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Exhibit 10.3    
    

 
 

GUARANTY    
    

        This GUARANTY dated as of May 10, 2004 (together with all amendments, if any, from time to time hereto, this
"Guaranty"), by and among the Guarantors identified as such on the signature page hereof (each, a
"Guarantor" and collectively, "Guarantors") and Credit Suisse First Boston, acting through its Cayman
Islands Branch, in its capacity as Term Agent for the Term Secured Parties (as defined in the Credit Agreement) (together with its successors and assigns, the "Term
Agent"). 

W I T N E S S E T H:  

        WHEREAS, pursuant to that certain Credit Agreement, dated as May 10, 2004, by and among Guarantors, the Persons named therein as Credit Parties, CREDIT
SUISSE FIRST BOSTON, acting through its Cayman Islands Branch, as Sole Bookrunner, Sole Lead Arranger, Syndication Agent and Documentation Agent (in each such respective capacity, the
"Arranger", "Documentation Agent" and "Syndication
Agent") and Term Agent, and CONGRESS FINANCIAL CORPORATION (SOUTHWEST) as Term Agent and the Persons signatory thereto from time to time as Term Secured Parties (as from time
to time amended, restated, supplemented or otherwise modified, the "Credit Agreement") Term Secured Parties have agreed to make Term Loans to Borrowers; 

        WHEREAS,
Guarantors are affiliates of the Borrowers and as such will derive direct and indirect economic benefits from the making of the Term Loans and other financial accommodations
provided to Borrowers pursuant to the Credit Agreement; and 

        WHEREAS,
in order to induce Term Agent and Term Secured Parties to enter into the Credit Agreement and other Loan Documents and to induce Term Secured Parties to make the Term Loans as
provided for in the Credit Agreement, Guarantors have agreed to guarantee payment of the Term Obligations; 

        NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter contained, and to induce Term Secured Parties to provide the Term Loans and other financial accommodations
under the Credit Agreement, it is agreed as follows: 

1.
DEFINITIONS.

        Capitalized
terms used herein shall have the meanings assigned to them in the Credit Agreement, unless otherwise defined herein. 

        References
to this "Guaranty" shall mean this Guaranty, including all amendments, modifications and supplements and any annexes, exhibits and schedules to any of the foregoing, and shall
refer to this Guaranty as the same may be in effect at the time such reference becomes operative. 

2.
THE GUARANTY.

        2.1    Guaranty of Guaranteed Obligations of Borrowers.    Each Guarantor hereby jointly and severally unconditionally
guarantees to Term Agent for the ratable benefit of the Term Secured Parties, and their respective successors, endorsees, transferees and assigns, the prompt payment (whether at stated maturity, by
acceleration or otherwise) and performance of the Term Obligations of Borrowers (hereinafter the "Guaranteed Obligations"). Guarantors agree that this
Guaranty is a guaranty of payment and performance and not of collection, and that their obligations under this Guaranty shall be primary, absolute and unconditional, irrespective of, and unaffected
by: 

        (a)   the
genuineness, validity, regularity, enforceability or any future amendment of, or change in this Guaranty, any other Loan Document or any other agreement, document or
instrument to which any Credit Party and/or Guarantors are or may become a party; 

 

        (b)   the
absence of any action to enforce this Guaranty or any other Loan Document or the waiver or consent by Term Agent and/or Term Secured Parties with respect to any of
the provisions thereof; 

        (c)   the
existence, value or condition of, or failure to perfect its Liens against, any Collateral for the Guaranteed Obligations or any action, or the absence of any action,
by Term Agent in respect thereof (including, without limitation, the release of any such security); or 

        (d)   the
insolvency of any Credit Party; or 

        (e)   any
other action or circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, other than payment in full of the
Term Obligations and termination of the Loan Documents, 

it
being agreed by each Guarantor that its obligations under this Guaranty shall not be discharged until the Termination Date. Each Guarantor shall be regarded, and shall be in the same position, as
principal debtor with respect to the Guaranteed Obligations. Each Guarantor agrees that any notice or directive given at any time to Term Agent which is inconsistent with the waiver in the immediately
preceding sentence shall be null and void and may be ignored by Term Agent and Term Secured Parties, and, in addition, may not be pleaded or introduced as evidence in any litigation relating to this
Guaranty for the reason that such pleading or introduction would be at variance with the written terms of this Guaranty, unless Term Agent and the requisite number of Term Secured Parties have
specifically agreed otherwise in writing. It is agreed among each Guarantor, Term Agent and Term Secured Parties that the foregoing waivers are of the essence of the transaction contemplated by the
Loan Documents and that, but for this Guaranty and such waivers, Term Agent and Term Secured Parties would decline to enter into the Credit Agreement. 

        2.2    Demand by Term Agent or Term Secured Parties.    In addition to the terms of the Guaranty set forth in  Section 2.1
hereof, and in no manner imposing any limitation on such terms, it is expressly understood and agreed that, if, at any time, the
outstanding principal amount of the Guaranteed Obligations under the Credit Agreement (including all accrued interest thereon) is declared to be immediately due and payable, then Guarantors shall,
without demand, pay to the holders of the Guaranteed Obligations the entire outstanding Guaranteed Obligations due and owing to such holders. Payment by Guarantors shall be made to Term Agent in
immediately available Federal funds to an account designated by Term Agent or at the address set forth herein for the giving of notice to Term Agent or at any other address that may be specified in
writing from time to time by Term Agent, and shall subject to the intercreditor provisions of the Credit Agreement be credited and applied to the Guaranteed Obligations. 

        2.3    Enforcement of Guaranty.    In no event shall Term Agent have any obligation (although it is entitled, at its
option) to proceed against any Borrower or any other Credit Party or any Collateral pledged to secure Guaranteed Obligations before seeking satisfaction from any or all of the Guarantors, and Term
Agent may proceed, prior or subsequent to, or simultaneously with, the enforcement of Term Agent's rights hereunder, to exercise any right or remedy which it may have against any Collateral, as a
result of any Lien it may have as security for all or any portion of the Guaranteed Obligations. 

        2.4    Waiver.    In addition to the waivers contained in  Section 2.1 hereof, Guarantors waive, and agree that they shall not
at any time insist upon, plead or in any manner whatever claim or take the
benefit or advantage of, any appraisal, valuation, stay, extension, marshaling of assets or redemption laws, or exemption, whether now or at any time hereafter in force, which may delay, prevent or
otherwise affect the performance by Guarantors of their Guaranteed Obligations under, or the enforcement by Term Agent or Term Secured Parties of, this Guaranty. Guarantors hereby waive diligence,
presentment and demand (whether for non-payment or protest or of acceptance, maturity, 

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extension
of time, change in nature or form of the Guaranteed Obligations, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or the
terms of, the Guaranteed Obligations, notice of adverse change in any Borrower's financial condition or any other fact which might increase the risk to Guarantors) with respect to any of the
Guaranteed Obligations or all other demands whatsoever and waive the benefit of all provisions of law which are or might be in conflict with the terms of this Guaranty. Guarantors represent, warrant
and jointly and severally agree that, as of the date of this Guaranty, their obligations under this Guaranty are not subject to any offsets or defenses against Term Agent or Term Secured Parties or
any Credit Party of any kind. Guarantors further jointly and severally agree that their obligations under this Guaranty shall not be subject to any counterclaims, offsets or defenses against Term
Agent or any Term Secured Party or against any Credit Party of any kind which may arise in the future. 

        2.5    Benefit of Guaranty.    The provisions of this Guaranty are for the benefit of Term Agent and Term Secured
Parties and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any Credit Party and Term Agent or Term Secured Parties, the
obligations of any Credit Party under the Loan Documents. In the event all or any part of the Guaranteed Obligations are transferred, indorsed or assigned by Term Agent or any Term Secured Party to
any Person or Persons in accordance with the terms of the Credit Agreement, any reference to "Term Agent" or "Term Secured Party" herein shall be deemed to refer equally to such Person or Persons. 

        2.6    Modification of Guaranteed Obligations, Etc.    Each Guarantor hereby acknowledges and agrees that Term Agent
and Term Secured Parties may at any time or from time to time, with or without the consent of, or notice to, Guarantors or any of them: 

        (a)   change
or extend the manner, place or terms of payment of, or renew or alter all or any portion of, the Guaranteed Obligations; 

        (b)   take
any action under or in respect of the Loan Documents in the exercise of any remedy, power or privilege contained therein or available to it at law, equity or
otherwise, or waive or refrain from exercising any such remedies, powers or privileges; 

        (c)   amend
or modify, in any manner whatsoever, the Loan Documents; 

        (d)   extend
or waive the time for any Credit Party's performance of, or compliance with, any term, covenant or agreement on its part to be performed or observed under the
Loan Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance; 

        (e)   subject
to the intercreditor provisions of the Credit Agreement, take and hold Collateral for the payment of the Guaranteed Obligations guaranteed hereby or sell,
exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which Term Agent or Term Secured Parties have been granted a Lien, to secure any Term
Obligations; 

        (f)    release
anyone who may be liable in any manner for the payment of any amounts owed by Guarantors or any Credit Party to Term Agent or any Term Secured Party; 

        (g)   modify
or terminate the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors of any Guarantor or any Credit Party are
subordinated to the claims of Term Agent and Term Secured Parties; and/or 

        (h)   subject
to the intercreditor provisions of the Credit Agreement, apply any sums by whomever paid or however realized to any amounts owing by any Guarantor or any
Revolver Credit Party to Term Agent or any Term Secured Party in such manner as Term Agent or any Term Secured Party shall determine in its discretion; 

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and
Term Agent and Term Secured Parties shall not incur any liability to Guarantors as a result thereof, and no such action shall impair or release the Guaranteed Obligations of Guarantors or any of
them under this Guaranty. 

        2.7    Reinstatement.    This Guaranty shall remain in full force and effect and continue to be effective should any
petition be filed by or against any Credit Party or any Guarantor for liquidation or reorganization, should any Credit Party or any Guarantor become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of such Credit Party's or such Guarantor's assets, and shall continue to be effective or be reinstated, as the
case may be, if at any time payment and performance of the Guaranteed Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or
returned
by Term Agent or any Term Secured Party, whether as a "voidable preference", "fraudulent conveyance", or otherwise, all as though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the Guaranteed Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced,
restored or returned. 

        2.8    Waiver of Subrogation, Etc.    Notwithstanding anything to the contrary in this Guaranty, or in any other Loan
Document, each Guarantor hereby: 

        (a)   expressly
and irrevocably waives, on behalf of itself and its successors and assigns (including any surety), any and all rights at law or in equity to subrogation, to
reimbursement, to exoneration, to contribution, to indemnification, to set off or to any other rights that could accrue to a surety against a principal, to a guarantor against a principal, to a
guarantor against a maker or obligor, to an accommodation party against the party accommodated, to a holder or transferee against a maker, or to the holder of any claim against any Person, and which
such Guarantor may have or hereafter acquire against any Credit Party in connection with or as a result of such Guarantor's execution, delivery and/or performance of this Guaranty, or any other
documents to which such Guarantor is a party or otherwise; and 

        (b)   acknowledges
and agrees (i) that this waiver is intended to benefit Term Agent and Term Secured Parties and shall not limit or otherwise effect any Guarantor's
liability hereunder or the enforceability of this Guaranty, and (ii) that Term Agent, Term Secured Parties and their respective successors and assigns are intended third party beneficiaries of
the waivers and agreements set forth in this Section 2.8 and their rights under this  Section 2.8 shall survive payment in full of the Guaranteed
Obligations. 

        2.9    Election of Remedies.    If Term Agent may, under applicable law, proceed to realize benefits under any of the
Loan Documents giving Term Agent and Term Secured Parties Liens upon any Collateral owned by any Credit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Term
Agent may, at its sole option, determine which of such remedies or rights it may pursue without affecting any of such rights and remedies under this Guaranty. If, in the exercise of any of its rights
and remedies, Term Agent shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Credit Party, whether because of any applicable laws pertaining to
"election of remedies" or the like, Guarantors hereby consent to such action by Term Agent and waive any claim based upon such action, even if such action by Term Agent shall result in a full or
partial loss of any rights of subrogation which Guarantors might otherwise have had but for such action by Term Agent. Any election of remedies which results in the denial or impairment of the right
of Term Agent to seek a deficiency judgment against any Credit Party shall not impair each Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Term Agent shall
bid at any foreclosure or trustee's sale or at any private sale permitted by law or the Loan Documents, Term Agent may bid all or less than the amount of the Guaranteed Obligations and the amount of
such bid need not be paid by Term Agent but shall be credited against the Guaranteed Obligations. The amount 

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of
the successful bid at any such sale shall be conclusively deemed to be the fair market value of the collateral and the difference between such bid amount and the remaining balance of the Guaranteed
Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Guaranty, notwithstanding that any present or future law or court decision or ruling may
have the effect of reducing the amount of any deficiency claim to which Term Agent and Term Secured Parties might otherwise be entitled but for such bidding at any such sale. 

        2.10    Funds Transfers.    If any Guarantor shall engage in any transaction as a result of which any Borrower is
required to make a mandatory prepayment with respect to the Guaranteed Obligations under the terms of the Credit Agreement (including any issuance or sale of such Guarantor's Stock or any sale of its
assets), such Guarantor shall distribute to, or make a contribution to the capital of, in its discretion, one or more of the Borrowers an amount equal to the mandatory prepayment required under the
terms of the Credit Agreement. 

3.  DELIVERIES.

        In
a form satisfactory to Term Agent, Guarantors shall deliver to Term Agent (with sufficient copies for each Term Secured Party), concurrently with the execution of this Guaranty and
the Credit Agreement, the Loan Documents and other instruments, certificates and documents as are required to be delivered by Guarantors to Term Agent under the Credit Agreement. 

4.
REPRESENTATIONS AND WARRANTIES.

        To
induce Term Secured Parties to make the Term Loans under the Credit Agreement, Guarantors jointly and severally make the representations and warranties as to each Guarantor contained
in the Credit Agreement, each of which is incorporated herein by reference, each and all of which shall survive the execution and delivery of this Guaranty. 

5.
FURTHER ASSURANCES.

        Each
Guarantor agrees, upon the written request of Term Agent or any Term Secured Party, to execute and deliver to Term Agent or such Term Secured Party, from time to time, any
additional instruments or documents reasonably considered necessary by Term Agent or such Term Secured Party to cause this Guaranty to be, become or remain valid and effective in accordance with its
terms. 

6.
PAYMENTS FREE AND CLEAR OF TAXES.

        All
payments required to be made by each Guarantor hereunder shall be made to Term Agent and Term Secured Parties free and clear of, and without deduction for, any and all present and
future Taxes. If any Guarantor shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder, (a) the sum payable shall be increased as much as shall be necessary
so that after making all required deductions (including deductions applicable to additional sums payable under this Section 6) Term Agent or Term
Secured Parties, as applicable, receive an amount equal to the sum they would have received had no such deductions been made, (b) such Guarantor shall make such deductions, and (c) such
Guarantor shall pay the full amount deducted to the relevant taxing or other authority in accordance with applicable law. Within thirty (30) days after the date of any payment of Taxes, each
applicable Guarantor shall furnish to Term Agent the original or a certified copy of a receipt evidencing payment thereof. Each Guarantor shall jointly and severally indemnify and, within ten
(10) days of demand therefor, pay Term Agent and each Term Secured Party for the full amount of Taxes (including any Taxes imposed by any jurisdiction on amounts payable under this  Section 6)
paid by Term Agent or such Term Secured Party, as appropriate, and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally asserted. 

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7.
OTHER TERMS.

        7.1    Entire Agreement.    This Guaranty, together with the other Loan Documents, constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all prior
agreements relating to a guaranty of the loans and advances under the Loan Documents and/or the Guaranteed Obligations. 

        7.2    Headings.    The headings in this Guaranty are for convenience of reference only and are not part of the
substance of this Guaranty. 

        7.3    Severability.    Whenever possible, each provision of this Guaranty shall be interpreted in such a manner to be
effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 

        7.4    Notices.    Whenever it is provided herein that any notice, demand, request, consent, approval, declaration or
other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give or serve upon another any such communication with
respect to this Guaranty, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be addressed to the party to be notified in accordance
with Section 12.10 of the Credit Agreement or at such other address as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in
writing by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration or other communication hereunder shall be deemed to have been validly served, given
or delivered (i) upon the earlier of actual receipt and three (3) Business Days after the same shall have been deposited with the United States mail, registered or certified mail, return
receipt requested, with proper postage prepaid, (ii) upon transmission, when sent by telecopy or other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by
delivery of a copy by personal delivery or United States mail as otherwise provided in this Section 7.4), (iii) one (1) Business
Day after deposit with a reputable overnight carrier with all charges prepaid, or (iv) when delivered, if hand-delivered by messenger. 

        7.5    Successors and Assigns.    This Guaranty and all obligations of Guarantors hereunder shall be binding upon the
successors and assigns of each Guarantor (including a debtor-in-possession on behalf of such Guarantor) and shall, together with the rights and remedies of Term Agent, for
itself and for the ratable benefit of Term Secured Parties, hereunder, inure to the benefit of Term Agent and Term Secured Parties, all future holders of any instrument evidencing any of the
Obligations and their respective permitted successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument
evidencing the Obligations or any portion thereof or interest therein shall in any manner affect the rights of Term Agent and Term Secured Parties hereunder. Guarantors may not assign, sell,
hypothecate or otherwise transfer any interest in or obligation under this Guaranty. 

        7.6    No Waiver; Cumulative Remedies; Amendments.    Neither Agent nor any Term Secured Party shall by any act,
delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Term Agent and then only to the extent therein
set forth. A waiver by Term Agent, for itself and the ratable benefit of Term Secured Parties, of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or
remedy which Term Agent would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on the part of Term Agent or any Term Secured Party, any right, power or
privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and 

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may
be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Guaranty may be waived, altered, modified,
supplemented or amended except by an instrument in writing, duly executed by Term Agent and Guarantors. 

        7.7    Termination.    This Guaranty is a continuing guaranty and shall remain in full force and effect until the
Termination Date. Upon payment and performance in full of the Guaranteed Obligations, Term Agent shall deliver to Guarantors such documents as Guarantors may reasonably request to evidence such
termination. 

        7.8    GOVERNING LAW.    EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH GUARANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN GUARANTORS, TERM AGENT AND TERM SECURED
PARTIES PERTAINING TO THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS,  PROVIDED, THAT TERM AGENT, TERM
SECURED PARTIES AND GUARANTORS ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED
OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED, FURTHER, NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE EITHER ADMINISTRATIVE AGENT FROM
BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF
TERM AGENT. EACH GUARANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH GUARANTOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY
HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH GUARANTOR AT THE ADDRESS SET FORTH ON SECTION
12.10 OF THE CREDIT AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S.
MAILS, PROPER POSTAGE PREPAID. 

        7.9    Counterparts.    This Guaranty may be executed in any number of counterparts, each of which shall collectively
and separately constitute one and the same agreement. 

        7.10    Limitation on Guaranteed Obligations.    Notwithstanding any provision herein contained to the contrary, each
Guarantor's liability hereunder shall be limited to an amount not to exceed as of any date of determination the greater of: 

        (a)   the
net amount of all Term Loans and other extensions of credit (including Letters of Credit) advanced under the Credit Agreement and directly or indirectly
re-loaned or otherwise 

7

 

transferred
to, or incurred for the benefit of, such Guarantor, plus interest thereon at the applicable rate specified in the Credit Agreement; or 

        (b)   the
amount which, after giving effect to such amount and the liabilities of such Guarantor owing with respect to Revolving Obligations owing to the Revolver Secured
Parties under the Credit Agreement to the extent the fair saleable value of the Revolver Primary Collateral owned by such Guarantor as of the date of the commencement of any bankruptcy or insolvency
proceeding in respect of such Guarantor could be claimed by the Term Agent and Term Secured Parties from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under
Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law after taking
into account, among other things, such Guarantor's right of contribution and indemnification from each other Guarantor under Section 7.10. 

        7.11    Contribution with Respect to Guaranteed Obligations.    

        (a)   To
the extent that any Guarantor shall make a payment under this Guaranty of all or any of the Guaranteed Obligations (a "Guarantor
Payment") which, taking into account all other Guarantor
Payments then previously or concurrently made by the other Guarantors, exceeds the amount which such Guarantor would otherwise have paid if each Guarantor had paid the aggregate Guaranteed Obligations
satisfied by such Guarantor Payment in the same proportion that such Guarantor's "Allocable Amount" (as defined below) (in effect immediately prior to such Guarantor Payment) bore to the aggregate
Allocable Amounts of all of Guarantors in effect immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full
in cash of the Term Obligations and termination of the Term Commitments, such Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each of the
other Guarantors for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor
Payment. 

        (b)   As
of any date of determination, the "Allocable Amount" of any Guarantor shall be equal to the maximum amount of the
claim which could then be recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under
any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 

        (c)   This
Section 7.10 is intended only to define the relative rights of Guarantors and nothing set forth in this  Section 7.10 is intended to or shall
impair the obligations of Guarantors, jointly and severally, to pay any amounts as and when the same shall
become due and payable in accordance with the terms of this Guaranty. 

        (d)   The
rights of the parties under this Section 7.10 shall be exercisable upon the full and indefeasible payment of
the Guaranteed Obligations and the termination of the Credit Agreement and the other Loan Documents. 

        (e)   The
parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of any Guarantor to which such contribution and
indemnification is owing. 

8.  SECURITY.

        To
secure payment of each Guarantor's obligations under this Guaranty, concurrently with the execution of this Guaranty, each Guarantor has entered into a Security Agreement pursuant to
which each Guarantor has granted to Term Agent for the benefit of Term Secured Parties a security interest in substantially all of its personal property and has entered into a Pledge Agreement
pursuant to which 

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each
Guarantor has pledged all of the Stock of each of its Subsidiaries to Term Agent for the ratable benefit of Term Secured Parties. 

9.  CREDIT AGREEMENT.

        Each
Guarantor agrees to perform, comply with and be bound by the covenants contained in Sections 5, 6 and 7 of the Credit Agreement (which provisions are incorporated herein by
reference) as if each Guarantor were a Credit Party signatory to the Credit Agreement. 

9

   
        IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty as of the date first above written. 

	

 	
 	

COFFEYVILLE PIPELINE, INC.

COFFEYVILLE REFINING & MARKETING, INC.

COFFEYVILLE NITROGEN FERTILIZERS, INC.

COFFEYVILLE CRUDE TRANSPORTATION, INC.

COFFEYVILLE TERMINAL, INC.

COFFEYVILLE GROUP HOLDINGS, LLC

COFFEYVILLE RESOURCES PIPELINE, LLC

COFFEYVILLE RESOURCES MANAGEMENT, INC.
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

	 	 	 	 
	

 	
 	

CREDIT SUISSE FIRST BOSTON,

acting through its Cayman Islands Branch as Term Agent
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

S-1

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Exhibit 10.3

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Exhibit 10.4    
    

 
 

PLEDGE AGREEMENT    
    

        This PLEDGE AGREEMENT, dated as of May 10, 2004 (together with all amendments, if any, from time to time hereto, this
"Agreement"), among each of the parties named as a Pledgor on the signature pages hereto (individually, a
"Pledgor" and collectively, the "Pledgors") and Congress Financial Corporation (Southwest), in its
capacity as administrative agent for the Revolver Secured Parties (as defined in the Credit Agreement referred below) (together with its successors and assigns, the
"Administrative Agent") and Credit Suisse First Boston, acting through its Cayman Islands Branch, in its capacity as administrative agent for the Term
Secured Parties (as defined in the Credit Agreement) (together with its successors and assigns, the "Term Agent," together with the Administrative Agent
are referred to collectively as the "Agents"). 

W I T N E S S E T H:  

        WHEREAS, pursuant to that certain Credit Agreement, dated as May 10, 2004, by and among COFFEYVILLE RESOURCES, LLC, COFFEYVILLE RESOURCES NITROGEN
FERTILIZERS, LLC, COFFEYVILLE RESOURCES REFINING & MARKETING, LLC COFFEYVILLE RESOURCES CRUDE TRANSPORTATION, LLC and COFFEYVILLE RESOURCES TERMINAL, LLC, the financial institutions from time
to time parties thereto (such financial institutions, together with their respective successors and assigns, are referred to hereinafter each individually as a
"Lender" and collectively as the "Lenders"), CREDIT SUISSE FIRST BOSTON, acting through its Cayman
Islands Branch as Sole Bookrunner, Sole Lead Arranger, Syndication Agent and Documentation Agent (in each such respective capacity, the "Arranger",
"Documentation Agent" and "Syndication Agent") and Term Agent, and CONGRESS FINANCIAL CORPORATION
(SOUTHWEST) as Administrative Agent and Lender, the Pledgors and the other "Credit Parties" named therein (as amended, restated or otherwise modified from time to time, the
"Credit Agreement"), the Lenders have agreed to make Loans to and provide other financial accommodations for the benefit of the Borrowers; 

        WHEREAS,
the Pledgors have executed that certain Guaranty dated as of the date hereof in favor of the Administrative Agent pursuant to which such Pledgors have agreed to guarantee all
the "Revolving Obligations" (as defined in the Credit Agreement) and that certain Guaranty dated as of the date hereof in favor of the Term Agent pursuant to which such Pledgors have agreed to
guarantee all the
"Term Obligations" (as defined in the Credit Agreement) (each Guaranty, as from time to time reaffirmed, amended, restated, supplemented or otherwise modified, the
"Guarantees"); 

        WHEREAS,
subject to the terms and conditions of the Credit Agreement, certain Grantors may enter into one or more Hedging Contracts (as defined in the Credit Agreement) with one or more
Eligible Hedge Counterparties (as defined in the Credit Agreement); 

        WHEREAS,
each Pledgor is the record and beneficial owner of the shares of capital stock, limited liability company equity interests, bonds and/or the promissory notes and instruments
listed on Schedule I hereto; and 

        WHEREAS,
the extension and/or continued extension of credit, as aforesaid, by the Lenders is necessary and desirable to the conduct and operation of the business of the Borrowers and
will inure to the financial benefit of each Pledgor and in order to induce the Lenders and Eligible Hedge Counterparties to make the Loans and provide other financial accommodations as set forth in
the Credit Agreement, other Loan Documents and the Hedging Contracts, each Pledgor has agreed to pledge the Pledged Collateral (as defined below) to the Administrative Agent in accordance herewith; 

 

        NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter contained and to induce the Lenders to make Loans and provide other financial accommodations under the
Credit Agreement, it is agreed as follows: 

        1.    Definitions.    Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as
therein defined, and the following shall have (unless otherwise provided elsewhere in this Agreement) the following respective meanings (such meanings being equally applicable to both the singular and
plural form of the terms defined): 

        "Bankruptcy Code" means title 11, United States Code, as amended from time to time, and any successor statute thereto. 

        "Indenture" means the Amended and Restated Trust Indenture dated as of February 8, 2002 between the City of Coffeyville, Kansas, as
Issuer and JPMorgan Chase Bank, as Indenture Trustee. 

        "Pledged Collateral" has the meaning assigned to such term in Section 2 hereof. 

        "Pledged Bonds" means the Series A, 1997 taxable industrial revenue bonds and the Series B, 1997 subordinated taxable
industrial revenue bonds, in each case issued pursuant to the Indenture and described on Part C of Schedule I hereto. 

        "Pledged Entity" means an issuer of Pledged Shares, Pledged Bonds or Pledged Indebtedness. 

        "Pledged Indebtedness" means the indebtedness evidenced by the promissory notes and instruments listed on Part B of  Schedule I hereto. 

        "Pledged Shares" means those shares of stock and equity membership interests listed on Part A of  Schedule I hereto. 

        "Secured Obligations" has the meaning assigned to such term in Section 3 hereof. 

        2.    (a)    Pledge.    Each Pledgor hereby pledges to the
Administrative Agent, for the benefit of the Revolver Secured Parties, and grants to the Administrative Agent, for the benefit of the Revolver Secured Parties, a security interest in all of the
following, whether now existing or hereafter acquired (collectively, the "Pledged Collateral"): 

        (i)    the
Pledged Shares, Pledged Bonds and any and all certificates or instruments representing the Pledged Shares or Pledged Bonds and all dividends, interest,
distributions, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares or
Pledged Bonds; 

        (ii)   all
rights, privileges, authority or power of such Pledgor as owner or holder of the Pledged Shares or Pledged Bonds, including, but not limited to, all rights under
any by-laws, shareholder agreement, operating agreement, the Indenture or similar agreement related thereto; and 

        (iii)  the
Pledged Indebtedness and the promissory notes or instruments evidencing the Pledged Indebtedness, and all interest, cash, instruments and other property and assets
from time to time received, receivable or otherwise distributed in respect of the Pledged Indebtedness; and 

        (iv)  all
additional Stock or Indebtedness arising after the date hereof and issued by any Pledged Entity and all certificates or promissory notes or other instruments
evidencing such Stock or Indebtedness, and all interest, cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of such Stock or
Indebtedness. 

2

 

        (b)    Pledge.    Each Pledgor hereby pledges to the Term Agent, for the benefit of the Term Secured Parties, and
grants to the Term Agent, for the benefit of the Term Secured Parties, a security interest in all of the Pledged Collateral, whether now existing or hereafter acquired. 

        (c)    Priority.    The security interest granted to the Administrative Agent pursuant to Section 2(a) above in
any Pledged Collateral that does not constitute Revolver Primary Collateral shall be subject and subordinate to the intercreditor and subordination provisions of the Credit Agreement. The security
interest granted to the Term Agent pursuant to Section 2(b) above in any Pledged Collateral that constitutes Revolver Primary Collateral shall be subject and subordinate to the intercreditor
and subordination provisions of the Credit Agreement. 

        3.    Security for Obligations.    This Agreement secures, and the Pledged Collateral is security for, the prompt
payment in full when due, whether at stated maturity, by acceleration or otherwise, and performance of all Revolving Obligations with respect to every Pledgor in the case of the security interest of
the Administrative Agent and all Term Obligations with respect to every Pledgor in the case of the security interest of the Term Agent under the Credit Agreement, the Guarantees and the other Loan
Documents, as applicable, and now or hereafter existing under this Agreement including, without limitation, all fees, costs and expenses whether in connection with collection actions hereunder or
otherwise (collectively, the "Secured Obligations"). 

        4.    Delivery of Pledged Collateral.    All certificates and all promissory notes and instruments evidencing the
Pledged Collateral shall be delivered to and held by or on behalf of the Administrative Agent or Term Agent, as applicable in accordance with Annex C to the Credit Agreement, in each case pursuant
hereto. All Pledged Shares evidenced by certificates shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the applicable
Agent and all promissory notes or other instruments evidencing the Pledged Bonds or Pledged Indebtedness shall be endorsed by each applicable Pledgor. 

        5.    Representations and Warranties.    Each Pledgor represents and warrants to each Agent that: 

        (a)   Each
Pledgor is, and at the time of delivery of the Pledged Shares to the applicable Agent will be, the sole holder of record and the sole beneficial owner of such
Pledged Collateral pledged by such Pledgor free and clear of any lien thereon or affecting the title thereto, except for Permitted Encumbrances or any lien created by this Agreement. Each Pledgor is
and at the time of delivery of the Pledged Indebtedness and Pledged Bonds to the applicable Agent will be, the sole owner of such Pledged Collateral free and clear of any lien thereon or affecting
title thereto, except for any lien created by this Agreement; 

        (b)   All
of the Pledged Shares have been duly authorized, validly issued and are fully paid and non-assessable, the Pledged Indebtedness and Pledged Bonds have
been duly authorized, authenticated or issued and delivered by, and are the legal, valid and binding obligation of, the Pledged Entities, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally, by general equitable principles or by principles of good faith and fair dealing, and no such Pledged
Entity is in default in respect of the Pledged Indebtedness or the Indenture; 

        (c)   Each
Pledgor has the right and requisite authority to pledge, assign, transfer, deliver, deposit and set over the Pledged Collateral pledged by such Pledgor to each
Agent as provided herein; 

        (d)   None
of the Pledged Shares, Pledged Bonds or Pledged Indebtedness has been issued or transferred in violation of the securities registration, securities disclosure or
similar laws of any jurisdiction to which such issuance or transfer may be subject; 

3

 

        (e)   As
of the date hereof, all of the Pledged Collateral is owned by each applicable Pledgor, and is represented by the certificates or instruments listed on  Schedule I hereto. As of the date hereof,
there are no existing options, warrants, calls or commitments of any character whatsoever relating to
the Pledged Collateral; 

        (f)    No
consent, approval, authorization or other order or other action by, and no notice to or filing with, any governmental authority or any other Person is required
(i) for the pledge by any Pledgor of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by any Pledgor, or (ii) for the
exercise by either Agent of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement, except as may be required in
connection with such disposition by laws affecting the offering and sale of securities generally; 

        (g)   The
pledge, assignment and delivery of the Pledged Collateral pursuant to this Agreement will create a valid first priority lien on and a first priority perfected
security interest in favor of the Administrative Agent in the Pledged Collateral which constitutes Revolver Primary Collateral and the proceeds thereof, securing the payment of the Secured
Obligations, subject to no other lien except for the security interest in favor of the Term Agent and subject in case of priority to the security interest in favor of the Term Agent in any portion of
the Pledged Collateral that does not constitute Revolver Primary Collateral. The pledge, assignment and delivery of the Pledged Collateral pursuant to this Agreement will create a valid first priority
lien on and a first priority perfected security interest in favor of the Term Agent in the Pledged Collateral and the proceeds thereof, securing the payment of the Secured Obligations, subject to no
other lien except for the security interest in favor of the Administrative Agent and subject in case of priority to the security interest in favor of the Administrative Agent in any portion of the
Pledged Collateral not constituting Revolver Primary Collateral; 

        (h)   This
Agreement has been duly authorized, executed and delivered by each Pledgor and constitutes a legal, valid and binding obligation of each Pledgor enforceable against
each Pledgor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally, by
general equitable principles or by principles of good faith and fair dealing; 

        (i)    The
Pledged Shares constitute 100% of the issued and outstanding shares of Stock of each Pledged Entity; 

        (j)    None
of the Pledged Indebtedness or Pledged Bonds is subordinated in right of payment to other indebtedness (except for the Secured Obligations) or subject to the terms
of an indenture (except the Indenture); 

        (k)   The
terms of each of the Pledged Shares consisting of membership interests expressly provide that they are securities governed by Article 8 of the Code and
Article 10 of each operating agreement to which a Pledged Entity is subject is in full force and effect; and 

        (l)    The
Pledged Bonds pledged hereunder constitute 100% of the issued and outstanding "Taxable Bonds" under (and as defined in) the Indenture. 

        The
representations and warranties set forth in this Section 5 shall survive the execution and delivery of this Agreement. 

        6.    Covenants.    Each Pledgor covenants and agrees that until the Termination Date: 

        (a)   Without
the prior written consent of the Agents, each Pledgor will not sell, assign, transfer, pledge, or otherwise encumber any of its rights in or to the Pledged
Collateral, or any unpaid dividends, interest or other distributions or payments with respect to the Pledged Collateral 

4

 

or
grant a lien in the Pledged Collateral, unless otherwise permitted by the Credit Agreement or consented to by the Required Lenders; 

        (b)   Each
Pledgor will, at its expense, promptly execute, acknowledge and deliver all such instruments and take all such actions as each Agent from time to time may
reasonably request in order to ensure to such Agent the benefits of the liens in and to the Pledged Collateral intended to be created by this Agreement, including the filing of or the authorization to
file of any necessary Uniform Commercial Code financing statements, which may be filed by either Agent with or (to the extent permitted by law) without the signature of any Pledgor, and will cooperate
with each Agent, at each Pledgor's expense, in obtaining all necessary approvals and making all necessary filings under federal, state, local or foreign law in connection with such liens or any sale
or transfer of the Pledged Collateral; 

        (c)   Each
Pledgor has and will defend the title to the Pledged Collateral and the liens of each Agent in the Pledged Collateral against the claim of any Person and will
maintain and preserve such liens; 

        (d)   Each
Pledgor will, upon obtaining ownership of any additional Stock, promissory notes or instruments of a Pledged Entity otherwise required to be pledged to each Agent
pursuant to any of the Loan Documents, which Stock, notes or instruments are not already Pledged Collateral, promptly (and in any event within two (2) Business Days) deliver to the Agents an
amendment to this Agreement, duly executed by such Pledgor, in substantially the form of Schedule II hereto (a "Pledge
Amendment") in respect of any such additional Stock, notes or instruments pursuant to which such Pledgor shall pledge to each Agent all of such additional Stock, notes or
instruments. Each Pledgor hereby authorizes the Agents to attach each Pledge Amendment to this Agreement and agrees that all Pledged Shares and Pledged Indebtedness listed on any Pledge Amendment
delivered to the Agents shall for all purposes hereunder be considered Pledged Collateral; 

        (e)   Each
Pledgor will cause all Pledged Shares consisting of certificated equity membership interests to be or remain certificated securities; and 

        (f)    Each
Pledgor hereby covenants and agrees that it will not agree to any amendment or modification to any of the Articles or Certificate of Incorporation or Formation,
bylaws or operating agreement or
Indenture, as applicable, of any Pledged Entity, to the extent any such amendment or modification is adverse to the interests of Agents and the Secured Parties, without the prior written consent of
Agents. 

        7.    Pledgor's Rights.    As long as no Event of Default shall have occurred and be continuing: 

        (a)   Each
Pledgor shall have the right, from time to time, to vote and give consents with respect to the Pledged Collateral, or any part thereof for all purposes not
inconsistent with the provisions of this Agreement, the Credit Agreement or any Loan Documents; provided,  however, that no vote shall be cast, and no
consent shall be given or action taken, which would have the effect of impairing the position or interest of
the Agents in respect of the Pledged Collateral or which would authorize, effect or consent to (unless and to the extent permitted by the Credit Agreement or any other Loan Document or consented to by
the Required Lenders): 

        (i)    the
dissolution or liquidation, in whole or in part, of a Pledged Entity; 

        (ii)   the
consolidation or merger of a Pledged Entity with any other Person; 

        (iii)  the
sale, disposition or encumbrance of all or substantially all of the assets of a Pledged Entity, except for liens in favor of the Agents; 

        (iv)  any
change in the authorized number of shares, the stated capital or the authorized share capital of a Pledged Entity or the issuance of any additional shares of Stock,
unless the 

5

 

Agents
shall continue to have a first priority perfected lien hereunder in all the Stock of each Pledged Entity; or 

        (v)   the
alteration of the voting rights with respect to the Stock of a Pledged Entity; and 

        (b)   (i)    Each
Pledgor shall be entitled, from time to time, to collect, receive and retain for its own use all dividends, distributions and interest paid in
respect of the Pledged Collateral to the extent permitted by the terms of the Credit Agreement (including without limitation Section 7.13
thereof) other than any and all: (A) dividends and interest paid or payable in Pledged Shares, Pledged Bonds, Pledged Indebtedness or other
securities or instruments distributed in respect of, or in exchange for, any Pledged Collateral; (B) dividends and other distributions paid or payable in Pledged Shares, Pledged Bonds, Pledged
Indebtedness or other securities or instruments distributed in respect of any Pledged Shares or Pledged Bonds in connection with a partial or total liquidation or dissolution or in connection with a
reduction of capital, capital surplus or paid-in capital of a Pledged Entity; and (C) Pledged Shares, Pledged Bonds, Pledged Indebtedness or other securities or instruments paid,
payable or otherwise distributed, in respect of principal of, or in redemption of, or in exchange for, any Pledged Collateral; provided,  however, that
until actually paid all rights to such distributions shall remain subject to the lien created by this Agreement; and 

        (ii)   all
dividends, distributions and interest (other than such dividends, distributions and interest as are permitted to be paid to any Pledgor in accordance with  Section 7(b)(i) hereof), whenever paid or
made, shall be delivered to the applicable Agent in accordance with Annex C to the Credit Agreement to
hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Agents, be segregated from the other property or funds of such Pledgor, and be forthwith
delivered to the applicable Agent in accordance with Annex C to the Credit Agreement as Pledged Collateral in the same form as so received (with any necessary endorsement). 

        8.    Defaults and Remedies.    

        (a)   Upon
the occurrence of an Event of Default and during the continuation of such Event of Default, subject to the terms of Annex C to the Credit Agreement, either Agent
(personally or through an agent) is hereby authorized and empowered to transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange
certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder
with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon, to sell in one or more sales after ten (10) days' notice of the time
and place of any public sale or of the time at which a private sale is to take place (which notice each Pledgor agrees is commercially reasonable) the whole or any part of the Pledged Collateral and
to otherwise act with respect to the Pledged Collateral as though such Agent was the outright owner thereof, each Pledgor hereby irrevocably constituting and appointing each Agent as the proxy and
attorney-in-fact of such Pledgor, with full power of substitution to do so, and which appointment shall remain in effect until the Termination Date;  provided, however, neither Agent shall have any duty to exercise any such right or to preserve the same
and shall not be liable for any failure to do so or for any delay in doing so. Any sale shall be made at a public or private sale at such Agent's place of business, or at any place to be named in the
notice of sale, either for cash or upon credit or for future delivery at such price as such Agent may deem fair, and such Agent may be the purchaser of the whole or any part of the Pledged Collateral
so sold and hold the same thereafter in its own right free from any claim of each Pledgor or any right of redemption. Each sale shall be made to the highest bidder, but such Agent reserves the right
to reject any and all bids at such sale which, in its discretion, it shall deem inadequate. Demands of performance and, except as otherwise herein specifically provided for, notices of sale,
advertisements and the presence of 

6

 

property
at sale are hereby waived and any sale hereunder may be conducted by an auctioneer or any officer or agent of such Agent. 

        (b)   If,
at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral, the highest bid, if there be but one sale, shall be
inadequate to discharge in full all the Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would
indicate to such Agents, in its discretion, that the proceeds of the sales of the whole of the Pledged Collateral would be unlikely to be sufficient to discharge all the Secured Obligations, the
applicable Agent may, on one or more occasions and in its discretion, postpone any of said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other
notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided,  however, that any sale or sales made
after such postponement shall be after ten (10) days' notice to each applicable Pledgor. 

        (c)   If,
at any time when either Agent shall determine to exercise its right to sell the whole or any part of the Pledged Collateral hereunder, such Pledged Collateral or the
part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act of 1933, as amended (or any similar statute then in effect) (the
"Act"), such Agent may, in its discretion (subject only to applicable requirements of law), sell such Pledged Collateral or part thereof by private sale
in such manner and under such circumstances as such Agent may deem necessary or advisable, but subject to the other requirements of this  Section 8, and shall not be required to effect such
registration or to cause the same to be effected. Without limiting the generality of the
foregoing, in any such event, such Agent in its discretion (x) may, in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration
statement for the purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under said Act (or similar statute), (y) may approach and negotiate with a
single possible purchaser to effect such sale, and (z) may restrict such sale to a purchaser who is an accredited investor under the Act and who will represent and agree that such purchaser is
purchasing for its own account, for investment and not with a view to the distribution or sale of such Pledged Collateral or any part thereof. In addition to a private sale as provided above in this  Section 8, if any of the Pledged Collateral shall not be freely distributable to the public without registration under the Act (or similar
statute) at the time of any proposed sale pursuant to this Section 8, then such Agent shall not be required to effect such registration or cause
the same to be effected but, in its discretion (subject only to applicable requirements of law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions: 

        (i)    as
to the financial sophistication and ability of any Person permitted to bid or purchase at any such sale; 

        (ii)   as
to the content of legends to be placed upon any certificates representing the Pledged Collateral sold in such sale, including restrictions on future transfer
thereof; 

        (iii)  as
to the representations required to be made by each Person bidding or purchasing at such sale relating to that Person's access to financial information about each
applicable Pledgor and such Person's intentions as to the holding of the Pledged Collateral so sold for investment for its own account and not with a view to the distribution thereof; and 

        (iv)  as
to such other matters as such Agent may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be
effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors' rights and the Act and all applicable state securities laws. 

7

 

        (d)   Each
Pledgor recognizes that the applicable Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or
more private sales thereof in accordance with Section 8(c) hereof. Each Pledgor also acknowledges that any such private sale may result in prices
and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a
commercially unreasonable manner solely by virtue of such sale being private. Such Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary
to permit the Pledged Entity to register such securities for public sale under the Act, or under applicable state securities laws, even if each applicable Pledgor and the Pledged Entity would agree to
do so. 

        (e)   Each
Pledgor agrees to the maximum extent permitted by applicable law that following the occurrence and during the continuance of an Event of Default it will not at any
time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in force in order to prevent or delay the enforcement of this
Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any purchaser at any sale hereunder, and each Pledgor waives the benefit of all such
laws to the extent it lawfully may do so. Each Pledgor agrees that it will not interfere with any right, power and remedy of either Agent provided for in this Agreement or now or hereafter existing at
law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by either Agent of any one or more of such rights, powers or remedies. No failure or delay on the part of
either Agent to exercise any such right, power or remedy and no notice or demand which may be given to or made upon any Pledgor by such Agent with respect to any such remedies shall operate as a
waiver thereof, or limit or impair such Agent's right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its rights as against such Pledgor in any
respect. 

        (f)    Each
Pledgor further agrees that a breach of any of the covenants contained in this Section 8 will cause
irreparable injury to the Agents, that the Agents shall have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this  Section 8 shall be specifically enforceable against each Pledgor, and each Pledgor hereby waives and agrees not to assert any defenses against an
action for specific performance of such covenants except for a defense that the Secured Obligations are not then due and payable in accordance with the agreements and instruments governing and
evidencing such obligations or that the Secured Obligations have been paid in full in cash. 

        (g)   Notwithstanding
anything to the contrary contained herein, each of the Administrative Agent and the Term Agent covenants that it shall not exercise any rights or
remedies (other than make any filings in order to protect, preserve and maintain such Agent's security interest hereunder) under this Agreement except as in accordance with the Credit Agreement,
including without limitation, Annex C thereof. 

        9.    Waiver.    No delay on either Agent's part in exercising any power of sale, lien, option or other right
hereunder, and no notice or demand which may be given to or made upon any Pledgor by either Agent with respect to any power of sale, lien, option or other right hereunder, shall constitute a waiver
thereof, or limit or impair such Agent's right to take any action or to exercise any power of sale, lien, option, or any other right hereunder, without notice or demand, or prejudice such Agent's
rights as against any Pledgor in any respect. 

        10.    Assignment.    Either Agent may assign, indorse or transfer any instrument evidencing all or any part of the
Secured Obligations as provided in, and in accordance with, the Credit Agreement, and the holder of such instrument shall be entitled to the benefits of this Agreement. 

8

 

        11.    Termination.    Upon the Termination Date, the security interest granted hereby to each Agent shall terminate
hereunder and all rights to the Pledged Collateral shall revert to Pledgors and, except as otherwise provided herein, all of such Pledgor's Obligations hereunder shall at such time terminate. Upon the
Termination Date, each Agent shall (a) deliver to each Pledgor the original held by such Agent of the Pledged Collateral pledged by such Pledgor at the time subject to this Agreement and all
instruments of assignment executed in connection therewith and (b) at Pledgors' expense, execute and/or deliver to Pledgors such documents as Pledgors shall reasonably request to evidence such
termination. 

        12.    Lien Absolute.    All rights of the Agents hereunder, and all Obligations of each Pledgor hereunder, shall be
absolute and unconditional irrespective of: 

        (a)   any
lack of validity or enforceability of the Credit Agreement, any Loan Documents or any other agreement or instrument governing or evidencing the Obligations or any
Secured Obligations; 

        (b)   any
change in the time, manner or place of payment of, or in any other term of, all or any part of the Obligations or the Secured Obligations, or any other amendment or
waiver of or any consent to any departure from the Credit Agreement, any Loan Documents or any other agreement or instrument governing or evidencing the Obligations or any Secured Obligations; 

        (c)   any
exchange, release or non-perfection of any other Collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all
or any of the Obligations or the Secured Obligations; 

        (d)   the
insolvency of any Borrower or Pledgor; or 

        (e)   any
other circumstance which might otherwise constitute a defense available to, or a discharge of, any Pledgor (other than the payment in full of the Obligations and the
Secured Obligations and the expiration of the Lenders' Commitments to make advances under the Credit Agreement). 

        13.    Release.    Each Pledgor consents and agrees that each Agent may at any time, or from time to time, in its
discretion: 

        (a)   renew,
extend or change the time of payment, and/or the manner, place or terms of payment of all or any part of the applicable Obligations or the applicable Secured
Obligations; and 

        (b)   exchange,
release and/or surrender all or any of the Collateral, or any part thereof, by whomsoever deposited, which is now or may hereafter be held by the such Agent in
connection with all or any of the Obligations or the Secured Obligations; all in such manner and upon such terms as such Agent may deem proper, and without notice to or further assent from any
Pledgor, it being hereby agreed that each Pledgor shall be and remain bound upon this Agreement, irrespective of the value or condition of any of the Collateral, and notwithstanding any such change,
exchange, settlement, compromise, surrender, release, renewal or extension, and notwithstanding also that the Obligations or the Secured Obligations may, at any time, exceed the aggregate principal
amount thereof set forth in the Credit Agreement, or any other agreement governing the Obligations or any Secured Obligations. Each Pledgor hereby waives notice of acceptance of this Agreement, and
also presentment, demand, protest and notice of dishonor of any and all of the Obligations or the Secured Obligations, and promptness in commencing suit against any party hereto or liable hereon, and
in giving any notice to or of making any claim or demand hereunder upon such Pledgor. No act or omission of any kind on the Administrative Agent's part shall in any event affect or impair this
Agreement. 

        14.    Reinstatement.    This Agreement shall remain in full force and effect and continue to be effective should any
petition be filed by or against any Pledgor or any Pledged Entity for liquidation or 

9

 

reorganization,
should any Pledgor or any Pledged Entity become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant
part of any Pledgor's or a Pledged Entity's assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations or the Secured
Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations or the Secured
Obligations, whether as a "voidable preference", "fraudulent conveyance", or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof,
is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

        15.    Miscellaneous.    

        (a)   Each
Agent may execute any of its duties hereunder by or through agents or employees and shall be entitled to advice of counsel concerning all matters pertaining to its
duties hereunder. 

        (b)   Each
Pledgor agrees to promptly reimburse either Agent for actual out-of-pocket expenses, including, without limitation, reasonable counsel fees,
incurred by such Agent in connection with the administration and enforcement of this Agreement. 

        (c)   Neither
Agent, nor any of its respective officers, directors, employees, agents or counsel shall be liable for any action lawfully taken or omitted to be taken by it or
them hereunder or in connection herewith, except for its or their own gross negligence or willful misconduct. 

        16.    Severability.    If for any reason any provision or provisions hereof are determined to be invalid and contrary
to any existing or future law, such invalidity shall not impair the operation of or effect those portions of this Agreement which are valid. 

        17.    Notices.    Except as otherwise provided herein, whenever it is provided herein that any notice, demand,
request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give or serve
upon any other a communication with respect to this Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and either shall be
delivered in person or sent by registered or certified mail, return receipt requested, with proper postage prepaid, or by facsimile transmission and confirmed by delivery of a copy by personal
delivery or United States Mail
as otherwise provided herein to the applicable party's address set forth in the Credit Agreement or at such other address as may be substituted by notice given as herein provided. The giving of any
notice required hereunder may be waived in writing by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration or other communication hereunder shall be
deemed to have been duly served, given or delivered (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail, registered or certified
mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or other similar facsimile transmission (with such telecopy or facsimile promptly
confirmed by delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section 17, (c) one
(1) Business Day after deposit with a reputable overnight courier with all charges prepaid, or (d) when delivered, if hand-delivered by messenger. Failure or delay in
delivering copies of any notice, demand, request, consent, approval, declaration or other communication to the persons designated above to receive copies shall in no way adversely affect the
effectiveness of such notice, demand, request, consent, approval, declaration or other communication. 

        18.    Conflict of Terms.    In the event of any conflict between the terms hereof and the intercreditor provisions of
Annex C to the Credit Agreement, the terms of the intercreditor provisions of Annex C shall govern and control. 

10

 

        19.    GOVERNING LAW.    EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN PLEDGORS, AGENTS AND SECURED PARTIES
PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS,  PROVIDED, THAT AGENTS, SECURED PARTIES
AND PLEDGORS ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF
NEW YORK COUNTY, AND, PROVIDED, FURTHER, NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE EITHER AGENT FROM BRINGING SUIT OR TAKING
OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH AGENT. EACH PLEDGOR
EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PLEDGOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF
PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT. EACH PLEDGOR HEREBY WAIVES PERSONAL SERVICE
OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS SET FORTH ON SECTION 12.10 OF THE CREDIT AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE
EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 

        20.    Section Titles.    The Section titles contained in this Agreement are and shall be without substantive meaning
or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

        21.    Counterparts.    This Agreement may be executed in any number of counterparts, which shall, collectively and
separately, constitute one agreement. 

[Signature
Pages Follows] 

11

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

	

 	
 	
PLEDGORS:
	

 	
 	

COFFEYVILLE CRUDE TRANSPORTATION, INC.

COFFEYVILLE GROUP HOLDINGS, LLC

COFFEYVILLE NITROGEN FERTILIZERS, INC.

COFFEYVILLE PIPELINE, INC.

COFFEYVILLE REFINING & MARKETING, INC.

COFFEYVILLE RESOURCES, LLC

COFFEYVILLE TERMINAL, INC.
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

	 	 	 	 
	

 	
 	

CONGRESS FINANCIAL CORPORATION (SOUTHWEST),

as Administrative Agent
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

	 	 	 	 
	

 	
 	

CREDIT SUISSE FIRST BOSTON,

acting through its Cayman Islands Branch, as Term Agent
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

	 	 	 	 
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

S-1

  

 
 

SCHEDULE I    
    

 
 

PART A    
    
    PLEDGED SHARES    
    

	Pledged Entity
 
	 	Class

of Stock
	 	Stock Certificate

Number(s)
	 	Number

of Shares
	 	Percentage of

Outstanding Shares
	 
	 	 	 	 	 	 	 	 	100	%
	 	 	 	 	 	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

	
 Name and

Address of Pledgor
 
	
 	

Pledged Entity
	
 	

Percentage of Equity

Membership Interests

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 
 

PART B    
    
    PLEDGED INDEBTEDNESS    
    

	Pledged Entity
 
	 	Initial

Principal Amount
	 	Issue Date
	 	Maturity Date
	 	Interest Rate

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 
 

PART C    
    
    PLEDGED BONDS    
    

	Pledged Entity
 
	 	Initial

Principal Amount
	 	Issue Date
	 	Maturity Date
	 	Interest Rate

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

Sched. I-1

  

 
 

SCHEDULE II    
    
    [FORM OF] PLEDGE AMENDMENT    
    

        This Pledge Amendment, dated                     ,    is
delivered pursuant to Section 6(d) of the
Pledge Agreement referred to below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in that certain Pledge Agreement, dated May 10, 2004 (together
with all amendments, if any, from time to time thereto), among each of the parties named as a Pledgor on the signature pages thereto (individually, a
"Pledgor" and collectively, the "Pledgors") and Congress Financial Corporation (Southwest), in its
capacity as administrative agent for the Revolver Secured Parties (as defined in the Credit Agreement) (together with its successors and assigns, the "Administrative
Agent") and Credit Suisse First Boston, acting through its Cayman Islands Branch, in its capacity as administrative agent for the Term Secured Parties (as defined in the Credit
Agreement) (together with its successors and assigns, the "Term Agent," together with the Administrative Agent are referred to collectively as the
"Agents") (the "Pledge Agreement"). The undersigned hereby certifies that the representations and
warranties in Section 5 of the Pledge Agreement are and continue to be true and correct, both as to the promissory notes, instruments and Stock
pledged by Pledgor prior to this Pledge Amendment and as to the promissory notes, instruments, and Stock pledged pursuant to this Pledge Amendment. The undersigned hereby grants and pledges to the
Administrative Agent, for the benefit of the Revolver Secured Parties, a security interest in all of the Pledged Collateral listed on this Pledge Amendment and grants and pledges to the Term Agent,
for the benefit of the Term Secured Parties, a security interest in all of the Pledged Collateral listed on this Pledge Amendment. The undersigned further agrees that this Pledge Amendment may be
attached to that Pledge Agreement and that the Pledged Shares and Pledged Indebtedness listed on this Pledge Amendment shall be and become a part of the Pledged Collateral referred to in said Pledge
Agreement and shall secure all Secured Obligations referred to in said Pledge Agreement. 

	

 	
 	

[                                         
                                          
            ]
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

	 	 	 	 

	
 Name and

Address of Pledgor
 
	
 	

Pledged Entity
	
 	

Class

of Stock
	
 	

Certificate

Number(s)
	
 	

Number

of Shares

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	
 Name and

Address of Pledgor
 
	
 	

Pledged Entity
	
 	

Percentage of Equity

Membership Interests

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	
 Pledged Entity
 
	
 	

Initial

Principal Amount
	
 	

Issue Date
	
 	

Maturity Date
	
 	

Interest Rate

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

Sched. II-1

  

 
 

ACKNOWLEDGMENT AND CONSENT BY
  ISSUER OF PLEDGED SHARES    

        The
undersigned hereby acknowledge receipt of a copy of the Pledge Agreement dated as of May 10, 2004 (the "Pledge Agreement"),
made by the parties named therein as Pledgors for the benefit of Congress Financial Corporation (Southwest), in its capacity as administrative agent for the Revolver Secured Parties (as defined in the
Credit Agreement) (together with its successors and assigns, the "Administrative Agent") and for the benefit of Credit Suisse First Boston, acting
through its Cayman Islands Branch, in its capacity as administrative agent for the Term Secured Parties (as defined in the Credit Agreement) (together with its successors and assigns, the
"Term Agent," together with the Administrative Agent are referred to collectively as the "Agents"). The
undersigned agree for the benefit of the Agents as follows: 

        1.     The
undersigned will be bound by the terms of the Pledge Agreement and will comply with such terms insofar as such terms are applicable to the undersigned. 

        2.     The
undersigned will notify the Agents promptly in writing of the occurrence of any of the events described in Section 7(a) of the Pledge Agreement. 

        3.     The
terms of the Pledge Agreement shall apply to the undersigned, mutatis mutandis, with respect to all actions that may
be required of the undersigned under the Agreement. 

        4.     The
undersigned hereby (i) acknowledge receipt of a copy of the foregoing Pledge Agreement and (ii) agree promptly to note on their books and records the
grants of the security interest in the Stock, Pledged Indebtedness and Pledged Bonds of the undersigned as provided in such Pledge Agreement. Capitalized terms used and not otherwise defined herein
shall have the meanings assigned to them in the Pledge Agreement. 

	

 	
 	

PLEDGED ENTITIES:
	

 	
 	

COFFEYVILLE CRUDE TRANSPORTATION, INC.

COFFEYVILLE GROUP HOLDINGS, LLC

COFFEYVILLE NITROGEN FERTILIZERS, INC.

COFFEYVILLE PIPELINE, INC.

COFFEYVILLE REFINING & MARKETING, INC.

COFFEYVILLE RESOURCES MANAGEMENT, INC.

COFFEYVILLE TERMINAL, INC.

COFFEYVILLE RESOURCES, LLC,

COFFEYVILLE RESOURCES NITROGEN FERTILIZERS, LLC

COFFEYVILLE RESOURCES REFINING & MARKETING, LLC

COFFEYVILLE RESOURCES CRUDE TRANSPORTATION, LLC

COFFEYVILLE RESOURCES TERMINAL, LLC
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

S-1

QuickLinks

Exhibit 10.4

PLEDGE AGREEMENT

SCHEDULE I

PART A PLEDGED SHARES

PART B PLEDGED INDEBTEDNESS

PART C PLEDGED BONDS

SCHEDULE II [FORM OF] PLEDGE AMENDMENT

ACKNOWLEDGMENT AND CONSENT BY ISSUER OF PLEDGED SHARES

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]