Document:

EX-4.1 Form of Indenture

 

Exhibit 4.1

 

LEVITT CORPORATION

AND

U.S. BANK NATIONAL ASSOCIATION,

Trustee

INDENTURE

Dated as of ___, 2006

$200,000,000

Subordinated Investment Notes

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I

	 	Definitions and Other Provisions of General Application
	 	 	1	 
	     SECTION 1.1

	 	Definitions
	 	 	1	 
	     SECTION 1.2

	 	Compliance Certificates and Opinions
	 	 	6	 
	     SECTION 1.3

	 	Form of Documents Delivered to Trustee
	 	 	7	 
	     SECTION 1.4

	 	Action by Holders
	 	 	7	 
	     SECTION 1.5

	 	Notices, etc., to Trustee and Company
	 	 	8	 
	     SECTION 1.6

	 	Notices to Holders; Waiver
	 	 	9	 
	     SECTION 1.7

	 	Conflict with Trust Indenture Act
	 	 	9	 
	     SECTION 1.8

	 	Effect of Headings and Table of Contents
	 	 	10	 
	     SECTION 1.9

	 	Successors and Assigns
	 	 	10	 
	     SECTION 1.10

	 	Separability Clause
	 	 	10	 
	     SECTION 1.11

	 	Benefits of Indenture
	 	 	10	 
	     SECTION 1.12

	 	Legal Holidays
	 	 	10	 
	     SECTION 1.13

	 	Governing Law
	 	 	10	 
	ARTICLE II

	 	The Investment Notes
	 	 	10	 
	     SECTION 2.1

	 	General Terms of Investment Notes
	 	 	10	 
	     SECTION 2.2

	 	Confirmation Statement
	 	 	12	 
	     SECTION 2.3

	 	Registrar and Paying Agent
	 	 	13	 
	     SECTION 2.4

	 	Transfer and Exchange
	 	 	13	 
	     SECTION 2.5

	 	Payment of Interest and Principal; Interest and Principal Rights Preserved
	 	 	14	 
	     SECTION 2.6

	 	Defaulted Interest
	 	 	15	 
	     SECTION 2.7

	 	Book-Entry Registration
	 	 	15	 
	     SECTION 2.8

	 	Periodic Statements
	 	 	16	 
	     SECTION 2.9

	 	Mutilated, Destroyed, Lost and Stolen Investment Notes
	 	 	16	 
	     SECTION 2.10

	 	Holder Lists
	 	 	17	 
	     SECTION 2.11

	 	Cancellation
	 	 	17	 
	     SECTION 2.12

	 	Execution, Authentication and Delivery
	 	 	17	 
	ARTICLE III

	 	Covenants
	 	 	18	 
	     SECTION 3.1

	 	Payment of Principal and Interest
	 	 	18	 
	     SECTION 3.2

	 	Maintenance of Office or Agency
	 	 	18	 
	     SECTION 3.3

	 	Money for Investment Note Payments to be Held in Trust
	 	 	18	 
	     SECTION 3.4

	 	Intentionally Omitted
	 	 	20	 
	     SECTION 3.5

	 	Maintenance of Properties
	 	 	20	 
	     SECTION 3.6

	 	Statement as to Compliance
	 	 	20	 
	     SECTION 3.7

	 	Corporate Existence
	 	 	20	 
	     SECTION 3.8

	 	Restrictions on Dividends, Redemptions and Other Payments
	 	 	21	 
	ARTICLE IV

	 	Holders’ Lists and Reports by the Trustee and the Company
	 	 	21	 
	     SECTION 4.1

	 	Company to Furnish Trustee Names and Addresses of Holders
	 	 	21	 
	     SECTION 4.2

	 	Preservation of Information; Communications to Holders
	 	 	21	 
	     SECTION 4.3

	 	Reports by Trustee
	 	 	21	 
	     SECTION 4.4

	 	Reports by Company
	 	 	22	 

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	ARTICLE V

	 	Remedies
	 	 	23	 
	     SECTION 5.1

	 	Events of Default
	 	 	23	 
	     SECTION 5.2

	 	Acceleration of Maturity; Rescission and Annulment
	 	 	24	 
	     SECTION 5.3

	 	Suits for Enforcement by Trustee
	 	 	24	 
	     SECTION 5.4

	 	Trustee May File Proofs of Claim
	 	 	24	 
	     SECTION 5.5

	 	Trustee May Enforce Claims Without Possession of Investment Notes
	 	 	25	 
	     SECTION 5.6

	 	Application of Money Collected
	 	 	25	 
	     SECTION 5.7

	 	Limitation on Suits
	 	 	26	 
	     SECTION 5.8

	 	Unconditional Right of Holders to Receive Principal and Interest
	 	 	27	 
	     SECTION 5.9

	 	Restoration of Rights and Remedies
	 	 	27	 
	     SECTION 5.10

	 	Rights and Remedies Cumulative
	 	 	27	 
	     SECTION 5.11

	 	Delay or Omission Not A Waiver
	 	 	27	 
	     SECTION 5.12

	 	Control by Holders
	 	 	27	 
	     SECTION 5.13

	 	Waiver of Past Defaults
	 	 	28	 
	     SECTION 5.14

	 	Undertaking for Costs
	 	 	28	 
	     SECTION 5.15

	 	Waiver of Stay or Extension Laws
	 	 	28	 
	ARTICLE VI

	 	The Trustee
	 	 	29	 
	     SECTION 6.1

	 	Certain Duties and Responsibilities
	 	 	29	 
	     SECTION 6.2

	 	Notice of Defaults
	 	 	30	 
	     SECTION 6.3

	 	Certain Rights of Trustee
	 	 	30	 
	     SECTION 6.4

	 	Not Responsible for Recitals or Issuance of Investment Notes
	 	 	31	 
	     SECTION 6.5

	 	May Hold Investment Notes
	 	 	32	 
	     SECTION 6.6

	 	Money Held in Trust
	 	 	32	 
	     SECTION 6.7

	 	Compensation and Reimbursement
	 	 	32	 
	     SECTION 6.8

	 	Corporate Trustee Required; Eligibility; Disqualification
	 	 	32	 
	     SECTION 6.9

	 	Resignation and Removal; Appointment of Successor
	 	 	33	 
	     SECTION 6.10

	 	Acceptance of Appointment by Successor
	 	 	34	 
	     SECTION 6.11

	 	Merger, Conversion, Consolidation or Succession to Business of Trustee
	 	 	35	 
	     SECTION 6.12

	 	Preferential Collection of Claims against Company
	 	 	35	 
	ARTICLE VII

	 	Supplemental Indentures
	 	 	35	 
	     SECTION 7.1

	 	Supplemental Indentures Without Consent of Holders
	 	 	35	 
	     SECTION 7.2

	 	Supplemental Indentures With Consent of Holders
	 	 	36	 
	     SECTION 7.3

	 	Execution of Supplemental Indentures
	 	 	37	 
	     SECTION 7.4

	 	Effect of Supplemental Indentures
	 	 	37	 
	     SECTION 7.5

	 	Conformity with Trust Indenture Act
	 	 	38	 
	     SECTION 7.6

	 	Notation on or Exchange of Investment Notes
	 	 	38	 
	     SECTION 7.7

	 	Subordination Unimpaired
	 	 	38	 
	ARTICLE VIII

	 	Consolidation, Merger, Conveyance, Transfer or Lease
	 	 	38	 
	     SECTION 8.1

	 	Company May Consolidate, etc., Only on Certain Terms
	 	 	38	 
	     SECTION 8.2

	 	Successor Corporation Substituted
	 	 	39	 

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	ARTICLE IX

	 	Discharge of Indenture
	 	 	39	 
	     SECTION 9.1

	 	Termination of Company’s Obligations
	 	 	39	 
	     SECTION 9.2

	 	Application of Trust Money
	 	 	40	 
	     SECTION 9.3

	 	Repayment to Company
	 	 	40	 
	     SECTION 9.4

	 	Reinstatement
	 	 	41	 
	ARTICLE X

	 	Subordination of Investment Notes
	 	 	41	 
	     SECTION 10.1

	 	Subordination
	 	 	41	 
	     SECTION 10.2

	 	Distribution of Assets, etc
	 	 	41	 
	     SECTION 10.3

	 	Subrogation
	 	 	43	 
	     SECTION 10.4

	 	Obligation of the Company Unconditional
	 	 	43	 
	     SECTION 10.5

	 	Payments on Investment Notes Permitted
	 	 	44	 
	     SECTION 10.6

	 	Effectuation of Subordination by Trustee
	 	 	44	 
	     SECTION 10.7

	 	Knowledge of Trustee
	 	 	44	 
	     SECTION 10.8

	 	Trustee May Hold Senior Indebtedness
	 	 	44	 
	     SECTION 10.9

	 	Rights of Holders of Senior Indebtedness Not Impaired
	 	 	44	 
	     SECTION 10.10

	 	Alteration of Senior Indebtedness
	 	 	44	 
	     SECTION 10.11

	 	Article Applicable to Paying Agents
	 	 	45	 
	     SECTION 10.12

	 	Trustee Not Fiduciary for Holders of Senior Indebtedness
	 	 	45	 
	ARTICLE XI

	 	Redemption
	 	 	45	 
	     SECTION 11.1

	 	Redemption at the Company=s Option
	 	 	45	 
	     SECTION 11.2

	 	Notices to Trustee
	 	 	45	 
	     SECTION 11.3

	 	Selection of Investment Notes to be Redeemed
	 	 	45	 
	     SECTION 11.4

	 	Notice of Redemption
	 	 	46	 
	     SECTION 11.5

	 	Effect of Notice of Redemption
	 	 	46	 
	     SECTION 11.6

	 	Deposit of Redemption Price
	 	 	47	 
	     SECTION 11.7

	 	Investment Notes Redeemed in Part
	 	 	47	 
	     SECTION 11.8

	 	Repurchasing of Investment Notes
	 	 	47	 
	     SECTION 11.9

	 	Redemption at the Election of Holder upon Death or Total Permanent Disability
	 	 	47	 
	ARTICLE XII
     SECTION 12.1

	 	Immunity of Directors, Officers, Employees and Stockholders

Exemption from Individual Liability
	 	 	48

48	 
	ARTICLE XIII

	 	Investment Notes in Definitive Form
	 	 	49	 
	     SECTION 13.1

	 	Forms Generally
	 	 	49	 

iii

 

     THIS INDENTURE, dated as of ___, 2006, by and between Levitt Corporation, a
corporation duly organized and existing under the laws of the State of Florida (“the Company”), and
U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

     The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the unsecured Subordinated Investment Notes of the Company
issued pursuant to the Company’s Registration Statement on Form S-3 declared effective by the
Securities and Exchange Commission on or about ___, 2006:

ARTICLE I

Definitions and Other Provisions of General Application

     SECTION 1.1. Definitions.

     For all purposes of this Indenture and of any indenture supplemental hereto, except as
otherwise expressly provided or unless the context otherwise requires:

     (1) the terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

     (2) the term “this Indenture” means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof;

     (3) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

     (4) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in effect on the date of
execution of this Indenture; and

     (5) all references in this instrument to designated “Articles”, “Sections” and other
subdivisions are to the designated Articles, Sections and other subdivisions of this
instrument as originally executed; the words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision;

     “Account” means the record of beneficial ownership of an Investment Note maintained by the
Company.

     “Act” when used with respect to any Holder has the meaning specified in Section 1.4.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the

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purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”) when used with respect to any
specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise.

     “Authorized Newspaper” means a newspaper of general circulation in the relevant area, printed
in the English language and customarily published on each Business Day, whether or not published on
Saturdays, Sundays or holidays. Whenever successive weekly publications in an Authorized Newspaper
are required hereunder they may be made (unless otherwise expressly provided herein) on the same or
different days of the week and in the same or different Authorized Newspapers.

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee.

     “Business Day” means each day which is neither a Saturday, Sunday nor other day on which
banking institutions in the State of Florida are authorized by law or required by executive order
to close.

     “Capital Stock” means any and all shares, interests, participation rights or other equivalents
(however designated) of corporate stock.

     “Capitalized Lease Obligation” means any lease obligation of a Person incurred with respect to
any property (whether real, personal or mixed) acquired or leased by such Person and used in its
business that is required to be recorded as a capitalized lease in accordance with generally
accepted accounting principles.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, or if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties on such date.

     “Company” means Levitt Corporation until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such
successor corporation.

     “Company Request”, “Company Order” and “Company Consent” mean, respectively, a written
request, order or consent signed in the name of the Company by its Chairman of the Board of
Directors, President or a Vice President, and delivered to the Trustee.

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     “Confirmation Statement” has the meaning specified in Section 2.2.

     “Default” means any event which is, or after notice or passage of time or both would be, an
Event of Default.

     “Defaulted Interest” has the meaning specified in Section 2.6.

     “EDGAR”
means the Commission’s Electronic Data Gathering Analysis
and Retrieval System.

     “Event of Default” has the meaning specified in Section 5.1.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Holder” means a Person in whose name an Investment Note is registered in the Register.

     “Indebtedness” means (i) all Obligations of the Company for borrowed money (whether or not the
recourse of the lender is to the whole of the assets of the Company or only to a portion thereof),
(ii) all indebtedness of the Company which is evidenced by a note, debenture, bond or other similar
instrument, including Capitalized Lease Obligations, (iii) all indebtedness of the Company
representing the unpaid balance of the purchase price of any goods or other property or balance
owed for any services rendered (but excluding trade accounts payable
or other accrued liabilities arising in the ordinary course of
business), (iv) all indebtedness of the Company, including Capitalized Lease
Obligations incurred, assumed or given in an acquisition (whether by way of purchase, merger or
otherwise) of any business, real property or other assets, (v) any indebtedness of others described
in the preceding clauses (i), (ii), (iii) and (iv) that the Company has guaranteed or for which it
is otherwise liable and (vi) any amendment, renewal, extension, deferral, modification,
restructuring or refunding of any such indebtedness, obligation or guarantee.

     “Interest Accrual Date” means with respect to any Investment Note, the date the Company
accepts funds for the purchase of the Investment Note if such funds are received by 3:00 p.m. (EDT)
on a Business Day, or if such funds are not so received by such time, on the next Business Day.

     “Interest Payment Date” means such date as determined by the Holder and the Company or, if
such day is not a Business Day, the Business Day immediately following such day.

     “Investment Note” or “Investment Notes” means the subordinated investment notes issued and
delivered under this Indenture.

     “Maturity Date” when used with respect to any Investment Note means the date specified in such
Investment Note as the fixed date on which the principal of such Investment Note is due and
payable, as such Maturity Date may be extended or renewed as provided herein.

     “Maturity Record Date” means, with respect to an Investment Note, fifteen (15) days prior to
the Maturity Date or redemption date applicable to such Investment Note.

- 3 -

 

     “Obligations” means, with respect to any Indebtedness, any principal, premium, interest,
penalties, fees and other liabilities payable from time to time and obligations performable under
the documentation governing such Indebtedness.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors,
the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the
Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may, except as otherwise
expressly provided in this Indenture, be counsel for the Company.

     “Outstanding” when used with respect to the Investment Notes means, as of the date of
determination, the outstanding balances of all Accounts representing the Investment Notes
maintained by the Registrar (or, if Accounts are exchanged for fully registered notes in definitive
form pursuant to Section 2.7(b) hereof, then all Investment Notes theretofore authenticated and
delivered under this Indenture) except:

     (i) Investment Notes the principal amount of which is considered paid under Section 3.1
hereof; and

     (ii) Investment Notes for whose payment money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent in trust for the Holders of such
Investment Notes;

provided, however, that in determining whether the Holders of the requisite principal amount of
Investment Notes Outstanding have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Investment Notes owned by the Company or any other obligor upon the
Investment Notes or any Affiliate of the Company or such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Investment Notes which the Trustee knows to be so owned shall be so disregarded.

     “Paying Agent” means any Person authorized by the Company to pay the principal of or interest
on any Investment Notes on behalf of the Company. The Company or any of its subsidiaries may act
as Paying Agent.

     “Person” means any individual, corporation, partnership, joint venture, limited liability
company, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     “Place of Payment” means a city or political subdivision thereof designated as such by the
Company in accordance with the terms of this Indenture.

- 4 -

 

     “Principal Corporate Trust Office” means the principal corporate trust office of the Trustee
at the location set forth in Section 1.5 or at such other location as the Trustee may from time to
time designate by written notice to the Company.

     “Redemption Price” means, with respect to any Investment Note to be redeemed, the principal
amount of such Investment Note plus any premium thereon plus the interest accrued but unpaid to the
date of such redemption.

     “Register” and “Registrar” shall have the meanings specified in Section 2.3.

     “Regular Record Date” for the interest payable on any Interest Payment Date means the close of
business on the date fifteen (15) days prior to such Interest Payment Date.

     “Responsible Officer” when used with respect to the Trustee means the chairman or the vice
chairman of the board of directors, the chairman or vice chairman of the executive committee of the
board of directors, the president, any vice-president, the secretary, any assistant secretary, the
treasurer, any assistant treasurer, the cashier, any assistant cashier, any trust officer or
assistant trust officer, the controller and any assistant controller or any other officer of the
Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of his knowledge of and familiarity with the particular
subject.

     “Responsible Officer of the Company” shall mean the Chairman or Vice Chairman of the Board of
Directors, the President, any Vice-President, the Treasurer, the Controller or the Secretary of the
Company.

     “Senior Indebtedness” means any and all Indebtedness of the Company (whether outstanding on
the date hereof or hereafter created), except for any particular Indebtedness, which expressly
provides that such Indebtedness shall be subordinate or shall rank pari passu in right of payment
to the Investment Notes. For the avoidance of doubt, Senior Indebtedness does not include the debt securities of the Company
issued under the Indenture, dated March 15, 2005, between the Company and JP Morgan Chase Bank,
National Association, as trustee, the debt securities of the Company issued under the Indenture,
dated April 24, 2005, between the Company and Wilmington Trust Company, as trustee, the debt
securities of the Company issued under the Indenture, dated June 1, 2006, between the Company and
Wilmington Trust Company, as trustee, the debt securities of the Company issued under the
Indenture, dated July 18, 2006, between the Company and Wilmington Trust Company, as trustee or the
debt securities of the Company to be issued under this Indenture. The Investment Notes to be
issued pursuant to this Indenture will rank pari passu in right of payment to the currently
outstanding investment notes of the Company issued under the Indenture, dated October 9, 2003,
between the Company and U.S. Bank National Association, as trustee.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 2.6.

     “Subsidiary” means, with respect to the Company, any corporation, association or other
business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, officers or trustees thereof is at the time owned in the aggregate, directly or
indirectly, by the Company and its Subsidiaries.

     “Total Permanent Disability” means a determination by a physician acceptable to the Company
that the Holder of an Investment Note, who was gainfully employed on a full-time basis at the date
of issuance of such Investment Note is unable to work on a full time basis during the succeeding
twenty-four (24) months. For purposes of this definition, “working on a full-time basis”

- 5 -

 

shall
mean working at least forty (40) hours per week. An acceptable physician shall be an unaffiliated
third party with experience in matters related to the condition which resulted in the disability.

     “Trustee” means U.S. Bank National Association, a national banking association, until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Trustee” shall mean such successor Trustee.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 (15 U.S.C.
''77aaa-77bbbb), as in force at the date as of which this instrument was executed,
except as provided in Section 7.5.

     “U.S. Government Obligations” means direct obligations of the United States of America for the
payment of which the full faith and credit of the United States of America is pledged.

     “Vice President” when used with respect to the Company or the Trustee means any vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president”.

SECTION 1.2 Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee at the Trustee=s
request an Officers’ Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating
to such particular application or request, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

     (a) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (b) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;
and

     (c) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

- 6 -

 

SECTION 1.3 Form of Documents Delivered to Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which such counsel’s certificate or opinion is
based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the
possession of the Company, unless such counsel knows, or in the exercise of reasonable care should
know, that such certificate or opinion or representations are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

SECTION 1.4 Action by Holders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in person or by agent
or proxy duly appointed in writing. Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and, where
it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Sections 6.1 and 6.3) conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of any notary public
or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by an officer of a corporation or association or a member of a partnership or an
employee of a public or governmental agency on behalf of such corporation, association, partnership
or agency, or by an agent or fiduciary, such certificate or affidavit shall also constitute
sufficient

- 7 -

 

proof of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner
which the Trustee deems sufficient.

     (c) The ownership of Investment Notes shall be proved by the Register or by a certificate of
the Registrar thereof.

     (d) At any time prior to the taking of any action by the Holders of the percentage in
aggregate principal amount of the Investment Notes specified in this Indenture in connection with
such action, any Holder which has consented to such action may, by filing written notice with the
Trustee at its Principal Corporate Trust Office and upon proof of holding as provided in this
Section 1.4, revoke such action so far as concerns such Investment Notes. Except as aforesaid, any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of
any Investment Note shall be conclusive and binding upon such Holder and upon all future Holders of
such Investment Note and of every Investment Note issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Trustee or the Company in reliance thereon, whether or not notation of such action is
made upon such Investment Note. Any action taken by the Holders of the percentage in aggregate
principal amount of the Investment Notes specified in the Indenture in connection with such action
shall be conclusive and binding upon the Company, the Trustee and the Holders of all of the
Investment Notes.

     (e) If the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other action, the Company may, at its option, by or pursuant
to a Board Resolution, fix in advance a record date for the determination of Holders entitled to
give such request, demand, authorization, direction, notice, consent, waiver or other action, but
the Company shall have no obligation to do so. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other action may be given before or
after such record date, but only Holders of record at the close of business on such record date
shall be deemed to be the Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Investment Notes have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the
Outstanding Investment Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six
(6) months after the record date.

SECTION 1.5 Notices, etc., to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if and only if made, given, furnished or filed in writing to or with the

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Corporate
Trust Department of the Trustee at the Principal Corporate Trust Office which at the date of
this Indenture is EP-MN-WS3C, 60 Livingston Avenue, St. Paul, Minnesota 55107, attention:
Richard Prokosch, or

     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class, postage prepaid, to the Company addressed
to it at 2100 West Cypress Creek Road, Ft. Lauderdale, Florida 33309 to the attention of
Alan B. Levan, the Chairman of the Company, with a copy to the Corporate Secretary at 2100
West Cypress Creek Road, Ft. Lauderdale, Florida 33309, or at any other address furnished in
writing to the Trustee by the Company with a copy to Stearns Weaver Miller Weissler Alhadeff
& Sitterson, P.A., 150 West Flagler Street, Miami, Florida 33130, attention: Alison W.
Miller.

SECTION 1.6 Notices to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first
class, postage prepaid, to each Holder affected by such event, at his address as it appears on the
Register, not later than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver.

     In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impractical to mail notice of any event to Holders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

     In case, by reason of the suspension of publication of any Authorized Newspaper, or by reason
of any other cause, it shall be impossible to make publication of any notice in an Authorized
Newspaper or Authorized Newspapers as required by this Indenture, then such method of
publication or notification as shall be made with the approval of the Trustee shall constitute a
sufficient publication of such notice.

SECTION 1.7 Conflict with Trust Indenture Act.

     This Indenture is subject to the TIA and if any provision hereof limits, qualifies or
conflicts with another provision hereof which is required to be included in this Indenture by any
of the provisions of TIA, such required provision shall control.

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SECTION 1.8 Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

SECTION 1.9 Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

SECTION 1.10 Separability Clause.

     In case any provision in this Indenture or in the Investment Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

SECTION 1.11 Benefits of Indenture.

     Nothing in this Indenture or in the Investment Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the holders of Senior
Indebtedness and the Holders of Investment Notes, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

SECTION 1.12 Legal Holidays.

     In any case where the date of an Interest Payment Date or the Maturity Date of any Investment
Note shall not be a Business Day, then (notwithstanding any other provision of the Investment Notes
or this Indenture) payment of the principal of, or interest on, any Investment Notes need not be
made on such date, but may be made on the next succeeding Business Day with the same force and
effect as if made on the nominal date of any such Interest Payment Date or Maturity Date.

SECTION 1.13 Governing Law.

     This Indenture and the Investment Notes issued hereunder shall be controlled, construed and
enforced in accordance with the laws of the State of Florida applicable to contracts made and to
be performed entirely in that State.

ARTICLE II

The Investment Notes

SECTION 2.1 General Terms of the Investment Notes.

     (a) The outstanding aggregate principal amount of Investment Notes outstanding at any time is
limited to $200 million, provided, however, that the Company and the Trustee may, without

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the
consent of any Holder, increase such aggregate principal amount of Investment Notes which may be
outstanding at any time. The Investment Notes may be subject to notations, legends or endorsements
required by law, stock exchange rule, agreements to which the Company is subject or usage.

     (b) The Investment Notes (i) shall not be evidenced by a promissory note, (ii) are
non-negotiable debt instruments and (iii) absent an exchange for fully registered notes in
definitive form pursuant to Section 2.7(b) hereof, shall only be issued in book-entry form. The
record of beneficial ownership of the Investment Notes shall be maintained and updated by the
Company through the establishment and maintenance of Accounts. Each Investment Note shall be in
such denominations as may be designated from time to time by the Company but in no event in an
original denomination less than $5,000. Separate purchases may not be cumulated to satisfy the
minimum denomination requirements.

     (c) The Company shall designate, from time to time upon issuance of Investment Notes, the
term, maturity dated and interest rate provisions of a series of Investment Notes and the term,
maturity date and interest rate of each Investment Note shall be indicated in a prospectus or
supplemental prospectus relating to the offer of the Investment Note. The term, maturity date and
interest rate of each Investment Note shall be confirmed in a Confirmation Statement. The Company,
without affecting the terms of any Outstanding Investment Notes, reserves the right to vary the
interest rate of subsequently issued Investment Notes.

     Each Investment Note shall bear interest from and commencing on its Interest Accrual Date at
its respective designated rate of interest. The interest rate will be fixed for the term of the
Investment Notes upon issuance.

     Interest on an Investment Note shall be simple interest and the Holder thereof may elect to
have interest paid monthly, on the fifteenth day of each calendar month; quarterly, on January 15,
April 15, July 15 and October 15; semi-annually, on January 15 and July 15; annually, on January
15; or upon maturity. A Holder may change this election once during the term of the Investment
Note.
To the extent any applicable interest payment date is not a Business Day, then interest shall
be paid instead on the next succeeding Business Day.

     (d) The Company may elect, at its discretion, to permit the Holder of an Investment Note to
renew its Investment Note for the same term. If the Company determines to permit a Holder to renew
its Investment Note, then the Company shall provide a renewal election notice to such Holder in
writing approximately sixty (60) to ninety (90) days prior to the Maturity Date of such Investment
Note. Upon renewal, the Company will pay to the Holder any interest that would otherwise have been
payable on the Maturity Date, and thereafter interest shall continue to accrue from the first day
of such renewed term. Such Investment Note, as renewed, will continue subject to all of its
provisions, including provisions relating to payment of interest and redemption, and shall retain
the same interest rate established in connection with its original term.

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     (e) At its option, the Company may redeem an Investment Note in whole or in part, at any time
at a redemption price equal to the principal amount of such Investment Note plus the interest
accrued but unpaid to the date of redemption. Investment Notes with a remaining duration of more
than twelve (12) months are subject to early repayment at the election (i) of the Holder upon the
occurrence of a Total Permanent Disability of such Holder (or if such Investment Note is held
jointly, upon the Total Permanent Disability of one of such record Holders), (ii) of a Holder’s
estate after a Holder’s death or (iii) if such Investment Note is held jointly, of a Holder upon
the death of the other joint Holder. Otherwise, Holders will have no right to demand early
repayment. The Company may modify its policy on redemptions after death or Total Permanent
Disability provided that any change in such policy shall not affect any Outstanding Investment
Note.

     (f) The Investment Notes are junior in right of payment to the Company=s existing and
future Senior Indebtedness.

     (g) The Investment Notes are not guaranteed or secured by any lien on any of the
Company=s assets. The Company will not be required to contribute, as a means of repaying the
Investment Notes upon the Maturity Date, funds to a separate fund, such as a sinking fund.

     (h) The terms and provisions contained in the Investment Notes shall constitute, and are
hereby expressly made, a part of this Indenture and to the extent applicable, the Company and the
Trustee, by their execution and delivery of this Indenture, and the Holders by accepting the
Investment Notes, expressly agree to such terms and provisions and to be bound thereby. In case of
a conflict, the provisions of this Indenture shall control.

SECTION 2.2 Confirmation Statement.

     An Investment Note shall not be validly issued until an Account is established by the Company
in the name of the purchaser. Promptly after issuance, a confirmation statement (a “Confirmation
Statement”) confirming the issuance of the Investment Note shall be delivered to the purchaser.

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SECTION 2.3 Registrar and Paying Agent.

     The Company shall maintain (i) an office or agency where Investment Notes may be presented for
registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where
Investment Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a
register (the “Register”) of the Investment Notes and of their transfer and exchange. The Register
shall contain a list of all of the Accounts reflecting the beneficial ownership of the Investment
Notes. The Company may appoint one or more co-registrars and one or more additional paying agents.
The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without prior notice
to any Holder; provided that the Company shall promptly notify the Holders of the name and address
of any Agent not a party to this Indenture. The Company may act as Paying Agent and/or Registrar.
In the event the Company uses any Agent other than the Company or the Trustee, the Company shall
enter into an appropriate agency agreement with such Agent, which agreement shall incorporate the
provisions of the TIA. The agreement shall implement the provisions of this Indenture that relate
to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If
the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice,
the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with
Section 6.7 hereof.

     The Company shall be the initial Registrar and Paying Agent. The Company initially appoints
the Trustee as agent for service of notices and demands in connection with the Investment Notes.
The Company shall act as Paying Agent until such time as the Company gives the Trustee written
notice otherwise.

SECTION 2.4 Transfer and Exchange.

     (a) The Investment Notes are non-negotiable instruments and cannot be transferred without the
prior written consent of the Company, except for involuntary transfers or transfers by operation of
law. Requests to the Company for the transfer of the Accounts maintained for the benefit of the
Holders of the Investment Notes shall be:

          (i) duly executed by the current holder of the Account, as reflected on the Register as of the
date of receipt of such transfer request, or his attorney duly authorized in writing;

          (ii) accompanied by the written consent of the Company to the transfer; and

          (iii) if requested by the Company, an opinion of Holder’s counsel (which counsel shall be
reasonably acceptable to the Company) that the transfer does not violate any applicable securities
laws and/or a signature guarantee.

Upon transfer of an Investment Note, the Company will provide the new registered owner of the
Investment Note with a Confirmation Statement which will evidence the transfer of the Account on
the Company’s records.

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     (b) The Company may assess service charges to a Holder for any registration of transfer or
exchange, and the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith.

     (c) The Company shall treat the individual or entity listed on each Account maintained by or
on behalf of the Company as the absolute owner of the Investment Note represented thereby for
purposes of receiving payments thereon and for all other purposes whatsoever.

SECTION 2.5 Payment of Interest and Principal; Interest and Principal Rights Preserved.

     (a) Each Investment Note shall bear interest from and commencing on its Interest Accrual Date
at such rate of interest as the Company shall determine from time to time; provided, however, that
the interest rate will be fixed for the term of the Investment Notes upon issuance and shall be
specified in the relevant Confirmation Statement. The Holder of an Investment Note may elect to
have interest paid monthly, quarterly, semi-annually, annually, or upon maturity as specified upon
issuance and confirmed in the Confirmation Statement. To the extent any applicable interest
payment date is not a Business Day, then interest shall be paid instead on the next succeeding
Business Day.

     (b) Each Investment Note shall accrue interest at the rate specified for such Investment Note
and such interest shall be payable on each Interest Payment Date, until the principal thereof
becomes due and payable. Any installment of interest payable on an Investment Note that is caused
to be punctually paid or duly provided for by the Company on the applicable Interest Payment Date
shall be paid to the Holder in whose name such Investment Note is registered in the Register on the
applicable Regular Record Date with respect to the Investment Notes outstanding, by check mailed to
such Holder’s address as it appears in the Register on such Regular Record Date. The payment of
any interest payable in connection with the payment of any principal payable with respect to such
Investment Note on a Maturity Date or redemption date shall be payable as provided below. Any
installment of interest not punctually paid or duly provided for shall be payable in the manner and
to the Holders specified in Section 2.6.

     (c) Each of the Investment Notes shall have a Maturity Date of principal as established at the
time of issuance. The principal of each Investment Note shall be paid in full no later than the
Maturity Date originally indicated in the Confirmation Statement unless the term of such
Investment Note is renewed or extended pursuant to Section 2.1(d) hereof or such Investment Note
becomes due and payable at an earlier date by acceleration, redemption or otherwise.

     (d) The principal payment made on any Investment Note on any Maturity Date (or the Redemption
Price of any Investment Note required to be redeemed), and any accrued interest thereon, shall be
payable on or after the Maturity Date or redemption date therefor at the office or agency of the
Company maintained by it for such purpose or at the office of any Paying Agent for such Investment
Note.

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     (e) Notwithstanding any of the foregoing provisions with respect to payments of principal of
and interest on the Investment Notes, if the Investment Notes have become or been declared due and
payable following an Event of Default, then payments of principal of and interest on the Investment
Notes shall be made in accordance with Article V hereof.

     (f) All computations of interest due with respect to any Investment Note shall be computed as
simple interest on the basis of a 360-day year of twelve 30-day months.

     (g) The Company shall pay the principal and interest on the Investment Notes by check mailed
to each Holder’s address as it appears in the Investment Note Register on the applicable Regular
Record Date.

SECTION 2.6 Defaulted Interest.

     If the Company defaults in a payment of interest on any Investment Note, it shall pay the
defaulted interest plus, to the extent lawful, any interest payable on the defaulted interest
(together, the “Defaulted Interest”), to the Holder of such Investment Note on a subsequent Special
Record Date, which date shall be at the earliest practicable date but in all events at least five
(5) Business Days prior to the payment date, in each case at the rate provided in the Investment
Note. The Company shall, with written notification to the Trustee, fix or cause to be fixed each
such Special Record Date and payment date. At least ten (10) days before any such Special
Record Date, the Company (or the Trustee, in the name of and at the expense of the Company) shall
mail to Holders a notice that states (i) the Special Record Date, (ii) the related payment date and
(iii) the amount of such interest to be paid.

SECTION 2.7 Book-Entry Registration.

     (a) The Registrar shall maintain a book-entry registration and transfer system through the
establishment of Accounts for the benefit of Holders of Investment Notes as the sole method of
recording the ownership and transfer of ownership interests in such Investment Notes. The
registered owners of the Accounts established by the Company in connection with the purchase or
transfer of the Investment Notes shall be deemed to be the Holders of the Investment Notes
outstanding for all purposes under this Indenture. The Company shall promptly notify the Registrar
(if the Registrar is other than the Company) of the acceptance of a subscriber’s order to purchase
an Investment Note and the Company shall credit its book-entry registration and transfer system to
the Account of each Investment Note purchaser, the principal amount of such Investment Note owned
of record by the purchaser. The total amount of any principal and/or interest due and payable to
book-entry owners of the Accounts maintained by the Company as provided in this Indenture shall be
credited to such Accounts by the Company within the time frames provided in this Indenture.

     If the Trustee is not acting as Registrar, the Company shall notify the Trustee no less
frequently than monthly of the establishment of new Accounts and the transfer of existing Accounts.

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     (b) Book-entry interests in the Accounts evidencing ownership of the Investment Notes are
exchangeable for fully registered notes in definitive form in those names as the Company directs
only if:

          (1) the Company, at its option, advises the Trustee in writing of the Company=s election
to terminate the book-entry system; or

          (2) after the occurrence of an Event of Default under the Indenture: (i) Holders aggregating
more than a majority of the Outstanding amount of the Investment Notes advise the Trustee in
writing that the continuation of a book-entry system is no longer in the best interests of such
Holders of the Investment Notes and (ii) the Trustee notifies all Holders of the occurrence of any
such Event of Default and the availability of definitive notes to Holders of the Investment Notes
requesting such notes in definitive form.

     (c) Subject to the exception described above in Section 2.7(b) hereof, the book-entry
interests in the Investment Notes shall not otherwise be exchangeable for fully registered notes in
definitive form.

SECTION 2.8 Periodic Statements.

     The Company shall send each Holder via U.S. mail no later than the thirtieth (30th)
day after each calendar year end in which such Holder had an Outstanding balance in such Holder’s
Account, a statement which indicates as of the calendar year end preceding the mailing: (i) the
balance of such Account of each Investment Note and (ii) any accrued interest.

SECTION 2.9 Mutilated, Destroyed, Lost and Stolen Investment Notes.

     (a) In the event that Investment Notes have been issued in definitive form pursuant to Section
2.7(b) hereof, and if (i) any mutilated Investment Note is surrendered to the Trustee, or if the
Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of
any Investment Note, and (ii) there is delivered to the Company and the Trustee such security or
indemnity as may be required by them to save each of them harmless, then, in the absence of notice
to the Company or the Trustee that such Investment Note has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Investment Note, a new
Investment Note of like tenor and principal amount, bearing a number not contemporaneously
outstanding.

     (b) In case any such mutilated, destroyed, lost or stolen Investment Note has become or is
about to become due and payable, the Company in its discretion may, instead of issuing a new
Investment Note, pay or authorize the payment of such Investment Note (without surrender thereof
except in the case of a mutilated Investment Note) if the applicant for such payment shall furnish
to the Company such security or indemnity as it may require to save it harmless and, in the case of

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destruction, loss or theft, evidence to the satisfaction of the Company of the destruction, loss or
theft of such Investment Note and of the ownership thereof.

     (c) Upon the issuance of any new Investment Note under this Section 2.9, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith.

     (d) The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Investment Notes.

SECTION 2.10 Holder Lists.

     The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of the Holders of the Investment Notes and shall
otherwise comply with TIA'312(a).

SECTION 2.11 Cancellation.

     At any time, the Company may notify the Trustee of the cancellation of Investment Notes and,
in the event fully registered notes in definitive form have been issued pursuant to Section 2.7(b)
hereof, the Company may deliver Investment Notes to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Investment Notes in definitive form
surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel
all Investment Notes surrendered for transfer, exchange, payment, replacement or cancellation and
shall destroy such
canceled Investment Notes (subject to the record retention requirement of the Exchange Act)
and deliver a certificate of such destruction to the Company, unless the Company otherwise directs.

SECTION 2.12 Execution, Authentication and Delivery.

     Investment Notes issued in definitive form pursuant to Section 2.7(b) hereof, bearing the
manual or facsimile signatures of individuals who were at any time the proper officers of the
Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Investment Notes or did not hold
such offices at the date of such Investment Notes. At any time and from time to time after the
execution and delivery of this Indenture and subject to Section 2.7(b), the Company may deliver
such Investment Notes executed by the Company to the Trustee for authentication, together with a
Company Order of the authentication and delivery of such Investment Notes; and the Trustee shall
authenticate and deliver such Investment Notes as in this Indenture provided and not otherwise.
All Investment Notes shall be dated the date of their authentication. No Investment Note in
definitive form shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Investment Note a certificate of authentication executed
by the Trustee;

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and such certificate upon any Investment Note in definitive form shall be
conclusive evidence, and the only evidence, that such has been duly authenticated and delivered
hereunder.

ARTICLE III

Covenants

SECTION 3.1 Payment of Principal and Interest.

     The Company will duly and punctually pay the principal of and interest on the Investment Notes
in accordance with the terms of the Investment Notes and this Indenture. Principal and interest
shall be considered paid on the date due if the Paying Agent, if other than the Company, holds at
least one Business Day before that date money deposited by the Company in immediately available
funds and designated for and sufficient to pay all principal and interest then due; provided,
however, that principal and interest shall not be considered paid within the meaning of this
Section 3.1 if money is held by the Paying Agent for the benefit of holders of Senior Debt pursuant
to the provisions of Article X hereof. Such Paying Agent shall return to the Company, no later
than five (5) days following the date of payment, any money (including accrued interest) that
exceeds such amount of principal and interest paid on the Investment Notes in accordance with this
Section 3.1.

SECTION 3.2 Maintenance of Office or Agency.

     The Company will maintain an office or agency in the Place of Payment where notices and
demands to or upon the Company in respect of the Investment Notes and this Indenture may be
served and where Investment Notes may be surrendered for payment and for registration of
transfer or for exchange. The Company will give prompt written notice to the Trustee of the
location, and of any change in the location, of such office or agency. If at any time the Company
shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, notices and demands may be made or served at the Principal Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such notices, demands, presentations and surrenders.

SECTION 3.3 Money for Investment Note Payments to be Held in Trust.

     If the Company shall at any time act as its own Paying Agent, it will, on or before each due
date of the principal of or interest on any of the Investment Notes, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay the principal or interest
so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and will promptly notify the Trustee of its action or failure to so act.

     Whenever
the Company shall have one or more Paying Agents, it will, prior to
10:00 a.m. New York City time on each due date of
the principal of or interest on any of the Investment Notes, deposit with a Paying Agent a sum
sufficient to pay the principal or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such sums, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

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     The Company will cause each Paying Agent other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will:

     (1) hold all sums held by it for the payment of principal of or interest on the
Investment Notes in trust for the benefit of the Persons entitled thereto until such sums
shall be paid to such Persons or otherwise disposed of as herein provided;

     (2) give the Trustee notice of any default by the Company (or any other obligor upon
the Investment Notes) in the making of any payment of principal or interest; and

     (3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same terms as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall
be released from all further liability with respect to such money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or interest on any Investment Note and remaining
unclaimed for two (2) years after such principal or interest has become due and payable, shall be
paid to the Company upon Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Investment Note shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once,
in an Authorized Newspaper in the Place of Payment, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than thirty (30) days from the date
of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company.

          The Trustee and the Paying Agent shall promptly pay to the Company upon Company Request any
excess money or securities held by them at any time.

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SECTION
3.4 [Intentionally Omitted].

SECTION 3.5 Maintenance of Properties.

     The Company will, in all material respects, cause all its properties used or useful in the conduct of the business of the Company and its Subsidiaries to
be maintained and kept in good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Company may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section shall prevent the Company from
discontinuing the operation and maintenance of any of its properties if such discontinuance is, in
the judgment of the Company, desirable in the conduct of its business.

SECTION 3.6 Statement as to Compliance.

     The Company will deliver to the Trustee, within one hundred twenty (120) days after the end of
each fiscal year of the Company, a written statement signed by the President or a Vice President
and by the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Controller or an
Assistant Controller of the Company, stating, as to each signatory thereof, that:

     (1) a review of the activities of the Company during such year and of performance under
this Indenture has been made under his or her supervision, and

     (2) to the best of his or her knowledge, based on such review, the Company has
performed and fulfilled all of its obligations under this Indenture throughout such year,
or, if an Event of Default shall have occurred, specifying each such Event of Default known
to the signatory and the nature and status thereof.

     The Company will, so long as any of the Investment Notes are Outstanding, deliver to the
Trustee, forthwith upon becoming aware of any Event of Default, an Officer’s Certificate specifying
such Event of Default.

SECTION 3.7 Corporate Existence.

     Subject to Article VIII, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect the corporate existence, rights (charter and statutory)
and

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franchises of the Company; provided, however, that the Company shall not be
required to preserve any right or franchise of the Company if the Board of
Directors shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company.

SECTION 3.8 Restrictions on Dividends, Redemptions and Other Payments.

     The Company shall not declare or pay any dividends on, or purchase, redeem or otherwise
acquire for value, any of its Capital Stock now or hereafter outstanding (other than redemption or
repurchase of the Investment Notes in accordance with the terms of this Indenture) or return any
capital to holders of its Capital Stock as such, or make any distribution of assets to holders of
its Capital Stock as such, unless, on the date of any such dividend declaration (a “Declaration
Date”) or the date of any such purchase, redemption, payment or distribution specified above the
Company is not in default in the payment of interest on the Investment Notes and no Event of
Default has occurred and is continuing.

ARTICLE IV

Holders’ Lists and Reports by the

Trustee and the Company

SECTION 4.1 Company to Furnish Trustee Names and Addresses of Holders.

     The Company shall furnish or cause to be furnished to the Trustee, within ten (10) days after
the end of each quarter during the term of this Indenture and as of such other times as the Trustee
may request in writing, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders of Investment Notes and the aggregate principal amount outstanding as
of such quarter end; provided, however, that the Company shall not be required to furnish the
Trustee the names and addresses of the Holders of Investment Notes if the Trustee receives such
names and addresses in its capacity as Registrar. The Company shall
otherwise comply with TIA'312(a).

SECTION 4.2 Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders of Investment Notes contained in the most recent list furnished to the
Trustee as provided in Section 4.1 and the names and addresses of Holders of Investment Notes
received by the Trustee at any time that it is acting as Registrar (if so acting). The Trustee may
destroy any list furnished to it as provided in Section 4.1 upon receipt of a new list so
furnished.

     (b) The Trustee shall comply with Section 312(b) of the TIA. The Trustee, the Company, and
any other Person shall have the protection of Section 312(c) of the TIA.

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SECTION 4.3 Reports by Trustee.

     (a) So long as the Investment Notes are Outstanding, within sixty (60) days after May 15 of
each year (the “Reporting Date”), the Trustee shall, if required by Section 313(a) of the TIA,
transmit by mail to the Company and all Holders, as their names and addresses appear in the
Register, a brief report dated as of such Reporting Date that complies with Section 313(a) of the
TIA.

     (b) A copy of each such report shall, at the time of such transmission to the Company and the
Holders, be filed by the Trustee with each securities exchange upon which the Investment Notes are
listed, and also with the Commission. The Company will notify the Trustee when the Investment
Notes are listed on any securities exchange.

SECTION 4.4 Reports by Company.

     The Company will:

          (1) file with the Trustee, within fifteen (15) days after the Company is required to file the
same with the Commission, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act (provided, that, if the Company files such annual reports, information, documents or other reports
with the Commission in electronic form pursuant to Regulation S-T of the Commission using the
Commission’s EDGAR system, the Company shall notify the Trustee in the manner prescribed herein of
each such filing and the Trustee is hereby authorized and directed to access the EDGAR system for
purposes of retrieving such annual reports, information, documents or other reports); or, if the Company is not required to
file information, documents or reports pursuant to either of said Sections, then it will file with
the Trustee and the Commission, in accordance with the rules and regulations prescribed from time
to time by the Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Exchange Act in respect of securities
listed and registered on a national securities exchange as may be prescribed from time to time in
such rules and regulations;

          (2) file with the Trustee and the Commission, in accordance with the rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Company with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and

          (3) transmit by mail to all Holders as their names and addresses appear in the Register, such
summaries of any information, documents and reports required to be filed by the Company pursuant to
paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from
time to time by the Commission.

          (4) furnish to the Trustee, not less often than annually, a certificate from the principal
executive officer, principal financial officer or principal accounting officer as to his or her
knowledge of the Company’s compliance with all conditions and covenants set forth in Article III of
this Indenture. For purposes of this paragraph, such compliance shall be determined without regard
to any period of grace or requirement of notice provided under the Indenture.

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ARTICLE V

Remedies

SECTION 5.1 Events of Default.

     “Event of Default”, wherever used herein means any one of the following events, continued for
the period of time, if any, and after the giving of the notice, if any, therein designated,
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

     (1) default in the payment of any interest upon any Investment Note when it becomes due
and payable, and continuance of such default for a period of thirty (30) days; or

     (2) default in the payment of the principal of any Investment Note at its Maturity Date
and continuance of such default for a period of thirty (30) days; or

     (3) default in the performance, or breach, of any material covenant or warranty of the
Company in this Indenture (other than a covenant or warranty a default in the performance or
the breach of which is elsewhere in this Section specifically dealt with), and continuance
of such default or breach for a period of sixty (60) days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least a majority in aggregate principal amount of the
Investment Notes then Outstanding, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

     (4) the entry of a decree or order by a court having jurisdiction in the premises
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect of the
Company under the Federal Bankruptcy Act or any other applicable Federal or State law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Company or of any substantial part of its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of ninety (90) consecutive days; or

     (5) the institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under the Federal Bankruptcy Act or any other similar applicable Federal or State
law, or the consent by it to the filing of any such petition or to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or of any substantial part of its property, or the making by it of an assignment for
the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Company in
furtherance of any such action.

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SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default described in paragraphs (1), (2), (4) or (5) of Section 5.1 occurs and
is continuing, then and in every such case the Trustee or the Holders of not less than a majority
in aggregate principal amount of the Investment Notes then Outstanding may declare the principal of
all the Investment Notes to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by the Holders), and upon any such declaration, such principal shall
become immediately due and payable.

     At any time after such a declaration of acceleration has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article
provided, the Holders of a majority in principal amount of the Investment Notes then Outstanding,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its
consequences if:

          (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

          (a) all overdue interest on all Investment Notes;

          (b) the principal of any Investment Notes which have become due otherwise than
by such declaration of acceleration and interest thereon at the rate borne by the
Investment Notes; and

          (c) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and

     (2) all Events of Default, other than the non-payment of the principal of Investment
Notes which have become due solely by such acceleration, have been cured or waived as
provided in Section 5.13.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

SECTION 5.3 Suits for Enforcement by Trustee.

     If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.

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SECTION 5.4 Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company, or any other obligor upon the Investment Notes or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the
Investment Notes shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand on the Company for the payment
of overdue principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

     (1) to file and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Investment Notes and to file such other papers or documents as may
be necessary or advisable in order to have the claim of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and

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

and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee,
and in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.7.

     Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Investment Notes or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any in any such proceeding.

SECTION 5.5 Trustee May Enforce Claims Without Possession of Investment Notes.

     All rights of action and claims under this Indenture or the Investment Notes may be prosecuted
and enforced by the Trustee. The Trustee will retain such enforcement rights without the
possession of any of the Investment Notes or the production thereof in any proceeding relating
thereto. Any such proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, be for the ratable benefit of the Holders of the Investment Notes in respect of which such
judgment has been recovered.

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SECTION 5.6 Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall, subject to Article X, be
applied in the following order, at the date or dates fixed by the Trustee:

     First: To the Trustee for amounts due under Section 6.7;

     Second: To the Holders for amounts then due and unpaid upon the Investment Notes for principal
and interest, in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on
such Investment Notes for principal and interest, respectively; and

     Third: To the Company.

SECTION 5.7 Limitation on Suits.

     No Holder of any Investment Note shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for
any other remedy hereunder, unless:

     (1) such Holder has previously given written notice to the Trustee and the Company of a
continuing Event of Default;

     (2) the Holders of not less than a majority in aggregate principal amount of the
Outstanding Investment Notes shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;

     (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

     (4) the Trustee for sixty (60) days after its receipt of such notice, request and offer
of indemnity has failed to institute any such proceedings; and

     (5) no direction inconsistent with such written request has been given to the Trustee
during such sixty (60) day period by the Holders of a majority in principal amount of the
Outstanding Investment Notes;

it being understood and intended that no one or more Holders of Investment Notes shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Holders or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this Indenture, except
in the manner herein provided and for the equal and ratable benefit of all the Holders of
Investment Notes.

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SECTION 5.8 Unconditional Right of Holders to Receive Principal and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any Investment Note shall
have the right which is absolute and unconditional to receive payment of the principal of and
interest on such Investment Note on the Maturity Date expressed in any Investment Note, as such
Maturity Date may be renewed in accordance with this Indenture and to institute suit
for the enforcement of any such payment, and such right shall not be impaired without the consent
of such Holder.

SECTION 5.9 Restoration of Rights and Remedies.

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case the
Company, the Trustee and the Holders shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.

SECTION 5.10 Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Investment Notes in Section 2.9 hereof, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

SECTION 5.11 Delay or Omission Not A Waiver.

     No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.

SECTION 5.12 Control by Holders.

     The Holders of a majority in principal amount of the Outstanding Investment Notes shall have
the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee, provided that:

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     (1) such direction shall not be in conflict with any rule of law or with this
Indenture; and

     (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

SECTION 5.13 Waiver of Past Defaults.

     The Holders of a majority in principal amount of the Outstanding Investment Notes may, on
behalf of the Holders of all the Investment Notes, waive any past default hereunder and its
consequences, except a default:

     (1) in the payment of the principal of or interest on any Investment Note; or

     (2) in respect of a covenant or provision hereof which under Article VII cannot be
modified or amended without the consent of the Holders of each Outstanding Investment Note
affected.

     Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.

SECTION 5.14 Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Investment Note by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than ten
percent (10%) in principal amount of the Outstanding Investment Notes, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of, or interest on, any Investment
Note on or after the Maturity Date expressed in such Investment Note.

SECTION 5.15 Waiver of Stay or Extension Laws.

     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will
not

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hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE VI

The Trustee

SECTION 6.1 Certain Duties and Responsibilities.

     (a) Except during the continuance of an Event of Default,

     (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee, and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of
this Indenture.

     (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs.

     (c) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:

     (1) this Subsection shall not be construed to limit the effect of Subsection (a) of
this Section;

     (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts;

     (3) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of not less than a
majority in principal amount of the Outstanding Investment Notes relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture; and

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     (d) no provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     (e) Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

SECTION 6.2 Notice of Defaults.

     Within ninety (90) days after the occurrence of any default hereunder, the Trustee shall
transmit by mail to all Holders, as their names and addresses appear in the Register, notice of
such default hereunder known to the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of any default of the character specified in Section
5.1(1) or (2), the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the
interests of the Holders; and provided, further, that in the case of any default of the character
specified in Section 5.1(3), no such notice to Holders shall be given until at least sixty (60)
days after the occurrence thereof. For the purpose of this Section, “default” means any event
which is, or after notice or lapse of time or both would become, an Event of Default.

SECTION 6.3 Certain Rights of Trustee.

     Except as otherwise provided in Section 6.1:

     (1) the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, Confirmation Statement, Investment Note or other paper or
document believed by it to be genuine and to have been signed or presented by the proper
party or parties;

     (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors
shall be sufficiently evidenced by a Board Resolution;

     (3) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officers’ Certificate;

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     (4) the Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

     (5) the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee reasonable Investment
Note or indemnity against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction;

     (6) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, Confirmation Statement, Investment Note or other
paper or document but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney;

     (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

     (8) the Trustee shall have no duty to inquire as to the performance of the Company’s
covenants in Article III hereof. In addition, the Trustee shall not be deemed to have
knowledge of any Event of Default except any Event of Default of which the Trustee shall
have received written notification or obtained actual knowledge; and

     (9) Delivery of reports, information and documents to the Trustee under Section 4.4 is
for informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of their
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

SECTION 6.4 Not Responsible for Recitals or Issuance of Investment Notes.

     The recitals contained herein and in any Investment Notes issued in definitive form pursuant
to Section 2.7(b) hereof, except the certificates of authentication, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Indenture, the
Confirmation Statements or of the Investment Notes. The Trustee shall not be accountable for the
use or application by the Company of Investment Notes or the proceeds thereof.

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SECTION 6.5 May Hold Investment Notes.

     The Trustee, any Paying Agent, Registrar or any other agent of the Company, in its individual
or any other capacity, may become the owner or pledgee of Investment Notes and, subject to Sections
6.8 and 6.12, if operative, may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Paying Agent, Registrar or such other agent.

SECTION 6.6 Money Held in Trust.

     Money held by the Trustee in trust hereunder shall be held in a separate interest-bearing
account and such funds shall at all times be segregated from all other funds and assets owned or
held by the Trustee. Any interest on any money received by the Trustee hereunder shall be for the
benefit of the Company and shall be paid to the Company upon Company Request.

SECTION 6.7 Compensation and Reimbursement.

     The Company agrees:

     (1) to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

     (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on its part, arising out of or in
connection
with the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

SECTION 6.8 Corporate Trustee Required; Eligibility; Disqualification.

     There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America or of any State or Territory or of
the District of Columbia or a corporation or other person permitted to act as Trustee by the
Commission, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50,000,000, and subject to supervision or examination by Federal
or State, Territorial or District of Columbia authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of
such corporation shall be deemed to

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be its combined capital and surplus as set forth in its most
recent report of condition so published. Neither the Company nor any of its Affiliates shall
serve as Trustee hereunder. The Trustee shall be subject to the provisions of Section 310(b) of
the Trust Indenture Act. This Indenture shall always have a Trustee who satisfies the requirements
of Section 310(a)(1) of the Trust Indenture Act.

     If at any time the Trustee shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

SECTION 6.9 Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee under Section 6.10.

     (b) The Trustee may resign at any time by giving written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee.

     (c) The Trustee may be removed at any time by Act of the Holders of a majority in principal
amount of the Outstanding Investment Notes, delivered to the Trustee and to the Company.

     (d) If at any time:

     (1) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust
Indenture Act after written request therefor by the Company or by any Holder who has
been a bona fide Holder of an Investment Note or Investment Notes for at least six (6)
months; or

     (2) the Trustee shall cease to be eligible under Section 310(a) of the Trust Indenture
Act and shall fail to resign after written request therefor by the Company or by any such
Holder; or

     (3) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;

then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee and appoint
a successor trustee, or (ii) subject to the provisions of Section 5.14, any Holder who has been a
bona fide Holder of an Investment Note for at least six (6) months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee.

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     (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee. If, within one (1) year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of
the Holders of a majority in principal amount of the Outstanding Investment Notes delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become successor Trustee and supersede the successor Trustee
appointed by the Company. If no successor Trustee shall have been so appointed by the Company or
the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a
bona fide Holder of an Investment Note for at least six (6) months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the appointment of
a successor Trustee.

     (f) The Company shall give notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee by mailing written notice of such event by first-class mail,
postage prepaid, to the Holders of Investment Notes as their names and addresses appear in the
Register. Each notice shall indicate the name of the successor Trustee and the address of its
Principal Corporate Trust Office.

SECTION 6.10 Acceptance of Appointment by Successor.

     Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
registration or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts
and duties of the retiring Trustee; but, on request of the Company or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee,
and shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder, subject nevertheless to its lien, if any, provided for in
Section 6.7. Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all of
such rights, power and trusts.

     No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article VI.

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SECTION 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article VI, without the
execution or filing of any paper or any further act on the part of any of the parties hereto.

SECTION 6.12 Preferential Collection of Claims against Company.

     The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act. A trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the
extent indicated therein.

ARTICLE VII

Supplemental Indentures

SECTION 7.1 Supplemental Indentures Without Consent of Holders.

     Without the consent of the Holders of any Investment Notes, the Company, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes:

	 	(1)	 	to establish the form or terms of the Investment Notes not
inconsistent with the terms of this Indenture;
	 
	 	(2)	 	to cure any ambiguity, defect or inconsistency;
	 
	 	(3)	 	to evidence the succession of another corporation to the
Company, and the assumption by any such successor of the covenants of the
Company contained herein and in the Investment Notes;
	 
	 	(4)	 	to provide for additional uncertificated or certificated
Investment Notes;
	 
	 	(5)	 	to make any change that does not adversely affect the legal
rights hereunder of any Holder, including but not limited to an increase in the
aggregate dollar amount of Investment Notes which may be outstanding under this
Indenture;
	 
	 	(6)	 	to modify or eliminate the right of the estate of a Holder or a
Holder to cause the Company to redeem an Investment Note upon the death or
Total Permanent Disability of a Holder pursuant to Article XI; provided,
however,

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	 	 	 	that the Company may not modify or eliminate such right, as it may be
in effect on the Issue Date, with respect to any Investment Note which was
issued with such right. After an amendment under this subsection 7.1(6)
becomes effective, the Company may mail to the Holders of each Investment Note
then outstanding a notice briefly describing the amendment; or
	 
	 	(7)	 	to comply with any requirements of the SEC in connection with
the qualification of this Indenture under the TIA.

     The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

     Any supplemental indenture authorized by the provisions of this Section 7.1 may be executed by
the Company and the Trustee without the consent of the Holders of any of the Investment Notes at
the time Outstanding, notwithstanding any of the provisions of Section 7.2.

SECTION 7.2 Supplemental Indentures With Consent of Holders.

     With the consent of the Holders of at least a majority in principal amount of the Outstanding
Investment Notes, by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by a Board Resolution, and the Trustee may amend this Indenture or the Investment
Notes and enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of modifying in any manner the rights of the Holders of the Investment Notes under this
Indenture.

     However, without the consent of the Holder of each Investment Note affected, an amendment or
waiver under this Section 7.2 may not (with respect to any Investment Note held by a nonconsenting
Holder):

	 	(1)	 	reduce the principal amount of Investment Notes whose Holders
must consent to an amendment, supplement or waiver;
	 
	 	(2)	 	reduce the rate of or change the time for payment of interest,
including default interest, on any Investment Note;
	 
	 	(3)	 	reduce the principal of or change the fixed maturity of any
Investment Note or alter the redemption provisions or the price at which the
Company shall offer to purchase such Investment Note;
	 
	 	(4)	 	make any Investment Note payable in money other than U.S.
Dollars;

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	 	(5)	 	make any change in Article X that adversely affects the rights
of any Holders;
	 
	 	(6)	 	waive a Default or Event of Default in the payment of principal
of or interest on, or redemption payment with respect to, any Investment Note
(except a rescission of acceleration of the Investment Notes by the Holders of
at least a majority in aggregate principal amount of the Investment Notes and a
waiver of the payment default that resulted from such acceleration);
	 
	 	(7)	 	modify the provisions of this Section 7.2; or
	 
	 	(8)	 	make any change in Section 5.8 or 5.13 above.

     It shall not be necessary for the consent of the Holders under this Section 7.2 to approve the
particular form of any proposed amendment or waiver, but it shall be sufficient if such consent
approves the substance thereof.

     After an amendment or waiver under this Section 7.2 becomes effective, the Company shall mail
to the Holders of each Investment Note affected thereby a notice briefly describing the amendment
or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Subject to Sections 5.8 and 5.13 hereof, the Holders of a majority in principal amount of the
Investment Notes then outstanding may waive compliance in a particular instance by the Company with
any provision of this Indenture or the Investment Notes.

SECTION 7.3 Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

SECTION 7.4 Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the Holders of
Investment Notes shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and such supplemental indenture shall form a part of
this Indenture for any and all purposes; and every Holder of Investment Notes theretofore or
thereafter issued and delivered thereunder shall be bound thereby.

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SECTION 7.5 Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the TIA as then in effect.

SECTION 7.6 Notation on or Exchange of Investment Notes.

     The Company or the Trustee may place an appropriate notation about an amendment or waiver on
any Investment Note, if certificated, or any Account statement. Failure to make any such notation
or issue a new note shall not affect the validity and effect of such amendment or waiver.

SECTION 7.7 Subordination Unimpaired.

     No supplemental indenture executed pursuant to this Article shall affect the superior position
of the holders of Senior Indebtedness with respect to such Investment Notes.

ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer or Lease

SECTION 8.1 Company May Consolidate, etc., Only on Certain Terms.

     The Company shall not consolidate with or merge into any other Person or convey or transfer
its property and assets substantially as an entirety to any Person, unless:

     (1) the Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer the properties and assets of the Company
substantially as an entirety shall be a Person organized and existing under the laws of the
United States of America or any State or the District of Columbia, and shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of and interest
on all the Investment Notes and the performance of every covenant of this Indenture on the
part of the Company to be performed or observed;

     (2) immediately after giving effect to such transaction, no Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of Default, shall
have happened and be continuing; and

     (3) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and
such supplemental indenture comply with this Article VIII and that all conditions precedent
herein provided for relating to such transaction have been complied with.

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SECTION 8.2 Successor Person Substituted.

     Upon any consolidation or merger of the Company into another Person, or any conveyance or
transfer of the properties and assets of the Company substantially as an entirety in accordance
with Section 8.1, the successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance or transfer is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as
if such successor Person had been named as the Company herein.

ARTICLE IX

Discharge of Indenture

SECTION 9.1 Termination of Company’s Obligations.

     This Indenture shall cease to be of further effect (except that the Company’s obligations
under Sections 6.7 and 9.4, and the Company’s, Trustee’s and Paying Agent’s obligations under
Section 9.3 shall survive) when all outstanding Investment Notes have been paid in full and the
Company has paid all sums payable by the Company hereunder. In addition, the Company may terminate
all of its obligations under this Indenture if:

     (1) the Company irrevocably deposits in trust with the Trustee or at the option of the
Trustee, with a trustee reasonably satisfactory to the Trustee and the Company under the terms of
an irrevocable trust agreement in form and substance satisfactory to the Trustee, money or U.S.
Government Obligations sufficient (as certified by an independent public accountant designated by
the Company) to pay principal and interest and premium, if any, on the Investment Notes to maturity
or redemption, as the case may be, and to pay all other sums payable by it hereunder, provided that
(i) the trustee of the irrevocable trust shall have been irrevocably instructed to pay such money
or the proceeds of such U.S. Government Obligations to the Trustee and (ii) the Trustee shall have
been irrevocably instructed to apply such money or the proceeds of such U.S. Government Obligations
to the payment of said principal and interest and premium, if any, with respect to the Investment
Notes;

     (2) the Company delivers to the Trustee an Officers’ Certificate stating that all conditions
precedent to satisfaction and discharge of this Indenture have been complied with;

     (3) no Event of Default or event (including such deposit) which, with notice or lapse of time,
or both, would become an Event of Default with respect to the Investment Notes shall have occurred
and be continuing on the date of such deposit; and

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     (4) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
Holders of the Investment Notes will not recognize income, gain or loss for Federal income tax
purposes as a result of the Company=s exercise of its option under this Section 9.1 and will
be subject to Federal income tax in the same amount, in the same manner and at the same times as
would have been the case if such option had not been exercised;

then, this Indenture shall cease to be of further effect (except as provided in this paragraph),
and the Trustee, on demand of the Company, shall execute proper instruments acknowledging
confirmation of and discharge under this Indenture. The Company may make the deposit only if
Article X hereof does not prohibit such payment. However, the Company’s obligations in Sections
2.3, 2.4, 2.5, 3.2, 3.3, 6.7, 6.9, 9.3 and 9.4 and the Trustee’s and Paying Agent’s
obligations in Section 9.3 shall survive until the Investment Notes are no longer outstanding.
Thereafter, only the Company’s obligations in Section 6.7 and 9.4 and the Company’s, Trustee’s and
Paying Agent’s obligations in Section 9.3 shall survive.

     After such irrevocable deposit made pursuant to this Section 9.1 and satisfaction of the other
conditions set forth herein, the Trustee upon written request shall acknowledge in writing the
discharge of the Company’s obligations under this Indenture except for those surviving obligations
specified above.

     In order to have money available on a payment date to pay principal or interest or premium, if
any, on the Investment Notes, the U.S. Government Obligations shall be payable as to principal or
interest at least one (1) Business Day before such payment date in such amounts as will provide the
necessary money. U.S. Government Obligations shall not be callable at the issuer’s option.

SECTION 9.2 Application of Trust Money.

     The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money
or U.S. Government Obligations deposited with it pursuant to Section 9.1. It shall apply the
deposited money and the money from U.S. Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal and interest on the Investment Notes.

SECTION 9.3 Repayment to Company.

     The Trustee and the Paying Agent shall promptly pay to the Company upon written request any
excess money or securities held by them at any time.

     The Trustee and the Paying Agent shall pay to the Company upon written request any money held
by them for the payment of principal or interest or premium, if any, that remains unclaimed for two
(2) years after the date upon which such payment shall have become due; provided, however, that the
Company shall have either caused notice of such payment to be mailed to each Holder entitled
thereto no less than thirty (30) days prior to such repayment or within such period shall have
published such notice in an Authorized Newspaper. After payment to the Company, Holders entitled to
the money must look to the Company for payment as general creditors unless an applicable

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abandoned
property law designates another Person, and all liability of the Trustee and such Paying Agent with
respect to such money shall cease.

SECTION 9.4 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Section 9.2 by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Investment Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 9.1 until such time as
the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in
accordance with Section 9.2; provided, however, that if the Company has made any payment of
interest or premium, if any, on or principal of any Investment Note because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Investment
Notes to receive such payment, as long as no money is owed to the Trustee by the Company, from the
money or U.S. Government Obligations held by the Trustee or Paying Agent.

ARTICLE X

Subordination of Investment Notes

SECTION 10.1 Subordination.

     The Company covenants and agrees, and each Holder of Investment Notes, by his acceptance
thereof, likewise covenants and agrees, that the indebtedness represented by the Investment Notes
and the payment of the principal of and interest on each and all of the Investment Notes is
expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment
to the prior payment in full of all Senior Indebtedness, and that the subordination is for the
benefit of the holders of Senior Indebtedness.

SECTION 10.2 Distribution of Assets, etc.

     No payment on account of principal of or interest or premium, if any, on the Investment Notes
shall be made, and no Investment Notes shall be purchased or otherwise acquired, and no funds shall
be set aside for the purchase of any Investment Notes, either directly or indirectly, by the
Company, if a default in the payment of the principal of or premium, if any, or interest on any
Senior Indebtedness shall have occurred and continued beyond any applicable period of grace so as
to entitle the holder of such Senior Indebtedness to accelerate its maturity, unless and until such
default shall have been cured or waived or shall have ceased to exist or moneys for the payment
thereof shall have been duly set aside.

     In the event of any distribution of assets of the Company upon any dissolution, winding up,
total or partial liquidation, or reorganization of the Company, whether in bankruptcy, insolvency
or receivership proceedings, or upon any assignment for the benefit of creditors or any other
marshaling of the assets and liabilities of the Company, or otherwise,

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          (1) all of the principal of and premium, if any, and interest on all Senior Indebtedness shall
first be paid in full or moneys for the full payment thereof shall have been duly set aside before
any payment is made upon the principal of or interest or premium, if any, on any Investment Note,
and

          (2) any payment or distribution of assets or securities of the Company of any kind or
character, whether in cash, property or securities (other than securities of the Company as
reorganized or readjusted, or securities of the Company or of any other corporation provided for by
a
plan of reorganization or readjustment, the payment of which is subordinated to the payment of
all principal of and premium, if any, and interest on such Senior Indebtedness as may at the time
be outstanding and to any securities issued in respect thereof under any such plan of
reorganization or readjustment, provided that the obligations represented by all notes or other
evidences of Senior Indebtedness are assumed by the new corporation, if any, resulting from any
such reorganization or readjustment and provided further that the rights of the holders of Senior
Indebtedness are not, without the consent of such holders, altered by such reorganization or
readjustment), to which the Holders would be entitled except for the provisions of this Article,
shall be paid by the liquidating trustee or agent or other Person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, to
the holders of Senior Indebtedness (pro rata to each such holder on the basis of the respective
amounts of Senior Indebtedness held by such holder) or their representatives, to the extent
necessary to pay the principal of and premium, if any, and interest on all Senior Indebtedness in
full, after giving effect to any concurrent payment or distribution to the holders of Senior
Indebtedness, before any payment or distribution is made to the Holders or to the Trustee.

     If the payment of principal of and any interest on the Investment Notes is accelerated because
of an Event of Default, no payment on account of principal of or interest on the Investment Notes
shall be made until all of the principal of and premium, if any, and interest on all Senior
Indebtedness has been paid in full or due provision has been made for such payment.

     In the event that, notwithstanding the foregoing, any payment or distribution of any character
on any Investment Note, whether in cash, securities or other property (other than securities of the
Company as reorganized or readjusted, or securities of the Company or of any other corporation
provided for by a plan of reorganization or readjustment, the payment of which is subordinated to
the payment of all principal of and premium, if any, and interest on such Senior Indebtedness as
may at the time be outstanding and to any securities issued in respect thereof under any such plan
of reorganization or readjustment provided that the obligations represented by all notes or other
evidences of Senior Indebtedness are assumed by the new corporation, if any, resulting from any
such reorganization or readjustment and provided further that the rights of the holders of Senior
Indebtedness are not, without the consent of such holders, altered by such reorganization or
readjustment), shall be received by the Trustee or any Holder in contravention of any of the terms
hereof, such payment or distribution or Investment Note shall be received in trust for the benefit
of, and shall be paid over or delivered and transferred to, the holders of the Senior Indebtedness
at the time outstanding in accordance with priorities then existing among such holders for
application to the

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payment of all Senior Indebtedness remaining unpaid, to the extent necessary to
pay all such Senior Indebtedness in full. In the event of the failure of the Trustees or any
Holder to endorse or assign any such payment, distribution or Investment Note, each holder of
Senior Indebtedness is hereby irrevocably authorized to endorse or assign the same.

SECTION 10.3 Subrogation.

     Subject to the payment in full of all Senior Indebtedness, the Holders shall be subrogated
(equally and ratably with the holders of all indebtedness of the Company which, by its express
terms, ranks on a parity with the Investment Notes and is entitled to like rights of subrogation)
to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash,
property or securities of the Company applicable to the Senior Indebtedness until all amounts owing
on the Investment Notes shall be paid in full, and, as between the Company, its creditors other
than holders of Senior Indebtedness, and the Holders, no such payment or distribution made to the
holders of Senior Indebtedness by virtue of this Article which otherwise would have been made to
the Holders, shall be deemed to be a payment by the Company on account of the Senior Indebtedness,
it being understood that the provisions of this Article are and are intended solely for the purpose
of defining the relative rights of the Holders, on the one hand, and the holders of the Senior
Indebtedness, on the other hand.

SECTION 10.4 Obligation of the Company Unconditional.

     Nothing contained in this Article or elsewhere in this Indenture or in the Investment Notes is
intended to or shall impair, as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders the principal of and interest and premium, if any, on the Investment Notes as
and when the same shall become due and payable in accordance with their terms, or affect the
relative rights of the Holders and creditors of the Company other than the holders of Senior
Indebtedness, nor shall anything herein or therein prevent the Trustee or any Holder from
exercising all remedies otherwise permitted by applicable law upon an Event of Default under this
Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness
in respect of cash, property or securities of the Company received upon the exercise of any such
remedy.

     Upon any payment or distribution of assets of the Company referred to in this Article, the
Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization
proceeding affecting the affairs of the Company is pending and the Trustee, subject to the
provisions of Section 6.1, and the Holders shall be entitled to rely upon a certificate of the
liquidating trustee or agent or other person making any payment or distribution to the Trustee or
to the Holders for the purpose of ascertaining the persons entitled to participate in such payment
or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the
amount thereof or payable thereon, the amount paid or distributed thereon, and all other facts
pertinent thereto or to this Article.

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SECTION 10.5 Payments on Investment Notes Permitted.

     Nothing contained in this Article or elsewhere in this Indenture or in any of the Investment
Notes shall affect the obligation of the Company to make, or prevent the Company from making,
payment of the principal of or interest or premium, if any, on the Investment Notes in accordance
with the provisions hereof, except as otherwise provided in this Article.

SECTION 10.6 Effectuation of Subordination by Trustee.

     Each Holder of Investment Notes, by his acceptance thereof, authorizes and directs the Trustee
on his behalf to take such action at the request of the Company as may be necessary or appropriate
to effectuate the subordination provided in this Article and appoints the Trustee his
attorney-in-fact for any and all such purposes.

SECTION 10.7 Knowledge of Trustee.

     Notwithstanding the provisions of this Article or any other provisions of this Indenture, but
subject to the provisions of Section 6.1, the Trustee shall not be charged with knowledge of the
existence of any facts which would prohibit the making of any payment of moneys to or by the
Trustee, or the taking of any other action by the Trustee under this Article X, unless and until
the Trustee shall have received written notice thereof, in the manner required by Section 1.5, from
the Company, any Holder, any Paying Agent, any Registrar or the holder or representative of any
class of Senior Indebtedness.

SECTION 10.8 Trustee May Hold Senior Indebtedness.

     The Trustee shall be entitled to all the rights set forth in this Article with respect to any
Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in Section 6.12 or elsewhere in this Indenture shall deprive the Trustee
of any of its rights as such holder.

SECTION 10.9 Rights of Holders of Senior Indebtedness Not Impaired.

     No right of any present or future holder of any Senior Indebtedness to enforce the
subordination herein shall at any time or in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any non-compliance by the Company with the terms,
provisions and covenants of this Indenture, regardless of any knowledge thereof any such holders
may have or be otherwise charged with.

SECTION 10.10 Alteration of Senior Indebtedness.

     The Holders of any Senior Indebtedness may extend, renew, modify or amend the terms of such
Senior Indebtedness or any Investment Note therefor and may release, sell or exchange such
Investment Note and otherwise deal freely with the Company, all without notice to or consent of the

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Holders and without affecting the liabilities and obligations of the Company, the Trustee or the
Holders under this Indenture or the Investment Notes.

SECTION 10.11 Article Applicable to Paying Agents.

     In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case
(unless the context shall otherwise require) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named
in this Article in addition to or in place of the Trustee, provided, however, that Sections 10.7,
10.8, and 10.10 shall not apply to the Company if it acts as Paying Agent.

SECTION 10.12 Trustee Not Fiduciary for Holders of Senior Indebtedness.

     The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if the Trustee shall in good faith
mistakenly pay over or distribute to Holders of Investment Notes or to the Company or to any other
person cash, property or securities to which any holders of Senior Indebtedness shall be entitled
by virtue of this Article X or otherwise.

ARTICLE XI

Redemption

SECTION 11.1 Redemption of Investment Notes.

     The Company may redeem, in whole or in part, any Investment Note at any time and from time to
time, in accordance with any notice requirement provided in Sections 11.2 and 11.4 hereof and at a
Redemption Price equal to the principal amount of such Investment Note plus interest accrued but
unpaid to the redemption date.

SECTION 11.2 Notices to Trustee.

     If the Company elects to redeem Investment Notes pursuant to Section 11.1 hereof, it shall
furnish to the Trustee, at least thirty (30) days but not more than sixty (60) days before a
redemption
date, an Officers’ Certificate setting forth the redemption date, the principal amount of
Investment Notes to be redeemed and the redemption price.

SECTION 11.3 Selection of Investment Notes to be Redeemed.

     If less than all of the Investment Notes are to be redeemed, the Company shall select the
Investment Notes to be redeemed or, if the Company does not do so, the Trustee shall select the
Investment Notes to be redeemed among the Holders of the Investment Notes pro rata or in accordance
with a method the Trustee considers fair and appropriate (and in such manner as complies with
applicable legal and stock exchange requirements, if any). In the event of partial

- 45 -

 

redemption by
lot, the particular Investment Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than thirty (30) nor more than sixty (60) days prior to the redemption date by the
Trustee from the outstanding Investment Notes not previously called for redemption.

     The Trustee shall promptly notify the Company in writing of the Investment Notes selected for
redemption and, in the case of any Investment Note selected for partial redemption, the principal
amount thereof to be redeemed.

SECTION 11.4 Notice of Redemption.

     At least thirty (30) days but not more than sixty (60) days before a redemption date, the
Company shall mail a notice of redemption to each Holder whose Investment Notes are to be redeemed.

     The notice shall identify the Investment Notes to be redeemed and shall state:

          (1) the redemption date;

          (2) the Redemption Price;

          (3) if any Investment Note is being redeemed in part, the portion of the principal amount of
such Investment Note to be redeemed and that, after the redemption date, an appropriate adjustment
will be made to such Holder’s Account or, if such Investment Note was in definitive form,
upon surrender of such Investment Note, a new Investment Note or Investment Notes in principal
amount equal to the unredeemed portion will be issued;

          (4) the name and address of the Paying Agent;

          (5) any Investment Notes in definitive form that were called for redemption must be
surrendered to the Paying Agent to collect the Redemption Price; and

          (6) that interest on Investment Notes called for redemption ceases to accrue on and after the
redemption date.

     At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense; provided, however, that the Company shall deliver to the
Trustee, at least thirty-five (35) days (or such fewer days as the Trustee may agree) prior to the
redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding paragraph.

SECTION 11.5 Effect of Notice of Redemption.

     Once
notice of redemption is mailed to Holders pursuant to
Section 11.4, Investment Notes called for redemption become due and
payable on the redemption date at the Redemption Price.

- 46 -

 

SECTION 11.6 Deposit of Redemption Price.

     The Company shall deposit with the Trustee
or with the Paying Agent prior to 10:00 a.m. on the redemption date money sufficient to pay the Redemption Price of all Investment Notes to be
redeemed on that date. The Trustee or the Paying Agent shall return to the Company any money not
required for that purpose.

     If the Company complies with the preceding paragraph, interest on the Investment Notes to be
redeemed will cease to accrue on the applicable redemption date. If any Investment Notes called
for redemption shall not be so paid upon surrender for redemption because of the failure of the
Company to comply with the preceding paragraph, interest will be paid
when due on the unpaid principal, from
the redemption date until such principal is paid, and on any interest not paid on such unpaid
principal, in each case at the rate provided in the Investment Notes and in Sections 2.1 and 2.5
hereof.

SECTION 11.7 Investment Notes Redeemed in Part.

     An appropriate adjustment will be made to the Account of a Holder when an Investment Note is
redeemed in part. In the case of definitive Investment Notes redeemed in part, upon surrender of
such Investment Note, the Company shall issue and the Trustee shall authenticate for the Holder at
the expense of the Company a new Investment Note equal in principal amount to the unredeemed
portion of the Investment Note surrendered.

SECTION 11.8 Repurchasing of Investment Notes.

     Nothing herein shall prohibit the Company from repurchasing from time to time all or any
portion of the Investment Notes in privately negotiated transactions.

SECTION 11.9 Redemption of Investment Notes at the Election of Holder upon Death or Total
Permanent Disability.

     Except as set forth in this Section 11.9, a Holder shall have no right to cause the Company to
redeem an Investment Note prior to the Maturity Date of such Investment Note. However, upon the
death or Total Permanent Disability of a Holder of an Investment Note, the estate of such Holder
(in the event of death) or such Holder (in the event of Total Permanent Disability) may require the
Company to redeem, in whole and not in part, the Investment Note held by such Holder provided that
such Investment Note has a remaining maturity of greater than twelve (12) months at the time of
such death or Disability by delivering to the Company an irrevocable election (a “Redemption
Election”) requiring the Company to make such redemption. In the event an Investment Note is held
jointly by two or more Persons, such Investment Note shall be subject to the elective redemption
provisions of this Article XI upon the death or Total Permanent Disability of either joint Holder.
Upon receipt of a Redemption Election, the Company shall designate the redemption date for such
Investment Note, which redemption date shall be no more than fifteen (15) days after (i) in the
event of death, the

- 47 -

 

Company=s receipt of the Redemption Election or (ii) in the event of
Total Permanent Disability, the determination of Total Permanent Disability, and shall pay the
Redemption Price to the estate of the Holder or the Holder, as the case may be. The Redemption
Price payable with respect to a redemption pursuant to this Section 11.9 shall be the principal
amount of such redeemed Investment Note plus the interest accrued but unpaid to the date of
redemption. No interest shall accrue on an Investment Note to be redeemed under this Article XI
for any period of time after the redemption date for such Investment Note provided the Company has
tendered the Redemption Price to the Estate of the Holder or to the Holder, as the case may be.

ARTICLE XII

Immunity of Directors, Officers, Employees and Stockholders

SECTION 12.1 Exemption from Individual Liability.

     No Affiliate, officer, director, employee or stockholder, as such, of the Company, or its
Subsidiaries, shall have any liability for any obligations of the Company under the Investment
Notes or this Indenture or for any claim based on, in respect of or by reason of such obligations
or their creation. Each Holder by accepting an Investment Note hereby expressly waives and
releases all such liability. The waiver and release are part of the consideration for the issue of
the Investment Notes.

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

- 48 -

 

ARTICLE XIII

Investment Notes in Definitive Form

SECTION 13.1 Forms Generally.

     The Investment Notes are non-negotiable debt instruments and shall be issued only in
book-entry form. However, in the event of an exchange of the Investment Notes for fully registered
notes in definitive form pursuant to Section 2.7(b) hereof, the Investment Notes shall be in such
form and contain the terms of such Investment Notes, including without limitation those terms set
forth in Article II hereof, and any other provisions as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon, as may be required to comply with the rules of any securities
exchange, or as may, consistent herewith, be determined by the officers executing such Investment
Notes, as evidenced by their execution of the Investment Notes. Any such Investment Notes in
definitive form shall contain a certificate of authentication in such form as the Trustee and the
Company shall determine. Any portion of the text of any Investment Note may be set forth on the
reverse thereof, with an appropriate reference thereto on the face of the Investment Note. The
definitive Investment Notes shall be printed, lithographed or engraved on steel engaged borders or
may be produced in any other manner, all as determined by the officers executing such Investment
Notes as evidenced by their execution of such Investment Notes.

- 49 -

 

     IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed and attested,
all as of the day and year first above written.

	 	 	 	 	 
	 	 	LEVITT CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name: Alan B. Levan

Title: Chairman of the Board of Directors
	 
	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:

- 50 -Ex-10.1(a)

 

Exhibit 10.1(a)

PURCHASE AND SALE AGREEMENT

Between

MAPCO EXPRESS, INC.

AS BUYER

AND

FAST PETROLEUM, INC., WORTH L. THOMPSON, JR.,

JOHN E. THOMPSON, THOMPSON MANAGEMENT, I NC.,

THOMPSON ACQUISITIONS, INC., THOMPSON INVESTMENT PROPERTIES, INC., WJET, INC., FAST FINANCIAL

SERVICES, INC. AND TOP TIER ASSETS, LLC

AS SELLER

June 14, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	1.1	 	 	Defined Terms
	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE II PURCHASE AND SALE	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	2.1	 	 	Transfer
	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	2.2	 	 	Earnest Money
	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	2.3	 	 	Liens
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE III PRICE	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.1	 	 	Purchase Price
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.2	 	 	Inventory
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.2.1 Estimates
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.2.2 Fuel Inventory
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.2.3 Merchandise Inventory
	 	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.2.4 Food Supplies
	 	 	4	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.2.5 Inventory
	 	 	4	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	3.2.6 Reconciliation
	 	 	4	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.3	 	 	Petty Cash
	 	 	5	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.4	 	 	Payments
	 	 	5	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE IV COVENANTS	 	 	5	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.1	 	 	Entry and Inspections
	 	 	5	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.2	 	 	Management
	 	 	5	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.3	 	 	Agreements
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.3.1 Compliance
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.3.2 Termination & Amendment
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.3.3 Consents, Estoppels & Waivers
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.4	 	 	Permits
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.5	 	 	Environmental Matters
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.1 Pre-Closing Actions
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.2 Known Assumed Fuel
Contamination
	 	 	 7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.3 Worsley Fuel Contamination
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.4 Information & Agreements
	 	 	7	 

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(continued)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.5 Seller’s Environmental Indemnity
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.6 Buyer’s Environmental Indemnity
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	4.5.7 UST Funds
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.6	 	 	Title Matters
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.7	 	 	Employees and Benefits
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.8	 	 	Business Taxes
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	5.1	 	 	Seller’s Representations and Warranties
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	5.2	 	 	Buyer’s Representations and Warranties
	 	 	14	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE VI CLOSING	 	 	15	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	6.1	 	 	Conditions to Closing
	 	 	15	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	6.2	 	 	Closing
	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	6.2.1 Date, Time and Location
	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	6.2.2 Closing Deliveries
	 	 	17	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	6.2.3 Possession
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	6.2.4 Closing Costs
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	6.2.5 Records & Keys
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	6.3	 	 	Carve Out Stores
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	6.4	 	 	Existing Liabilities
	 	 	20	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE VII PRORATIONS AND ADJUSTMENTS	 	 	21	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.1	 	 	Calculation
	 	 	21	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.2	 	 	Store Income
	 	 	21	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.3	 	 	Taxes
	 	 	21	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.4	 	 	Contract Payables
	 	 	21	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.5	 	 	Contract Receivables
	 	 	21	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.6	 	 	Utilities
	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.7	 	 	Permits
	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.8	 	 	Health Insurance Premiums
	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.9	 	 	Security Deposits
	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	7.10	 	 	Unknown Amounts
	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 

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(continued)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE VIII INDEMNIFICATION	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	8.1	 	 	Seller’s Indemnity
	 	 	22	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	8.2	 	 	Buyer’s Indemnity
	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	8.3	 	 	Environmental Exclusion
	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE IX CASUALTY AND CONDEMNATION	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	9.1	 	 	Casualty
	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	9.1	 	 	Condemnation
	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE X DEFAULT & REMEDIES	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	10.1	 	 	Seller’s Failure to Close
	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	10.2	 	 	Buyer’s Failure to Close
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	10.3	 	 	Other Defaults
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	10.3.1 Remedies
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	10.3.2 Limitation of Seller’s Obligations
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	10.3.3 Acknowledgements
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE XI NOTICES	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE XII MISCELLANEOUS	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.1	 	 	Permitted Disclosures & Press Releases
	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.2	 	 	Confidentiality
	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.3	 	 	Records Review
	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.4	 	 	Bulk Sales
	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.5	 	 	Entire Agreement/Amendment
	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.6	 	 	Severability
	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.7	 	 	Waiver
	 	 	27	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.8	 	 	Brokers
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.9	 	 	Joint & Several Liability
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.10	 	 	Counterparts
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.11	 	 	Schedules/Exhibits
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.12	 	 	Successors & Assigns
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.13	 	 	Time Periods
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.14	 	 	Waiver of Subrogation
	 	 	28	 

-iii-

 

 

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(continued)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.15	 	 	Construction
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.16	 	 	Attorneys’Fees
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.17	 	 	Dispute Resolution
	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.18	 	 	Waiver of Jury Trial
	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.19	 	 	Survival
	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	12.20	 	 	Governing Law
	 	 	29	 

iv

 

TABLE OF CONTENTS

(continued)

Page

LIST OF SCHEDULES

	 	 	 
	Schedule 1

	 	Tax Allocations
	Schedule 2

	 	Required Repairs
	Schedule 3

	 	Claims & Litigation
	Schedule 4

	 	Proposed ROW Agreement
	Schedule 5

	 	Financial Statements
	Schedule 6

	 	Assignment & Assumption of Leases
	Schedule 7

	 	Bill of Sale
	Schedule 8

	 	Assignment and Assumption of Surviving Operating Agreements
	Schedule 9

	 	Assignment of Intangible Property
	Schedule 10

	 	Fuel Transportation Agreement
	Schedule 11

	 	Non-Competition Agreement
	Schedule 12

	 	Purchase Option & Right of First Refusal
	Schedule 13

	 	License Agreement
	Schedule 14

	 	Transition Services Agreement
	Schedule 15

	 	Owner’s Affidavit
	Schedule 16

	 	Georgia Lien Affidavit
	Schedule 17

	 	Georgia Residency Affidavit
	Schedule 18

	 	Tennessee Tax Affidavit
	Schedule 19

	 	Convenience Stores
	Schedule 20

	 	Convenience Store Values
	Schedule 21

	 	Escrow Agreement
	Schedule 22-A

	 	Excluded Assets (Remove)
	Schedule 22-B

	 	Excluded Assets (Remaining)
	Schedule 23

	 	Fuel Branding Agreements
	Schedule 24

	 	Known Assumed Fuel Contamination
	Schedule 25

	 	Leases
	Schedule 26

	 	Operating Agreements
	Schedule 27

	 	Permits
	Schedule 28

	 	Property Descriptions
	Schedule 29

	 	Remediation Summary
	Schedule 30

	 	Replacement Jobber Agreements
	Schedule 31

	 	Required Consents, Estoppels & Waivers
	Schedule 32

	 	Title Requirements
	Schedule 33

	 	Trade Names & Marks
	Schedule 34

	 	Vehicles

-v-

 

 

PURCHASE AND SALE AGREEMENT

     THIS PURCHASE AND SALE AGREEMENT (the “Agreement”) is made and entered into as of the 14th day
of June, 2006, by and between MAPCO EXPRESS, INC., a Delaware corporation (“Buyer”), FAST
PETROLEUM, INC., WORTH L. THOMPSON, JR., JOHN E. THOMPSON, THOMPSON MANAGEMENT, INC., THOMPSON ACQUISITIONS, INC., THOMPSON INVESTMENT
PROPERTIES, INC., WJET, INC., FAST FINANCIAL SERVICES, INC. AND TOP TIER ASSETS, LLC
(collectively, “Seller”).

WITNESSETH:

     WHEREAS, Seller is the owner of forty three (43) convenience stores located in the State of
Tennessee and the State of Georgia; and

     WHEREAS, Seller has agreed to sell said convenience stores to Buyer upon the terms and
conditions set forth herein.

     NOW THEREFORE, for ONE HUNDRED AND NO/100 US DOLLARS (US $100.00) paid Seller by Buyer, the
covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

ARTICLE I

DEFINITIONS

     1.1 Defined Terms. Annex #1 contains a list of certain defined terms used in this
Agreement, and such terms (when capitalized) shall have the meanings ascribed to them on Annex #1.
Additional terms are defined in the sections of this Agreement, and such terms (when capitalized)
shall have the meanings ascribed to them in said sections whenever the same are used herein.

ARTICLE II
PURCHASE AND SALE

     2.1 Transfer. Subject to and in accordance with the other terms of this Agreement,
Seller agrees to sell the Assets to Buyer and Buyer agrees to purchase the Assets from Seller. At
Closing, Seller shall:

          (i) convey good and marketable fee simple absolute title to each of the Fee Properties to
Buyer;

          (ii) assign all of Seller’s right, title and interest in the Leases and the Leased Properties
to Buyer;

          (iii) convey good and merchantable title to the Personal Property, the Fuel Inventory and the
Merchandise Inventory to Buyer;

          (iv) assign all of Seller’s right, title and interest in the Surviving Operating Agreements to
Buyer; and

          (v) assign all of Seller’s right, title and interest in the Intangible Property to Buyer.

-1-

 

          Seller shall assign, transfer and convey the Assets to Buyer, at Closing, free of Liens and
other encumbrances, except the Properties shall be transferred to Buyer subject to the Permitted
Encumbrances.

     2.2 Earnest Money. Buyer has deposited the Earnest Money pursuant to the terms of the
Escrow Agreement. The Earnest Money shall be credited against the amounts due Seller under this
Agreement at Closing. The Earnest Money shall be refunded to Buyer only to the extent provided in
the Escrow Agreement. Except as otherwise expressly provided in the Escrow Agreement or this
Agreement, if this Agreement is terminated, the Earnest Money shall be paid to Seller.

     2.3 Liens. Seller shall cause all Liens to be released by Closing; provided, however,
if Seller is unable to obtain a release of any Lien securing a loan entered into by Seller by
Closing, then Seller shall (i) obtain a payoff letter from the holder of the loan setting forth the
amount required to payoff the loan in full on the Closing Date, (ii) cause such amount to be paid
to the holder of the loan, at Closing, by the Title Company, (iii) cause the Owner’s Title
Insurance Policy (or marked-up title insurance commitment for the same) issued to Buyer, at
Closing, to insure Buyer against all loss and damage that Buyer may suffer as a result of the
enforcement or attempted enforcement of any Lien or the debt secured thereby, and (iv) obtain and
record an instrument releasing such Lien within ten (10) Business Days after the Closing Date. If
Seller fails to fulfill its obligations under this section, then, in addition to any other remedy
available hereunder or at law or in equity, Buyer may, but shall not be obligated to, fulfill such
obligation on behalf of Seller, in which event Seller shall reimburse Buyer, upon demand, for all
costs, expenses and reasonable attorneys’ fees (without regard to any statutory presumption) that
Buyer incurs in connection therewith. Buyer shall have the right to deduct any amount that Seller
owes Buyer under this section from the Purchase Price or any other amounts due Seller hereunder.

ARTICLE III

PRICE

     3.1 Purchase Price. Subject to the other terms of this Agreement, the purchase price
of the Assets, other than the Fuel Inventory, Food Supplies and the Merchandise Inventory, is Forty
Six Million Thirty Five Thousand Six Hundred Thirty Five and No/100 US Dollars (US $46,035,635.00)
(the “Purchase Price”). The Purchase Price shall be allocated for tax purposes as provided on
Schedule 1. Subject to the prorations, credits and adjustments provided for in this
Agreement, Buyer shall pay the Purchase Price to Seller at Closing.

     3.2 Inventory.

          3.2.1 Estimates. Three (3) Business Days prior to the date the Closing is scheduled
to occur, Seller shall furnish Buyer with a written statement setting forth Seller’s best estimate
of the Fuel Inventory, the Merchandise Inventory, and the Food Supplies as of the Closing.

          3.2.2 Fuel Inventory.

               (a) At Closing, Buyer shall pay Seller an amount equal to One Million One Hundred Fifty Six
Five Hundred Forty One and No/100 US Dollars (US $1,156,541.00), which is ninety-five percent (95%)
of the estimated value of the Fuel Inventory (the “Fuel Inventory Estimate”). Within ten (10)
Business Days after the Closing, Buyer and Seller shall (i) determine the number of gallons of each
grade of motor vehicle fuel comprising the Fuel Inventory, and (ii) execute a written statements
setting forth the same.

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               (b) The purchase price of the Fuel Inventory (the “Fuel Inventory Price”) shall be: (i) the
purchase price of the Fuel Inventory paid by Seller (i.e. the amount Seller paid the applicable
suppliers for the same), calculated on a first in, first out basis; plus (ii) applicable taxes on
the Fuel Inventory paid by Seller, including, but not limited to, the petroleum tax imposed under
T.C.A. Section 67-3-101 et seq.; plus (iii) an amount equal to the freight charges that Buyer would
be required to pay to deliver the Fuel Inventory to the Properties under the Fuel Transportation
Agreement to be executed by Seller and Buyer under Section 6.2.2(f), which shall be in lieu of any
transportation or hauling charges paid by Seller. At Closing, Seller shall furnish Buyer with (i)
all information necessary to calculate the Fuel Inventory Price, including, without limitation,
fuel delivery records for each of the Properties, invoices for each layer of product forming a part
of the Fuel Inventory, tax information, and receipts, and (ii) a written statement setting forth
the Fuel Inventory (by grade of fuel at each of the Properties) and the amount Seller paid for each
layer of product comprising the Fuel Inventory (by grade of fuel at each of the Properties),
calculated on a first in, first out basis.

               (c) For purposes hereof, the Fuel Inventory shall be determined based on a physical inventory
of the fuel within the UST Systems taken by Buyer and Seller on the Closing Date, adjusted to take
into account any fuel sales at the Convenience Stores between such readings and the Effective Time.
If the Fuel Inventory Estimate exceeds the Fuel Inventory Price, then Seller shall refund the
difference to Buyer within ten (10) Business Days after the Closing. If the Fuel Inventory Price
exceeds the Fuel Inventory Estimate, then Buyer shall pay Seller the difference within ten (10)
Business Days after the Closing; provided, however, if Seller has not satisfied its obligations
under Section 2.3, Buyer may withhold any amount it owes Seller under this subsection until such
obligations are satisfied and Buyer may deduct any sums that Seller owes Buyer under Section 2.3
from such amounts.

     3.2.3 Merchandise Inventory.

               (a) At Closing, Buyer shall pay Seller an amount equal to Two Million Ninety One Thousand
Three Hundred Thirty and No/100 US Dollars (US $2,091,330.00), which is ninety-five percent (95%)
of the estimated value of the Merchandise Inventory (the “Merchandise Inventory Estimate”). Within
ten (10) Business Days after the Closing, Buyer and Seller shall (i) determine the Merchandise
Inventory, and (ii) execute a written statement setting forth the Merchandise Inventory (by
category of item and location) and the retail value of the Merchandise Inventory (by category of
item and location) based on the prices charged by Seller for the same; provided the amounts charged
by Seller must comply with the requirements of Section 5.1(n). As part of such statement, Seller
shall certify to Buyer, in writing, the retail price of all items comprising the Merchandise
Inventory and the acquisition cost of the cigarettes, cigars and other tobacco products forming a
part of the Merchandise Inventory, calculated on a first in, first out basis. Prior to the Closing
Date, Seller shall remove all damaged and out-of-date merchandise from the Properties and all items
that Buyer reasonably determines are non-saleable or unusable.

               (b) The purchase price of the Merchandise Inventory (the “Merchandise Inventory Price”) shall
be an amount equal to: (i) seventy percent (70%) of the retail value of the Merchandise Inventory
other than cigarettes, cigars and other tobacco products, based on the prices charged by Seller for
the same (provided the amounts charged by Seller must comply with the requirements of Section
5.1(n)); plus (ii) the acquisition cost of the cigarettes, cigars and other tobacco products
forming a part of the Merchandise Inventory (i.e. the amount Seller paid the applicable suppliers
for the same), calculated on a first in, first out basis.

               (c) For purposes hereof, the Merchandise Inventory shall be determined based on a physical
inventory of the Convenience Stores conducted by representatives of Seller and

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Buyer on the Closing Date, with the results of such inventories being adjusted to reflect
sales at the Convenience Store between the completion of such inventory and the Effective Time. If
the Merchandise Inventory Estimate exceeds the Merchandise Inventory Price, then Seller shall
refund the difference to Buyer within ten (10) Business Days after the Closing. If the Merchandise
Inventory Price exceeds the Merchandise Inventory Estimate, then Buyer shall pay Seller the
difference within ten (10) Business Days after the Closing; provided, however, if Seller has not
satisfied its obligations under Section 2.3, Buyer may withhold any amount it owes Seller under
this subsection until such obligations are satisfied and Buyer may deduct any sums that Seller owes
Buyer under Section 2.3 from such amounts.

               (d) Seller shall return all beer and alcohol to the distributor who supplied the same to the
Convenience Stores, and Seller shall coordinate with Buyer to cause such distributor to restock the
Convenience Stores with beer and alcohol, in a manner reasonably acceptable to Buyer. Buyer
shall purchase such beer and alcohol directly from the distributor, not from Seller.

     3.2.4 Food Supplies.

               (a) At Closing, Buyer shall pay Seller an amount equal to One Hundred Two Thousand Five
Hundred Forty Three and No/100 US Dollars (US $102,543.00), which is ninety-five percent (95%) of
the estimated value of the Food Supplies (the “Food Supplies Estimate”). Within ten (10) Business
Days after the Closing, Buyer and Seller shall (i) determine the Food Supplies, and (ii) execute a
written statement setting forth the Food Supplies (by category of item and location) and the cost
of the Food Supplies (by category of item and location) based on the prices paid by Seller for the
same. As part of such statement, Seller shall certify to Buyer, in writing, purchase price paid by
Seller for all items comprising the Food Supplies, calculated on a first in, first out basis, and
furnish Buyer with all information necessary to calculate the Food Supplies Price, including,
without limitation, delivery records for each of the Properties, invoices for each product forming
a part of the Food Supplies and receipts.

               (b) The purchase price of the Food Supplies (the “Food Supplies Price”) shall be the purchase
price of the Food Supplies paid by Seller (i.e. the amount Seller paid the applicable suppliers for
the same), calculated on a first in, first out basis, excluding the price of any opened packages,
boxes or containers containing Food Supplies. For purposes hereof, the Food Supplies shall be
determined based on a physical inventory of the Properties taken by Buyer and Seller on the Closing
Date, without adjustment. If the Food Supplies Estimate exceeds the Food Supplies Price, then
Seller shall refund the difference to Buyer within ten (10) Business Days after the Closing. If
the Food Supplies Price exceeds the Food Supplies Estimate, then Buyer shall pay Seller the
difference within ten (10) Business Days after the Closing; provided, however, if Seller has not
satisfied its obligations under Section 2.3, Buyer may withhold any amount it owes Seller under
this subsection until such obligations are satisfied and Buyer may deduct any sums that Seller owes
Buyer under Section 2.3 from such amounts.

     3.2.5 Inventory. Buyer shall retain an audit company to assist with the physical
inventory of the Convenience Stores on the Closing Date. At Closing, Buyer and Seller shall each
pay one-half (1/2) of the fee charged by such company to provide such assistance.

     3.2.6 Reconciliation. For a period of ninety (90) days after the Closing, Buyer shall
have the right to audit Seller’s books and records related to the retail prices charged by the
Seller for the Merchandise Inventory. Seller agrees to make such books and records available for
Buyer’s review at the Seller’s offices in Dalton, Georgia. In the event any audit by Buyer of such
books and records reveals that Seller has overcharged Buyer for the Merchandise Inventory, (i)
Seller shall pay Buyer the amount of the overcharge, and (ii) if the amount of the overcharge
equals or exceeds Ten Thousand and No/100

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Dollars ($10,000.00), Seller shall reimburse Buyer for the cost of such audit. In the event
any audit by Buyer of such books and records reveals that Seller has undercharged Buyer for the
Merchandise Inventory, Buyer shall pay Seller the amount of the undercharge after deducting the
cost of the audit therefrom.

     3.3 Petty Cash. All cash belonging to Seller that is located at the Convenience
Stores as of the Effective Time (including, but not limited to, money in cash registers, safes, and
vending machines) shall remain and become the property of Buyer, excluding cash in ATMs; provided
Buyer shall reimburse Seller for the cash transferred to Buyer pursuant to this section within ten
(10) Business Days after the Closing. All other cash and receipts related to operation of the
Convenience Stores prior to the Effective Time shall remain Seller’s property and shall be removed
by Seller prior to the delivery of the Properties to Buyer. Representatives of Seller and Buyer
shall count the cash at the Convenience Stores on the Closing Date, with the results of such count
being adjusted to reflect sales at the Convenience Store between the completion of such count and
the Effective Time.

     3.4 Payments. All amounts that the parties owe to each other under the terms of this
Article shall be paid, in immediately available funds, by wire transfer to the account specified by
the payee, in writing.

ARTICLE IV

COVENANTS

     4.1 Entry and Inspection. Buyer and its agents, employees, contractors and
representatives shall have the right to (i) enter upon the Properties and access the Personal
Property for purposes of performing inspections, tests, surveys, site planning, geotechnical
reviews, environmental assessments (including, but not limited to, soil and ground water testing),
appraisals and other similar activities, and (ii) examine and make copies of all books and records
related to the Convenience Stores or the Assets in Seller’s possession or control. Seller agrees
to make such books and records available to Buyer at Seller’s office in Dalton, Georgia. Prior to
Closing, Buyer agrees to conduct its activities on the Properties in a manner that does not
unreasonably interfere with the operation of the Convenience Stores. In the event this Agreement
is terminated, Buyer shall repair any material damage to the Properties or Personal Property
resulting from Buyer’s activities, which obligation shall survive the termination of this
Agreement.

     4.2 Management.

               (a) Prior to Closing, Seller shall: (i) operate the Convenience Stores in their usual and
ordinary course of business, (ii) make all repairs necessary to ensure that the Properties and
Personal Property are in good working order as of the Closing, and (iii) not encumber the Assets or
enter into any agreement affecting the Assets or Convenience Stores, except for agreements
expressly authorized under the other sections of this Agreement. Without limiting the generality
of the foregoing, Seller shall correct all of the conditions identified on Schedule 2, in a
manner reasonably satisfactory to Buyer, prior to Closing.

               (b) If Seller has not completed any repairs or other work required under subsection 4.2(a) by
Closing, then: (i) Seller shall deposit an amount equal to one hundred twenty-five percent (125%)
of the cost of completing the same, as determined by Charles Campbell Construction or another
contractor reasonably approved by Buyer, in writing, with Buyer at Closing (the “Maintenance
Holdback”); and (ii) Buyer may, in addition to any other remedy available hereunder or at law or in
equity, complete such repairs or other work, on behalf of Seller, should Seller fail to
continuously and diligently correct the same after Closing, in which event Buyer may retain the
Maintenance Holdback to

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the extent necessary to cover the costs and expenses that Buyer incurs in connection
therewith; provided if the Maintenance Holdback is not sufficient to pay such costs and expenses,
Seller shall pay Buyer the deficiency within ten (10) Business Days after Buyer’s written demand
for the same. Once all such Defects have been cured, Buyer shall pay the Maintenance Holdback to
Seller, less any portion thereof retained by Buyer in accordance with the terms of this subsection.
While any repairs or other work is being performed by Seller after Closing pursuant to this
subsection, Seller shall maintain liability insurance reasonably satisfactory to Buyer and Seller
shall use reasonable efforts to minimize the disturbance caused by such repairs and other work.
Seller agrees to indemnify, defend and hold harmless Buyer from and against any and all claims,
actions, lawsuits, losses, damages, liabilities, (including, but not limited to, court costs,
reasonable attorneys’ fees [without regard to any statutory presumption], and litigation expenses)
which may at any time be imposed upon, incurred by or asserted or awarded against Buyer that arise
or result from the performance of any repairs or other work by Seller or any of its agents,
employees, contractors or representatives after Closing.

               (c) Seller has maintained a system of internal controls sufficient to provide reasonable
assurance that Seller’s transactions are executed with management’s authorization, Seller’s
transactions are recorded as necessary to permit preparation of financial statements in accordance
with GAAP and to maintain accountability for assets (access to Seller’s assets is permitted only in
accordance with management’s authorization), and the recorded amount for Seller’s assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences, and there are no significant deficiencies or material weaknesses in the design
or operation of said internal controls; and (ii) Seller has not been informed by its independent
auditors, accountants, consultants or others involved in the review of said internal controls that
significant deficiencies or material weaknesses exist in the same which could adversely affect
Seller’s ability to record, process, summarize and report financial data.

     4.3 Agreements.

          4.3.1 Compliance. Seller shall comply with the terms of the Leases and the Operating
Agreements through the Closing, and Seller shall use reasonable efforts to enforce the terms
thereof. Seller shall immediately notify Buyer, in writing, if there is an allegation that Seller
has defaulted under any of the Leases or the Surviving Operating Agreements or if Seller determines
that any other party has defaulted under the Leases or the Surviving Operating Agreements.

          4.3.2 Termination & Amendment. Except as otherwise expressly requested by Buyer, in
writing, Seller shall not amend, modify, terminate, extend or waive any of the provisions of the
Leases or the Surviving Operating Agreements.

          4.3.3 Consents, Estoppels & Waivers. Seller shall use reasonable efforts to obtain:
(i) the Required Consents, Estoppels & Waivers and any other consents necessary to allow Seller to
assign the Leases and the Surviving Operating Agreements to Buyer; and (ii) all estoppel
certificates related to the Permitted Encumbrances reasonably requested by Buyer.

          4.4 Permits. Seller shall comply with the terms of all Permits and maintain the same
in good standing until the Closing. All fees and other charges due in connection with the Permits
shall be paid by Seller, in full, through the Closing. Seller agrees that Buyer may freely contact
governmental officials to determine the steps required to assign the Permits or obtain replacements
of the same. Seller and Buyer shall use reasonable efforts to obtain, as quickly as possible, all
consents required to allow the assignment of the Permits to Buyer or replacements for the same to
be issued to Buyer effective as of the Closing; provided Buyer shall be responsible for paying all
fees and posting all bonds required in connection therewith.

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     4.5 Environmental Matters.

          4.5.1 Pre-Closing Actions. Seller agrees to complete all of the following corrective
measures, in a manner reasonably satisfactory to Buyer, within ten (10) Business Days after the
Execution Date:

               (i) Remove all drums and containers at Convenience Store #183, engage Buyer’s environmental
consultant to test the stained soil, excavate and properly remove the stained soil from the
Property under the supervision of such consultant, and test the remaining soil to confirm that any
contamination has been properly removed, and undertake any further testing or action required by
the consultant in order to obtain its written approval that no further action is recommended for
the investigation of the Property and confirming that there is no recognized environmental
condition.

               (ii) Remove all drums and waste in the dumpster at Convenience Store #207 from the Property.

          4.5.2 Known Assumed Fuel Contamination. After Closing, Buyer shall be responsible for
performing all work required to monitor, cleanup, or otherwise remediate the Known Assumed Fuel
Contamination on the Properties to the extent (but only to the extent) validly required under
Environmental Laws by the governmental authority charged with administering the same in the areas
where the affected Properties are located; provided, however, Buyer shall have the right to
negotiate and contest such requirements and, so long as Buyer is acting in good faith and with
reasonable diligence, Buyer may refrain from complying with such requirements until a final and
unappealable court order has been entered enforcing the same.

          4.5.3 Worsley Fuel Contamination. Seller shall remain responsible for causing all
work required to monitor, cleanup, or otherwise remediate the Worsley Fuel Contamination to the
extent (but only to the extent) validly required under Environmental Laws by the governmental
authority charged with administering the same in the areas where the affected Properties are
located. Seller shall comply with and enforce the terms of the Worsley Remediation Agreement, and
Seller shall promptly notify Buyer of any violation of the terms thereof or any material change in
the status of the Worsley Fuel Contamination. Seller acknowledges that Buyer is not assuming any
obligations or liabilities related to the Worsely Contamination, and Buyer shall not be responsible
for monitoring, cleaning-up, or otherwise remediating the same.

          4.5.4 Information & Agreements. Seller represents and warrants to Buyer, as of the
Execution Date and the Closing, that: (i) Seller has furnished Buyer with true, accurate and
complete copies of all correspondence, environmental assessments, test results, remediation plans
and other materials related to the Known Assumed Fuel Contamination and the Worsley Fuel
Contamination; (ii) the conditions giving rise to the Known Assumed Fuel Contamination and the
Worsley Fuel Contamination have been resolved and are no longer resulting in the release of
Hazardous Materials on the Properties; (iii) Seller has furnished Buyer with a true, accurate and
complete copy of all agreements between Seller and its environmental consultants and contractors
related to the Known Assumed Fuel Contamination and the Worsley Fuel Contamination (collectively,
the “Remediation Agreements”); (iv) the Remediation Agreements are in full force and effect; (v)
the Remediation Agreements have not been amended, modified or terminated; (vi) none of the parties
to the Remediation Agreements is in default thereunder; (vii) the Remediation Summary is true,
accurate and complete, (viii) there are no unpaid amounts owed by Seller under the Remediation
Agreements, and (ix) Seller’s Remediation Agreements are with parties who have received approval to
perform the required work in accordance with Environmental Laws.

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          4.5.5 Seller’s Environmental Indemnity. Except for the Known Assumed Fuel
Contamination, Seller agrees to indemnify, defend and hold harmless Buyer from and against any and
all claims, actions, lawsuits, losses, damages, liabilities, (including, but not limited to, court
costs, reasonable attorneys’ fees [without regard to any statutory presumption], and litigation
expenses) which may at any time be imposed upon, incurred by or asserted or awarded against Buyer
as a result of: (i) any Hazardous Materials located on or released from the Properties prior to the
Closing, including, but not limited to, any investigation, assessment, monitoring, removal,
remediation, clean-up, or abatement thereof required by governmental authorities pursuant to
Environmental Laws; (ii) any violation by, or claim of violation by, Seller or any of its
Affiliates, employees, agents, invitees, tenants, licensees, contractors or representatives of
Environmental Laws; (iii) the Worsley Fuel Contamination, (iv) any Bulk Plant Contamination; or (v)
the imposition of any lien against the Properties for damages caused by, or the recovery of any
costs incurred for the cleanup of, Hazardous Materials located on, under or about the Property as
of the Closing. The provisions of this section shall survive the Closing for a period of one (1)
year, except there shall be no limitation on the survival period of Seller’s indemnification
obligation hereunder with respect to matters known to Seller but not disclosed to Buyer as of the
Closing, the Worsley Fuel Contamination and any Bulk Plant Contamination.

          4.5.6 Buyer’s Environmental Indemnity. Buyer agrees to indemnify, defend and hold
harmless Seller from and against any and all claims, actions, lawsuits, losses, damages,
liabilities, (including, but not limited to, court costs, reasonable attorneys’ fees [without
regard to any statutory presumption] and litigation expenses) which may at any time be imposed
upon, incurred by or asserted or awarded against Seller as a result of the presence of any
Hazardous Materials released on the Properties by Buyer after Closing or discharged from the
Properties by Buyer after Closing, including, but not limited to, any investigation, assessment,
monitoring, removal, remediation, clean-up, or abatement thereof required by governmental
authorities pursuant to Environmental Laws.

          4.5.7 UST Funds. Buyer shall be entitled to all compensation and other financial
assistance available under the UST Funds and other governmental assistance programs as a result of
any assessments, testing, monitoring, clean-up or remediation by Buyer of the Known Assumed Fuel
Contamination and, and Seller shall, upon Buyer’s request, cooperate and assist with Buyer’s
efforts to obtain such compensation and assistance.

     4.6 Title Matters. Seller shall cause all of the Title Requirements to be satisfied
on or prior to the Closing Date in a manner which does not result in any additional exceptions or
exclusions being added to the Title Commitment or the Title Policy, which obligation shall include,
but is not limited to, delivery of (i) properly executed and recordable memoranda of leases, (ii)
properly executed and recordable assignments of leases and terminations of leases, (iii) waivers of
potential lease violations, (iv) evidence sufficient to confirm that some restrictions do not
affect the Properties, (v) information sufficient to allow the Title Company to identify all of the
Properties, and (vi) an assignment of certain purchase option rights. This section shall in no way
limit the obligations of Seller that are otherwise set forth in this Agreement concerning the
status of the title to the Properties to be delivered at Closing.

     4.7 Employees and Benefits. Buyer may interview and communicate with the employees of
the Convenience Stores. Buyer agrees to offer employment to the employees actively employed at
Convenience Stores by Seller immediately prior to Closing (the “Store Employees”) who satisfy
Buyer’s hiring requirements and are not on leave pursuant to the Family Medical Leave Act, any
worker’s compensation law or any other program of Seller or Applicable Laws (Store Employee
accepting such offers are referred to as “Hired Employees”); provided, however, nothing herein
shall be deemed to (i) create or grant to any Store Employees or Hired Employees third-party
beneficiary rights or claims under this Agreement, or (ii) alter any employment-at-will
relationship between Buyer and the Hired

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Employees. Seller shall permit Buyer to meet with the Store Employees, at the Properties or
such other location as Buyer may select. Notwithstanding Buyer’s employment of the Hired
Employees, Seller shall indemnify, defend and hold harmless Buyer from and against: (i) any and all
workers’ compensation and other claims made by any Hired Employees arising from injury, illness, or
act occurring prior to the Closing Date; and (ii) any accrued benefits and liabilities, claims,
lawsuits and administrative charges pertaining to the Hired Employees arising out of the Hired
Employee’s employment with Seller prior to the Closing.

     4.8 Business Taxes. Seller shall be responsible for paying, prior to delinquency, all
Pre-Closing Business Taxes and all sales taxes imposed as a result of the transfer of the Assets to
Buyer pursuant to this Agreement. To the extent possible, Seller shall pay the Pre-Closing
Business Taxes (except income taxes) prior to Closing and provide Buyer with reliable evidence of
such payment, including, but not limited to, tax clearance certificates issued no more than thirty
(30) days prior to Closing, from (i) the State of Tennessee, pursuant to T.C.A. §67-6-513
et. seq., confirming that all sales and use taxes due as of date of the certificate
have been paid in full, and (ii) the State of Georgia confirming that all sales and use taxes and
employee withholding due as of the date of the letter have been paid in full. In the event any
Pre-Closing Business Taxes are not paid at Closing, Seller shall pay the same prior to delinquency.
If a Lien is filed against any of the Assets as a result of Seller’s failure to pay any
Pre-Closing Business Taxes or if any governmental entity seizes or seeks to seize any of the Assets
as a result of Seller’s failure to pay any Pre-Closing Business Taxes, then Buyer may, in addition
to any other remedies available to it hereunder or at law or in equity, pay the same and take such
other actions as are reasonably necessary to protect its interest in the Assets, in which event
Seller shall reimburse Buyer, upon demand, for all costs and reasonable attorneys’ fees (without
regard to any statutory presumption) it incurs in connection therewith.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     5.1 Seller’s Representations & Warranties. Seller represents and warrants to Buyer,
as of the Execution Date and the Closing, that:

               (a) Power & Authority. (i) Seller is duly organized, validly existing and in good
standing under the laws of the State of Georgia, (ii) Seller has all power and authority necessary
for Seller to enter into and perform its obligations under this Agreement, subject to Seller
obtaining the Required Consents, Estoppels & Waivers, (iii) this Agreement is enforceable against
Seller in accordance with its terms, (iv) the execution, delivery and performance of this Agreement
by Seller does not conflict with or constitute a breach of any contract, agreement or other
instrument by which Seller is bound, and (v) the execution, delivery and performance of this
Agreement by Seller does not conflict with or result in a breach of any order, judgment, writ,
injunction or decree of any court, arbiter or governmental authority.

               (b) Bankruptcy. (i) Seller has not filed any voluntary petition in bankruptcy or
sought to reorganize its affairs under the Bankruptcy Code of the United States or any other
federal, state or local law related to bankruptcy, insolvency or relief for debtors, (ii) Seller
has not had an involuntary petition filed against it under the Bankruptcy Code of the United States
or any other federal, state or local law related to bankruptcy, insolvency or relief for debtors,
and (iii) Seller has not been adjudicated as bankrupt or insolvent.

               (c) Claims & Actions. Except as otherwise disclosed on Schedule 3, there are
no pending or, to the best of Seller’s knowledge, threatened claims, lawsuits, or other legal
proceedings that

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will or could have a material adverse effect on the Convenience Stores, the Assets or Seller’s
ability to perform its obligations under this Agreement.

               (d) Governmental Proceedings. (i) to the best of Seller’s knowledge, there are no
pending or threatened governmental actions, proceedings or investigations that could have material
adverse effect on the Convenience Stores, the Assets or Seller’s ability to perform its obligations
under this Agreement, including, but not limited to, condemnation or eminent domain proceedings,
except for the possible acquisition of a right-of-way on Convenience Store #193 pursuant to the
terms of that certain unexecuted Department of Transportation Option for Right of Way attached
hereto as Schedule 4 (the “Proposed ROW Agreement”), and (ii) no portion of the property
used in the operation of the Convenience Stores has been taken by condemnation or eminent domain
during the preceding twelve (12) months.

               (e) HSR Compliance. (i) the total consideration payable to Seller in connection with
the transaction contemplated by this Agreement will be less than Fifty Six Million Seven Hundred
Thousand and No/100 US Dollars (US $56,700,000.00), which is the “size of transaction test” under
the HSR Act, and (ii) the transaction contemplated by this Agreement will not be subject to the HSR
Act and a pre-merger notification filing under the HSR Act will not be required in connection
therewith.

               (f) Condition. (i) the Personal Property and the Properties are in good working order
and condition, except for normal wear and tear that does not impair functionality, and are free of
material defects, (ii) the Assets comply in all materials respects with Applicable Laws and the
Permitted Encumbrances, (iii) no portion of the Properties or the Personal Property has suffered
damage caused by fire or other casualty that cost more than Ten Thousand and No/100 US Dollars (US
$10,000.00), in the aggregate, to repair, (iv) no portion of the Properties has been used as a
landfill, junkyard or dump, (v) there are no pending or contemplated actions, proceedings, plans or
proposals to alter, re-route or close any road adjacent to the Properties or to close any curb cut
serving the Properties, except for alterations to one (1) of the curb cuts serving Convenience
Store #193 that are identified in the Proposed ROW Agreement, and (vi) there have been no material
changes to the Properties during the immediately preceding ninety (90) days.

               (g) Financial Information. (i) the financial information for calendar years 2003,
2004, 2005 and YTD 2006 set forth on Schedule 5 is true, accurate and complete in all
material respects, (ii) the audited financial statements of Fast Petroleum, Inc. not included
herein or in the Schedules, contain the information for the Convenience stores presented in
Schedule 5, (iii) the separate results of the business operations of the Convenience
Stores set forth on Schedule 5 are consistent in all respects with said audited financial
statements, and (iv) said audited financial statements were prepared in accordance with GAAP,
consistently applied.

               (h) Compliance. (i) the operation of the Convenience Stores, as presently conducted
by Seller, is permitted on the Properties under Applicable Laws and the Permitted Encumbrances,
except the sale of alcohol at Convenience Store #205 is prohibited under the instrument of record
in Book 1045, Page 15, Register’s Office for Hamilton County, Tennessee to the extent such
instrument is still valid and enforceable, (ii) to the best of Seller’s knowledge, there are no
pending or threatened changes in Applicable Laws that could adversely affect Buyer’s ability to
operate the Convenience Stores, as presently conducted by Seller, (iii) all governmental permits,
licenses, and consents required for the use of the Assets and the operation of the Convenience
Stores have been issued and are in full force and effect, (iv) Seller has furnished Buyer with a
true, accurate and complete copy of all Permits, (v) there are no outstanding violations of the
terms of the Permits, and there are no pending or, to the best of Seller’s knowledge, threatened
actions to revoke or suspend any of the Permits, (vi) the Permits are the only

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governmental permits, licenses or approvals related to the Assets or the operation of the
Convenience Stores, and (vii) Seller has paid all fees and other charges due in connection with the
Permits for the year of Closing and prior periods.

               (i) Warranties. (i) Seller has furnished Buyer with a true, accurate and complete
copy of all Warranties in Seller’s possession or control, and (ii) all conditions to the
effectiveness of the Warranties have been satisfied.

               (j) Fee Properties. Seller will have a good and marketable fee simple absolute estate
in the Fee Properties at Closing, subject only to applicable Permitted Encumbrances and the
Surviving Operating Agreements applicable to the Fee Properties.

               (k) Leased Properties. (i) Seller has furnished Buyer with a true, accurate and
complete copy of the Leases, (ii) the Leases are in full force and effect and have not been
amended, modified or supplemented, (iii) Seller has not assigned the Leases, (iv) Seller’s right,
title and interest in the Leases is unencumbered; (v) Seller is not in default under the Leases and
no matter exists which with the giving of notice, the passage of time or both would constitute such
a default, (vi) to the best of Seller’s knowledge, none of the other parties is in default under
the Leases and no matter exists which with the giving of notice, the passage of time, or both would
constitute such a default, (vii) Seller has obtained all consents required for Seller to validly
assign the Leases to Buyer at Closing, except the Required Consents, Estoppels & Waivers, and
(viii) none of the Leased Properties are owned by one of Seller’s Affiliates or any family member
of Seller’s Affiliates, except for that certain Lease Agreement, dated June 6, 2003, between ET,
LLC, as landlord, and Fast Petroleum, Inc., as tenant, as amended by that First Amendment to Lease
Agreement, dated June 6, 2003, pertaining to Convenience Store #195.

               (l) Possession. Except as otherwise expressly provided in the Surviving Operating
Agreements, no Person will have the right to occupy any portion of the Properties except for Buyer.

               (m) Operating Agreements. (i) Seller has furnished Buyer with a true, accurate and
complete copy of each of the Operating Agreements, (ii) Seller is not in default under the
Operating Agreements and no matter exists which with the giving of notice, the passage of time or
both would constitute such a default, (iii) to the best of Seller’s knowledge, none of the other
parties is in default under the Operating Agreements and no matter exists which with the giving of
notice, the passage of time, or both would constitute such a default, (iv) there are no
restrictions upon Seller’s ability to assign its interest in the Operating Agreements to Buyer,
except restrictions expressly set forth therein, (v) no party is entitled to any offsets, credits,
adjustments or abatements with respect to the amounts it owes Seller under the Operating
Agreements, (vii) Seller has not entered into any Operating Agreements with Seller’s Affiliates or
any family member of Seller’s Affiliates, and (viii) Seller will obtain all consents required for
Seller to validly assign the Surviving Operating Agreements to Buyer at Closing.

               (n) Operation. (i) Seller has not increased the retail price of the merchandise
(excluding motor vehicle fuels) sold at the Convenience Stores during the preceding sixty (60)
days, except for increases in the price of any item equal to increases in the amount paid by Seller
to acquire such item, (ii) Seller has operated the Convenience Stores in their usual and customary
course of business during the preceding sixty (60) days, and (iii) the Records contain all material
information and records maintained by or on behalf of Seller in connection with the acquisition,
development, construction, improvement, ownership, occupancy, maintenance, repair, leasing use or
operation of the Assets and the Convenience Stores during the twenty-four (24) months immediately
preceding the Closing.

               (o) No Other Agreements. (i) the Leases, the Surviving Operating Agreements and the
Permitted Encumbrances will be the only agreements (oral or written) related to the operation of
the

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Convenience Stores or affecting the Assets as of the Closing, except Seller has granted Miller
Brewing Company and Coca Cola, Inc. oral authorization to use the billboards located at Convenience
Stores #178, #180, #181 and #186 owned by Seller, (ii) Seller is the owner of such billboards and
has the right to freely revoke such oral authorizations any time after July 1, 2006, in its sole
discretion, (iii) Seller has no on-going obligations, duties or liabilities to Miller Brewing
Company or Coca Cola, Inc. with respect to such billboards, except for the obligation to allow them
to continue using the billboards until July 1, 2006, and (iv) the Excluded Assets identified as
“Vendor Supplied Items — No Operating Agreement” are supplied (at no charge) to Seller by a vendor,
Seller or the vendor may cause said “Vendor Supplied Items — No Operating Agreement” to be removed
at any time from the Convenience Stores (without liability), and there are no agreements (oral or
written) related to such “Vendor Supplied Items — No Operating Agreement.”

               (p) No Other Properties. (i) the Properties include all real property used in
connection with the operation of the Convenience Stores, except Seller’s headquarters at 745
College Drive, Dalton, Georgia and Seller’s warehouse and other operations at 1727 US Hwy 41 South,
Dalton, Georgia, (ii) except for the Excluded Assets, the Assets include all personal property
located on the Properties, (iii) all of the personal property used by Seller in the operation of
the Convenience Stores is located on the Properties, except for the Excluded Assets and items
normally maintained at Seller’s headquarters at 745 College Drive, Dalton, Georgia or Seller’s
warehouse and other operations at 1727 US Hwy 41 South, Dalton, Georgia, (iv) no personal property
has been removed from the Properties during the preceding sixty (60) days, except for (A) fuel and
other merchandise sold in the ordinary course of operating the Convenience Stores and (B) food and
other supplies used in the ordinary course of operating the Convenience Stores, (v) Seller has
maintained customary levels of food and other supplies at the Convenience Stores through the
Closing, (vi) Seller, Seller’s Affiliates and the family members of Seller’s Affiliates do not own
or lease any real property adjacent to the Convenience Stores that is not included in the
Properties, except for the Bulk Plant Site and land adjacent to Convenience Store #215, and (vii)
there are no agreements granting Seller, Seller’s Affiliates or the family members of Seller’s
Affiliates the right to acquire or lease any real property adjacent the Properties.

               (q) Branded Jobber Agreements. Seller’s total outstanding obligations and liabilities
under the Fuel Branding Agreements and related documents with respect to the repayment of
incentives and the re-branding of the Convenience Stores do not exceed (i) One Million Four Hundred
Thirty Thousand Three Hundred Ninety and 27/100 US Dollars (US $1,430,390.27) to BP Products North
America, Inc.; (ii) Forty Seven Thousand Three Hundred Two and No/100 US Dollars (US $47,302.00) to
ConocoPhillips Company, (iii) Six Hundred Ninety One Thousand Nine Hundred Fifty One and No/100 US
Dollars (US $691,951.00) to ExxonMobil Oil Corporation, and (iv) Ninety Nine Thousand Four Hundred
Eight and 93/100 US Dollars (US $99,408.93) to Motiva Enterprises LLC.

               (r) UST Systems. (i) the UST Systems are the only tanks used to store motor vehicle
fuels or other Hazardous Materials located on the Properties by Seller or, to the best of Seller’s
knowledge, any other Person, (ii) to the best of Seller’s knowledge, all other tanks used to store
motor vehicle fuels on the Properties have been lawfully removed, (iii) each the Properties is
fully eligible to participate in and benefit from one of the UST Funds, (iv) the UST Systems comply
with all Applicable Laws, and (v) all governmental fees and charges due in connection with the
ownership and operation of the UST Systems have been paid in full through and including the year
2006.

               (s) Hazardous Materials. Except for the Known Assumed Fuel Contamination and the
Worsley Fuel Contamination, to the best of Seller’s knowledge, (i) no Hazardous Materials have been
discharged, released, spilled, permitted to migrate, or allowed to escape on, under or about any of
the Properties or the Bulk Plant Site in quantities that violate Applicable Laws or in quantities
that could

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require reporting, investigation, assessment, monitoring, removal, remediation, clean-up, or
abatement under Applicable Laws, (ii) Seller has not received any summons, directive, notice or
other communication, written or oral, from any Person concerning Hazardous Materials released or
allegedly released on or from the Properties, (iii) gasoline, diesel fuel and kerosene are the only
Hazardous Materials that were stored on the Bulk Plant Site, (iv) the drums previously located on
the Bulk Plant Site contained only water and oil for resale to Seller’s customers, have not leaked
or spilled, and have been properly removed from said property in compliance with Applicable Laws,
and (v) the soil placed upon the plastic sheeting on the Bulk Plant Site is not contaminated with
any Hazardous Materials and was removed from a dealer location in Dalton, Georgia that is not one
of Properties, (vi) no contaminated soils have been removed from the Properties or any other land
and placed on the Bulk Plant Site, and (vii) the monitoring wells located at Convenient Store #175
are not in use.

               (t) Utilities. (i) to the best of Seller’s knowledge, the utility systems serving the
Properties are adequate to meet the needs of the Convenience Stores, as presently operated,
including, without limitation, water, gas, electric, telephone and sanitary sewer service, (ii)
water, electricity, telephone, gas (if applicable) and sanitary sewer service is being provided to
the Properties by public utility companies, via publicly dedicated and accepted lines, except for
Convenience Stores utilizing private septic systems and are not connected to the public sewer
system, (iii) the septic systems serving the Convenience Stores are located entirely on the
Properties and are in good working order and condition, free of material defects, and (iv) to the
best of Seller’s knowledge, none of the Convenience Stores has experienced flooding or other
material problems caused by storm water, except for the one (1) time flooding at Convenience Store
#185 and Convenience Store #219 that Seller has previously disclosed to Buyer, in writing.

               (u) Employees. (i) to the best of Seller’s knowledge, Seller has complied with all
Applicable Laws relating to the employment of labor at the Convenience Stores, including, but not
limited to, those relating to reporting, withholding, wages, hours, equal opportunity, occupational
health and safety, employee benefits, leave, severance and the payment of Social Security and other
employment taxes, (ii) there are no collective bargaining agreements applicable to the Store
Employees, and (iii) to the best of Seller’s knowledge, there are no union organizing efforts being
conducted with respect to the Store Employees.

               (v) Benefits. (i) Seller does not have any unpaid liability of any kind or nature
whatsoever arising out of or relating to any “employee pension benefit plan” or “pension plan” as
defined in Section 3(2) of the ERISA, (ii) at no time has Seller been required to contribute to any
“multi employer plan” as defined in Section 3(37) of ERISA, incurred any withdrawal liability as
provided in Section 4201 of ERISA, or sponsored, maintained, or contributed to any benefit plan
that provides retiree medical or retiree life insurance coverage, (iii) all “employer welfare
benefit plans” and “welfare plans” within the meaning of Section 3(1) of ERISA established or
maintained by Seller, if any, comply with the terms of the plan and Applicable Laws, including, but
not limited to, ERISA, (iv) there are no pending denials of benefit claims or unpaid claims under
any such “employer welfare benefit plan” or “welfare plan” established or maintained by Seller, and
(v) Seller does not maintain or contribute to any “employee benefit plan” as defined in Section
3(3) of ERISA under which Buyer will incur any liability as a result of the transactions
contemplated in this Agreement.

               (w) Taxes. (i) there are no pending contests or appeals involving the assessed value
of any Properties or the Personal Property for purposes of any tax or the amount of any Real
Property Taxes or Personal Property Taxes, and (ii) to the best of Seller’s knowledge, no new
assessments (general or special, public or private) are pending or contemplated against any of the
Properties or the Personal Property.

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               (x) Intangible Property. (i) Seller is the owner of the Intangible Property, (ii)
Seller has the right to assign the Intangible Property to Buyer, and (iii) to the best of Seller’s
knowledge, the Trade Names & Marks do not infringe on or conflict with the rights or intellectual
property of any other Person.

               (y) Full Disclosure. to the best of Seller’s knowledge, (i) there are no material
inaccuracies or omissions in the information regarding the Convenience Stores or the Assets that
Seller has furnished to Buyer, and (ii) Seller is not aware of any fact, event or circumstance that
could have a material adverse affect on the Convenience Stores, the Assets or Seller’s ability to
perform its obligations under this Agreement, excluding general market conditions.

               (z) 1445 Certifications. Seller is not (i) a “foreign person,” as such term is
defined in Section 1445(f)(3) of the Internal Revenue Code of 1954, as amended, or (ii) a
“disregarded entity” as such term is defined in Section 1.1445-2(b)(2)(iii) of the Code of Federal
Regulations.

               (aa) Patriot Act. Neither Seller nor any of its Affiliates is, or will become, a
person or entity with whom U.S. persons are restricted from doing business with under Applicable
Laws, including, without limitation, the regulations of the Office of Foreign Assets Control
(“OFAC”) of the Department of Treasury (e.g. OFAC’s Specially Designated and Blocked
Persons list), Executive Order 13224 or the United and Strengthening America by Providing Tools
Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (“USA
Patriot Act”).

     The representations and warranties of Seller set forth in this Section 5.1 shall survive the
Closing for a period of twelve (12) months, except there shall be no limitation on the survival
period of the representations and warranties set forth in Sections 5.1(a), 5.1(v), and 5.1(aa) or
claims arising as a result of Seller’s fraud or knowing misrepresentation.

     5.2 Buyer’s Representations & Warranties. Buyer represents and warrants to Seller, as
of the Execution Date and the Closing, that:

               (a) Power & Authority. (i) Buyer is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware, (ii) upon Seller obtaining the
Required Consents, Estoppels & Waivers, Buyer will have all power and authority necessary for Buyer
to enter into and perform its obligations under this Agreement, provided Buyer is relying on the
representations and warranty set forth in Section 5.1(e) in making this representation and
warranty, (iii) this Agreement is enforceable against Buyer in accordance with its terms, (iv) the
execution, delivery and performance of this Agreement by Buyer does not conflict with or constitute
a breach of any contract, agreement or other instrument by which Buyer is bound, and (v) the
execution, delivery and performance of this Agreement by Buyer does not conflict with or result in
a breach of any order, judgment, writ, injunction or decree of any court, arbiter or governmental
authority.

               (b) Bankruptcy. (i) Buyer has not filed any voluntary petition in bankruptcy or
sought to reorganize its affairs under the Bankruptcy Code of the United States or any other
federal, state or local law related to bankruptcy, insolvency or relief for debtors, (ii) Buyer has
not had an involuntary petition filed against it under the Bankruptcy Code of the United States or
any other federal, state or local law related to bankruptcy, insolvency or relief for debtors, and
(iii) Buyer has not been adjudicated as bankrupt or insolvent.

               (c) Claims & Actions. There are no pending or, to the best of Buyer’s knowledge,
threatened claims, lawsuits, or other legal proceedings that will or could have a material adverse
effect on Buyer’s ability to perform its obligations under this Agreement.

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               (d) Governmental Proceedings. To the best of Buyer’s knowledge, there are no pending
or threatened governmental actions, proceedings or investigations that could have a material
adverse effect on the Buyer’s ability to perform its obligations under this Agreement.

               (e) Patriot Act. Neither Buyer nor any of its Affiliates is, or will become, a person
or entity with whom U.S. persons are restricted from doing business with under Applicable Laws,
including, without limitation, the regulations of the OFAC of the Department of Treasury (e.g.
OFAC’s Specially Designated and Blocked Persons list), Executive Order 13224 or the USA Patriot
Act.

               The representations and warranties of Buyer set forth in this Section 5.2 shall survive for a
period of twelve (12) months except there shall be no limitation on the survival period of the
representations and warranties set forth in Sections 5.2(a) and 5.2(e).

ARTICLE VI

CLOSING

     6.1 Conditions to Closing.

               (a) Buyer’s obligation to consummate the transaction contemplated by this Agreement is
contingent upon all of the following conditions (the “Closing Conditions”) being satisfied as of
the date and time the Closing is scheduled to take place under Section 6.2:

               (i) Seller not being in default under this Agreement, and all of the representations and
warranties made by Seller in this Agreement being true, accurate and complete in all material
respects;

               (ii) no material adverse change affecting the Assets or the Convenience Stores occurring after
the Execution Date, including, but not limited to, any material adverse change in physical
condition or environmental condition, pending or threatened lawsuit or similar proceeding, actual
or pending change in Applicable Laws, or actual or pending taking by condemnation or other
governmental action;

               (iii) there being no Title Defects, and Buyer receiving the Title Policies or revised versions
of the Title Commitments that irrevocably and unconditionally commit to issue the Title Policies;

               (iv) there being no Hazardous Materials on, under or about any Property whose Remediation
Cost, in Buyer’s judgment, will exceed the sums that will be paid to Buyer under the UST Funds to
cover such Remediation Costs, including, but not limited to, any Hazardous Materials that, in
Buyer’s judgment, are not covered by the UST Funds;

               (v) Buyer’s receipt of the Required Consents, Estoppels & Waivers;

               (vi) Buyer or its Affiliate, Williamson Oil Co., Inc. (“Williamson Oil”), entering into or
obtaining, as applicable, the Replacement Jobber Agreements in form and substance satisfactory to
Buyer, in its sole discretion. Buyer is relying on the representations and warranties set forth in
5.1(q) in negotiating and entering into the Replacement Jobber Agreements; and

               (vii) Buyer entering into an agreement (the “Pacific Pride Supply Agreement”) with Fast
Petroleum, Inc. d/b/a Fast Petroleum of Dalton, GA (“Franchisee”), an Affiliate of Seller, in form
and substance satisfactory to Buyer, in its sole discretion, pursuant to which Franchisee, as

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the franchisee under a franchise agreement with Pacific Pride Services, Inc. (“Pacific Pride”)
for the operation of an automated commercial fueling business (the “Pacific Pride Business”), will
continue the Pacific Pride Business at Convenience Store Nos. 164, 165 and 220 in consideration of
the payment to Buyer of a $0.07 per gallon fee pumped through the Pacific Pride Business at such
Convenience Stores, among other things, and obtaining a written consent and waiver signed by
Pacific Pride to the conveyance of such Convenience Stores to Buyer, to the Pacific Pride Supply
Agreement, and waiving of any right of refusal or right to purchase any of the Assets.

               If any of the Closing Conditions are not satisfied as of the date scheduled for the Closing,
then Buyer may, in addition to any other available rights and remedies, terminate this Agreement by
written notice to Seller, in which case the Earnest Money shall be immediately refunded to Buyer.

               (b) If the Title Commitments or the Surveys reveal a Title Defect affecting any Property prior
to Closing or the Closing Condition described in (a)(iii) of this Section 6.1 is unsatisfied with
respect to any Property at the time the Closing scheduled to occur, then Buyer may also, at its
option, delete such Property and the Convenience Store located on such Property from this Agreement
by giving written notice to Seller, in which event the parties shall execute a written agreement
removing the same from the scope of this Agreement and the Purchase Price shall be reduced by the
Convenience Store Value of the Convenience Store on such Property.

               (c) If any of the Required Consents, Estoppels & Waivers has not been obtained by the time the
Closing is scheduled to occur, Buyer may also, at its option, delete any of the Properties to which
the same relates and the Convenience Stores located such Properties from this Agreement. If the
Required Consents, Estoppels & Waivers required for Seller to transfer any of the Properties to
Buyer without violating the terms of the Leases have not been obtained by the time the Closing is
scheduled to occur, then Seller may, at its option, delete such Properties and the Convenience
Stores located such Properties from this Agreement, unless Buyer agrees, in writing, to waive the
requirement for that Seller obtain such Required Consents, Estoppels & Waiver. If the Required
Consents, Estoppels & Waivers necessary for Seller to transfer any of the Properties to Buyer
without violating a right of first refusal contained in the Fuel Branding Agreements have not been
obtained by the time the Closing is scheduled to occur, then Seller may, at its option, delete such
Properties and the Convenience Stores located such Properties from this Agreement. If any Property
is deleted from this Agreement by Buyer or Seller pursuant to this section, the parties shall
execute a written agreement removing such Property and the Convenience Store located on such
Property from the scope of this Agreement and the Purchase Price shall be reduced by the
Convenience Store Value of the Convenience Store on such Property.

               (d) Nothing herein shall be deemed to limit the remedies available to Buyer under this
Agreement as a result of Seller’s default.

     6.2 Closing.

               6.2.1 Date, Time and Location. Subject to the other provisions of this Agreement, the
Closing shall take place at 1:00 p.m. central standard time on the date which is thirty (30) days
after the Execution Date; provided, however, either Buyer or Seller may accelerate the Closing if
(but only if) all of the following requirements and conditions are satisfied:

               (i) Buyer having received all of the documents referenced in subparagraphs 6.1(a)(v),
6.1(a)(vi) and 6.1(a)(vii), except the Required Consents, Estoppels & Waivers to be obtained from
McDonald’s Corporation and Quizno’s Franchising II LLC; provided, however, if the Closing takes
place prior to the receipt of such Required Consents, Estoppels & Waiver from McDonald’s
Corporation or Quizno’s Franchising II LLC, the provisions of Section 6.3 shall apply.

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               (ii) Buyer and Seller having received all of the Title Commitments and Surveys, revised to
reflect the satisfaction of the requirements set forth in Section 4.6.

               (iii) Seller having satisfied all of its obligations under this Agreement, except obligations
to be satisfied at Closing.

          In the event Buyer or Seller elects to accelerate the Closing pursuant to this section, the
Closing shall take place on the date which is two (2) Business Days after the other party actually
receives written notice of such elections; provided, however, no such elections shall be deemed to
modify or waive any of the provisions of Section 6.1. The Closing shall take place at the offices
of the Boult, Cummings, Conners & Berry PLC in Nashville, Tennessee.

          6.2.2 Closing Deliveries.

               (a) Deed. At Closing, Seller shall execute and deliver: (i) Special Warranty Deeds,
in recordable form, conveying good and marketable fee simple absolute title to each of the Fee
Properties located in Tennessee to Buyer, and (ii) Limited Warranty Deeds, in recordable form,
conveying good and marketable fee simple absolute title to each of the Fee Properties located in
the State of Georgia to Buyer. The Fee Properties shall be conveyed to Buyer subject only to
applicable Permitted Encumbrances.

               (b) Assignment of Leases. At Closing, Buyer, Fast Petroleum, Inc. and Worth L.
Thompson, Jr. shall enter into an Assignment and Assumption of Leases, in the form attached hereto
as Schedule 6, under which (i) Seller assigns to Buyer the tenant’s interest in the Leases,
and (ii) Buyer assumes the tenant’s obligations under the Leases to the extent such obligations
first arise and relate to periods from and after the Closing.

               (c) Bill of Sale. At Closing, Seller shall execute and deliver a Bill of Sale, in the
form attached hereto as Schedule 7, conveying good and merchantable title to the Personal
Property, the Fuel Inventory, and the Merchandise Inventory to Buyer. In addition, Seller shall
deliver to Buyer certificates of title transferring ownership of the Vehicles to Buyer in
accordance with Applicable Laws, including, but not limited to, state motor vehicle title and
registration laws.

               (d) Assignment of Surviving Operating Agreements. At Closing, Seller and Buyer shall
enter into an Assignment and Assumption of Surviving Operating Agreements, in the form attached
hereto as Schedule 8, under which (i) Seller assigns to Buyer all of Seller’s interest in
the Surviving Operating Agreements, and (ii) Buyer assumes Seller’s obligations under the Surviving
Operating Agreements to the extent such obligations first arise and relate to periods from and
after the Closing.

               (e) Assignment of Intangible Property. At Closing, (i) Seller and Buyer shall enter
into an Assignment of Intangible Property, in the form attached hereto as Schedule 9, under
which Seller assigns to the Intangible Property to Buyer, and (ii) Seller shall execute any other
documents necessary to transfer registration of the Trade Names & Marks to Buyer. To the extent
any Permits cannot be validly transferred to Buyer at Closing pursuant to such agreement or by
operation of law, Seller shall cooperate with, assist, and join in Buyer’s efforts to cause such
Permits to be re-issued in Buyer’s name at or after Closing, including, but not limited to, any
Permits for the sale of alcohol.

               (f) Fuel Transportation Agreement. At Closing, Buyer and Fast Transport, LLC shall
enter into a Fuel Transportation Agreement in the form attached hereto as Schedule 10.

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               (g) Non-Competition Agreement. At Closing, Buyer and Seller shall enter into a
Cooperation & Non-Compete Agreement in the form attached hereto as Schedule 11.

               (h) Purchase Option & Right of First Refusal. At Closing, Top Tier Assets, LLC and
Buyer shall enter into a Purchase Option and Right of First Refusal in the form attached hereto as
Schedule 12. Seller hereby certifies to Buyer, as of the Execution Date and the Closing,
that Top Tier Assets, LLC is the owner of the real property subject to such Purchase Option and
Right of First Refusal and there are no Liens encumbering the same.

               (i) License Agreement. At Closing, Buyer and Fast Transport, LLC shall enter into a
License Agreement in the form attached hereto as Schedule 13.

               (j) Transition Services. At Closing, Buyer, Fast Petroleum, Inc., and Worth L.
Thompson, Jr. shall enter into a Transition Services Agreement in the form attached hereto as
Schedule 14

               (k) Title Insurance Documents. At Closing, Seller shall: (i) execute and deliver to
Buyer an owner’s affidavit in the form attached hereto as Schedule 15, (ii) furnish Buyer
with such resolutions, formation documents and certificates of good standing/existence as are
reasonably required by the Title Company to establish that this Agreement has been duly authorized
by and is enforceable against Seller; (iii) take such actions as are required to cause the Title
Company to delete the mechanics’ and materialmen’s exception from the Title Policies; and (iv)
deliver to Buyer recorded releases of all Liens.

               (l) Georgia Lien Affidavit. At Closing, Seller shall execute and deliver to Buyer an
affidavit in substantially the form attached hereto as Schedule 16, stating that all
Persons involved in the purchase, sale, leasing or management of the Properties that may have lien
rights under O.C.G.A. §44-14-600 et. seq. have been paid in full.

               (m) Georgia Residency Affidavit. At Closing, Seller shall (i) execute and deliver to
Buyer an affidavit of Seller’s residence, in substantially the form attached hereto as Schedule
17, stating the Seller is a resident of Georgia, or (ii) evidence satisfactory to Buyer that
all taxes due in connection with the sale of the Properties to Buyer under O.C.G.A. §48-7-128 et.
seq. have been properly paid and withheld by Seller and all other requirements of said statute have
been satisfied by Seller in connection with the sale of the Properties.

               (n) Georgia Tax Documents. At Closing, Seller shall submit a Real Estate Transfer Tax
Declaration in accordance with O.C.G.A. §48-6-1 et. seq., as amended or any successor statute.

               (o) Tennessee Tax Documents. At Closing, Seller shall furnish Buyer with: (i) an
affidavit, in the form attached as Schedule 18, setting forth the total sales and use taxes
that are or may be owed by Seller under T.C.A. § 67-6-101 et seq., as amended or
any successor statute; and (ii) reliable evidence that Seller has paid all taxes it owes under
T.C.A. § 67-4-721 et seq., as amended or any successor statute, for the most recent
taxable year end before the Closing Date. At Closing, Buyer may deduct from the Purchase Price an
amount equal to Buyer’s good faith estimate of the unpaid sales and use taxes owed (or that will be
owed) by Seller as of the Closing and Buyer may retain such amount until Seller furnishes Buyer
with reliable evidence that such taxes have been properly paid. No later than ten (10) Business
Days after Closing, Seller shall file all final tax returns and all notifications or other filings
required under and pay all taxes its owes pursuant to T.C.A. §67-6-101et seq.,
T.C.A. §67-4-701 et seq.

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and T.C.A. § 67-5-101 et seq., as amended or any successor statutes, and
furnish Buyer with copies of such returns, notifications and filings.

               (p) Opinion Letter. At Closing, Seller shall furnish Buyer with an authority opinion
letter from Minor, Bell & Neal, P.C., in form and substance reasonably acceptable to Buyer.

               (q) Closing Statement. At the Closing, Seller and Buyer shall prepare a written
statement that sets forth the Purchase Price, the Fuel Inventory Estimate, the Merchandise
Inventory Estimate, all credits against the Purchase Price provided for in this Agreement, all
amounts being prorated between the parties pursuant to this Agreement, and all disbursements to be
made at the Closing on behalf of Seller or Buyer.

               (r) Non-Surviving Operating Agreements. At Closing, Seller shall furnish Buyer with
written evidence, reasonably satisfactory to Buyer, that Seller has terminated each of the
Non-Surviving Operating Agreements or modified the same so it no longer applies to the Assets.

               (s) Other Documents. At Closing, Seller and Buyer shall execute and deliver such
other instruments of as are reasonably required to carry out the purpose and intent of this
Agreement, including, but not limited to, IRS §1445 Certificates.

          6.2.3 Possession. At the time of the Closing, Seller shall deliver possession of the
Properties to Buyer, subject only to the Surviving Operating Agreements and the Permitted
Encumbrances. Seller shall cause the Removed Excluded Assets to be removed from the Property prior
to Closing. All other Excluded Assets shall remain at the Convenience Stores and shall be in
working order and serviceable as of the Closing, free from damage that Seller is obligated to
repair. Seller shall reimburse Buyer for the reasonable costs of repairing any material damage to
the Properties or the items located thereon, including, but not limited to, the Personal Property,
caused by Seller’s removal of the Excluded Assets.

          6.2.4 Closing Costs. At Closing, (i) Buyer shall pay the cost of the Title
Commitments and the Title Policies, and (ii) Seller shall pay all transfer taxes, recording costs
and documentary stamps due in connection with Seller’s conveyance of the Assets to Buyer,
including, but not limited to, the cost of recording the deeds conveying the Fee Properties to
Buyer and the cost of recording all instruments releasing Liens. Each of the parties hereto shall
pay the fees charged by its attorneys in connection with the transaction contemplated by this
Agreement. Except as otherwise expressly provided herein, Buyer shall be responsible for all costs
and expenses incurred by Buyer in connection with its inspection of the Assets.

          6.2.5 Records & Keys. At Closing, Seller shall (i) deliver to Buyer the originals of
the Leases, the Surviving Operating Agreements, and the other Records, and (ii) all keys, codes,
passwords, combinations, and administrator information related to the Assets or the Convenience
Stores. Seller may keep copies of such materials, at Seller’s sole cost and expense.

     6.3 Carve Out Stores.

          (a) Subject to the other terms hereof, if there is a Carve Out Store, then:

               (i) the Closing shall take place, with such Carve Out Store being excluded therefrom;

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               (ii) the Carve Out Store and the portion of the Assets related to such Carve Out Store
(including, without limitation, the Property upon which the Carve Out Store is located, the
Personal Property at such Carve Out Store, the Surviving Operating Agreements related to such Carve
Out Store, and the Merchandise Inventory and Fuel Inventory at such Carve Out Store) shall not be
transferred to Buyer at the Closing;

               (iii) the Store Employees working at such Carve Out Store shall remain employees of Seller,
unless and until the same are hired by Buyer in connection with the transfer of the Carve Out Store
to Buyer pursuant to this Agreement;

               (iv) the Merchandise Inventory Estimate, Fuel Inventory Estimate and Food Supplies Estimate
shall be reduced by Buyer’s good faith estimate of the value of the estimated value of the
Merchandise Inventory, Fuel Inventory and Food Supplies at such Carve Out Store;

               (v) the allocations set forth on Schedule 1 shall be reduced by the Carve Out Store
Value of such Carve Out Store, in such manner as Buyer, in good faith, deems appropriate, unless
and until such Carve Out Store is transferred to Buyer pursuant to this Agreement;

               (vi) the parties shall execute an amendment to this Agreement that modifies the terms,
covenants and conditions contained in this Agreement to the extent necessary to allow the Closing
to take place with respect to such Carve Out Store on the date that is ten (10) Business days after
the Required Consents, Estoppels & Waivers related to the same are received by Buyer or Buyer
waives the requirement that it receive such Required Consents, Estoppels & Waivers (by way of
example and not limitation, the proration and adjustment provisions of Article VII shall be
modified to apply to the Carve Out Store as of the date the Carve Out Store is actually transferred
to Buyer); and

               (vii) the Closing Conditions shall continue to apply with respect to a Carve Out Store until
such Carve Out Store is transferred to Buyer pursuant to this Agreement.

          It is the intention of the parties to allow the Closing to take place with respect to all of
the Assets other than those specified (i) above, but to preserve the Buyer’s rights and Seller’s
obligations under this Agreement with respect to such Carve Out Store and related Assets until the
Required Consents, Estoppels & Waivers related to the same are obtained.

          (b) The Purchase Price shall be reduced by the Carve Out Store Value of each Carve Out Store;
provided, subject to the prorations and adjustments provided for herein, Buyer shall pay the Carve
Out Store Value for each Carve Out Store to Seller, as part of the Purchase Price, at the time such
Carve Out Store and the Assets related to such Carve Out Store are transferred to Buyer pursuant
this Agreement.

          (c) With respect to each Carve Out Store, the terms “Closing” and “Closing Date” as used
throughout this Agreement shall be deemed to mean the date such Carve Out Store and all Assets
related to such Carve Out Store are actually transferred to Buyer in accordance with terms of this
Agreement.

          (d) In the event Buyer has not received the Required Consents, Estoppels & Waivers with
respect to any Carve Out Store by August 31, 2006, Buyer may, at any time thereafter, terminate
this Agreement and retain the Carve Out Store Value of such Carve Out Store, by giving written
notice to Seller.

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     6.4 Existing Liabilities. Except as otherwise expressly provided in this Agreement,
Buyer is not assuming any liability, debt or obligations, known or unknown, related to the Assets
or the Convenience Stores that is attributable to any period prior to the Closing or related to the
Excluded Assets, all of which shall remain Seller’s responsibility, and Buyer is not waiving any
right of contribution or any other claim of liability or responsibility that it may have against
Seller or any other Person under Applicable Laws.

ARTICLE VII

PRORATIONS AND ADJUSTMENTS

     7.1 Calculation. All prorations to be made under this section “as of the Closing
Date” shall be made as of the Effective Time, with the effect that Seller shall pay the portions of
the expenses and receive the portions of the income to be prorated under this Agreement which are
allocable to periods prior to the Closing Date and Buyer shall pay the portions of such expenses
and receive the portions of such income which are allocable to periods from and after the Closing
Date.

     7.2 Store Income. Buyer shall be entitled to income, revenue and receipts generated
by the operation of the Convenience Stores from and after the Effective Time. Within ten (10)
Business Days after the Closing, (i) Seller and Buyer shall review the sales records for the
Convenience Stores to determine whether Seller has received any amounts due Buyer under this
section, and (ii) Seller shall tender any such amounts to Buyer.

     7.3 Taxes. Except for Real Property Taxes that the landlord is obligated to pay under
the Leases, at Closing, (i) Seller shall pay all unpaid Real Property Taxes and Personal Property
Taxes due with respect to years prior to the year of Closing, and (ii) the Real Property Taxes and
Personal Property Taxes for the year of Closing shall be prorated between Seller and Buyer as of
the Closing Date. To the extent any such Real Property Taxes and Personal Property Taxes cannot be
paid at Closing, Seller shall pay Buyer its share of the same at Closing and Buyer shall be
responsible for the payment of such Real Property Taxes and Personal Property Taxes to the proper
taxing authority. If the amount of any Real Property Taxes or Personal Property Taxes to be paid
under this section are not known with certainty as of the Closing, the same shall be estimated
based on the best available information, with prompt adjustment between the parties as soon as the
same are finally determined, so that Seller and Buyer pay only the portion thereof that they are
responsible for under this section.

     7.4 Contract Payables. All Contract Payables shall be prorated between Seller and
Buyer as of the Closing Date. To the extent any Contract Payables have not paid as of the Closing,
Seller shall pay Buyer its share of the same, if any, at Closing and Buyer shall be responsible for
tendering such Contract Payables to the proper party.

     7.5 Contract Receivables. All Contract Receivables received by Seller prior to
Closing shall be prorated between the parties as of the Closing Date. At Closing, Seller shall
furnish Buyer with a written certificate setting forth the amount of all unpaid Contract
Receivables allocable to periods prior to Closing, the amount of all Contract Receivables received
by Seller that are allocable to periods from and after the Closing, and the periods to which the
same relate. In the event Buyer is entitled to any portion of the Contract Receivables that have
been paid to Seller as of the Closing, Seller shall tender the same to Buyer at Closing. After
Closing, all Contract Receivables received by Buyer or Seller pursuant to any of the Leases or
Surviving Operating Agreements shall be applied first to amounts due under such Lease or Surviving
Operating Agreement for the then current period and then to reduce delinquent amounts due under
such Lease or Surviving Operating Agreement in inverse order of when they first became due.

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Seller and Buyer agree to promptly tender any amounts that it receives that are due the other
party under the provisions of this subsection.

     7.6 Utilities. Seller shall pay, when due, all charges for utilities furnished to the
Properties prior to the Closing Date, and Seller shall be entitled to all refundable deposits
posted by Seller in order to obtain utility service to the Properties. Buyer shall be responsible
for making arrangements for the continuation of such utilities following the Closing; provided if
any such utility service is not transferred to an account in Buyer’s name by the Closing Date, then
the charges for such utility service for the month of Closing shall be prorated between Buyer and
Seller as of the Closing Date. Seller agrees to cooperate with, assist and join in Buyer’s efforts
to establish utility accounts for the Properties in Buyer’s name.

     7.7 Permits. To the extent Seller has paid any fees associated with Permits that are
assigned to Buyer at Closing, Buyer shall reimburse Seller, at Closing, for the portion of such
fees that are allocable to periods from and after the date of Closing.

     7.8 Health Insurance Premiums. Seller shall pay the monthly health insurance premiums
normally paid by Seller under its group plan for the month of the Closing, and Buyer shall
reimburse Seller, at Closing, for such premiums to the extent the same pertain to Hired Employees
and are allocable to the period from and after the Effective Time.

     7.9 Security Deposits. At Closing, Seller shall furnish Buyer with a written
certificate setting forth all refundable deposits being held by Seller under the terms of the
Surviving Operating Agreements and Seller shall tender such deposits to Buyer, together with any
interest earned thereon that may have to refunded; provided, however, Seller shall not be required
to deliver to Buyer any deposits or interest that has been properly forfeited to Seller in
accordance with the terms of the Surviving Operating Agreements.

     7.10 Unknown Amounts. In the event any amount to be prorated between the parties or
credited to either of the parties under the terms of this Article VII is not known with certainty
as of the Closing, the parties shall use an estimate of such amount at the Closing. If more
current information is not available, such estimates shall be based upon the prior operating
history of the Assets and the most recent prior bills. As such estimated amounts become finally
known, Seller and Buyer shall make any payments necessary to cause Seller and Buyer to pay the
amounts it is responsible for under this Article VII, but no more.

ARTICLE VIII

INDEMNIFICATION.

     8.1 Seller’s Indemnity. Except to the extent caused by Buyer or any of its agents,
employees, contractors or representatives, Seller shall indemnify, defend and hold harmless Buyer
from and against all claims, actions, lawsuits, losses, damages, liabilities, costs and expenses,
including, without limitation, court costs, reasonable attorneys’ fees (without regard to any
statutory presumption) and litigation expenses, arising or resulting from:

               (i) the ownership, operation, or use of the Assets prior to Closing;

               (ii) the operation of the Convenience Stores prior to Closing;

               (iii) any act or omission of Seller related to the Assets or the Convenience Stores;

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               (iv) any obligations of Seller as an employer, benefit plan sponsor, benefit plan fiduciary or
benefit plan administrator and any obligations of Seller under ERISA related to the Assets,
Convenience Stores or the Store Employees;

               (v) Seller’s failure to comply with Applicable Laws relating to the employment of labor at the
Convenience Stores, including, but not limited to, reporting obligations, withholding, wages,
hours, equal opportunity, occupational health and safety, employee benefits, severance, Social
Security contributions and employment taxes;

               (vi) any obligations or liabilities of Seller under the Non-Surviving Operating Agreements; or

               (vii) Seller’s failure to pay any Pre-Closing Business Tax or any sale taxes due as a result
of the sale of the Assets to Buyer.

     8.2 Buyer’s Indemnity. Except to the extent caused by Seller or any of its agents,
employees, contractors or representatives, Buyer shall indemnify, defend and hold harmless Seller
from and against all claims, actions, lawsuits, losses, damages, liabilities, costs and expenses,
including, without limitation, court costs, reasonable attorneys’ fees (without regard to any
statutory presumption) and litigation expenses, arising or resulting from:

               (i) Buyer’s ownership, operating or use of the Assets;

               (ii) Buyer’s operation of the Convenience Stores after the Closing;

               (iii) any act or omission of Buyer related to the Assets or the Convenience Stores;

               (iv) any obligations of Buyer as an employer, benefit plan sponsor, benefit plan fiduciary or
benefit plan administrator arising in connection with Buyer’s operation of the Convenience Stores
after Closing and any and any obligations of Buyer under ERISA related to the operating of the
Convenience Stores after Closing or Buyer’s retention of the Hired Employees

               (v) Buyer’s failure to comply with Applicable Laws relating to the employment of labor at the
Convenience Stores, including, but not limited to, reporting obligations, withholding, wages,
hours, equal opportunity, occupational health and safety, employee benefits, severance, Social
Security contributions and employment taxes;

               (vi) Buyer’s failure to pay any sales, income, gross receipts, excise, franchise, use, rental,
license, privilege, transfer and other taxes due in connection with the operation of the
Convenience Stores by Buyer after Closing; or

               (vii) any liability for the repayment of incentives assumed by Buyer under the Replacement
Jobber Agreements in the event that Buyer re-brands one or more Convenience Stores prior to the
end of the term of the applicable incentive agreements.

     8.3 Environmental Exclusion. Notwithstanding anything to the contrary contained
herein, the provisions of this Article VIII shall not apply to claims, actions, lawsuits, losses,
damages, liabilities, costs and expenses related to Hazardous Materials discharged on or from any
of the Properties; it being agreed that the same shall be governed by Section 4.5.

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ARTICLE IX

CASUALTY AND CONDEMNTATION

     9.1 Casualty. Until Closing, Seller agrees to maintain its existing property
insurance (the “Property Insurance”). In the event any Property is damaged by fire or other
casualty prior to Closing and the cost of repairing such damage is expected to exceed One Hundred
Thousand and No/100 US Dollars (US $100,000.00), as reasonably determined by Buyer, then Buyer may
delete the Property and the Convenience Store on the Property from this Agreement by giving written
notice to Seller, in which event the parties shall execute a written agreement removing such
Property and Convenience Store from the scope of this Agreement and the Purchase Price shall be
reduced by the Convenience Store Value of such Convenience Store; provided, however, if more than
three (3) of the Properties are so damaged, Buyer shall also have the right to terminate this
Agreement prior to Closing, in which case the Earnest Money shall be immediately refunded to Buyer.
Unless this Agreement is terminated, if any portion of the Properties or Personal Property is
damaged by fire or other casualty prior to Closing and the same is not deleted from this Agreement
as a result thereof, then Buyer may, at its option, either (i) require that Seller fully restore
the damaged areas, with reasonable diligence using new materials of a quality equal to or better
than the existing materials, and Buyer shall have the right to postpone the Closing until the date
which is ten (10) Business Days after such restoration is completed, or (ii) proceed with the
Closing, in which case Seller shall pay Buyer, at Closing, an amount equal to the cost of fully
restoring the damaged areas, using new materials of a quality equal to or better than the existing
materials, as determined by a general contractor retained by Buyer and approved by Seller, which
approval shall not be unreasonably withheld. Seller shall bear the risk of loss or damage to the
Assets until the Closing.

     9.2 Condemnation. In the event there is an actual, pending or threatened taking of
any portion of the Properties or the Personal Property by condemnation or eminent domain prior to
Closing (a “Taking”), Seller shall notify Buyer thereof, in writing. If Buyer determines, in its
reasonable judgment, that a Taking will have a material adverse effect on Buyer’s ability to
operate any of the Convenience Stores, as presently conducted by Seller, then Buyer may delete such
Convenience Store and the Property upon which the same are located from this Agreement by giving
written notice to Seller, in which event the parties shall execute a written agreement removing
such Property and Convenience Store from the scope of this Agreement and the Purchase Price shall
be reduced by the Convenience Store Value of such Convenience Store; provided, however, if more
than three (3) of the Convenience Store are impacted by such Takings, then Buyer shall also have
the right to terminate this Agreement prior to Closing, in which case the Earnest Money shall be
immediately refunded to Buyer. If there is a Taking and this Agreement is not terminated by Buyer
as a result thereof, Buyer shall proceed with the Closing and the condemnation awards payable as a
result of such Taking shall be paid to Buyer at Closing, except Seller may retain any amounts that
have been paid to Seller under the Proposed ROW Agreement. In the event the condemnation awards
due as a result of any Taking have not been received by Seller as of the Closing, Seller shall
assign all of its interest in the same to Buyer at Closing; provided if Buyer determines that such
assignment is prohibited or would impair recovery, then, in lieu thereof, Seller shall tender to
Buyer all such awards as soon as it receives the same. Seller shall not reach any settlement or
agreement related to any Taking, unless Buyer consents thereto, in writing, which consent shall not
be unreasonably withheld, qualified or delayed.

ARTICLE X

DEFAULT & REMEDIES.

     10.1 Seller’s Failure to Close. If Seller breaches this Agreement by failing to sell
the Assets to Buyer and Seller does not cure such breach within five (5) Business Days after it
receives written

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notice of the same from Buyer, then Buyer may, as its sole and exclusive remedy, either: (i)
pursue specific performance of this Agreement and recover the actual damages Buyer suffers as a
result of such breach from Seller; or (ii) terminate this Agreement, receive a refund of the
Earnest Money, and recover the sum of Two Hundred Fifty Thousand and No/100 US Dollars (US
$250,000.00) from Seller as full and agreed upon liquidated damages. Buyer and Seller agree that
said liquidated damages are reasonable given the circumstances now existing, including, but not
limited to, the range of harm to Buyer that is reasonably foreseeable and the anticipation that
proof of Buyer’s actual damages would be costly, impractical and inconvenient.

     10.2 Buyer’s Failure to Close. If Buyer breaches this Agreement by failing to
purchase the Assets from Seller and Buyer does not cure such breach within five (5) Business Days
after it receives written notice of the same from Seller, then Seller may, as its sole and
exclusive remedy, terminate this Agreement and receive the Earnest Money as full and agreed upon
liquidated damages. Buyer and Seller agree that said liquidated damages are reasonable given the
circumstances now existing, including, but not limited to, the range of harm to Seller that is
reasonably foreseeable and the anticipation that proof of Seller’s actual damages would be costly,
impractical and inconvenient.

     10.3 Other Defaults.

          10.3.1 Remedies. Except as otherwise expressly provided in this Article X, if Seller
or Buyer breaches this Agreement and does not cure such breach within ten (10) Business Days after
it is notified of the same, in writing, by the non-breaching party, then the non-breaching party
may pursue all remedies available at law or in equity on account of such breach; provided, however,
if Buyer breaches this Agreement prior to Closing and does not cure the same within the
aforementioned ten (10) Business Day period, Seller’s sole and exclusive remedy shall be to
terminate this Agreement and receive the Earnest Money as full and agreed upon liquidated damages.
In no event shall either party be liable for exemplary or punitive damages as a result of its
breach of this Agreement.

          10.3.2 Limitation of Seller’s Obligations. Buyer shall not be entitled to recover any
damages from Seller based on Seller’s breach of the representations and warranties set forth in
Section 5.1 until the total amount of such damages exceed One Hundred Thousand and No/100 Dollars
($100,000.00) (the “Threshold”), except Buyer shall be immediately entitled to recover from
Seller all damages that Buyer suffers as a result of Seller’s breach of any of the representations
and warranties set forth in Sections 5.1(a), 5.1(z) and 5.1(aa). Once the total damages suffered
by Buyer as a result of breaches of the representations and warranties set forth in Section 5.1
exceed the Threshold, Buyer shall be entitled to recover all damages (from the first dollar)
arising or resulting from Seller’s breach of such representations and warranties. Nothing
contained in this Section 10.3.2 shall limit:

               (i) Buyer’s right to recover the damages it suffers as a result of Seller’s fraud or knowing
misrepresentation; or

               (ii) Any claims, rights or remedies available to Buyer as a result of Seller’s breach of any
of the other provisions of this Agreement, including, but not limited to, claims arising as a
result of Seller’s failure to convey good title to any of the Assets to Buyer, claims for
indemnification, and claims for payments that Seller expressly owes Buyer under the terms hereof.

          10.3.3 Acknowledgements. SELLER AND BUYER EACH ACKNOWLEDGES AND AGREES THAT: (I) IT
HAS READ THIS SECTION AND UNDERSTANDS THE SAME; (II) IT HAS BEEN REPRESENTED BY COMPETENT COUNSEL
WHO HAS EXPLAINED THE SIGNIFIGANCE OF THE PROVISIONS OF THIS Article X AND THE LIMITATIONS
CONTAINED HEREIN, AND (III) THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS Article X ARE

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REASONABLE GIVEN THE CIRCUMSTANCES NOW EXISTING, INCLUDING, BUT NOT LIMITED TO, THE RANGE OF
HARM THAT IS REASONABLY FORESEEABLE AND THE ANTICIPATION THAT PROOF OF ACTUAL DAMAGES WOULD BE
COSTLY, IMPRACTICAL AND INCONVENIENT.

ARTICLE XI

NOTICES

     All notices, consents, approvals, deliveries and other communications (collectively,
“Notices”) that may be or are required to be given by Seller or Buyer under this Agreement shall be
properly given only if made in writing and sent by hand delivery, U.S. Certified Mail, Return
Receipt Requested, facsimile, or nationally recognized overnight delivery service (such as Federal
Express or UPS), with all delivery charges paid by the sender, to the Buyer or Seller, as
applicable, as follows:

	 	 	 
	If to Buyer:

	 	Mapco Express, Inc.
	 

	 	830 Crescent Centre Drive, Suite 300
	 

	 	Franklin, Tennessee 37067
	 

	 	Attention: Kent Thomas
	 

	 	Facsimile: (615) 224-1185
	 
	with a copy to:

	 	Boult, Cummings, Conners & Berry, PLC
	 

	 	1600 Division Street, Suite 700
	 

	 	Nashville, Tennessee 37203
	 

	 	Attention: Tom Trent
	 

	 	Facsimile: (615) 252-6327
	 
	If to Seller:

	 	Fast Petroleum, Inc.
	 

	 	745 College Drive
	 

	 	Dalton, Georgia 30720
	 

	 	Attention: Worth L. Thompson
	 

	 	Facsimile: (706) 217-6426
	 
	with a copy to:

	 	Minor, Bell & Neal, P.C.
	 

	 	745 College Drive, Suite B
	 

	 	Dalton, Georgia 30720
	 

	 	Attention: James H. Bisson, III
	 

	 	Fax: (706) 278-3569

     Notices shall be deemed received, (i) if delivered by hand, on the date of delivery, (ii) if
sent by U.S. Mail or overnight delivery service, on the date actually received or delivery is
refused, and (iii) if sent by facsimile, on the date of transmission, as evidenced by a
contemporaneously generated computer confirmation that such transmission was successful. Either
party may change its address for Notices by giving written notice to the other party in accordance
with this provision.

ARTICLE XII

MISCELLANEOUS

     12.1 Permitted Disclosures & Press Releases. Notwithstanding any provisions to the
contrary contained in this Agreement, the Confidentiality Agreement or any other agreement between
Seller and Buyer, (i) Buyer shall have the right to disclose the execution of this Agreement,
furnish a copy
of this Agreement and summarize any or all of the material terms of this Agreement to the
Securities and

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Exchange Commission (“SEC”), as required under the rules and regulations of any
stock exchange on which securities of Buyer or its Affiliates are listed for trading, or as
otherwise required under Applicable Laws, including, but not limited to, Item 1.01 of SEC Form 8-K
and Israeli laws applicable to Buyer’s Affiliates, and (ii) Buyer shall have the right to issue and
control all press releases and other public announcements disclosing any matters related to the
transaction contemplated by this Agreement prior to Closing. After Closing, Seller may issue press
releases and other public announcements discussing the transaction contemplated by this Agreement
so long as the same have been approved, in writing, by Buyer, which approval shall not be
unreasonably withheld, qualified or delayed.

     12.2 Confidentiality. From and after the Closing, the Confidentiality Agreement shall
terminate and be of no further force or effect. To the extent the Confidentiality Agreement
conflicts with the terms of this Agreement, the Confidentiality Agreement is hereby modified so
that it is consistent with this Agreement.

     12.3 Records Review. Seller acknowledges that Buyer is a publicly registered company
and may be required to file with the SEC separate audited financial statements for acquired
businesses. If Buyer’s counsel determines that such audited financial statements of Seller or the
Convenience Stores are required pursuant to the SEC’s Regulation S-X or other Applicable Laws,
Buyer will notify Seller of such determination and Seller will commence the preparation of (and
cause its auditors to cooperate with and assist in the preparation of) and deliver to Buyer audited
financial statements meeting the requirements of the SEC’s Regulation S-X; provided that Buyer
provides such notice prior to March 31, 2007. Such audited financial statements shall be prepared
by an independent certified public accountant reasonably acceptable to Buyer, and Buyer shall
reimburse Seller for all reasonable auditors fees and other out-of-pocket costs that Seller incurs
in preparing such financial statements; provided, however, Seller shall notify Buyer of the amount
of any such costs and expenses, in writing, prior to incurring the same and Buyer may modify its
requirements in order to reduce the same.

     12.4 Bulk Sales. Buyer hereby waives compliance by Seller with the provisions of the
Bulk Sales Laws of the State of Georgia, if applicable, in connection with the transaction
contemplated by this Agreement. Seller agrees to indemnify, defend and hold harmless Buyer from
and against all claims, actions, lawsuits, losses, damages, liabilities, costs and expenses to
third parties arising as a result of Seller’s failure to comply with such Bulk Sales Laws in
connection with the transactions provided for herein, including, without limitation, court costs,
reasonable attorneys’ fees (without regard to any statutory presumption) and litigation expenses.

     12.5 Entire Agreement/Amendment. This Agreement constitutes the entire agreement and
understanding of Seller and Buyer with respect to the subject matter hereof and supersedes all
prior agreements, understandings, letters, negotiations and discussions, whether oral or written.
This Agreement may be amended only by a written instrument executed by Seller and Buyer.

     12.6 Severability. In the event any provision hereof shall be prohibited by or
invalidated under Applicable Laws, the remaining provisions of this Agreement shall remain fully
effective.

     12.7 Waiver. Except as otherwise expressly provided herein, no waiver of any
provision of this Agreement shall be deemed to have been made unless expressed in writing and
signed by the party charged therewith. No delay or omission in the exercise of any remedy accruing
upon the breach of this Agreement shall impair such remedy or be construed as a waiver of such
breach. The waiver by Buyer or Seller of any breach of this Agreement shall not be deemed a waiver
of any other breach of the same or any other provision hereof.

-27-

 

     12.8 Brokers. Seller and Buyer each represents and warrants to the other that it has
not dealt with any broker, brokerage firm, listing agent or finder in connection with the
transaction contemplated by this Agreement, and each party shall indemnify, defend and hold
harmless the other party for, from and against any claim for a brokerage commission, finder’s fee
or other compensation made by any Person with whom it has dealt or allegedly dealt.

     12.9 Joint & Several Liability. If any party to this Agreement is made up of more
than one Person, (i) the defined term (e.g. Seller or Buyer) for such party shall mean and refer to
each Person comprising the party, individually, and to all Persons comprising the party,
collectively, and (ii) all Persons comprising the party shall be jointly and severally liable
hereunder.

     12.10 Counterparts. This Agreement may be executed in separate counterparts. It
shall be fully executed when each party whose signature is required has signed at least one (1)
counterpart even though no one (1) counterpart contains the signatures of all of the parties to
this Agreement.

     12.11 Schedules/Exhibits. Seller and Buyer acknowledge and agree that all schedules,
exhibits, and addendum referenced in this Agreement are attached hereto and incorporated herein by
reference.

     12.12 Successors & Assigns. Buyer may freely assign this Agreement; provided the same
shall not release Buyer from, and it shall remain liable to Seller for, its duties, obligations and
liabilities hereunder. This Agreement shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns.

     12.13 Time Periods. If any date specified in this Agreement for the performance of an
obligation, the giving of a notice, or the expiration of a time period falls on a Saturday, Sunday,
or bank holiday, then this Agreement shall be automatically revised so that such date falls on the
next occurring Business Day.

     12.14 Waiver of Subrogation. Seller hereby waives all rights to recovery, claims and
causes of action it may have against Buyer (and its employees, agents and contractors) for damages
that are actually covered by its property insurance or business interruption insurance; provided
the foregoing waiver shall not apply if it would have the effect, but only to the extent of such
effect, of invalidating any insurance coverage of Seller. The provisions of this section survive
the termination of this Agreement.

     12.15 Construction. Whenever the context may require, any pronoun used in this
Agreement shall include the masculine, feminine and neuter forms. All references to articles,
sections and paragraphs shall be deemed references to the articles, sections and paragraphs of this
Agreement, unless the context shall indicate otherwise. The terms “hereof”, “hereunder” and
similar expressions refer to this Agreement as a whole and not to any particular article, section
or paragraph contained herein. The titles of the articles, sections and paragraphs of this
Agreement are for convenience only and shall not affect the meaning of any provision hereof. Buyer
and Seller have agreed to the particular language of this Agreement, and any question regarding the
meaning of this Agreement shall not be resolved by a rule providing for interpretation against the
party who caused the uncertainty to exist or against the draftsman. FOR PURPOSES OF THIS
AGREEMENT, TIME SHALL BE CONSIDERED OF THE ESSENCE.

     12.16 Attorneys’ Fees. In the event any legal proceeding is commenced related to this
Agreement or the transaction contemplated herein, the prevailing party in such proceeding shall be
entitled to recover its reasonable attorneys’ fees (without regard to any statutory presumption),
court costs and litigation expenses from the non-prevailing party therein.

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     12.17 Dispute Resolution.

          (a) If a dispute should occur arising out of or relating to the obligations or liabilities of
Buyer or Seller under this Agreement or any of the other agreements executed pursuant to the terms
of this Agreement (a “Dispute”), the parties shall attempt to resolve the dispute in accordance
with the following terms:

               (i) Either party may call a special meeting for the resolution of the Dispute (a “Special
Meeting”). Unless the parties agree otherwise, in writing, the Special Meeting shall be held in
Chattanooga, Tennessee within five (5) Business Days after a written request for the same has been
delivered to Buyer or Seller, as applicable, by the other party, which notice shall specify the
nature of the Dispute to be resolved and the specific location where the Special Meeting will be
held. Buyer and Seller shall each send a representative or representatives to the Special Meeting
who is familiar with the issues giving rises to the Dispute. In the event that the representative
attending the Special Meeting on behalf of Buyer or Seller is an attorney actively practicing law,
Buyer or Seller, as applicable, shall notify the other party of such fact prior to the Special
Meeting.

               (ii) If any Dispute is not been resolved within five (5) Business Days after a Special Meeting
is held regarding the same, then Buyer or Seller may, at its option, initiate a mediation
proceeding to resolve the Dispute in accordance with this subparagraph (a “Mediation”). If either
party requires a Mediation pursuant to this subsection, (A) representatives of Buyer and Seller who
have authority to resolve the Dispute giving rise to such Mediation shall attend the same, (B)
unless Buyer and Seller agree otherwise, in writing, the Mediation shall be conducted by an
independent mediator from Judicial Arbitration and Mediation Services (“J.A.M.S.”) in accordance
with its procedures, (C) Buyer and Seller shall each pay one-half of the fees charged by the
mediator to conduct the Mediation, (D) the Mediation required under this subsection shall be held
within thirty (30) days after Seller or Buyer requests the same by giving written notice to the
other party, and (E) the Mediation shall be conducted at a location in Chattanooga, Tennessee
selected by the mediator. In the event any Mediation does not result in the settlement of the
related Dispute within two (2) Business Days, either party may initiate legal proceedings to
resolve the Dispute. No party shall initiate or prosecute any legal proceedings in connection with
a Dispute prior to the end of such two (2) Business Day period, except a party may file pleadings
and other documents necessary to prevent its claim (and rights related thereto) from being barred
by a statute of limitations, a statute of repose or other Applicable Laws at any time.

               (iii) If, as a result of a Mediation, a voluntary settlement is reached and the parties agree
that such settlement shall be reduced to writing, the mediator for such Mediation shall be deemed
an arbitrator for the sole purpose of signing the settlement agreement and such settlement
agreement shall have the same force and effect as an arbitration award.

          (b) Buyer and Seller agree that any admission made during or in the course of a Special
Meeting or Mediation shall not be admissible in evidence or subject to discovery, and the
disclosure of any such admission shall not be compelled in any arbitration, court action or other
proceeding. All communications, negotiations, and settlement discussions between Buyer and Seller
or any party and the mediator shall remain confidential, except to the extent disclosure is
required to comply with Applicable Laws; provided, however, this provision shall not limit the
discoverability or admissibility of evidence that would have been discoverable or admissible in the
absence of the mediation or arbitration. Buyer and Seller expressly agree that the presentation of
evidence from any expert or consultant at any Special Meeting or Mediation shall not waive any
attorney-client or other privilege or prevent the application of any other grounds for excluding
the same in another legal proceeding.

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          (c) The dispute resolution procedures set forth in this section shall not affect the statutes
of limitation applicable to any Dispute. Neither party shall cease or delay performance of its
obligations under this Agreement that are not in dispute during the existence of any Dispute.

               (ii) THIS SECTION SHALL NOT LIMIT THE RIGHT OF SELLER OR BUYER TO IMMEDIATELY SEEK AND OBTAIN
INJUNCTIVE RELIEF FROM ANY COURT OF COMPETENT JURISDICTION.

     12.18 Waiver of Jury Trial. BUYER AND SELLER AND HEREBY EXPRESSLY WAIVE THEIR RIGHT
TO A TRIAL BY JURY OF ANY CLAIM (i) ARISING UNDER THIS AGREEMENT OR (ii) RELATED TO THE TRANSACTION
CONTEMPLATED BY THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING. SELLER OR BUYER MAY
FILE AN ORIGINAL OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE FOREGOING
WAIVER.

     12.19 Survival. All of the terms of this Agreement shall survive the Closing, except
the provisions of Section 4.5.5 and Article V shall only survive for the periods expressly provided
therein.

     12.20 Governing Law. This Agreement shall be governed by and construed under the laws
of the State of Tennessee, without giving effect to any rules regarding conflicts of law.

-30-

 

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

	 	 	 	 	 
	BUYER:	 	 
	 
	 	 	 	 
	MAPCO Express, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Uzi Yemin	 	 
	 

	 	 	 	 
	Title:

	 	President/CEO	 	 
	Date:

	 	6/14/2006	 	 
	 
	 	 	 	 
	By:

	 	/s/ Lynwood E. Gregory	 	 
	 

	 	 	 	 
	Title:

	 	COO & Executive V.P.	 	 
	Date:

	 	6/14/2006	 	 
	 
	 	 	 	 
	SELLER:	 	 
	 
	 	 	 	 
	Fast Petroleum, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Worth L. Thompson, Jr.	 	 
	 

	 	 	 	 
	Title:

	 	President	 	 
	Date:

	 	6/14/2006	 	 
	 
	 	 	 	 
	/s/ Worth L. Thompson, Jr.	 	 
	 	 	 
	Worth L. Thompson, Jr.	 	 
	Date:

	 	6/14/2006	 	 
	 
	 	 	 	 
	/s/ John E. Thompson	 	 
	 	 	 
	John E. Thompson	 	 
	Date:
	 	6/16/2006	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Thompson Management, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Worth L. Thompson, Jr.	 	 
	 

	 	 	 	 
	Title:

	 	President	 	 
	Date:

	 	6/14/2006	 	 
	 
	 	 	 	 
	Thompson Acquisitions, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Worth L. Thompson, Jr.	 	 
	 

	 	 	 	 
	Title:

	 	President	 	 
	Date:

	 	6/14/2006	 	 
	 
	 	 	 	 
	Thompson Investment Properties, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Worth L. Thompson, Jr.	 	 
	 

	 	 	 	 
	Title:

	 	President	 	 
	Date:

	 	6/14/2006	 	 

-31-

 

	 	 	 	 	 
	WJET, Inc.	 	 
	 
	 	 	 	 
	By:

	 	John E. Thompson	 	 
	 

	 	 	 	 
	Title:

	 	CEO	 	 
	Date:

	 	6/16/06	 	 
	 
	 	 	 	 
	Fast Financial Services, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Worth L. Thompson, Jr.	 	 
	 

	 	 	 	 
	Title:

	 	President	 	 
	Date:

	 	6/14/06	 	 
	 
	 	 	 	 
	Top Tier Assets, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Worth L. Thompson, Jr.	 	 
	 

	 	 	 	 
	Title:

	 	Sole Member	 	 
	Date:

	 	6/14/06	 	 

-32-

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