such places as are required by  law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be  granted pursuant to the Additional Security Documents and all taxes, fees and other charges payable in  connection therewith shall have been paid in full.  Notwithstanding the foregoing, this Section 9.12(a) shall  not apply to (and the Company and the other Credit Parties shall not be required to grant a mortgage in)  any Real Property.  (b) Each of the Credit Parties will, and will cause each of the other Credit Parties to,  at the expense of the Credit Parties, make, execute, endorse, acknowledge, file and/or deliver to the  Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory assignments,  conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports, landlord  waivers, bailee agreements, control agreements and other assurances or instruments and take such further  steps relating to the Collateral covered by any of the Security Documents as the Collateral Agent may  reasonably require.  Furthermore, each of the Credit Parties will, and will cause the other Credit Parties to,  deliver to the Collateral Agent such opinions of counsel and other related documents as may be reasonably  requested by the Collateral Agent to assure itself that this Section 9.12 has been complied with.  (c) Each Credit Party agrees that each action required by clauses (a) and (b) of this  Section 9.12 shall be completed as soon as possible, but in no event later than 90 days after such action is  requested to be taken by the Administrative Agent (as such date may be extended by the Administrative  Agent in its sole discretion); provided, that, in no event will any Credit Party or any of their respective  Subsidiaries be required to take any action, other than using its commercially reasonable efforts, to obtain  consents from third parties with respect to its compliance with this Section 9.12.  (d) Each Borrower and each Guarantor shall, within 90 days following the Effective  Date (as such date may be extended from time to time by the Administrative Agent in its sole discretion),  enter into one or more Cash Management Control Agreements as, and to the extent, required by Section  5.03(b).  (e) Notwithstanding anything to the contrary contained herein or in any other Credit  Document, the Administrative Agent shall not accept delivery of any joinder to any Credit Document with  respect to any Subsidiary of any Credit Party that is not a Credit Party, if such Subsidiary that qualifies as  a “legal entity customer” under the Beneficial Ownership Regulation unless such Subsidiary has delivered  a Beneficial Ownership Certification in relation to such Subsidiary and the Administrative Agent has  completed its Patriot Act searches, OFAC/PEP searches and customary individual background checks for  such Subsidiary, the results of which shall be satisfactory to the Administrative Agent.  9.13 Permitted Acquisitions.  (a) Subject to the provisions of this Section 9.13 and the requirements contained in the  definition of Permitted Acquisition, the Credit Parties may from time to time effect Permitted Acquisitions,  so long as (in each case except to the extent the Required Lenders otherwise specifically agree in writing  in the case of a specific Permitted Acquisition): (i) the Company shall have given to the Administrative  Agent at least 5 Business Days’ prior written notice of any Permitted Acquisition (or such shorter period of  

 

    126        time as may reasonably be acceptable to the Administrative Agent), which notice shall describe in  reasonable detail the principal terms and conditions of such Permitted Acquisition; (ii) all representations  and warranties contained herein and in the other Credit Documents shall be true and correct in all material  respects with the same effect as though such representations and warranties had been made on and as of the  date of such Permitted Acquisition (both before and after giving effect thereto), unless stated to relate to a  specific earlier date, in which case such representations and warranties shall be true and correct in all  material respects as of such earlier date (it being understood and agreed that any representation or warranty  that is qualified by “materiality”, “Material Adverse Effect” or similar language shall be true and correct in  all respects as of any such date); (iii) the Payment Conditions are satisfied both before and after giving  effect to such Permitted Acquisition; (iv) the Company shall have delivered to the Administrative Agent a  Borrowing Base Certificate, completed on a Pro Forma Basis giving effect to the respective Permitted  Acquisition; and (v) the Company shall have delivered to the Administrative Agent and each Lender a  certificate executed by an Authorized Officer of the Company, certifying to the best of such officer’s  knowledge, compliance with the requirements of preceding clauses (i) through (iii), inclusive, and  containing the calculations (in reasonable detail) required by the preceding clause (iii).  (b) At the time of each Permitted Acquisition involving the creation or acquisition of  a Subsidiary, or the acquisition of capital stock or other Equity Interest of any Person, the capital stock or  other Equity Interests thereof created or acquired in connection with such Permitted Acquisition shall be  pledged for the benefit of the Secured Parties pursuant to (and to the extent required by) the Pledge and  Security Agreement.  (c) The Company will cause each Subsidiary which is formed to effect, or is acquired  pursuant to, a Permitted Acquisition to comply with, and to execute and deliver all of the documentation as  and to the extent required by, Sections 9.12 and 10.12, to the reasonable satisfaction of the Administrative  Agent.  (d) The consummation of each Permitted Acquisition shall be deemed to be a  representation and warranty by each Credit Party that the certifications pursuant to this Section 9.13 are  true and correct and that all conditions thereto have been satisfied and that same is permitted in accordance  with the terms of this Agreement, which representation and warranty shall be deemed to be a representation  and warranty for all purposes hereunder, including Sections 8 and 11.  9.14 Landlords’ Agreements, Bailee Letters and Storage Agreements.  Each Credit Party shall  timely and fully pay and perform its obligations under all leases and other agreements with respect to each  leased location, public warehouse or pipeline where any Collateral is or may be located or transmitted  except to the extent that the same are being contested in good faith.  Each Credit Party shall, and shall cause  its Subsidiaries to, provide to the Administrative Agent and the Collateral Agent, promptly after execution  thereof, copies of all material storage, pipeline and similar agreements and material amendments and  modifications thereto, between any Borrower or any other Credit Party and any landlord, warehouseman,  processor, shipper, bailee or other Person that owns or operates any premises or facility where any assets  constituting the Borrowing Base having a market value (determined in accordance with Schedule 1.01(c)  (as such Schedule may be updated from time to time by the Company with the consent of the Administrative  Agent) in the case of In-Transit Crude Oil and In-Transit Renewable Feedstock) in excess of $2,500,000  are located.  9.15 [Reserved].  

 

    127        9.16 Coffeyville Refinery Revenue Bonds.  (a) Notwithstanding anything in this Agreement or any of the other Credit Documents  to the contrary, the Company and the other Credit Parties may, for the purpose of obtaining tax credits or  other tax abatement from the State of Kansas and Montgomery County, Kansas, pursuant to Kansas Statutes  Annotated (“K.S.A.”) Sections 79-201, et seq. (the “Property Tax Exemption Statute”), (i) lease the site of  the Coffeyville Refinery described in the Boundary Survey (the “Coffeyville Refinery Site”) to  Montgomery County, Kansas or any Affiliate of Montgomery County, Kansas (the “County”), (ii) sell the  Coffeyville Refinery to the County and (iii) lease the Coffeyville Refinery Site and the Coffeyville Refinery  from the County, all in connection with the issuance of revenue bonds (the “Refinery Revenue Bonds”)  issued by the County pursuant to the Kansas Economic Development Revenue Bond Act, as amended and  codified in K.S.A. 12-1740 et seq. (the “Revenue Bond Act”), in each case, so long as (A) the Company  would otherwise have been permitted to issue Qualified Debt at such time pursuant to the requirements of  Section 10.04(r) and determined as if the Refinery Revenue Bonds were Indebtedness of the Company and  (B) the transactions contemplated by this Section 9.16 are otherwise permitted by the terms of the other  Indebtedness subject to the Intercreditor Agreement.  The Company or any of its Subsidiaries may enter  into such agreements and take such actions, in each case approved by the Administrative Agent (such  approval not to be unreasonably withheld) as the Company may consider to be necessary to consummate  the issuance of the Refinery Revenue Bonds and the related transactions, including the execution and  delivery of any payment-in-lieu-of-taxes or similar agreement between any Credit Party and the County  relating to the payment of property taxes on the Coffeyville Refinery, the Coffeyville Refinery Site, the  Wynnewood Refinery or any of the foregoing.  (b) The principal amount of the Refinery Revenue Bonds shall be that amount  determined by the Company, and approved by the Administrative Agent (such approval not to be  unreasonably withheld) (but otherwise subject to the limitations in Section 10.04(r)), as being necessary to  achieve the maximum amount of tax credits or other tax abatement for the Coffeyville Refinery Site, the  Coffeyville Refinery and the Wynnewood Refinery, pursuant to the Property Tax Exemption Statute.  The  initial amount of the Refinery Revenue Bonds issued and outstanding may be reduced and cancelled, from  time to time, at the request of the Administrative Agent, to the minimal amount required to remain  outstanding and achieve the tax benefits provided therefor.  (c) The Refinery Revenue Bonds shall be purchased by the Credit Parties and shall be  pledged to the Lenders pursuant to the applicable Security Documents.  (d) Except to the extent provided in this Section 9.16, the issuance of the Refinery  Revenue Bonds and the execution and delivery of all agreements described or referred to in this Section  9.16 in connection therewith shall not require any additional approval of the Lenders and shall be deemed  to comply with all provisions of this Agreement, including the provisions of Section 10.  (e) The obligation of the Company or any of its Subsidiaries to make payments to the  County with respect to the Refinery Revenue Bonds, whether such payments consist of lease payments,  loan payments or any other form of payment, the corresponding right of the County to receive such  payments and all other security provided by the Credit Parties or any of their Subsidiaries with respect to  the Refinery Revenue Bonds shall in all respects be junior and subordinate to the rights of the Lenders to  receive payment hereunder.  The Credit Parties or any of their Subsidiaries, as applicable, shall enter into,  and shall cause the County to enter into, such agreements as the Administrative Agent shall reasonably  

 

    128        require to reflect such subordination.  The Credit Parties and any of their Subsidiaries shall enter into  documentation (including assignments of payment in lieu of tax agreements and other assignments) as  reasonably required by Administrative Agent in connection with the transactions contemplated by this  Section 9.16.  9.17 OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.  Each Credit  Party will, and will cause each of its Subsidiaries to comply with all applicable Sanctions, Anti-Corruption  Laws and Anti-Money Laundering Laws.  Each of the Credit Parties and its Subsidiaries shall implement  and maintain in effect policies and procedures designed to ensure compliance by the Credit Parties and their  Subsidiaries and their respective directors, officers, employees, and agents with all Sanctions, Anti- Corruption Laws and Anti-Money Laundering Laws.  SECTION 10. Negative Covenants  Each Credit Party hereby covenants and agrees that on and after the Effective Date and until the  Total Revolving Loan Commitment and all Letters of Credit have terminated and the Loans, Notes and  Letter of Credit Exposure (in each case, together with interest thereon), Fees and all other Obligations (other  than any indemnities and expense reimbursement obligations which, in either case are not then due and  payable) incurred hereunder and thereunder, are paid in full:  10.01 Liens.  Each Credit Party will not, and will not permit any of their respective Subsidiaries  to, create, incur, assume or suffer to exist any Lien upon or with respect to any property or assets (real or  personal, tangible or intangible) of any Credit Party or any of their respective Subsidiaries, whether now  owned or hereafter acquired, or sell any such property or assets subject to an understanding or agreement,  contingent or otherwise, to repurchase such property or assets (including sales of accounts receivable with  recourse to any Credit Party or any of their respective Subsidiaries), or assign any right to receive income  or permit the filing of any financing statement under the UCC or any other similar notice of Lien under any  similar recording or notice statute; provided, that, the provisions of this Section 10.01 shall not prevent the  creation, incurrence, assumption or existence of the following (Liens described below are herein referred  to as “Permitted Liens”):  (a) inchoate Liens for (i) Taxes, assessments or governmental charges or levies not yet  due and Liens for Taxes, assessments or governmental charges or levies being contested in good faith and  by appropriate proceedings for which adequate reserves have been established in accordance with GAAP  and (ii) real estate Taxes due but not yet delinquent;  (b) Liens in respect of property or assets of any Credit Party or any of their respective  Subsidiaries imposed by law, which were incurred in the ordinary course of business and do not secure  Indebtedness for borrowed money, such as carriers’, warehousemen’s, materialmen’s and mechanics’ liens  and other similar Liens arising in the ordinary course of business, and (i) which do not in the aggregate  materially detract from the value of such Credit Party’s or such Subsidiary’s property or assets or materially  impair the use thereof in the operation of the business of such Credit Party or such Subsidiary or (ii) which  are being contested in good faith by appropriate proceedings, which proceedings have the effect of  preventing the forfeiture or sale of the property or assets subject to any such Lien;  (c) Liens in existence on the Effective Date which are listed, and the property subject  thereto described, in Schedule 10.01, plus renewals, replacements and extensions of such Liens; provided,  

 

    129        that, (i) the aggregate principal amount of the Indebtedness, if any, secured by such Liens does not increase  from that amount outstanding at the time of any such renewal, replacement or extension and (ii) any such  renewal, replacement or extension does not encumber any additional assets or properties of any Credit Party  or any of their respective Subsidiaries;  (d) (i) Liens created by or pursuant to this Agreement and the Security Documents,  and (ii) Liens created by or pursuant to the Qualified Secured Debt Documents (in each case in respect of  preceding clause (ii), subject to the terms of the Intercreditor Agreement);  (e) (i) licenses, sublicenses, leases or subleases granted by any Credit Party or any of  their respective Subsidiaries to other Persons not materially interfering with the conduct of the business of  any Credit Party or any of their respective Subsidiaries and (ii) any interest or title of a lessor, sublessor or  licensor under any lease or license agreement (including any Sale Leaseback permitted by Section 10.02(q))  permitted by this Agreement to which the Borrower or any of its Subsidiaries is a party;  (f) Liens upon assets of the Credit Parties or any of their respective Subsidiaries  subject to Finance Lease Obligations to the extent such Finance Lease Obligations are permitted by Section  10.04(d); provided, that, (i) such Liens only serve to secure the payment of Indebtedness arising under such  Finance Lease Obligation and (ii) the Lien encumbering the asset giving rise to the Finance Lease  Obligation does not encumber any other asset of the Credit Parties or any their respective Subsidiaries;  (g) Liens placed upon equipment or machinery improved or acquired after the  Effective Date and used in the ordinary course of business of any Credit Party or any of their respective  Subsidiaries and pledged at the time of the improvement or acquisition thereof by such Credit Party or  Subsidiary or within 90 days thereafter to secure Indebtedness incurred to pay all or a portion of the  purchase price thereof or cost to improve or to secure Indebtedness incurred solely for the purpose of  financing the improvement or acquisition of any such equipment or machinery or extensions, renewals or  replacements of any of the foregoing for the same or a lesser amount; provided, that, (i) the Indebtedness  secured by such Liens is permitted by Section 10.04(d) and (ii) in all events, the Lien encumbering the  equipment or machinery so improved or acquired does not encumber any other asset of such Credit Party  or such Subsidiary;  (h) easements, rights-of-way, restrictions, encroachments and other similar charges or  encumbrances, and minor title deficiencies, in each case not securing Indebtedness and not materially  interfering with the conduct of the business of any Credit Party or any of their respective Subsidiaries;  (i) “protective” Liens granted in connection with sales permitted hereunder that are  intended to be “true sales”, or bailment, storage or similar arrangements in which a counterparty holds title  to the assets that are the subject of such transaction, including liens granted by any Credit Party or any of  their respective Subsidiaries to the counterparty in In-Transit Crude Oil or In-Transit Renewable Feedstock,  which Liens are intended to protect such counterparty in the event that such transaction is re-characterized  as a secured financing and attach only to the assets that are subject of such transaction; provided, that, (A)  no assets encumbered by such Liens are commingled with any Eligible Accounts or Eligible Inventory, (B)  no proceeds of sales of such assets are comingled with proceeds of sales of Eligible Accounts or Eligible  Inventory, and (C) no assets encumbered by such Liens constitute Eligible Accounts or Eligible Inventory;  

 

    130        (j) Liens arising out of the existence of judgments or awards not constituting an Event  of Default so long as such Liens are adequately bonded; provided, that, the aggregate amount of all cash  and the Fair Market Value of all other property subject to such Liens does not exceed $35,000,000 at any  time outstanding;  (k) statutory and common law landlords’ liens under leases to which any Credit Party  or any of their respective Subsidiaries is a party;  (l) Liens (other than Liens imposed under ERISA) incurred in the ordinary course of  business in connection with workers compensation claims, unemployment insurance and social security  benefits and Liens securing the performance of bids, tenders, leases and contracts in the ordinary course of  business, statutory obligations, surety bonds, performance bonds and other obligations of a like nature  incurred in the ordinary course of business and consistent with past practices (exclusive of obligations in  respect of the payment for borrowed money);  (m) Permitted Encumbrances;  (n) Liens on property or assets acquired pursuant to a Permitted Acquisition, or on  property or assets of a Subsidiary in existence at the time such Subsidiary is acquired pursuant to a Permitted  Acquisition; provided, that, (i) any Indebtedness that is secured by such Liens is permitted to exist  hereunder, and (ii) such Liens are not incurred in connection with, or in contemplation or anticipation of,  such Permitted Acquisition and do not attach to any other asset of any Credit Party or any of their respective  Subsidiaries;  (o) Liens arising out of any conditional sale, title retention, consignment or other  similar arrangements for the sale of goods entered into by any Credit Party or any of their respective  Subsidiaries in the ordinary course of business to the extent such Liens do not attach to any assets other  than the goods subject to such arrangements;  (p) Liens (i) incurred in the ordinary course of business in connection with the  purchase or shipping of goods or assets (or the related assets and proceeds thereof), which Liens are in favor  of the seller or shipper of such goods or assets and only attach to such goods or assets, and (ii) in favor of  customs and revenue authorities arising as a matter of law to secure payment of customs duties in  connection with the importation of goods;  (q) subject to the terms of any Cash Management Control Agreement, bankers’ Liens,  rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit  in one or more accounts maintained by any Credit Party or any of their respective Subsidiaries, in each case  granted in the ordinary course of business in favor of the bank or banks with which such accounts are  maintained, securing amounts owing to such bank or banks with respect to cash management and operating  account arrangements;  (r) Liens granted in the ordinary course of business on the unearned portion of  insurance premiums securing the financing of insurance premiums to the extent the financing is permitted  under Section 10.04;  

 

    131        (s) Liens on earnest money deposits made in connection with any letter of intent or  purchase agreement permitted hereunder;  (t) (i) Liens which arise by operation of law in favor of a Person that is an “interest  owner” that provides crude oil or gas products to any Credit Party or any of their respective Subsidiaries  and (ii) Liens on crude oil supplied by the counterparty pursuant to the Intermediation Agreement, securing  amounts owed to the counterparty in the event (and to the extent) that any transaction under the  Intermediation Agreement is construed by any Governmental Authority as a loan or any other construct  whereby a Lien may arise in favor of such counterparty on any such crude oil;  (u) Liens on cash or Cash Equivalents securing obligations in respect of Interest Rate  Protection Agreements and Other Hedging Agreements permitted hereunder; provided, that, such cash and  Cash Equivalents are held in accounts segregated from any cash, Cash Equivalents or other assets  constituting ABL Priority Collateral;  (v) Liens on metals and the right to receive metals arising out of a Sale Leaseback  permitted under Section 10.02(q) of a catalyst necessary or useful for the operation of refinery assets of any  Credit Party or any of their respective Subsidiaries, securing obligations of such Credit Party or such  Subsidiary in respect of such Sale Leaseback; provided, that, such Liens do not encumber any assets other  than the catalyst and the related metals and proceeds of the foregoing;  (w) any customary encumbrance or restriction (including customary put and call  arrangements) with respect to Equity Interests of any joint venture (other than in respect of the Equity  Interests of a Credit Party) or similar arrangement pursuant to any joint venture or similar agreement  permitted hereunder;  (x) Liens encumbering reasonable customary initial deposits and margin deposits and  similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary  course of business and not for speculative purposes;  (y) Liens permitted by the Amended and Restated Cross Easement Agreement, dated  as of April 13, 2011, between Coffeyville Resources Nitrogen Fertilizers, LLC, a Delaware limited liability  company and Refining LLC, as such agreement is in effect on the Effective Date and as the same may be  amended, restated, modified, supplemented and/or replaced from time to time thereafter so long as any such  amendment, restatement, modification, supplement or replacement is not adverse to the interests of the  Lenders in any material respect;  (z) [Reserved];   (aa) Liens deemed to exist in connection with Investments in repurchase agreements  permitted hereunder; provided, that, such Liens do not extend to any assets other than the Cash Equivalents  that are the subject of such repurchase agreement;  (bb) Liens arising from precautionary UCC financing statement filings regarding  operating leases entered into in the ordinary course of business; and  

 

    132        (cc) additional Liens (other than over ABL Priority Collateral) of the Credit Parties or  any of its Subsidiaries not otherwise permitted by this Section 10.01 that do not secure obligations in excess  of $25,000,000 in the aggregate for all such Liens at any time.  In connection with the granting of Liens of the type described in clauses (c), (f), (g), (i) and (n) of this  Section 10.01 by the Company of any of its Subsidiaries, the Administrative Agent and the Collateral Agent  shall be authorized to take any actions deemed appropriate by it in connection therewith (including by  executing appropriate lien releases or lien subordination agreements in favor of the holder or holders of  such Liens, in either case solely with respect to the item or items of equipment or other assets subject to  such Liens).  10.02 Consolidation, Merger, Purchase or Sale of Assets, etc.  Each Credit Party will not, and  will not permit any of their respective Subsidiaries to, wind up, liquidate or dissolve its affairs or enter into  any partnership, joint venture, or transaction of merger or consolidation, or convey, sell, lease or otherwise  dispose of all or any part of its property or assets (including by an allocation of assets among newly divided  limited liability companies pursuant to a “plan of division”), or enter into any Sale Leaseback, or purchase  or otherwise acquire (in one or a series of related transactions) any part of the property or assets (other than  purchases or other acquisitions of inventory, materials, equipment, goods and services in the ordinary  course of business) of any Person (or agree to do any of the foregoing at any future time), except that:  (a) Capital Expenditures by any Credit Party or any of their respective Subsidiaries  shall be permitted (other than Capital Expenditures constituting a Permitted Acquisition);  (b) any Credit Party or any of their respective Subsidiaries may sell inventory in the  ordinary course of business;  (c) any Credit Party or any of their respective Subsidiaries may liquidate or otherwise  dispose of obsolete or worn-out property in the ordinary course of business;  (d) Investments may be made to the extent permitted by Section 10.05;  (e) any Credit Party or any of their respective Subsidiaries may sell assets so long as  (i) no Default or Event of Default then exists or would result therefrom, (ii) each such sale is in an arm’s- length transaction and such Credit Party or Subsidiary receives at least Fair Market Value, (iii) the  consideration received by such Credit Party or Subsidiary consists of at least 75% (or, in the case of ABL  Priority Collateral, 100%) cash or Cash Equivalents and is paid at the time of the closing of such sale, (iv)  the Net Sale Proceeds therefrom are applied as (and to the extent) required by Section 5.02(c) and (v) unless  the Payment Conditions are satisfied both before and after giving effect to such sale, the aggregate amount  of the cash and non-cash proceeds received from all assets sold pursuant to this clause (e) shall not exceed  $35,000,000 in any Fiscal Year; provided, however, notwithstanding the foregoing, in no event shall (i) the  Equity Interests of the Company be sold pursuant to this clause (e), (ii) all or substantially all of the assets  of the Credit Parties (taken as a whole) be sold pursuant to this clause (e) or (iii) the Coffeyville Refinery  or the Wynnewood Refinery be sold pursuant to this clause (e);  (f) any Credit Party or any of their respective Subsidiaries may lease (as lessee) or  license (as licensee) real or personal property (so long as any such lease or license does not create a Finance  Lease Obligation except to the extent permitted by Section 10.04(d));  

 

    133        (g) any Credit Party or any of their respective Subsidiaries may sell or discount, in  each case without recourse and in the ordinary course of business, accounts receivable arising in the  ordinary course of business, but only in connection with the compromise or collection thereof and not as  part of any financing transaction;  (h) any Credit Party or any of their respective Subsidiaries may grant licenses,  sublicenses, leases or subleases to other Persons not materially interfering with the conduct of the business  of the Company or any of its Subsidiaries, in each case so long as no such grant otherwise affects the  Collateral Agent’s security interest in the asset or property subject thereto;  (i) any Credit Party or any of their respective Subsidiaries may convey, sell or  otherwise transfer all or any part of its business, properties and assets to any Credit Party, so long as any  security interests granted to the Collateral Agent for the benefit of the Secured Parties pursuant to the  Security Documents in the assets so transferred shall remain in full force and effect and perfected (to at  least the same extent as in effect immediately prior to such transfer) and all actions required to maintain  said perfected status have been taken;  (j) any Subsidiary of a Credit Party may merge or consolidate with and into, or be  dissolved or liquidated into, any Credit Party (except that ABL Priority Collateral may only be transferred  among Borrowers, so long as (i) in the case of any such merger, consolidation, dissolution or liquidation  involving the Company, the Company is the surviving or continuing entity of any such merger,  consolidation, dissolution or liquidation, (ii) in the case of any such merger, consolidation, dissolution or  liquidation involving another Borrower, such Borrower is the surviving or continuing entity of any such  merger, consolidation, dissolution or liquidation, (iii) in all other cases, a Credit Party is the surviving or  continuing corporation of any such merger, consolidation, dissolution or liquidation, and (iv) any security  interests granted to the Collateral Agent for the benefit of the Secured Parties pursuant to the Security  Documents in the assets of such Subsidiary shall remain in full force and effect and perfected (to at least  the same extent as in effect immediately prior to such merger, consolidation, dissolution or liquidation) and  all actions required to maintain said perfected status have been taken);  (k) any Subsidiary of a Credit Party that is not a Credit Party may merge or consolidate  with and into, or be dissolved or liquidated into, any other Subsidiary of a Credit Party that is not a Credit  Party, so long as (i) in the case of any such merger, consolidation, dissolution or liquidation involving a  Wholly-Owned Subsidiary of a Credit Party, a Wholly-Owned Subsidiary of a Credit Party is the surviving  or continuing entity of any such merger, consolidation, dissolution or liquidation, and (ii) to the extent that  the Collateral Agent has a pledge of the Equity Interests of either of the Subsidiaries subject to such  transaction pursuant to the Pledge and Security Agreement, such pledge shall continue in the Equity  Interests of the surviving or continuing entity of any such merger, consolidation, dissolution or liquidation  and all actions required to maintain said pledge have been taken;  (l) Permitted Acquisitions may be consummated in accordance with the requirements  of Section 9.13;  (m) the Credit Parties and their respective Subsidiaries may liquidate or otherwise  dispose of Cash Equivalents in the ordinary course of business, in each case for cash at Fair Market Value;  

 

    134        (n) the Credit Parties and their respective Subsidiaries may from time to time sell  common units or other Equity Interests which they own in the Company or any other Credit Party;  (o) any Credit Party or any of their respective Subsidiaries may engage in Sale  Leasebacks so long as (i) no Default or Event of Default then exists or would result therefrom, (ii) each  such Sale Leaseback is in an arm’s-length transaction and such Credit Party or Subsidiary receives at least  Fair Market Value, (iii) the consideration received by such Credit Party or such Subsidiary consists of at  least 75% cash and is paid at the time of the closing of such Sale Leaseback, (iv) the aggregate amount the  cash and non-cash proceeds received from all Sale Leasebacks pursuant to this clause (o) shall not exceed  $100,000,000, and (v) the Net Sale Proceeds from any Sale Leaseback in respect of ABL Priority Collateral  shall be applied to the Obligations in accordance with this Agreement;  (p) the Credit Parties and their Subsidiaries may convey, sell, lease or otherwise  dispose of assets or properties (other than ABL Priority Collateral) which have a Fair Market Value that  does not exceed $5,000,000 in the aggregate in any Fiscal Year;  (q) transactions contemplated by the CVR Reorganization shall be permitted; and  (r) A Credit Party may merge (such transaction, the “Credit Party Merger”) with any  newly-organized direct or indirect Subsidiary of a Qualifying Owner that does not have any Subsidiaries  other than the Credit Parties and their respective Subsidiaries (the “Merger Subsidiary”); provided, that,  (i) the Merger Subsidiary does not have any material assets other than (x)  Equity Interests in a Credit Party and (y) assets constituting the consideration payable in such merger to the  holders of Equity Interests in the Company (whether payable to such Persons (A) in accordance with the  terms of the agreement pursuant to which such merger is to be effected, (B) as a result of the exercise by  such Persons of their rights to appraisal in accordance with Section 262 of the Delaware General  Corporation Law or any analogous law or (C) as otherwise required by law (the consideration described in  this clause (y), collectively, the “Merger Consideration”));  (ii) the Merger Subsidiary does not have any Indebtedness or other liabilities  (except as permitted in clause (i) above);  (iii) a Credit Party is the surviving entity of such merger; and  (iv) no Default or Event of Default has occurred and is continuing or would  result therefrom.  For avoidance of doubt, it is understood that (i) the obligations of the Merger Subsidiary or any Credit Party  to pay Merger Consideration (the “Merger Consideration Obligations”) shall not constitute “Indebtedness”  for any purpose of this Agreement, (ii) so long as all payments by the Merger Subsidiary and the Credit  Parties in respect of Merger Consideration Obligations are funded by equity contributions to the Merger  Subsidiary or the Company by a Qualifying Owner prior to or simultaneous with the making of such  payments (the “Merger Consideration Contributions”), neither the incurrence of such Merger Consideration  Obligations nor the performance thereof by the Merger Subsidiary or any Credit Party shall constitute  Investments or Dividends for any purpose of this Agreement, (iii) the Credit Party Merger shall not be  prohibited under Section 10.06, and (iv) because (and so long as) Qualifying Owners will continue to hold,  

 

    135        directly or indirectly, more than 50% of the aggregate outstanding common stock as a result of the Credit  Party Merger, the completion of the Credit Party Merger shall not constitute a Change of Control.  To the extent the Required Lenders waive the provisions of this Section 10.02 with respect to the  sale of any Collateral, or any Collateral is sold as permitted by this Section 10.02 (other than to any Credit  Party or a Subsidiary thereof), such Collateral shall be sold free and clear of the Liens created by the  Security Documents, and the Administrative Agent and the Collateral Agent shall be authorized to take any  actions deemed appropriate in order to effect and/or evidence the foregoing.  Notwithstanding anything to the contrary contained above in this Section 10.02 or elsewhere in this  Agreement, (x) the Credit Parties and any of their respective Subsidiaries shall not be permitted to sell or  transfer the Equity Interests of, or all or substantially all of the assets of, any Borrower to any Person (other  than a Credit Party), unless all Obligations owing by such Borrower have been paid in full in cash or such  Obligations shall have been assumed by the other Borrowers pursuant to an agreement in form and  substance reasonably satisfactory to the Administrative Agent and (y) Dividends and Liens shall be  permitted if the making of such Dividend or the granting of such Lien is permitted by Section 10.03 or  Section 10.01, as applicable.  10.03 Dividends.  Each Credit Party will not, and will not permit any of their respective  Subsidiaries to, authorize, declare or pay any Dividends with respect to any Credit Party or any of their  respective Subsidiaries, except that:  (a) (i) any Subsidiary of a Credit Party may pay Dividends to the Company or to such  Credit Party or any Wholly-Owned Subsidiary of a Credit Party and (ii) any Credit Party may pay Dividends  to any other Credit Party;  (b) any Non-Wholly-Owned Subsidiary of a Credit Party may pay Dividends to its  shareholders, members or partners generally, so long as such Credit Party or its respective Subsidiary which  owns the Equity Interest in the Subsidiary paying such Dividends receives at least its proportionate share  thereof (based upon its relative holding of the Equity Interest in the Subsidiary paying such Dividends and  taking into account the relative preferences, if any, of the various classes of Equity Interests of such  Subsidiary);  (c) a Credit Party may pay Dividends to any parent company (and such parent  company may pay Dividends to its parent company), so long as the proceeds thereof are promptly used by  such parent company (or its parent company) to pay legal, accounting and reporting expenses in the ordinary  course of business, reasonable and customary general administrative costs and expenses and to pay  reasonable and customary directors fees and expenses in the ordinary course of business and directly related  to any such parent company’s ownership of the Credit Parties and their Subsidiaries and fees and expenses  related to any equity or debt offering or acquisition;  (d) a Credit Party may pay Dividends to fund the payment of Permitted Tax  Distributions;  (e) a Credit Party may pay Dividends to any parent company (and such parent  company may pay Dividends to its parent company) in an aggregate amount for all such Dividends (together  with the aggregate amount of all Intercompany Loans made pursuant to Section 10.05(h) for such purpose)  

 

    136        not to exceed the sum of (I) $10,000,000 in any Fiscal Year plus (II) the proceeds of key man life insurance  policies received after the Effective Date to the extent utilized for the purposes described in this clause (e),  in each case for the purpose of (i) enabling such Person to redeem, repurchase or otherwise acquire for  value, and such Person may redeem, repurchase or otherwise acquire for value (and any such parent  company may pay a Dividend to its parent company for the purpose of enabling its parent company to  redeem, repurchase or otherwise acquire for value), outstanding shares of capital stock of such parent  company (or its parent company) (or options or warrants to purchase capital stock of such parent company  (or its parent company)) following the death, disability or termination of employment of officers, directors  or employees of any parent company or any of their respective Subsidiaries and (ii) such parent company  to make payments on Shareholder Subordinated Notes theretofore issued as permitted by this Section  10.03(e); provided, that, (x) the only consideration paid by such parent company in respect of such  redemptions, purchases or other payments shall be cash and Shareholder Subordinated Notes, and (y) at the  time of any Dividend, purchase or payment permitted to be made pursuant to this Section 10.03(e),  including any cash payment made under a Shareholder Subordinated Note, no Default or Event of Default  shall then exist or result therefrom;  (f) each Credit Party may pay regularly scheduled Dividends on its Preferred Equity  pursuant to the terms thereof solely through the issuance of additional shares of such Preferred Equity (but  not in cash); provided, that, in lieu of issuing additional shares of such Preferred Equity as Dividends, such  Credit Party may increase the liquidation preference of the shares of Preferred Equity in respect of which  such Dividends have accrued;  (g) any Credit Party may pay Dividends in exchange for, or out of the cash proceeds  of the substantially concurrent sale for cash of, Equity Interests of any Credit Party or any direct or indirect  parent of any Credit Party (other than Equity Interests sold to another Credit Party, the Company or a  Subsidiary or an Unrestricted Subsidiary of the Company or to an employee stock ownership plan or any  trust established by Company, any Credit Party or any Subsidiary or Unrestricted Subsidiary thereof);  (h) each Credit Party and their Subsidiaries may pay additional Dividends so long as  the Payment Conditions are satisfied both before and after giving effect to the payment of such Dividends;   (i) so long as no Default or Event of Default then exists or would result therefrom, a  Credit Party may pay Dividends to one or more of its parent companies in an aggregate amount for all such  Dividends not to exceed $75,000,000 in the aggregate for all Credit Parties in any Fiscal Year (and any  such parent company may pay Dividends to its parent company), in each case for the purpose of and to the  extent necessary to permit such Person to make regularly scheduled payments of interest (and solely to  make such payments as and when due) under any Indebtedness issued by such Person or its parent company;  (j) each Credit Party and its Subsidiaries may pay Dividends within 60 days after the  date of declaration thereof if at said date of declaration such Dividend would have complied with the  provisions of this Section 10.03;  and  (k) any Credit Party and its Subsidiaries may repurchase its Equity Interests that may  be deemed to occur (i) upon the exercise of options or warrants if such Equity Interests represent all or a  portion of the exercise price thereof and (ii) in connection with the withholding of a portion of the Equity  Interests granted or awarded to a director or an employee to pay for the taxes payable by such director or  

 

    137        employee upon such grant or award shall be permitted so long as in any such case, no cash is paid by any  Credit Party or Subsidiary thereof in respect of the repurchase of any such Equity Interests.  10.04 Indebtedness.  Each Credit Party will not, and will not permit any of their respective  Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness, except:  (a) Indebtedness incurred pursuant to this Agreement and the other Credit Documents;  (b) Existing Indebtedness outstanding on the Effective Date and listed on Schedule  8.21, plus subsequent extensions, renewals or refinancings thereof; provided, that, the aggregate principal  amount of the Indebtedness to be extended, renewed or refinanced does not increase from that amount  outstanding at the time of any such extension, renewal or refinancing and, provided, further, that any  Intercompany Debt listed on Schedule 8.21 (and subsequent extensions, refinancings, renewals,  replacements and refundings thereof shall be subject to the requirements of Section 10.05(g));  (c) Indebtedness (i) under Interest Rate Protection Agreements entered into with  respect to other Indebtedness permitted under this Section 10.04 and (ii) under Other Hedging Agreements  entered into in the ordinary course of business and providing protection to a Credit Party or any of its  Subsidiaries against fluctuations in currency values or commodity prices in connection with such Credit  Party’s or such Subsidiary’s operations, in either case so long as the entering into of such Interest Rate  Protection Agreements or Other Hedging Agreements are bona fide hedging activities and are not for  speculative purposes;  (d) (x) Indebtedness of a Credit Party or any Subsidiary evidenced by Finance Lease  Obligations and purchase money Indebtedness described in Sections 10.01(f) and (g) and (y) Indebtedness  of a Credit Party or any Subsidiary in respect of any obligations under Synthetic Leases; provided, that, in  no event shall the sum of the aggregate principal amount of all such Indebtedness permitted by this clause  (d) exceed the greater of (i) 3.5% of Consolidated Total Assets at the time of incurrence of such  Indebtedness and (ii) $75,000,000 at any time outstanding;  (e) Indebtedness constituting Intercompany Loans to the extent permitted by Section  10.05(h);  (f) Indebtedness consisting of guaranties by the Credit Parties of each other’s  Indebtedness and lease and other contractual obligations permitted under this Agreement;  (g) Indebtedness of a Subsidiary acquired pursuant to a Permitted Acquisition (or  Indebtedness assumed at the time of a Permitted Acquisition of an asset securing such Indebtedness), plus  subsequent extensions, renewals or refinancings thereof; provided, that, the aggregate principal amount of  the Indebtedness to be extended, renewed or refinanced does not increase from that amount outstanding at  the time of any such extension, renewal or refinancing; provided, further, that (i) such Indebtedness was  not incurred in connection with, or in anticipation or contemplation of, such Permitted Acquisition and (ii)  the aggregate principal amount of all Indebtedness permitted by this clause (g) shall not exceed, unless the  Qualified Debt Conditions are satisfied at the time that any Indebtedness is incurred, extended, renewed or  refinanced pursuant to this clause (g), $25,000,000 at any one time outstanding;  

 

    138        (h) Indebtedness arising from the honoring by a bank or other financial institution of  a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, so  long as such Indebtedness is extinguished within four Business Days of the incurrence thereof;  (i) Indebtedness of a Credit Party and its Subsidiaries with respect to performance  bonds, surety bonds, appeal bonds or customs bonds required in the ordinary course of business or in  connection with the enforcement of rights or claims of such Credit Party or any of its Subsidiaries or in  connection with judgments that do not result in a Default or an Event of Default;  (j) Indebtedness of any Credit Party under Shareholder Subordinated Notes so long  as the aggregate principal amount of all such Shareholder Subordinated Notes does not exceed $5,000,000  at any time outstanding;  (k) Indebtedness owed to any Person providing property, casualty, liability or other  insurance to any Credit Party or any of its Subsidiaries, so long as the amount of such Indebtedness is not  in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of such insurance  for the period in which such Indebtedness is incurred and such Indebtedness is outstanding only for a period  not exceeding twelve months;  (l) Indebtedness of a Credit Party or any of its Subsidiaries which may be deemed to  exist in connection with agreements providing for indemnification, purchase price adjustments and similar  obligations in connection with the acquisition or disposition of assets in accordance with the requirements  of this Agreement, so long as any such obligations are those of the Person making the respective acquisition  or sale, and are not guaranteed by any other Person except as permitted by Section 10.04(f);  (m) [Reserved];  (n) [Reserved];  (o) so long as the Qualified Debt Conditions are satisfied at the time of the incurrence  thereof, Indebtedness of the Credit Parties and their Subsidiaries the proceeds of which are concurrently  used to finance a Permitted Acquisition and to pay the fees and expenses related thereto, plus subsequent  extensions, renewals or refinancings thereof; provided, that, (i) the aggregate principal amount of the  Indebtedness to be extended, renewed or refinanced does not increase from that amount outstanding at the  time of any such extension, renewal or refinancing and (ii) the Qualified Debt Conditions are satisfied at  the time of the subsequent extension, renewal or refinancing;  (p) so long as no Default or Event of Default then exists or would result therefrom,  unsecured Indebtedness incurred by a Credit Party and its Subsidiaries, including unsecured extensions,  renewals and refinancings thereof by a Credit Party and its Subsidiaries, in an aggregate principal amount  for all such Indebtedness not to exceed the greater of (i) 3.5% of Consolidated Total Assets at the time of  the incurrence of any such Indebtedness and (ii) $50,000,000 at any time outstanding; provided, however,  if, at the time of any subsequent extension, renewal or refinancing of any Indebtedness theretofore incurred  and outstanding in accordance with this clause (p), the aggregate principal amount of all Indebtedness that  would be outstanding under this clause (p) would exceed 3.5% of Consolidated Total Assets at such time,  then such extended, renewed or refinanced Indebtedness may be incurred so long as (A) no Default or Event  of Default then exists or would result therefrom, (B) the aggregate principal amount of the Indebtedness to  

 

    139        be so extended, renewed or refinanced shall not increase from that aggregate principal amount outstanding  at the time of any such extension, renewal or refinancing and (C) such Indebtedness as so extended, renewed  or refinanced shall not have a final maturity that is earlier than, or a weighted average life to maturity that  is shorter than, the final maturity or remaining weighted average life to maturity, as applicable, of the  Indebtedness to be so extended, renewed or refinanced;  (q) unsecured Indebtedness incurred by the Company and the other Credit Parties,  including unsecured extensions, renewals and refinancings thereof by the Company and the other Credit  Parties, so long as (i) clauses (i), (ii), (v), (vi) and (vii) of the definition of Qualified Debt Conditions are  satisfied, (ii) the Company shall be in compliance with a Total Leverage Ratio of not greater than 4.50:1.00  for the Test Period then most recently ended for which financial statements have been (or are required to  be) delivered pursuant to Sections 9.01(b) or (c), as applicable, on a Pro Forma Basis as if such incurrence  of Indebtedness had occurred on the first day of (and had remained outstanding throughout) such Test  Period and (iii) prior to the date of the incurrence of such Indebtedness, the Company shall have delivered  to the Administrative Agent a certificate of an Authorized Officer of the Company certifying as to  compliance with preceding clauses (i) and (ii) and demonstrating (in reasonable detail) the calculations  required by preceding clause (ii); provided, however, if, at the time of any subsequent extension, renewal  or refinancing of any Indebtedness theretofore incurred and outstanding in accordance with this clause (q),  the aggregate principal amount of all Indebtedness that would be outstanding under this clause (q) would  cause the Total Leverage Ratio for the respective Test Period to exceed 4.50:1.00, then such extended,  renewed or refinanced Indebtedness may be incurred so long as (A) the other conditions set forth above in  this clause (q) are satisfied at such time, (B) the aggregate principal amount of the Indebtedness to be so  extended, renewed or refinanced shall not increase from that aggregate principal amount outstanding at the  time of any such extension, renewal or refinancing and (C) such Indebtedness as so extended, renewed or  refinanced shall not have a final maturity that is earlier than, or a weighted average life to maturity that is  shorter than, the final maturity or remaining weighted average life to maturity, as applicable, of the  Indebtedness to be so extended, renewed or refinanced;  (r) additional Indebtedness (including, for this purpose, the aggregate principal  amount of outstanding Refinery Revenue Bonds) incurred by the Company and the other Credit Parties,  including extensions, renewals and refinancings thereof by the Company and the other Credit Parties, so  long as (i) the Qualified Debt Conditions are satisfied, (ii) the aggregate principal amount of all  Indebtedness incurred pursuant to this clause (r) shall not exceed at any time outstanding the greater of (x)  $450,000,000 and (y) that amount of Indebtedness that may be incurred by the Company at such time such  that the Total Leverage Ratio shall not exceed 1.75:1.00 for the Test Period then most recently ended for  which financial statements have been (or are required to be) delivered pursuant to Sections 9.01(b) or (c),  as applicable, on a Pro Forma Basis as if such incurrence of Indebtedness had occurred on the first day of  (and had remained outstanding throughout) such Test Period and (iii) prior to the date of the incurrence of  such Indebtedness, the Company shall have delivered to the Administrative Agent a certificate of an  Authorized Officer of the Company certifying as to compliance with preceding clauses (i) and (ii) and  demonstrating (in reasonable detail) the calculations required by preceding clause (ii); provided, however,  if, at the time of any subsequent extension, renewal or refinancing of any Indebtedness theretofore incurred  and outstanding in accordance with this clause (r), the aggregate principal amount of all Indebtedness that  would be outstanding under this clause (r) would cause the Total Leverage Ratio for the respective Test  Period to exceed 1.75:1.00, then such extended, renewed or refinanced Indebtedness may be incurred so  long as (A) the other conditions set forth above in this clause (r) are satisfied at such time, (B) the aggregate  principal amount of the Indebtedness to be so extended, renewed or refinanced shall not increase from that  

 

    140        aggregate principal amount outstanding at the time of any such extension, renewal or refinancing and (C)  such Indebtedness as so extended, renewed or refinanced shall not have a final maturity that is earlier than,  or a weighted average life to maturity that is shorter than, the final maturity or remaining weighted average  life to maturity, as applicable, of the Indebtedness to be so extended, renewed or refinanced;  (s) Indebtedness of a Credit Party or any Subsidiary consisting of take-or-pay  obligations contained in supply arrangements incurred in the ordinary course of business and on a basis  consistent with past practice;  (t) unsecured guarantees incurred by a Credit Party and its Subsidiaries in the ordinary  course of business in respect of obligations of suppliers, customers, franchisees, lessors and licensees of a  Credit Party and its Subsidiaries that, in each case, are non-Affiliates of any Credit Party or Subsidiary  thereof;  (u) Finance Lease Obligations incurred by a Credit Party and its Subsidiaries in  connection with any Sale and Leaseback Transaction permitted under Section 10.02(q) in an aggregate  amount not to exceed $20,000,000;  (v) [Reserved];  (w) [Reserved]; and  (x) Indebtedness in respect of letters of credit issued to support crude oil purchases  (other than Letters of Credit) in an aggregate amount (including unpaid drawings in respect thereof) not to  exceed $50,000,000 at any time outstanding.  10.05 Advances, Investments and Loans.  Each Credit Party will not, and will not permit any of  their respective Subsidiaries to, directly or indirectly, lend money or credit or make advances to any Person,  or purchase or acquire any stock, obligations or securities of, or any other Equity Interest in, or make any  capital contribution to, any other Person, or purchase or own a futures contract or otherwise become liable  for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract,  or hold any cash or Cash Equivalents (each of the foregoing an “Investment” and, collectively,  “Investments”), except that the following shall be permitted:  (a) each Credit Party may acquire and hold accounts receivables owing to any of them,  if created or acquired in the ordinary course of business and payable or dischargeable in accordance with  customary trade terms of such Credit Party;  (b) the Credit Parties and their respective Subsidiaries may acquire and hold cash and  Cash Equivalents;  (c) the Credit Parties and their respective Subsidiaries may hold the Investments held  by them on the Effective Date and described on Schedule 10.05; provided, that, any additional Investments  made with respect thereto shall be permitted only if permitted under the other provisions of this Section  10.05;  

 

    141        (d) the Credit Parties and their respective Subsidiaries may acquire and own  investments (including debt obligations) received in connection with the bankruptcy or reorganization of  suppliers and customers and in good faith settlement of delinquent obligations of, and other disputes with,  customers and suppliers arising in the ordinary course of business;  (e) the Credit Parties and their respective Subsidiaries may make loans and advances  to their officers, directors and employees for moving, relocation and travel expenses and other similar  expenditures, in each case in the ordinary course of business in an aggregate amount not to exceed  $5,000,000 at any time (determined without regard to any write-downs or write-offs of such loans and  advances);  (f) the Credit Parties and their respective Subsidiaries may acquire and hold  obligations of their officers and employees in connection with such officers’ and employees’ acquisition of  shares of any Credit Parties’ stock (so long as no cash is actually advanced by any Credit Party or any of  their respective Subsidiaries in connection with the acquisition of such obligations);  (g) the Credit Parties and their respective Subsidiaries may enter into Interest Rate  Protection Agreements and Other Hedging Agreements to the extent permitted by Section 10.04(c);  (h) (i) any Credit Party may make intercompany loans and advances to any other  Credit Party, (ii) any Subsidiary of a Credit Party which is not a Credit Party may make intercompany loans  and advances to any Credit Party or any other Subsidiary which is not a Credit Party, (iii) any Credit Party  may make intercompany loans and advances to any Subsidiary which is not a Credit Party, (iv) [reserved]  and (v) in lieu of paying Dividends pursuant to Sections 10.03(c), (d) and (e), any Credit Party may make  intercompany loans and advances to its parent company for the purposes of, and subject to the same terms,  conditions and limitations contained in, such Sections 10.03(c), (d) and (e) (such intercompany loans and  advances referred to in preceding clauses (i) through (v), collectively, the “Intercompany Loans”);  provided, that, (A) the Intercompany Loans made pursuant to preceding subclause (iii) of this clause (h)  shall not exceed, when added to the aggregate amount of Investments made pursuant to Section 10.05(i)(iv),  $15,000,000 in the aggregate at any time outstanding (determined without regard to any write-offs or write- downs thereof) and may not be made at any time during the existence of a Default or an Event of Default,  (B) each Intercompany Loan shall be evidenced by an Intercompany Note, (C) each such Intercompany  Note owned or held by a Credit Party shall be pledged to the Collateral Agent pursuant to the Pledge  Agreement, (D) each Intercompany Loan made to a Credit Party shall be subject to the subordination  provisions attached as an Annex to the respective Intercompany Note and (E) any Intercompany Loans  made to any Credit Party or other Subsidiary of a Credit Party pursuant to this clause (h) shall cease to be  permitted by this clause (h) if such Credit Party or other Subsidiary of such Credit Party ceases to constitute  a Credit Party or a Subsidiary of a Credit Party, as the case may be;  (i) (i) any Credit Party may make capital contributions to any other Credit Party, (ii)  the Credit Parties may acquire Equity Interests of, any other Credit Party, (iii) any Subsidiary that is not a  Credit Party may make capital contributions to, or acquire Equity Interests of, other Subsidiaries that are  not Credit Parties and (iv) any Credit Party may make capital contributions to, or acquire Equity Interests  of, any Subsidiary that is not a Credit Party; provided, that, (A) the aggregate amount of any contributions  to, or acquisition of the Equity Interests of, Subsidiaries that are not Credit Parties, when added to the  aggregate amount of outstanding Intercompany Loans under Section 10.05(h)(iii), shall not exceed  $15,000,000 (determined without regard to any write-offs or write-downs thereof) and may not be made at  

 

    142        any time during the existence of a Default or an Event of Default, (B) any security interest granted to the  Collateral Agent for the benefit of the Secured Parties pursuant to the Security Documents in any assets so  contributed shall remain in full force and effect and perfected (to at least the same extent as in effect  immediately prior to such contribution) and all actions required to maintain said perfected status have been  taken and (C) any Investment made in or to any Credit Party or any other Subsidiary of a Credit Party  pursuant to this clause (i) shall cease to be permitted hereunder if such Credit Party or other Subsidiary of  such Credit Party ceases to constitute a Credit Party or a Subsidiary of a Credit Party, as the case may be;  (j) the Credit Parties and their respective Subsidiaries may own the Equity Interests  of their respective Subsidiaries created or acquired in accordance with the terms of this Agreement (so long  as all amounts invested in such Subsidiaries are independently justified under another provision of this  Section 10.05);  (k) guarantees permitted hereunder to the extent constituting Investments;  (l) (i)  Permitted Acquisitions shall be permitted in accordance with the requirements  of Section 9.13 and (ii) Investments then held by any Person acquired in a Permitted Acquisition to the  extent that such Investments were not made in contemplation of or in connection with such Permitted  Acquisition;  (m) a Credit Party and its Subsidiaries may receive and hold promissory notes and other  non-cash consideration received in connection with any asset sale permitted by Sections 10.02(e) and (q);  (n) a Credit Party and its Subsidiaries may make advances in the form of a prepayment  of expenses to vendors, suppliers and trade creditors consistent with their past practices, so long as such  expenses were incurred in the ordinary course of business of such Credit Party or such Subsidiary;  (o) a Credit Party and its Subsidiaries may acquire and hold Investment Grade  Securities;  (p) a Credit Party and its Subsidiaries may make Investments to the extent acquired in  exchange for the issuance of Equity Interests of any direct or indirect parent company;  (q) a Credit Party and its Subsidiaries may make Investments consisting of the  licensing or contribution of intellectual property pursuant to joint marketing arrangements with other  Persons;  (r) a Credit Party and its Subsidiaries may make Capital Expenditures consisting of  purchases and acquisitions of inventory, supplies, material or equipment in the ordinary course of business;  (s) a Credit Party and its Subsidiaries may make other Investments in any Person  having an aggregate Fair Market Value (measured on the date such Investment was made and without  giving effect to subsequent changes in value), when taken together with all other Investments made pursuant  to this clause (s) since the Amendment No. 3 Effective Date, not to exceed $100,000,000;  

 

    143        (t) so long as the Payment Conditions are satisfied both before and after giving effect  to such Investments, a Credit Party may make additional Investments not otherwise permitted under this  Section 10.05;  (u) Investments between or among the Credit Parties; and  (v) transactions contemplated by the CVR Reorganization.  10.06 Transactions with Affiliates.  Each Credit Party will not, and will not permit any of their  respective Subsidiaries to, enter into any transaction or series of related transactions with any Affiliate of  any Credit Party or any of their respective Subsidiaries, other than on terms and conditions substantially as  favorable to such Credit Party or such Subsidiary as would reasonably be obtained by such Credit Party or  such Subsidiary at that time in a comparable arm’s-length transaction with a Person other than an Affiliate,  except that the following in any event shall be permitted:  (a) Dividends may be paid to the extent provided in Section 10.03;  (b) loans may be made and other transactions may be entered into by the Credit Parties  and their respective Subsidiaries to the extent permitted by Sections 10.02, 10.04 and/or 10.05;  (c) customary fees, indemnities and reimbursements may be paid to non-officer  directors of the Credit Parties and their respective Subsidiaries;  (d) each of the Credit Parties may issue shares of its Equity Interests otherwise  permitted to be issued hereunder;  (e) the Credit Parties and their respective Subsidiaries may enter into, and may make  payments under, employment, consulting, service or termination agreements, employee benefits plans,  stock option plans, indemnification provisions and other similar compensatory arrangements with current,  former or future officers, employees and directors of the Credit Parties and their respective Subsidiaries in  the ordinary course of business;  (f) (i) Subsidiaries and Unrestricted Subsidiaries of a Credit Party may pay  management fees, licensing fees and similar fees to such Credit Party or another Credit Party and (ii)  transactions solely between or among the Credit Parties shall be permitted;  (g) any contracts, instruments or other agreements or arrangements in each case as in  effect on the Effective Date as set forth on Schedule 10.06(g), and any transactions pursuant thereto or in  the ordinary course of business, or any amendment, modification or supplement thereto or any replacement  thereof entered into from time to time, so long as such agreement or arrangement as so amended, modified,  supplemented or replaced, taken as a whole, is not more disadvantageous in any material respect to the  Credit Parties and their respective Subsidiaries at the time executed than the original agreement or  agreement as in effect on the Effective Date;  (h) any contracts, agreements or other arrangements solely among Credit Parties to the  extent that such underlying transactions are otherwise permitted under this Agreement;  

 

    144        (i) any guarantee by any direct or indirect parent company of any Credit Party of  Indebtedness of any Credit Party or any of its Subsidiaries otherwise permitted hereunder so long as (i) no  cash or other consideration is given by any Credit Party or any Subsidiary thereof in exchange for such  guarantee and (ii) any rights of subrogation of such direct or indirect parent company in respect thereto  shall be subordinated to the Obligations on a basis reasonably satisfactory to the Administrative Agent and  may not be exercised until all Obligations have been paid in full;  (j) any transaction between the Credit Parties and their Subsidiaries, on the one hand,  and the Fertilizer Entities, on the other hand, in accordance with the agreements set out in Schedule 10.06(j)  so long as such transactions are not otherwise prohibited by this Agreement;   (k) general and administrative services and operational and maintenance services  provided to the Credit Parties in the ordinary course of business of such Credit Parties, together with  customary indemnification arrangements, and reimbursement or payment thereof by the Credit Parties, in  each case in connection with the provision of such services; and   (l) transactions contemplated by the CVR Reorganization.  Notwithstanding anything to the contrary contained above in this Section 10.06, in no event shall any Credit  Party or any of their respective Subsidiaries pay any management, consulting or similar fee to any of their  respective Affiliates except as specifically provided in clause (f) of this Section 10.06.  10.07 Fixed Charge Coverage Ratio.  (a) During each Compliance Period, the Company (in each case under this Section  10.07 as then defined in accordance with the definition of “Company” set forth herein) shall not permit (i)  the Fixed Charge Coverage Ratio for the last Test Period ended prior to the beginning of such Compliance  Period for which financial statements have been (or are required to be) delivered pursuant to Sections  9.01(b) or (c), as applicable, to be less than 1.00:1.00, (ii) the Fixed Charge Coverage Ratio for any Test  Period for which financial statements have been (or are required to be) delivered pursuant to Sections  9.01(b) or (c), as applicable, during such Compliance Period to be less than 1.00:1.00 or (iii) the Fixed  Charge Coverage Ratio for any Test Period ending during such Compliance Period (or before such  Compliance Period and after the Test Period referenced in clause (i) above) to be less than 1.00:1.00.   Within three Business Days after the beginning of a Compliance Period, the Company shall provide to the  Administrative Agent a compliance certificate (whether or not a Compliance Period is in effect on the date  such compliance certificate is required to be delivered) calculating the Fixed Charge Coverage Ratio for  the Test Period for which financial statements have been (or are required to be) delivered pursuant to  Sections 9.01(b) or (c), as applicable, ended immediately prior to the beginning of such Compliance Period  based on the most recent financial statements required to be delivered pursuant to Section 9.01(b) or 9.01(c),  as the case may be.  (b) Right to Cure.  (A) Notwithstanding anything to the contrary contained in Section  10.07(a), in the event that the Company shall fail to comply with the requirements of such Section 10.07(a)  in respect of any Test Period, until the expiration of the 10th day subsequent to the due date for delivery of  the financial statements and related compliance certificate for such Test Period pursuant to Section 9.01(b)  

 

    145        or 9.01(c), as the case may be, and Section 9.01(f), the Credit Parties shall have the right to issue to their  direct or indirect parent companies shares of their Equity Interests permitted to be issued hereunder for cash  or otherwise receive from any direct or indirect parent company of any Credit Party cash common  contributions to its capital (which, or the cash proceeds of which, shall be contributed to the Company).   Subject to the limitations set forth in clause (b)(B) below, such amounts shall be added to Consolidated  EBITDA for the last fiscal month of the Company for the applicable Test Period and then solely for  purposes of determining compliance with Section 10.07(a) for such Test Period and any subsequent Test  Period which includes such fiscal month and not for any other purpose under this Agreement (including for  calculations testing pro forma compliance with the financial covenant set forth in Section 10.07(a) (whether  in connection with the Payment Conditions or otherwise) or the Total Leverage Ratio).  If after giving effect  to the foregoing recalculation, the Company shall then be in compliance with the requirements of Section  10.07(a) for the applicable Test Period, then the Company shall be deemed to have satisfied the  requirements of Section 10.07(a) as of the relevant date of determination with the same effect as though  there had been no failure to comply therewith at such date, and the applicable Event of Default which had  occurred as a result of such failure shall be deemed cured for all purposes of the Credit Documents.  (B) Notwithstanding anything herein to the contrary, (i) in no event  shall the Credit Parties be entitled to exercise the right described in clause (b)(A) above (x) more than twice  in any twelve-month period or (y) more than four times in the aggregate, (ii) any cash contribution or  issuance of stock described in clause (b)(A) above shall be permitted in an unlimited amount; provided,  that, the amount added to Consolidated EBITDA for such fiscal month shall be no greater than the amount  required to cause the Company to be in compliance with Section 10.07(a) for the applicable Test Period  and (iii) to the extent that any cash proceeds received in connection with any exercise of the right described  in clause (b)(A) above is used to repay Indebtedness, such Indebtedness shall not be deemed to have been  repaid for purposes of calculating the Fixed Charge Coverage Ratio or the Total Leverage Ratio for the  period with respect to which such compliance certificate applies or any other compliance certificate  including such period or the fiscal month in respect of which such Consolidated EBITDA has been so  increased.  10.08 Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements;  Limitations on Voluntary Payments, etc.  Each Credit Party will not, and will not permit any of their  respective Subsidiaries to:  (a) make (or give any notice in respect of) any voluntary or optional payment or  prepayment on or redemption, repurchase or acquisition for value of, or any prepayment or redemption as  a result of any change of control or similar event, asset sale, insurance or condemnation event, debt issuance,  equity issuance, capital contribution or similar required “repurchase” event of (including, in each case by  way of depositing with the trustee with respect thereto or any other Person money or securities before due  for the purpose of paying when due), any Qualified Debt; provided, however, (i) a Credit Party and its  Subsidiaries may deposit proceeds of Notes Priority Collateral in an Asset Sales Proceeds Account and may  redeem outstanding Qualified Secured Debt (to the extent that any such Indebtedness has a Lien on the  Notes Priority Collateral that is senior to the Lien of the Obligations on such Notes Priority Collateral) in  each case as, and to the extent, required by the terms of the Qualified Secured Debt Documents, (ii) a Credit  Party and its Subsidiaries may make any payment or prepayment on, or redemption or acquisition for value  of, any Qualified Debt not otherwise permitted under this Section 10.08, so long as the Payment Conditions  are satisfied both before and after giving effect to such payment, prepayment, redemption or acquisition for  

 

    146        value, and (iii) a Credit Party and its Subsidiaries may refinance outstanding Qualified Debt with other  Qualified Debt permitted to be incurred hereunder;  (b) amend, modify, change or waive any term or provision of any Qualified Debt  Document in a manner which is (i) adverse to the interests of the Lenders in any material respect or (ii)  otherwise prohibited by the terms of this Agreement or the Intercreditor Agreement;  (c) (i) amend, modify or change its certificate or articles of incorporation (including  by the filing or modification of any certificate or articles of designation), certificate of formation, limited  liability company agreement or by-laws (or the equivalent organizational documents), as applicable, or any  agreement entered into by it with respect to its capital stock or other Equity Interests (including any  Shareholders’ Agreement), or enter into any new agreement with respect to its capital stock or other Equity  Interests, unless such amendment, modification, change or other action contemplated by this clause (c)  could not reasonably be expected to be adverse to the interests of the Lenders in any material respect or (ii)  without the prior written consent of Administrative Agent, change its jurisdiction of organization  (including, without limitation, by merging with or into any other entity, reorganizing, dissolving,  liquidating, reincorporating or incorporating in any other jurisdiction) to a jurisdiction outside of the United  States; or  (d) amend, modify or change any provision of any Tax Sharing Agreement or enter  into any new tax sharing agreement, tax allocation agreement or similar agreement without the prior written  consent of the Administrative Agent (other than, in either case, any Tax Sharing Agreement solely among  the Credit Parties or in connection with the CVR Reorganization); or  (e) on and after the execution and delivery thereof, amend, modify or waive, or permit  the amendment, modification or waiver of, any provision of any Shareholder Subordinated Note; or  (f) make (or give any notice in respect of) any principal or interest payment on, or any  redemption or acquisition for value of, any Shareholder Subordinated Note, except (x) to the extent  permitted by (and subject to the dollar limitations set forth in) Section 10.03(e) or (y) if the Payment  Conditions are satisfied both before and after giving effect to such payment, redemption or acquisition for  value.  10.09 Limitation on Certain Restrictions on Subsidiaries.  Each Credit Party will not, and will  not permit any of their respective Subsidiaries to, directly or indirectly, create or otherwise cause or suffer  to exist or become effective any encumbrance or restriction on the ability of any such Subsidiary to (a) pay  dividends or make any other distributions on its capital stock or any other Equity Interest or participation  in its profits owned by any Credit Party or any of their respective Subsidiaries, or pay any Indebtedness  owed to any Credit Party or any of their respective Subsidiaries, (b) make loans or advances to any Credit  Party or any of their respective Subsidiaries or (c) transfer any of its properties or assets to any Credit Party  or any of their respective Subsidiaries, except for such encumbrances or restrictions existing under, by  reason of or with respect to (i) applicable law, rule, regulation or administrative or court order, (ii) this  Agreement and the other Credit Documents, (iii) the Qualified Debt Documents with respect to Qualified  Debt incurred under Sections 10.04(o), (q) and (r) so long as the respective restrictions in such Qualified  Debt Documents are no more restrictive in any material respect than the comparable provisions under this  Agreement, (iv) customary provisions restricting transfers, subletting or assignment of any property or asset  that is a lease governing any leasehold interest of any Credit Party or any of their respective Subsidiaries,  

 

    147        (v) customary provisions restricting assignment of any licensing agreement (in which any Credit Party or  any of their respective Subsidiaries is the licensee) or other contract entered into by any Credit Party or any  of their respective Subsidiaries in the ordinary course of business, (vi) restrictions on the transfer of any  asset pending the close of the sale of such asset, (vii) restrictions on the transfer of any asset subject to a  Lien permitted by Section 10.01(c), (f), (g), (n), (u) or (z), (viii) any agreement or instrument governing  Indebtedness incurred under Section 10.04(g), which encumbrance or restriction is not applicable to any  Person or the properties or assets of any Person, other than the Person or the properties or assets of the  Person acquired pursuant to the respective Permitted Acquisition and so long as the respective  encumbrances or restrictions were not created (or made more restrictive) in connection with or in  anticipation of the respective Permitted Acquisition, (ix) customary provisions in joint venture agreements  and other similar agreements applicable to joint ventures permitted hereunder and applicable solely to such  joint venture and (x) restrictions or encumbrances restricting cash or other deposits or net worth imposed  by customers under contracts entered into in the ordinary course of business.  10.10 [Reserved].  10.11 Business.  Each Credit Party will not, and will not permit any of their respective  Subsidiaries to, engage directly or indirectly in any business other than the businesses engaged in by the  Credit Parties and their respective Subsidiaries as of the Amendment No. 3 Effective Date and reasonable  extensions thereof and businesses ancillary or complimentary thereto.  10.12 Limitation on Creation of Subsidiaries and Unrestricted Subsidiaries.  (a) Each Credit Party will not, and will not permit any of their respective Subsidiaries  to, establish, create or acquire after the Effective Date any Subsidiary; provided, that, a Credit Party and its  Subsidiaries shall be permitted to establish, create and acquire Subsidiaries to the extent permitted under  this Agreement (including in connection with the CVR Reorganization), so long as, in each case, (i) the  capital stock or other Equity Interests of such new Subsidiary are promptly pledged pursuant to (but only  to the extent required by) the Pledge and Security Agreement and the certificates, if any, representing such  stock or other Equity Interests, together with stock or other appropriate powers duly executed in blank, are  delivered to the Collateral Agent (but otherwise subject to the terms of the Intercreditor Agreement);  provided, that, no such pledge shall be required in respect of any of the outstanding capital stock or other  Equity Interests of a Controlled Foreign Corporation in excess of 65% of the total combined voting power  of all classes of capital stock of such Controlled Foreign Corporation entitled to vote, (ii) each such new  Domestic Subsidiary (other than an Excluded Subsidiary) becomes a party to each of the Pledge and  Security Agreement, the Intercreditor Agreement, this Agreement (either as a Guarantor or Borrower as  determined by the Administrative Agent) and, to the extent that such Domestic Subsidiary becomes a  Borrower hereunder (which only shall be permitted if the same is a Wholly-Owned Domestic Subsidiary  and the prior consent of the Administrative Agent is obtained or in connection with the CVR  Reorganization), each Note, in each case by executing and delivering to the Administrative Agent a  counterpart of a Joinder Agreement and (iii) each such Person (other than an Excluded Subsidiary), to the  extent reasonably requested by the Administrative Agent, takes all actions required pursuant to Section  9.12. In addition, to the extent reasonably requested by the Administrative Agent, each new Guarantor or  Borrower that is required to execute any Credit Document in accordance with this Section 10.12(a) shall  execute and deliver, or cause to be executed and delivered, all other relevant documentation (including  opinions of counsel) of the type described in Section 6 as such Person would have had to deliver if such  new Domestic Subsidiary were a Credit Party on the Effective Date.  

 

    148        (b) Notwithstanding anything to the contrary contained in this Agreement, the  Company will not, and will not permit any other Credit Party to, establish, create or acquire after the  Effective Date any Unrestricted Subsidiary, except to the extent that (i) such establishment, creation or  acquisition constitutes an Investment permitted under Section 10.05(t), (ii) such Unrestricted Subsidiary  meets all of the requirements of the definition thereof and (iii) the Equity Interests of such Unrestricted  Subsidiary, to the extent owned by a Credit Party, are promptly pledged pursuant to (but only to the extent  required by) the Pledge and Security Agreement and the certificates, if any, representing such Equity  Interests, together with stock or other appropriate powers duly executed in blank, are delivered to the  Collateral Agent.  10.13 No Additional Deposit Accounts; etc.  Each of the Credit Parties will not, and will not  permit any other Credit Party to, directly or indirectly, open, maintain or otherwise have any checking,  savings, deposit, securities or other accounts at any bank or other financial institution where cash, Cash  Equivalents or other securities are or may be deposited or maintained with any Person, other than (a) the  Concentration Accounts set forth on Part A of Schedule 10.13, (b) the Collection Accounts set forth on Part  B of Schedule 10.13, (c) the Disbursement Accounts set forth on Part C of Schedule 10.13, (d) the other  Deposit Accounts set forth on Part D of Schedule 10.13, (e) the Securities Accounts set forth on Part E of  Schedule 10.13, and (f) the Excluded Accounts set forth on Part F of Schedule 10.13; provided, that, the  Company or any other Credit Party may open a new Concentration Account, Collection Account,  Disbursement Account, other Deposit Account, Securities Account or Excluded Account not set forth in  such Schedule 10.13, so long as within 30 days of opening any such account (or such later date agreed to  by the Administrative Agent in its sole discretion) (i) the Company has delivered an updated Schedule 10.13  to the Administrative Agent listing such new account and (ii) in the case of any new Concentration Account,  Collection Account, Disbursement Account, other Deposit Account (other than an Excluded Account) or  Securities Account (other than an Excluded Account), the financial institution with which such account is  opened, together with the applicable Credit Party which has opened such account and the Collateral Agent  have executed and delivered to the Administrative Agent a Cash Management Control Agreement  reasonably acceptable to the Administrative Agent.  SECTION 11. Events of Default  Upon the occurrence of any of the following specified events (each, an “Event of Default”):  11.01 Payments.  Any Borrower shall (i) default in the payment when due of any principal of any  Loan or any Note or any other Obligations, or (ii) default, and such default shall continue unremedied for  three or more Business Days, in the payment when due of any interest on any Loan, Note or any other  Obligations or any other amounts owing hereunder or under any other Credit Document; or  11.02 Representations, etc.  Any representation, warranty or statement made or deemed made by  any Credit Party herein or in any other Credit Document or in any certificate delivered to the Administrative  Agent or any Lender pursuant hereto or thereto shall prove to be untrue in any material respect on the date  as of which made or deemed made (it being understood and agreed that any representation or warranty that  is qualified by “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all  respects as of any such date); or  11.03 Covenants.  Any Credit Party or any of their respective Subsidiaries shall (a) default in the  due performance or observance by it of any term, covenant or agreement contained in Sections 5.03(d),  

 

    149        9.01(g)(i), 9.01(j)(iv), 9.01(p), 9.03(a)(ii), 9.03(b)(i) or (ii), 9.04, 9.11, 9.13 or Section 10, (b) default in the  due performance or observance by it of any term, covenant or agreement contained in Sections 9.01(j)(iii),  (iv) and (vi) and such default shall continue unremedied for a period of one Business Day, (c) default in the  due performance or observance by it of any term, covenant or agreement contained in Section 9.01(j)(ii)  and such default shall continue unremedied for a period of two Business Days, or (d) default in the due  performance or observance by it of any other term, covenant or agreement contained in this Agreement  (other than those set forth in Sections 11.01 and 11.02) and such default shall continue unremedied for a  period of 30 days after the earlier of (i) the date on which such default shall first become known to any  officer of or any Credit Party or (ii) the date on which written notice thereof is given to the defaulting party  by the Administrative Agent or the Required Lenders; or  11.04 Default Under Other Agreements.  (a) Any Credit Party or any of their respective  Subsidiaries shall (i) default in any payment of any Indebtedness (other than the Obligations) beyond the  period of grace, if any, provided in an instrument or agreement under which such Indebtedness was created  or (ii) default in the observance or performance of any agreement or condition relating to any Indebtedness  (other than the Obligations) or contained in any instrument or agreement evidencing, securing or relating  thereto, or any other event shall occur or condition exist, the effect of which default or other event or  condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf  of such holder or holders) to cause (determined without regard to whether any notice is required), any such  Indebtedness to become due prior to its stated maturity, or (b) any Indebtedness (other than the Obligations)  of any Credit Party or any of their respective Subsidiaries shall be declared to be (or shall become) due and  payable, or required to be prepaid other than by a regularly scheduled required prepayment, prior to the  stated maturity thereof; provided, that, it shall not be a Default or an Event of Default under this Section  11.04 unless the aggregate principal amount of all Indebtedness as described in preceding clauses (a) and  (b) is at least $35,000,000; or  11.05 Bankruptcy, etc.  Any Credit Party or any of their respective Subsidiaries shall commence  a voluntary case concerning itself under Title 11 of the United States Code entitled “Bankruptcy,” as now  or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is  commenced against any Credit Party or any of their respective Subsidiaries, and the petition is not  controverted within 10 days, or is not dismissed within 60 days after the filing thereof; provided, however,  that during the pendency of such period, each Lender shall be relieved of its obligation to extend credit  hereunder; or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or  substantially all of the property of any Credit Party or any of their respective Subsidiaries, to operate all or  any substantial portion of the business of any Credit Party or any of their respective Subsidiaries, or any  Credit Party or any of their respective Subsidiaries commences any other proceeding under any  reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, bankruptcy or  liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to any Credit Party  or any of their respective Subsidiaries (including any Canadian Insolvency Law), or there is commenced  against any Credit Party or any of their respective Subsidiaries any such proceeding which remains  undismissed for a period of 60 days after the filing thereof, or any Credit Party or any of their respective  Subsidiaries is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such  case or proceeding is entered; or a receiver, receiver manager, administrator, custodian, monitor, trustee or  other similar official is appointed for it or for any substantial portion of its assets; or any Credit Party or  any of their respective Subsidiaries makes a general assignment for the benefit of creditors; or any Business  action is taken by any Credit Party or any of their respective Subsidiaries for the purpose of effecting any  of the foregoing; or  

 

    150        11.06 ERISA.  (a) One or more ERISA Events shall have occurred:  (b) there is or arises an Unfunded Pension Liability (taking into account only Plans  with positive Unfunded Pension Liability);  (c) any material contribution required to made with respect to a Foreign Pension Plan  has not been timely made; or  (d) there is or arises any potential withdrawal liability under Section 4201 of ERISA,  if any Credit Party, any Subsidiary of any Credit Party or the ERISA Affiliates were to withdraw completely  from any and all Multiemployer Plans;  and the liability of any or all of any Credit Party, any Subsidiary of any Credit Party and the ERISA  Affiliates contemplated by the foregoing clauses (a), (b), (c) and (d), either individually or in the aggregate,  has had, or could be reasonably expected to have, a Material Adverse Effect; or  11.07 Security Documents.  Any of the Security Documents shall cease to be in full force and  effect, or shall cease to give the Collateral Agent for the benefit of the Secured Parties the Liens, rights,  powers and privileges purported to be created thereby (including a perfected security interest in, and Lien  on, all of the Collateral, in favor of the Collateral Agent, superior to and prior to the rights of all third  Persons (except as permitted by Section 10.01), and subject to no other Liens (except as permitted by  Section 10.01), or any Credit Party shall default in the due performance or observance of any term, covenant  or agreement on its part to be performed or observed pursuant to any such Security Document and such  default shall continue beyond the period of grace, if any, specifically applicable thereto pursuant to the  terms of such Security Document; or  11.08 Guaranty.  The Guaranty or any provision thereof shall cease to be in full force or effect as  to any Guarantor (except as a result of a release of any Guarantor in accordance with the terms thereof), or  any Guarantor or any Person acting for or on behalf of such Guarantor shall deny or disaffirm such  Guarantor’s obligations under the Guaranty to which it is a party or any Guarantor shall default in the due  performance or observance of any term, covenant or agreement on its part to be performed or observed  pursuant to the Guaranty to which it is a party; or  11.09 Judgments.  One or more judgments or decrees shall be entered against any Credit Party or  any Subsidiary of any Credit Party involving in the aggregate for the Credit Parties and their respective  Subsidiaries a liability (to the extent not paid or not covered by a reputable and solvent insurance company)  and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged  or stayed or bonded pending appeal for any period of 60 consecutive days, and the aggregate amount of all  such judgments equals or exceeds $35,000,000; or  11.10 Change of Control.  A Change of Control shall occur; or  11.11 Intercreditor Agreement.  At any time after it is entered into, the Intercreditor Agreement  or any provision thereof shall cease to be in full force and effect (except in accordance with its terms), any  Credit Party shall deny or disaffirm its obligations thereunder or any Credit Party shall default in the due  

 

    151        performance or observance of any term, covenant or agreement on its part to be performed or observed  pursuant to the terms thereof,  then, and in any such event, and at any time thereafter, if any Event of Default shall then be continuing, the  Administrative Agent, upon the written request of the Required Lenders, shall by written notice to the  Company, take any or all of the following actions, without prejudice to the rights of the Administrative  Agent, any Lender or the holder of any Note to enforce its claims against any Credit Party (provided, that,  if an Event of Default specified in Section 11.05 shall occur with respect to any Borrower, the result which  would occur upon the giving of written notice by the Administrative Agent as specified in clauses (a) and  (b) below, shall occur automatically without the giving of any such notice): (a) declare the Total Revolving  Loan Commitment terminated, whereupon the Revolving Loan Commitment of each Lender shall forthwith  terminate immediately and any Commitment Commission shall forthwith become due and payable without  any other notice of any kind; (b) declare the principal of and any accrued interest in respect of all Loans  and the Notes and all Obligations owing hereunder and thereunder to be, whereupon the same shall become,  forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which  are hereby waived by each Credit Party; (c) terminate any Letter of Credit which may be terminated in  accordance with its terms; (d) direct the Borrowers to pay (and the Borrowers jointly and severally agree  that upon receipt of such notice, or upon the occurrence of an Event of Default specified in Section 11.05  with respect to any Borrower, they will pay) to the Collateral Agent at the Payment Office such additional  amount of cash or Cash Equivalents, to be held as security by the Collateral Agent, as is equal to the  aggregate Stated Amount of all Letters of Credit issued for the account of the Company and then  outstanding; (e) enforce, as Collateral Agent, all of the Liens and security interests created pursuant to the  Security Documents; (f) enforce the Guaranty; and (g) apply any cash collateral held by the Administrative  Agent pursuant to Section 5.02 to the repayment of the Obligations.  SECTION 12. The Agents.  12.01 Appointment.  The Lenders hereby irrevocably designate and appoint Wells Fargo Bank,  National Association, as Administrative Agent, Collateral Agent and Collateral Agent, in each case to act  as specified herein and in the other Credit Documents.  Each Lender hereby irrevocably authorizes, and  each holder of any Note by the acceptance of such Note shall be deemed irrevocably to authorize each  Agent to take such action on its behalf under the provisions of this Agreement, the other Credit Documents  and any other instruments and agreements referred to herein or therein and to exercise such powers and to  perform such duties hereunder and thereunder as are specifically delegated to or required of such Agent by  the terms hereof and thereof and such other powers as are reasonably incidental thereto.  Each Agent may  perform any of its duties hereunder or under the other Credit Documents by or through its officers, directors,  agents, employees or affiliates.  12.02 Nature of Duties.  (a) Each Agent in its capacity as such shall not have any duties or responsibilities  except those expressly set forth in this Agreement and in the other Credit Documents.  No Agent in its  capacity as such nor any of its officers, directors, agents, employees or affiliates shall be liable for any  action taken or omitted by it or them hereunder or under any other Credit Document or in connection  herewith or therewith, unless caused by its or their gross negligence or willful misconduct (as determined  by a court of competent jurisdiction in a final and non-appealable decision).  The duties of each Agent shall  be mechanical and administrative in nature; no Agent shall have by reason of this Agreement or any other  

 

    152        Credit Document a fiduciary relationship in respect of any Lender or the holder of any Note; and nothing  in this Agreement or in any other Credit Document, expressed or implied, is intended to or shall be so  construed as to impose upon any Agent any obligations in respect of this Agreement or any other Credit  Document except as expressly set forth herein or therein.  (b) Notwithstanding any other provision of this Agreement or any provision of any  other Credit Document, each Lead Arranger and the Persons listed on the title page hereof as “Syndication  Agent” and “Co-Documentation Agents” are named as such for recognition purposes only, and in its  capacity as such shall have no powers, duties, responsibilities or liabilities with respect to this Agreement  or the other Credit Documents or the transactions contemplated hereby and thereby; it being understood  and agreed that each Lead Arranger and each such other Person shall be entitled to all indemnification and  reimbursement rights in favor of the Administrative Agent as, and to the extent, provided for under 12.06  and 13.01.  Without limitation of the foregoing, neither any Lead Arranger nor any such other Person shall,  solely by reason of this Agreement or any other Credit Document, have any fiduciary relationship in respect  of any Lender or any other Person.  12.03 Lack of Reliance on the Administrative Agent.Independently and without reliance upon  any Agent, each Lender and the holder of each Note, to the extent it deems appropriate, has made and shall  continue to make (a) its own independent investigation of the financial condition and affairs of the Credit  Parties and their respective Subsidiaries in connection with the making and the continuance of the Loans  and the taking or not taking of any action in connection herewith and (b) its own appraisal of the  creditworthiness of the Credit Parties and their respective Subsidiaries and, except as expressly provided in  this Agreement, no Agent shall have any duty or responsibility, either initially or on a continuing basis, to  provide any Lender or the holder of any Note with any credit or other information with respect thereto,  whether coming into its possession before the making of the Loans or at any time or times thereafter.  No  Agent shall be responsible to any Lender or the holder of any Note for any recitals, statements, information,  representations or warranties herein or in any document, certificate or other writing delivered in connection  herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability,  priority or sufficiency of this Agreement or any other Credit Document or the financial condition of any  Credit Party or any of their respective Subsidiaries or be required to make any inquiry concerning either  the performance or observance of any of the terms, provisions or conditions of this Agreement or any other  Credit Document, or the financial condition of any Credit Party or any of their respective Subsidiaries or  the existence or possible existence of any Default or Event of Default.  12.04 Certain Rights of the Agents.  If any Agent shall request instructions from the Required  Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any  other Credit Document, such Agent shall be entitled to refrain from such act or taking such action unless  and until such Agent shall have received instructions from the Required Lenders; and no Agent shall incur  liability to any Lender by reason of so refraining.  Without limiting the foregoing, neither any Lender nor  the holder of any Note shall have any right of action whatsoever against any Agent as a result of such Agent  acting or refraining from acting hereunder or under any other Credit Document in accordance with the  instructions of the Required Lenders.  12.05 Reliance.  Each Agent shall be entitled to rely, and shall be fully protected in relying, upon  any note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram,  radiogram, order or other document or telephone message signed, sent or made by any Person that such  Agent believed to be the proper Person, and, with respect to all legal matters pertaining to this Agreement  

 

    153        and any other Credit Document and its duties hereunder and thereunder, upon advice of counsel selected  by such Agent.  12.06 Indemnification.  To the extent any Agent (or any affiliate thereof) is not reimbursed and  indemnified by the Borrowers, the Lenders will reimburse and indemnify such Agent (and any affiliate  thereof) in proportion to their respective “percentage” as used in determining the Required Lenders  (determined as if there were no Defaulting Lenders) for and against any and all liabilities, obligations,  losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind  or nature which may be imposed on, asserted against or incurred by such Agent (or any affiliate thereof) in  performing its duties hereunder or under any other Credit Document or in any way relating to or arising out  of this Agreement or any other Credit Document; provided, that, no Lender shall be liable for any portion  of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses  or disbursements resulting from such Agent’s (or such affiliates’) gross negligence or willful misconduct  (as determined by a court of competent jurisdiction in a final and non-appealable decision).  Without  limiting the generality of any other indemnification provision contained in this Agreement, each Lender  agrees (i) to hold the Administrative Agent and any other Lender preparing a field examination (each, a  “Report”) harmless from any action the indemnifying Lender may take or fail to take or any conclusion the  indemnifying Lender may reach or draw from any Report in connection with any loans or other credit  accommodations that the indemnifying Lender has made or may make to Borrowers, or the indemnifying  Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of Borrowers, and (ii)  to pay and protect, and indemnify, defend and hold the Administrative Agent, and any such other Lender  preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses,  and other amounts (including, attorneys’ fees and costs) incurred by the Administrative Agent and any such  other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or  part of any Report through the indemnifying Lender.  12.07 Each Agent in its Individual Capacity.  With respect to its obligation to make Loans, or  issue or participate in Letters of Credit, under this Agreement, each Agent shall have the rights and powers  specified herein for a “Lender” and may exercise the same rights and powers as though it were not  performing the duties specified herein; and the term “Lender,” “Required Lenders,” “Supermajority  Lenders” or any similar terms shall, unless the context clearly indicates otherwise, include each Agent in  its individual capacity.  Each Agent and its affiliates may accept deposits from, lend money to, and generally  engage in any kind of banking, investment banking, trust or other business with, or provide debt financing,  equity capital or other services (including financial advisory services) to any Credit Party or any Affiliate  of any Credit Party (or any Person engaged in a similar business with any Credit Party or any Affiliate  thereof) as if they were not performing the duties specified herein, and may accept fees and other  consideration from any Credit Party or any Affiliate of any Credit Party for services in connection with this  Agreement and otherwise without having to account for the same to the Lenders.  12.08 Holders.  The Administrative Agent may deem and treat the payee of any Note as the owner  thereof for all purposes hereof unless and until a written notice of the assignment, transfer or endorsement  thereof, as the case may be, shall have been filed with the Administrative Agent.  Any request, authority or  consent of any Person who, at the time of making such request or giving such authority or consent, is the  holder of any Note shall be conclusive and binding on any subsequent holder, transferee, assignee or  endorsee, as the case may be, of such Note or of any Note or Notes issued in exchange therefor.  12.09 Resignation by the Administrative Agent or the Collateral Agent.  (a) The Administrative  Agent may resign from the performance of all its functions and duties hereunder and/or under the other  

 

    154        Credit Documents at any time by giving 15 Business Days’ prior written notice to the Lenders and, unless  a Default or an Event of Default under Section 11.05 then exists, the Company.  Any such resignation by  the Administrative Agent hereunder shall also constitute its resignation as an Issuing Lender and the  Swingline Lender, in which case the resigning Administrative Agent (i) shall not be required to issue any  further Letters of Credit or make any additional Swingline Loans hereunder and (ii) shall maintain all of its  rights as Issuing Lender or Swingline Lender, as the case may be, with respect to any Letters of Credit  issued by it, or Swingline Loans made by it, prior to the date of such resignation.  Such resignation shall  take effect upon the appointment of a successor Administrative Agent pursuant to clauses (b) and (c) below  or as otherwise provided below.  (b) Upon any such notice of resignation by the Administrative Agent, the Required  Lenders shall appoint a successor Administrative Agent hereunder or thereunder who shall be a commercial  bank or trust company reasonably acceptable to the Company, which acceptance shall not be unreasonably  withheld or delayed (provided, that, the Company’s approval shall not be required if an Event of Default  then exists).  (c) If a successor Administrative Agent shall not have been so appointed within such  15 Business Day period, the Administrative Agent, with the consent of the Company (which consent shall  not be unreasonably withheld or delayed; provided, that, the Company’s consent shall not be required if an  Event of Default then exists), shall then appoint a successor Administrative Agent who shall serve as  Administrative Agent hereunder or thereunder until such time, if any, as the Required Lenders appoint a  successor Administrative Agent as provided above.  (d) If no successor Administrative Agent has been appointed pursuant to clause (b) or  (c) above by the 20th Business Day after the date such notice of resignation was given by the Administrative  Agent, the Administrative Agent’s resignation shall become effective and the Required Lenders shall  thereafter perform all the duties of the Administrative Agent hereunder and/or under any other Credit  Document until such time, if any, as the Required Lenders appoint a successor Administrative Agent as  provided above.  (e) Upon a resignation of the Administrative Agent pursuant to this Section 12.09, the  Administrative Agent shall remain indemnified to the extent provided in this Agreement and the other  Credit Documents and the provisions of this Section 12 (and the analogous provisions of the other Credit  Documents) shall continue in effect for the benefit of the Administrative Agent for all of its actions and  inactions while serving as an Agent hereunder.  (f) The Collateral Agent may resign at any time upon written notice to the Company,  the Administrative Agent and each Lender and the resignation of Collateral Agent shall become effective  immediately upon the delivery of such written notice.  (g) Upon any such resignation of the Collateral Agent, at the option of the Company,  the Administrative Agent shall appoint a successor Collateral Agent hereunder who shall be a Lender  hereunder who has agreed to act in such capacity and who shall be reasonably acceptable to the Company.  (h) Upon a resignation of the Collateral Agent pursuant to Section 12.09(f), the  Collateral Agent shall remain indemnified to the extent provided in this Agreement and the other Credit  Documents and the provisions of this Section 12 (and the analogous provisions of the other Credit  

 

    155        Documents) shall continue in effect for the benefit of the Collateral Agent for all of its actions and inactions  while serving as the Collateral Agent hereunder and under the other Credit Documents.  12.10 Collateral Matters.  (a) Each Lender authorizes and directs the Collateral Agent to enter into the Security  Documents (which, for purposes of this Section 12, also shall include all Cash Management Control  Agreements, Landlord Personal Property Collateral Access Agreements, bailee agreements and similar  agreements) and the Intercreditor Agreement for the benefit of the Lenders and the other Secured Parties.   Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree,  that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the  provisions of this Agreement, the Security Documents or the Intercreditor Agreement, and the exercise by  the Required Lenders of the powers set forth herein or therein, together with such other powers as are  reasonably incidental thereto, shall be authorized and binding upon all of the Lenders.  The Collateral Agent  is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent  from any Lender, from time to time prior to an Event of Default, to take any action with respect to any  Collateral or Security Documents which may be necessary to perfect and maintain perfected the security  interest in and liens upon the Collateral granted pursuant to the Security Documents.  (b) The Lenders hereby authorize the Collateral Agent, at its option and in its  discretion, to release any Lien granted to or held by the Collateral Agent upon any Collateral (i) upon  termination of the Total Revolving Loan Commitment (and all Letters of Credit) and payment and  satisfaction of all of the Obligations (other than inchoate indemnification obligations) at any time arising  under or in respect of this Agreement or the Credit Documents or the transactions contemplated hereby or  thereby, (ii) constituting property being sold or otherwise disposed of (to Persons other than the Company  and its Subsidiaries) upon the sale or other disposition thereof in compliance with Section 10.02, (iii) if  approved, authorized or ratified in writing by the Required Lenders (or all of the Lenders hereunder, to the  extent required by Section 13.12) or (iv) as otherwise may be expressly provided in the relevant Security  Documents, the last sentence of each of Sections 10.01 and 10.02 or in the Intercreditor Agreement.  (c) The Collateral Agent shall have no obligation whatsoever to the Lenders or to any  other Person to assure that the Collateral exists or is owned by any Credit Party or is cared for, protected or  insured or that the Liens granted to the Collateral Agent herein or pursuant hereto have been properly or  sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or  to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity  any of the rights, authorities and powers granted or available to the Collateral Agent in this Section 12.10  or in any of the Security Documents, it being understood and agreed that in respect of the Collateral, or any  act, omission or event related thereto, the Collateral Agent may act in any manner it may deem appropriate,  in its sole discretion, given the Collateral Agent’s own interest in the Collateral as one of the Lenders and  that the Collateral Agent shall have no duty or liability whatsoever to the Lenders, except for its gross  negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non- appealable decision).  12.11 Delivery of Information.  The Administrative Agent shall not be required to deliver to any  Lender originals or copies of any documents, instruments, notices, communications or other information  received by the Administrative Agent from any Credit Party, any Subsidiary thereof, the Required Lenders,  any Lender or any other Person under or in connection with this Agreement or any other Credit Document  

 

    156        except (a) as specifically provided in this Agreement or any other Credit Document and (b) as specifically  requested from time to time in writing by any Lender with respect to a specific document, instrument, notice  or other written communication received by and in the possession of the Administrative Agent at the time  of receipt of such request and then only in accordance with such specific request.  12.12 [Reserved].  SECTION 13. Miscellaneous.  13.01 Payment of Expenses, etc.  The Borrowers hereby jointly and severally agree to:  (a) pay  all reasonable out-of-pocket costs and expenses (including Lender Group Expenses) of the Agents  (including the reasonable fees and disbursements of counsel to the Agents, and expenses in connection with  the appraisals and collateral examinations required pursuant to Section 9.02(b) in connection with the  preparation, execution, delivery and administration of this Agreement and the other Credit Documents and  the documents and instruments referred to herein and therein and any amendment, waiver or consent  relating hereto or thereto, of the Administrative Agent and its Affiliates in connection with its or their  syndication efforts with respect to this Agreement and of the Administrative Agent, each Issuing Lender  and the Swingline Lender in connection with the Back Stop Arrangements entered into by such Persons  (provided, that, in the case of legal fees, unless the Company otherwise agrees, the Administrative Agent  shall be limited to reimbursement for the reasonable fees and disbursements of Otterbourg P.C. and one  local counsel in each relevant jurisdiction) and, after the occurrence of an Event of Default, each of the  Administrative Agent, the Collateral Agent, the Issuing Lenders and Lenders in connection with the  enforcement of this Agreement and the other Credit Documents and the documents and instruments referred  to herein and therein or in connection with any refinancing or restructuring of the credit arrangements  provided under this Agreement in the nature of a “work-out” or pursuant to any insolvency or bankruptcy  proceedings (including, in each case, the reasonable fees and disbursements of one counsel, one consultant  and one local counsel in each relevant jurisdiction, for the Administrative Agent and, after the occurrence  of an Event of Default, one counsel and one financial advisor for the group of Issuing Lenders and one  counsel and one financial advisor for the group of Lenders and, solely in the case of a conflict of interest as  determined by the affected Person, one additional counsel in each applicable jurisdiction to the affected  Person); (b) pay and hold the Administrative Agent, the Collateral Agent, each of the Issuing Lenders and  each of the Lenders harmless from and against any and all present and future stamp, transfer, sales and use,  value added, excise and other similar documentary taxes with respect to the foregoing matters and save the  Administrative Agent, the Collateral Agent, each of the Issuing Lenders and each of the Lenders harmless  from and against any and all liabilities with respect to or resulting from any delay or omission (other than  to the extent attributable to the Administrative Agent, such Issuing Lender or such Lender) to pay such  taxes; and (c) indemnify the Administrative Agent, the Collateral Agent, each Issuing Lender and each  Lender, and each of their respective officers, directors, employees, representatives, agents, affiliates,  trustees and investment advisors (each, an “Indemnified Person”) from and hold each of them harmless  against any and all liabilities, obligations (including removal or Remedial Actions), losses, damages,  penalties, claims, actions, judgments, suits, costs, expenses and disbursements (including reasonable  attorneys’ and consultants’ fees and disbursements (subject to the limitations set forth in the final proviso  of the definition of Lender Group Expenses)) incurred by, imposed on or assessed against any of them as a  result of, or arising out of, or in any way related to, or by reason of, (i) any investigation, litigation or other  proceeding (whether or not the Administrative Agent, the Collateral Agent, any Issuing Lender or any  Lender is a party thereto and whether or not such investigation, litigation or other proceeding is brought by  or on behalf of any Credit Party) related to the entering into and/or performance of this Agreement or any  

 

    157        other Credit Document or the use of any Letter of Credit or the proceeds of any Loans hereunder or the  consummation of the Transaction or any other transactions contemplated herein or in any other Credit  Document or the exercise of any of their rights or remedies provided herein or in the other Credit  Documents, or (ii) the actual or alleged presence of Hazardous Materials in the air, surface water or  groundwater or on the surface or subsurface of any Real Property at any time owned, leased or operated by  any Credit Party or any of their respective Subsidiaries, the generation, storage, transportation, handling or  disposal of Hazardous Materials by any Credit Party or any of their respective Subsidiaries at any location,  whether or not owned, leased or operated by any Credit Party or any of their respective Subsidiaries, the  non-compliance by any Credit Party or any of their respective Subsidiaries with any Environmental Law  (including applicable Environmental Permits thereunder), or any Environmental Claim asserted against any  Credit Party, any of their respective Subsidiaries or any Real Property at any time owned, leased or operated  by any Credit Party or any of their respective Subsidiaries, including, in each case, the reasonable fees and  disbursements of counsel and other consultants incurred in connection with any such investigation,  litigation or other proceeding (but excluding (x) any losses, liabilities, claims, damages or expenses to the  extent incurred by reason of the gross negligence or willful misconduct of the Indemnified Person to be  indemnified (as determined by a court of competent jurisdiction in a final and nonappealable decision), (y)  any disputes solely among Indemnified Persons (other than (A) any disputes relating to any act or omission  of any Credit Party or its Affiliates and (B) any claim against the Administrative Agent, the Collateral  Agent, any Lead Arranger or any Issuing Lender in its capacity or in fulfilling such roles under or pursuant  to this Agreement) and (z) any losses, liabilities, claims, damages or expenses relating to the matters  referred to in Sections 2.10, 2.11, 3.01 and 5.04 (which shall be the sole remedy in respect of the matters  set forth therein)).  To the extent that the undertaking to indemnify, pay or hold harmless the Administrative  Agent, the Collateral Agent, any Issuing Lender or any Lender set forth in the preceding sentence may be  unenforceable because it is violative of any law or public policy, the Borrowers jointly and severally shall  make the maximum contribution to the payment and satisfaction of each of the indemnified liabilities which  is permissible under applicable law.  Clause (c) of this Section 13.01 shall not apply with respect to Taxes  other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.  To the full extent permitted by applicable law, each Credit Party shall not assert, and hereby waives,  any claim against any Indemnified Person, on any theory of liability, for special, indirect, consequential or  incidental damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result  of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or  thereby, the transactions contemplated hereby or thereby, any Loan, Letter of Credit or the use of the  proceeds thereof.  No Indemnified Person 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 Credit Documents  or the transactions contemplated hereby or thereby, except to the extent the liability of such Indemnified  Person results from such Indemnified Person’s gross negligence or willful misconduct (as determined by a  court of competent jurisdiction in a final and nonappealable decision).  In addition, the Borrowers jointly  and severally agree to reimburse the Administrative Agent and the Collateral Agent for all reasonable third  party administrative, audit and monitory expenses incurred in connection with the Borrowing Base and  determinations thereunder.  13.02 Right of Setoff.  (a) In addition to any rights now or hereafter granted under applicable law or  otherwise, and not by way of limitation of any such rights, upon the occurrence and during the continuance  

 

    158        of an Event of Default, the Administrative Agent, each Issuing Lender and each Lender is hereby authorized  at any time or from time to time, without presentment, demand, protest or other notice of any kind to any  Credit Party or to any other Person, any such notice being hereby expressly waived, to set off and to  appropriate and apply any and all deposits (general or special) and any other Indebtedness at any time held  or owing by the Administrative Agent, such Issuing Lender or such Lender (including by branches and  agencies of the Administrative Agent, such Issuing Lender or such Lender wherever located) to or for the  credit or the account of any Credit Party or any of their respective Subsidiaries against and on account of  the Obligations and liabilities of the Credit Parties to the Administrative Agent, such Issuing Lender or such  Lender under this Agreement or under any of the other Credit Documents, including all interests in  Obligations purchased by such Lender pursuant to Section 13.04(b), and all other claims of any nature or  description arising out of or connected with this Agreement or any other Credit Document, irrespective of  whether or not the Administrative Agent, such Issuing Lender or such Lender shall have made any demand  hereunder and although said Obligations, liabilities or claims, or any of them, shall be contingent or  unmatured.  (b) NOTWITHSTANDING THE FOREGOING SUBSECTION (a)AT ANY TIME  THAT THE LOANS OR ANY OTHER OBLIGATION SHALL BE SECURED BY REAL PROPERTY  LOCATED IN CALIFORNIA, NO LENDER SHALL EXERCISE A RIGHT OF SETOFF, LIEN OR  COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR INSTITUTE ANY  PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY NOTE UNLESS  IT IS TAKEN WITH THE CONSENT OF THE REQUIRED LENDERS OR APPROVED IN WRITING  BY THE ADMINISTRATIVE AGENT, IF SUCH SETOFF OR ACTION OR PROCEEDING WOULD  OR MIGHT (PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 580a, 580b,  580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF THE  CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR THE  VALIDITY, PRIORITY OR ENFORCEABILITY OF THE LIENS GRANTED TO THE COLLATERAL  AGENT PURSUANT TO THE SECURITY DOCUMENTS OR THE ENFORCEABILITY OF THE  NOTES AND OTHER OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY  LENDER OF ANY SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT OF THE REQUIRED  LENDERS OR THE ADMINISTRATIVE AGENT SHALL BE NULL AND VOID.  THIS SUBSECTION  (b) SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS AND THE  ADMINISTRATIVE AGENT HEREUNDER.  13.03 Notices.  (a) Except as otherwise expressly provided herein, all notices and other  communications provided for hereunder shall be in writing (including telegraphic, telecopier or cable  communication) and mailed, telegraphed, telecopied, cabled or delivered: if to any Credit Party, at the  address specified opposite its signature below or in the other relevant Credit Documents; if to any Lender,  at its address specified on Schedule 13.03; if to the Administrative Agent or Collateral Agent, at the Notice  Office; or, as to any Credit Party or the Administrative Agent, at such other address as shall be designated  by such party in a written notice to the other parties hereto and, as to each Lender, at such other address as  shall be designated by such Lender in a written notice to the Company and the Administrative Agent.  All  such notices and communications shall, when mailed, telegraphed, telecopied, or cabled or sent by  overnight courier, be effective when deposited in the mails, delivered to the telegraph company, cable  company or overnight courier, as the case may be, or sent by telecopier, except that notices and  

 

    159        communications to the Administrative Agent, the Collateral Agent and the Company shall not be effective  until received by the Administrative Agent, the Collateral Agent or the Company, as the case may be.  (b) Notices and other communications to the Lenders hereunder may be delivered or  furnished by electronic communications pursuant to procedures approved by the Administrative Agent;  provided, that, the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the  Administrative Agent and the applicable Lender.  Each of the Administrative Agent and each Credit Party  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.  13.04 Benefit of Agreement; Assignments; Participations.  (a) This Agreement shall be binding upon and inure to the benefit of and be  enforceable by the respective successors and assigns of the parties hereto; provided, however, no Credit  Party may assign or transfer any of its rights, obligations or interest hereunder without the prior written  consent of the Lenders and, provided, further, that, although any Lender may grant participations to one or  more commercial banks, financial institutions or other Persons (“Participants”) that are Eligible Transferees  in its rights hereunder, such Lender shall remain a “Lender” for all purposes hereunder (and may not transfer  or assign all or any portion of its Revolving Loan Commitment hereunder except as provided in Sections  2.13 and 13.04(b)) and the transferee, assignee or Participant, as the case may be, shall not constitute a  “Lender” hereunder and, provided further, that no Lender shall transfer or grant any participation under  which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any  other Credit Document except to the extent such amendment or waiver would (i) extend the final scheduled  maturity of any Loan, Note or Letter of Credit (unless such Letter of Credit is not extended beyond the  Revolving Commitment Termination Date) in which such Participant is participating, or reduce the rate or  extend the time of payment of interest or Fees thereon (except in connection with a waiver of applicability  of any post-default increase in interest rates) or reduce the principal amount thereof (it being understood  that any amendment or modification to the financial definitions in this Agreement or to Section 13.07(a)  shall not constitute a reduction in the rate of interest or Fees payable hereunder), or increase the amount of  the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of  any Default or Event of Default or of a mandatory reduction in the Total Revolving Loan Commitment  shall not constitute a change in the terms of such participation, and that an increase in any Revolving Loan  Commitment (or the available portion thereof) or Loan shall be permitted without the consent of any  Participant if the Participant’s participation is not increased as a result thereof), (ii) consent to the  assignment or transfer by any Borrower of any of its rights and obligations under this Agreement or (iii)  release all or substantially all of the Collateral under all of the Security Documents (except as expressly  provided in the Credit Documents) supporting the Loans or Letters of Credit hereunder in which such  Participant is participating.  In the case of any such participation, the Participant shall not have any rights  under this Agreement or any of the other Credit Documents (the Participant’s rights against such Lender in  respect of such participation to be those set forth in the agreement executed by such Lender in favor of the  Participant relating thereto) and all amounts payable by the Borrowers hereunder shall be determined as if  such Lender had not sold such participation; provided, however, that the Borrowers agree that each  Participant shall be entitled to the benefits of Section 5.04 if the Borrowers are notified of the participation  sold to such Participant and such Participant agrees to comply with the requirements of Section 5.04  (including the requirements of Section 5.04(b)) to the same extent as if it were a Lender and had acquired  its interest by assignment pursuant to Section 13.04(b) (provided, however, that no Participant shall be  

 

    160        entitled to receive any greater payment pursuant to Section 5.04 than the participating Lender would have  been entitled to receive in respect of the amount of the participation transferred by such participating Lender  to such Participant had no such participation occurred).  Each Lender that sells a participation pursuant to  this Section 13.04(a) shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain  a register on which it enters the name and address of each participant and the principal amounts (and stated  interest) of each participant’s interest in the Loans or other obligations under this Agreement (the  “Participant Register”).  The entries in the Participant Register shall be conclusive absent manifest error  and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of  such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the  avoidance of doubt, it is understood and agreed that no Lender shall have any obligation to disclose all or  any portion of the Participant Register to any Person (including the identity of any participant or any  information relating to a participant’s interest in any Loan or other obligation under this Agreement) except  to the extent that such disclosure is necessary to establish that such Loan or other obligation is in registered  form under Treasury Regulation Section 5f.103-1(c) and Proposed Treasury Regulation Section 1.163-5(b)  (or, in each case, any amended or successor version).  (b) Any Lender (or any Lender together with one or more other Lenders) may (x)  assign all or a portion of its Revolving Loan Commitment and related outstanding Obligations (or, if the  Revolving Loan Commitment has terminated, outstanding Obligations) hereunder to (i) (A) its parent  company and/or any affiliate of such Lender which is at least 50% owned by such Lender or its parent  company or (B) to one or more other Lenders or any affiliate of any such other Lender which is at least  50% owned by such other Lender or its parent company (provided, that, any fund that invests in loans and  is managed or advised by the same investment advisor of another fund which is a Lender (or by an Affiliate  of such investment advisor) shall be treated as an affiliate of such other Lender for the purposes of this sub- clause (x)(i)(B)), or (ii) in the case of any Lender that is a fund that invests in loans, any other fund that  invests in loans and is managed or advised by the same investment advisor of any Lender or by an Affiliate  of such investment advisor or (y) assign all, or if less than all, a portion equal to at least $5,000,000 (or such  lesser amount as the Administrative Agent and, so long as no Event of Default then exists and is continuing,  the Company may otherwise agree) in the aggregate for the assigning Lender or assigning Lenders, of such  Revolving Loan Commitments and related outstanding Obligations (or, if the Revolving Loan  Commitments have terminated, outstanding Obligations) hereunder to one or more Eligible Transferees  (treating any fund that invests in loans and any other fund that invests in loans and is managed or advised  by the same investment advisor of such fund or by an Affiliate of such investment advisor as a single  assignor or Eligible Transferee (as applicable) (if any)), each of which assignees shall become a party to  this Agreement as a Lender by execution of an Assignment and Assumption Agreement, provided, that, no  such assignment may be made to any such Person that is, or would at such time constitute, a Defaulting  Lender, provided, further, that (i) at such time, Schedule 1.01(a) shall be deemed modified to reflect the  Revolving Loan Commitments and/or outstanding Revolving Loans, as the case may be, of such new  Lender and of the existing Lenders, (ii) upon the surrender of the relevant Notes by the assigning Lender  (or, upon such assigning Lender’s indemnifying the Borrowers for any lost Note pursuant to a customary  indemnification agreement) new Notes will be issued, at the Borrowers’ joint and several expense, to such  new Lender and to the assigning Lender upon the request of such new Lender or assigning Lender, such  new Notes to be in conformity with the requirements of Section 2.05 (with appropriate modifications) to  the extent needed to reflect the revised Revolving Loan Commitments and/or outstanding Revolving Loans,  as the case may be, (iii) so long as no Event of Default then exists, the consent of the Company shall be  required in connection with any such assignment pursuant to clause (y) above (such consent, in any case,  

 

    161        not to be unreasonably withheld, delayed or conditioned); provided, that, the Company shall be deemed to  have consented to any such assignment unless it shall object thereto by written notice to the Administrative  Agent within ten Business Days after having received notice thereof, (iv) the consent of the Administrative  Agent and each Issuing Lender shall be required in connection with any such assignment of Revolving  Loan Commitments (and related Obligations) (each such consent, in any case, not to be unreasonably  withheld, delayed or conditioned), (v) the Administrative Agent shall receive at the time of each such  assignment, from the assigning or assignee Lender, the payment of a non-refundable assignment fee of  $3,500 (provided, that, only one such fee shall be payable in the case of one or more concurrent assignments  by or to investment funds managed or advised by the same investment advisor or an affiliated investment  advisor), and (vi) no such transfer or assignment will be effective until recorded by the Administrative  Agent on the Register pursuant to Section 13.15.  To the extent of any assignment pursuant to this Section  13.04(b), the assigning Lender shall be relieved of its obligations hereunder with respect to its assigned  Revolving Loan Commitment and outstanding Revolving Loans.  To the extent that an assignment of all or  any portion of a Lender’s Revolving Loan Commitment and related outstanding Obligations pursuant to  Section 2.13 or this Section 13.04(b) would, at the time of such assignment, result in increased costs under  Section 2.10, 3.01(f) or 5.04 from those being charged by the respective assigning Lender prior to such  assignment, then the Borrowers shall not be obligated to pay such increased costs (although the Borrowers,  in accordance with and pursuant to the other provisions of this Agreement, shall be obligated to pay any  other increased costs of the type described above resulting from changes after the date of the respective  assignment).  (c) Notwithstanding the foregoing or any other provision of this Agreement to the  contrary, any assignment of any Revolving Loan Commitment and/or related Obligations to any Affiliated  Lender shall be subject to each of the following conditions:  (i) Affiliated Lenders shall not receive information provided by Agent or any  other Lender (other than administrative notices and certain other information as may be agreed) and shall  not be permitted to attend or participate in any meetings between or among Agents and/or Lenders;  (ii) Affiliated Lenders shall not have any right to vote any of its interests under  the Loan Documents (including in any bankruptcy or similar proceeding), except with respect to any  amendment to (A) increase the Revolving Loan Commitment of such Affiliated Lender, (B) extend or  postpone the final maturity or any scheduled date of amortization with respect to any Loan, (C) reduce the  amount of principal, interest or fees payable to such Affiliated Lender in its capacity as a Lender, or (D)  release all or substantially all the value of the Guarantees or to release liens on all or substantially all of the  Collateral; provided, that, no amendment, modification or waiver of or under any of the Credit Documents  shall, without the consent of the Affiliated Lenders, (1) deprive such Affiliated Lender of its pro rata share  of any payment to which all Lenders are entitled or (2) disproportionately affect such Affiliated Lender in  its capacity as a Lender as compared to other Lenders;  (iii) Affiliated Lenders may not direct any Agent or any Lender to take or  refrain from taking any action under the Credit Documents, shall not be entitled to the advice of counsel to  Agent or Lenders, and may not challenge attorney-client privilege between Agent, other Lenders and such  counsel;  

 

    162        (iv) Affiliated Lenders shall automatically be deemed to have waived any right  (in their capacity as an Affiliated Lender) to bring any action against Agent or any Lender for breach of  fiduciary duty; and  (v) the amount of Revolving Loan Commitments purchased by Affiliated  Lenders shall not in the aggregate at any time exceed 20% of the outstanding amount of the Total Revolving  Loan Commitments.  (d) Nothing in this Agreement shall prevent or prohibit any Lender from pledging its  Loans and Notes hereunder to a Federal Reserve Bank in support of borrowings made by such Lender from  such Federal Reserve Bank, any Lender which is a fund may pledge all or any portion of its Loans and  Notes to its trustee or to a collateral agent providing credit or credit support to such Lender in support of its  obligations to such trustee, such collateral agent or a holder of such obligations, as the case may be.  No  pledge pursuant to this clause (d) shall (i) release the transferor Lender from any of its obligations hereunder  or (ii) constitute a sale or assignment unless and until such pledge shall be realized upon (and any such  realization or foreclosure must comply this Section 13.04).  (e) Any Lender which assigns all of its Revolving Loan Commitment and/or Loans  hereunder in accordance with Section 13.04(b) shall cease to constitute a “Lender” hereunder, except with  respect to indemnification provisions under this Agreement (including Sections 2.10, 2.11, 3.01(f), 5.04,  12.06, 13.01 and 13.06), which shall survive as to such assigning Lender.  13.05 No Waiver; Remedies Cumulative.  No failure or delay on the part of the Administrative  Agent, the Collateral Agent, any Issuing Lender or any Lender in exercising any right, power or privilege  hereunder or under any other Credit Document and no course of dealing between the Borrower or any other  Credit Party and the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender shall  operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder  or under any other Credit Document preclude any other or further exercise thereof or the exercise of any  other right, power or privilege hereunder or thereunder.  The rights, powers and remedies herein or in any  other Credit Document expressly provided are cumulative and not exclusive of any rights, powers or  remedies which the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender would  otherwise have.  No notice to or demand on any Credit Party in any case shall entitle any Credit Party to  any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights  of the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender to any other or further  action in any circumstances without notice or demand.  13.06 Payments Pro Rata.  (a) Except as otherwise provided in this Agreement, the Administrative Agent agrees  that promptly after its receipt of each payment from or on behalf of any Borrower in respect of any  Obligations hereunder, the Administrative Agent shall distribute such payment to the Lenders entitled  thereto (other than any Lender that has consented in writing to waive its pro rata share of any such payment)  pro rata based upon their respective shares, if any, of the Obligations with respect to which such payment  was received.  (b) Each of the Lenders agrees that, if it should receive any amount hereunder  (whether by voluntary payment, by realization upon security, by the exercise of the right of setoff or  banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents,  

 

    163        or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans, Letter of  Credit Disbursements, Commitment Commission or Letter of Credit Fees, of a sum which with respect to  the related sum or sums received by other Lenders is in a greater proportion than the total of such Obligation  then owed and due to such Lender bears to the total of such Obligation then owed and due to all of the  Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase  for cash without recourse or warranty from the other Lenders an interest in the Obligations of the respective  Credit Party to such Lenders in such amount as shall result in a proportional participation by all the Lenders  in such amount; provided, that, if all or any portion of such excess amount is thereafter recovered from such  Lenders, such purchase shall be rescinded and the purchase price restored to the extent of such recovery,  but without interest.  (c) Notwithstanding anything to the contrary contained herein, the provisions of the  preceding Sections 13.06(a) and (b) shall be subject to the express provisions of this Agreement which  require, or permit, differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting  Lenders.  13.07 Calculations; Computations.  (a) The financial statements to be furnished to the Lenders pursuant hereto shall be  made and prepared in accordance with GAAP consistently applied throughout the periods involved (except  as set forth in the notes thereto or as otherwise disclosed in writing by the Company to the Lenders);  provided, that, (i) except as otherwise specifically provided herein, all computations and all definitions  (including accounting terms) used in determining the Total Leverage Ratio and the Fixed Charge Coverage  Ratio and in determining compliance with Section 9.13 and Section 10.07, shall utilize GAAP and policies  in conformity with those used to prepare the audited financial statements of the Company referred to in  Section 8.05(a) for its Fiscal Year ended December 31, 2009, (ii) notwithstanding anything to the contrary  contained herein, all such financial statements shall be prepared, and all financial covenants contained  herein or in any other Credit Document shall be calculated, in each case, without giving effect to any  election under FASB ASC 825 (or any similar accounting principle permitting a Person to value its financial  liabilities at the fair value thereof) and (iii) to the extent expressly provided herein, certain calculations shall  be made on a Pro Forma Basis.  (b) All computations of interest, Commitment Commission and other Fees hereunder  shall be made on the basis of a year of 360 days for the actual number of days (including the first day but  excluding the last day) occurring in the period for which such interest, Commitment Commission or Fees  are payable.  13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY  TRIAL.  (a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND  THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER  SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF  THE STATE OF NEW YORK.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO  THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT SHALL (EXCEPT AS  OTHERWISE PERMITTED BELOW) BE BROUGHT IN THE COURTS OF THE STATE OF  NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK,  

 

    164        IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, BOROUGH OF  MANHATTAN, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT OR ANY  OTHER CREDIT DOCUMENT, EACH PARTY HERETO HEREBY IRREVOCABLY ACCEPTS  FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND  UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.   EACH PARTY HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT  ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PERSON, AND  AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION PROCEEDING WITH  RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN  ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL  JURISDICTION OVER SUCH PERSON.  EACH PARTY HERETO FURTHER IRREVOCABLY  CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED  COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES  THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PERSON  AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH SERVICE TO  BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.  EACH PARTY HERETO HEREBY  IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND  FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY  ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT  DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE.   NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT, ANY  ISSUING LENDER, ANY LENDER OR THE HOLDER OF ANY NOTE TO SERVE PROCESS IN  ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS  OR OTHERWISE PROCEED AGAINST ANY CREDIT PARTY IN ANY OTHER  JURISDICTION.  (b) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY  OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY  OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION  WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS  REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND  AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR  PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT  FORUM.  (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY  WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR  COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER  CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  13.09 Counterparts.  This Agreement may be executed in any number of counterparts and by the  different parties hereto on separate counterparts, each of which when so executed and delivered shall be an  original, but all of which shall together constitute one and the same instrument.  A set of counterparts  executed by all the parties hereto shall be lodged with the Company and the Administrative Agent.  Delivery  of an executed counterpart hereof by facsimile or electronic transmission shall be as effective as delivery  of an original executed counterpart hereof.  

 

    165        13.10 Effectiveness.  This Agreement shall become effective on the date (the “Effective Date”)  on which the (a) Credit Parties, the Administrative Agent, the Collateral Agent and each of the Lenders  shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered  (by electronic means or otherwise) the same to the Administrative Agent at the Notice Office or, in the case  of the Lenders, shall have given to the Administrative Agent telephonic (confirmed in writing), written or  telex notice (actually received) at such office that the same has been signed and mailed to it and (b) the  conditions contained in Section 6 have been met to the reasonable satisfaction of the Administrative Agent  and the Collateral Agent.  Unless the Administrative Agent has received actual notice from any Lender that  the conditions described in clause (b) of the preceding sentence have not been met to its satisfaction, upon  the satisfaction of the condition described in clause (a) of the immediately preceding sentence and upon the  Administrative Agent’s and the Collateral Agent’s good faith determination that the conditions described  in clause (b) of the immediately preceding sentence have been met, then the Effective Date shall have  deemed to have occurred, regardless of any subsequent determination that one or more of the conditions  thereto had not been met (although the occurrence of the Effective Date shall not release the Borrower from  any liability for failure to satisfy one or more of the applicable conditions contained in Section 6).  The  Administrative Agent will give each Credit Party and each Lender prompt written notice of the occurrence  of the Effective Date.  13.11 Headings Descriptive.  The headings of the several sections and subsections of this  Agreement are inserted for convenience only and shall not in any way affect the meaning or construction  of any provision of this Agreement.  13.12 Amendment or Waiver; etc.  (a) Neither this Agreement nor any other Credit Document nor any terms hereof or  thereof may be changed, waived, discharged or terminated unless such change, waiver, discharge or  termination is in writing signed by the respective Credit Parties party hereto or thereto and the Required  Lenders (although (A) additional parties may be added (and annexes may be modified) to reflect such  additions, and Credit Parties and Subsidiaries of the Company may be released from, the Guaranty and the  Security Documents in accordance with the provisions hereof, and (B) the Borrowers shall have the right,  without requiring the consent of the Administrative Agent or the Lenders (except to the extent otherwise  provided in Section 2.15), to incur the Incremental Commitments and related Loans, in each case in  accordance with Section 2.15); provided, that, no such change, waiver, discharge or termination shall,  without the consent of each Lender (other than, except with respect to the following clauses (i) and (iii)  (but, in the case of such clause (iii), only to the extent relating to following clause (i)), a Defaulting Lender)  (with Obligations being directly affected in the case of following clause (i)), (i) extend the final scheduled  maturity of any Loan or Note or extend the stated expiration date of any Letter of Credit beyond the  Revolving Commitment Termination Date, or reduce the rate or extend the time of payment of interest or  Fees thereon (except (x) in connection with the waiver of applicability of any post-default increase in  interest rates and (y) extensions expressly permitted by Section 2.16), or reduce (or forgive) the principal  amount thereof (it being understood that any amendment or modification to the financial definitions in this  Agreement or to Section 13.07(a) shall not constitute a reduction in the rate of interest or Fees for the  purposes of this clause (i)), (ii) release all or substantially all of the Collateral under all the Security  Documents (except as expressly provided in the Credit Documents) or release all or substantially all of the  value of the Guaranty made by the Guarantors (except as expressly provided in the Credit Documents), (iii)  amend, modify or waive any provision of this Section 13.12(a) (except for technical amendments with  respect to additional extensions of credit pursuant to this Agreement which afford the protections to such  

 

    166        additional extensions of credit of the type provided to the Revolving Loan Commitments and the Loans on  the Effective Date) or Section 13.06, (iv) reduce the “majority” voting threshold specified in the definition  of Required Lenders (it being understood that, with the consent of the Required Lenders, additional  extensions of credit pursuant to this Agreement may be included in the determination of the Required  Lenders on substantially the same basis as the extensions of Revolving Loan Commitments are included on  the Effective Date), (v) consent to the release, assignment or transfer by any Borrower of any of its rights  and obligations under this Agreement, (vi) amend Section 2.16 the effect of which is to extend the maturity  of Revolving Loan Commitment or Revolving Loans of any Lender without its consent, (vii) amend the  priority of payments set forth in Section 7.2(a) of the Pledge and Security Agreement or Section 5.03(d)  hereof or (viii) agree to the subordination of (x) any of the Obligations or (y) any Lien in favor of  Administrative Agent securing the Obligations; provided, further, that no such change, waiver, discharge  or termination shall (1) increase the Revolving Loan Commitment of any Lender (including a Defaulting  Lender) over the amount thereof then in effect without the consent of such Lender (it being understood that  waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a  mandatory reduction in the Total Revolving Loan Commitment shall not constitute an increase of the  Revolving Loan Commitment of any Lender, and that an increase in the available portion of the Revolving  Loan Commitment of any Lender shall not constitute an increase of the Revolving Loan Commitment of  such Lender), (2) without the consent of each Issuing Lender, amend, modify or waive any provision of  Section 3 or alter its rights or obligations with respect to Letters of Credit, (3) without the consent of the  Swingline Lender, alter the Swingline Lender’s rights or obligations with respect to Swingline Loans, (4)  without the consent of the Administrative Agent, amend, modify or waive any provision of Section 12 or  any other provision of this Agreement or any other Credit Document as same relates to the rights or  obligations of the Administrative Agent, (5) without the consent of the Collateral Agent, amend, modify or  waive any provision of the Agreement or any other Credit Documents relating to the rights or obligations  of the Collateral Agent, (6) without the consent of each of the Collateral Agent, amend, modify or waive  any provision of the Agreement or any other Credit Documents relating to the rights or obligations of the  Collateral Agent, (7) without the consent of the Supermajority Lenders, (x) amend the definition of  Supermajority Lenders (it being understood that, with the consent of the Required Lenders, additional  extensions of credit pursuant to this Agreement may be included in the determination of the Supermajority  Lenders on substantially the same basis as the extensions of Loans and Revolving Loan Commitments are  included on the Effective Date), or (y) increase the advance rates applicable to the Borrowing Base over  those in effect on the Effective Date or amend or expand any of the following definitions, in each case the  effect of which would be to increase the amounts available for borrowing hereunder: Borrowing Base,  Eligible Accounts and Eligible Inventory (including, in each case, the defined terms used therein) (it being  understood that the establishment, modification or elimination of Reserves and adjustment, establishment  and elimination of criteria for Eligible Accounts and Eligible Inventory, in each case by the Collateral Agent  in accordance with the terms hereof, will not be deemed to require a Supermajority Lender consent).  (b) If, in connection with any proposed change, waiver, discharge or termination of or  to any of the provisions of this Agreement as contemplated by clauses (i) through (vii), inclusive, of the  first proviso to Section 13.12(a), the consent of the Required Lenders is obtained but the consent of one or  more of such other Lenders whose consent is required is not obtained, then the Borrowers shall have the  right, so long as all non-consenting Lenders whose individual consent is required are treated as described  in either clause (A) or (B) below, to either (A) replace each such non-consenting Lender or Lenders with  one or more Replacement Lenders pursuant to Section 2.13 so long as at the time of such replacement, each  such Replacement Lender consents to the proposed change, waiver, discharge or termination or (B)  

 

    167        terminate such non-consenting Lender’s Revolving Loan Commitment and/or repay all outstanding  Revolving Loans of such Lender and/or cash collateralize its applicable RL Percentage of the Letter of  Credit Usage in accordance with Sections 4.02(b) and/or 5.01(b); provided, that, unless the Revolving Loan  Commitments which are terminated and Revolving Loans which are repaid pursuant to preceding clause  (B) are immediately replaced in full at such time through the addition of new Lenders or the increase of the  Revolving Loan Commitments and/or outstanding Revolving Loans of existing Lenders (who in each case  must specifically consent thereto), then in the case of any action pursuant to preceding clause (B), the  Required Lenders (determined after giving effect to the proposed action) shall specifically consent thereto,  provided, further, that the Borrowers shall not have the right to replace a Lender, terminate its Revolving  Loan Commitment or repay its Revolving Loans solely as a result of the exercise of such Lender’s rights  (and the withholding of any required consent by such Lender) pursuant to the second proviso to Section  13.12(a).  (c) Notwithstanding the foregoing, (A) any provision of this Agreement may be  amended by an agreement in writing entered into by each Credit Party, the Required Lenders and the  Administrative Agent (and, if their rights or obligations are affected thereby, the Collateral Agent, each  Issuing Lender and the Swingline Lender) if (i) by the terms of such agreement the Revolving Loan  Commitment of each Lender not consenting to the amendment provided for therein shall terminate upon  the effectiveness of such amendment and (ii) at the time such amendment becomes effective, each Lender  not consenting thereto receives payment (including pursuant to an assignment to a replacement Lender in  accordance with Section 13.04) in full of this principal of and interest accrued on each Loan made by it and  all other amounts owing to it or accrued for its account under this Agreement, (B) this Agreement may be  amended (or amended and restated) with the written consent of the Required Lenders, the Administrative  Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit  the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect  thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Revolving  Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders  holding such credit facilities in any determination of the Required Lenders, (C) this Agreement and the  other Credit Documents may be amended (or amended and restated) as contemplated by Section 2.16, and  (D) any amendment contemplated by Section 2.17(d)(iii) of this Agreement in connection with the use or  administration of Term SOFR shall be effective as contemplated by such Section 2.17(d)(iii).  (d) Notwithstanding anything to the contrary contained in this Section 13.12, (x)  Security Documents (including any Additional Security Documents) and related documents executed by  Subsidiaries in connection with this Agreement may be amended, supplemented and waived with the  consent of the Administrative Agent and the Borrowers without the need to obtain the consent of any other  Person if such amendment, supplement or waiver is delivered in order (i) to comply with local law or advice  of local counsel, or (ii) to cause such Security Document or other document to be consistent with this  Agreement and the other Credit Documents, (y) if following the Effective Date, the Administrative Agent  and any Credit Party shall have jointly identified an ambiguity, inconsistency, obvious error or any error or  omission of a technical or immaterial nature, in each case, in any provision of the Credit Documents (other  than the Security Documents), then the Administrative Agent and the Credit Parties shall be permitted to  amend such provision and such amendment shall become effective without any further action or consent of  any other party to any Credit Documents if the same is not objected to in writing by the Required Lenders  within five (5) Business Days following receipt of notice thereof, and (z) any amendment contemplated by  Section 2.17(f) in connection with a Benchmark Transition Event or an Early Opt-in Election shall be  effective as contemplated by such Section 2.17(f).  

 

    168        13.13 Survival.  All indemnities set forth herein including in Sections 2.10, 2.11, 3.01(f), 5.04,  12.06 and 13.01 shall survive the execution, delivery and termination of this Agreement and the Notes and  the making and repayment of the Obligations.  13.14 Domicile of Loans.  Each Lender may transfer and carry its Loans at, to or for the account  of any office, Subsidiary or Affiliate of such Lender.  Notwithstanding anything to the contrary contained  herein, to the extent that a transfer of Loans pursuant to this Section 13.14 would, at the time of such  transfer, result in increased costs under Sections 2.10, 2.11, 3.01(f) or 5.04 from those being charged by the  respective Lender prior to such transfer, then the Borrowers shall not be obligated to pay such increased  costs (although the Borrowers shall be jointly and severally obligated to pay any other increased costs of  the type described above resulting from changes in any applicable law, treaty, government rule, regulation,  guidelines or order, or in the official interpretation thereof, after the date of the respective transfer).  13.15 Register.  The Borrowers hereby designate the Administrative Agent to serve as its non- fiduciary agent, solely for purposes of this Section 13.15, to maintain a register (the “Register”) on which  it will record the Revolving Loan Commitments from time to time of each of the Lenders, the Loans made  by each of the Lenders, the Letter of Credit Usage with respect to each Issuing Lender and each repayment  in respect of the principal amount of the Loans of each Lender and the Letter of Credit Usage with respect  to such Issuing Lender.  Failure to make any such recordation, or any error in such recordation, shall not  affect the Borrowers’ obligations in respect of such Loans.  The transfer of the Revolving Loan  Commitment of such Lender and the Letter of Credit Usage with respect to such Issuing Lender, and the  rights to the principal thereof, and interest thereon, shall not be effective until such transfer is recorded on  the Register maintained by the Administrative Agent with respect to ownership of such Revolving Loan  Commitment, Letters of Credit and Loans, and prior to such recordation all amounts owing to the transferor  with respect to such Revolving Loan Commitment, Letters of Credit and Loans shall remain owing to the  transferor.  The registration of assignment or transfer of all or part of any Revolving Loan Commitments,  Letters of Credit and Loans shall be recorded by the Administrative Agent on the Register only upon the  acceptance by the Administrative Agent of a properly executed and delivered Assignment and Assumption  Agreement pursuant to Section 13.04(b).  Upon such acceptance and recordation, the assignee specified  therein shall be treated as a Lender for all purposes of this Agreement.  Coincident with the delivery of such  an Assignment and Assumption Agreement to the Administrative Agent for acceptance and registration of  assignment or transfer of all or part of a Loan, or as soon thereafter as practicable, the assigning or transferor  Lender shall surrender the Note (if any) evidencing such Loan, and thereupon one or more new Notes in  the same aggregate principal amount shall be issued to the assigning or transferor Lender and/or the new  Lender at the request of any such Lender.  The Borrowers jointly and severally agree to indemnify the  Administrative Agent from and against any and all losses, claims, damages and liabilities of whatsoever  nature which may be imposed on, asserted against or incurred by the Administrative Agent in performing  its duties under this Section 13.15 (other than any losses, claims, damages and liabilities to the extent  incurred by reason of the gross negligence or willful misconduct of the Administrative Agent (as determined  by a court of competent jurisdiction in a final and non-appealable decision)).  Each Lender shall have the  right, upon written request to the Administrative Agent, to view the Register.  13.16 Confidentiality.  (a) Subject to the provisions of clause (b) of this Section 0, each Lender agrees that it  will not disclose without the prior consent of the Company (other than to its employees, directors, auditors,  bank examiners, advisors, agents, or counsel or to another Lender if such Lender or such Lender’s holding  

 

    169        or parent company in its sole discretion determines that any such party should have access to such  information, provided such Persons shall be subject to the provisions of this Section 0 to the same extent as  such Lender) any non-public information with respect to any Credit Party or any of their respective  Subsidiaries which is now or in the future furnished pursuant to this Agreement or any other Credit  Document; provided, that, any Lender may disclose any such information (i) as has become generally  available to the public other than by virtue of a breach of this Section 13.16(a) by the respective Lender,  (ii) as may be required or appropriate in any report, statement or testimony submitted to any municipal,  state or Federal regulatory body having or claiming to have jurisdiction over such Lender or to the Federal  Reserve Board or the Federal Deposit Insurance Corporation or similar organizations (whether in the United  States or elsewhere) or their successors, (iii) as may be required or appropriate in respect to any summons  or subpoena or in connection with any litigation, (iv) in order to comply with any law, order, regulation or  ruling applicable to such Lender, (v) to the Administrative Agent or the Collateral Agent, (vi) to any direct  or indirect contractual counterparty in any swap, hedge or similar agreement (or to any such contractual  counterparty’s professional advisor), so long as such contractual counterparty (or such professional advisor)  agrees to be bound by the provisions of this Section 0 and (vii) to any prospective or actual transferee,  pledgee or participant in connection with any contemplated transfer, pledge or participation of any of the  Notes or Revolving Loan Commitments or any interest therein by such Lender; provided, that, such  prospective transferee, pledgee or participant agrees to be bound by the confidentiality provisions contained  in this Section 0.  (b) Each of the Credit Parties hereby acknowledges and agrees that each Lender may  share with any of its affiliates (including its affiliates’ respective employees, directors, auditors, advisors  and counsel) and such affiliates may share with such Lender, any information related to any Credit Party  or any of their respective Subsidiaries (including any non-public customer information regarding the  creditworthiness of the Credit Parties and their respective Subsidiaries); provided, that, (x) such Persons  shall be subject to the provisions of this Section 0 to the same extent as such Lender and (y) such information  shall be utilized by such Lender or its affiliates solely in connection with the matters related to the Credit  Documents and the transactions contemplated thereby.  13.17 Patriot Act.  Each Lender subject to the USA PATRIOT Improvement and Reauthorization  Act, Pub. L. 109-177 (signed into law March 9, 2009) (as amended from time to time, the “Patriot Act”)  hereby notifies each Credit Party that pursuant to the requirements of the Patriot Act, it is required to obtain,  verify and record information that identifies the Credit Parties and other information that will allow such  Lender to identify the Credit Parties in accordance with the Patriot Act.  In addition, the Administrative  Agent and each Lender shall have the right to periodically conduct due diligence on all Credit Parties, their  senior management and key principals and legal and beneficial owners.  Each Credit Party agrees to  cooperate in respect of the conduct of such due diligence and further agrees that the reasonable costs and  charges for any such due diligence by the Administrative Agent shall constitute Lender Group Expenses  hereunder and be for the account of Borrowers.  13.18 OTHER LIENS ON COLLATERAL; TERMS OF INTERCREDITOR AGREEMENT;  ETC.  (a) EACH LENDER UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT  LIENS MAY BE CREATED UNDER THE QUALIFIED SECURED DEBT DOCUMENTS, WHICH  LIENS SHALL BE SUBJECT TO THE TERMS AND CONDITIONS OF THE INTERCREDITOR  AGREEMENT.  PURSUANT TO THE EXPRESS TERMS OF THE INTERCREDITOR AGREEMENT,  

 

    170        IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR  AGREEMENT AND ANY OF THE CREDIT DOCUMENTS, THE PROVISIONS OF THE  INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.  (b) EACH LENDER AUTHORIZES AND INSTRUCTS THE ADMINISTRATIVE  AGENT AND THE COLLATERAL AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT  ON BEHALF OF THE LENDERS, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL  DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN ACCORDANCE WITH THE  TERMS OF THE INTERCREDITOR AGREEMENT.  (c) THE PROVISIONS OF THIS SECTION 13.18 ARE NOT INTENDED TO  SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT, THE  FORM OF WHICH IS ATTACHED AS AN EXHIBIT TO THIS AGREEMENT.  REFERENCE MUST  BE MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND  CONDITIONS THEREOF.  EACH LENDER IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS  AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS  THEREOF, AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES  MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR  ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT.  13.19 [Reserved].  13.20 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Credit  Document, the interest paid or agreed to be paid under the Credit 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  Borrower.  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.  13.21 No Fiduciary Duty.  Each Agent, each Lender, and their respective Affiliates (collectively,  solely for purposes of this paragraph, the “Lenders”) may have economic interests that conflict with those  of the Credit Parties, their stockholders and/or their respective affiliates.  Each Credit Party agrees that  nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency  relationship or fiduciary or other implied duty between any Lender, on the one hand, and any Credit Party,  its respective stockholders or its respective affiliates, on the other.  The Credit Parties acknowledge and  agree that: (a) the transactions contemplated by the Credit Documents (including the exercise of rights and  remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the  one hand, each Credit Party, on the other, and (b) in connection therewith and with the process leading  thereto, (i) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its  respective stockholders or its respective affiliates with respect to the transactions contemplated hereby (or  the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of  whether any Lender has advised, is currently advising or will advise any Credit Party, its respective  

 

    171        stockholders or its respective Affiliates on other matters) or any other obligation to any Credit Party except  the obligations expressly set forth in the Credit Documents and (ii) each Lender is acting solely as principal  and not as the agent or fiduciary of such Credit Party, its respective management, stockholders, creditors or  any other Person.  Each Credit Party acknowledges and agrees that such Credit Party has consulted its own  legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own  independent judgment with respect to such transactions and the process leading thereto.  Each Credit Party  agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes  a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading  thereto.  SECTION 14. Nature of Borrower Obligations.  14.01 Nature of Borrower Obligations.  Notwithstanding anything to the contrary contained  elsewhere in this Agreement, it is understood and agreed by the various parties to this Agreement that all  Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans, Letters of  Credit and all other Obligations pursuant to this Agreement and each other Credit Document (including all  fees, indemnities, taxes and other Obligations in connection therewith or in connection with the related  Revolving Loan Commitments) shall constitute the joint and several obligations of each of the Borrowers.   In addition to the direct (and joint and several) obligations of the Borrowers with respect to Obligations as  described above, all such Obligations shall be guaranteed pursuant to, and in accordance with the terms of,  the Guaranty.  14.02 Independent Obligation.  The obligations of each Borrower with respect to the Obligations  are independent of the obligations of each other Borrower or any Guarantor under the Guaranty of such  Obligations, and a separate action or actions may be brought and prosecuted against each Borrower, whether  or not any other Borrower or any Guarantor is joined in any such action or actions.  Each Borrower waives,  to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder  or the enforcement thereof.  Any payment by any Borrower or other circumstance which operates to toll  any statute of limitations as to any Borrower shall, to the fullest extent permitted by law, operate to toll the  statute of limitations as to each Borrower.  14.03 Authorization.  Each of the Borrowers authorizes the Administrative Agent, the Issuing  Lenders and the Lenders without notice or demand (except as shall be required by applicable statute and  cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:  (a) exercise or refrain from exercising any rights against any other Borrower or any  Guarantor or others or otherwise act or refrain from acting;  (b) release or substitute any other Borrower, endorsers, Guarantors or other obligors;  (c) settle or compromise any of the Obligations of any other Borrower or any other  Credit Party, any security therefor or any liability (including any of those hereunder) incurred directly or  indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the  payment of any liability (whether due or not) of any Borrower to its creditors other than the Lenders;  (d) apply any sums paid by any other Borrower or any other Person, howsoever  realized to any liability or liabilities of such other Borrower or other Person regardless of what liability or  liabilities of such other Borrower or other Person remain unpaid; and/or  

 

    172        (e) consent to or waive any breach of, or act, omission or default under, this  Agreement or any of the instruments or agreements referred to herein, or otherwise, by any other Borrower  or any other Person.  14.04 Reliance.  It is not necessary for the Administrative Agent, any Issuing Lender or any  Lender to inquire into the capacity or powers of any Credit Party or any of its Subsidiaries or the officers,  directors, members, partners or agents acting or purporting to act on its behalf, and any Obligations made  or created in reliance upon the professed exercise of such powers shall constitute the joint and several  obligations of the Borrowers hereunder.  14.05 Contribution; Subrogation.  No Borrower shall have any rights of contribution or  subrogation with respect to any other Borrower as a result of payments made by it hereunder, in each case  unless and until the Total Revolving Loan Commitment and all Letters of Credit have been terminated and  all Obligations have been paid in full in cash (other than indemnities and expense reimbursement  obligations which, in either case, are not then due and payable).  14.06 Waiver.  Each Borrower waives any right to require the Administrative Agent, the  Collateral Agent, the Issuing Lenders or the Lenders to (a) proceed against any other Borrower, any  Guarantor or any other party, (b) proceed against or exhaust any security held from any Borrower, any  Guarantor or any other party or (c) pursue any other remedy in the Administrative Agent’s, the Collateral  Agent’s, the Collateral Agent, any Issuing Lender’s or Lenders’ power whatsoever.  Each Borrower waives  any defense based on or arising out of suretyship or any impairment of security held from any Borrower,  any Guarantor or any other party or on or arising out of any defense of any other Borrower, any Guarantor  or any other party other than payment in full in cash of the Obligations, including any defense based on or  arising out of the disability of any other Borrower, any Guarantor or any other party, or the unenforceability  of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any  other Borrower, in each case other than as a result of the payment in full in cash of the Obligations.  SECTION 15. CVR Renewables IPO.  15.01 Consent.  Notwithstanding any provision of this Agreement or any of the Credit Documents  to the contrary, the Agents and Lenders authorize and consent to the consummation of the CVR Renewables  IPO so long as (a) as of the date of the consummation of the CVR Renewables IPO and after giving effect  thereto, no Default or Event of Default shall exist, (b) as of the date of the consummation of the CVR  Renewables IPO and after giving effect thereto, either (i) (x) Excess Availability shall exceed 15.0% of  Availability and (y) the Company shall be in compliance with a Fixed Charge Coverage Ratio of not less  than 1.00:1.00, in each case for the Test Period then most recently ended for which financial statements  have been (or are required to be) delivered pursuant to Sections 9.01(b) or (c), on a Pro Forma Basis as if  the CVR Renewables IPO had occurred on the first day of such Test Period, or (ii) Excess Availability shall  exceed 20.0% of Availability, (c) either (i) all Obligations owing by the Borrowers have been paid in full  in cash or (ii) all of the Obligations of CVR Renewables and its Subsidiaries have been assumed by the other  Borrowers pursuant to an agreement in form and substance reasonably satisfactory to the Administrative  Agent, provided, that, with respect to clause (c)(ii) above, immediately after giving effect to the CVR  Renewables IPO, (A) the Aggregate Exposure does not exceed the Borrowing Base at such time and (B) a  Weekly Borrowing Base Period would not occur as a result of the CVR Renewables IPO, (d) the Company  shall have delivered to the Administrative Agent a Borrowing Base Certificate, completed on a Pro Forma  Basis giving effect to the CVR Renewables IPO, (e) the Company shall have delivered to the Administrative  

 

    173        Agent updated Projections reflecting information for the first eight full Fiscal Quarters after the  consummation of the CVR Renewables IPO and (f) the Company shall have delivered to the Administrative  Agent a certificate of an Authorized Officer of the Company certifying as to compliance with preceding  clauses (a), (b), (c), (d) and (e) and demonstrating (in reasonable detail) the calculations required by  preceding clause (b).  15.02 Release.  Upon the consummation of the CVR Renewables IPO and subject to the  satisfaction of the conditions set forth in Section 15.01 above, (a) CVR Renewables and its Subsidiaries  shall be released from all of their obligations hereunder and under each of the other Credit Documents, (b)  CVR Renewables and its Subsidiaries shall no longer be party to this Agreement and the other Credit  Documents, (c) all Collateral owned by CVR Renewables and its Subsidiaries (and the Equity Interests in  CVR Renewables and its Subsidiaries that are owned by Credit Parties and constitute Collateral) shall be  released from the Liens created under the Security Documents, in each case automatically and without any  further action by any Person, and (d) the Administrative Agent and/or the Collateral Agent shall execute  and deliver to the Company, at the Company’s expense, all documents that the Company shall reasonably  request to evidence any of the foregoing, each in form and substance reasonably satisfactory to  Administrative Agent.  SECTION 16. Guaranty.  16.01 Guaranty of the Guaranteed Obligations.  The Guarantors jointly and severally hereby  irrevocably and unconditionally guaranty to Administrative Agent for the ratable benefit of the Guaranteed  Creditors the due and punctual payment in full of all Guaranteed Obligations when the same shall become  due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise  (including amounts that would become due but for the operation of the automatic stay under Section 362(a)  of the Bankruptcy Code, 11 U.S.C. § 362(a)).  16.02 Contribution by Guarantors.  All Guarantors desire to allocate among themselves  (collectively, the “Contributing Guarantors”), in a fair and equitable manner, their obligations arising under  this Guaranty.  Accordingly, in the event any payment or distribution is made on any date by a Guarantor  (a “Funding Guarantor”) under this Guaranty such that its Aggregate Payments (as defined below) exceeds  its Fair Share (as defined below) as of such date, such Funding Guarantor shall be entitled to a contribution  from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing  Guarantor’s Aggregate Payments to equal its Fair Share as of such date.  “Fair Share” shall mean, with  respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i)  the Fair Share Contribution Amount (as defined below) with respect to such Contributing Guarantor to (ii)  the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied  by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this  Guaranty in respect of the Guaranteed Obligations.  “Fair Share Contribution Amount” shall mean, with  respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the  obligations of such Contributing Guarantor under this Guaranty that would not render its obligations  hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of  the Bankruptcy Code or any comparable applicable provisions of state law; provided, solely for purposes  of calculating the “Fair Share Contribution Amount” with respect to any Contributing Guarantor for  purposes of this Section 16.02, any assets or liabilities of such Contributing Guarantor arising by virtue of  any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution  hereunder shall not be considered as assets or liabilities of such Contributing Guarantor.  “Aggregate  

 

    174        Payments” shall mean, with respect to a Contributing Guarantor as of any date of determination, an amount  equal to (1) the aggregate amount of all payments and distributions made on or before such date by such  Contributing Guarantor in respect of this Guaranty (including in respect of this Section 16.02), minus (2)  the aggregate amount of all payments received on or before such date by such Contributing Guarantor from  the other Contributing Guarantors as contributions under this Section 16.02.  The amounts payable as  contributions hereunder shall be determined as of the date on which the related payment or distribution is  made by the applicable Funding Guarantor.  The allocation among Contributing Guarantors of their  obligations as set forth in this Section 16.02 shall not be construed in any way to limit the liability of any  Contributing Guarantor hereunder.  Each Guarantor is a third party beneficiary to the contribution  agreement set forth in this Section 16.02.  16.03 Payment by Guarantors.  The Guarantors hereby jointly and severally agree, in furtherance  of the foregoing and not in limitation of any other right which any Guaranteed Creditor may have at law or  in equity against any Guarantor by virtue hereof, that upon the failure of any Borrower to pay any of the  Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required  prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but  for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), the Guarantors will  upon demand pay, or cause to be paid, in cash, to the Administrative Agent for the ratable benefit of  Guaranteed Creditors, an amount equal to the sum of the unpaid principal amount of all Guaranteed  Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including  interest which, but for such Borrower’s becoming the subject of a case under the Bankruptcy Code, would  have accrued on such Guaranteed Obligations, whether or not a claim is allowed against such Borrower for  such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to Guaranteed  Creditors as aforesaid.  16.04 Liability of Guarantors Absolute.  Each Guarantor agrees that its obligations hereunder are  irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which  constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the  Guaranteed Obligations.  In furtherance of the foregoing and without limiting the generality thereof, each  Guarantor agrees as follows:  (a) this Guaranty is a guaranty of payment when due and not of collectability.  This  Guaranty is a primary obligation of each Guarantor and not merely a contract of surety;  (b) the Administrative Agent may enforce this Guaranty upon the occurrence of an  Event of Default notwithstanding the existence of any dispute between any Credit Party or any of its  Subsidiaries and any Guaranteed Creditor with respect to the existence of such Event of Default;  (c) the obligations of each Guarantor hereunder are independent of the obligations of  each Borrower and the obligations of any other guarantor (including any other Guarantor) of the obligations  of any Borrower, and a separate action or actions may be brought and prosecuted against such Guarantor  whether or not any action is brought against any Borrower or any of such other guarantors (including any  other Guarantor) and whether or not any Borrower or other guarantor is joined in any such action or actions;  (d) payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations  shall in no way limit, affect, modify or abridge any Guarantor’s liability for any portion of the Guaranteed  Obligations which has not been paid.  Without limiting the generality of the foregoing, if the Administrative  

 

    175        Agent is awarded a judgment in any suit brought to enforce any Guarantor’s covenant to pay a portion of  the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant  to pay the portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall  not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s  liability hereunder in respect of the Guaranteed Obligations;  (e) any Guaranteed Creditor, upon such terms as it deems appropriate, without notice  or demand and without affecting the validity or enforceability hereof or giving rise to any reduction,  limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time  may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place,  manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge,  or accept or refuse any offer of performance with respect to, or substitutions for, the Guaranteed Obligations  or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other  obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take and hold  security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute,  compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security  for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any  other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations;  (v) enforce and apply any security now or hereafter held by or for the benefit of such Guaranteed Creditor  in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise  any other right or remedy that such Guaranteed Creditor may have against any such security, in each case  as such Guaranteed Creditor in its discretion may determine consistent herewith or the applicable Secured  Hedging Agreement or Secured Cash Management Agreement and any applicable security agreement,  including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or  not every aspect of any such sale is commercially reasonable, and even though such action operates to  impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor  against any Borrower or any security for the Guaranteed Obligations; and (vi) exercise any other rights  available to it under the Credit Documents, Secured Hedging Agreements or Secured Cash Management  Agreements; and  (f) this Guaranty and the obligations of the Guarantors hereunder shall be valid and  enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for  any reason (other than payment in full in cash of the Guaranteed Obligations in accordance with its terms),  including the occurrence of any of the following, whether or not any Guarantor shall have had notice or  knowledge of any of them:  (i) any failure or omission to assert or enforce or agreement or election not to  assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise  or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Credit  Documents, Secured Hedging Agreements or Secured Cash Management Agreements, at law, in equity or  otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to  any other guaranty of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver,  amendment or modification of, or any consent to departure from, any of the terms or provisions (including  provisions relating to events of default) hereof, any of the other Credit Documents, any of the Secured  Hedging Agreements or any of the Secured Cash Management Agreements or any agreement or instrument  executed pursuant thereto, or of any other guaranty or security for the Guaranteed Obligations, in each case  whether or not in accordance with the terms hereof or such Credit Document, such Secured Hedging  Agreement or such Secured Cash Management Agreement or any agreement relating to such other guaranty  or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to  

 

    176        be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source  (other than payments received pursuant to the other Credit Documents or any of the Commodity  Agreements or from the proceeds of any security for the Guaranteed Obligations, except to the extent such  security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of  indebtedness other than the Guaranteed Obligations, even though any Guaranteed Creditor might have  elected to apply such payment to any part or all of the Guaranteed Obligations; any Guaranteed Creditor’s  consent to the change, reorganization or termination of the corporate structure or existence of any Credit  Party or any of their respective Subsidiaries and to any corresponding restructuring of the Guaranteed  Obligations; (v) any failure to perfect or continue perfection of a security interest in any collateral which  secures any of the Guaranteed Obligations; (vi) any defenses, set offs or counterclaims which Company  may allege or assert against any Guaranteed Creditor in respect of the Guaranteed Obligations, including  failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and  satisfaction and usury; (vii) any other act or thing or omission, or delay to do any other act or thing, which  may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the  Guaranteed Obligations; and (viii) any law, regulation, decree or order of any jurisdiction adversely  effecting the Guaranteed Obligations.  16.05 Waivers by Guarantors.  Each Guarantor hereby waives, for the benefit of Guaranteed  Creditors:  (a) any right to require any Guaranteed Creditor, as a condition of payment or performance by  such Guarantor, to (i) proceed against any Borrower, any other guarantor (including any other Guarantor)  of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust any security held from  any Borrower, any such other guarantor (including any other Guarantor) or any other Person, (iii) proceed  against or have resort to any balance of any deposit account or credit on the books of any Guaranteed  Creditor in favor of any Borrower or any other Person, or (iv) pursue any other remedy in the power of any  Guaranteed Creditor whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or  any disability or other defense of any Borrower or any Guarantor including any defense based on or arising  out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or  instrument relating thereto or by reason of the cessation of the liability of any Borrower or any Guarantor  from any cause other than payment in full in cash of the Guaranteed Obligations in accordance with their  terms; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety  must be neither larger in amount nor in other respects more burdensome than that of the principal; (d) any  defense based upon any Guaranteed Creditor’s errors or omissions in the administration of the Guaranteed  Obligations; (e) (i) any principles or provisions of law, statutory or otherwise, which are or might be in  conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations  hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the  enforcement hereof, (iii) any rights to set offs, recoupments and counterclaims, and (iv) promptness,  diligence and any requirement that any Guaranteed Creditor protect, secure, perfect or insure any security  interest or lien or any property subject thereto; (f) notices, demands, presentments, protests, notices of  protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of  default hereunder, the Secured Hedging Agreements, the Secured Cash Management Agreements or any  agreement or instrument related thereto, notices of any renewal, extension or modification of the  Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to any Borrower  and notices of any of the matters referred to in Section 14.04 and any right to consent to any thereof; and  (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or  exonerate guarantors or sureties, or which may conflict with the terms hereof.  

 

    177        16.06 Guarantors’ Rights of Subrogation, Contribution, etc.  Until the Guaranteed Obligations  (other than indemnities and expense reimbursement obligations which, in either case, are not then due and  payable) shall have been paid in full in cash in accordance with their terms and the Total Revolving Loan  Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled, each  Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may  hereafter have against any Borrower or any other Guarantor or any of its assets in connection with this  Guaranty or the performance by such Guarantor of its obligations hereunder, in each case whether such  claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and  including (a) any right of subrogation, reimbursement or indemnification that such Guarantor now has or  may hereafter have against any Borrower with respect to the Guaranteed Obligations, (b) any right to  enforce, or to participate in, any claim, right or remedy that any Guaranteed Creditor now has or may  hereafter have against any Borrower, and (c) any benefit of, and any right to participate in, any collateral  or security now or hereafter held by any Guaranteed Creditor.  In addition, until the Guaranteed Obligations  (other than indemnities and expense reimbursement obligations which, in either case, are not then due and  payable) shall have been paid in full in cash in accordance with their terms and the Total Revolving Loan  Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled, each  Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other  guarantor (including any other Guarantor) of the Guaranteed Obligations, including any such right of  contribution as contemplated by Section 16.02.  Each Guarantor further agrees that, to the extent the waiver  or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification and  contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any  reason, any rights of subrogation, reimbursement or indemnification such Guarantor may have against any  Borrower or against any collateral or security, and any rights of contribution such Guarantor may have  against any such other guarantor (including any other Guarantor), shall be junior and subordinate to any  rights any Guaranteed Creditor may have against any Borrower, to all right, title and interest any Guaranteed  Creditor may have in any such collateral or security, and to any right any Guaranteed Creditor may have  against such other guarantor (including any other Guarantor).  If any amount shall be paid to any Guarantor  on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when  all Guaranteed Obligations shall not have been indefeasibly paid in full in cash in accordance with their  terms, such amount shall be held in trust for the Administrative Agent on behalf of Guaranteed Creditors  and shall forthwith be paid over to the Administrative Agent for the benefit of Guaranteed Creditors to be  credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance  with the terms hereof.  16.07 Subordination of Other Guaranteed Obligations.  Any Indebtedness of any Borrower or  any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in  right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by the  Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the  Administrative Agent on behalf of Guaranteed Creditors and shall forthwith be paid over to the  Administrative Agent for the benefit of Guaranteed Creditors to be credited and applied against the  Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the  Obligee Guarantor under any other provision hereof.  16.08 Continuing Guaranty.  This Guaranty is a continuing guaranty and shall remain in effect  until all of the Guaranteed Obligations shall have been paid in full and the Total Revolving Loan  Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled.  Each  

 

    178        Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions giving rise  to any Guaranteed Obligations.  16.09 Authority of Guarantors or the Borrowers.  It is not necessary for any Guaranteed Creditor  to inquire into the capacity or powers of any Guarantor or any Borrower or the officers, directors or any  agents acting or purporting to act on behalf of any of them.  The Guarantors hereby authorize the Borrowers  to enter into the Intercreditor Agreement and agree to be bounds by the provisions thereof to the same extent  as the Borrowers.  16.10 Financial Condition of Company.  Any Credit Event may be made to, or for the benefit of,  any Borrower or continued from time to time, and any Secured Hedging Agreements or any Secured Cash  Management Agreements may be entered into from time to time, in each case without notice to or  authorization from any Guarantor regardless of the financial or other condition of such Borrower at the time  of any such grant or continuation or at the time such Secured Hedging Agreement or Secured Cash  Management Agreement is entered into, as the case may be.  No Guaranteed Creditor shall have any  obligation to disclose to or discuss with any Guarantor its assessment, or any Guarantor’s assessment, of  the financial condition of any Borrower.  Each Guarantor has adequate means to obtain information from  the Borrowers on a continuing basis concerning the financial condition of the Borrowers and their ability  to perform its obligations under the Credit Documents, the Secured Hedging Agreements and Secured Cash  Management Agreements, and each Guarantor assumes the responsibility for being and keeping informed  of the financial condition of the Borrowers and of all circumstances bearing upon the risk of nonpayment  of the Guaranteed Obligations.  Each Guarantor hereby waives and relinquishes any duty on the part of any  Guaranteed Creditor to disclose any matter, fact or thing relating to the business, operations or conditions  of the Borrowers now known or hereafter known by any Guaranteed Creditor.  16.11 Bankruptcy, etc.  (a) Without limiting any Guarantor’s ability to file a voluntary bankruptcy petition in  respect of itself, so long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the  prior written consent of the Administrative Agent acting pursuant to the instructions of Required Lenders,  commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case  or proceeding of or against any Borrower or any other Guarantor.  The obligations of the Guarantors  hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any  case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership,  reorganization, liquidation or arrangement of any Borrower or any Guarantor or by any defense which any  Borrower or any Guarantor may have by reason of the order, decree or decision of any court or  administrative body resulting from any such proceeding.  (b) Each Guarantor acknowledges and agrees that any interest on any portion of the  Guaranteed Obligations which accrues after the commencement of any case or proceeding referred to in  clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation  of law by reason of the commencement of such case or proceeding, such interest as would have accrued on  such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be  included in the Guaranteed Obligations because it is the intention of the Guarantors and the Guaranteed  Creditors that the Guaranteed Obligations which are guaranteed by the Guarantors pursuant hereto should  be determined without regard to any rule of law or order which may relieve any Borrower of any portion  of such Guaranteed Obligations.  The Guarantors will permit any trustee in bankruptcy, receiver, debtor in  possession, assignee for the benefit of creditors or similar person to pay the Administrative Agent, or allow  

 

    179        the claim of Administrative Agent in respect of, any such interest accruing after the date on which such  case or proceeding is commenced.  (c) In the event that all or any portion of the Guaranteed Obligations are paid by any  Borrower, the obligations of the Guarantors hereunder shall continue and remain in full force and effect or  be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or  recovered directly or indirectly from any Guaranteed Creditor as a preference, fraudulent transfer or  otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed  Obligations for all purposes hereunder.  16.12 Discharge of Guaranty Upon Sale of Guarantor.  If all of the Equity Interests of any  Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by  merger or consolidation) in accordance with the terms and conditions of this Agreement, the Guaranty of  such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be  discharged and released without any further action by any Guaranteed Creditor or any other Person effective  as of the time of such sale or other disposition.  16.13 Additional Guarantors.  It is understood and agreed that any Subsidiary (other than any  Excluded Subsidiary) of any Credit Party that is required (or desires) to become a Guarantor hereunder  shall do so by (i) executing a Joinder Agreement substantially in the form of Exhibit M and delivering same  to the Administrative Agent, and (ii) taking all actions as specified in this Agreement as would have been  taken by such Guarantor had it been an original party to this Agreement, in each case with all documents  and actions required to be taken above to be taken to the reasonable satisfaction of the Administrative  Agent.  SECTION 17. ACKNOWLEDGMENT AND RESTATEMENT  17.01 Acknowledgment of Security Interests.  Each of the Credit Parties party to the Existing  Credit Agreement (collectively, the “Existing Credit Parties”) that is a party to this Agreement hereby  acknowledges, confirms and agrees that Agent, for itself and the benefit of Lenders, has and shall continue  to have a security interest in and lien upon the Collateral heretofore granted by such Borrower or Guarantor  to Agent pursuant to the Existing Credit Documents to secure the Obligations, as well as any Collateral  granted by each Borrower and Guarantor under this Agreement or under any of the other Credit Documents  or otherwise granted to or held by Agent or any Lender.  The liens and security interests of Agent, for itself  and the benefit of Lenders, in the Collateral shall be deemed to be continuously granted and perfected from  the earliest date of the granting and perfection of such liens and security interests, whether under the  Existing Loan Agreement, this Agreement or any other Credit Documents.  On and after the date of this  Agreement, all such liens and security interests shall be subject to the terms of this Agreement and the other  Credit Documents and in all respects subject to the terms herein or therein, as applicable.  17.02 Existing Credit Documents.  Each of the Existing Credit Parties hereby acknowledges,  confirms and agrees that:  (a) the Existing Indebtedness Documents have been duly executed and delivered  by such Existing Credit Parties and are in full force and effect as of the date hereof, (b) the agreements and  obligations of such Existing Credit Parties contained in the Existing Indebtedness Documents constitute the  legal, valid and binding obligations of each of the Existing Credit Parties, as the case may be, enforceable  against such Existing Credit Party, in accordance with their respective terms and no Existing Credit Party  has a valid defense to the enforcement of such obligations, (c) Agent and Lenders are entitled to all of the  

 

    180        rights and remedies provided for in or arising pursuant to the Existing Indebtedness Documents except to  the extent that such Existing Indebtedness Documents have been amended and restated hereby, and (d) no  action or omission by any Existing Credit Party in respect of the Existing Indebtedness Documents prior to  the date hereof and no representation and warranty deemed made in respect of such Existing Credit  Agreement pursuant to any request for Loans or Letters of Credit under the Existing Credit Agreement by  any of the Existing Credit Parties prior to the date hereof shall be deemed the basis for any Default or Event  of Default or the exercise of any remedies under this Agreement after the date hereof.  17.03 Restatement.  (a) As of the date hereof, the terms, conditions, agreements, covenants, representations  and warranties set forth in the Existing Credit Agreement are hereby amended and restated in their entirety,  and (i) as so amended and restated, replaced and superseded, by the terms, conditions, agreements,  covenants, representations and warranties set forth in this Agreement and the other Credit Documents,  except that nothing herein or in the other Credit Documents shall impair or adversely affect the continuation  of the liability of Borrowers and Guarantors for the Loans and the Letters of Credit and all accrued and  unpaid interest thereon and fees, costs, expenses and other charges with respect thereto (as amended and  restated hereby and which are in all respects hereinafter subject to the terms of this Agreement and the other  Credit Documents) and the security interests, liens, and other interests in the Collateral heretofore granted,  pledged and/or assigned by Borrowers or Guarantors to Agent or any Lender (whether directly, indirectly  or otherwise) (as amended and restated hereby and which are in all respects subject to the terms of this  Agreement and the other Credit Documents), and (ii) no action or omission by any Existing Credit Party in  respect of the Existing Indebtedness Documents prior to the date hereof and no representation and warranty  deemed made in respect of such Existing Loan Agreement pursuant to any request for Loans or Letters of  Credit under the Existing Credit Agreement by any of the Existing Credit Parties prior to the date hereof  shall be deemed the basis for any Default or Event of Default or the exercise of any remedies under this  Agreement after the date hereof.  (b) The amendment and restatement contained herein shall not, in any manner, be  construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect  of, the Loans, the Letters of Credit and all accrued and unpaid interest thereon and fees with respect thereto,  and the liens and security interests securing such obligations and liabilities, which shall not in any manner  be impaired, limited, terminated, waived or released, but shall continue in full force and effect in favor of  Agent, for itself and the benefit of Lenders (as amended and restated hereby and which are in all respects  subject to the terms of this Agreement and the other Credit Documents).  (c) All of the Loans, the Letters of Credit and all accrued and unpaid interest thereon  and fees with respect thereto under the Existing Agreements shall be deemed Obligations of Borrowers and  Guarantors pursuant to and expressly subject to the terms hereof.  The principal amount of the Loans and  the amount of the Letters of Credit outstanding as of the date hereof under the Existing Indebtedness  Documents shall be allocated to the Loans and Letters of Credit hereunder in such manner and in such  amounts as Agent shall determine in accordance with the terms hereof.  17.04 Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely,  unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from  time to time by each other Credit Party to honor all of its obligations under the guaranty in respect of Swap  Obligations (provided, that, each Qualified ECP Guarantor shall only be liable under this Section 17.04 for  

 

    181        the maximum amount of such liability that can be hereby incurred without rendering its obligations under  this Section 17.04, or otherwise under any applicable guaranty, voidable under applicable law relating to  fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each  Qualified ECP Guarantor under this Section 17.04 shall remain in full force and effect until payment in full  of the Obligations.  Each Qualified ECP Guarantor intends that this Section 17.04 constitute, and this  Section 17.04 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of  each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  17.05 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.   Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any Affected  Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be  subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party  hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge  institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement  or any other Credit Document; or  (iii) the variation of the terms of such liability in connection with the exercise  of the write-down and conversion powers of the applicable Resolution Authority.  17.06 Acknowledgement Regarding Any Supported QFC’s.  To the extent that the Credit  Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other  agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of  the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Credit Documents and any  Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the  United States or any other state of the United States):  (a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered  Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such  Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under  such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported  QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the  

 

    182        transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC  Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the  United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a  Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights  under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support  that may be exercised against such Covered Party are permitted to be exercised to no greater extent than  such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC  and the Credit Documents were governed by the laws of the United States or a state of the United States.   Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with  respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a  Supported QFC or any QFC Credit Support.  (b) As used in this Section 17.06, the following terms have the following meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted  in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” shall mean any of the following:  (i) a “covered entity” as that term is defined in,  and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in,  and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in,  and interpreted in accordance with, 12 C.F.R. § 382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance  with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  17.07 Erroneous Payments.  (a) Each Lender, each Issuing Lender and any other party hereto hereby severally  agrees that if (i) Agent notifies (which such notice shall be conclusive absent manifest error) such Lender  or Issuing Lender (or the Lender which is an Affiliate of a Lender or Issuing Lender) or any other Person  that has received funds from Agent or any of its Affiliates, either for its own account or on behalf of a  Lender or Issuing Lender (each such recipient, a “Payment Recipient”) that Agent has determined in its  sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or  otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such  Payment Recipient) or (ii) any Payment Recipient receives any payment from Agent (or any of its  Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of  payment, prepayment or repayment sent by Agent (or any of its Affiliates) with respect to such payment,  prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment,  prepayment or repayment sent by Agent (or any of its Affiliates) with respect to such payment, prepayment  or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted  or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be  presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 17.07(a),  whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or  otherwise; individually and collectively, an “Erroneous Payment”), then, in each case, such Payment  

 

    183        Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment;  provided that nothing in this Section shall require Agent to provide any of the notices specified in clauses  (i) or (ii) above.  Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous  Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect  to any demand, claim or counterclaim by Agent for the return of any Erroneous Payments, including without  limitation waiver of any defense based on “discharge for value” or any similar doctrine.  (b) Without limiting the immediately preceding clause (a), each Payment Recipient  agrees that, in the case of clause (a)(ii) above, it shall promptly notify Agent in writing of such occurrence.  (c) In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at  all times remain the property of Agent and shall be segregated by the Payment Recipient and held in trust  for the benefit of Agent, and upon demand from Agent such Payment Recipient shall (or, shall cause any  Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no  later than one Business Day thereafter, return to Agent the amount of any such Erroneous Payment (or  portion thereof) as to which such a demand was made in same day funds and in the currency so received,  together with interest thereon in respect of each day from and including the date such Erroneous Payment  (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to Agent at  the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry  rules on interbank compensation from time to time in effect.  (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by  Agent for any reason, after demand therefor by Agent in accordance with immediately preceding clause  (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered  amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of Agent  and upon Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless  assignment of the full face amount of the portion of its Loans (but not its Commitments) with respect to  which such Erroneous Payment was made (the “Erroneous Payment Impacted Loans”) to Agent or, at the  option of Agent, Agent’s applicable lending affiliate (such assignee, the “Agent Assignee”) in an amount  that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as Agent may specify)  (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Loans, the  “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned  amount, without further consent or approval of any party hereto and without any payment by Agent  Assignee as the assignee of such Erroneous Payment Deficiency Assignment.  Without limitation of its  rights hereunder, following the effectiveness of the Erroneous Payment Deficiency Assignment, Agent may  make a cashless reassignment to the applicable assigning Lender of any Erroneous Payment Deficiency  Assignment at any time by written notice to the applicable assigning Lender and upon such reassignment  all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned  to such Lender without any requirement for payment or other consideration.  The parties hereto  acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any  requirement for any payment or other consideration paid by the applicable assignee or received by the  assignor, (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and  conditions of Section 13 and (3) Agent may reflect such assignments in the Register without further consent  or action by any other Person.  (e) Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or  portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment  

 

    184        (or portion thereof) for any reason, Agent (1) shall be subrogated to all the rights of such Payment Recipient  and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment  Recipient under any Credit Document, or otherwise payable or distributable by Agent to such Payment  Recipient from any source, against any amount due to Agent under this Section 17.07 or under the  indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment  Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment,  discharge or other satisfaction of any Obligations owed by the Borrowers or any other Credit Party, except,  in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such  Erroneous Payment that is, comprised of funds received by Agent from the Borrowers or any other Credit  Party for the purpose of making for a payment on the Obligations and (z) to the extent that an Erroneous  Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the  Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case  may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never  been received.  (f) Each party’s obligations under this Section 17.07 shall survive the resignation or  replacement of Agent or any transfer of right or obligations by, or the replacement of, a Lender, the  termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any  portion thereof) under any Credit Document.  (g) The provisions of this Section 17.07 to the contrary notwithstanding, (i) nothing in  this Section 17.07 will constitute a waiver or release of any claim of any party hereunder arising from any  Payment Recipient’s receipt of an Erroneous Payment and (ii) there will only be deemed to be a recovery  of the Erroneous Payment to the extent that Agent has received payment from the Payment Recipient in  immediately available funds the Erroneous Payment Return, whether directly from the Payment Recipient,  as a result of the exercise by Agent of its rights of subrogation or set off as set forth above in clause (e) or  as a result of the receipt by Agent Assignee of a payment of the outstanding principal balance of the Loans  assigned to Agent Assignee pursuant to an Erroneous Payment Deficiency Assignment, but excluding any  other amounts in respect thereof (it being agreed that any payments of interest, fees, expenses or other  amounts (other than principal) received by Agent Assignee in respect of the Loans assigned to Agent  Assignee pursuant to an Erroneous Payment Deficiency Assignment shall be the sole property of Agent  Assignee and shall not constitute a recovery of the Erroneous Payment).  (h) Subject to clause (e) above, nothing in this Section 17.07 shall be deemed to  increase, limit or otherwise modify the obligations of the Credit Parties under the Credit Documents.  [SIGNATURE PAGES FOLLOW]

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