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Exhibit 10.7  

 
 

ASSIGNMENT OF
  HEDGE PROCEEDS    
    

        This Assignment of Hedge Proceeds (this "Assignment") dated as
of                        , 2006 is between MV Partners,
LLC, a Kansas limited liability company (successor by conversion to MV Partners, LP, a Kansas limited partnership) ("Assignor") and The Bank of New York
Trust Company, N.A., acting not in its individual capacity but solely as trustee of the MV Oil Trust, a Delaware statutory trust ("Assignee"). This
Assignment is entered into in connection with the execution and delivery by the Assignor to the Assignee of that certain Conveyance of Net Profits Interest dated of even date herewith (the
"Conveyance"). Capitalized terms used but not defined in this Assignment shall have the meaning given to such term in the Conveyance. 

        For
and in consideration of $10 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor does hereby ASSIGN, SET OVER and TRANSFER
unto Assignee all of Assignor's right, title, and interest, indirectly and directly, in and to 80% of any and all revenues, monies, proceeds and payments payable to Assignor and to which Assignor is
or might be entitled (such percentage of such revenues, monies, proceeds and payments is referred to herein as the "Hedge Proceeds") under, by virtue
of, or arising as a result of the settlement of those certain hedge and/or swap agreements (the "Hedge Agreements") described on  Exhibit A
attached hereto. 

        This
Assignment is not, and shall not be construed as, an assignment of the Hedge Agreements in violation of any of the terms thereof and Assignee is assuming no duties and obligations
under the Hedge Agreements. This Assignment is solely an assignment by Assignor of its right, title, and interest in and to the Hedge Proceeds. 

        Assignee
shall have the right to the receipt of all sums and amounts so paid to it in accordance with the terms and provisions of this Assignment. Assignor shall pay all Hedge Proceeds
received during each Payment Period to Assignee on the fifth Business Day following the Quarterly Record Date for such Payment Period. 

        As
collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the obligations of the Assignor
under this Assignment, the Assignor hereby pledges, assigns and transfers to the Assignee, and hereby grants to the Assignee, a first priority continuing security interest in, lien on and right of
setoff against, all Hedge Proceeds, whether now owned or at any time hereafter acquired by the Assignor or in which the Assignor now has or at any time in the future may acquire any right, title or
interest and whether now existing or hereafter coming into existence. 

        This
Assignment (a) may not be amended, altered, or modified except pursuant to a written instrument executed by Assignor and Assignee, (b) shall be governed by and
construed in accordance with the laws of the State of Kansas, (c) shall inure to the benefit of Assignee and its successors and assigns and shall be binding upon Assignor and its successors and
assigns, and (d) may be executed in multiple originals which constitute but one and the same instrument. 

        Assignor
and Assignee shall from time to time do and perform such further acts and execute and deliver such further instruments, assignments, and documents as may be required or
reasonably requested by the other party to establish, maintain, or protect the respective rights and remedies of Assignor and Assignee and to carry out and effectuate the intentions and purposes of
this Assignment, provided in each case the same does not conflict with any provision of this Assignment. 

 

        EXECUTED
TO BE EFFECTIVE as of the        day of                  , 2006. 

	 	 	ASSIGNOR:
	

 	
 	
MV PARTNERS, LLC
	

 	
 	

 	
 	

 
	

 	
 	

By:	
 	

 

	

 	
 	

Name:	
 	

 

	

 	
 	

Title:	
 	

 

	

 	
 	

ASSIGNEE:
	

 	
 	
MV OIL TRUST
	

 	
 	

By its Trustee, The Bank of New York

Trust Company, N.A.
	

 	
 	

By:	
 	

 

	

 	
 	

Name:	
 	

 

	

 	
 	

Title:	
 	

 

2

 
 
 

EXHIBIT A    
    
    HEGDGE AGREEMENTS    
    

3

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Exhibit 10.8  

Term
Facility                                 

CUSIP No.                                      

 
 

CREDIT AGREEMENT    
    

Dated
as of December             , 2006 

among 

MV PARTNERS, LLC,

as
Borrower, 

MV ENERGY, LLC, and 

VAP-I, LLC,

as
Guarantors 

BANK OF AMERICA, N.A.,

as Administrative Agent 

and

The
Other Lenders Party Hereto 

 
 
 

TABLE OF CONTENTS    
    

	Section
 
	 	 
	 	Page

	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS	 	1
	 	 1.01	 	Defined Terms	 	1
	 	 1.02	 	Other Interpretive Provisions	 	14
	 	 1.03	 	Accounting Terms	 	15
	 	 1.04	 	Rounding	 	15
	 	 1.05	 	Times of Day	 	16
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS	 	16
	 	 2.01	 	Loans	 	16
	 	 2.02	 	Borrowings, Conversions and Continuations of Loans	 	16
	 	 2.03	 	Intentionally Omitted.	 	17
	 	 2.04	 	Intentionally Omitted.	 	17
	 	 2.05	 	Prepayments	 	17
	 	 2.06	 	Intentionally Omitted	 	18
	 	 2.07	 	Scheduled Repayments of Loans.	 	18
	 	 2.08	 	Interest	 	18
	 	 2.09	 	Fees	 	19
	 	 2.10	 	Computation of Interest and Fees	 	19
	 	 2.11	 	Evidence of Debt	 	19
	 	 2.12	 	Payments Generally; Agent's Clawback.	 	19
	 	 2.13	 	Sharing of Payments	 	21
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY	 	21
	 	 3.01	 	Taxes	 	21
	 	 3.02	 	Illegality	 	22
	 	 3.03	 	Inability to Determine Rates	 	22
	 	 3.04	 	Increased Costs	 	23
	 	 3.05	 	Compensation for Losses	 	24
	 	 3.06	 	Mitigation Obligations	 	24
	 	 3.07	 	Survival	 	24
	ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 	24
	 	 4.01	 	Conditions of Initial Borrowing	 	24
	 	 4.02	 	Additional Conditions to Borrowings	 	26
	ARTICLE V. REPRESENTATIONS AND WARRANTIES	 	26
	 	 5.01	 	Existence, Qualification and Power; Compliance with Laws	 	26
	 	 5.02	 	Authorization; No Contravention	 	27
	 	 5.03	 	Governmental Authorization; Other Consents	 	27
	 	 5.04	 	Binding Effect	 	27
	 	 	 	 	 

i

 

	 	 5.05	 	Financial Statements; No Material Adverse Effect	 	27
	 	 5.06	 	Litigation	 	27
	 	 5.07	 	No Default	 	28
	 	 5.08	 	Ownership of Property; Liens	 	28
	 	 5.09	 	Environmental Compliance	 	28
	 	 5.10	 	Insurance	 	28
	 	 5.11	 	Taxes	 	28
	 	 5.12	 	ERISA Compliance	 	28
	 	 5.13	 	Subsidiaries	 	28
	 	 5.14	 	Margin Regulations; Investment Company Act; Public Utility Holding Company Act	 	29
	 	 5.15	 	Disclosure	 	29
	 	 5.16	 	Compliance with Laws	 	29
	 	 5.17	 	Leases; Contracts; Licenses, Etc	 	29
	 	 5.18	 	Sale of Production	 	30
	 	 5.19	 	Operation of Oil and Gas Properties	 	31
	 	 5.20	 	Ad Valorem and Severance Taxes; Litigation.	 	31
	 	 5.21	 	Intellectual Property; Licenses, Etc.	 	31
	 	 5.22	 	MV Oil Trust	 	32
	ARTICLE VI. AFFIRMATIVE COVENANTS	 	32
	 	 6.01	 	Financial Statements	 	32
	 	 6.02	 	Certificates; Other Information	 	32
	 	 6.03	 	Notices	 	33
	 	 6.04	 	Payment of Obligations	 	34
	 	 6.05	 	Preservation of Existence, Etc.	 	34
	 	 6.06	 	Maintenance of Properties.	 	34
	 	 6.07	 	Maintenance of Insurance	 	34
	 	 6.08	 	Compliance with Laws	 	35
	 	 6.09	 	Books and Records.	 	35
	 	 6.10	 	Inspection Rights	 	35
	 	 6.11	 	Use of Proceeds	 	35
	 	 6.12	 	Agreement to Deliver Security Documents	 	35
	 	 6.13	 	Production Proceeds	 	36
	 	 6.14	 	Mortgaged Property Covenants	 	36
	 	 6.15	 	Guaranties of Borrower's Subsidiaries	 	36
	 	 6.16	 	Environmental Matters; Environmental Reviews.	 	37
	 	 6.17	 	MV Oil Trust	 	37
	ARTICLE VII. NEGATIVE COVENANTS	 	37
	 	 	 	 	 

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	 	 7.01	 	Liens	 	38
	 	 7.02	 	Investments	 	38
	 	 7.03	 	Indebtedness	 	38
	 	 7.04	 	Fundamental Changes	 	38
	 	 7.05	 	Dispositions	 	39
	 	 7.06	 	Restricted Payments	 	40
	 	 7.07	 	Change in Nature of Business	 	40
	 	 7.08	 	Transactions with Affiliates	 	40
	 	 7.09	 	Burdensome Agreements	 	40
	 	 7.10	 	Use of Proceeds	 	40
	 	 7.11	 	Hedging Contracts	 	40
	 	 7.12	 	Consolidated Fixed Charge Coverage Ratio.	 	41
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES	 	41
	 	 8.01	 	Events of Default	 	41
	 	 8.02	 	Remedies Upon Event of Default	 	43
	 	 8.03	 	Application of Funds	 	43
	ARTICLE IX. ADMINISTRATIVE AGENT	 	44
	 	 9.01	 	Appointment and Authorization of Administrative Agent	 	44
	 	 9.02	 	Rights as a Lender	 	44
	 	 9.03	 	Exculpatory Provisions	 	44
	 	 9.04	 	Reliance by Administrative Agent	 	45
	 	 9.05	 	Delegation of Duties	 	45
	 	 9.06	 	Resignation of Agent	 	45
	 	 9.07	 	Non-Reliance on Agent and Other Lenders	 	46
	 	 9.08	 	No Other Duties, Etc.	 	46
	 	 9.09	 	Administrative Agent May File Proofs of Claim	 	46
	 	 9.10	 	Guaranty Matters	 	46
	 	 9.11	 	Collateral Matters.	 	46
	ARTICLE X. MISCELLANEOUS	 	48
	 	 10.01	 	Amendments, Etc.	 	48
	 	 10.02	 	Notices; Effectiveness; Electronic Communications.	 	49
	 	 10.03	 	No Waiver; Cumulative Remedies	 	50
	 	 10.04	 	Expenses; Indemnity; Damage Waiver.	 	50
	 	 10.05	 	Payments Set Aside	 	51
	 	 10.06	 	Successors and Assigns.	 	52
	 	 10.07	 	Treatment of Certain Information; Confidentiality	 	54
	 	 10.08	 	Right of Setoff	 	54
	 	 	 	 	 

iii

 

	 	 10.09	 	Interest Rate Limitation	 	55
	 	 10.10	 	Counterparts; Integration; Effectiveness	 	55
	 	 10.11	 	Survival of Representations and Warranties	 	55
	 	 10.12	 	Replacement of Lenders	 	55
	 	 10.13	 	Severability	 	56
	 	 10.14	 	Governing Law; Jurisdiction; Etc.	 	56
	 	 10.15	 	Waiver of Right to Trial by Jury	 	57
	 	 10.16	 	USA PATRIOT Act Notice	 	57
	 	 10.17	 	Time of the Essence	 	57
	 	 10.18	 	Restatement.	 	57
	 BANK OF AMERICA, N.A.	 	 

SCHEDULES  

1        Lenders'
Commitments and Applicable Percentages

2        Security Documents

3        Disclosure Schedule

4        Addresses 

EXHIBITS  

 Form of  

A        Loan
Notice

B

C        Note

D        Compliance Certificate

E        Assignment and Assumption

F        Legal Opinions

G        Mortgage Amendment 

iv

 
 

CREDIT AGREEMENT    
    

        CREDIT AGREEMENT (this "Agreement") is entered into as of
December            ,
2006, among MV PARTNERS, LLC, a Kansas limited liability company ("Borrower"), MV ENERGY, LLC, a Kansas limited liability company,
VAP-I, LLC, a Kansas limited liability company ("Guarantors"), each lender from time to time party hereto (collectively,
"Lenders" and individually, a "Lender"), and BANK OF AMERICA, N.A., as Administrative Agent. 

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

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

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

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

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

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

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

 
 

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS    
    

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

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

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

        "Administrative
Questionnaire" means an Administrative Questionnaire in a form supplied by Agent. 

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

        "Agent
Fee Letter" has the meaning specified in Section 2.09. 

        "Aggregate
Commitments" means the Commitments of all Lenders. 

 

        "Agreement"
means this Credit Agreement. 

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

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

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

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

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

        "Bank
of America" means Bank of America, N.A. and its successors. 

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

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

        "Borrower"
has the meaning specified in the introductory paragraph hereto. 

        "Borrower
Materials" has the meaning specified in Section 6.02. 

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

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

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

2

 

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

	(a)
	Managing
Member ceases to be the sole managing member of Borrower; or

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

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

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

        "Code"
means the Internal Revenue Code of 1986, as amended. 

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

        "Commitment"
means, as to each Lender, its obligation to make Loans to Borrower pursuant to Section 2.01 in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on Schedule 2.01 under the caption "Commitment" or
opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement. 

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

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

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

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

3

 

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

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

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

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

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

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

        "Disclosure
Schedule" means Schedule 3 hereto. 

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

        "Dollar"
and "$" mean lawful money of the United States. 

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

        "Engineering
Report" means the Initial Engineering Report and each engineering report delivered pursuant to
Section 6.02(f) or Section 6.02 (g). 

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

        "Environmental
Liability" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the 

4

 

release
or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing. 

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

        "ERISA"
means the Employee Retirement Income Security Act of 1974. 

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

        "ERISA
Event" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a
Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of
ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA
for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Borrower or any ERISA Affiliate. 

        "Eurodollar
Base Rate" has the meaning specified in the definition of Eurodollar Rate. 

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

	 	Eurodollar Rate    =	Eurodollar Base Rate
 1.00 Eurodollar Reserve Percentage	 

        Where,

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

5

 

converted
by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America's London Branch to major banks in the London interbank eurodollar market at their
request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period. 

        "Eurodollar
Reserve Percentage" means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal
places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Board of Governors of the Federal Reserve System of the United States
for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to
Eurocurrency funding (currently referred to as "Eurocurrency liabilities"). The Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically
as of the effective date of any change in the Eurodollar Reserve Percentage. 

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

        "Event
of Default" has the meaning specified in Section 8.01. 

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

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

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

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

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

6

 

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

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

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

        "Guarantor"
means each of the Holders and each Subsidiary of Borrower. 

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

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

        "Holders"
has the meaning specified in the introductory paragraph hereto. 

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

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

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

7

 

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

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

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

	(f)
	capital
leases and Synthetic Lease Obligations;

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

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

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

        "Indemnified
Taxes" means Taxes other than Excluded Taxes. 

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

        "Information"
has the meaning specified in Section 10.07. 

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

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

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

        "Interest
Period" means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or
continued as a Eurodollar Rate Loan and 

8

 

ending
on the date one, two, three or six months or, to the extent available to all Lenders, twelve months thereafter, as selected by Borrower in its Loan Notice;
provided that: 

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

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

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

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

        "IRS"
means the United States Internal Revenue Service. 

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

        "Lender"
has the meaning specified in the introductory paragraph hereto. 

        "Lender
Counterparty" means a Lender or an Affiliate of a Lender. 

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

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

        "Lien"
means, with respect to any property or assets, any right or interest therein of a creditor to secure Indebtedness owed to it or any other arrangement
with such creditor which provides for the payment of such Indebtedness out of such property or assets or which allows such creditor to have such Indebtedness satisfied out of such property or assets
prior to the general creditors of any owner thereof, including any lien, mortgage, security interest, pledge, deposit, production payment, rights of a vendor under any title retention or conditional
sale agreement or lease substantially equivalent thereto, tax lien, mechanic's or materialman's lien, or any other charge or encumbrance for security purposes, whether arising by Law or agreement or
otherwise, but excluding any right of offset which arises 

9

 

without
agreement in the ordinary course of business. "Lien" also means any filed financing statement, any registration of a pledge (such as with an issuer of uncertificated securities), or any other
arrangement or action which would serve to perfect a Lien described in the preceding sentence, regardless of whether such financing statement is filed, such registration is made, or such arrangement
or action is undertaken before or after such Lien exists. 

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

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

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

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

        "Managing
Member" means MV Energy, LLC, a Kansas limited liability company. 

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

        "Maturity
Date" means December            , 2011. 

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

        "MV
Oil Trust" means the MV Oil Trust as described in the MV Oil Trust Prospectus. 

        "MV
Oil Trust Documents" means the net profits interest conveyances by Borrower to MV Oil Trust and each other agreement in effect of the Closing Date
between Borrower and MV Oil Trust as described in or contemplated by the MV Oil Trust Prospectus. 

        "MV
Oil Trust Prospectus" means the Form S-1 of MV Oil Trust filed with the Securities and Exchange Commission under Registration Number
                                    ,
effective                        . 

        "Net
Cash Proceeds" means: 

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

	(b)
	with
respect to casualty, condemnation or payment in respect of indemnification, the excess, if any, of (i) the sum of cash and cash equivalents received in connection with
such casualty, condemnation or payment in respect of indemnification (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but
only 

10

 

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

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

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

provided
that Borrower may elect from time to time to treat an amounts received under clauses (a) and (b) above as not constituting Net Cash Proceeds up to an aggregate amount not to
exceed $50,000 at any one time. 

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

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

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

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

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

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

        "PBGC"
means the Pension Benefit Guaranty Corporation. 

11

 

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

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

        "Permitted
Liens" means: 

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

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

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

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

	(e)
	Liens
under the Security Documents; and

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

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

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

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

        "Platform"
has the meaning specified in Section 6.02. 

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

12

 

separate
or supplemental reports meeting the requirements of such Section 6.2(d) or (e) and otherwise are satisfactory to
Administrative Agent. 

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

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

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

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

        "Request
for Borrowing" means with respect to a Borrowing, conversion or continuation of Loans, a Loan Notice. 

        "Required
Lenders" means, as of any date of determination, Lenders having more than 50% of the Term Facility on such date;
provided that the portion of the Term Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

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

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

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

        "Security
Schedule" means Schedule 2 hereto. 

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

        "Swap
Contract" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options 

13

 

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

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

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

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

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

        "Threshold
Amount" means $100,000. 

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

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

        "United States"
and "U.S." mean the United States of America. 

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

	(a)
	The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be
deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word
"shall." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or 

14

 

other
document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to
include such Person's successors and assigns, (iii) the words "herein," "hereof" and "hereunder," and
words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a
Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words "asset" and
"property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. 

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

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

        1.03    Accounting Terms.    

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

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

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

15

 

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

 
 

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS    
    

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

        2.02    Borrowings, Conversions and Continuations of Loans.    

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

        (b)   Following
receipt of a Loan Notice, Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice
of a conversion or continuation is provided by Borrower, Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case
of a Borrowing, each Lender shall make the amount of its Loan available to Agent in immediately available funds at Administrative Agent's Office not later than 1:00 p.m. on the Business Day 

16

 

specified
in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Borrowing,
Section 4.01), Agent shall make all funds so received available to Borrower in like funds as received by Agent either by (i) crediting the account of
Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably
acceptable to) Agent by Borrower. 

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

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

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

        2.03    Intentionally Omitted.    

        2.04    Intentionally Omitted.    

        2.05    Prepayments.    

        (a)   Borrower
may, upon notice to Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty;
provided that (i) such notice must be received by Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of
Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $2,000,000 or a whole multiple
of $500,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if
less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such Lender's Applicable Percentage of such prepayment. If such notice is given by Borrower, Borrower shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Loans of Lenders in accordance
with their respective Applicable Percentages. Each prepayment of the outstanding Loans pursuant to this Section 2.05(a) shall be applied to the principal repayment
installments thereof in inverse order of maturity, and each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant
Facilities. 

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

17

 

	(ii)
	Upon
the sale or issuance by any Loan Party of any of its Equity Interests (other than any sales or issuances of Equity Interests to another Loan Party), Borrower shall
prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt thereof by such Loan Party (such prepayments to be applied as set forth
in clauses (vi) and (ix) below).

	(iii)
	Upon
the incurrence or issuance by any Loan Party of any Indebtedness (other than Indebtedness expressly permitted to be incurred or issued pursuant to
Section 7.03), Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt
thereof by such Loan Party (such prepayments to be applied as set forth in clauses (vi) and (ix) below).

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

	(c)
	Each
prepayment of Loans pursuant to the foregoing provisions of this Section 2.05 shall be applied to the principal repayment installments thereof
in inverse order of maturity. 

        2.06    Intentionally Omitted.    

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

        2.08    Interest.    

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

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

	(ii)
	If
any amount (other than principal of any Loan) payable by Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, then upon the request of the Required 

18

 

Lenders,
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

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

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

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

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

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

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

        2.12    Payments Generally; Agent's Clawback.    

        (a)   General.    All
payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Agent, for the account of the respective Lenders to which such payment is owed,
at the Administrative Agent's Office in Dollars and in immediately available funds not later than 12:00 noon on the date specified herein. Agent will promptly distribute to each Lender its
Applicable Percentage(or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender's 

19

 

Lending
Office. All payments received by Agent after 12:00 noon shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any
payment to be made by Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be. 

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

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

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

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

20

  

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

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

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

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

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

 
 

ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY    
    

        3.01    Taxes.    

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

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

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

21

 

certificate
as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error. 

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

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

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

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

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

22

 

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

        3.04    Increased Costs.    

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

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

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

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

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

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

        (c)    Certificates
for Reimbursement.    A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to Borrower shall be conclusive absent manifest error. Borrower
shall pay such Lender, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. 

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

23

 

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

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

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

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

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

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

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

 
 

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS    
    

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

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

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

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

24

 

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

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

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

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

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

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

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

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

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

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

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

25

 

	(d)
	The
issuance and sale of the units of MV Oil Trust as described in the MV Oil Trust Prospectus.

	(e)
	The
Closing Date shall have occurred on or before
                                    . 

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

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

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

        (a)    The
representations and warranties of Borrower and each other Loan Party contained in Article V or any other Loan Document, or
which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the date of such Borrowing, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this
Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 

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

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

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

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

 
 

ARTICLE V. REPRESENTATIONS AND WARRANTIES    
    

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

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

26

 

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

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

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

        5.05    Financial Statements; No Material Adverse Effect.    

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

        (b)    The
unaudited consolidated balance sheet of Borrower and its Subsidiaries dated September 30, 2005, and the related consolidated statements of income or
operations, shareholders' equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Borrower and its Subsidiaries as of the date thereof and their results of operations for the
period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 

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

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

27

 

been
no adverse change in the status, or financial effect on any Loan Party or any Subsidiary thereof, of the matters described in the Disclosure Schedule. 

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

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

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

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

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

        5.12    ERISA Compliance.    

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

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

        (c)    (i)
No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) no Loan Party nor any
ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan 

28

 

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

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

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

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

        (b)    None
of the Loan Parties, any Person Controlling the Loan Parties, or any Subsidiary of any Loan Party (i) is a "holding company," or a "subsidiary company" of a
"holding company," or an "affiliate" of a "holding company" or of a "subsidiary company" of a "holding company," within the meaning of the Public Utility Holding Company Act of 1935 that is not exempt
from regulation thereunder, or (ii) is or is required to be registered as an "investment company" under the Investment Company Act of 1940. 

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

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

        5.17    Leases; Contracts; Licenses, Etc.    The leases, contracts,
servitudes and other agreements forming a part of the Oil and Gas Properties of the Loan Parties covered by the Initial Engineering Report and each subsequent Engineering Report are in full force and
effect. No Loan Party is in default with respect to its obligations (and no Loan Party is aware of any default by any third party with respect to such third party's obligations) under any such
leases, contracts, servitudes and other 

29

 

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

        5.18    Sale of Production.    Except as
set forth in the Disclosure Schedule, no Oil and Gas Property is subject to any contractual or other arrangement (i) whereby payment for production is or can be deferred for a substantial
period after the month in which such production is delivered (in the case of oil, not in excess of 60 days, and in the case of gas, not in excess of 90 days) or
(ii) whereby payments are made to a Loan Party other than by checks, drafts, wire transfer advises or other similar writings, instruments or communications for the immediate payment of money.
Except for production sales contracts, processing agreements, transportation agreements and other agreements relating to the marketing of production that are listed on the Disclosure Schedule in
connection with the Oil and Gas Properties to which such contract or agreement relates: (i) no Oil and Gas Property is subject to any contractual or other arrangement for the sale, processing
or transportation of production (or otherwise related to the marketing of production) which cannot be canceled on 120 days' (or less) notice and (ii) all contractual or
other arrangements for the sale, processing or transportation of production (or otherwise related to the marketing of production) are bona fide arm's length transactions made on the best
terms available with third parties not affiliated with Loan Parties. Each Loan Party is presently receiving a price for all production from (or attributable to) each Oil and Gas Property
covered by a production sales contract or marketing contract listed on the Disclosure Schedule that is computed in accordance with the terms of such contract, and no Loan Party is having deliveries of
production from such Oil and Gas Property curtailed substantially below such property's delivery capacity. Except as set forth in the Disclosure Schedule, no Loan Party, nor any Loan Party's
predecessors in title, has received prepayments (including payments for gas not taken pursuant to "take or pay" or other similar arrangements) for any oil, gas or other hydrocarbons produced or to be
produced from any Oil and Gas Properties after the date hereof. Except as set forth in the Disclosure Schedule, no Oil and Gas Property is subject to any "take or pay" or other similar arrangement
(i) which can be satisfied in whole or in part by the production or transportation of gas from other properties or (ii) as a result of which production from any Oil and Gas Property may
be required to be delivered to one or more third 

30

 

parties
without payment (or without full payment) therefor as a result of payments made, or other actions taken, with respect to other properties. Except as set forth in the Disclosure
Schedule, there is no Oil and Gas Property with respect to which any Loan Party, or any Loan Party's predecessors in title, has, prior to the date hereof, taken more ("overproduced"), or less
("underproduced"), gas from the lands covered thereby (or pooled or unitized therewith) than its ownership interest in such Oil and Gas Property would entitle it to take; and the Disclosure
Schedule accurately reflects, for each well or unit with respect to which such an imbalance is shown thereon to exist, (i) whether such Loan Party is overproduced or underproduced and
(ii) the volumes (in cubic feet or British thermal units) of such overproduction or underproduction and the effective date of such information. Except as set forth in the
Disclosure Schedule, no Oil and Gas Property is subject to a gas balancing arrangement under which one or more third parties may take a portion of the production attributable to such Oil and Gas
Property without payment (or without full payment) therefor as a result of production having been taken from, or as a result of other actions or inactions with respect to, other properties. No
Oil and Gas Property is subject at the present time to any regulatory refund obligation and, to the best of Loan Party's knowledge, no facts exist which might cause the same to be imposed. 

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

        5.20    Ad Valorem and Severance Taxes;
Litigation.    

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

        5.21    Intellectual Property; Licenses,
Etc.    Each Loan Party owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights,
franchises, licenses and other intellectual property rights that are reasonably necessary for the operation of its respective business, without conflict with the rights of any other Person. To the
best knowledge of each Loan 

31

 

Party,
no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party infringes upon any rights
held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of any Loan Party, threatened, which, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. 

        5.22    MV Oil
Trust.    [Representation under review] 

 
 

ARTICLE VI. AFFIRMATIVE COVENANTS    
    

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

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

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

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

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

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

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

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

        (d)    by
April 1 of each year, commencing April 1, 2007, an Engineering Report prepared by Cawley Gillespie & Associates, or other independent petroleum
engineers chosen by Borrower and acceptable to Required Lenders, concerning all Oil and Gas Properties owned by any Loan Party which 

32

 

are
located in or offshore of the United States and which have attributable to them proved oil or gas reserves prepared as of the preceding January 1. This report shall be satisfactory
to Administrative Agent, shall take into account any "over-produced" status under gas balancing arrangements, and shall contain information and analysis comparable in scope to that
contained in the Initial Engineering Report. This report shall distinguish (or shall be delivered together with a certificate from an appropriate officer of Borrower which distinguishes) those
properties treated in the report which are Collateral from those properties treated in the report which are not Collateral; 

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

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

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

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

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

        6.03    Notices.    Promptly notify Agent and each Lender: 

	(a)
	of
the occurrence of any Default; 

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

33

 

	(c)
	of
the occurrence of any ERISA Event;

	(d)
	of
the receipt of Net Cash Proceeds;

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

	(f)
	[Reporting
related to the MV Oil Trust under review]. 

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

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

        6.05    Preservation of Existence, Etc.    

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

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

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

        6.06    Maintenance of Properties.    

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

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

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

        6.07    Maintenance of Insurance.    

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

34

 

amounts
customary in the industry for similarly situated businesses and properties) of the property insured. 

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

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

        6.09    Books and Records.    

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

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

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

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

        6.12    Agreement to Deliver Security Documents.    Each Loan Party
agrees to deliver and to cause each other Loan Party to deliver, to further secure the Obligations whenever requested by Administrative Agent in its sole and absolute discretion, deeds of trust,
mortgages, chattel mortgages, 

35

 

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

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

        6.14    Mortgaged Property Covenants.    

        (a)    Leases
and Contracts; Performance of Obligations.    Except to the extent Disposed of (including abandonment) pursuant to
Section 7.05(f), each Loan Party will maintain in full force and effect all oil, gas or mineral leases, contracts, servitudes and other agreements forming a part of
any Oil and Gas Property, to the extent the same cover or otherwise relate to such Oil and Gas Property, and each Loan Party will timely perform all of its obligations thereunder. Each Loan Party will
promptly notify Administrative Agent of any claim (or any conclusion by such Loan Party) that such Loan Party is obligated to account for any royalties, or overriding royalties or other
payments out of production, on a basis (other than delivery in kind) less favorable to such Loan Party than proceeds received by Loan Party (calculated at the well) from sale of production. 

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

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

36

 

        6.16    Environmental Matters; Environmental
Reviews.    

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

        (b)    Borrower
will promptly furnish to Administrative Agent all written notices of violation, orders, claims, citations, complaints, penalty assessments, suits or other
proceedings received by any Loan Party, or of which Borrower otherwise has notice, pending or threatened against any Loan Party by any Governmental Authority with respect to any alleged violation of
or non-compliance with any Environmental Laws or any Permits or other authorizations in connection with any Loan Party's ownership or use of its properties or the operation of its business
that might result in a Loan Party being liable for $50,000 or more. 

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

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

 
 

ARTICLE VII. NEGATIVE COVENANTS    
    

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

37

  

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

        7.02    Investments.    Make any Investments, except: 

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

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

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

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

	(e)
	Guarantees
permitted by Section 7.03; and

	(f)
	Investments
in units of MV Oil Trust. 

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

	(a)
	Indebtedness
under the Loan Documents;

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

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

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

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

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

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

38

 

wholly-owned
Subsidiary shall be the continuing or surviving Person, and, provided further that if a Guarantor is merging with another Subsidiary, the Guarantor shall be
the surviving Person; and 

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

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

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

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

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

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

	(e)
	Dispositions
permitted by Section 7.04;

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

	(g)
	Dispositions
of Units of MV Oil Trust to a Person who is not an Affiliate; and

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

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

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

39

 

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

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

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

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

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

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

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

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

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

	(a)
	Swap
Contracts existing on the date hereof.

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

40

 

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

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

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

 
 

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES    
    

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

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

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

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

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

	(e)
	Cross-Default.    (i)
Any Loan Party or any of its Subsidiaries (A) fails to make any payment when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate
principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount,
or 

41

 

(B) fails
to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such
Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to
become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated
maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in
such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which such Loan Party or any Subsidiary is the Defaulting Party (as defined in such Swap
Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which such Loan Party or Subsidiary is an Affected Party (as so defined) and, in either
event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

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

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

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

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

42

 

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

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

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

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

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

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

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

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

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

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

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

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

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and to the Lender Swap Obligations, ratably among Lenders and the Lender 

43

 

Counterparties
in proportion to the respective amounts described in this clause Fourth held by them; and 

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

 
 

ARTICLE IX. ADMINISTRATIVE AGENT    
    

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

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

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

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

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

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

	(d)
	Agent
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 8.02
and 10.01) or (ii) in the absence of its own gross negligence or willful misconduct. Agent shall be deemed not to have knowledge of any Default unless and
until written notice describing such Default is given to Agent by Borrower or a Lender. Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the 

44

 

performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Agent. 

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

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

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

45

 

Agent,
its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative
Agent. 

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

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

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

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

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

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

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

        9.11    Collateral Matters.    (a) Each Lender hereby irrevocably
authorizes and directs Agent to enter into the Collateral Documents for the benefit of such Lender. Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to
agree, that, except as otherwise set forth in Section 10.01, any action taken by the Required Lenders, in accordance with the provisions 

46

 

of
this Agreement or the Collateral Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto,
shall be authorized and binding upon all of the Lenders. Agent is hereby authorized (but not obligated) on behalf of all of the Lenders, without the necessity of any notice to or further
consent from any Lender from time to time prior to, an Event of Default, to take any action with respect to any Collateral or Collateral Documents which may be necessary to perfect and maintain
perfected the Liens upon the Collateral granted pursuant to the Collateral Documents. 

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

	(i)
	to
release any Lien on any property granted to or held by Agent under any Loan Document (A) upon termination of the Aggregate Commitments and payment in full of
all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit, (B) that is sold or to be sold as part of or in connection with
any sale permitted hereunder or under any other Loan Document, (C) subject to Section 10.01, if approved, authorized or ratified in writing by the Required
Lenders, or (D) in connection with any foreclosure sale or other disposition of Collateral after the occurrence of an Event of Default; and

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

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

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

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

        (e)    Each
Lender hereby appoints each other Lender as agent for the purpose of perfecting Lenders' security interest in assets which, in accordance with Article 9 of
the UCC can be perfected only by possession. Should any Lender (other than Agent) obtain possession of any such Collateral, 

47

 

such
Lender shall notify Agent thereof, and, promptly upon Agent's request therefor shall deliver such Collateral to Agent or in accordance with Agent's instructions. 

 
 

ARTICLE X. MISCELLANEOUS    
    

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

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

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

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

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

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

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

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

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

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

48

 

        10.02    Notices; Effectiveness; Electronic Communications.    

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

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

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

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

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

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

49

 

resulted
from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to Borrower, any Lender or any other Person
for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

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

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

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

        10.04    Expenses; Indemnity; Damage Waiver.    

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

        (b)    Indemnification
by Borrower.    Borrower shall indemnify Agent (and any sub-agent thereof), each Lender, and
each Related Party of any of the foregoing Persons (each such Person being called an "Indemnitee") against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees
and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or any other
Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other 

50

 

Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, or the consummation of the
transactions contemplated hereby or thereby, or, in the case of Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned
or operated by any Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to any Loan Party or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other Loan
Party, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of
the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or
(y) result from a claim brought by Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document, if
Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 

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

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

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

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

        10.05    Payments Set Aside.    To the extent that any payment by or
on behalf of Borrower is made to Agent or any Lender, or Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent or such 

51

 

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

        10.06    Successors and Assigns.    

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

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

52

 

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

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

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

        (e)    Limitations
upon Participant Rights.    A Participant shall not be entitled to receive any greater payment under
Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with Borrower's prior written consent. 

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

        (g)    Electronic
Execution of Assignments.    The words "execution," "signed," "signature," and words of like import in any Assignment
and Assumption shall be deemed to include electronic 

53

 

signatures
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

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

        10.07    Treatment of Certain Information; Confidentiality.    Agent
and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates' respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, purporting to have jurisdiction over
it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same
as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and its obligations, (g) with the consent of Borrower or (h) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to Agent, any Lender, or any of their respective
Affiliates on a nonconfidential basis from a source other than Borrower. For purposes of this Section, "Information" means all information received from any Loan Party,
any Subsidiary or MV Oil Trust relating to any Loan Party, or any Subsidiary or MV Oil Trust or any of their respective businesses, other than any such information that is available to Agent or any
Lender on a nonconfidential basis prior to disclosure by any Loan Party, or any Subsidiary or MV Oil Trust, provided that, in the case of information received from any
Loan Party or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information. Each of Agent and the Lenders acknowledges that (a) the Information may include material non-public information
concerning any Loan Party or a Subsidiary, as the case may be, (b) it has developed
compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law,
including Federal and state securities Laws. 

        10.08    Right of Setoff.    If an Event of Default shall have
occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of Agent, to the
fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of Borrower or any other Loan 

54

 

Party
against any and all of the obligations of Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or any such Affiliate, irrespective
of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of Borrower or such Loan Party may be contingent or unmatured or
are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates
under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify Borrower and Agent promptly
after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

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

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

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

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

55

 

a
Lender accepts such assignment), provided that: (a) Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06; (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the
extent of such outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts); (c) in the case of any such assignment resulting from a claim for
compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in
a reduction in such compensation or payments thereafter; and (d) such assignment does not conflict with applicable Laws. 

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

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

        10.14    Governing Law; Jurisdiction; Etc.    

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

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

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

56

 

APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

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

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

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

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

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

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

57

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

	 	 	MV PARTNERS, LLC
	
 	
 	

By:	

MV Energy, LLC, its Managing Member
	
 	
 	

By:	

Murfin, Inc., as Member
	
 	
 	

By:	

 
	 	 	 	
 Robert D. Young

Treasurer
	
 	
 	
MV ENERGY, LLC
	
 	
 	

By:	

Murfin, Inc., as Member
	
 	
 	

By:	

 
	 	 	 	
 Robert D. Young

Treasurer
	
 	
 	
VAP-I, LLC
	
 	
 	

By:	

MV Energy, LLC, its Managing Member
	
 	
 	

By:	

Murfin, Inc., as Member
	
 	
 	

By:	

 
	 	 	 	
 Robert D. Young

Treasurer

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

By:	

 
	 	 	 	

	
 	
 	

Name:	

 
	 	 	 	

	
 	
 	

Title:	

 
	 	 	 	

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

By:	

 
	 	 	 	

	
 	
 	

Name:	

 
	 	 	 	

	
 	
 	

Title:	

 
	 	 	 	

SCHEDULE 2.01  

 
 

APPLICABLE PERCENTAGES AND
  COMMITMENT    
    

	Lender
 
	 	Commitment
	 	Applicable Percentage

	Bank of America, N.A.	 	$25,000,0000	 	100.0000000%
	Total	 	$25,000,000	 	100.0000000%

SCHEDULE 2  

 
 

SECURITY DOCUMENTS  
    

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

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

SCHEDULE 3  

 
 

DISCLOSURE SCHEDULE    
    

Litigation:

None 

Subsidiaries
and other Equity Investments: 

None 

Existing
Liens: 

None 

Existing
Indebtedness: 

None

        [Sale
of Production (Section 5.18): 

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

SCHEDULE 4  

ADMINISTRATIVE AGENT'S OFFICE,

CERTAIN ADDRESSES FOR NOTICES  

BORROWER:  

MV
Partners, LLC

250 N. Water, Suite 300

Wichita, Kansas 67202 

Attention:
Bob Young

Telephone: (316) 267-3241

Telecopier: (316) 267-6004

Electronic Mail: byoung@murfininc.com

Website Address: none 

OFFICE OF ADMINISTRATIVE AGENT AND SWING LINE LENDER  

Notices
(other than Requests for Extensions of Credit):

Att:    Todd Mac Neill

          Agency Officer

          Bank of America, N.A.

          100 Federal Street

          Boston, MA 02110

Tel: (617) 434-6842

Facsimile: (617) 790-1361

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

For
Payments and Requests for Extensions of Credit:
 BANK OF AMERICA, N.A.

Att: Jackie Harvey

Tel: (214) 209-2158

Facsimile: (214) 290-9671

Electronic Mail: 

Payments:
 BANK OF AMERICA, N.A.

901 Main Street, 14th Floor

Dallas, Texas 75202

ABA No. 111000012

Account No: 1292000883

Account Name:

Attn: Credit Services, Jackie Harvey

Reference: MV Partners, LLC 

  

EXHIBIT A  

 
 

FORM OF LOAN NOTICE    
    

Date:
                                    ,
                     

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

Ladies
and Gentlemen: 

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

        The
undersigned hereby requests (select one): 

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

	1.
	On
                                     (a Business Day).

	2.
	In
the amount of $                                    .

	3.
	Comprised
of
                                         
                                          
         .

                                         
                   [Type of Loan requested]

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

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

	 	 	MV PARTNERS, LLC
	
 	
 	

By:	
 	

MV Energy, LLC, its General Partner
	
 	
 	

 	
 	

By:	

Murfin Drilling Company, Inc.,

as Member
	
 	
 	

By:	
 	

 Robert D. Young

Treasurer

A-1

   EXHIBIT B  

B-1

  

EXHIBIT C  

 
 

FORM OF NOTE    
    

	$                                        
                           	 	                                        
                           

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

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

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

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

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

	 	 	MV PARTNERS, LLC
	
 	
 	

By:	

MV Energy, LLC, its General

Partner
	
 	
 	

By:	

Murfin Drilling Company,

Inc., as Member
	
 	
 	

By:	

 
	 	 	 	
 Robert D. Young

Treasurer

C-1

  

EXHIBIT D  

 
 

FORM OF COMPLIANCE CERTIFICATE    
    

Financial
Statement Date:                                     

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

Ladies
and Gentlemen: 

        Reference
is made to that certain Credit Agreement, dated as of December            , 2006 (as amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the "Agreement;" the terms defined therein being used herein as therein defined), among MV Partners, LLC, a Kansas limited liability company
("Borrower"), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent. 

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

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

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

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

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

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

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

[select one:]

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

—or—

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

D-1

 

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

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

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

	 	 	MV PARTNERS, LLC
	
 	
 	

By:	

MV Energy, LLC, its Managing Member
	
 	
 	

By:	

Murfin Drilling Company, Inc., as Member
	
 	
 	

By:	

 
	 	 	 	
 Robert D. Young
 Treasurer
 

D-2

 
For
the Quarter/Year ended                                     
("Reporting Date") 

 
 

SCHEDULE 2
  to the Compliance Certificate
($ in 000's)    
    

	 
	 
	 
	 

	I. Section 7.12(b)—Fixed Charge Coverage Ratio.	 	 
	(A)	Consolidated EBITDA of Borrower and its Subsidiaries for the four Fiscal Quarter period ending on the Reporting Date ("Subject Period"):	 	 
	 	1.	Consolidated net income from operations of Borrower and its Subsidiaries for Subject Period:	
$	

                                
	 	2.	Consolidated Interest Charges for Subject Period* (Line II.B.3.):	$	                                
	 	3.	Federal, state and local income taxes for Subject Period:*	$	                                
	 	4.	Depreciation expenses for Subject Period:*	$	                                
	 	5.	Amortization expenses for Subject Period:*	$	                                
	 	6.	Depletion expenses for Subject Period:*	$	                                
	 	7.	Other non-cash charges for Subject Period:*	$	                                
	 	8.	Consolidated EBITDA from operations (Lines II.A.1 + 2 + 3 + 4 + 5 + 6 + 7):	$	                                
	(B)	Cash distributions from MV Oil Trust Units	$	                                
	(C)	Consolidated Interest Charges:	 	 
	 	1.	Interest, premium payments, debt discount, fees, charges and related expenses of Borrower and its Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase
price of assets for Subject Period:	

$	

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

                                
	 	3.	Consolidated Interest Charges (Line II.B.1. + Line II.B.2.)	$	                                
	(D)	Scheduled payment of Principal:	$	                        
	(E)	Fixed Charge Coverage Ratio (Line II.A.8 + Line II.B ÷ Line II.C.3 + Line II.D)	$	                                 to 1
	(F)	Minimum required:	 	1.25 to 1

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

D-3

 
For
the Fiscal Quarter/Year ended
                                     ("Reporting Date")

 
 

Quarterly Information for Schedule 2
  to the Compliance Certificate
  ($ in 000's)    

 
 

Consolidated EBITDA
  (in accordance with the definition of Consolidated EBITDA from Operations
  as set forth in the Agreement)    

	Consolidated EBITDA
 
	 	Quarter Ended
	 	Quarter Ended
	 	Quarter Ended
	 	Quarter Ended
	 	Twelve Months Ended

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

D-4

  

EXHIBIT E  

 
 

FORM
  OF
  ASSIGNMENT AND ASSUMPTION    
    

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

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

	1.
	Assignor:
                                         
       

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

	3.
	Borrower(s):
                                         
       

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

	5.
	Credit
Agreement: [Credit Agreement, dated as of December                , 2005 among MV Partners, LLC, an Kansas
limited liability company, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent

	6.
	Assigned
Interest: 

	Aggregate Amount

of Loans

for all Lenders*
	 	Amount of Loans

Assigned*
	 	Percentage Assigned

of Loans
	 	CUSIP No.

	
 	
 	

 	
 	

 	
 	

 
	$                        	 	$                        	 	                        %	 	                        

	[7.
	Trade Date:
                                    ]  

E-1

 

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

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

	 	ASSIGNOR
 [NAME OF ASSIGNOR]
	
 	

By:	

	
 	

 	

Title:	

	
 	

ASSIGNEE
 [NAME OF ASSIGNEE]
	
 	

By:	

	
 	

 	

Title:	

	
 [Consented to and] Accepted:	

 	

 	

 
	
 Bank of America, N. A., as

Administrative Agent	

 	

 	

 
	
 By:
                                         
       	

 	

 	

 
	Title:
                                         
       	 	 	 
	
[Consented to:]	

 	

 	

 
	
 By:
                                         
       	

 	

 	

 
	Title:
                                         
       	 	 	 

E-2

 
 
 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION
  
    STANDARD TERMS AND CONDITIONS FOR
  ASSIGNMENT AND ASSUMPTION    
    

1.    Representations and Warranties. 

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

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

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

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

E-3

  

EXHIBIT F  

 
 

OPINIONS OF COUNSEL TO LOAN PARTIES    
    

F-1

  

EXHIBIT G  

 
 

ASSIGNMENT, ASSUMPTION AND MORTGAGE AMENDMENT    
    

G-1

QuickLinks

CREDIT AGREEMENT

TABLE OF CONTENTS

CREDIT AGREEMENT

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS

ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

ARTICLE V. REPRESENTATIONS AND WARRANTIES

ARTICLE VI. AFFIRMATIVE COVENANTS

ARTICLE VII. NEGATIVE COVENANTS

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES

ARTICLE IX. ADMINISTRATIVE AGENT

ARTICLE X. MISCELLANEOUS

APPLICABLE PERCENTAGES AND COMMITMENT

SECURITY DOCUMENTS

DISCLOSURE SCHEDULE

FORM OF LOAN NOTICE

FORM OF NOTE

FORM OF COMPLIANCE CERTIFICATE

SCHEDULE 2 to the Compliance Certificate ($ in 000's)

Quarterly Information for Schedule 2 to the Compliance Certificate ($ in 000's)

Consolidated EBITDA (in accordance with the definition of Consolidated EBITDA from Operations as set forth in the Agreement)

FORM OF ASSIGNMENT AND ASSUMPTION

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION

OPINIONS OF COUNSEL TO LOAN PARTIES

ASSIGNMENT, ASSUMPTION AND MORTGAGE AMENDMENT

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