Document:

exv10w6

Exhibit 10.6

 

 

Published CUSIP Number: ________________

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of ______________, 2011

among

VOC BRAZOS ENERGY PARTNERS, LP,

as the Borrower,

VOC Partners LLC,

BANK OF AMERICA, N.A.,

as the Administrative Agent

and

The Other Lenders Party Hereto

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as

Sole Lead Arranger and Sole Book Manager

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	 	 	5	 
	1.01 Defined Terms
	 	 	5	 
	1.02 Other Interpretive Provisions
	 	 	24	 
	1.03 Accounting Terms
	 	 	25	 
	1.04 Rounding
	 	 	26	 
	1.05 Times of Day
	 	 	26	 
	1.06 Petroleum Terms
	 	 	26	 
	 
	 	 	 	 
	ARTICLE II. THE COMMITMENTS AND LOANS
	 	 	26	 
	2.01 Loans
	 	 	26	 
	2.02 Borrowings, Conversions and Continuations of Loans
	 	 	26	 
	2.03 Prepayments
	 	 	28	 
	2.04 Repayment of Loans
	 	 	28	 
	2.05 Interest
	 	 	29	 
	2.06 Fees
	 	 	29	 
	2.07 Computation of Interest and Fees
	 	 	29	 
	2.08 Evidence of Debt
	 	 	30	 
	2.09 Payments Generally; the Administrative Agent’s Clawback
	 	 	30	 
	2.10 Sharing of Payments by Lenders
	 	 	32	 
	2.11 Defaulting Lenders
	 	 	32	 
	2.12 Borrowing Base
	 	 	33	 
	 
	 	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	35	 
	3.01 Taxes
	 	 	35	 
	3.02 Illegality
	 	 	38	 
	3.03 Inability to Determine Rates
	 	 	39	 
	3.04 Increased Costs; Reserves on Eurodollar Rate Loans
	 	 	40	 
	3.05 Compensation for Losses
	 	 	41	 
	3.06 Mitigation Obligations; Replacement of Lenders
	 	 	42	 
	3.07 Survival
	 	 	42	 
	 
	 	 	 	 
	ARTICLE IV. CONDITIONS PRECEDENT TO LOANS
	 	 	42	 
	4.01 Conditions of Restatement
	 	 	42	 
	 
	 	 	 	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES
	 	 	46	 
	5.01
Existence, Qualification and Power
	 	 	46	 
	5.02 Authorization; No Contravention
	 	 	46	 
	5.03 Governmental Authorization; Other Consents
	 	 	46	 
	5.04 Binding Effect
	 	 	46	 
	5.05 Financial Statements; No Material Adverse Effect
	 	 	46	 
	5.06 Litigation
	 	 	47	 
	5.07 No Default
	 	 	47	 
	5.08 Ownership of Property; Liens
	 	 	47	 
	5.09 Environmental Compliance
	 	 	47	 
	5.10 Insurance
	 	 	47	 
	5.11 Taxes. Each Loan Party has
	 	 	48	 
	5.12 ERISA Compliance
	 	 	48	 

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	Section	 	Page	 
	5.13 Subsidiaries; Equity Interests
	 	 	49	 
	5.14 Use of Proceeds; Margin Regulations; Investment Company Act
	 	 	49	 
	5.15 Disclosure
	 	 	49	 
	5.16 Compliance with Laws
	 	 	50	 
	5.17 Taxpayer Identification Number
	 	 	50	 
	5.18 Leases;
Contracts; Licenses, Etc.
	 	 	50	 
	5.19 Sale of Production
	 	 	50	 
	5.20 Operation of Oil and Gas Properties
	 	 	51	 
	5.21 Ad Valorem and Severance Taxes; Litigation
	 	 	52	 
	5.22 Intellectual Property; Licenses
	 	 	52	 
	5.23 Solvency
	 	 	52	 
	5.24 Security Documents
	 	 	52	 
	5.25 Closing Transactions
	 	 	53	 
	 
	 	 	 	 
	ARTICLE VI. AFFIRMATIVE COVENANTS
	 	 	53	 
	6.01 Financial Statements
	 	 	53	 
	6.02 Certificates; Other Information
	 	 	54	 
	6.03 Notices
	 	 	56	 
	6.04 Payment of Obligations
	 	 	56	 
	6.05
Preservation of Existence, Etc.
	 	 	56	 
	6.06 Maintenance of Properties
	 	 	57	 
	6.07 Maintenance of Insurance
	 	 	57	 
	6.08 Compliance with Laws
	 	 	58	 
	6.09 Books and Records
	 	 	58	 
	6.10 Inspection Rights
	 	 	58	 
	6.11 Use of Proceeds
	 	 	58	 
	6.12 Additional Guarantors
	 	 	58	 
	6.13 Production Proceeds
	 	 	58	 
	6.14 [Reserved]
	 	 	59	 
	6.15 Environmental Review
	 	 	59	 
	6.16 Security
	 	 	59	 
	6.17 Title Opinions
	 	 	60	 
	6.18 Compliance with Agreements
	 	 	60	 
	6.19 Operation of Properties and Equipment
	 	 	60	 
	6.20 Environmental Matters; Environmental Reviews
	 	 	61	 
	6.21 Oil Trust Documents
	 	 	62	 
	6.22 Required Swap Transactions
	 	 	62	 
	 
	 	 	 	 
	ARTICLE VII. NEGATIVE COVENANTS
	 	 	62	 
	7.01 Liens
	 	 	62	 
	7.02 Investments
	 	 	62	 
	7.03 Indebtedness
	 	 	63	 
	7.04 Fundamental Changes
	 	 	63	 
	7.05 Dispositions
	 	 	64	 
	7.06 Restricted Payments
	 	 	65	 
	7.07 Change in Nature of Business
	 	 	65	 
	7.08 Transactions with Affiliates
	 	 	65	 
	7.09 Burdensome Agreements
	 	 	66	 
	7.10 Use of Proceeds
	 	 	66	 
	7.11 Swap Transactions
	 	 	66	 
	7.12 Amendments to Organization Documents
	 	 	66	 
	7.13 Consolidated Fixed Charge Coverage Ratio
	 	 	66	 

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	Section	 	Page	 
	7.14 Accounting
	 	 	66	 
	7.15 Limitation on Leases
	 	 	66	 
	 
	 	 	 	 
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	 	 	67	 
	8.01 Events of Default
	 	 	67	 
	8.02 Remedies Upon Event of Default
	 	 	69	 
	8.03 Application of Funds
	 	 	69	 
	 
	 	 	 	 
	ARTICLE IX. ADMINISTRATIVE AGENT
	 	 	70	 
	9.01 Appointment and Authority
	 	 	70	 
	9.02 Rights as a Lender
	 	 	70	 
	9.03 Exculpatory Provisions
	 	 	70	 
	9.04 Reliance by the Administrative Agent
	 	 	71	 
	9.05 Delegation of Duties
	 	 	71	 
	9.06 Resignation of the Administrative Agent
	 	 	72	 
	9.07 Non-Reliance on the Administrative Agent and Other Lenders
	 	 	72	 
	9.08 No
Other Duties, Etc.
	 	 	72	 
	9.09 the Administrative Agent May File Proofs of Claim
	 	 	73	 
	9.10 Collateral and Guaranty Matters
	 	 	73	 
	 
	 	 	 	 
	ARTICLE X. MISCELLANEOUS
	 	 	74	 
	10.01
Amendments, Etc.
	 	 	74	 
	10.02 Notices; Effectiveness; Electronic Communication
	 	 	75	 
	10.03 No Waiver; Cumulative Remedies; Enforcement
	 	 	77	 
	10.04 Expenses; Indemnity; Damage Waiver
	 	 	78	 
	10.05 Payments Set Aside
	 	 	79	 
	10.06 Successors and Assigns
	 	 	80	 
	10.07 Treatment of Certain Information; Confidentiality
	 	 	83	 
	10.08 Right of Setoff
	 	 	84	 
	10.09 Interest Rate Limitation
	 	 	85	 
	10.10 Counterparts; Integration; Effectiveness
	 	 	85	 
	10.11 Survival of Representations and Warranties
	 	 	85	 
	10.12 Severability
	 	 	85	 
	10.13 Replacement of Lenders
	 	 	86	 
	10.14
Governing Law; Jurisdiction; Etc.
	 	 	86	 
	10.15 Waiver of Jury Trial
	 	 	87	 
	10.16 No Advisory or Fiduciary Responsibility
	 	 	88	 
	10.17 Electronic Execution of Assignments and Certain Other Documents
	 	 	88	 
	10.18 USA PATRIOT Act
	 	 	88	 
	10.19 No General Partner’s Liability
	 	 	89	 
	10.20 Time of the Essence
	 	 	89	 
	10.21 Restatement
	 	 	89	 
	10.22 ENTIRE AGREEMENT
	 	 	89	 
	 
	 	 	 	 
	SIGNATURES
	 	 	S-1	 

3

 

	 	 	 	 	 

	SCHEDULES	 	 

	 
	 	2.01	 	 	Commitments and Applicable Percentages

	 	4.01	 	 	Security Documents

	 	5.05	 	 	Supplement to Interim Financial Statements

	 	5.06	 	 	Litigation

	 	5.09	 	 	Environmental Matters

	 	5.13	 	 	Subsidiaries; Other Equity Investments; Equity Interests in the Borrower

	 	5.19	 	 	Sale of Production

	 	10.02	 	 	the Administrative Agent’s Office; Certain Addresses for Notices

	 	 	 	 	 

	EXHIBITS	 	 

	 	 	 	 	Form of

	 	 	 	 	 

	 	A	 	 	Loan Notice

	 	B	 	 	Note

	 	C	 	 	Compliance Certificate

	 	D-1	 	 	Assignment and Assumption

	 	D-2	 	 	the Administrative Questionnaire

CREDIT AGREEMENT

     This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of
________, 2011, among VOC BRAZOS ENERGY PARTNERS, L.P., a Texas limited partnership (the “the
Borrower”), VOC Partners LLC, a Kansas limited liability company (“VOC Partners”), each
lender from time to time party hereto (collectively, the “Lenders” and individually, a
“Lender”), and BANK OF AMERICA, N.A., as the Administrative Agent.

     WHEREAS, the Borrower, the lenders party thereto (the “Existing Lenders”) and Bank of
America, N.A., as the Administrative Agent, Swing Line Lender and L/C Issuer, are parties to that
certain Credit Agreement dated as of June 27, 2008 (such agreement, the “Existing Credit
Agreement”) pursuant to which the Existing Lenders agreed to make revolving credit loans
(therein referred to as the “Existing Loans”) to the Borrower, the Swing Line Lender agreed
to make swing line loans to the Borrower, L/C Issuer agreed to issue letters of credit for the
account of the Borrower, and Existing Lenders agreed to purchase participations in such swing line
loans and such letters of credit;

     WHEREAS, pursuant to Contribution and Exchange Agreement dated August 30, 2010, VOC Brazos
Energy Partners, L.P. (“VOC Brazos”) will acquire all of the membership interests in VOC Kansas
Energy Partners, L.L.C. (“VOC Kansas”) in exchange for newly issued limited partnership interests
in VOC Brazos, resulting in VOC Kansas becoming a wholly-owned subsidiary of VOC Brazos;

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

4

 

     WHEREAS, the Borrower desires to convert, renew and extend $24,000,000 of the Existing Loans
into term loans;

     WHEREAS, the Borrower desires to repay the Existing Loans in excess of $24,000,000, repay in
full the letters of credit obligations and the swing line loans, and terminate the commitments to
make, issue or participate in revolving credit loans, swing line loans and letters of credit, in
each case under the Existing Credit Agreement;

     WHEREAS, the Lenders are willing, on the terms and subject to the conditions herein set forth
to convert, renew and extend $24,000,000 of the Existing Loans into term loans and to consent and
agree to the transactions contemplated by the Oil Trust Documents; and

     WHEREAS, in consideration of the sale or transfer to VOC Partners of certain units of the Oil
Trust, and for other consideration, VOC Partners is willing to guaranty the indebtedness and
obligations of the Borrower and become party to this Agreement;

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

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

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

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

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

     “Administrative Questionnaire” means an the Administrative Questionnaire in
substantially the form of Exhibit D-2 or any other form approved by the Administrative
Agent.

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

     “Aggregate Commitments” means the Commitments of all the Lenders.

     “Agreement” means this Credit Agreement.

     “Applicable Percentage” means with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of (a) on the Closing Date, the Aggregate Commitments
represented by such Lender’s Commitment at such time and (b) at any time after the Closing Date,
the aggregated Loans represented by such Lender’s Loans at such time.

5

 

     “Applicable Rate” means (i) 2.25% per annum in the case of Eurodollar Rate Loans
and (ii) 1.25% in the case of Base Rate Loans.

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

     “Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity
as sole lead arranger and sole book manager.

     “Asset Disposition” means the sale, assignment, transfer, exchange or other
disposition by (i) any Loan Party of any Oil and Gas Properties or (ii) VOC Partners of any Trust
Units.

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

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section
10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit
D-1 or any other form approved by the Administrative Agent.

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

     “Audited Financial Statements” means (i) the audited balance sheet of the Borrower for
the fiscal year ended December 31, 2010, and the related statements of income or operations,
partners’ capital and cash flows for such fiscal year of the Borrower, including the notes thereto
and (ii) the audited combined statements of historical revenues and direct operating expenses of
the Borrower and VOC Kansas for fiscal year ended December 31, 2010.

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

     “Base Rate” means for any day a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such
day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the
Eurodollar Rate plus 1.00% The “prime rate” is a rate set by Bank of America based upon various
factors including Bank of America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or
below such announced rate. Any change in such prime rate announced by Bank of America shall take
effect at the opening of business on the day specified in the public announcement of such change.

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

6

 

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

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

     “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and,
in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01.

     “Borrowing Base” means, at the particular time in question, either the amount provided
for in Section 2.12(a) or the amount determined by the Administrative Agent and the
Required Lenders determined in accordance with the provisions of Section 2.12(b), (c) or
(d).

     “Borrowing Base Deficiency” means, as of any date, the amount, if any, by which the
Total Outstandings on such date exceed the Borrowing Base in effect on such date.

     “Borrowing Base Properties” means all Oil and Gas Properties of the Borrower and VOC
Kansas evaluated by the Lenders for purposes of establishing the Borrowing Base, without being
reduced for the burden of the Net Profits Interest. The Borrowing Base Properties on the Closing
Date constitute all of the Oil and Gas Properties described in the Initial Reserve Report.

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day that is also a London Banking Day.

     “Cash Management Agreement” means any agreement to provide cash management services,
including treasury, depository, overdraft, credit or debit card, electronic funds transfer and
other cash management arrangements.

     “Cash Management Bank” means any Person that, at the time it enters into a Cash
Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such
Cash Management Agreement.

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

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

     (a) General Partner ceases to be the sole general partner of the Borrower; or

     (b) Any Person, other than J. Michael Vess or companies or trusts Controlled by or established
for the benefit of such individual or his heirs at law (such as companies or trusts established for
estate planning purposes), shall directly or indirectly Control the General Partner; or

7

 

     (c) Any individual other than J. Michael Vess shall be the chief executive officer or
designated representative of the manager of the General Partner or VOC Partners or shall be
actively performing the duties customarily associated with such position.

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

     “Closing Transactions” means (i) the contribution to the Borrower of 100% of the
Equity Interests of VOC Kansas in exchange for newly issued limited partnership interests in the
Borrower, resulting in VOC Kansas becoming a wholly-owned subsidiary of the Borrower, (ii) the
conveyance of net profits interest by the Borrower and VOC Kansas to the Oil Trust in exchange for
Trust Units as described in or contemplated by the Oil Trust Prospectus, (iii) the offering and
sale of not less than 65.2% (but not more than 75%) of the Trust Units as described in or
contemplated by the Oil Trust Prospectus for cash, the repayment of the Existing Loans that exceed
$24,000,000, and the payment of all fees, costs and expenses of this Agreement and of the offering
and sale of Trust Units as contemplated by the Oil Trust Prospectus and the Underwriting Agreement,
(iv) the sale by the Borrower of the balance of the Trust Units to VOC Partners, constituting not
more than 34.82% nor less than 25% of the total Trust Units, in consideration of the VOC Partners
Note, within 45 days from the Closing Date (v) the sale within 30 days from the Closing Date of
Trust Units owned by VOC Partners as “Additional Units” under the Underwriting Agreement so long as
after giving effect to such sale VOC Partners remains the owner of not less than 25% of the total
Trust Units, (vi) the purchase of 63,750 Class B units of VAP-III, LLC, a Kansas limited liability
company, 350,000 units of Vess Texas Partners, L.L.C., a Kansas limited liability company and 400
units of VAP-II, LLC, a Kansas limited liability company from CPC Brazos Energy, L.P., a Delaware
limited partnership and CPC VEP, LLC, a Texas limited liability company (together “CPC”) and 11,250
Class A units of VAP-III, LLC, a Kansas limited liability company from Vess Holding Corporation
(“VHC”) and the immediate resale by the Borrower of all of such units to VOC Acquisition Partners
pursuant to the VOC Acquisition Partners Documents and for the same consideration given by the
Borrower for such units, all within 60 days from the Closing Date, (vii) the distribution by the
Borrower to non-Loan Parties not later than January 31, 2012 of the cash proceeds of sale described
in clause (iii) above, less amounts used to repay the Existing Loans that exceed $24,000,000, and
less all fees, costs and expenses of this Agreement and of the offering and sale of Trust Units as
contemplated by the Oil Trust Prospectus and the Underwriting Agreement, (viii) the distribution
not later than January 31, 2012 by VOC Partners of the cash proceeds (but not the Trust Units)
from the sale described in clause (v) above after giving effect to the foregoing transactions, and
(ix) the distribution within 30 days of the Closing Date of the amount shown as a distribution
payable on the Audited Financial Statements; provided that, on the date of such distributions in
clauses (vii), (viii), and (ix) the Borrower shall have at least $6,000,000 in unrestricted cash
liquidity.

     “Closing Transaction Documents” means the Oil Trust Documents, the Contribution and
Exchange Agreement dated August 30, 2010, among the Borrower, VOC Kansas and the owners of the
Equity Interests in VOC Kansas, and the VOC Acquisition Partners Documents.

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

8

 

     “Collateral” means all property of any kind which, under the terms of any Loan
Document, is subject to a Lien in favor of the Administrative Agent for the benefit of Persons to
whom any Obligations are owed including (a) the Borrower’s and its Subsidiaries’ proven oil and gas
reserves representing at least 70% of the Present Discounted Value of the proven oil and gas
reserves reviewed in determining the Borrowing Base, (b) the ownership interest in each existing
and future Subsidiary of the Borrower or any other Loan Party, (c) all Trust Units owned by VOC
Partners and (d) accounts receivable, inventory, intangibles and fixed assets of the Loan Parties.

     “Commitment” means, as to each Lender, its obligation to make Loans to the Borrower
pursuant to Section 2.01, in an aggregate principal amount not to exceed the amount set
forth opposite such Lender’s name on Schedule 2.01.

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

     “Consolidated EBITDA from Operations” means, for any period, for the Borrower and its
Subsidiaries on a consolidated basis, an amount equal to the net income from operations of the
Borrower and its Subsidiaries (excluding extraordinary gains but including extraordinary losses)
for that period plus the following to the extent deducted in calculating such net income from
operations: (i) Consolidated Interest Charges for such period, (ii) the provision for Federal,
state and local income taxes payable by the Borrower and its Subsidiaries for such period, and
(iii) depreciation, depletion and amortization expense and other non-cash charges (including those
resulting from the FASB ASC 815).

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

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

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

9

 

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

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

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

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

     “Defaulting Lender” means, subject to Section 2.14(b) any Lender that, as determined
by the Administrative Agent, (a) has failed to perform any of its funding obligations hereunder,
including in respect of its Loans or participations in respect of Letters of Credit, within three
Business Days of the date required to be funded by it hereunder, (b) has notified the Borrower or
the Administrative Agent that it does not intend to comply with its funding obligations or has made
a public statement to that effect with respect to its funding obligations hereunder or under other
agreements in which it commits to extend credit, (c) has failed, within three Business Days after
request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative
Agent that it will comply with its funding obligations, or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii)
had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or a custodian appointed
for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or
acquiescence in any such proceeding or appointment; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority.

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

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

     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be
required under Section 10.06(b)(iii)).

10

 

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

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

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

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

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

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the
withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a “substantial employer” (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a
termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to
terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;
(g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered
or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304
and 305 of ERISA; or (h) the imposition of any liability under

11

 

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

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

     (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per
annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two London
Banking Days prior to such date for Dollar deposits being delivered in the London interbank market
for a term of one month commencing that day or (ii) if such published rate is not available at such
time for any reason, the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Dollars for delivery on the date of determination in same day funds in the
approximate amount of the Base Rate Loan being made or maintained and with a term equal to one
month would be offered by Bank of America’s London Branch to major banks in the London interbank
Eurodollar market at their request at the date and time of determination.

     “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on clause (a)
of the definition of “Eurodollar Rate.”

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

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable Lending Office is located,
(b) any branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which the Borrower is located, (c) any backup withholding tax that is required by
the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A)
of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under Section 10.13), any United States withholding
tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the
Laws in force at the time such Foreign Lender becomes a party hereto (or

12

 

designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or
inability (other than as a result of a Change in Law) to comply with clause (B) of Section
3.01(e)(ii), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii)
or (iii).

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

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

     “FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board.

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

     “Fee Letter” means the letter agreement, dated April 8, 2011, among the Borrower, the
Administrative Agent and the Arranger, as amended, supplemented or modified from time to time.

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

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

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

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

13

 

     “General Partner” means Vess Texas Partners, L.L.C., a Kansas limited liability
company.

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

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

     “Guarantors” means, collectively, the VOC Partners and each Subsidiary of the
Borrower.

     “Guaranty” means the Guaranty made by the Guarantors in favor of the Administrative
Agent and the Lenders, in the form and substance satisfactory to the Administrative Agent.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hydrocarbons” means oil, gas, casinghead gas, drip gasolines, natural gasoline,
condensate, distillate, and all other liquid and gaseous hydrocarbons produced or to be produced in
conjunction therewith, and all products, by-products and all other substances derived

14

 

therefrom or the processing thereof, and all other minerals and substances, including, but not
limited to, sulphur, lignite, coal, uranium, thorium, iron, geothermal steam, water, carbon
dioxide, helium, and any and all other minerals, ores, or substances of value, and the products and
proceeds therefrom, including, without limitation, all gas resulting from the in-situ combustion of
coal or lignite.

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

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

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

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

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

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

     (f) capital leases and Synthetic Lease Obligations;

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

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

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

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

15

 

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

     “Information” has the meaning specified in Section 10.07.

     “Initial Reserve Report” means the engineering and economic analysis of the Oil and
Gas Properties of the Borrower and its Subsidiaries, prepared as of December 31, 2010 by Cawley,
Gillespie & Associates, Inc.

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

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

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

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

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

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof,

16

 

and all applicable administrative orders, directed duties, requests, Permits of, and
agreements with, any Governmental Authority, in each case whether or not having the force of law.

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

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

     “Lender Swap Obligations” means all obligations arising from time to time under Swap
Contracts entered into from time to time between either the Borrower or any of its Subsidiaries and
a Lender Counterparty; provided that (a) if such Lender Counterparty ceases to be a Lender
hereunder or an Affiliate of a Lender hereunder, Lender Swap Obligations shall only include such
obligations to the extent arising from transactions (i) in effect on the Closing Date or (ii)
entered into after the Closing Date, at the time such Lender Counterparty was a Lender hereunder or
an Affiliate of a Lender hereunder, and (b) for any of the forgoing to be included within “Lender
Swap Obligations” hereunder, such transaction must not otherwise be prohibited under this
Agreement.

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

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

     “Loan” has the meaning specified in Section 2.01.

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

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

     “Loan Parties” means, collectively, the Borrower, VOC Partners and each Subsidiary of
the Borrower, and “Loan Party” means any one of the foregoing.

     “London Banking Day” means any day on which dealings in Dollar deposits are conducted
by and between banks in the London interbank eurodollar market.

     “Material Adverse Change” means any circumstance or event that has had a Material
Adverse Effect.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the business, assets, properties, liabilities (actual or contingent),
operations,

17

 

condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries, taken as
a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations
under any Loan Document to which it is a party; (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Loan Party of any Loan Document to which it
is a party; or (d) a material adverse effect on the rights and/or remedies of the Administrative
Agent or any Lender under any Loan Document.

     “Maturity Date” means the fifth anniversary of the Closing Date; provided,
however, that if such date is not a Business Day, the Maturity Date shall be the next
preceding Business Day.

     “Mortgages” means all mortgages, deeds of trust, security agreements, pledge
agreements and similar documents, instruments and agreements creating, evidencing, perfecting or
otherwise establishing the Liens required by Section 6.16 hereof in the Proved Oil and Gas
Properties of any Loan Party as may heretofore or may hereafter be granted or assigned to the
Administrative Agent to secure payment of the Obligations or any part thereof. All Mortgages shall
be in form and substance reasonably satisfactory to the Administrative Agent.

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

     “Net Cash Proceeds” means the remainder of (a) the gross cash proceeds received by any
Loan Party from any Asset Disposition or Swap Contract termination less (b) commissions, legal,
accounting and other professional fees and expenses, and other usual and customary transaction
costs, including indemnification and other post-closing obligations and reserves related to any
such Asset Disposition or Swap Contract termination, in each case only to the extent paid or
payable by a Loan Party in cash and related to such Asset Disposition or Swap Contract termination,
respectively.

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

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

     “Oil and Gas Properties” means rights, estates, titles, and interests in and to oil
and gas leases and any oil and gas interests, royalty and overriding royalty interest, production
payment, net profits interests, oil and gas fee interests, and other rights therein, including any
reversionary or carried interests relating to the foregoing, together with rights, titles, and
interests created by

18

 

or arising under the terms of any unitization, communitization, and pooling agreements or
arrangements, and all properties, rights and interests covered thereby, whether arising by
contract, by order, or by operation of Laws, which now or hereafter include all or any part of the
foregoing.

     “Oil Trust” means the VOC Energy Trust as described in the VOC Energy Trust
Prospectus.

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

     “Oil Trust Prospectus” means the Form S-1 of the Oil Trust filed with the Securities
and Exchange Commission (“SEC”) under Registration Number 333-171474, upon being declared effective
by the SEC.

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

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

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

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Act” means the Pension Protection Act of 2006.

     “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Pension Plans and set forth
in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412
of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter,
Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

     “Pension Plan” means any employee pension benefit plan (including a Multiple Employer
Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower

19

 

and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the
minimum funding standards under Section 412 of the Code.

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

     “Permitted Letter of Credit Obligations” means all fee, reimbursements and other
obligations in respect of letters of credit issued by a Lender for the account of the Borrower or
VOC Kansas in an aggregate face amount not to exceed $1,000,000 at any time outstanding.

     “Permitted Liens” means:

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

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

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

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

          (e) Liens under the Security Documents; and

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

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

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

     “Plan” means any “employee benefit plan” within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or

20

 

any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf
of any of its employees.

     “Platform” has the meaning specified in Section 6.02.

     “Proved Oil and Gas Properties” means all Oil and Gas Properties which constitute
proved reserves.

     “Proved Producing Oil and Gas Properties” means all Oil and Gas Properties which
constitute proved developed producing reserves.

     “Public Lender” has the meaning specified in Section 6.02.

     “Recognized Value” means, with respect to Oil and Gas Properties, the discounted
present value of the estimated net cash flow to be realized from the production of Hydrocarbons
from such Oil and Gas Properties as determined by the Administrative Agent for purposes of
determining the portion of the Borrowing Base which it attributes to such Oil and Gas Properties in
accordance with Section 2.15 hereof.

     “Redetermination” means (i) any Scheduled Redetermination, (ii) any Special
Redetermination, or (iii) any redetermination pursuant to Section 2.15(d).

     “Redetermination Date” means (a) with respect to any Scheduled Redetermination, each
May 1, commencing May 1, 2012, (b) with respect to any Special Redetermination, the first day of
the first month which is not less than twenty (20) Business Days following the date of a request
for a Special Redetermination, and (c) with respect to any redetermination pursuant to Section
2.15(d), the date upon which any Loan Party completes any Asset Disposition or the termination
of any Swap Contract.

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

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

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

     “Required Lenders” means Lenders having more than 50% of the Total Outstandings;
provided that the portion of the Total Outstandings held or deemed held by, any Defaulting
Lender shall be excluded for purposes of making a determination of the Required Lenders.

     “Reserve Report” means an unsuperseded engineering analysis of the Oil and Gas
Properties owned by the Borrower and its Subsidiaries, in form and substance reasonably acceptable
to the Administrative Agent, prepared in accordance with customary and prudent practices in the
petroleum engineering industry and Financial Accounting Standards Board Statement 69. Each Reserve
Report required to be delivered pursuant to Section 2.12(a) that is prepared as of December
31 shall be prepared by Cawley, Gillespie & Associates, Inc. (or any

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other reputable firm of independent petroleum engineers as shall be selected by the Borrower
and approved by the Administrative Agent, such approval not to be unreasonably withheld). Each
other Reserve Report shall be prepared by the Borrower’s in-house staff. Notwithstanding the
foregoing, in connection with any Special Redetermination requested by the Borrower, the Reserve
Report shall be in form and scope mutually acceptable to the Borrower and the Administrative Agent.
Until superseded, the Initial Reserve Report shall be considered a Reserve Report.

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

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

     “Scheduled Redetermination” means any Redetermination of the Borrowing Base pursuant
to Section 2.15(b).

     “Secured Cash Management Agreement” means any Cash Management Agreement that is
entered into by and between the Borrower and any Cash Management Bank.

     “Secured Parties” means, collectively, the Administrative Agent, the Lenders, any
Person that is owed Lender Swap Obligations or Permitted Letter of Credit Obligations, any Person
that is party to a Secured Cash Management Agreement, and each co-agent or sub-agent appointed by
the Administrative Agent from time to time pursuant to Section 9.05.

     “Security Documents” means the instruments listed in Schedule 4.01 and all
other security agreements, deeds of trust, mortgages, chattel mortgages, pledges, Guarantees,
financing statements, continuation statements, extension agreements and other agreements or
instruments now, heretofore, or hereafter delivered by any Loan Party to the Administrative Agent
in connection with this Agreement or any transaction contemplated hereby to secure or Guarantee the
payment of any part of the Obligations or the performance of any Loan Party’s other duties and
obligations under the Loan Documents, any agreement evidencing Lender Swap Obligations, a Permitted
Letter of Credit Obligation or any Secured Cash Management Agreement.

     “Solvent” and “Solvency” mean, with respect to any Person on a particular
date, that on such date (a) the fair value of the property of such Person is greater than the total
amount of liabilities, including contingent liabilities, of such Person, (b) the present fair
salable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability

22

 

of such Person on its debts as they become absolute and matured, (c) such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in
business or a transaction, and is not about to engage in business or a transaction, for which such
Person’s property would constitute an unreasonably small capital, and (e) such Person is able to
pay its debts and liabilities, contingent obligations and other commitments as they mature in the
ordinary course of business. 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.

     “Special Redetermination” means any Redetermination of the Borrowing Base pursuant to
Section 2.15(c).

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person; provided, however,
neither the Oil Trust nor VOC Acquisition Partners shall not be treated as a Subsidiary of any Loan
Party. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Borrower.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

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

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

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

     “Threshold Amount” means $250,000.

     “Total Outstandings” means, with respect to any date, the aggregate outstanding
principal amount of Loans after giving effect to any borrowings and prepayments or repayments of
Loans occurring on such date.

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

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

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

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

     “VOC Acquisition Partners” means VOC Acquisition Partners, LLC, a Kansas limited
liability company.

     “VOC Acquisition Partners Documents” means (a) that certain purchase letter agreement
dated as of March 21, 2011 by and between Borrower, CPC Brazos Energy, L.P., a Delaware limited
partnership, CPC VEP, LLC, a Texas limited liability company, and Vess Holding Corporation, a
Kansas corporation, and (b) that certain First Amendment to the Operating Agreement of VOC
Acquisition Partners, LLC and Agreement to Sell Interests dated as of January 1, 2011.

     “VOC Kansas” means VOC Kansas Energy Partners, LLC, a Kansas limited liability
company.

     “VOC Partners” means VOC Partners LLC, a Kansas limited liability company.

     “VOC Partners Note” means the Promissory Note of VOC Partners in an amount to be
determined at the initial closing of the transactions contemplated by the Underwriting Agreement,
payable as provided therein, which note shall at all times be subordinate to VOC Partners Guaranty
of the Obligations on terms satisfactory to the Administrative Agent.

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

24

 

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

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

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

          1.03 Accounting Terms. (a) Generally. All accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, except as otherwise specifically prescribed herein. Notwithstanding the
foregoing, for purposes of determining compliance with any covenant (including the computation of
any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall
be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of
FASB ASC 825 on financial liabilities shall be disregarded.

     (b) Changes in GAAP. If at any time any change in GAAP would affect the computation
of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (subject to the approval of the Required Lenders); provided
that, until so amended, (i) such ratio or requirement shall continue to be

25

 

computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall
provide to the Administrative Agent and the Lenders financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such
change in GAAP.

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

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

          1.06 Petroleum Terms. As used herein, the terms “proved reserves,” “proved developed
reserves,” “proved developed producing reserves,” “proved developed non-producing reserves,” and
“proved undeveloped reserves” have the meaning given such terms from time to time and at the time
in question by the Society of Petroleum Engineers of the American Institute of Mining Engineers.

ARTICLE II.

THE COMMITMENTS AND LOANS

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

          2.02 Borrowings, Conversions and Continuations of Loans.

     (a) The Borrowing, each conversion of Loans from one Type to the other, and each continuation
of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative
Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of the
Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of
Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of the Borrowing of Base
Rate Loans; provided, however, that if the Borrower wishes to request Eurodollar
Rate Loans having an Interest Period other than one, two, three or six months in duration as
provided in the definition of “Interest Period,” the applicable notice must be received by the
Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of
such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt
notice to the Lenders of such request and determine whether the requested Interest Period is
acceptable to all of them. Not later than 11:00 a.m., three Business Days before the requested
date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the
Borrower (which notice may be by telephone) whether or not the requested Interest

26

 

Period has been consented to by all the Lenders. Each telephonic notice by the Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans
shall be in a principal amount of $600,000 or a whole multiple of $200,000 in excess thereof.
Except as provided in Sections 2.03(c), each Borrowing of or conversion to Base Rate Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each
Loan Notice (whether telephonic or written) shall specify (A) whether the Borrower is requesting a
Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate
Loans, (B) the requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted or
continued, (D) the Type of Loans to be borrowed or to which existing Loans are to be converted, and
(E) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails
to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the
last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate
Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate
Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month.

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

     (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of
a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without
the consent of the Required Lenders, and the Required Lenders may demand that any or all of the
then outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans and Borrower
agrees to pay all amounts due under Section 3.05 in accordance with the terms thereof due
to any such conversion.

     (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative

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Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate
used in determining the Base Rate promptly following the public announcement of such change.

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

          2.03 Prepayments.

     (a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Loans in whole or in part without premium or penalty; provided that
(i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three
Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of
prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal
amount of $600,000 or a whole multiple of $200,000 in excess thereof; and (iii) any prepayment of
Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.
Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to
be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.
The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and
of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given
by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate
Loan shall be accompanied by all accrued interest on the amount prepaid, together with any
additional amounts required pursuant to Section 3.05. Subject to Section 2.10,
each such prepayment shall be applied to the Loans of the Lenders in accordance with their
respective Applicable Percentages.

     (b) Except with respect to a Borrowing Base adjustment pursuant to Section 2.12(d), in
the event a Borrowing Base Deficiency exists after giving effect to any Redetermination, the
Borrower shall eliminate such Borrowing Base Deficiency by making a single mandatory prepayment of
the Loans in an amount equal to the entire amount of such Borrowing Base Deficiency within thirty
(30) days after the date on which the Borrower received notice of such Borrowing Base Deficiency.

     (c) Within one Business Day of the consummation by any Loan Party of any Asset Disposition or
the termination of any Swap Contract given value in the most recently determined Borrowing Base,
the Borrower shall make a mandatory prepayment of the Loans in an amount, if any, required to
eliminate any Borrowing Base Deficiency existing after giving effect to such Asset Disposition or
Swap Contract termination, in each case as contemplated by Section 2.12(d).
Notwithstanding the foregoing, in the event a Default or Event of Default is in existence on the
date of the consummation of any Asset Disposition or Swap Contract termination, all Net Cash
Proceeds from such Asset Disposition or Swap Contract termination shall be applied as a mandatory
prepayment of the Loans.

          2.04 Repayment of Loans. The Borrower shall repay to the Lenders the aggregate principal
amount of all Loans outstanding in 20 quarterly installments the first 19 of

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which shall be in the amount of $600,000 and payable on the last Business Day of each March,
June, September and December of each year, beginning on the last Business Day of September 2011;
and the final principal repayment installment of the Loans shall be repaid on the Maturity Date and
shall be in an amount equal to the aggregate principal amount of all Loans outstanding on such
date; provided further, that any prepayment of principal pursuant to Section 2.03 shall be applied
to reduce such installments in inverse order of maturity.

          2.05 Interest.

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

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

     (ii) If any amount (other than principal of any Loan) payable by Borrower under any Loan
Document is not paid when due (without regard to any applicable grace periods), whether at
stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

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

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

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

          2.06 Fees. The Borrower shall pay to the Arranger and the Administrative Agent fees in the
amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid
and shall be nonrefundable for any reason whatsoever.

          2.07 Computation of Interest and Fees. All computations of interest for Base Rate Loans (including
Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a
year of 365 or 366 days, as the case may be, and actual days elapsed. All

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other computations of fees and interest shall be made on the basis of a 360-day year and actual
days elapsed (which results in more fees or interest, as applicable, being paid than if computed on
the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such
portion is paid, provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.09(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all
purposes, absent manifest error.

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

          2.09 Payments Generally; the Administrative Agent’s Clawback.

     (a) General. All payments to be made by the Borrower shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date
specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable
Percentage (or other applicable share as provided herein) of such payment in like funds as received
by wire transfer to such Lender’s Lending Office. All payments received by the Administrative
Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

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

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

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

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

     (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The
failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do

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so on such date, and no Lender shall be responsible for the failure of any other Lender to so
make its Loan or to make its payment under Section 10.04(c).

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

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

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

     (ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by or on behalf of the Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a
Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or participant,
other than an assignment to the Borrower or any Subsidiary thereof (as to which the
provisions of this Section shall apply).

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

          2.11 Defaulting Lenders.

     (a) Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no
longer a Defaulting Lender, to the extent permitted by applicable Law:

     (i) Waivers and Amendments. That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in Section 10.01.

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     (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 10.08), shall be applied at such time or times as may be
determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the
payment of any amounts owing to the Lenders as a result of any judgment of a court of
competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of
that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as
no Default or Event of Default exists, to the payment of any amounts owing to the Borrower
as a result of any judgment of a court of competent jurisdiction obtained by the Borrower
against that Defaulting Lender as a result of that Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise
directed by a court of competent jurisdiction. Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto.

     (b) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in
writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
effective date specified in such notice and subject to any conditions set forth therein, that
Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other
Lenders or take such other actions as the Administrative Agent may determine to be necessary to
cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable
Percentages (without giving effect to Section 2.11(a)(iv)), whereupon that Lender will
cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by
the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

          2.12 Borrowing Base.

     (a) Reserve Report; Proposed Borrowing Base. As soon as available and in any event by
March 31 of each year, commencing March 31, 2012, the Borrower shall deliver to the Administrative
Agent and each Lender a Reserve Report prepared as of the immediately preceding December 31.

     (b) Scheduled Redeterminations of the Borrowing Base; Procedures and Standards. Based
in part on the Reserve Reports made available to the Lenders pursuant to Section 2.12(a),
the Administrative Agent shall redetermine, and the Lenders shall approve, in their sole discretion
and in each case as set forth below, the Borrowing Base on or prior to the next Redetermination
Date beginning with the Redetermination Date occurring on May 1, 2012 (or such date promptly
thereafter as is reasonably possible based on the engineering and other

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information available to the Administrative Agent). Any Borrowing Base which becomes effective
as a result of any Redetermination of the Borrowing Base shall be subject to the following
restrictions: (a) such Borrowing Base shall not exceed the aggregate outstanding Loans then in
effect and (b) any Borrowing Base shall be approved by the Required Lenders. Each Borrowing Base
shall be determined based upon 40% of the amount that is otherwise determined as provided herein to
be the loan collateral value attributable to the Borrowing Base Properties without the burden of
the Net Profits Interest granted to the Oil Trust. Each Redetermination shall be made by the
Lenders in accordance with their normal and customary procedures for evaluating oil and gas
reserves and other related assets as such exist at that particular time and will otherwise be in
their sole discretion. Without limiting such discretion, the Borrower acknowledges and agrees that
each Lender may consider such credit factors as it deems appropriate which are consistent with its
normal and customary procedures for evaluating oil and gas reserves. The Administrative Agent
shall propose such redetermined Borrowing Base to the Lenders promptly following receipt by the
Administrative Agent and each Lender of a Reserve Report pursuant to Section 2.12(a). Such
proposed Borrowing Base shall be determined by the Administrative Agent (1) in accordance with its
normal and customary procedures for evaluating oil and gas reserves and other related assets as
such exist at that particular time, (2) in part by utilizing the arithmetic average of the
Administrative Agent’s pricing forecast and discount rates established by the Administrative Agent
and in existence at that particular time, adjusted to reflect the effect of the Swap Contracts, and
(3) otherwise in its sole discretion. After having received notice of such proposed Borrowing Base
by the Administrative Agent, the Required Lenders (or all Lenders in the event of a proposed
increase) shall have fifteen (15) days to agree or disagree with such proposal. If at the end of
such fifteen (15) day period, the Required Lenders (or all Lenders in the event of a proposed
increase) have not communicated their approval or disapproval of the proposed Borrowing Base, then
the Administrative Agent will poll the Lenders to ascertain the highest Borrowing Base then
acceptable to Required Lenders and such amount shall then be the Borrowing Base. Promptly
following any Redetermination of the Borrowing Base, the Administrative Agent shall notify the
Borrower of the amount of the Borrowing Base as redetermined, which Borrowing Base shall be
effective as of the date specified in such notice, and shall remain in effect for all purposes of
this Agreement until the next Redetermination.

     (c) Special Redetermination. In addition to Scheduled Redeterminations, the Borrower
and the Required Lenders shall each be permitted to make (i) Special Redeterminations pursuant to
Section 5.18, and (ii) other Special Redeterminations of the Borrowing Base; provided,
that, the Required Lenders shall be permitted to make only one (1) Special Redetermination pursuant
to this Section 2.12(c) in any calendar year, and the Borrower shall be permitted to make
only one (1) Special Redeterminations pursuant to this Section 2.12(c) in any calendar
year. Any request for a Special Redetermination shall be made pursuant to a written notice to the
other parties to this Agreement, and, in the case of a request by the Borrower, such notice shall
be accompanied by a Reserve Report and a notification of the Borrowing Base requested by the
Borrower in connection with such Special Redetermination. Any Special Redetermination shall be
made by the Administrative Agent and the Lenders in accordance with the procedures and standards
set forth in Section 2.12(b); provided, that, no Reserve Report will be required to be
delivered to the Administrative Agent and the Lenders in connection with any Special
Redetermination requested by the Required Lenders pursuant to this Section 2.12(c).

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     (d) Swap Contract and Asset Disposition Adjustment. In addition to Scheduled
Redeterminations and Special Redeterminations, the Borrowing Base shall reduce simultaneously with
(i) the completion by any Asset Disposition or (ii) the termination of any Swap Contract the value
of which was used in the determination of the Borrowing Base, in each case by (x) portion of the
Borrowing Base attributable to the Borrowing Base Properties which are subject to such Asset
Disposition (which shall be 40% of the Borrowing Base value of such Borrowing Base Properties
(without reduction for the value of the Net Profits Interest) assigned thereto by the
Administrative Agent and approved by Required Lenders, and which, in the case of any exchange,
shall be the net reduction in the Borrowing Base (40% of the value of the Borrowing Base Properties
(without reduction for the value of the Net Profits Interest) realized or resulting from such
exchange) or (y) the Swap Termination Value of such Swap Contract, as applicable.

     (e) Borrowing Base Deficiency. If a Borrowing Base Deficiency exists after giving
effect to any Redetermination, the Borrower shall be obligated to eliminate such Borrowing Base
Deficiency by making mandatory prepayments of the Loans or by taking such other action required by
Section 2.03.

     (f) Initial Borrowing Base. Notwithstanding anything to the contrary contained
herein, the Borrowing Base in effect during the period commencing on the Closing Date and ending on
the effective date of the first Redetermination after the Closing Date shall be $24,000,000.

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

          3.01 Taxes.

     (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i)
Any and all payments by or on account of any obligation of the Borrower hereunder or under any
other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and
without reduction or withholding for any Taxes. If, however, applicable Laws require the Borrower
or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted
in accordance with such Laws as determined by the Borrower or the Administrative Agent, as the case
may be, upon the basis of the information and documentation to be delivered pursuant to subsection
(e) below.

     (i) If the Borrower or the Administrative Agent shall be required by the Code to
withhold or deduct any Taxes, including both United States Federal backup withholding and
withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or
make such deductions as are determined by the Administrative Agent to be required based upon
the information and documentation it has received pursuant to subsection (e) below, (B) the
Administrative Agent shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with the Code, and (C) to the extent that the
withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum
payable by the Borrower shall be increased as necessary so that after any required
withholding or the making of all required

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deductions (including deductions applicable to additional sums payable under this
Section) the Administrative Agent or Lender, as the case may be, receives an amount equal to
the sum it would have received had no such withholding or deduction been made.

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

     (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, the Borrower shall, and does hereby, indemnify the Administrative Agent, each Lender,
and shall make payment in respect thereof within 10 days after demand therefor, for the full amount
of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) withheld or deducted by the
Borrower or the Administrative Agent or paid by the Administrative Agent, such Lender, as the case
may be, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. The Borrower shall also, and does hereby,
indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after
demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the
Administrative Agent as required by clause (ii) of this subsection. A certificate as to the amount
of any such payment or liability delivered to the Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error.

     (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender shall,
and does hereby, indemnify the Borrower and the Administrative Agent, and shall make payment
in respect thereof within 10 days after demand therefor, against any and all Taxes and any
and all related losses, claims, liabilities, penalties, interest and expenses (including the
fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent)
incurred by or asserted against the Borrower or the Administrative Agent by any Governmental
Authority as a result of the failure by such Lender, as the case may be, to deliver, or as a
result of the inaccuracy, inadequacy or deficiency of, any documentation required to be
delivered by such Lender, as the case may be, to the Borrower or the Administrative Agent
pursuant to subsection (e). Each Lender hereby authorizes the Administrative Agent to set
off and apply any and all amounts at any time owing to such Lender, as the case may be,
under this Agreement or any other Loan Document against any amount due to the Administrative
Agent under this clause (ii). The agreements in this clause (ii) shall survive the
resignation and/or replacement of the Administrative Agent, any assignment of rights by, or
the replacement of, a Lender, the termination of the Aggregate Commitments and the
repayment, satisfaction or discharge of all other Obligations.

     (d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent,
as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a
Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the
Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the

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case may be, the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of any return required by Laws to report such payment or
other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent,
as the case may be.

     (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the
Borrower and to the Administrative Agent, at the time or times prescribed by applicable Laws or
when reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation prescribed by applicable Laws or by the taxing authorities of any
jurisdiction and such other reasonably requested information as will permit the Borrower or the
Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder
or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of
withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or
reduction of, applicable Taxes in respect of all payments to be made to such Lender by the Borrower
pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax
purposes in the applicable jurisdiction.

     (ii) Without limiting the generality of the foregoing, if the Borrower is resident for
tax purposes in the United States,

   (A) any Lender that is a “United States person” within the meaning of Section
7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent
executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable Laws or reasonably requested by the Borrower
or the Administrative Agent as will enable the Borrower or the Administrative Agent,
as the case may be, to determine whether or not such Lender is subject to backup
withholding or information reporting requirements; and

   (B) each Foreign Lender that is entitled under the Code or any applicable
treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the request of the
Borrower or the Administrative Agent, but only if such Foreign Lender is legally
entitled to do so), whichever of the following is applicable:

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

     (II) executed originals of Internal Revenue Service Form W-8ECI,

     (III) executed originals of Internal Revenue Service Form W-8IMY and
all required supporting documentation,

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

     (V) executed originals of any other form prescribed by applicable Laws
as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as
may be prescribed by applicable Laws to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to
be made.

     (iii) Each Lender shall promptly (A) notify the Borrower and the Administrative Agent of
any change in circumstances which would modify or render invalid any claimed exemption or
reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the
reasonable judgment of such Lender, and as may be reasonably necessary (including the
re-designation of its Lending Office) to avoid any requirement of applicable Laws of any
jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction
for taxes from amounts payable to such Lender.

     (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time
shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a
Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender, as the case may be. If the Administrative Agent, any
Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other
Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has
paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to
such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses incurred by the Administrative Agent, such Lender, as the case
may be, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund), provided that the Borrower, upon the request of the
Administrative Agent, such Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent, such Lender in the event the Administrative Agent, such Lender is required to
repay such refund to such Governmental Authority. This subsection shall not be construed to
require the Administrative Agent, any Lender to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to the Borrower or any other Person.

          3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its

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applicable Lending Office to make, maintain or fund Loans whose interest is determined by
reference to the Eurodollar Rate, or to determine or charge interest rates based upon the
Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market,
then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any
obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans
to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such
Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference
to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of
such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender
notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand
from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all
Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans
of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day
of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar
Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Rate component thereof until the Administrative is advised in writing by such Lender
that it is no longer illegal for such Lender to determine or charge interest rates based upon the
Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted.

          3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof
that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market
for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing
or proposed Base Rate Loan does not adequately and fairly reflect the cost to such Lenders of
funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be
suspended, and (y) in the event of a determination described in the preceding sentence with respect
to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component
in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon
the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a
request for a Borrowing of Base Rate Loans in the amount specified therein.

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          3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

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

     (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e));

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

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

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

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

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

     (d) Delay in Requests. Failure or delay on the part of any Lender to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of
such Lender’s right to demand such compensation, provided that the Borrower shall not be

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required to compensate a Lender pursuant to the foregoing provisions of this Section for any
increased costs incurred or reductions suffered more than nine months prior to the date that such
Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof).

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

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

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

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

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

including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the
Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded.

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          3.06 Mitigation Obligations; Replacement of Lenders.

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

     (b) Replacement of Lenders. If any Lender requests compensation under Section
3.04, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower
may replace such Lender in accordance with Section 10.13.

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

ARTICLE IV.

CONDITIONS PRECEDENT TO LOANS

          4.01 Conditions of Restatement. The effectiveness of this Agreement to amend and restate the
Existing Credit Agreement, and the obligation of each Lender to make its Loan hereunder is subject
to satisfaction of the following conditions precedent:

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

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

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

     (iii) executed counterparts of the Security Documents (other than the Mortgages
described below);

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

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

     (vi) favorable opinions of counsel to the Loan Parties from counsel acceptable to the
Administrative Agent, addressed to the Administrative Agent and each Lender, as to the
matters concerning the Loan Parties and the Loan Documents as to the matters and in form and
substance satisfactory to the Administrative Agent;

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

     (viii) a certificate signed by a Responsible Officer of the Borrower certifying (A)
that the conditions specified in Sections 4.01(a) and (b) have been
satisfied, and (B) that there has been no event or condition since December 31, 2010 (after
giving effect to the acquisition of VOC Kansas on a pro forma basis) that has had or could
be reasonably expected to have, either individually or in the aggregate, a Material Adverse
Effect;

     (ix) certificates evidencing that insurance has been obtained and is in effect in such
types and amounts as shall be reasonably satisfactory to the Lenders, together with
endorsements naming the Administrative Agent as additional insured on liability policies and
loss payee from property and casualty policies;

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

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

     (c) Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges
and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by
the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such
additional amounts of such fees (including all filing and recording fees and taxes), charges and
disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings (provided that

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such estimate shall not thereafter preclude a final settling of accounts between the Borrower
and the Administrative Agent).

     (d) The Lenders shall have received satisfactory evidence that the Administrative Agent (on
behalf of the Lenders) shall have a valid and perfected first priority Lien and security interest
in Collateral including Mortgages covering Proved Oil and Gas Properties that have a Recognized
Value of not less than 70% of the Recognized Value of all Proved Oil and Gas Properties owned by
the Loan Parties on the Closing Date and included in the Borrowing Base in effect on the Closing
Date, duly executed and delivered by the applicable Loan Parties, together with such other
assignments, conveyances, agreements and other writings as may be reasonably requested by the
Administrative Agent, including, without limitation, UCC financing statements and/or amendments to
financing statements, in form and substance reasonably satisfactory to the Administrative Agent.

     (e) The Administrative Agent’s (or its counsel’s) completion of a review of title to Borrowing
Base Properties representing not less than 70% of the Recognized Value of all Proved Oil and Gas
Properties owned by the Loan Parties on the Closing Date, which review shall not have revealed any
condition or circumstance that would reflect that the representations and warranties contained in
Section 5.17 hereof are inaccurate in any material respect.

     (f) The absence of any action, suit, investigation or proceeding pending or, to the knowledge
of the Borrower, threatened in any court or before any arbitrator or governmental authority that
could reasonably be expected to have a Material Adverse Effect.

     (g) The Lenders shall not have become aware after December 31, 2010 of any information or
other matter affecting the Loan Parties, the Closing Transactions or the transactions contemplated
hereby that is inconsistent in a material and adverse manner with any such information or other
matter disclosed in writing to the Lenders prior to such date.

     (h) All material governmental and third party approvals necessary in connection with the
Closing Transactions, the financing contemplated hereby and the continuing operations of the
Borrower and its Subsidiaries shall have been obtained and be in full force and effect, and all
applicable waiting periods shall have expired without any action being taken or threatened by any
competent authority that would restrain, prevent or otherwise impose adverse conditions on the
Closing Transactions or the financing thereof.

     (i) The Lenders shall have received certification as to the Solvency of the Loan Parties from
the chief financial officer of the Borrower.

     (j) The legal, corporate, and capital structure of the Borrower and its subsidiaries upon the
Closing Date shall be consistent with the anticipated legal, corporate, and capital structure of
the Borrower and its Subsidiaries (after giving effect to the transactions on the Closing Date) as
described in the Oil Trust Prospectus, with such modifications thereto that are not materially
adverse to the interests of the Lenders.

     (k) The Lenders shall have received the Audited Financial Statements.

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     (l) The Administrative Agent shall have received, in form and substance reasonably
satisfactory to it, all environmental reports, accounting reports, Reserve Reports, and such other
reports, audits or certifications as it may reasonably request.

     (m) The outstanding principal balance of loans under the Existing Credit Agreement, other than
the $24,000,000 of Existing Loans renewed and extended hereunder, shall have been repaid in full,
all letters of credit under the Existing Credit Agreements have been terminated and all commitments
under the Existing Credit Agreement have been terminated;

     (n) The cash margin posted by VOC Kansas to secure its Swap obligations shall have been
released, and the intercompany loan made by the Borrower to VOC Kansas shall have been repaid in
full;

     (o) After giving effect to the consummation of the Closing Transactions, the Borrower shall
have demonstrated that it will have at least $6,000,000 in unrestricted cash liquidity.

     (p) The Borrower shall have delivered to the Administrative Agent true, correct and complete
copies of the Closing Transaction Documents, which shall be in form and substance satisfactory to
the Administrative Agent. The Closing Transactions under clauses (i), (ii) and (iii) in the
definition of the Closing Transactions shall have been consummated in compliance with the terms and
conditions thereof and all conditions precedent to such consummation will be fully satisfied.

     (q) The Closing Date shall have occurred on or before June__, 2011.

     (r) The representations and warranties of the Borrower and each other Loan Party contained in
Article V or any other Loan Document, or which are contained in any document furnished at
any time under or in connection herewith or therewith, shall be true and correct on and as of the
date of the Loan.

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

     (t) The Administrative Agent shall have received a Loan Notice in accordance with the
requirements hereof.

     Without limiting the generality of the provisions of the last paragraph of Section 9.03,
for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

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ARTICLE V.

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Administrative Agent and the Lenders that:

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

          5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan
Party of each Loan Document to which such Person is party, have been duly authorized by all
necessary corporate or other organizational action, and do not and will not (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to be made under (i)
any Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree
of any Governmental Authority or any arbitral award to which such Person or its property is
subject; or (c) violate any Law. Each Loan Party is in compliance with all Contractual Obligations
referred to in clause (b)(i), except to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect.

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

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

          5.05 Financial Statements; No Material Adverse Effect.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly present the financial condition of the Persons reflected therein as of the date thereof and
their results of operations for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted

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therein; and (iii) show all material indebtedness and other liabilities, direct or contingent,
of the Persons reflected therein as of the date thereof, including liabilities for taxes, material
commitments and Indebtedness.

     (b) The unaudited proforma statement of historical revenues and direct operating expenses of
the underlying properties as of December 31, 2010 (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the results of operations reflected therein for the period covered
thereby except as otherwise expressly noted therein.

     (c) Since December 31, 2010, there has been no event or circumstance, either individually or
in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

          5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to
the knowledge of the Borrower after due and diligent investigation, threatened or contemplated, at
law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party
or against any of their properties or revenues that (a) purport to affect or pertain to this
Agreement or any other Loan Document, or any of the transactions contemplated hereby (including any
which challenge or otherwise pertain to any Loan Party’s title to any Collateral), or (b) except as
specifically disclosed in Schedule 5.06, either individually or in the aggregate, if
determined adversely, could reasonably be expected to have a Material Adverse Effect, and there has
been no adverse change in the status, or financial effect on any Loan Party of the matters
described in the Schedule 5.06.

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

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

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

          5.10 Insurance. The properties of each Loan Party are insured with financially sound and
reputable insurance companies not Affiliates of any Loan Party, in such amounts

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(after giving effect to any self-insurance compatible with the following standards), with such
deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where such Loan Party operates.

          5.11 Taxes. Each Loan Party has filed all Federal, state and other material tax returns and
reports required to be filed, and have paid all Federal, state and other material taxes,
assessments, fees and other governmental charges levied or imposed upon it or its properties,
income or assets otherwise due and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP. There is no proposed tax assessment against any Loan Party that would, if
made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party
to any tax sharing agreement.

          5.12 ERISA Compliance.

     (a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other Federal or state laws. Each Pension Plan that is intended to be a
qualified plan under Section 401(a) of the Code has received a favorable determination letter from
the Internal Revenue Service to the effect that the form of such Plan is qualified under Section
401(a) of the Code and the trust related thereto has been determined by the Internal Revenue
Service to be exempt from federal income tax under Section 501(a) of the Code, or an application
for such a letter is currently being processed by the Internal Revenue Service. To the best
knowledge of the Borrower, nothing has occurred that would prevent, or cause the loss of such
tax-qualified status.

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

     (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is
aware of any fact, event or circumstance that could reasonably be expected to constitute or result
in an ERISA Event with respect to any Pension Plan; (ii) the Borrower and each ERISA Affiliate has
met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan,
and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for
or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither
the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be
expected to cause the funding target attainment percentage for any such plan to drop below 60% as
of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred
any liability to the PBGC other than for the payment of premiums, and there are no premium payments
which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged
in a transaction that could be subject to Section 4069 Section 4212(c) of ERISA; and (vi) no
Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or
circumstance has

48

 

occurred or exists that could reasonably be expected to cause the PBGC to institute
proceedings under Title IV of ERISA to terminate any Pension Plan.

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

          5.14 Use of Proceeds; Margin Regulations; Investment Company Act.

     (a) The proceeds of the Loans on the Closing Date will be used to refinance the Existing
Indebtedness.

     (b) No Loan Party is engaged nor will engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

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

          5.15 Disclosure. The Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which any Loan Party or any of its
Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. No report, financial
statement, certificate or other information taken as a whole, furnished (whether in writing or
orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or under any other Loan Document (in each case, as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial information,
the Borrower represents only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time.

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

          5.17 Taxpayer Identification Number. The Borrower’s true and correct U.S. taxpayer
identification number is set forth on Schedule 10.02.

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

          5.19 Sale of Production. Except as set forth in Schedule 5.19, no Oil and Gas Property is
subject to any contractual or other arrangement (i) whereby payment for production is or can be
deferred for a substantial period after the month in which such production is delivered (in the
case of oil, not in excess of 60 days, and in the case of gas, not in excess of 90 days) or

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(ii) whereby payments are made to a Loan Party other than by checks, drafts, wire transfer
advises or other similar writings, instruments or communications for the immediate payment of
money. Except for production sales contracts, processing agreements, transportation agreements and
other agreements relating to the marketing of production that are listed on Schedule 5.19 in
connection with the Oil and Gas Properties to which such contract or agreement relates: (i) no Oil
and Gas Property is subject to any contractual or other arrangement for the sale, processing or
transportation of production (or otherwise related to the marketing of production) which cannot be
canceled on 120 days’ (or less) notice and (ii) all contractual or other arrangements for the sale,
processing or transportation of production (or otherwise related to the marketing of production)
are bona fide arm’s length transactions made on the best terms available with third parties not
affiliated with Loan Parties. Each Loan Party is presently receiving a price for all production
from (or attributable to) each Oil and Gas Property covered by a production sales contract or
marketing contract listed on Schedule 5.19 that is computed in accordance with the terms of such
contract, and no Loan Party is having deliveries of production from such Oil and Gas Property
curtailed substantially below such property’s delivery capacity. Except as set forth in Schedule
5.19, no Loan Party, nor any Loan Party’s predecessors in title, has received prepayments
(including payments for gas not taken pursuant to “take or pay” or other similar arrangements) for
any oil, gas or other hydrocarbons produced or to be produced from any Oil and Gas Properties after
the date hereof. Except as set forth in Schedule 5.19, no Oil and Gas Property is subject to any
“take or pay” or other similar arrangement (i) which can be satisfied in whole or in part by the
production or transportation of gas from other properties or (ii) as a result of which production
from any Oil and Gas Property may be required to be delivered to one or more third parties without
payment (or without full payment) therefor as a result of payments made, or other actions taken,
with respect to other properties. Except as set forth in Schedule 5.19, there is no Oil and Gas
Property with respect to which any Loan Party, or any Loan Party’s predecessors in title, has,
prior to the date hereof, taken more (“overproduced”), or less (“underproduced”), gas from the
lands covered thereby (or pooled or unitized therewith) than its ownership interest in such Oil and
Gas Property would entitle it to take; and Schedule 5.19 accurately reflects, for each well or unit
with respect to which such an imbalance is shown thereon to exist, (i) whether such Loan Party is
overproduced or underproduced and (ii) the volumes (in cubic feet or British thermal units) of such
overproduction or underproduction and the effective date of such information. Except as set forth
in Schedule 5.19, no Oil and Gas Property is subject to a gas balancing arrangement under which one
or more third parties may take a portion of the production attributable to such Oil and Gas
Property without payment (or without full payment) therefor as a result of production having been
taken from, or as a result of other actions or inactions with respect to, other properties. No Oil
and Gas Property is subject at the present time to any regulatory refund obligation and, to the
best of Loan Party’s knowledge, no facts exist which might cause the same to be imposed.

          5.20 Operation of Oil and Gas Properties. The Oil and Gas Properties (and all properties
unitized therewith) are being (and, to the extent the same could adversely affect the ownership or
operation of the Oil and Gas Properties after the date hereof, have in the past been) maintained,
operated and developed in a good and workmanlike manner, in accordance with prudent industry
standards and in conformity in all material respects with all applicable Laws and in conformity in
all material respect with all oil, gas or other mineral leases and other contracts and agreements
forming a part of the Oil and Gas Property and in conformity with the Permitted Liens. No Oil and
Gas Property is subject to having allowable production after the

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date hereof reduced below the full and regular allowable (including the maximum permissible
tolerance) because of any overproduction (whether or not the same was permissible at the time)
prior to the date hereof and (ii) none of the wells located on the Oil and Gas Properties (or
properties unitized therewith) are or will be deviated from the vertical more than the maximum
permitted by applicable laws, regulations, rules and orders, and such wells are bottomed under and
producing from, with the well bores wholly within, the Oil and Gas Properties (or, in the case of
wells located on properties unitized therewith, such unitized properties). There are no dry holes,
or otherwise inactive wells currently required to be plugged and abandoned by the applicable
Governmental Authority, located on the Oil and Gas Properties or on lands pooled or unitized
therewith, except for wells that have been properly plugged and abandoned. Each Loan Party has all
material Permits necessary or appropriate to own and operate its Oil and Gas Property, and no Loan
Party has received notice of any material violations in respect of any such Permits

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

          5.22 Intellectual Property; Licenses. The Borrower and its Subsidiaries own, or possess the
right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent
rights, franchises, licenses and other intellectual property rights that are reasonably necessary
for the operation of their respective businesses, without conflict with the rights of any other
Person. To the best knowledge of the Borrower, no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now contemplated to be
employed, by the Borrower or any Subsidiary infringes upon any rights held by any other Person. No
claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the
Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect.

          5.23 Solvency. Upon giving effect to the execution of this Agreement and the other Loan
Documents by each Loan Party and the consummation of the transactions contemplated hereby and
thereby, each Loan Party will be Solvent.

          5.24 Security Documents. The provisions of the Security Documents are effective to create in favor
of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable
first priority Lien (subject to Liens permitted by Section 7.01) on all right, title and
interest of the respective Loan Parties in the Collateral described therein. Except for filings
completed prior to the Closing Date and as contemplated hereby and by the Collateral Documents from
time to time, no filing or other action will be necessary to perfect or protect such Liens.

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          5.25 Closing Transactions. As of the Closing Date, each of the representations and warranties made
by any party in the Closing Transaction Documents is true and correct in all respects, except for
any such representation or warranty that expressly applies only to a specified earlier date, in
which case such representation or warranty shall have been true and correct in all respects as of
such earlier date; and neither the Borrower nor any other party thereto has failed in any respect
to perform any obligation or covenant required by the Closing Transaction Documents to be performed
or complied with by it on or before the Closing Date. As of the Closing Date, the Closing
Transactions under clauses (i), (ii) and (iii) in the definition of Closing Transactions have been
consummated on or prior to the Closing Date in compliance with the terms and conditions thereof and
all conditions precedent to such consummation will be fully satisfied.

ARTICLE VI.

AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, the Borrower and VOC Partners shall, and the Borrower
shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and
6.03) cause each of its Subsidiaries to:

          6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and
detail satisfactory to the Administrative Agent and the Required Lenders:

     (a) as soon as available, but in any event within 120 days after the end of each fiscal year
of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of
such fiscal year, and the related consolidated statements of income or operations, changes in
shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in
accordance with GAAP, such consolidated statements to be audited and accompanied by a report and
opinion of an independent certified public accountant of nationally recognized standing reasonably
acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance
with generally accepted auditing standards and shall not be subject to any “going concern” or like
qualification or exception or any qualification or exception as to the scope of such audit; and

     (b) as soon as available, but in any event within 60 days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower, a consolidated balance sheet of the
Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated
statements of income or operations for such fiscal quarter and for the portion of the Borrower’s
fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity,
and cash flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth
in comparative form, as applicable, the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable
detail, certified by a Responsible Officer of the Borrower as fairly presenting the financial
condition, results of operations, shareholders’ equity and cash flows of the Borrower

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and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit
adjustments and the absence of footnotes.

As to any information contained in materials furnished pursuant to Section 6.02, the
Borrower shall not be separately required to furnish such information under clause (a) or (b)
above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish
the information and materials described in clauses (a) and (b) above at the times specified
therein.

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

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

     (b) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible
Officer of the Borrower (which delivery may, unless the Administrative Agent, or a Lender requests
executed originals, be by electronic communication including fax or email and shall be deemed to be
an original authentic counterpart thereof for all purposes) (i) setting forth in reasonable detail
the calculations required to establish whether the Borrower was in compliance with the requirements
of Section 7.13 on the date of such financial statements, and (ii) stating whether there exists on
the date of such certificate any Default and, if any Default then exists, setting forth the details
thereof and the action which the Loan Parties are taking or propose to take with respect thereto;

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

     (d) by March 31 of each year, commencing March 31, 2012, a Reserve Report concerning all Oil
and Gas Properties owned by any Loan Party which are located in or offshore of the United States
and which have attributable to them proved oil or gas reserves prepared as of the preceding
December 31. This report shall be satisfactory to the Administrative Agent, shall take into
account any “over-produced” status under gas balancing arrangements, and shall contain information
and analysis comparable in scope to that contained in the Initial Reserve Report. This report
shall distinguish (or shall be delivered together with a certificate from an appropriate officer of
the Borrower which distinguishes) those properties treated in the report which are Collateral from
those properties treated in the report which are not Collateral;

     (e) as soon as available, and in any event within 60 days after the end of each calendar
quarter, a report describing by lease or unit the gross volume of production and sales 

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attributable
to production during such quarter from the properties described in the most recent
Reserve Report and describing the related severance taxes, other taxes, and leasehold
operating expenses attributable thereto and incurred during such quarter;

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

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

     Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such documents are included in materials otherwise filed
with the Securities and Exchange Commission may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents,
or provides a link thereto on the Borrower’s website on the Internet at the website address listed
on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on
an Internet or intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies
until a written request to cease delivering paper copies is given by the Administrative Agent or
such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by
telecopier or electronic mail) of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. The Administrative Agent shall have no obligation to request the delivery of or to
maintain paper copies of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with any such request by a Lender for
delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

     The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, “the Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the
Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Affiliates, or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Persons’ securities. The Borrower hereby agrees that (w) all the Borrower
Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked
“PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking the Borrower Materials “PUBLIC,” the Borrower shall be deemed to
have authorized the Administrative Agent, the Arranger and the Lenders to treat such the Borrower
Materials as not containing any material non-public information with respect to the Borrower or its
securities for purposes of United 

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States Federal and state securities laws (provided,
however, that to the extent such the Borrower
Materials constitute Information, they shall be treated as set forth in Section
10.07); (y) all the Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Side Information;” and (z) the Administrative
Agent and the Arranger shall be entitled to treat any the Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information.”

          6.03 Notices. Promptly notify the Administrative Agent and each Lender:

     (a) of the occurrence of any Default;

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

     (c) of the occurrence of any ERISA Event;

     (d) of any material change in accounting policies or financial reporting practices by the
Borrower or any Subsidiary; and

     (e) of the occurrence of any Asset Disposition or Swap Contract termination.

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

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

          6.05
Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and
effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable
action to maintain all rights, privileges, Permits and franchises necessary or desirable in the
normal conduct of its business, except to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered

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patents, trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect.

          6.06
Maintenance of Properties. (a) Maintain, preserve and protect all of its material
properties and equipment necessary in the operation of its business in good working order and
condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and
replacements thereof except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation
and maintenance of its facilities.

          6.07 Maintenance of Insurance. 

     (a) The Borrower shall at all times maintain (at its own expense), or cause to be maintained,
with financially sound and reputable insurance companies, not Affiliates of the Borrower, insurance
with respect to its properties and business against loss, damage and liability of the kinds
customarily insured by Persons engaged in the same or similar business, of such types and in such
amounts as are customarily carried under similar circumstances by Persons similarly situated. All
insurance policies covering Collateral shall be endorsed (a) to provide for payment of losses to
the Administrative Agent as its interests may appear, (b) to provide that such policies may not be
canceled or reduced or affected in any material manner for any reason without thirty (30) days
prior notice to the Administrative Agent, (c) to provide for any other matters specified in any
applicable Security Document or which the Administrative Agent may reasonably require, and (d) to
provide for insurance against fire, casualty and any other hazards normally insured against, in the
amount of the full value (less a reasonable deductible not to exceed amounts customary in the
industry for similarly situated businesses and properties) of the property insured.

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

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

          6.09 Books and Records. (a) Maintain proper books of record and account, in which full, true
and correct entries in conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of the Loan Parties, as the case may be.

     (b) Maintain such books of record and account in material conformity with all applicable
requirements of any Governmental Authority having regulatory jurisdiction over the Loan Parties, as
the case may be.

          6.10 Inspection Rights. Permit representatives and independent contractors of the
Administrative Agent and each Lender to visit and inspect any of its properties, to examine its
corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to
discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the expense of the Borrower and at such reasonable times during normal business
hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower;
provided, however, that when an Event of Default exists the Administrative Agent or
any Lender (or any of their respective representatives or independent contractors) may do any of
the foregoing at the expense of the Borrower at any time during normal business hours and without
advance notice.

          6.11 Use of Proceeds. Use the proceeds of the Loans as a refinancing of $24,000,000 of the
Existing Loans.

          6.12 Additional Guarantors. Notify the Administrative Agent at the time that any Person
becomes a Subsidiary, and promptly thereafter (and in any event within 30 days), cause such Person
to (a) become a Guarantor by executing and delivering to the Administrative Agent a counterpart of
the Guaranty or such other document as the Administrative Agent shall deem appropriate for such
purpose, and (b) deliver to the Administrative Agent documents of the types referred to in clauses
(iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to such Person (which
shall cover, among other things, the legality, validity, binding effect and enforceability of the
documentation referred to in clause (a)), all in form, content and scope reasonably satisfactory to
the Administrative Agent.

          6.13 Production Proceeds. Notwithstanding that, by the terms of the various Security Documents,
Loan Parties are and will be assigning to the Administrative Agent and Lenders all of the
“Production Proceeds” (as defined therein) accruing to the property covered thereby and have agreed
to execute transfer orders, division orders and other instruments that may be requested by Agent or
that may be required by any purchaser of any production for the purpose of effectuating payment of
such Production Proceeds to Agent, so long as no Default has occurred (i) Loan Parties may
continue to receive from the purchasers of production all such

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Production Proceeds, subject, however, to the Liens created under the Security Documents, which
Liens are hereby affirmed and ratified and (ii) Agent will not exercise such rights contained in
any Security Document to require the Borrower to execute and deliver transfer orders, division
orders and other instruments effectuating payment of such Production Proceeds to Agent. Upon the
occurrence of a Default, the Administrative Agent and Lenders may exercise all rights and remedies
granted under the Security Documents, including the right to obtain possession of all Production
Proceeds then held by Loan Parties or to receive directly from the purchasers of production all
other Production Proceeds. In no case shall any failure, whether purposed or inadvertent, by the
Administrative Agent or Lenders to collect directly any such Production Proceeds constitute in any
way a waiver, remission or release of any of their rights under the Security Documents, nor shall
any release of any Production Proceeds by the Administrative Agent or Lenders to Loan Parties
constitute a waiver, remission, or release of any other Production Proceeds or of any rights of the
Administrative Agent or Lenders to collect other Production Proceeds thereafter.

          6.14 [Reserved].

          6.15 Environmental Review. In connection with any acquisition of Oil and Gas Properties,
provide to the Administrative Agent a report or reports in form, scope and detail reasonably
acceptable to the Administrative Agent from environmental engineering firms reasonably acceptable
to the Administrative Agent.

          6.16 Security.

     (a) The Obligations shall be secured by first and prior Liens (subject only to Permitted
Liens) covering and encumbering (i) Oil and Gas Properties owned by the Loan Parties constituting
not less than 70% of the Recognized Value of all Proved Oil and Gas Properties then owned by the
Loan Parties included in the then-current Borrowing Base, (ii) all of the issued and outstanding
Equity Interests directly owned by the Borrower in each existing and future Subsidiary of the
Borrower, (iii) all Trust Units owned by VOC Partners, (iv) all present and future intercompany
debt among the Loan Parties and (v) all of the present and future property and assets, real and
personal, of the Borrower and each Guarantor, including, but not limited to, machinery and
equipment, inventory and other goods, accounts receivable, owned real estate, leaseholds, fixtures,
bank accounts, general intangibles, financial assets, investment property, license rights, patents,
trademarks, tradenames, copyrights, chattel paper, insurance proceeds, contract rights, hedge
agreements, documents, instruments, indemnification rights, tax refunds and cash. The Borrower
hereby consent and authorize the Administrative Agent, and its agents, to file any and all
necessary financing statements under the Uniform Commercial Code, assignments or continuation
statements as necessary from time to time (in the Administrative Agent’s discretion) to perfect (or
continue perfection of) the Liens granted pursuant to the Loan Documents.

     (b) On the Closing Date and on or before each Redetermination Date after the Closing Date, and
at such other times as the Administrative Agent or the Required Lenders shall reasonably request,
the Borrower shall, and shall cause each other Loan Party that owns Borrowing Base Properties to,
deliver to the Administrative Agent, for the ratable benefit of each Lender, Mortgages duly
executed by such Loan Party, together with such other assignments,

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conveyances, agreements and other writings as may be reasonably requested by the
Administrative Agent or the Majority Leaders, including, without limitation, UCC financing
statements and/or amendments to financing statements as the Administrative Agent shall deem
necessary or appropriate to grant, evidence and perfect the Liens required by Section
6.16(a) with respect to Oil and Gas Properties then held by such Loan Party which are not the
subject of existing first and prior, perfected Liens securing the Obligations as required by
Section 6.16(a).

     (c) Promptly upon the creation or acquisition by the Borrower of any Subsidiary required to
become a Guarantor, the Borrower or the applicable Loan Party (as applicable) shall execute and
deliver to the Administrative Agent an addendum to the Pledge Agreement pursuant to which the
Equity Interests owned by the Borrower or such Loan Party in such Subsidiary shall be pledged to
the Administrative Agent, together with (i) to the extent such Equity Interests are certificated,
all certificates (or other evidence acceptable to the Administrative Agent) evidencing such Equity
Interests, which shall be duly endorsed or accompanied by stock powers executed in blank (as
applicable), and/or (ii) such UCC financing statements and/or amendments to financing statements as
the Administrative Agent shall deem necessary or appropriate to grant, evidence and perfect the
Liens required by Section 6.16(a) in such Equity Interests.

          6.17 Title Opinions. (a) At any time any Loan Party is required to execute and deliver
Mortgages to the Administrative Agent pursuant to Section 6.16(a), to the extent requested
by the Administrative Agent, the Borrower shall also deliver to the Administrative Agent (i) such
evidence of title with respect to the Borrowing Base Properties subject to such Mortgages as the
Administrative Agent shall reasonably deem necessary or appropriate to complete a review of title
to such Borrowing Base Properties so that, after giving effect to such review, the Administrative
Agent (or its counsel) shall have completed a review of title to Borrowing Base Properties
representing not less than 70% of the Recognized Value of all Borrowing Base Properties at such
time, and (ii) opinions of counsel regarding the validity and perfection of the Liens created by
such Mortgages.

          6.18 Compliance with Agreements. Observe, perform or comply with any agreement with any Person or
any term or condition of any instrument, if such agreement or instrument is materially significant
to such Loan Party or to Loan Parties on a Consolidated basis or materially significant to any
Guarantor, unless any such failure to so observe, perform or comply is remedied within the
applicable period of grace (if any) provided in such agreement or instrument or unless such failure
to so observe, perform or comply would not reasonably be expected to have a Material Adverse
Effect.

          6.19 Operation of Properties and Equipment.

     (a) The Borrower will, and will cause each other Loan Party to, maintain, develop and operate
(or cause the operator to maintain and operate to the extent any such Loan Party is not the
operator) its Oil and Gas Properties in a good and workmanlike manner, and observe and comply with
all of the terms and provisions, express or implied, of all oil and gas leases relating to such Oil
and Gas Properties so long as such Oil and Gas Properties are capable of producing Hydrocarbons and
accompanying elements in paying quantities, except to the extent the failure to so comply would not
reasonably be expected to have a Material Adverse Change.

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     (b) The Borrower will, and will cause each other Loan Party to, comply with all contracts and
agreements applicable to or relating to its Oil and Gas Properties or the production and sale of
Hydrocarbons and accompanying elements therefrom (including all gas balancing, take or pay,
production sales and advance payment arrangements), except to the extent the failure to so comply
would not reasonably be expected to have a Material Adverse Effect.

     (c) The Borrower will, and will cause each other Loan Party to, at all times maintain,
preserve and keep all operating equipment material to the conduct of its business in proper repair,
working order and condition, ordinary wear and tear excepted, and make all necessary or appropriate
repairs, renewals, replacements, additions and improvements thereto so that the efficiency of such
operating equipment shall at all times be properly preserved and maintained; provided, that, no
item of operating equipment need be so repaired, renewed, replaced, added to or improved if the
Borrower, as applicable, shall in good faith determine that such action is not necessary or
desirable for the continued efficient and profitable operation of the business of such Loan Party.

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

     (e) Promptly perform or make reasonable and customary efforts to cause to be performed, in
accordance with industry standards, the obligations required by each and all of the assignments,
deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas
Properties and other material Properties, except to the extent the failure to so comply would not
reasonably be expected to have a Material Adverse Change.

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

          6.20 Environmental Matters; Environmental Reviews.

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

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consecutive month period), the Borrower will provide at its own expense an environmental
inspection of any of the Loan Parties’ material real properties and audit of their environmental
compliance procedures and practices, in each case from an engineering or consulting firm approved
by the Administrative Agent.

     (b) The Borrower will promptly furnish to the Administrative Agent all written notices of
violation, orders, claims, citations, complaints, penalty assessments, suits or other proceedings
received by any Loan Party, or of which the Borrower otherwise has notice, pending or threatened
against any Loan Party by any Governmental Authority with respect to any alleged violation of or
non-compliance with any Environmental Laws or any Permits or other authorizations in connection
with any Loan Party’s ownership or use of its properties or the operation of its business that
might result in a Loan Party being liable for $250,000 or more.

     (c) The Borrower will promptly furnish to the Administrative Agent all requests for
information, notices of claim, demand letters, and other notifications, received by the Borrower in
connection with any Loan Party’s ownership or use of its properties or the conduct of its business,
relating to potential responsibility with respect to any investigation or clean-up of Hazardous
Material at any location that might result in a Loan Party being liable for $250,000 or more.

          6.21 Oil Trust Documents. The Borrower and its Subsidiaries will at all times comply in all
material respects with their respective obligations under each of the Oil Trust Documents.

          6.22 Required Swap Transactions. Maintain the Swap Contracts listed on Schedule 6.21.

ARTICLE VII.

NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, except for the Closing Transactions, the Borrower and
VOC Partners shall not, nor shall Borrower permit any of its Subsidiary to, directly or indirectly:

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

          7.02 Investments. Make any Investments, except:

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

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

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

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

     (e) Guarantees permitted by Section 7.03; and

     (f) Investments by Borrower in the VOC Partners Note and by VOC Partners in Trust Units.

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

     (a) Indebtedness under the Loan Documents;

     (b) Indebtedness in respect of intercompany advances between the Borrower and any Subsidiary
and Guarantees of the Borrower or any Subsidiary in respect of Indebtedness otherwise permitted
hereunder of the Borrower or any wholly-owned Subsidiary;

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

     (d) Permitted Letter of Credit Obligations; and

     (e) Indebtedness in respect of the VOC Partners Note.

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

     (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall
be the continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided
that

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when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned
Subsidiary shall be the continuing or surviving Person; and

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

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

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

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

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

     (d) Dispositions of property by any Subsidiary to the Borrower;

     (e) Dispositions permitted by Section 7.04;

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

     (g) Dispositions of Oil and Gas Properties that are sold for fair consideration to a Person
who is not an Affiliate, provided that (i) the maximum aggregate amount of such sales in the period
between two regular Determination Dates is limited to Oil and Gas Properties that account for no
more than 10% of the Borrowing Base then in effect (“Permitted Property Sales”), (ii) at
least 90% of the consideration received in connection with such Permitted Property Sales must be in
cash or cash equivalents; (iii) the Borrowing Base shall be decreased by the amount specified in
Section 2.12(d) and, after giving effect to any Permitted Property Sale and to the application of
the proceeds to outstanding Loans, no Borrowing Base Deficiency shall exist; and (iv) after giving
effect to any Permitted Property Sale no Default or Event of Default shall exist;

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

No Loan Party will abandon or consent to the abandonment of, any oil or gas well constituting
Collateral so long as such well is capable (or is subject to being made capable through drilling,
reworking or other operations which it would be commercially feasible to conduct) of producing oil,
gas, or other hydrocarbons or other minerals in commercial quantities (as determined without
considering the effect of any Mortgage). No Loan Party will elect not to participate in a

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proposed operation on any oil and gas property constituting Collateral where the effect of such
election would be the forfeiture either temporarily (e.g., until a certain sum of money is received
out of the forfeited interest) or permanently of any interest in the Collateral.

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

     (a) each Subsidiary may make Restricted Payments to the Borrower;

     (b) the Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such Person;
and

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

     (d) so long as no Event of Default shall have occurred and be continuing at the time thereof,
the Borrower and VOC Partners may make Permitted Tax Distributions and may make the distributions
described in clauses (vii), (viii) and (ix) of the definition of the Closing Transactions.

          7.07 Change in Nature of Business. Engage in any material line of business substantially
different from those lines of business conducted by VOC Partners or the Borrower and its
Subsidiaries, respectively, on the date hereof or any business substantially related or incidental
thereto.

          7.08 Transactions with Affiliates.

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

     (b) Amend, modify, cancel, sell, discharge or impair the VOC Partners Note, other than
variation of principal repayments due to variations in the distributions received by VOC Partners
from the Trust Units owned by it; provided, however, quarterly payments on the VOC Partners Note
shall be made by VOC Partners to the Borrower from the quarterly distributions received by the VOC
Partners in respect of its Trust Units in an amount (of accrued interest plus principal) of not
less than 90% of such quarterly distributions, net of Permitted Tax Distributions.

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          7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement
or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted
Payments to the Borrower or to otherwise transfer property to the Borrower, (ii) of any Subsidiary
to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary to create,
incur, assume or suffer to exist Liens on property of such Person; or (b) requires the grant of a
Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of
such Person.

          7.10 Use of Proceeds. Use the proceeds of any Loan, whether directly or indirectly, and
whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the
meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or
carrying margin stock or to refund indebtedness originally incurred for such purpose.

          7.11 Swap Transactions. Enter into any Swap Transactions other than Swap Transactions (a)
with the purpose and effect of fixing prices on Hydrocarbon production expected to be produced no
more than 60 months in the future that would not cause the volume of Hydrocarbons with respect to
which a settlement payment is calculated under such Swap Transactions to exceed eighty percent
(80%) of the Borrower’s and its Subsidiaries (on an aggregate basis) anticipated production from
Proved Producing Oil and Gas Properties during the period from the immediately preceding
settlement date (determined separately with respect to oil and natural gas) and (b) that do not
require any Loan Party to put up money, assets, or other security against the event of its
nonperformance prior to actual default by such Loan Party in performing its obligations
thereunder, except Collateral under the Security Documents with respect to Lender Swap
Obligations.

          7.12 Amendments to Organization Documents. Will or permit any other Loan Party to, enter into
or permit any modification or amendment of, or waive any material right or obligation of any Person
under its Organization Documents in manner materially adverse to the Lenders.

          7.13 Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge
Coverage Ratio for any period of four consecutive fiscal quarters to be less than 1.25 to 1.00,
calculated as of the end of each fiscal quarter ending after the date of this Agreement.

          7.14 Accounting. Change its fiscal year or make any change (a) in accounting treatment or
material reporting practices, except as required or permitted by GAAP and disclosed to the
Administrative Agent, or (b) in tax reporting treatment, except as required or permitted by law and
disclosed to the Administrative Agent.

          7.15 Limitation on Leases. Create, incur, assume or suffer to exist any obligation for the payment
of rent or hire of property of any kind whatsoever (real or personal but excluding Capital Leases,
leases of Oil and Gas Properties, and usual and customary operating leases), under leases or lease
agreements which would cause the aggregate amount of all payments made by the Borrower and its
Subsidiaries pursuant to all such leases or lease agreements, including, without limitation, any
residual payments at the end of any lease, to

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exceed the Threshold Amount in any period of twelve consecutive calendar months during the life of
such leases.

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or
after the Loans have automatically become immediately due), any amounts received on account of the
Obligations shall, subject to the provisions of Sections 2.12 and 2.13, be applied
by the Administrative Agent in the following order:

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

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

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

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

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

ARTICLE IX.

ADMINISTRATIVE AGENT

          9.01 Appointment and Authority.

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

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

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

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

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

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

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Borrower, a Lender.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

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

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

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the syndication of the credit facilities provided for herein as well as activities as the
Administrative Agent.

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

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

          9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding no Lender holding
a title listed on the cover page hereof shall have any powers, duties or

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responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent, a Lender hereunder.

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

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such
other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel
and all other amounts due the Lenders and the Administrative Agent under Sections 2.03(i)
and (j), 2.08 and 10.04) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 2.08
and 10.04.

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

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

     (a) to release any Lien on any property granted to or held by the Administrative Agent under
any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all
Obligations (other than contingent indemnification obligations) and the expiration or termination
of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory
to the Administrative Agent shall have been made), (ii) that is sold or to be sold as part of or in
connection with any sale permitted hereunder or under any other Loan Document, or (iii) subject to
Section 10.01, if approved, authorized or ratified in writing by the Required Lenders;

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

     (c) to release any Guarantor from its obligations under the Guaranty if such Person ceases to
be a Subsidiary as a result of a transaction permitted hereunder.

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

ARTICLE X.

MISCELLANEOUS

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

     (a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

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

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

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

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

     (f) change Section 2.10 or Section 8.03 in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender;

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

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

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the Administrative Agent in addition to the Lenders required above, affect
the rights or duties of the Administrative Agent under this Agreement or any other Loan Document;
and (ii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing
executed only by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all
Lenders or each affected Lender may be effected with the consent of the applicable Lenders other
than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be
increased or extended without the consent of such Lender and (y) any waiver, amendment or
modification requiring the consent of all Lenders or each affected Lender that by its terms affects
any Defaulting Lender more adversely than other affected Lenders shall require the consent of such
Defaulting Lender.

          10.02 Notices; Effectiveness; Electronic Communication.

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

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

     (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its the Administrative Questionnaire (including, as
appropriate, notices delivered solely to the Person designated by a Lender on its the
Administrative Questionnaire then in effect for the delivery of notices that may contain
material non-public information relating to the Borrower).

Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other
communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices and other

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communications delivered through electronic communications to the extent provided in subsection (b)
below, shall be effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet
or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such
Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving
notices under such Article by electronic communication. The Administrative Agent or the Borrower
may, in its discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it, provided that approval of
such procedures may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

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

     (d) Change of Address, Etc. Each of the Borrower and the Administrative Agent may
change its address, telecopier or telephone number for notices and other communications

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hereunder by notice to the other parties hereto. Each other Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the
Borrower and the Administrative Agent. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an
effective address, contact name, telephone number, telecopier number and electronic mail address to
which notices and other communications may be sent and (ii) accurate wire instructions for such
Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of
such Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such Public Lender
or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law,
including United States Federal and state securities Laws, to make reference to the Borrower
Materials that are not made available through the “Public Side Information” portion of the Platform
and that may contain material non-public information with respect to the Borrower or its securities
for purposes of United States Federal or state securities laws.

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

          10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

     Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders;
provided, however, that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely
in its capacity as the Administrative Agent) hereunder and under the other Loan Documents, (b) any
Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms
of Section 2.10), or (c) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under
any

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Debtor Relief Law; and provided, further, that if at any time there is no
Person acting as the Administrative Agent hereunder and under the other Loan Documents, then (i)
the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant
to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d)
of the preceding proviso and subject to Section 2.10, any Lender may, with the consent of
the Required Lenders, enforce any rights and remedies available to it and as authorized by the
Required Lenders.

          10.04 Expenses; Indemnity; Damage Waiver.

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

     (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the
fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold
harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be
employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any
third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their
respective obligations hereunder or thereunder, the consummation of the transactions contemplated
hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its
Related Parties only, the administration of this Agreement and the other Loan Documents (including
in respect of any matters addressed in Section 3.01), (ii) any Loan or the use or proposed
use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or
any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv)
any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or
by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party
thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE
COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE;

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provided that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the
Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if the Borrower or such other Loan Party
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court
of competent jurisdiction.

     (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent)
or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of
the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount, provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party
of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection
with such capacity. The obligations of the Lenders under this subsection (c) are subject to the
provisions of Section 2.11(d).

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

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

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

          10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is
made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises
its right of setoff, and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with

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any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its
applicable share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the date such payment
is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The
obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in
full of the Obligations and the termination of this Agreement.

          10.06 Successors and Assigns.

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

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

   (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

   (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall

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not be less than $5,000,000 unless each of the Administrative Agent and, so
long as no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an
Assignee Group and concurrent assignments from members of an Assignee Group to a
single Eligible Assignee (or to an Eligible Assignee and members of its Assignee
Group) will be treated as a single assignment for purposes of determining whether
such minimum amount has been met.

     (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned.

     (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

   (A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed) shall be required unless (1) an Event of Default has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund provided that the Borrower shall be deemed
to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within five (5) Business Days after having
received notice thereof;

   (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with
respect to such Lender.

     (iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee in the amount of $3,500; provided, however,
that the Administrative Agent may, in its sole discretion, elect to waive such processing
and recordation fee in the case of any assignment. The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an the Administrative Questionnaire.

     (v) No Assignment to Certain Persons. No such assignment shall be made to the
Borrower or any of the Borrower’s Subsidiaries, or (B) to any Defaulting Lender or any of
its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any
of the foregoing Persons described in this clause (B), or (C) to a natural person.

     (vi) Certain Additional Payments. In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which

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may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment
liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit in accordance with its
Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of
rights and obligations of any Defaulting Lender hereunder shall become effective under
applicable Law without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this
Agreement until such compliance occurs.

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

     (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for` all purposes of this Agreement,
notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on
the Register information regarding the designation, and revocation of designation, of any Lender as
a Defaulting Lender. The Register shall be available for inspection by the Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.

     (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this

82

 

Agreement (including all or a portion of its Commitment and/or the Loans owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrower, the Administrative Agent, the Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that affects such Participant. Subject to subsection (e) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 10.08 as though it
were a Lender, provided such Participant agrees to be subject to Section 2.10 as
though it were a Lender.

     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 3.01 unless the Borrower is notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.01(e) as though it were a Lender.

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

          10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent,
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, trustees, advisors and representatives (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (d)
to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights

83

 

hereunder or thereunder, (f) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating
to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or
(y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates
on a nonconfidential basis from a source other than the Borrower. For purposes of this Section,
“Information” means all information received from the Borrower or any Subsidiary relating to the
Borrower or any Subsidiary or any of their respective businesses, other than any such information
that is available to the Administrative Agent, any Lender on a nonconfidential basis prior to
disclosure by the Borrower or any Subsidiary, provided that, in the case of information received
from the Borrower or any Subsidiary after the date hereof, such information is clearly identified
at the time of delivery as confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information.

     Each of the Administrative Agent, the Lenders acknowledges that (a) the Information may
include material non-public information concerning the Borrower or a Subsidiary, as the case may
be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable Law,
including United States Federal and state securities Laws.

          10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of their respective Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate
to or for the credit or the account of the Borrower or any other Loan Party against any and all of
the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement
or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have
made any demand under this Agreement or any other Loan Document and although such obligations of
the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of
such Lender different from the branch or office holding such deposit or obligated on such
indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right
of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.14 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The
rights of each Lender and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender or their respective
Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent
promptly after any such

84

 

setoff and application, provided that the failure to give such notice shall not affect
the validity of such setoff and application.

          10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
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.

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

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

          10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. Without limiting the

85

 

foregoing provisions of this Section 10.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited
by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such
provisions shall be deemed to be in effect only to the extent not so limited.

          10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04,
or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, or if any Lender fails to
consent to any increase in the Borrowing Base proposed by the Administrative Agent, is a Defaulting
Lender, or if any Lender fails to agree to upon a proposed Borrowing Base pursuant to Section
2.15 that is the same as or is a decrease of the then existing Borrowing Base if Lenders
constituting the Required Lenders have agreed to such proposed Borrowing Base, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 10.06), all of its interests,
rights and obligations under this Agreement and the related Loan Documents to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that:

     (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b);

     (b) such Lender shall have received payment of an amount equal to 100% of the outstanding
principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

     (d) such assignment does not conflict with applicable Laws.

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

          10.14 Governing Law; Jurisdiction; Etc.

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

     (b) SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY

86

 

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

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

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

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

87

 

          10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower and each other Loan Party
acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement
provided by the Administrative Agent and the Arranger, are arm’s-length commercial transactions
between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and
the Administrative Agent and the Arranger, on the other hand, (B) each of the Borrower and the
other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (C) the Borrower and each other Loan Party is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent and the
Arranger each is and has been acting solely as a principal and, except as expressly agreed in
writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent
or fiduciary for the Borrower, any other Loan Party or any of their respective Affiliates, or any
other Person and (B) neither the Administrative Agent nor the Arranger has any obligation to the
Borrower, any other Loan Party or any of their respective Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (iii) the Administrative Agent and the Arranger and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the
Administrative Agent nor the Arranger has any obligation to disclose any of such interests to the
Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent
permitted by law, each of the Borrower and the other Loan Parties hereby waives and releases any
claims that it may have against the Administrative Agent and the Arranger with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby.

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

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

88

 

requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the Act.

          10.19 No General Partner’s Liability. The Administrative Agent and the Lenders agree for
themselves and their respective successors and assigns, including any subsequent holder of any
Note, that no claim under this Agreement or under any other Loan Document shall be made against the
General Partner, and that no judgment, order or execution entered in any suit, action or
proceeding, whether legal or equitable, hereunder or on any other Loan Document shall be obtained
or enforced, against the General Partner or its assets for the purpose of obtaining satisfaction
and payment of amounts owed under this Agreement or any other Loan Document.

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

          10.21 Restatement. Effective as of the Closing Date, (a) this Agreement amends and restates the
Existing Credit Agreement in its entirety, and (c) the loans and all other obligations outstanding
under the Existing Credit Agreement shall be outstanding under and governed by this Agreement.

          10.22 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

89

 

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

	 	 	 	 	 	 	 

	 	 	VOC BRAZOS ENERGY PARTNERS, LP	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Texas Partners, L.L.C., its General Partner	 	 
	 
	 	 	By: Vess Holding Corporation, its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

J. Michael Vess, Designated Representative
	 	 

 

 

	 	 	 	 	 	 	 

	 	 	BANK OF AMERICA, N.A., as	 	 
	 	 	the Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

	 	 	 	 	 	 	 

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

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

	 	 	 	 	 	 	 

	 	 	UNION BANK, N.A., as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

SCHEDULE 2.01

COMMITMENT AND

INITIAL BORROWING BASE

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	 
	Lender	 	Commitment	 	Borrowing Base	 	Applicable Percentage
	Bank of America,
N.A.
	 	$	12,000,000	 	 	$	12,000,000	 	 	 	50.000000000	%
	Union Bank, N.A.
	 	$	12,000,000	 	 	$	12,000,000	 	 	 	50.000000000	%
	Total
	 	$	24,000,000	 	 	$	24,000,000	 	 	 	100.000000000	%

[AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

SCHEDULE 4.01

SECURITY DOCUMENTS

	1.	 	Guaranty by VOC Kansas and VOC Partners.
	 
	2.	 	Deed of Trust, Mortgage, Assignment, Security Agreement, Fixture Filing and
Financing Statement by the Borrower.
	 
	3.	 	Mortgage, Assignment, Security Agreement, Fixture Filing and Financing
Statement by VOC Kansas.
	 
	4.	 	Pledge and Security Agreement covering the VOC Trust Units and other assets to
be dated as of the Closing Date from the Borrower and VOC Partners in favor of
Administrative Agent.
	 
	5.	 	UCC-1 financing statement naming the Borrower as debtor and Administrative
Agent as secured party covering all assets of the Borrower.
	 
	6.	 	UCC-1 financing statement naming VOC Kansas as debtor and Administrative Agent
as secured party covering all assets of VOC Kansas.
	 
	7.	 	UCC-1 financing statement naming VOC Partners as debtor and Administrative
Agent as secured party covering all assets of VOC Partners.

[AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

DISCLOSURE SCHEDULES

     SCHEDULE 5.05 — Supplement to Interim Financial Statements

     None

     SCHEDULE 5.06 — Litigation:

     None

     SCHEDULE 5.09 — Environmental:

     None.

     SCHEDULE 5.13 — Subsidiaries and other Equity Investments:

     None prior to Closing; VOC Kansas after Closing

     SCHEDULE
5.13 — Sale of Production:

     None

[AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

SCHEDULE 10.02

ADMINISTRATIVE AGENT’S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

BORROWER:

VOC Brazos Energy Partners, L.P.

1700 Waterfront Parkway

Building 500

Wichita, Kansas 67206

Attn: Alan Howarter

Telephone: (316) 682-1537, x 109

Telecopier: (316) 686-3521

Electronic Mail: ahowarter@vessoil.com

Website Address: vessoil.com

OFFICE OF ADMINISTRATIVE AGENT AND SWING LINE LENDER

Notices (other than Requests for Extensions of Credit):

Bank of America, N.A.

Attn: Kathleen Carry

CA5-701-05-19

1455 Market Street

San Francisco, CA 94103

Tel: (415) 436-4001

Facsimile: (415) 503-5001

Electronic Mail: kathleen.carry@bankofamerica.com

With a copy to:

Attn: Adam Fey

Bank of America, N.A.

231 S. LaSalle Street

Chicago, Illinois 60604

Tel: (312) 828-1462

Facsimile: (312) 974-4970

Electronic Mail: adam.h.fey@bankofamerica.com

For Payments and Requests for Loans:

BANK OF AMERICA, N.A.

Frances Morgan

NC1-001-04-39

101 North Tryon Street

Charlotte, NC 28255-0001

Telephone: 704-386-9068

[AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

Facsimile: 704-409-0984

Electronic Mail: frances.j.morgan@bankofamerica.com

Payments:

BANK OF AMERICA, N.A.

Bank of America, N.A.

New York NY

ABA # : 026009593

Acct # : _____________

Attn: Corporate Credit Services

Reference: VOC Brazos Energy Partners, L.P.

[AMENDED AND RESTATED CREDIT AGREEMENT]

2

 

EXHIBIT A

FORM OF LOAN NOTICE

Date: ___________, 20___

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

Ladies and Gentlemen:

     Reference is made to that certain Amended and Restated Credit Agreement, dated as of _______,
2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Agreement;” the terms defined therein being used herein as therein defined), among VOC
Brazos Energy Partners, L.P., a Texas limited partnership (the “Borrower”), VOC Partners LLC, a
Kansas limited liability company, the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent.

     The undersigned hereby requests (select one):

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

	 	1.	 	On _____________________ (a Business Day).
	 
	 	2.	 	In the amount of $______________________.
	 
	 	3.	 	Comprised of _________________________.
 [Type of Committed Loan
requested]

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

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

	 	 	 	 	 	 	 

	 	 	VOC BRAZOS ENERGY PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Texas Partners, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Holding Corporation, its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	J. Michael Vess, Designated Representative	 	 

A-1

Form of Loan Notice

 

 

EXHIBIT B

FORM OF NOTE

			
	 	 	 
	$_______________________
	 	_______________________

     FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
_____________________ or registered assigns (“Lender”) the principal amount of
$______________, in accordance with the provisions of that certain Amended and Restated Credit
Agreement, dated as of _______, 2011 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being
used herein as therein defined), among the Borrower, VOC Partners LLC, the Lenders from time to
time party thereto, and Bank of America, N.A., as Administrative Agent.

     The Borrower promises to pay interest on the unpaid principal amount of the Loan by such
Lender from the date of such Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Agreement. All payments of principal and interest shall
be made to Administrative Agent for the account of the Lender in Dollars in immediately available
funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder,
such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the
date of actual payment (and before as well as after judgment) computed at the per annum rate set
forth in the Agreement.

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

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

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

B-1

FORM OF NOTE

 

 

	 	 	 	 	 	 	 

	 	 	VOC BRAZOS ENERGY PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Texas Partners, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Holding Corporation, its Manager	 	 
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

J. Michael Vess, Designated Representative
	 	 

B-2

FORM OF NOTE

 

 

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:______________

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

Ladies and Gentlemen:

     Reference is made to that certain Amended and Restated Credit Agreement, dated as of _______,
2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Agreement;” the terms defined therein being used herein as therein defined),
among VOC Brazos Energy Partners, L.P., a Texas limited partnership (the “Borrower”), VOC
Partners LLC, a Kansas limited liability company, the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent.

     The undersigned Responsible Officer hereby certifies as of the date hereof that he is the
acting managing member of Vess Texas Partners, L.L.C., a Kansas limited liability company, which is
the sole general partner of the Borrower, and that, as such, he is authorized to execute and
deliver this Certificate to Administrative Agent on the behalf of the Borrower, and that:

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

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

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

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

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

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

C-1

FORM OF COMPLIANCE CERTIFICATE

 

 

[select one:]

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

—or—

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

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

     5. The financial covenant analyses and information set forth on Schedule 1 attached
hereto are true and accurate on and as of the date of this Certificate.

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

	 	 	 	 	 	 	 

	 	 	VOC BRAZOS ENERGY PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Texas Partners, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By: Vess Holding Corporation, its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

J. Michael Vess, Designated Representative
	 	 

C-2

FORM OF COMPLIANCE CERTIFICATE

 

 

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

SCHEDULE 1

to the Compliance Certificate

($ in 000’s)

	 	 	 	 	 

	I.      Section 7.13—Consolidated
Fixed Charge Coverage Ratio.
	 	 	 	 
	(A)  Consolidated EBITDA of
Borrower and its Subsidiaries for
the four Fiscal Quarter period
ending on the Reporting Date
(“Subject Period”):
	 	 	 	 
	1.  Consolidated
net
income
from
operations of
Borrower
and
its
Subsidiaries
for
Subject
Period:
	 	$	____	 
	2.  Consolidated
Interest
Charges
for
Subject
Period*
(Line I.D.3.):
	 	$	____	 
	3.  Federal,
state
and
local
income
taxes
for
Subject
Period:*
	 	$	____	 
	4.  Depreciation
expenses
for
Subject
Period:*
	 	$	____	 
	5.  Amortization
expenses
for
Subject
Period:*
	 	$	____	 
	6.  Depletion
expenses
for
Subject
Period:*
	 	$	____	 
	7.  Other
non-cash
charges
for
Subject
Period:*
	 	$	____	 
	8.  Consolidated
EBITDA
from
operations
(Lines
I.A.1 +
2 + 3 +
4 + 5 +
6 + 7):
	 	$	____	 
	(B)  Cash distributions from Oil
Trust Units to VOC Partners if
such amounts are actually paid by
VOC Partners to the Borrower
during the Subject Period:
	 	$	____	 
	(C)  Capital expenditures for
maintenance, repair or
replacement of existing assets
during the Subject Period:
	 	$	____	 

C-3

FORM OF COMPLIANCE CERTIFICATE

 

 

	 	 	 	 	 

	(D)  Consolidated Interest Charges:
	 	 	 	 
	1.  Interest,
premium
payments, debt
discount, fees,
charges
and
related
expenses
of
Borrower
and
its
Subsidiaries in
connection with
borrowed
money
(including
capitalized
interest) or in
connection with
the
deferred
purchase
price
of
assets
for
Subject
Period:
	 	$	____	 
	2.  Portion
of rent
expense
of
Borrower
and
its
Subsidiaries
under
capital
leases
for
Subject
Period:
	 	$	____	 
	3.  Consolidated
Interest
Charges
(Line
I.D.1.
+ Line
I.D.2.)
	 	$	____	 
	(E)  Scheduled payment of
principal for the Subject Period:
	 	$	____	 
	(F)  Fixed Charge Coverage Ratio
(Line I.A.8 + Line I.B – Line I
C  ̧ Line I.D.3 + Line I.E)
	 	____ to 1
	(G)  Minimum required:
	 	 	1.25 to 1	 

 

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

C-4

FORM OF COMPLIANCE CERTIFICATE

 

 

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

Quarterly Information for Schedule 1

to the Compliance Certificate

($ in 000’s)

Consolidated EBITDA

(in accordance with the definition of Consolidated EBITDA from Operations

as set forth in the Agreement)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Twelve	 
	Consolidated	 	Quarter	 	 	Quarter	 	 	Quarter	 	 	Quarter	 	 	Months	 
	EBITDA	 	Ended	 	 	Ended	 	 	Ended	 	 	Ended	 	 	Ended	 
	Consolidated Net
Income from
operations of
Borrower and its
Subsidiaries
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ Consolidated
Interest Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ Federal, state
and local income
taxes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ depreciation
expense
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ amortization
expense
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ depletion expense
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	+ other non-cash
charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	= Consolidated
EBITDA from
operations
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

C-5

FORM OF COMPLIANCE CERTIFICATE

 

 

EXHIBIT D-1

FORM

OF

ASSIGNMENT AND ASSUMPTION

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

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

1. Assignor: ____________________

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

3. Borrower(s): ____________________

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

5. Credit Agreement: Amended and Restated Credit Agreement, dated as of _______, 2011 among VOC
Brazos Energy Partners, L.P., a Texas limited partnership, VOC Partners

D-1-1

FORM OF ASSIGNMENT AND ASSUMPTION

 

 

LLC, a Kansas limited liability company, the Lenders from time to time party thereto, Bank of
America, N.A., as Administrative Agent

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	Amount of	 	 		 	 	 	 
	Facility	 	Commitment/Loans	 	 	Commitment/Loans	 	 	Percentage Assigned of	 	 	 	 
	Assigned	 	for all Lenders*	 	 	Assigned*	 	 	Commitment/Loans	 	 	CUSIP No.	 
	________
	 	$	________	 	 	$	________	 	 	 	____	%	 	 	____	 
	________
	 	$	________	 	 	$	________	 	 	 	____	%	 	 	____	 
	________
	 	$	________	 	 	$	________	 	 	 	____	%	 	 	____	 

     [7. Trade Date: __________________]

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

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

	 	 	 	 	 	 	 	 	 

	 	 	ASSIGNOR	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 
	 	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ASSIGNEE	 	 
	 	 	[NAME OF ASSIGNEE]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 
	 	 	 	 	Title:	 	 	 	 

[Consented to and] Accepted:

Bank of America, N. A., as

  Administrative Agent

	 	 	 	 	 

	By:
	 	 	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

D-1-2

FORM OF ASSIGNMENT AND ASSUMPTION

 

 

[Consented to:]

	 	 	 	 	 

	By:
	 	 	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

D-1-3

FORM OF ASSIGNMENT AND ASSUMPTION

 

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

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

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

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

D-1-4

FORM OF ASSIGNMENT AND ASSUMPTION

 

 

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

D-1-5

FORM OF ASSIGNMENT AND ASSUMPTIONexv10w1

EXHIBIT 10.1

 

 

AMENDED AND RESTATED

INVESTMENT AGREEMENT

Dated as of April 22, 2011

by and among

CUMULUS MEDIA INC.

and

THE INVESTORS PARTY HERETO

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	ARTICLE I

	 	DEFINITIONS
	 	 	2	 
	1.1

	 	Definitions
	 	 	2	 
	ARTICLE II

	 	PURCHASE; INVESTMENT CLOSING
	 	 	5	 
	2.1

	 	Purchase
	 	 	5	 
	2.2

	 	Crestview Investor Warrants
	 	 	6	 
	2.3

	 	Investment Closing
	 	 	7	 
	2.4

	 	Parent Deliveries
	 	 	7	 
	2.5

	 	Investor Deliveries
	 	 	8	 
	2.6

	 	Independent Nature of Investors’ Obligations and Rights
	 	 	9	 
	ARTICLE III

	 	REPRESENTATIONS AND WARRANTIES
	 	 	9	 
	3.1

	 	Representations and Warranties of Parent
	 	 	9	 
	3.2

	 	Representations and Warranties of the Investors
	 	 	10	 
	ARTICLE IV

	 	COVENANTS
	 	 	11	 
	4.1

	 	Conduct of Business Prior to the Investment Closing
	 	 	11	 
	4.2

	 	Parent Forbearances
	 	 	12	 
	4.3

	 	Regulatory Matters; Third Party Consents
	 	 	12	 
	4.4

	 	Access to Information
	 	 	14	 
	4.5

	 	Advice of Changes
	 	 	15	 
	ARTICLE V

	 	ADDITIONAL AGREEMENTS
	 	 	15	 
	5.1

	 	Cumulus Media Partners
	 	 	15	 
	5.2

	 	Certain Transactions
	 	 	16	 
	5.3

	 	Nasdaq Stock Market Listing
	 	 	16	 
	5.4

	 	Monitoring Fee
	 	 	16	 
	5.5

	 	Registration Rights Agreement
	 	 	16	 
	5.6

	 	Stockholders Agreement
	 	 	16	 
	5.7

	 	Shareholder Rights Plan
	 	 	16	 
	5.8

	 	Employee Incentive Plan
	 	 	16	 
	5.9

	 	Debt Commitments
	 	 	16	 
	5.10

	 	Actions under this Agreement and the Merger Agreement
	 	 	18	 
	5.11

	 	Withdrawing Investor
	 	 	18	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	5.12

	 	Contribution With Respect to Sponsor Guarantees
	 	 	19	 
	5.13

	 	Cross Indemnification
	 	 	19	 
	5.14

	 	Notice of Closing
	 	 	21	 
	5.15

	 	Macquarie Investor Syndication
	 	 	21	 
	5.16

	 	UBS Investor Syndication
	 	 	23	 
	5.17

	 	Termination Fee
	 	 	25	 
	ARTICLE VI

	 	INVESTMENT CLOSING CONDITIONS
	 	 	25	 
	6.1

	 	Conditions of Each Party to Investment Closing
	 	 	25	 
	6.2

	 	Conditions of Parent to Investment Closing
	 	 	26	 
	6.3

	 	Conditions of Each Investor to the Investment Closing
	 	 	26	 
	ARTICLE VII
	 	TERMINATION
	 	 	27	 
	7.1

	 	Termination
	 	 	27	 
	7.2

	 	Effects of Termination
	 	 	28	 
	ARTICLE VIII

	 	MISCELLANEOUS	 	 	28	 
	8.1

	 	Survival of Representations, Warranties and Covenants;
Indemnification	 	 	28	 
	8.2

	 	Expenses
	 	 	29	 
	8.3

	 	Post-Closing Third-Party Claims
	 	 	29	 
	8.4

	 	Notices
	 	 	29	 
	8.5

	 	Counterparts
	 	 	30	 
	8.6

	 	Entire Agreement
	 	 	30	 
	8.7

	 	Governing Law
	 	 	30	 
	8.8

	 	Jurisdiction
	 	 	30	 
	8.9

	 	Publicity
	 	 	32	 
	8.10

	 	Assignment
	 	 	32	 
	8.11

	 	Remedies
	 	 	32	 
	8.12

	 	Amendment
	 	 	34	 
	8.13

	 	Waivers
	 	 	34	 
	8.14

	 	No Duty to Other Investors
	 	 	34	 
	8.15

	 	Severability
	 	 	35	 
	8.16

	 	Interpretation
	 	 	35	 
	8.17

	 	Rules of Construction
	 	 	36	 

ii

 

EXHIBITS, ANNEXES AND SCHEDULES

	 	 	 
	EXHIBITS	 	 
	Exhibit A:

	 	Class B Warrant Term Sheet
	Exhibit B:

	 	Class A Warrant Term Sheet
	Exhibit C:

	 	Registration Rights Agreement Term Sheet
	Exhibit D:

	 	Stockholders Agreement Term Sheet
	Exhibit E:

	 	Terms of Parent Straight Preferred
	Exhibit F:

	 	Form of Monitoring Fee Agreement
	Exhibit G:

	 	Shareholder Rights Plan Term Sheet
	Exhibit H:

	 	Employee Incentive Plan Term Sheet
	Exhibit I:

	 	Parent Series C Convertible Preferred Stock Terms
	Exhibit J:

	 	Letter Agreement by and among the
Crestview Investor, Parent and certain of the Parent Significant Stockholders

	 	 	 
	ANNEXES	 	 
	Annex A:

	 	Crestview Funds
	Annex B:

	 	Investor Investment Amounts

 

 

INDEX OF DEFINED TERMS

	 	 	 	 	 
	Term	 	Section
	6.13(d) Expenses
	 	 	5.12	 
	Actual Investment Amount
	 	 	2.1	(a)
	Agreement
	 	Preamble

	Aliens
	 	 	1.1	(r)
	Beneficial Ownership
	 	 	1.1	(a)
	Beneficially Own
	 	 	1.1	(a)
	Blackstone Group
	 	 	1.1	(b)
	BOA Stockholders
	 	 	1.1	(c)
	Cadet Portion
	 	 	1.1	(d)
	Cadet Signing Date
	 	Recitals

	Claims
	 	 	8.3	 
	Class A Warrants
	 	Recitals

	Class B Warrants
	 	Recitals

	Class B Warrant Shares
	 	Recitals

	Communications Act
	 	 	1.1	(e)
	Continuing Investor
	 	 	5.11	 
	Crestview Equity Commitment Letter
	 	 	3.2	(d)
	Crestview Funds
	 	Recitals

	Crestview Indemnifiable Losses
	 	 	5.13	(a)
	Crestview Investment Commitment
	 	 	3.2	(d)
	Crestview Investor
	 	Preamble

	Dickey Stockholder Group
	 	 	1.1	(f)
	Exchange Agreement
	 	 	5.1	 
	Failing Investor
	 	 	5.10	 
	FCC
	 	 	1.1	(g)
	FCC Applications
	 	 	1.1	(h)
	FCC Regulations
	 	 	1.1	(i)
	Funding Investor
	 	 	5.10	 
	Initial Order
	 	 	1.1	(j)
	Investment Amount
	 	 	1.1	(k)
	Investment Closing
	 	 	2.3	 
	Investment Closing Date
	 	 	2.3	 
	Investment HSR Clearance
	 	 	1.1	(l)
	Investment Percentage
	 	 	1.1	(m)
	Investment Transactions
	 	Recitals

	Investor Liability Cap
	 	 	8.11	(c)
	Investor Party
	 	 	1.1	(n)
	Investor Warrants
	 	 	1.1	(o)
	Investors
	 	Preamble

	Issued Securities
	 	Recitals

	Losses
	 	 	8.1	(b)
	Macquarie Capital
	 	 	5.15	 
	Macquarie Equity Commitment Fee
	 	 	1.1	(p)

 

 

	 	 	 	 	 
	Term	 	Section
	Macquarie Indemnifiable Losses
	 	 	5.13	(b)
	Macquarie Investor
	 	Preamble

	Macquarie Investor Syndication
	 	 	5.15	 
	Macquarie Syndication Fee
	 	 	1.1	(q)
	Merger Agreement
	 	Recitals

	Merger Closing Conditions
	 	 	5.10	 
	Monitoring Agreement
	 	 	5.4	 
	New Incentive Plan
	 	 	5.8	 
	Non-U.S. Person
	 	 	1.1	(r)
	Offering Documents
	 	 	5.15	 
	Original Agreement
	 	Recitals

	Parent
	 	Preamble

	Parent Straight Preferred
	 	Recitals

	Parent Series C Preferred
	 	 	1.1	(s)
	Parent Significant Stockholders
	 	 	1.1	(t)
	Parties
	 	 	1.1	(u)
	Price Per Share
	 	 	2.1	(a)
	Registration Rights Agreement
	 	Recitals

	Stockholders Agreement
	 	Recitals

	Straight Preferred Certificate of Designations

	 	 	2.1	(a)
	Syndication Portion
	 	 	1.1	(v)
	Transfer
	 	 	1.1	(w)
	UBS Indemnifiable Losses
	 	 	5.13	 
	UBS Investor
	 	Preamble

	UBS Investor Syndication
	 	 	5.16	 
	Withdrawing Investor
	 	 	5.11	 

 

 

          AMENDED AND RESTATED INVESTMENT AGREEMENT (this “Agreement”), dated as of April 22,
2011, by and among Cumulus Media Inc., a Delaware corporation (“Parent”), Crestview Radio
Investors, LLC, a Delaware limited liability company (the “Crestview Investor”), MIHI LLC,
a Delaware limited liability company (the “Macquarie Investor”), and UBS Securities LLC, a
Delaware limited liability company (the “UBS Investor”); the Macquarie Investor, the
Crestview Investor and the UBS Investor each being sometimes referred to herein as an
“Investor” and, together, as the “Investors”).

RECITALS:

          WHEREAS, Parent, the Crestview Investor and the Macquarie Investor entered into an Investment
Agreement (the “Original Agreement”), dated as of March 9, 2011 (the “Cadet Signing
Date”), pursuant to which Parent intends to issue and sell (x) to the Crestview Investor,
shares of Parent Class A Common Stock and (y) to the Macquarie Investor, warrants, substantially
upon the terms set forth on Exhibit A, to purchase shares of Parent Class B Common Stock
(the “Class B Warrants” and the shares of Parent Class B Common Stock for which the Class B
Warrants are exercisable being referred to herein as “Class B Warrant Shares”), or in lieu
thereof, shares of Parent Series A Preferred Stock, par value $0.01 per share, of Parent
(“Parent Straight Preferred”), provided that the securities sold pursuant to the
Syndication Portion (as hereinafter defined) may be issued in the form of Parent Series C Preferred
(as hereinafter defined), all as more fully set forth herein;

          WHEREAS, Parent and the Macquarie Investor have agreed to reduce the Investment Amount (as
hereinafter defined) of the Macquarie Investor set forth in the Original Agreement and to replace
same with the Investment Amount of the UBS Investor, all as more fully set forth herein;

          WHEREAS, at the Investment Closing, Parent will pay a commitment fee in cash to each Investor
and issue to the Crestview Investor, for no additional consideration, warrants, substantially upon
the terms set forth on Exhibit B, to purchase shares of Parent Class A Common Stock (the
“Class A Warrants” and, together with the shares of Parent Class A Common Stock issued to
the Crestview Investor, Class B Warrants and/or shares of Parent Class A Common Stock to be issued
to the UBS Investor or its assignees, and shares of Parent Straight Preferred, shares of Parent
Series C Preferred and Class B Warrants issued to the Macquarie Investor pursuant hereto, the
“Issued Securities”);

          WHEREAS, Parent has incorporated Holdco as a wholly-owned, direct subsidiary of Parent, and,
prior to the Investment Closing Date, will contribute to Holdco all of the equity interests in
Parent’s other direct subsidiaries;

          WHEREAS, in connection with the execution and delivery of the Original Agreement, Parent has
entered into that certain Agreement and Plan of Merger, dated as of the Cadet Signing Date (the
“Merger Agreement”), by and among Parent, Holdco, Merger Sub and the Company, pursuant to
which Merger Sub will merge with and into

 

 

the Company, with the Company continuing as the surviving corporation of the merger and a
wholly-owned, direct subsidiary of Holdco;

          WHEREAS, the Parent Board had previously approved the Original Agreement, and has also
recommended that this Agreement and the transactions contemplated hereby (together with the
transactions contemplated by the Merger Agreement, the “Investment Transactions”) are in
the best interests of Parent and its stockholders and has approved this Agreement and the
Investment Transactions;

          WHEREAS, the requisite stockholders of Parent who hold in the aggregate approximately 54% of
the outstanding voting control of Parent have previously delivered to Parent a written consent in
lieu of a stockholders meeting in accordance with Section 228 of the DGCL approving the Charter
Amendment and the Share Issuance;

          WHEREAS, as a condition and inducement to Parent entering into the Original Agreement,
concurrent with the execution and delivery of the Original Agreement, each of the Affiliated funds
of the Crestview Investor listed on Annex A (the “Crestview Funds”) and the
Macquarie Investor, entered into a limited guarantee with the Company, dated as of the Cadet
Signing Date, to and in favor of the Company;

          WHEREAS, at the Investment Closing, the Parties will enter into a registration rights
agreement, substantially upon the terms set forth on Exhibit C (the “Registration
Rights Agreement”), pursuant to which, among other things, Parent will agree to register the
Parent Class A Common Stock included in the Issued Securities or for which the Class A Warrants may
be exercised, or obtainable upon conversion of the Class B Warrant Shares or upon conversion or
exchange of Parent Series C Preferred, subject to the terms and conditions set forth therein; and

          WHEREAS, the independent members of the Parent Board have approved, effective as of the
Investment Closing, the appointment of a director designated by the Crestview Investor as lead
director and, at the Investment Closing, each of the Parent Significant Stockholders and Parent
will enter into a stockholders agreement substantially upon the terms set forth on Exhibit
D (the “Stockholders Agreement”), pursuant to which, among other things, as of the
Investment Closing, two (2) directors designated by the Crestview Investor will be appointed to the
Parent Board, one (1) of which will be so appointed as the lead director of the Parent Board.

          NOW, THEREFORE, in consideration of the premises, and of the representations, warranties,
covenants and agreements set forth herein, Parent and each Investor agrees as follows:

ARTICLE I

DEFINITIONS

          1.1 Definitions. Terms used but not defined in this Agreement shall have the meanings
set forth in the Merger Agreement. In addition, the following terms shall have the following
meanings:

2

 

               (a) “Beneficially Own” means, with respect to ownership of securities by any Person,
such securities as to which such Person is the “Beneficial Owner” under Rule 13d-3 of the Exchange
Act. “Beneficial Ownership” shall have the correlative meaning.

               (b) “Blackstone Group” means, collectively, Blackstone FC Communications Partners
L.P., Blackstone FC Capital Partners IV, L.P., Blackstone FC Capital Partners IV-A L.P., Blackstone
Family FCC L.L.C., Blackstone Participation FCC L.L.C. and Blackstone Communications FCC L.L.C.

               (c) “BOA Stockholders” means, together, BA Capital Company, L.P. and Banc of America
Capital Investors SBIC, L.P.

               (d) “Cadet Portion” means, with respect to the Investment Amount of the Macquarie
Investor, a portion of such Investment Amount equal to $80,000,000.

               (e) “Communications Act” means the Communications Act of 1934, as amended.

               (f) “Dickey Stockholder Group” means, collectively, Lewis W. Dickey, Jr., John W.
Dickey, David W. Dickey, Michael W. Dickey, Lewis W. Dickey, Sr. and DBBC, L.L.C.

               (g) “FCC” means the Federal Communications Commission.

               (h) “FCC Applications” means those applications for assignment and/or for transfer of
control that Parent will file, or will cause to be filed, with the FCC for its consent to the
transactions contemplated by the Merger Agreement, which applications will, to the extent required
by FCC Regulations, seek consent for the transactions contemplated by this Agreement as well.

               (i) “FCC Regulations” means the rules, regulations, published decisions, published
orders, and policies promulgated by the FCC and in effect from time to time.

               (j) “Initial Order” means, collectively, those orders by the FCC (including action
duly taken by the FCC’s staff pursuant to delegated authority) granting the FCC Applications.

               (k) “Investment Amount” means, with respect to each Investor, the amount set forth
opposite such Investor’s name on Annex B to this Agreement.

               (l) “Investment HSR Clearance” means HSR Clearance in respect of the purchase and sale
of the Issued Securities pursuant to this Agreement.

               (m) “Investment Percentage” means, (1) in the case of the Crestview Investor, 39.6%,
(2) in the case of the Macquarie Investor, 15.0%, and (3) in

3

 

the case of Parent, 45.4%. For the avoidance of doubt, the Investment Percentages set forth
in this definition shall not be amended or modified as a result of any sell-down by the Macquarie
Investor as provided in Section 5.15.

               (n) “Investor Party” means, with respect to any Investor, each of such Investor and
any of such Investor’s former, current or future equity holders, controlling persons, directors,
officers, employees, agents, general or limited partners, managers, management companies, members,
stockholders, Affiliates or assignees, including pursuant to Sections 5.15 and 5.16 hereof, and any
and all former, current or future equity holders, controlling persons, directors, officers,
employees, agents, general or limited partners, managers, management companies, members,
stockholders, Affiliates or assignees of any of the foregoing, and any and all former, current or
future heirs, executors, administrators, trustees, successors or assigns of any of the foregoing.

               (o) “Investor Warrants” means the Class A Warrants and the Class B Warrants.

               (p) “Macquarie Equity Commitment Fee” means (i) in respect of the period commencing on
the Cadet Signing Date and ending March 25, 2011, $169,863.00, and (ii) thereafter, an amount,
calculated on a daily basis, equal to 3.1% per annum on the dollar amount of the Cadet Portion of
the Macquarie Investor’s Investment Amount outstanding from time to time and not terminated by
Parent; provided, however, if the Investment Closing does not occur on or prior to
the one year anniversary of the Cadet Signing Date, the foregoing rate, solely with respect to the
period following such one year anniversary, shall increase to 6.2% per annum.

               (q) “Macquarie Syndication Fee” means an amount equal to $169,863.00.

               (r) “Non-U.S. Person” means any Person that, for purposes of the Communications Act
(including Section 310(b) of the Communications Act) and the FCC Regulations, is an alien, or a
representative of an alien, or a foreign government or representative thereof, or a corporation
organized under the laws of a foreign country (each an “Alien” and collectively,
“Aliens”), or any other entity (1) that is subject to or deemed to be subject to control by
Aliens or (2) the majority of the equity of which is owned, controlled on a de jure or de facto
basis by, voted by, or held for the benefit of, Aliens.

               (s) “Parent Series C Preferred” means the Series C Convertible and Exchangeable
Preferred Stock of Parent having substantially the terms set forth on Exhibit I to this
Agreement.

               (t) “Parent Significant Stockholders” means each of (i) the Crestview Investor, (ii)
the Dickey Stockholder Group, (iii) the Blackstone Group, (iv) the BOA Stockholders, (v) if the
Macquarie Investor purchases at the Investment Closing Class B Warrants initially exercisable for
at least 10,368,663 shares of Parent Class B Common Stock, the Macquarie Investor, and (vi) if the
UBS Investor purchases Class B

4

 

Warrants initially exercisable for at least 11,520,737 shares of Parent Class B Common Stock,
the UBS Investor.

               (u) “Parties” means Parent and each of the Investors.

               (v) “Syndication Portion” means, with respect to the Investment Amount of the
Macquarie Investor, a portion of such Investment Amount equal to $45,000,000.

               (w) “Transfer” shall mean a transfer, sale, assignment, hypothecation or other
disposition.

ARTICLE II

PURCHASE; INVESTMENT CLOSING

          2.1 Purchase.

               (a) On the terms and subject to the conditions set forth herein, at the Investment Closing,
Parent shall issue and sell (1) to the Crestview Investor, a number of shares of Parent Class A
Common Stock equal to the quotient obtained by dividing (A) the Investment Amount of the Crestview
Investor (as each Investor’s Investment Amount may be reduced pursuant to Section 2.1(b) (such
amount, the “Actual Investment Amount”)) by (B) Four Dollars Thirty-Four Cents ($4.34) (the
“Price Per Share”), (2) subject to the limitations contained in the Communications Act and
FCC Regulations as to ownership and voting of securities of an entity regulated by the FCC, to the
UBS Investor, Class B Warrants initially exercisable for a number of shares of Parent Class B
Common Stock equal to the quotient obtained by dividing (A) the Investment Amount of the UBS
Investor (as such amount shall be reduced in the case of, and to the extent of, any sell-downs by
the UBS Investor pursuant to Section 5.16) by (B) the Price Per Share, and (3) subject to the
limitations contained in the Communications Act and FCC Regulations as to ownership and voting of
securities of an entity regulated by the FCC, to the Macquarie Investor, Class B Warrants initially
exercisable for a number of shares of Parent Class B Common Stock equal to the quotient obtained by
dividing (A) the Macquarie Investor’s Actual Investment Amount (as such amount shall be reduced in
the case of, and to the extent of, any sell-downs by the Macquarie Investor pursuant to Section
5.15) by (B) the Price Per Share; provided, that the Macquarie Investor may, in lieu thereof, elect
in its discretion to receive shares of Parent Straight Preferred having an aggregate initial
liquidation value equal to the Macquarie Investor’s Actual Investment Amount. Such election (which
may be made in whole or in part) shall be made by the Macquarie Investor by irrevocable written
notice to Parent and the Crestview Investor not less than eight (8) Business Days prior to the
Investment Closing. The terms of the Parent Straight Preferred shall be set forth in a certificate
of designations relating to the Parent Straight Preferred upon the terms set forth on Exhibit
E (the “Straight Preferred Certificate of Designations”).

               (b) If, as of the Election Deadline, the aggregate number of Company Shares and Company
Warrants that the holders thereof elect to have converted

5

 

at the Effective Time into Parent Shares pursuant to the Merger Agreement exceeds the
aggregate number of Company Shares and Company Warrants that would be converted at the Effective
Time into Parent Shares in the “Max Cash” scenario in which the aggregate Cash Consideration is
equal to the Cash Consideration Cap, the Investment Amount of the Crestview Investor and the Cadet
Portion of the Investment Amount of the Macquarie Investor shall be automatically reduced by an
aggregate amount equal to the product of (1) such excess aggregate number of Company Shares and
Company Warrants and (2) $37.00. Such reduction shall be applied to the Investment Amounts of the
Crestview Investor and the Macquarie Investor as follows: (A) first (but only as to the first
$50,000,000 of such reduction), to the Investment Amount of the Crestview Investor, on the one
hand, and the Cadet Portion of the Investment Amount of the Macquarie Investor, on the other,
50/50, on a dollar-for-dollar basis, and (B) second (as to amounts in excess of $50,000,000), to
the Cadet Portion of the Investment Amount of the Macquarie Investor, but not less than zero.
Notwithstanding anything in this Agreement to the contrary: (i) the minimum Investment Amount of
the Crestview Investor will be $225,000,000 and, even if the Investment Amount of the Crestview
Investor would not be reduced by operation of the preceding sentence by virtue of Company
shareholder elections, Parent may reduce the Investment Amount of the Crestview Investor to
$225,000,000 upon written notice to the Crestview Investor not later than the earlier of (x) 20
Business Days prior to the Investment Closing and (y) 5 Business Days after the Election Deadline;
(ii) Parent will have the right to terminate the Cadet Portion of the Macquarie Investor’s
Investment Amount, in whole or in part, at any time prior to the Investment Closing upon written
notice to the Macquarie Investor, provided any such termination, once made, is irrevocable; (iii)
in the event that Parent either sells more equity or Holdco borrows more money under the Debt
Financing than is reflected in the “Max Cash” scenario of the Sources and Uses in the form provided
by Parent to the Investors contemporaneously with the execution of this Agreement, with the result
that Parent does not, as determined by Parent in its sole and absolute discretion, require the full
Investment Amount of the Macquarie Investor to consummate the transactions contemplated by the
Merger Agreement, then Parent shall notify the Macquarie Investor not later than eight (8) Business
Days prior to the Investment Closing of the amount of the Macquarie Investor’s Investment Amount
that is as a result thereof not required and the Macquarie Investor may elect to reduce its
Investment Amount in its sole discretion to the extent not so needed by Parent, by written notice
to Parent not more than six (6) Business Days after such notice from Parent, provided that once
made, such reduction is irrevocable; and (iv) Parent may, by written notice, request that the
Syndication Portion of the Macquarie Investor’s Investment Amount be reduced, in whole or in part,
at any time prior to the Investment Closing; provided any such reduction shall be made at the
Macquarie Investor’s sole discretion and, once made, such reduction is irrevocable. Parent shall
promptly provide to the Investors information that it receives regarding the election by Company
shareholders of the consideration to be received under the Merger Agreement.

          2.2 Crestview Investor Warrants. On the terms and subject to the conditions set forth
herein, at the Investment Closing, Parent shall issue to the Crestview Investor for no additional
consideration, and the Crestview Investor shall receive from Parent, Class A Warrants to purchase
Seven Million Seven Hundred Seventy-Six

6

 

Thousand Four Hundred Ninety Eight (7,776,498) shares of Parent Class A Common Stock at an
exercise price of Four Dollars Thirty-Four Cents ($4.34) per share.

          2.3 Investment Closing. Subject to the satisfaction or waiver of the conditions set
forth in this Agreement (other than those conditions that by their nature are to be satisfied by
actions taken at the Investment Closing, but subject to the satisfaction or waiver of those
conditions), the closing of the issuance and sale of the Issued Securities to the Investors
pursuant hereto (the “Investment Closing”) shall occur concurrently with and at the same
location as the Closing under the Merger Agreement. The date the Investment Closing occurs is
referred to as the “Investment Closing Date.”

          2.4 Parent Deliveries. At the Investment Closing, Parent shall deliver, or cause to
be delivered:

               (a) (1) to the Crestview Investor, a stock certificate representing the applicable number of
shares of Parent Class A Common Stock being purchased by it as calculated in accordance with
Section 2.1(a), (2) to the UBS Investor, Class B Warrants to purchase a number of shares of Parent
Class B Common Stock, as calculated in accordance with Section 2.1(a), and (3) to the Macquarie
Investor, Class B Warrants to purchase a number of shares of Parent Class B Common Stock and/or a
stock certificate representing the applicable number of shares of Parent Straight Preferred, each
as calculated in accordance with Section 2.1(a), in each case, free and clear of all Liens;

               (b) to each of the Macquarie Investor and the Crestview Investor, payment of an equity
commitment fee equal to Ten Million Dollars ($10,000,000) by wire transfer(s) of immediately
available funds to bank accounts designated by the Macquarie Investor and the Crestview Investor,
respectively, no less than two (2) Business Days prior to the Investment Closing (which equity
commitment fee, for the avoidance of doubt, will not be reduced in the event the Macquarie Investor
syndicates a portion of its Investment Amount as provided in Section 5.15);

               (c) to the Crestview Investor, Class A Warrants to purchase, at an exercise price of Four
Dollars Thirty-Four Cents ($4.34) per share, the number of shares of Parent Class A Common Stock
set forth in Section 2.2;

               (d) to the Macquarie Investor, payment by wire transfer of immediately available funds to a
bank account designated by the Macquarie Investor no less than two (2) Business Days prior to the
Investment Closing of an amount equal to the aggregate of the Macquarie Syndication Fee and the
Macquarie Equity Commitment Fee;

               (e) to the Crestview Investor, the Monitoring Agreement, duly executed by Parent;

               (f) to each Investor, the Registration Rights Agreement, duly executed by Parent;

7

 

               (g) to each Investor that is a Parent Significant Stockholder, the Stockholders Agreement,
duly executed by Parent and the Parent Significant Stockholders;

               (h) to the Crestview Investor, evidence of the appointment of two (2) directors (one (1) of
whom shall be Jeffrey Marcus and the other of whom shall be Tom Murphy, Barry Volpert or Brian
Cassidy or, in each case, any other individual reasonably acceptable to Parent) designated by the
Crestview Investor to the Parent Board, including the appointment of Jeffrey Marcus as the lead
director of the Parent Board;

               (i) to each Investor, a certificate, dated as of the Investment Closing Date, signed on behalf
of Parent by the Chief Executive Officer or the Chief Financial Officer of Parent, certifying as to
the fulfillment of the conditions set forth in Sections 6.3(a) and (b);

               (j) to the Macquarie Investor, evidence of the filing of the Straight Preferred Certificate of
Designations with the Delaware Secretary of State (to the extent applicable in accordance with
Section 2.1(a)) and such other agreements implementing the terms of Exhibit E duly executed by
Parent and Holdco, to the extent such terms are not otherwise provided for in the Straight
Preferred Certificate of Designations; and

               (k) to each Investor, a copy of (1) the amended and restated certificate of incorporation of
Parent, as amended by the Parent Charter Amendment, and (2) a copy of the bylaws of Parent (which
shall not have been amended since the date hereof), in each case, as in effect as of the Investment
Closing Date.

          2.5 Investor Deliveries. At the Investment Closing, each Investor (or, in the case of
Section 2.5(b), the Crestview Investor) shall deliver, or cause to be delivered, to Parent:

               (a) payment by such Investor of an amount equal to its Actual Investment Amount by wire
transfer(s) of immediately available funds to a bank account designated by Parent no less than two
Business Days prior to the Investment Closing;

               (b) the Monitoring Agreement, duly executed by the Crestview Investor;

               (c) the Registration Rights Agreement, duly executed by such Investor;

               (d) the Stockholders Agreement, to the extent such Investor is a Parent Significant
Stockholder, duly executed by such Investor; and

               (e) a certificate, dated as of the Investment Closing Date, signed on behalf of such Investor
by an authorized signatory of such Investor, certifying as to the fulfillment of the conditions set
forth in Sections 6.2(a) and (b) by such Investor.

8

 

          2.6 Independent Nature of Investors’ Obligations and Rights. The obligations of each
Investor under this Agreement are several and not joint with the obligations of the other
Investors, and no Investor shall be responsible in any way for the performance of the obligations
of any other Investor under this Agreement. Nothing contained herein, and no action taken by any
Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the
Investors are in any way acting in concert or as a group with respect to such obligations or the
Investment Transactions. Each Investor shall be entitled to independently protect and enforce its
rights, including the rights arising out of this Agreement, and it shall not be necessary for any
other Investor to be joined as an additional party in any proceeding for such purpose.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

          3.1 Representations and Warranties of Parent. Parent hereby represents and warrants
to each Investor as follows:

               (a) Valid Issuance. The Issued Securities to be issued pursuant to this Agreement
will be duly authorized and validly issued and, at the Investment Closing, all such Issued
Securities will be fully paid, nonassessable and free of preemptive rights, with no personal
liability attaching to the ownership thereof, and will be free and clear of all Liens.

               (b) Corporate Existence; Authority; No Violation.

                    (1) Parent is a corporation validly existing under the Laws of the jurisdiction of its
organization. Parent has the corporate power and authority to own or lease all of its properties
and assets and to carry on its business as it is now being conducted.

                    (2) Parent has the corporate power and authority to execute and deliver this Agreement and to
consummate the Investment Transactions. The execution and delivery of this Agreement and the
consummation of the Investment Transactions (other than approval of the New Incentive Plan) have
been duly and validly approved by the Parent Board. The Parent Board has determined that this
Agreement, the Investment Transactions and the Parent Charter Amendment are advisable to and are in
the best interests of Parent and its stockholders and, except for such consents and approvals of
Parent’s stockholders as have been obtained prior to or contemporaneously with the execution of
this Agreement and provided to each Investor, no other corporate proceedings on the part of Parent
are necessary to approve this Agreement and to consummate the Investment Transactions (other than
approval of the New Incentive Plan). This Agreement has been duly and validly executed and
delivered by Parent and (assuming the due authorization, execution and delivery by the Investors)
constitutes the valid and binding obligation of Parent.

9

 

                    (3) Neither the execution and delivery of this Agreement by Parent, nor the consummation of
the Investment Transactions, nor compliance by Parent with any of the terms or provisions of this
Agreement, will violate any provision of the Parent Charter or the Parent Bylaws.

               (c) Parent Reports. Except as would not have a Material Adverse Effect on Parent, (1)
none of the Parent Reports filed by Parent since December 31, 2007, as of the date of such Parent
Report (or, if amended prior to the date hereof, as of the date of the last amendment and filing
thereof), contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements made therein, in the
light of circumstances under which they were made, not misleading and (2) Parent has timely filed
all Parent Reports that were required to be filed by Parent since December 31, 2007 and has
complied as to form in all material respects with the published rules and regulations of the SEC
with respect thereto.

               (d) Debt Financing. Parent has delivered to each Investor true, correct and complete
copies, as of the date of this Agreement, of an executed Debt Commitment Letter to provide, subject
to the terms and conditions therein, Debt Financing. As of the date hereof, the Debt Commitment
Letter has not been amended or modified and the commitment contained in such letter has not been
withdrawn or rescinded in any respect. Parent or Holdco has fully paid or is paying, or has caused
or is causing to be fully paid, substantially contemporaneously with the execution and delivery of
this Agreement, any and all commitment fees or other fees in connection with the Debt Commitment
Letter that are payable on or prior to the date hereof. The net proceeds contemplated by the Debt
Commitment Letter, together with the net proceeds contemplated by the equity commitments of the
Investors hereunder and cash and cash equivalents available to Parent, will, in the aggregate, be
sufficient to consummate the Transactions upon and in accordance with the terms and conditions
contemplated by the Merger Agreement and this Agreement.

          3.2 Representations and Warranties of the Investors. Each Investor, severally and not
jointly, hereby represents and warrants to Parent solely with respect to itself that:

               (a) Organization. Such Investor is duly organized, validly existing and in good
standing under the Laws of the jurisdiction of its organization. Such Investor has corporate or
other power and authority to own or lease all of its properties and assets and to carry on its
business as it is now being conducted.

               (b) Authority; No Violation.

                    (1) Such Investor has the corporate or other power and authority to execute and deliver this
Agreement and to consummate the Investment Transactions. The execution and delivery of this
Agreement by such Investor and the consummation of the Investment Transactions have been duly and
validly approved by the board of directors or other governing body of such Investor and no other
corporate or

10

 

other proceedings on the part of such Investor are necessary to approve this Agreement and to
consummate the Investment Transactions. This Agreement has been duly and validly executed and
delivered by such Investor and (assuming due authorization, execution and delivery by Parent and
the other Investor) constitutes the valid and binding obligations of such Investor.

                    (2) Assuming the truth and accuracy of the representations and warranties of Parent contained
in Section 3.1(b)(3), neither the execution and delivery of this Agreement by such Investor, nor
the consummation of the Investment Transactions, nor compliance by such Investor with any of the
terms or provisions of this Agreement, will violate any provision of the organizational or
governing documents of such Investor.

               (c) Purchase for Investment. Such Investor acknowledges that the Securities have not
been registered under the Securities Act or under any state securities Laws. Such Investor (1) is
acquiring the Securities pursuant to an exemption from registration under the Securities Act with
no present intention to distribute any of the Securities to any Person in violation of the
Securities Act, (2) acknowledges that it shall be prohibited from selling or otherwise disposing of
any of the Securities except in compliance with the registration requirements or exemption
provisions of the Securities Act and any other applicable securities Laws, (3) has such knowledge
and experience in financial and business matters and in investments of this type that it is capable
of evaluating the merits and risks of its investment in the Securities and of making an informed
investment decision and (4) is an “accredited investor” (as that term is defined by Rule 501 of the
Securities Act).

               (d) Financial Capability. With respect to the Crestview Investor: (i) such Investor
has delivered to Parent a true, correct and complete copy, as of the date of this Agreement, of an
executed equity commitment letter from the Crestview Funds (the “Crestview Equity Commitment
Letter”), pursuant to which the Crestview Funds have committed, subject to the terms and
conditions therein, to invest the cash amounts set forth therein (the “Crestview Investment
Commitment”); and (ii) as of the date of this Agreement, the Crestview Equity Commitment Letter
has not been amended or modified and the Crestview Investment Commitment contained in such letter
has not been withdrawn or rescinded in any respect.

               (e) Non-U.S. Person Status. The Crestview Investor represents and warrants that it is
not a Non-U.S. Person. The UBS Investor represents and warrants that it is a Non-U.S. Person. The
Macquarie Investor represents and warrants that it is a Non-U.S. Person.

ARTICLE IV

COVENANTS

          4.1 Conduct of Business Prior to the Investment Closing. During the period from the
Cadet Signing Date to the Investment Closing, except as expressly contemplated or permitted by this
Agreement or a provision of Section 5.3 of the Parent

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Disclosure Letter delivered pursuant to the Merger Agreement, Parent will, and will cause each
of the Parent Subsidiaries to, (a) use commercially reasonable efforts to maintain and preserve in
all material respects intact its business organization, Employees and advantageous business
relationships and retain the services of its key officers and key Employees and (b) use reasonable
best efforts to comply in all material respects with the Communications Act and FCC Regulations in
the operation of its businesses regulated by the FCC.

          4.2 Parent Forbearances. During the period from the Cadet Signing Date to the
Investment Closing, except as expressly contemplated or permitted by this Agreement or Section 5.3
of the Parent Disclosure Letter delivered pursuant to the Merger Agreement, Parent will not, and
Parent will not permit any of the Parent Subsidiaries to, without the prior written consent of each
of the Investors (each in its reasonable discretion), take any of the actions set forth in Sections
5.3(a) through (i) of the Merger Agreement.

          4.3 Regulatory Matters; Third Party Consents.

               (a) Parent will promptly prepare and file with the SEC the Joint Proxy/Information Statement
and Parent will promptly prepare and file with the SEC the Form S-4 in which the Joint
Proxy/Information Statement will be included as a prospectus. Parent will use its commercially
reasonable efforts to have the Form S-4 declared effective under the Securities Act as promptly as
practicable after such filing, and thereafter mail or deliver the Joint Proxy/Information Statement
to its respective stockholders.

               (b) Parent, on the one hand, and each Investor, on the other hand, will cooperate with each
other and use their respective commercially reasonable efforts to promptly prepare and file, or
cooperate in the filing of, all necessary documentation, including all applications, notices,
reports and petitions, to obtain as promptly as practicable all permits, consents, approvals and
authorizations of all third parties and Governmental Entities that are necessary or advisable to
consummate the Merger Agreement and the Investment Transactions and to comply in all material
respects with the terms and conditions of all such permits, consents, approvals and authorizations
of all such Governmental Entities. Parent, on the one hand, and each Investor, on the other hand,
will have the right to review in advance, and, to the extent practicable, each will consult the
other on, in each case subject to applicable Laws relating to the exchange of information, all the
information relating to Parent or such Investor, as the case may be, and any of their respective
Subsidiaries, which appear in any filing made with, or written materials submitted to, any third
party or any Governmental Entity in connection with the Merger Agreement or the Investment
Transactions. In exercising the foregoing right, Parent, on the one hand, and each Investor, on
the other hand, will act reasonably and as promptly as practicable. Parent, on the one hand, and
each Investor, on the other hand, will consult with each other with respect to the efforts to
obtain all permits, consents, approvals and authorizations of all third parties and Governmental
Entities necessary or advisable to consummate the

12

 

Merger Agreement and the Investment Transactions, and each party will keep the other apprised
of the status of those efforts.

               (c) Parent, on the one hand, and each Investor, on the other hand, will, upon request, furnish
to the other Parties all information concerning itself, its Subsidiaries, directors, officers and
stockholders and such other matters as may be reasonably necessary or advisable in connection with
the Joint Proxy/Information Statement, the Form S-4 or any other statement, filing, notice or
application made by or on behalf of Parent, such Investor or any of their respective Subsidiaries
to any Governmental Entity in connection with the Investment Transactions. Parent shall promptly
notify each Investor of the receipt of any comments of the SEC staff with respect to the Joint
Proxy/Information Statement and of any requests by the SEC for any amendment or supplement thereto
or for additional information and shall provide to such Investor, as promptly as reasonably
practicable, copies of all written correspondence between Parent or any of its Representatives and
the SEC with respect to the Joint Proxy/Information Statement. If comments are received from the
SEC staff with respect to the preliminary Proxy Statement, Parent shall use its commercially
reasonable efforts to respond as promptly as reasonably practicable to such comments. Parent shall
provide each Investor and its legal counsel with a reasonable opportunity to review any amendment
or supplement to each of the preliminary and the definitive Joint Proxy/Information Statement prior
to filing with the SEC and shall cooperate with each Investor with respect to additions, deletions
or changes suggested by such Investor in connection therewith. Each Investor shall promptly
provide Parent with such information as may be required to be included in the Joint
Proxy/Information Statement or as may be reasonably required to respond to any comment of the SEC
staff.

               (d) Parent, on the one hand, and each Investor, on the other hand, will promptly advise the
other Parties upon receiving any communication from any Governmental Entity relating to any consent
or approval which is required for consummation of the Merger Agreement or the Investment
Transactions, including the Merger Closing Conditions.

               (e) Each Investor will promptly take all commercially reasonable actions necessary (1) to
secure the Investment HSR Clearance and/or to resolve any objections asserted by any Governmental
Entity with respect to the Investment Transactions under any antitrust Law and (2) to prevent the
entry of, and to have vacated, lifted, reversed or overturned, any decree, judgment, Injunction or
other order that would prevent, prohibit, restrict or delay the consummation of the Investment
Transactions; provided, that no Investor shall be required by this Section 4.3(e) to take or agree
to undertake any action, including entering into any consent decree, hold separate order or other
arrangement, that would, in the reasonable judgment of such Investor, materially impact the value
or benefits to such Investor of the transactions contemplated hereby (whether by reason of impact
on such Investor’s existing business or assets or on Parent’s business or assets).

               (f) Parent, on the one hand, and each Investor, on the other hand, will (A) diligently take,
or cooperate in the taking of, all necessary, desirable,

13

 

proper and commercially reasonable actions, and provide any additional information, reasonably
required or requested by the FCC with respect to the FCC Applications, (B) keep the other informed
of any material communications (including any meeting, conference or telephonic call) and will
provide the other copies of all correspondence, including electronic correspondence, between it (or
its advisors) and the FCC with respect to the FCC Applications, (C) permit the other to review any
material communication relating to the FCC Applications to be given by it to the FCC, (D) use
reasonable efforts to notify the other in the event it becomes aware of any other facts, actions,
communications or occurrences that might directly or indirectly adversely affect the FCC’s timely
approval of the FCC Applications; (E) cooperate in the preparation and filing of oppositions to any
petitions to deny or other objections filed with respect to the FCC Applications and any requests
for reconsideration or judicial review of the Initial Order, and (F) not take any action that would
reasonably be expected to materially delay, materially impede or prevent receipt of approval of the
Initial Order. Parent shall be permitted to execute or agree (orally or otherwise) to any
settlements, undertakings, consent decrees, stipulations or other agreements in respect of any
Investor or any FCC Application without such Investor’s prior written consent (not to be
unreasonably withheld); provided, that prior written consent of such Investor to any such
settlement, undertaking, consent decree, stipulation or other agreement shall be required to the
extent that such settlement, undertaking, consent decree, stipulation or other agreement would
reasonably be expected to materially and adversely diminish the benefits expected to be derived by
such Investor from the transactions contemplated hereby (whether by reason of impact on such
Investor’s existing businesses or assets or on Parent’s business or assets).

          4.4 Access to Information.

               (a) Upon reasonable notice and subject to applicable Laws relating to the exchange of
information, Parent will, and will cause each of its Subsidiaries to, afford to each Investor and
its Representatives, reasonable access, during normal business hours during the period prior to the
Investment Closing Date, to all its personnel, properties, books, Contracts, commitments and
records, and, during such period, the Parties will, and will cause its Subsidiaries to, make
available to the other party (1) a copy of each report, schedule, registration statement and other
document filed or received by it during such period pursuant to the requirements of federal or
state securities Laws (other than reports or documents that such party is not permitted to disclose
under applicable Law) and (2) all other information concerning its business, properties and
personnel as the other may reasonably request. Neither Parent nor any of its Subsidiaries will be
required to provide access to or to disclose information where such access or disclosure would
jeopardize the attorney-client privilege of Parent or its Subsidiaries or contravene any Law, rule,
regulation, order, judgment, decree, fiduciary duty or binding agreement entered into prior to the
date of this Agreement. The Parties will make appropriate substitute disclosure arrangements under
circumstances in which the restrictions of the preceding sentence apply. In addition to the
foregoing, from the period beginning immediately after the receipt of Investment HSR Clearance
until the Investment Closing Date, Parent will use its reasonable best efforts to (A) afford each
Investor and its authorized Representatives full and free access, during regular business

14

 

hours, to Parent’s personnel and allow such Investor to hold meetings with such personnel; (B)
afford each Investor the right to visit and inspect Parent’s properties; and (C) provide each
Investor with copies of Parent’s weekly pacing reports and monthly P&L reports on a market basis
and any other reports reasonably requested by such Investor.

               (b) From and after the Investment Closing Date, each Party shall, and shall cause its
Affiliates and Representatives to, treat all materials and information provided pursuant to this
Agreement as confidential. Notwithstanding the foregoing, the restrictions set forth in this
Section 4.4(b) shall not apply to the extent that any Person otherwise restricted hereunder can
demonstrate that the applicable information (1) was acquired on a non-confidential basis by such
Person, (2) is in the public domain through no fault of such Person or any of its Affiliates or
Representatives or (3) is required to be disclosed by applicable Law (whether by deposition,
interrogatory, request for documents, subpoena, civil investigative demand or similar process)
after providing prompt written notice of such request to the extent practical and permitted so that
the other Party may seek an appropriate protective order or other appropriate remedy.

               (c) No investigation by any Party or its Representatives will affect the representations and
warranties of any Party set forth in this Agreement.

          4.5 Advice of Changes. Parent and each Investor will promptly advise the other
Parties of any change or event (a) having, or that would be reasonably likely to have, individually
or in the aggregate, a Material Adverse Effect on Parent or materially adversely affect such
Investor’s ability to consummate the Investment Transactions, as the case may be or (b) that it
believes would, or would be reasonably likely to, cause or constitute a material breach of any of
its representations, warranties or covenants contained in this Agreement, except that (1) no such
notification will affect the representations, warranties or covenants of the Parties (or remedies
with respect thereto) or the conditions to the obligations of the Parties under this Agreement and
(2) a failure to comply with this Section 4.5 will not constitute the failure of any condition set
forth in Article VI to be satisfied unless the underlying effect or material breach would
independently result in the failure of a condition set forth in Article VI to be satisfied.

ARTICLE V

ADDITIONAL AGREEMENTS

          5.1 Cumulus Media Partners. Parent shall use commercially reasonable efforts to, on
or before the Investment Closing Date, consummate the transactions contemplated by that certain
Exchange Agreement, dated as of January 31, 2011, by and among Parent, The Blackstone Group and the
other parties signatory thereto (the “Exchange Agreement”) and shall make all necessary
consents, approvals and filings contemplated therein. Parent will promptly advise the Investors
upon receiving any material communication from any Governmental Entity, the consent or approval of
which is required for consummation of the transactions contemplated by the Exchange Agreement.
Without the prior written consent of each Investor (in each case, not to be

15

 

unreasonably withheld), Parent will not effect any material amendment to the terms of the
Exchange Agreement.

          5.2 Certain Transactions. Parent shall not merge or consolidate into, or sell,
transfer or lease all or substantially all of its property or assets to, any other party unless the
successor, transferee or lessee party, as the case may be (if not Parent), expressly assumes the
due and punctual performance and observance of each and every covenant and condition of this
Agreement to be performed and observed by Parent.

          5.3 Nasdaq Stock Market Listing. Parent will use commercially reasonable efforts to
cause the shares of Parent Class A Common Stock to be issued pursuant to this Agreement and the
shares of Parent Class A Common Stock reserved for issuance pursuant to the exercise of the
Investor Warrants or reserved for conversion or exchange of Class B Warrant Shares or conversion of
Parent Series C Preferred, to be approved for listing on the Nasdaq Stock Market, subject to
official notice of issuance, prior to the Investment Closing.

          5.4 Monitoring Fee. At or prior to the Investment Closing, Parent and the Crestview
Investor shall enter into a customary monitoring agreement pursuant to which Parent will pay to an
Affiliate of the Crestview Investor designated by the Crestview Investor a monitoring fee in the
amount set forth on Exhibit F, payable quarterly in arrears, until the fifth
(5th) anniversary of the Investment Closing (the “Monitoring Agreement”).

          5.5 Registration Rights Agreement. Prior to the Investment Closing, each Party shall
negotiate in good faith with the other Parties to enter into, concurrently with the Investment
Closing, the Registration Rights Agreement.

          5.6 Stockholders Agreement. Prior to the Investment Closing, each Party shall
negotiate in good faith with the Parent Significant Stockholders and the other Parties to enter
into, concurrently with the Investment Closing, the Stockholders Agreement.

          5.7 Shareholder Rights Plan. On the Investment Closing Date, the Parent Board shall
adopt a shareholders rights plan substantially upon terms the terms set forth in Exhibit G.

          5.8 Employee Incentive Plan. Parent shall, prior to distribution of the Joint
Proxy/Information Statement to its stockholders, submit to its stockholders, whether at a meeting
or by majority action taken by written consent without a meeting, a proposal to approve a new
employee incentive equity plan substantially upon terms set forth in Exhibit H (the
“New Incentive Plan”), and, contemporaneously with the Investment Closing, shall make the
grant of initial awards thereunder that is described in Exhibit H.

          5.9 Debt Commitments.

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               (a) Parent hereby affirms and agrees that it is bound by the provisions set forth in its Debt
Commitment Letter and that each of the Macquarie Investor and the Crestview Investor, or its
Affiliate, is in accordance with the terms of such Debt Commitment Letter an express third-party
beneficiary thereof, subject to the limitations set forth in such Debt Commitment Letter, and that
the Debt Commitment Letter provides that the Financing Documentation (as defined in the Debt
Commitment Letter) shall contain equivalent provisions upon execution thereof in respect of periods
prior to the Effective Time of the Merger. Parent shall not, without the consent of the Macquarie
Investor or the Crestview Investor, as the case may be, amend or waive such requirement that the
Financing Documentation contain such equivalent third-party beneficiary provisions with respect to
such Investor.

               (b) Parent will use its reasonable best efforts to take, or cause to be taken, all actions and
to do, or cause to be done, all things necessary, proper or advisable to arrange and obtain the
Debt Financing on the terms and conditions described in the Debt Commitment Letters and will not
permit any amendment or modification to be made to, or any waiver of any provision or remedy under,
the Debt Commitment Letters and, to the extent definitive agreements with respect to the Debt
Financing have been entered into, such agreements (but solely with respect to such actions to be
taken prior to the Effective Time of the Merger), without the prior written consent of each
Investor. Without limiting the foregoing, Parent shall use commercially reasonable efforts to
negotiate and enter into definitive agreements with respect to the Debt Commitment Letters on terms
and conditions contained in the Debt Commitment Letters or consistent in all material respects with
the Debt Commitment Letters as promptly as practicable after the date of this Agreement. In the
event that Parent is unable to enter into such definitive agreements, Parent shall cooperate and
consult with the Investors to arrange and obtain alternative debt financing if so elected by any
Party, which will be on terms acceptable to the Investors.

               (c) Parent shall use reasonable best efforts to (1) provide the Investors and their
Representatives with a reasonable opportunity to participate with Parent in all discussions
(including any meeting, conference or telephonic call) with any lender providing a commitment under
a Debt Commitment Letter and (2) consult with the Investors on all definitive agreements with
respect to any Debt Commitment Letter and (3) cooperate with the Investors with respect to
additions, deletions or changes suggested by the Investors in connection therewith.

               (d) The rights and obligations contained in Section 5.9(c)(3) shall not apply to the Macquarie
Investor to the extent (and only to the extent) that such rights or obligations involve actions to
be taken directly in respect of any Affiliate of the Macquarie Investor that is party to a Debt
Commitment Letter, acting in its capacity as a lender. For the avoidance of doubt, this Section
5.9(d) shall not apply to any actions to be taken directly in respect of the lead arranger,
administrative agent or any other lender under the Debt Financing that is not an Affiliate of the
Macquarie Investor.

               (e) The rights and obligations contained in Section 5.9(c)(3) shall not apply to the UBS
Investor to the extent (and only to the extent) that such rights

17

 

or obligations involve actions to be taken directly in respect of any Affiliate of the UBS
Investor that is party to a Debt Commitment Letter, acting in its capacity as a lender. For the
avoidance of doubt, this Section 5.9(e) shall not apply to any actions to be taken directly in
respect of the lead arranger, administrative agent or any other lender under the Debt Financing
that is not an Affiliate of the UBS Investor.

          5.10 Actions under this Agreement and the Merger Agreement. Neither Parent nor any of
its Subsidiaries shall (a) waive compliance with any covenants, agreements or conditions to closing
specified in Article VII of the Merger Agreement (the “Merger Closing Conditions”), (b)
amend or modify the Merger Agreement, (c) terminate the Merger Agreement, (d) agree to set the
Election Deadline on a date that is fewer than ten (10) Business Days preceding the anticipated
Closing Date under the Merger Agreement, or (e) take any other actions with respect to rights and
obligations under the Merger Agreement, unless in the case of (a) through (e) above, such action
has been approved by each Investor; provided, that Parent and its Subsidiaries may, without
the consent of any Investor, extend the End Date to a date that is not later than fifteen (15)
months after the Cadet Signing Date; and, provided further, that if any Investor
is a Withdrawing Investor pursuant to Section 5.11, then any action described in (a) through (e)
above shall require only the approval of the Continuing Investors. In the event that the Merger
Closing Conditions are satisfied or, with consent of each Investor (or the Continuing Investor(s),
as the case may be), validly waived, any Investors that have funded their respective Investment
Amounts or are willing to fund their respective Investment Amounts (each, a “Funding
Investor”) may, with the consent of Parent, terminate the participation in the transaction of
any such other Investor (the “Failing Investor”) if the Failing Investor does not fund its
Investment Amount or asserts in writing its unwillingness to fund its Investment Amount;
provided that such termination shall not affect Parent’s or the Funding Investors’ rights
against such Failing Investor with respect to such failure to fund, including those set forth in
Sections 5.12 and 5.13. Notwithstanding any provisions of this Agreement to the contrary, the
Continuing Investors may replace the Failing Investor’s Investment Amount with the consent of
Parent (such consent not to be unreasonably withheld). If an Investor becomes a Failing Investor,
such Failing Investor shall no longer be entitled to any approval or consent rights under this
Agreement.

          5.11 Withdrawing Investor. If there is a right of an Investor to terminate this
Agreement with respect to itself, or a right of Parent to terminate the Merger Agreement, pursuant
to the terms hereof or thereof, and if such Investor desires to terminate this Agreement with
respect to itself, or an Investor desires that Parent terminate the Merger Agreement, as a result
thereof, such Investor (the “Withdrawing Investor”) shall notify Parent and the other
Investors of such desire. If Parent and the other Investors (each a “Continuing Investor”)
desire to consummate the Investment Transactions without any involvement by the Withdrawing
Investor, then Parent, the Continuing Investors and the Withdrawing Investor shall cooperate in
such reasonable arrangements to permit Parent and the Continuing Investors to proceed with the
Investment Transactions and to terminate any liability or obligation of the Withdrawing Investor
under this Agreement (other than with respect to any breach by the Withdrawing

18

 

Investor of, as applicable, this Agreement, the Crestview Equity Commitment Letter (solely
with respect to the Crestview Investor) and its Sponsor Guarantee prior to the date of the
completion of such arrangements).

          5.12 Contribution With Respect to Sponsor Guarantees. In the event that the Merger
Agreement is terminated, Parent and each of the Investors shall cooperate in defending any claim
that Parent and the Investors are or any one of them is liable to pay the Parent Termination Fee
(or any portion thereof) and/or any amounts pursuant to Section 6.13(d) of the Merger Agreement
(such amounts, the “6.13(d) Expenses”). Subject to Section 5.13 (including, for the
avoidance of doubt, the Investor Liability Cap), in the event that the Merger Agreement is
terminated and any of Parent, the Crestview Investor or the Macquarie Investor has paid the Parent
Termination Fee (or any portion thereof) and/or any 6.13(d) Expenses in excess of such Party’s pro
rata share thereof (based on such Party’s Investment Percentage), each of Parent, the Crestview
Investor and the Macquarie Investor hereby covenants and agrees to contribute to the amount paid by
the other in respect of the Parent Termination Fee and/or the 6.13(d) Expenses so that each of
Parent, the Crestview Investor and the Macquarie Investor will have paid an amount equal to such
Party’s pro rata share thereof (based on such Party’s Investment Percentage).

          5.13 Cross Indemnification.

               (a) In the event that (1) the Merger Agreement is terminated and the Parent Termination Fee
and/or the 6.13(d) Expenses are payable to the Company thereunder and (2) the Crestview Investor’s
breach of its obligations hereunder or under the Crestview Equity Commitment Letter caused the
termination giving rise to such obligation to pay the Parent Termination Fee and/or the 6.13(d)
Expenses, then the Crestview Investor shall indemnify and hold harmless each of Parent and the
Macquarie Investor from and against their respective pro rata shares (based on such Parties’
respective Investment Percentages) of the Parent Termination Fee and/or the 6.13(d) Expenses (the
“Crestview Indemnifiable Losses”). For purposes of this Section 5.13(a), the Crestview
Investor shall not be deemed to be in breach of its obligations hereunder or under the Crestview
Equity Commitment Letter if (A) the conditions set forth in Article VI have been satisfied and (B)
the Crestview Investor certifies in writing to Parent and the Macquarie Investor that it is
prepared and willing to contribute or cause to be contributed its Investment Amount but the
Crestview Investor has not contributed or caused to be contributed its Investment Amount because
the Macquarie Investor or the UBS Investor has refused to contribute or cause to be contributed its
Investment Amount in breach of this Agreement. Notwithstanding anything herein to the contrary, in
no event shall the liability of the Crestview Investor under this Section 5.13(a) exceed the sum of
the pro rata shares (based on Investment Percentages) of the Parent and the Macquarie Investor of
the Parent Termination Fee and Section 6.13(d) Expenses.

               (b) In the event that (1) the Merger Agreement is terminated and the Parent Termination Fee
and/or the 6.13(d) Expenses are payable to the Company thereunder and (2) the Macquarie Investor’s
breach of its obligations hereunder caused the termination giving rise to such obligation to pay
the Parent Termination Fee and/or

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the 6.13(d) Expenses, then the Macquarie Investor shall indemnify and hold harmless each of
Parent and the Crestview Investor from and against Parent’s and the Crestview Investor’s respective
pro rata shares (based on such Parties’ respective Investment Percentages) of the Parent
Termination Fee and/or the 6.13(d) Expenses (the “Macquarie Indemnifiable Losses”). For
purposes of this Section 5.13(b), the Macquarie Investor shall not be deemed to be in breach of its
obligations hereunder if (A) the conditions set forth in Article VI have been satisfied and (B) the
Macquarie Investor certifies in writing to Parent and the Crestview Investor that it is prepared
and willing to contribute or cause to be contributed its Investment Amount but the Macquarie
Investor has not contributed or caused to be contributed its Investment Amount because the
Crestview Investor or the UBS Investor has refused to contribute or cause to be contributed its
Investment Amount in breach of this Agreement or the Crestview Equity Commitment Letter.
Notwithstanding anything herein to the contrary, in no event shall the liability of the Macquarie
Investor under this Section 5.13(b) exceed the sum of the pro rata shares (based on Investment
Percentages) of the Parent and the Crestview Investor of the Parent Termination Fee and Section
6.13(d) Expenses.

               (c) In the event that (1) the Merger Agreement is terminated and the Parent Termination Fee
and/or the 6.13(d) Expenses are payable to the Company thereunder and (2) the UBS Investor’s breach
of its obligations hereunder caused the termination giving rise to such obligation to pay the
Parent Termination Fee and/or the 6.13(d) Expenses, then the UBS Investor shall indemnify and hold
harmless each of Parent, the Crestview Investor and the Macquarie Investor from and against their
respective pro rata shares (based on such Parties’ respective Investment Percentages) of the Parent
Termination Fee and/or the 6.13(d) Expenses (the “UBS Indemnifiable Losses”). For purposes
of this Section 5.13(c), the UBS Investor shall not be deemed to be in breach of its obligations
hereunder if (A) the conditions set forth in Article VI have been satisfied and (B) the UBS
Investor certifies in writing to Parent, the Crestview Investor and the Macquarie Investor that it
is prepared and willing to contribute or cause to be contributed its Investment Amount but the UBS
Investor has not contributed or caused to be contributed its Investment Amount because the
Crestview Investor or the Macquarie Investor has refused to contribute or cause to be contributed
its Investment Amount in breach of this Agreement or the Crestview Equity Commitment Letter.
Notwithstanding anything herein to the contrary, in no event shall the liability of the UBS
Investor under this Section 5.13(c) exceed the sum of the pro rata shares (based on Investment
Percentages) of the Parent, the Crestview Investor and the Macquarie Investor of the Parent
Termination Fee and Section 6.13(d) Expenses.

               (d) In the event that (1) the Merger Agreement is terminated and the Parent Termination Fee
and/or the 6.13(d) Expenses are payable to the Company thereunder and (2) the termination giving
rise to such obligation to pay the Parent Termination Fee and/or the 6.13(d) Expenses was not
caused by (A) the breach of any Investor hereunder or under the Crestview Equity Commitment Letter
(solely with respect to the Crestview Investor) or (B) the failure of any lender to provide the
Debt Financing to Holdco at the Closing in breach of the Debt Commitment Letters or, to the extent
definitive agreements with respect to the Debt Commitment Letters have been

20

 

entered into, such agreements, then Parent shall indemnify and hold harmless each Investor
from and against the Parent Termination Fee and/or the 6.13(d) Expenses.

               (e) Parent agrees that if the Transactions are not consummated due to the failure of any
lender to provide the Debt Financing to Holdco at the Closing in breach of the Debt Commitment
Letters or, to the extent definitive agreements with respect to the Debt Commitment Letters have
been entered into, such agreements, then each of the Crestview Investor and the Macquarie Investor,
or its Affiliate, shall be entitled to bring or maintain any claim, action or proceeding against
any lender in connection with such Debt Financing, subject to the terms and conditions of the Debt
Commitment Letter, for any damages resulting from such breach and shall be entitled to recover (on
a pro rata basis with Parent based on such Investor’s Investment Percentage) any proceeds received
by Parent as a result of any recovery, judgment or damages of any kind against any lender.

               (f) To the extent that the amount paid by either the Crestview Investor or the Macquarie
Investor, as the case may be, pursuant to the Merger Agreement or its Sponsor Guarantee, in respect
of the 6.13(d) Expenses, exceeds such Investor’s pro rata share (based on Investment Percentages)
of $600,000, Parent shall indemnify such Investor for the amount of such excess.

          5.14 Notice of Closing. Parent will use its reasonable best efforts to provide each
Investor with at least fifteen (15) days’ prior notice of the Closing Date under the Merger
Agreement. Any notices or correspondence received by Parent under, in connection with, or related
to the Merger Agreement shall be promptly provided to each Investor in accordance with Section
8.4(a).

          5.15 Macquarie Investor Syndication. Prior to the Investment Closing, the Macquarie
Investor shall have the opportunity to sell or assign to third parties up to the full amount of the
Syndication Portion of the Macquarie Investor’s aggregate Investment Amount (the “Macquarie
Investor Syndication”) and Parent agrees, at Macquarie Investor’s request, to sell any of the
Macquarie Investor’s Investment Amount sold or assigned in the Macquarie Investor Syndication
directly to such assignees; provided, that (a) no such assignment or purchase will relieve
the Macquarie Investor of its obligations hereunder; (b) any such purchaser or assignee will not be
entitled to purchase Parent Straight Preferred and instead will only be entitled to purchase shares
of Parent Class A Common Stock (if not a Non-U.S. Person), Parent Series C Preferred or, if a
Non-U.S. Person, Class B Warrants, and (c) the Macquarie Investor will not be permitted to so
syndicate to a single transferee (or one or more transferees with the same “ultimate parent entity”
for HSR Clearance purposes) an amount of Parent securities that would require such assignee to
obtain HSR Clearance in respect of such purchase of Parent securities, or that would require that
such transferee be named in the FCC Applications, or that would involve such purchaser, assignee or
its Affiliates acquiring more than 4.99% of the outstanding voting securities of Parent for
purposes of the Communications Act or FCC Regulations (it being understood that such assignee or
its Affiliates may acquire Class B Warrants exercisable for shares of Parent Class B Common Stock
above such 4.99% limitation). The price per share of Parent Class A

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Common Stock, Class B Warrants, or Parent Series C Preferred, syndicated by the Macquarie
Investor, and the other terms and conditions of such sale, shall be set by the Macquarie Investor
in its discretion and may vary from buyer to buyer, so long as Parent receives at the Investment
Closing $4.34 per share of Parent Class A Common Stock, or Class B Warrant Share, or share of
Parent Common Stock into which the Parent Series C Preferred is convertible (including Class B
Warrants if Parent Series C Preferred is exchanged for Class B Warrants), so syndicated by the
Macquarie Investor. Parent will use commercially reasonable efforts to provide to the Macquarie
Investor, and will cause its Subsidiaries to use commercially reasonable efforts to provide, at
Parent’s cost and expense as provided in Section 8.2, and will use commercially reasonable efforts
to cause its Representatives to provide, all cooperation reasonably requested by the Macquarie
Investor that is customary and reasonably necessary in connection with arrangement of the
Macquarie Investor Syndication and causing the conditions in this Agreement to be satisfied,
including (1) assisting with the preparation of offering and syndication documents and materials,
including prospectuses, private placement memoranda, information memoranda and packages, investor
presentations, and similar documents and materials, in connection with the Macquarie Investor
Syndication, and providing reasonable and customary authorization letters to the Macquarie Investor
authorizing the distribution of information to prospective investors and containing customary
information (all such documents and materials, collectively, the “Offering Documents”), (2)
participating in a reasonable number of meetings, due diligence sessions and drafting sessions in
connection with the Macquarie Investor Syndication, including direct contact between senior
management and Representatives of Parent and its Subsidiaries and the Macquarie Investor and
potential investors in the Macquarie Investor Syndication, (3) requesting Parent’s independent
auditors to cooperate with the Macquarie Investor’s commercially reasonable efforts to obtain
accountant’s comfort letters and consents from Parent’s independent auditors, (4) assisting in the
preparation of definitive Offering Documents, including underwriting or securities purchase
documents and other certificates and documents as may be requested by the Macquarie Investor,
including a securities purchase agreement directly between the Macquarie Investor’s assignees in
the Macquarie Investor Syndication containing representations, warranties, covenants, closing
conditions, closing deliverables and indemnification provisions no greater than that set forth in
this Agreement with respect to Parent and the Macquarie Investor (for the avoidance of doubt, if
Parent and the Macquarie Investor, each acting in its reasonable discretion, or the potential
Macquarie Investor assignees, are unable to agree upon the terms of such agreement, the Macquarie
Investor shall not be relieved of its commitment under this Agreement unless (i) the proposed terms
of such agreement are as provided above and the Parent is unwilling to enter into such agreement,
(ii) the Parent has breached its obligations hereunder or (iii) the other terms and conditions of
this Agreement are not satisfied or waived as provided herein, in any such case, such that the
closing conditions set forth in Sections 6.1 and 6.3 are not met), and (5) facilitating the
evaluation by potential investors in the Macquarie Investor Syndication, including taking
commercially reasonable actions necessary to permit such potential investors to evaluate Parent’s
and its Subsidiaries’ real property and current assets, cash management and accounting systems,
policies and procedures. In connection
 with the foregoing, Parent will file with the SEC all
Parent Reports for the annual and quarterly fiscal periods

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ending on and after December 31, 2010 as soon as practicable but in any event not later than
(A) ninety (90) days following the end of Parent’s fiscal year, in the case of annual reports on
Form 10-K and (B) forty-five (45) days following the end of each fiscal quarter of the Parent, in
the case of quarterly reports on Form 10-Q, all of which such Parent Reports will be Compliant.
Parent hereby consents to the use of Parent Subsidiaries’ logos in connection with the Macquarie
Investor Syndication; provided, however, that such logos are used solely in a manner that is not
intended, or reasonably likely, to harm or disparage Parent or any Parent Subsidiary or the
reputation or goodwill of Parent or any Parent Subsidiary. In addition, promptly following the date
hereof, Parent shall engage Macquarie Capital (USA) Inc. (“Macquarie Capital”), for no
consideration or payment of any kind (exclusive of any payment that might be made pursuant to the
indemnification provisions thereof), to act as exclusive placement agent in respect of the Parent
Class A Common Stock, Class B Warrants and Parent Series C Preferred to be placed out of the
Syndication Portion. Such engagement shall be on customary terms for such transactions at such
time, including, as applicable, representations, warranties, covenants, conditions and indemnities;
provided, that no consideration or payment of any kind (exclusive of any payment that might
be made pursuant to the indemnification provisions thereof) shall be paid in connection therewith.

          5.16 UBS Investor Syndication. Prior to the Investment Closing, the UBS Investor
shall have the opportunity to sell or assign to third parties up to the full amount of the UBS
Investor’s Investment Amount (the “UBS Investor Syndication”) and Parent agrees to sell any
of the UBS Investor’s Investment Amount sold or assigned in the UBS Investor Syndication directly
to such assignees; provided, that (a) no such assignment or purchase will relieve the UBS
Investor of its obligations hereunder; (b) any such purchaser or assignee will only be entitled to
purchase shares of Parent Class A Common Stock (if not a Non-U.S. Person) or, if a Non-U.S. Person,
Class B Warrants, and (c) the UBS Investor will not be permitted to so syndicate to a single
transferee (or one or more transferees with the same “ultimate parent entity” for HSR Clearance
purposes) an amount of Parent securities that would require such assignee to obtain HSR Clearance
in respect of such purchase of Parent securities, or that would require that such transferee be
named in the FCC Applications, or that would involve such purchaser, assignee or its Affiliates
acquiring more than 4.99% of the outstanding voting securities of Parent for purposes of the
Communications Act or FCC Regulations (it being understood that such assignee or its Affiliates may
acquire Class B Warrants exercisable for shares of Parent Class B Common Stock above such 4.99%
limitation). The price per share of Parent Class A Common Stock or Class B Warrants syndicated by
the UBS Investor, and the other terms and conditions of such sale, shall be set by the UBS Investor
in its discretion and may vary from buyer to buyer, so long as Parent receives at the Investment
Closing $4.34 per share of Parent Class A Common Stock or Class B Warrant Share so syndicated by
the UBS Investor. Parent will use commercially reasonable efforts to provide to the UBS Investor,
and will cause its Subsidiaries to use commercially reasonable efforts to provide, at Parent’s cost
and expense as provided in Section 8.2, and will use commercially reasonable efforts to cause its
Representatives to provide, all cooperation reasonably requested by the UBS Investor that is
customary and reasonably necessary in connection with arrangement of the UBS Investor Syndication
and causing

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the conditions in this Agreement to be satisfied, including (1) assisting with the preparation
of offering and syndication documents and materials, including prospectuses, private placement
memoranda, information memoranda and packages, investor presentations, and similar documents and
materials, in connection with the UBS Investor Syndication, and providing reasonable and customary
authorization letters to the UBS Investor authorizing the distribution of information to
prospective investors and containing customary information (all such documents and materials,
collectively, the “UBS Offering Documents”), (2) participating in a reasonable number of
meetings, due diligence sessions and drafting sessions in connection with the UBS Investor
Syndication, including direct contact between senior management and Representatives of Parent and
its Subsidiaries and the UBS Investor and potential investors in the UBS Investor Syndication, (3)
requesting Parent’s independent auditors to cooperate with the UBS Investor’s commercially
reasonable efforts to obtain accountant’s comfort letters, (4) assisting in the preparation of
definitive UBS Offering Documents, including underwriting or securities purchase documents and
other certificates and documents as may be requested by the UBS Investor, including a securities
purchase agreement directly between the UBS Investor’s assignees in the UBS Investor Syndication
containing representations, warranties, covenants, closing conditions, closing deliverables and
indemnification provisions no greater than that set forth in this Agreement with respect to Parent
and the UBS Investor (for the avoidance of doubt, if Parent and the UBS Investor, each acting in
its reasonable discretion, or the potential UBS Investor assignees, are unable to agree upon the
terms of such agreement, the UBS Investor shall not be relieved of its commitment under this
Agreement unless (i) the proposed terms of such agreement are as provided above and the Parent is
unwilling to enter into such agreement, (ii) the Parent has breached its obligations hereunder or
(iii) the other terms and conditions of this Agreement are not satisfied or waived as provided
herein, in any such case, such that the closing conditions set forth in Sections 6.1 and 6.3 are
not met), and (5) facilitating the evaluation by potential investors in the UBS Investor
Syndication, including taking commercially reasonable actions necessary to permit such potential
investors to evaluate Parent’s and its Subsidiaries’ real property and current assets, cash
management and accounting systems, policies and procedures. In connection with the foregoing,
Parent will file with the SEC all Parent Reports for the annual and quarterly fiscal periods ending
on and after December 31, 2010 as soon as practicable but in any event not later than (A) ninety
(90) days following the end of Parent’s fiscal year, in the case of annual reports on Form 10-K and
(B) forty-five (45) days following the end of each fiscal quarter of the Parent, in the case of
quarterly reports on Form 10-Q, all of which such Parent Reports will be Compliant. Parent hereby
consents to the use of Parent Subsidiaries’ logos in connection with the UBS Investor Syndication;
provided, however, that such logos are used solely in a manner that is not intended, or reasonably
likely, to harm or disparage Parent or any Parent Subsidiary or the reputation or goodwill of
Parent or any Parent Subsidiary. In addition, Parent hereby engages the UBS Investor, for no
additional consideration or payment of any kind (exclusive of any payment that might be made
pursuant to the indemnification provisions thereof), to act as exclusive placement agent in respect
of the Parent Class A Common Stock and Class B Warrants to be placed in the UBS Investor
Syndication.

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          5.17 Termination Fee. Parent affirms and agrees that any Termination Fee under the
Merger Agreement and any amounts payable pursuant to Section 8.2(c) of the Merger Agreement
received by Parent, will, in accordance with the terms of the “Bank and Bridge Facilities Fee
Letter” dated the Cadet Signing Date, first be shared ratably among Parent, the Crestview Investor,
the Macquarie Investor and the lenders under the Debt Commitment Letters to reimburse their
respective reasonable and documented expenses in connection with the transactions contemplated by
this Agreement and the Merger Agreement and, after payment of such expenses, will be shared pro
rata among Parent, the Crestview Investor and the Macquarie Investor based on each such Party’s
respective Investment Percentage (but adjusted taking into account the foregoing expense
reimbursement of the Parties so that, in total, each such Party receives its pro rata share based
upon its respective Investment Percentage of total amounts received by such Parties hereunder) (and
Parent will direct the Company to pay to each such Investor directly such Investor’s pro rata
portion of the Termination Fee and any amounts payable pursuant to Section 8.2(c) of the Merger
Agreement to be received by such Investor in accordance with the foregoing), except that any
Failing Investor or Withdrawn Investor shall not share in any portion of the Termination Fee or any
amounts payable pursuant to Section 8.2(c) of the Merger Agreement, and any such Failing Investor’s
or Withdrawn Investor’s share shall be apportioned between Parent, on the one hand, and the
Crestview Investor (if the Macquarie Investor is the Failing Investor or Withdrawn Investor) or the
Macquarie Investor (if the Crestview Investor is the Failing Investor or Withdrawn Investor), as
the case may be, on the other, as provided in this sentence.

ARTICLE VI

INVESTMENT CLOSING CONDITIONS

          6.1 Conditions of Each Party to Investment Closing. The obligations of each Party to
effect the Investment Closing will be subject to the satisfaction, or waiver by such Party, at or
prior to the Investment Closing of the following conditions:

               (a) Investment HSR Clearance. Investment HSR Clearance shall have been obtained.

               (b) FCC. The Initial Order shall have been obtained.

               (c) No Injunctions or Restraints; Illegality. No Injunction preventing the
consummation of the Investment Transactions shall be in effect. No statute, rule, regulation,
order, Injunction or decree shall have been enacted, entered, promulgated or enforced by any
Governmental Entity that prohibits or makes illegal consummation of the Investment Transactions.

               (d) Merger Transaction. All Merger Closing Conditions shall have been satisfied or
waived (subject to Section 5.10), and the Closing shall occur concurrently with the Investment
Closing. For the avoidance of doubt, a determination of the satisfaction of, or waiver by, any
Party of the Merger Closing Conditions in

25

 

accordance with this Section 6.1(d) shall not be deemed to constitute a determination of the
satisfaction or waiver of such conditions by any other Party.

          6.2 Conditions of Parent to Investment Closing. The obligation of Parent to effect
the Investment Closing with respect to each Investor is also subject to the satisfaction, or waiver
by Parent, at or prior to the Investment Closing, of the following conditions:

               (a) Representations. The representations and warranties of such Investor set forth in
this Agreement shall be true and correct as of the date of this Agreement and as of the Investment
Closing Date as though made on and as of the Investment Closing Date (except that representations
and warranties that by their terms speak specifically as of the date of this Agreement or another
date will be true and correct as of such date); provided, that this condition shall be
deemed satisfied unless all inaccuracies in such representations and warranties in the aggregate
would have a material adverse effect on the ability of such Investor to consummate the Investment
Transactions at the Investment Closing Date (ignoring solely for purposes of this proviso any
reference to materiality qualifiers contained in such representations and warranties), and Parent
shall have received a certificate signed on behalf of such Investor by an authorized signatory of
such Investor to the foregoing effect.

               (b) Performance of Obligations of such Investor. Such Investor shall have performed
in all material respects all obligations required to be performed by it under this Agreement at or
prior to the Investment Closing Date, and Parent shall have received a certificate signed on behalf
of such Investor by an authorized signatory of such Investor to such effect.

               (c) Investor Closing Deliverables. Such Investor shall have delivered, or caused to
be delivered, to Parent the items set forth in Section 2.5 applicable to it.

          6.3 Conditions of Each Investor to the Investment Closing. The obligation of each
Investor to effect the Investment Closing is also subject to the satisfaction or waiver by such
Investor at or prior to the Investment Closing of the following conditions:

               (a) Representations. The representations and warranties of Parent set forth in
Section 3.1 (other than the representations and warranties set forth in Section 3.1(c)) shall be
true and correct in all material respects as of the date of this Agreement and as of the Investment
Closing Date as though made on and as of the Investment Closing Date (except that representations
and warranties that by their terms speak specifically as of the date of this Agreement or another
date will be true and correct in all material respects as of such date), and each Investor shall
have received a certificate signed on behalf of Parent by the Chief Executive Officer or the Chief
Financial Officer of Parent to the foregoing effect. For the avoidance of doubt, it shall not be a
condition to the Investors’ obligations under this Agreement that the representations and
warranties of Parent made in Section 3.1(c) be true and correct, either as of the date of this
Agreement

26

 

or as of the Investment Closing Date, and the Investors’ sole remedy in respect thereof shall
be as provided in Section 8.1.

               (b) Performance of Obligations of Parent. Parent shall have performed in all material
respects all obligations required to be performed by it under this Agreement at or prior to the
Investment Closing Date, and each Investor shall have received a certificate signed on behalf of
Parent by the Chief Executive Officer or the Chief Financial Officer of Parent to such effect.

               (c) Parent Closing Deliverables. Parent shall have delivered, or caused to be
delivered, to each Investor the items set forth in Section 2.4.

               (d) Financing. Parent or Holdco shall have received (simultaneously with the
Investment Closing) the proceeds of (1) the Debt Financing and (2) the other Investors’ Investment
Amounts; provided, that if the only condition to funding the Debt Financing and/or the
other Investors’ Investment Amounts that is not satisfied at the Investment Closing is the
contribution of the Investment Amount to Parent by such Investor, then the conditions described in
clauses (1) and (2) in this Section 6.3(d) shall be deemed satisfied or waived.

ARTICLE VII

TERMINATION

          7.1 Termination. This Agreement may be terminated prior to the Investment Closing
with respect to the applicable Parties as follows:

               (a) by mutual written agreement of Parent and one (1) or more Investors, which termination
shall be effective as between or among Parent and such Investor(s);

               (b) by any Party with respect to itself, upon written notice to the other Parties, if the
Investment Closing shall not have occurred on or prior to the End Date (as the End Date may be
extended in accordance with Section 8.1(b)(i) of the Merger Agreement and Section 5.10 of this
Agreement), which termination shall be effective with respect to such Party;

               (c) by any Party with respect to itself, upon written notice to the other Parties, if any
Governmental Entity of competent jurisdiction will have enacted or issued any final and
non-appealable Law or order or taken any other final and non-appealable action enjoining or
otherwise prohibiting consummation of the Investment Transactions, which termination shall be
effective with respect to such Party; provided that the Party seeking to terminate this
Agreement pursuant to this Section 7.1(c) has complied with its obligations under Section 4.3;

               (d) by any Party, upon written notice to the other Parties, if the Merger Agreement shall have
been terminated, which termination shall be effective as among all Parties;

27

 

               (e) by any Investor with respect to itself, upon a breach of any covenant or agreement on the
part of Parent, or any failure of any representation or warranty of Parent to be true and accurate,
in any case such that a condition set forth in Section 6.3(a) or (b) would not be satisfied and
such breach or failure is incapable of being cured, or if capable of being cured, will not have
been cured within thirty (30) days following receipt by Parent of written notice of such breach or
failure (or, if earlier, the End Date), which termination shall be effective as between such
Investor and Parent; or

               (f) by Parent, with respect to any Investor, upon a breach of any covenant or agreement on the
part of such Investor, or any failure of any representation or warranty of such Investor to be true
and accurate, in any case such that a condition set forth in Section 6.2(a) or (b) would not be
satisfied and such breach or failure is incapable of being cured, or if capable of being cured,
will not have been cured within thirty (30) days following receipt by such Investor of written
notice of such breach or failure (or, if earlier, the End Date), which termination shall be
effective as between Parent and such Investor; provided, however, that the right to
terminate this Agreement under this Section 7.1(f) will not be available to Parent if it is then in
breach of any representation or warranty or covenant that would result in the closing condition set
forth in Section 6.3(a) or Section 6.3(b) not being satisfied.

          7.2 Effects of Termination. In the event of any termination of this Agreement as
provided in Section 7.1, this Agreement (other than Section 5.12, 5.13, 5.17, this Section 7.2 and
Article VIII, which shall remain in full force and effect) shall forthwith become wholly void and
of no further force and effect with respect to Parent and the applicable Investor(s);
provided, that nothing herein shall relieve any Party from liability for intentional breach
of this Agreement.

ARTICLE VIII

MISCELLANEOUS

          8.1 Survival of Representations, Warranties and Covenants; Indemnification.

          (a) None of the representations, warranties and covenants set forth in this Agreement or in
any instrument delivered pursuant to this Agreement will survive the Investment Closing Date,
except for those covenants and agreements contained in this Agreement that by their terms apply or
are to be performed in whole or in part after the Investment Closing Date. Notwithstanding the
foregoing, the representations and warranties of Parent set forth in Section 3.1(c) shall survive
the Investment Closing until the date that is nine (9) months after the Investment Closing and,
notwithstanding any provision of Law or this Agreement to the contrary, the Investors’ sole
recourse in respect of such representations and warranties shall be the right, but only if the
Investment Closing first occurs, to indemnification pursuant to Section 8.1(b).

          (b) Parent hereby covenants and agrees to indemnify each Investor and any Investor Party from,
and hold each of them harmless against, any and all

28

 

losses, claims, liabilities, damages and expenses of any kind or nature whatsoever
(collectively, “Losses”), that may be incurred by any of them or asserted against or
involve any of them as a result of, arising out of, or in any way related to any inaccuracy in or
breach of Section 3.1(c). If any Investor shall deliver a notice of a claim for indemnification
under this Section 8.1(b) prior to the date which is nine (9) months after the Investment Closing,
then the obligation to indemnify in respect of such inaccuracy or breach shall survive as to such
claim, until such claim has been finally resolved.

          8.2 Expenses. Subject to Section 5.17, each of the Parties shall bear and pay all
other costs and expenses incurred by it or on its behalf in connection with the transactions
contemplated pursuant to this Agreement, except that the fees required for the filing of the
Notification and Report Form pursuant to the HSR Act by any Investor shall be borne one-half (1/2)
by Parent and one-half (1/2) by such Investor. Notwithstanding the foregoing but without limiting
Section 5.17, contemporaneously with the Investment Closing, Parent shall reimburse each Investor
for all reasonable out-of-pocket fees and expenses, including reasonable fees and expenses of such
Investor’s counsel and advisors, incurred by such Investor in connection with the Investment
Transactions.

          8.3 Post-Closing Third-Party Claims. If the Investment Closing occurs, Parent will
indemnify, defend and hold the Investors and the Investor Parties harmless from all Losses arising
out of or related to claims, litigation, proceedings or investigations (“Claims”)
(including derivative proceedings and third party Claims) arising out of or related to this
Agreement or the Merger Agreement or the transactions contemplated hereby or thereby (including the
Merger, the Debt Financing, or the transactions contemplated by this Agreement), excluding any
Losses resulting from the gross negligence or willful misconduct of an indemnified party.

          8.4 Notices. All notices and other communications in connection with this Agreement
will be in writing and will be deemed given if delivered personally, sent via facsimile (with
confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an
express courier (with confirmation) to the Parties at the following addresses (or at such other
address for a Party as will be specified by like notice):

               (a) If to any Investor, to such address as is set forth on Annex B opposite such
Investor’s name.

               (b) If to Parent:

Cumulus Media Inc.

3280 Peachtree Road, N.W.

Suite 2300

Atlanta, Georgia 30305

Attention: Richard S. Denning

Fax: (404) 949-0740

29

 

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

Jones Day

1420 Peachtree Street, N.E.

Suite 800

Atlanta, Georgia 30309-3053

Attention: John E. Zamer

David Phillips

Fax: (404) 581-8330

          8.5 Counterparts. This Agreement may be executed in two or more counterparts, all of
which will be considered one and the same agreement and will become effective when counterparts
have been signed by each of the Parties and delivered to the other Party, it being understood that
each Party need not sign the same counterpart.

          8.6 Entire Agreement. This Agreement (including the documents and the instruments
referred to in this Agreement, including the Merger Agreement), together with the Crestview Equity
Commitment Letter (solely with respect to the Crestview Investor) and the Sponsor Guarantees, each
dated as of the Cadet Signing Date, and the separate fee letter, in the form provided to the other
Investors, between the UBS Investor and Parent of even date herewith (solely with respect to the
UBS Investor), (a) constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the Parties with respect to the subject matter of this
Agreement, and (b) are not intended to confer on any Person other than the Parties and their
respective successors and permitted assigns any rights or remedies hereunder. Each Party affirms
to the other Parties that, except for this Agreement and the further agreements and instruments
referred to in this Agreement, except for that certain letter agreement, dated as of the Cadet
Signing Date, in the form attached hereto as Exhibit J, and the separate fee letter between
the UBS Investor and Parent of even date herewith, there are no other agreements between or among
any of the other Parties relating to the subject matter hereof.

          8.7 Governing Law. This Agreement will be governed and construed in accordance with
the internal Laws of the State of Delaware applicable to Contracts made and wholly performed within
such state, without regard to any applicable conflict of laws principles.

          8.8 Jurisdiction.

               (a) Each of the Parties hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of the Delaware Court of Chancery (and if jurisdiction in
the Delaware Court of Chancery is unavailable, the Federal courts of the United States of America
sitting in the State of Delaware), and any appellate court from any thereof, in any action or
proceeding, whether in contract or in tort or otherwise, arising out of or relating to this
Agreement or in respect of any oral

30

 

representations made or alleged to be made in connection herewith, or for recognition or
enforcement of any judgment relating thereto, and each of the Parties hereby irrevocably and
unconditionally (1) agrees not to commence any such action or proceeding except in the Delaware
Court of Chancery (and if jurisdiction in the Delaware Court of Chancery is unavailable, the
Federal court of the United States of America sitting in the State of Delaware), (2) agrees that
any claim in respect of any such action or proceeding may be heard and determined in the Delaware
Court of Chancery (and if jurisdiction in the Delaware Court of Chancery is unavailable, the
Federal courts of the United States of America sitting in the State of Delaware), and any appellate
court from any thereof, (3) waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any such action or
proceeding in the Delaware Court of Chancery (and if jurisdiction in the Delaware Court of Chancery
is unavailable, the Federal courts of the United States of America sitting in the State of
Delaware), and (4) waives, to the fullest extent it may legally and effectively do so, the defense
of an inconvenient forum to the maintenance of such action or proceeding in the Delaware Court of
Chancery (and if jurisdiction in the Delaware Court of Chancery is unavailable, the Federal courts
of the United States of America sitting in the State of Delaware). Notwithstanding the foregoing,
each of the Parties agrees that it will not bring or support any action, cause of action, claim,
cross-claim or third-party claim of any kind or description, whether in law or in equity, whether
in contract or in tort or otherwise, against the Financing Sources in any way relating to this
Agreement, including but not limited to any dispute arising out of or relating in any way to the
Debt Commitment Letter or the performance thereof, in any forum other than the Supreme Court of the
State of New York, Borough of Manhattan, or, if under applicable law exclusive jurisdiction is
vested in the Federal courts of the State of New York (and appellate courts thereof). Each of the
Parties agrees that a final judgment in any such action or proceeding will be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.

               (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY ACTION OR PROCEEDING, WHETHER IN CONTRACT OR
IN TORT OR OTHERWISE, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR IN RESPECT OF ANY ORAL
REPRESENTATIONS MADE OR ALLEGED TO BE MADE IN CONNECTION HEREWITH, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT RELATING THERETO, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THE CRESTVIEW EQUITY COMMITMENT LETTER OR THE PERFORMANCE THEREOF. EACH PARTY
CERTIFIES AND ACKNOWLEDGES THAT (1) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (2) IT UNDERSTANDS AND HAS CONSIDERED THE

31

 

IMPLICATIONS OF SUCH WAIVERS, (3) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (4) IT HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 8.8.

          8.9 Publicity. None of the Parties will, and none of the Parties will permit any of
its Subsidiaries to, issue or cause the publication of any press release or similar public
announcement with respect to, or otherwise make any public statement concerning, the Investment
Transactions without the prior consent (which consent will not be unreasonably withheld) of the
other Parties; provided, however, that any Party may, without the prior consent of
the other Parties (but after prior consultation with the other Parties to the extent practicable
under the circumstances) issue or cause the publication of any press release or other public
announcement to the extent required by Law or by the rules and regulations of the Nasdaq Stock
Market.

          8.10 Assignment. Except as provided in Section 5.15 and Section 5.16, neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the
Parties (whether by operation of law or otherwise) without the prior written consent of the other
Parties and any attempt to do so will be null and void; provided that any Investor may
assign its rights and obligations under this Agreement to any Affiliate (including any Affiliate of
such Investor’s ultimate parent entity or general partner of such Investor), but in each case only
if the transferee agrees in writing for the benefit of Parent to be bound by the terms of this
Agreement (any such transferee shall be included in the term “Investor”); provided,
further, that no such assignment shall relieve such Investor of its obligations hereunder.
Without limiting the foregoing, from and after the Investment Closing, none of the rights of any
Investor hereunder shall be assigned to, or enforceable by, and none of the obligations of any
Investor hereunder shall be applicable to, any Person to whom an Investor may Transfer Securities
(including any shares of Common Stock issued upon exercise of the Warrants). Subject to the
preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be
enforceable by the Parties hereto and their respective permitted successors and assigns.

          8.11 Remedies.

               (a) The Parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement to which the right of specific performance is applicable were not
performed in accordance with their specific terms or were otherwise breached and that in any such
case any breach of this Agreement could not be adequately compensated by monetary damages alone.
Each Party accordingly agrees, to the extent specific performance is available to any of the other
Parties under this Section 8.11, not to raise any objections to the availability of the equitable
remedy of specific performance to prevent or restrain breaches or threatened breaches of, or to
enforce compliance with, the covenants and obligations of such Party under this Agreement all in
accordance with the terms of this Section 8.11. Any Party seeking an Injunction or Injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement shall not be required to post a bond or undertaking in connection with such order or
Injunction sought in accordance

32

 

with the terms of this Section 8.11. Notwithstanding anything herein to the contrary, the
Parties further agree that, except as set forth in this Section 8.11, Parent shall not be entitled
to an Injunction or Injunctions to prevent breaches of this Agreement against any Investor or
otherwise obtain any equitable relief or remedy against any Investor.

               (b) Prior to any valid termination of this Agreement pursuant to Article VII, in accordance
with and subject to this Section 8.11:

                    (1) each Investor shall be entitled to seek and obtain an Injunction or Injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement;
and

                    (2) Parent shall be entitled to seek and obtain an Injunction or Injunctions to prevent
breaches of this Agreement by any Investor and to enforce specifically the terms and provisions of
this Agreement; provided, however, that no such Injunction or Injunctions or
specific performance will be available to prevent breaches of this Agreement or enforce
specifically any term and provision hereof unless and until (A) the conditions set forth in Article
VI, including the Merger Closing Conditions, have been and continue to be satisfied, (B) the Debt
Financing has been funded or is available for funding subject only to a drawdown notice by Parent
or Holdco and (C) Parent has irrevocably confirmed in a written notice delivered to each Investor
that, if the Equity Financing and Debt Financing are funded, the conditions set forth in Sections
6.1 and 6.2 are satisfied or waived (which waiver may be conditioned on the Investment Closing).

               (c) Notwithstanding anything herein to the contrary but subject in all cases to each such
Investor’s rights to indemnification and contribution under Sections 5.12 and 5.13, the Parties (1)
agree that the maximum aggregate liability of each of the Crestview Investor and the Macquarie
Investor, and their respective Affiliates and Representatives, for monetary damages under or
relating to this Agreement, or any of the Transactions, to any Person shall be limited to an amount
equal to the product of (A) such Investor’s Investment Percentage multiplied by (B) the sum of (i)
the Parent Termination Fee, if the Merger Agreement is terminated and the Parent Termination Fee is
paid to the Company and (ii) if the Merger Agreement is terminated and the 6.13(d) Expenses are
paid to the Company, the lesser of the actual amount of such 6.13(d) Expenses so paid and $600,000
(the “Investor Liability Cap”) and (2) prior to any valid termination of this Agreement
pursuant to Article VII, or if, in connection with any such valid termination, no Parent
Termination Fee or 6.13(d) Expense is payable, then the sole and exclusive remedy and recourse of
any Party against any Investor and any Investor Party of either such Investor, for damages,
equitable relief or otherwise under or related to this Agreement shall be the equitable relief as
provided in Section 8.11(b)(2) and no other claim in law or equity of any kind may be made against
such Investor. Notwithstanding the preceding sentence, the Investor Liability Cap shall not apply
to the Crestview Investor under the circumstances described in Section 5.13(a) and shall not apply
to the Macquarie Investor under the circumstances described in Section 5.13(b), and the Crestview
Investor or the Macquarie Investor, as the case may be, shall be liable for the Crestview
Indemnifiable Losses or the Macquarie Indemnifiable Losses, as the case may

33

 

be, in accordance with Section 5.13(a) or Section 5.13(b), as applicable, under the
circumstances and subject to the limitations described therein. Notwithstanding anything to the
contrary herein, the sole and exclusive remedy and recourse of any Party against the UBS Investor
or any Investor Party of the UBS Investor for liability, damages, equitable relief or otherwise
under or related to this Agreement shall be the equitable relief as provided in Section 8.11(b)(2)
or the UBS Indemnifiable Losses in accordance with Section 5.13(c) under the circumstances and
subject to the limitations described therein and no other claim in law or equity of any kind may be
made against the UBS Investor or its Investor Parties.

               (d) Parent acknowledges and agrees that it has no right of recovery against, and no personal
liability shall attach to, in each case with respect to damages of Parent and its Affiliates, any
Investor or any of the Investor Parties, whether by or through attempted piercing of the corporate,
limited partnership or limited liability company veil, by or through a claim by or on behalf of the
Parent against any Investor Party, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise, except
for its rights to recover from such Investor (but not any other Investor Party) subject to the
Investor Liability Cap (in the case of the Crestview Investor or the Macquarie Investor) and the
last sentence of Section 8.11(c) above (in the case of the UBS Investor) and the other limitations
described herein. Recourse against any Investor shall be the sole and exclusive remedy of Parent
and its Affiliates against the Investor Parties in respect of any liabilities arising under, or in
connection with, this Agreement or the Investment Transactions. Notwithstanding the foregoing,
Parent shall be an intended third-party beneficiary of, with the right to enforce, the Crestview
Equity Commitment Letter in accordance with the terms and conditions thereof.

          8.12 Amendment. This Agreement may be amended by the Parties hereto at any time prior
to the Investment Closing Date; provided, however, that no amendment may be made
that by Law requires further approval by Parent stockholders unless such further approval is first
obtained. This Agreement may not be amended except by an instrument in writing signed by the
Parties.

          8.13 Waivers. The conditions to each Party’s obligation to consummate the Investment
Closing are for the sole benefit of such Party and may be waived by such Party in whole or in part
to the extent permitted by applicable Law. No waiver of any Party to this Agreement shall be
effective unless it is in a writing signed by a duly authorized officer of the waiving Party that
makes express reference to the provision or provisions subject to such waiver.

          8.14 No Duty to Other Investors. Each Investor acknowledges that it has not relied on
any other Investor, and that no other Investor (or any Affiliate or representative thereof) has
acted as a financial advisor or fiduciary of such Investor (or in any similar capacity) and has no
duty to such Investor with respect to this Agreement and the Investment Transactions. Each
Investor confirms to each other Investor that each Investor has conducted its own due diligence in
connection with its investment in the Issued Securities and the Investment Transactions and the
other Investors may therefore

34

 

have information different from, or additional to, the information possessed by such Investor.
In addition, although certain of the other Investors may have shared information received by them
(including information contained in third party reports prepared for such other Investors) with
such Investor, no representation or warranty is being made with respect to such information by any
such Investor or any such third party. Nothing in this Section 8.14 is meant to limit any duty,
obligation or liability Parent may have to any Investor under this Agreement or otherwise.

          8.15 Severability. If any provision of this Agreement or the application thereof to
any Person (including the officers and directors of the Investors and Parent) or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining
provisions hereof, or the application of such provision to Persons or circumstances other than
those as to which it has been held invalid or unenforceable, shall remain in full force and effect
and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal
substance of the Investment Transactions is not affected in any manner materially adverse to any
Party provided, that this Agreement shall not be enforced without giving effect to the
limitations of any amounts payable by any Investor hereunder to, as applicable, the Investor
Liability Cap or, under the circumstances and subject to the limitations described in Section
5.13(a) or Section 5.13(b), as applicable, the Crestview Indemnifiable Losses or the Macquarie
Indemnifiable Losses, as the case may be. Upon such determination, the Parties shall negotiate in
good faith in an effort to agree upon a suitable and equitable substitute provision to effect the
original intent of the Parties.

          8.16 Interpretation. Unless the express context otherwise requires:

               (a) 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;

               (b) terms defined in the singular shall have a comparable meaning when used in the plural, and
vice versa;

               (c) the terms “Dollars” and “$” mean U.S. dollars;

               (d) references herein to a specific Section, Subsection, Recital, Schedule or Exhibit shall
refer, respectively, to Sections, Subsections, Recitals, Schedules or Exhibits of this Agreement;

               (e) wherever the word “include,” “includes” or “including” is used in this Agreement, it shall
be deemed to be followed by the words “without limitation”;

               (f) references herein to any gender shall include each other gender;

35

 

               (g) references herein to any Person shall include such Person’s heirs, executors, personal
representatives, administrators, successors and assigns; provided, however, that
nothing contained in this Section 8.16 is intended to authorize any assignment or transfer not
otherwise permitted by this Agreement;

               (h) references herein to a Person in a particular capacity or capacities shall exclude such
Person in any other capacity;

               (i) with respect to the determination of any period of time, (1) the word “from” means “from
and including” and the words “to” and “until” each means “to but excluding” and (2) time is of the
essence;

               (j) the word “or” shall be disjunctive but not exclusive;

               (k) references herein to any Law shall be deemed to refer to such Law as amended, modified,
codified, reenacted, supplemented or superseded in whole or in part and in effect from time to
time, and also to all rules and regulations promulgated thereunder;

               (l) the headings contained in this Agreement are intended solely for convenience and shall not
affect the rights of the Parties; and

               (m) if the last day for the giving of any notice or the performance of any act required or
permitted under this Agreement is a day that is not a Business Day, then the time for the giving of
such notice or the performance of such action shall be extended to the next succeeding Business
Day.

          8.17 Rules of Construction. The Parties have participated jointly in negotiating and
drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption
or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any
provision of this Agreement.

[Signatures appear on following page.]

36

 

     IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
officers of the parties hereto as of the date first herein above written.

	 	 	 	 	 
	 	CUMULUS MEDIA INC.

 	 
	 	By:  	/s/ 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CRESTVIEW RADIO INVESTORS, LLC

 	 
	 	By:  	Crestview Partners II, L.P.,
 its managing member
 	 
	 	 	 
	 	By:  	Crestview Partners II GP, L.P.,
 its general partner 	 
	 	 	 
	 	By:  	Crestview, L.L.C., its general partner 	 
	 
	 	 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MIHI LLC:

 	 
	 	By:  	/s/ 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signatures Page to Investment Agreement]

 

 

	 	 	 	 	 
	 	UBS SECURITIES LLC

 	 
	 	By:  	/s/ 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signatures Page to Investment Agreement]

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

ANNEX A

Crestview Funds

Crestview Offshore Holdings II (892 Cayman), L.P.

Crestview Offshore Holdings II (Cayman), L.P.

Crestview Offshore Holdings II (FF Cayman), L.P.

Crestview Partners II (FF), L.P.

Crestview Partners II (PF), L.P.

Crestview Partners II (TE), L.P.

Crestview Partners II, L.P.

Annex A-1

 

ANNEX B

	 	 	 	 	 
	Investor	 	Investment Amount
	CRESTVIEW RADIO INVESTORS LLC
	 	$	250,000,000	 
	 
	 	 	 	 
	Address for Notices:
	 	 	 	 
	 
	 	 	 	 
	Crestview Radio Investors LLC
	 	 	 	 
	c/o Crestview Partners II, L.P.
	 	 	 	 
	667 Madison Avenue, 10th Floor
	 	 	 	 
	New York, NY 10065
	 	 	 	 
	Attention: Jeffrey Marcus
	 	 	 	 
	Tom Murphy
	 	 	 	 
	Brian Cassidy
	 	 	 	 
	 
	 	 	 	 
	Fax: (212) 906-0793
	 	 	 	 
	 
	 	 	 	 
	with a copy to (which copy alone shall not constitute
notice):
	 	 	 	 
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	 	 	 
	1285 Avenue of the Americas
	 	 	 	 
	New York, NY 10019-6064
	 	 	 	 
	Attention: Kenneth M. Schneider
	 	 	 	 
	Neil Goldman
	 	 	 	 
	Fax: (212) 757-3990
	 	 	 	 
	 
	 	 	 	 
	MIHI LLC
	 	$	125,000,000	 
	 
	 	 	 	 
	Address for Notices:
	 	 	 	 
	 
	 	 	 	 
	MIHI LLC
	 	 	 	 
	125 West 55th St
	 	 	 	 
	New York NY 10019
	 	 	 	 
	Attention: Capital Advisors Legal Counsel
	 	 	 	 
	 
	 	 	 	 
	Fax: (212) 231 1718
	 	 	 	 
	 
	 	 	 	 
	with a copy to (which copy alone shall not constitute
notice):
	 	 	 	 
	Gibson, Dunn & Crutcher LLP
	 	 	 	 
	2029 Century Park East
	 	 	 	 
	Los Angeles, CA 90067-3026
	 	 	 	 
	Attention: Jonathan K. Layne and Ruth Fisher
	 	 	 	 
	Fax: (310) 551-8741
	 	 	 	 
	 
	 	 	 	 
	UBS SECURITIES LLC
	 	$	125,000,000	 
	 
	 	 	 	 
	Address for Notices:
	 	 	 	 

Annex B-1

 

	 	 	 	 	 
	Investor	 	Investment Amount
	UBS Securities LLC
	 	 	 	 
	299 Park Avenue
	 	 	 	 
	New York, New York 10171
	 	 	 	 
	 
	 	 	 	 
	Fax:
	 	 	 	 
	 
	 	 	 	 
	with a copy to (which copy alone shall not constitute
notice):
	 	 	 	 
	Paul, Hastings, Janofsky and Walker LLP
	 	 	 	 
	Park Avenue Tower
	 	 	 	 
	75 E. 55th Street, First Floor
	 	 	 	 
	New York, NY 10022
	 	 	 	 
	Attention: Scott Saks
	 	 	 	 
	Fax: (212) 230-7760
	 	 	 	 

Annex B-2

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