Document:

Exhibit 10.4

 

IMPAC MORTGAGE HOLDINGS, INC.

 

GUARANTY

 

This Guaranty, dated as of April 1, 2008, is executed by
Impac Mortgage Holdings, Inc., a Maryland corporation (“Guarantor”),
in favor of William S. Ashmore (“Executive”).

 

A.                                   Impac Funding Corporation,
a California corporation (“Obligor”), concurrently herewith has entered
into an Employment Agreement with Obligor dated even date herewith (the “Contract”).
Guarantor is the parent corporation of Obligor and will receive direct and
indirect benefits from the performance of the Contract.

 

B.                                     Executive’s willingness
to enter into the Contract is subject to receipt by it of this Guaranty duly
executed by Guarantor.

 

For good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and intending to be legally bound, Guarantor
hereby agrees with Executive as follows:

 

1.                                    Guaranty.

 

(a)                                  Guarantor unconditionally
guarantees and promises to pay to Executive, or order, at Executive’s address
set forth in Section 4(a) hereof, on demand after the default by
Obligor, in lawful money of the United States, any and all Obligations (as
hereinafter defined) consisting of payments due to Executive. For purposes of
this Guaranty the term “Obligations” shall mean and include all payments
owed by Obligor to Executive of every kind and description, direct or indirect,
absolute or contingent, due or to become due, now existing or hereafter arising
pursuant to the terms of Section 2.3, 2.4, 3.1(a), 3.1(b), 3.1(c), or 3.2
of the Contract (as such Obligations may become due subject to the provisions
of the Contract, including all notice requirements and cure provisions),
including all interest, late fees, charges, expenses, attorneys’ fees and other
professionals’ fees chargeable to Obligor or payable by Obligor thereunder and
any costs of collection hereunder, including attorneys’ and other professionals’
fees.

 

(b)                                 This Guaranty is
absolute, unconditional, continuing and irrevocable and constitutes an
independent guaranty of payment and not of collectibility (provided that it is
subject to Obligor defaulting on any of the Obligations), and is in no way
conditioned on or contingent upon any attempt to enforce in whole or in part
any of Obligor’s Obligations to Executive, the existence or continuance of Obligor
as a legal entity, the consolidation or merger of Obligor with or into any
other entity, the sale, lease or disposition by Obligor of all or substantially
all of its assets to any other entity, or the bankruptcy or insolvency of
Obligor, the admission by Obligor of its inability to pay its debts as they
mature, or the making by Obligor of a general assignment for the benefit of, or
entering into a composition or arrangement with, creditors. If Obligor or any
permitted assignee or successor of Obligor shall fail to pay or perform any
Obligations to Executive which are subject to this Guaranty as and when they
are due, Guarantor shall forthwith pay to Executive all such liabilities or
obligations in immediately available funds. Each failure by Obligor to pay or
perform any such liabilities or obligations shall give rise to a separate cause
of action, and separate suits may be brought hereunder as each cause of action
arises.

 

(c)                                Executive, may (subject
to the provisions of the Contract) at any time and from time to time, without
the consent of or notice to Guarantor, except such notice as may be required by
applicable statute which cannot be waived, without incurring responsibility to
Guarantor, and without impairing or releasing the obligations of Guarantor
hereunder, (i) change the manner, place and terms of payment or change or
extend the time of payment of, renew, or alter any Obligation hereby
guaranteed, or in any manner modify, amend or supplement the terms of the
Contract or any documents, instruments or agreements executed in connection
therewith, (ii) exercise or refrain from exercising any rights against

 

1

 

Obligor
or others (including Guarantor) or otherwise act or refrain from acting, (iii) settle
or compromise any Obligations hereby guaranteed and/or any obligations and
liabilities (including any of those hereunder) incurred directly or indirectly
in respect thereof or hereof, and may subordinate the payment of all or any
part thereof to the payment of any obligations and liabilities which may be due
to Executive or others, (iv) sell, exchange, release, surrender, realize
upon or otherwise deal with in any manner or in any order any property pledged
or mortgaged by anyone to secure or in any manner securing the Obligations
hereby guaranteed, (v) take and hold security or additional security for
any or all of the obligations or liabilities covered by this Guaranty, and (vi) assign
its rights and interests under this Guaranty, in whole or in part.

 

(d)                                    This is a continuing
Guaranty for which Guarantor receives continuing consideration and all
obligations to which it applies or may apply under the terms hereof shall be
conclusively presumed to have been created in reliance hereon and this Guaranty
is therefore irrevocable without the prior written consent of Executive.

 

(e)                                     Guarantor may bring action to enforce
Executive’s obligations under the Contract if (i) any proceeding is
brought against Guarantor to seek enforcement of this Guaranty or (ii) Guarantor
makes any payment to Executive pursuant to this Guaranty.

 

2.                                     Representations and
Warranties. Guarantor represents and warrants to Executive that

 

(a) Guarantor
is a corporation duly organized, validly, existing and in good standing under
the laws of its jurisdiction of incorporation or formation; (b) the
execution, delivery and performance by Guarantor of this Guaranty are within
the power of Guarantor and have been duly authorized by all necessary actions
on the part of Guarantor; (c) this Guaranty has been duly executed and
delivered by Guarantor and constitutes a legal, valid and binding obligation of
Guarantor, enforceable against it in accordance with its terms, except as
limited by bankruptcy, insolvency or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally.

 

3.                                     Waivers.

 

(a)                                     Guarantor, to the extent
permitted under applicable law, hereby waives any right to require Executive to
(i) proceed against Obligor or any other guarantor of Obligor’s
obligations under the Contract, (ii) proceed against or exhaust any
security received from Obligor or any other guarantor of Obligor’s Obligations
under the Contract, or (iii) pursue any other right or remedy in the
Executive’s power whatsoever.

 

(b)                                    Guarantor further waives,
to the extent permitted by applicable law, (i) any defense resulting from
the absence, impairment or loss of any right of reimbursement, subrogation,
contribution or other right or remedy of Guarantor against Obligor, any other
guarantor of the Obligations or any security; (ii) any defense which
results from any disability of Obligor or the lack of validity or
enforceability of the Contract; (iii) any right to exoneration of sureties
which would otherwise be applicable; (iv) any right of subrogation or
reimbursement and, if there are any other guarantors of the Obligations, any
right of contribution, and right to enforce any remedy which Executive now has
or may hereafter have against Obligor, and any benefit of, and any right to
participate in, any security now or hereafter received by Executive; (v) all
presentments, demands for performance, notices of non-performance, notices
delivered under the Contract, protests, notice of dishonor, and notices of
acceptance of this Guaranty and of the existence, creation or incurring of new
or additional Obligations and notices of any public or private foreclosure
sale; (vi) any appraisement, valuation, stay, extension, moratorium
redemption or similar law or similar rights for marshalling; and (vii) any
right to be informed by Executive of the financial condition of Obligor or any
other guarantor of the Obligations or any change therein or any other
circumstances bearing upon the risk of nonpayment or nonperformance of the
Obligations. Guarantor has the ability to and assumes the responsibility for
keeping informed of the financial condition of Obligor and any other guarantors
of the Obligations and of other circumstances affecting such nonpayment and
nonperformance risks.

 

2

 

4.                                    Miscellaneous.

 

(a)                                  Notices. All notices hereunder
must be in writing and shall be sufficiently given for all purposes hereunder
if properly addressed and delivered personally by documented overnight delivery
service, by certified or registered mail, return receipt requested, or by
facsimile or other electronic transmission service at the address or facsimile
number, as the case may be, set forth below. Any notice given personally or by
documented overnight delivery service is effective upon receipt. Any notice
given by registered mail is effective upon receipt, to the extent such receipt
is confirmed by return receipt. Any notice given by facsimile transmission is
effective upon receipt, to the extent that receipt is confirmed, either
verbally or in writing by the recipient. Any notice which is refused, unclaimed
or undeliverable because of an act or omission of the party to be notified, if
such notice was correctly addressed to the party to be notified, shall be
deemed communicated as of the first date that said notice was refused,
unclaimed or deemed undeliverable by the postal authorities, or overnight
delivery service.

 

	
  Executive:

  	
   

  	
  Guarantor:

  
	
   

  	
   

  	
   

  
	
   

  	
  William
  S. Ashmore

  	
   

  	
  Impac
  Mortgage Holdings, Inc.

  
	
   

  	
   

  	
   

  	
  19500
  Jamboree Rd.

  
	
   

  	
   

  	
   

  	
  Irvine,
  California 92612

  
	
   

  	
   

  	
  Telephone:
  (949) 475-3600

  
	
   

  	
   

  	
  Facsimile:
  (949) 475-3969

  
	
   

  	
   

  	
  Attention:
  Ronald Morrison, Esq., General

  
	
   

  	
   

  	
  Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a
  copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ernest
  W. Klatte, III, Esq.

  
	
   

  	
   

  	
  Rutan &
  Tucker, LLP

  
	
   

  	
   

  	
  611
  Anton Blvd., 14th Floor

  
	
   

  	
   

  	
  Costa
  Mesa, California 92626

  
	
   

  	
   

  	
  Telephone:
  (714) 641-5100

  
	
   

  	
   

  	
  Facsimile:
  (714) 546-9035

  

 

(b)                                    Nonwaiver. No failure or delay on
Executive’s part in exercising any right hereunder shall operate as a waiver
thereof or of any other right nor shall any single or partial exercise of any
such right preclude any other further exercise thereof or of any other right.

 

(c)                                     Amendments and Waivers. This Guaranty may not be
amended, modified, superseded, canceled, or any terms waived, except by written
instrument signed by both parties, or in the case of waiver, by the party to be
charged.

 

(d)                                    Assignments. This Guaranty shall be
binding upon and inure to the benefit of Executive and Guarantor and their
respective successors and assigns; provided,  however, that
without the prior written consent of Executive, Guarantor may not assign its
rights and obligations hereunder.

 

(e)                                     Cumulative Rights, etc. The rights, powers and
remedies of Executive under this Guaranty shall be in addition to all rights,
powers and remedies given to Executive by virtue of any applicable law, rule or
regulation, the Contract or any other agreement, all of which rights, powers,
and remedies shall be cumulative and may be exercised successively or
concurrently without impairing Executive’s rights hereunder.

 

3

 

(f)                                       Partial Invalidity. The provisions of this
Guaranty are severable and if any one or more provisions is determined to be
illegal or otherwise unenforceable, in whole or in part, the remaining provisions,
and any partially unenforceable provisions to the extent enforceable, shall
nevertheless be binding and enforceable.

 

(g)                                    Governing Law. This Guaranty is and
shall be governed and construed in accordance with the laws of the State of
California, regardless of any laws on choice of law or conflicts of law of any
jurisdiction.

 

(h)                                    Arbitration. To the fullest extent
allowed by law, any controversy, claim or dispute between Executive and
Guarantor (or any of its stockholders, directors, officers, employees,
affiliates, agents, successors or assigns) relating to or arising out of this
Guaranty will be submitted to final and binding arbitration in Orange County,
California for determination in accordance with the American Arbitration
Association’s (“AAA”) National Rules for the Resolution of Employment
Disputes, as the exclusive remedy for such controversy, claim or dispute. In
any such arbitration, the parties may conduct discovery to the same extent as
would be permitted in a court of law. The arbitrator shall issue a written
decision, and shall have full authority to award all remedies which would be
available in court. The arbitrator shall be required to determine all issues in
accordance with existing case law and the statutory laws of the State of California.
Guarantor shall pay the arbitrator’s fees and any AAA administrative expenses.
In the event Executive files a claim to collect unpaid payments or benefits
payable under Section 2.4 of the Contract, the prevailing party shall be
awarded reasonable attorneys fees and costs. Any judgment upon the award
rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof. BY AGREEING TO THIS MUTUAL AND BINDING ARBITRATION
PROVISION, BOTH EXECUTIVE AND GUARANTOR GIVE UP ALL RIGHTS TO TRIAL BY JURY.
This arbitration policy is to be construed as broadly as is permissible under
relevant law. EXECUTIVE AND GUARANTOR HAVE READ THIS SECTION 4(h) AND
IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE.

 

	
  Executive’s
  Initials

  	
     /s/
  WSA

  	
   

  	
  Guarantor’s
  Initials

  	
     /s/
  RM

  

 

(i)                                     Entire Agreement. This Guaranty contains
the entire agreement of the parties relating to the subject matter hereof, and
the parties hereto have made no agreements, representations or warranties
relating to the subject matter of this Guaranty that are not set forth
otherwise herein. This Guaranty supersedes any and all prior agreements,
written or oral, with Guarantor relating to guaranteeing obligations under the
Contract and any other subject matter of this Guaranty. Any such prior
agreements are hereby terminated and of no further effect. The parties hereto
agree that in no event shall an oral modification of this Agreement be
enforceable or valid.

 

(j)                                     Counterparts, Facsimile
Signatures. This Guaranty may be executed in any number of counterparts,
each of which shall be deemed an original for all purposes. This Guaranty may
be executed by a party’s signature transmitted by facsimile (“fax”), and copies
of this Guaranty executed and delivered by means of faxed signatures shall have
the same force and effect as copies hereof executed and delivered with original
signatures. All parties hereto may rely upon faxed signatures as if such
signatures were originals. Any party executing and delivering this Guaranty by
fax shall promptly thereafter deliver a counterpart signature page of this
Guaranty containing said party’s original signature. All parties hereto agree
that a faxed signature page may be introduced into evidence in any
proceeding arising out of or related to this Guaranty as if it were an original
signature page.

 

(k)                                  Rules of
Construction. This Guaranty has been negotiated by the parties and is to be
interpreted according to its fair meaning as if the parties had prepared it
together and not strictly for or against any party. References in this Guaranty
to “Sections” refer to Sections of this Guaranty, unless the context expressly
indicates otherwise. References to “provisions” of this Guaranty refer to the
terms, conditions, restrictions and promises contained in this Guaranty.
References in this Guaranty to laws and regulations refer to such laws and
regulations as in effect on this date and to the corresponding provisions, if
any, of any successor law or regulation. At each place in this Guaranty where
the context so requires,

 

4

 

the
masculine, feminine or neuter gender includes the others and the singular or
plural number includes the other. Forms of the verb “including” mean “including
without limitation” unless the context expressly indicates otherwise. “Or” is
inclusive and includes “and” unless the context expressly indicates otherwise.
The introductory headings at the beginning of Sections of this Guaranty are
solely for the convenience of the parties and do not affect any provision of
this Guaranty.

 

(1)                                No Employment With
Guarantor. Executive understands and agrees that he is an employee of
Obligor pursuant to the Contract. Executive further understands and agrees that
neither this Guaranty nor any obligations performed hereunder shall change any
employee status that Executive may have with Guarantor.

 

IN
WITNESS WHEREOF, Executive and Guarantor have executed this Guaranty as of the
day and year first above written.

 

 

	
   

  	
  GUARANTOR

  
	
   

  	
   

  
	
   

  	
  Impac
  Mortgage Holdings, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Ron
  Morrison

  
	
   

  	
  Name: 

  	
  Ron
  Morrison

  
	
   

  	
  Title:

  	
  Executive
  Vice President and General

  	
   

  
	
   

  	
  Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William S. Ashmore

  
	
   

  	
  William S. Ashmore

  
						

 

5Exhibit 10.1

 

EIGHTH
AMENDMENT TO  CREDIT AGREEMENT

 

This Eighth
Amendment to Credit Agreement (this “Eighth
Amendment”) is made as of June 13,
2008, by and among GLOBAL OPERATING LLC,
a Delaware limited liability company (“OLLC”), GLOBAL
COMPANIES LLC, a Delaware limited liability company (“Global”),
GLOBAL MONTELLO GROUP CORP., a Delaware
corporation (“Montello”), GLEN HES CORP., a
Delaware corporation (“Glen  Hes”), CHELSEA
SANDWICH LLC, a Delaware limited liability company (“Sandwich” and, collectively with OLLC, Global,
Glen Hes and Montello, the “Borrowers” and each a “Borrower”), GLOBAL PARTNERS LP, a Delaware limited partnership (the “MLP”),
GLOBAL GP LLC, a Delaware limited
liability company (the “GP” and, collectively with the MLP, the “Initial  Guarantors
and each individually, an “Initial  Guarantor”), each “Lender” (as such term is
defined in the Credit Agreement referred to below) (collectively, the “Lenders”
and each individually, a “Lender”) party hereto  and Bank of America, N.A. as Administrative
Agent and L/C Issuer (as each such term is defined in the Credit Agreement),
amending certain provisions of that certain Credit Agreement dated as of October 4,
2005 (as amended and in effect from time to time, the “Credit  Agreement”) by and among
the Borrowers, the Initial Guarantors, the Lenders, the Administrative Agent
and the L/C Issuer.  Terms not otherwise
defined in the Credit Agreement shall have the same respective meanings herein
as therein.

 

WHEREAS, the Loan Parties, the
Lenders, the Administrative Agent and the L/C Issuer desire to amend certain
provisions of the Credit Agreement as provided more fully herein below;

 

NOW,
THEREFORE, in consideration of the premises and the mutual
agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

§1.  Amendment  to
Section 1  of  the  Credit  Agreement.  Section 1.1
of the Credit Agreement is hereby amended by inserting the following definitions
in the appropriate alphabetical order:

 

“Tranche  I  Available  Amount”
has the meaning specified in Section 2.1(a)(i).

 

“Tranche  I  Loans” means WC Revolver Loans the
proceeds of which are used to fund working capital requirements used in the
daily operations of the Borrowers.

 

“Tranche  II  Available  Amount”
has the meaning specified in Section 2.1(a)(i).

 

“Tranche  II  Loans” means WC Revolver Loans the
proceeds of which are used to fund working capital investments in acquisition
or capital expansion projects.

 

 

§2.  Amendment  to
Section 2
of  the  Credit  Agreement.  Section 2.1(a) of
the Credit Agreement is hereby amended as follows:

 

(a)           Section 2.1(a)(i) of the
Credit Agreement is hereby amended by inserting immediately at the end of the
text of Section 2.1(a)(i) the following sentences:

 

WC Revolver Loans
will be either Tranche I Loans or Tranche II Loans.  The Borrowers shall be permitted to have WC
Revolver Loans which constitute (a) Tranche II Loans of up to an aggregate
principal amount of $166,000,000 (as the same may be modified pursuant to the
provisions of this Section 2.1(a)(i), the “Tranche II Available Amount”)
and (b) Tranche I Loans of up to an aggregate principal amount equal to the
Total WC Revolver Commitment in effect at any relevant date of determination,
minus the Tranche II Available Amount in effect at any relevant date of
determination (such amount as calculated being the “Tranche I Available Amount”).  Notwithstanding anything to the contrary
contained in this Section 2.1(a)(i), the Borrowers shall be permitted to
increase the Tranche II Available Amount from time to time to an amount of up
to $200,000,000 upon providing the Administrative Agent with a written request
of any such increase and the approval of the Administrative Agent of any such
request.  The Borrowers shall not be
required to request that such WC Revolver Loan be either a Tranche I Loan or a
Tranche II Loan.

 

(b)           Section 2.1(a)(iv) of the
Credit Agreement is hereby amended by deleting Section 2.1(a)(iv) in
its entirety and restating it as follows:

 

(iv)          Notwithstanding anything to the
contrary contained in this Section 2.1(a), in each calendar year, the
Outstanding Amount of all WC Revolver Loans which constitute Tranche I Loans
shall not exceed $97,000,000 for a period of ten (10) consecutive calendar
days.

 

§3.  Amendment  to
Section 6.2
of  the  Credit  Agreement.  Section 6.2(i) of
the Credit Agreement is hereby amended by deleting Section 6.2(i) in
its entirety and restating it as follows:

 

(i)            as soon as practicable, but in any
event within forty five (45) days of the end of each fiscal quarter, (1) a
report of gross margins and volumes by product for such fiscal quarter; and (2) a
certification signed by a Responsible Officer of the Loan Parties as to the
Tranche I Available Amount and Tranche II Available Amount as of the end of the
such fiscal quarter, together with any changes in such amounts from the
previous fiscal quarter.

 

§4.  Conditions to
Effectiveness. This Eighth Amendment will become
effective as of the date hereof upon receipt by the Administrative Agent of a
fully-executed original counterparts of this Eighth Amendment executed by the
Loan Parties, the Administrative Agent and the required Lenders.

 

2

 

§5.          Representations  and
Warranties.  Each of the Loan Parties hereby repeats, on
and as of the date hereof, each of the representations and warranties made by
it in Article V of the Credit Agreement 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 §3, the representations and warranties contained in
subsections (a) and (b) of Section 5.5 of the Credit Agreement
shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.1 of the Credit
Agreement, provided, that all references
therein to the Credit Agreement shall refer to such Credit Agreement as amended
hereby.  In addition, each of the Loan
Parties hereby represents and warrants that the execution and delivery by such
Loan Party of this Eighth Amendment and the performance by each such Loan Party
of all of its agreements and obligations under the Credit Agreement as amended
hereby and the other Loan Documents to which it is a party are within the
corporate, partnership and/or limited liability company authority of each of
the Loan Parties and have been duly authorized by all necessary corporate,
partnership and/or membership action on the part of each of the Loan Parties.

 

§6.          Ratification,
Etc.  Except as expressly amended hereby, the
Credit Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Eighth
Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any
related agreement or instrument to the Credit Agreement shall hereafter refer
to the Credit Agreement as amended hereby.

 

§7.          No
Waiver.  Nothing contained herein shall constitute a
waiver of, impair or otherwise affect any Obligations, any other obligation of
the Loan Parties or any rights of the Administrative Agent, the L/C Issuer or
the Lenders consequent thereon.

 

§8.          Counterparts.  This Eighth Amendment may be executed in one
or more counterparts, each of which shall be deemed an original but which
together shall constitute one and the same instrument.

 

§9.          Severability.  If any provision of this Eighth Amendment is
held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Eighth Amendment 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.        Governing
Law.  THIS EIGHTH AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICT OF LAWS).

 

3

 

IN WITNESS WHEREOF, the parties
hereto have executed this Eighth Amendment as a document under seal as of the
date first above written.

 

	
   

  	
  GLOBAL
  OPERATING LLC

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer &

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLOBAL
  COMPANIES LLC

  
	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer &

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  MONTELLO GROUP CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer &

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLEN
  HES CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer &

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHELSEA
  SANDWICH LLC

  	
   

  
	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer &

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
					

 

4

 

	
   

  	
  BANK OF
  AMERICA, N.A., as

  
	
   

  	
  Administrative
  Agent

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Henry
  Pennell

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF
  AMERICA, N.A., as

  
	
   

  	
  a Lender and L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Christen A. Lacey

  
	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  STANDARD
  CHARTERED BANK, as

  
	
   

  	
  a Lender

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Patricia
  Doyle

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Robert K.
  Reddington

  
	
   

  	
  Title:

  	
  AVP Credit
  Documentation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A., as

  
	
   

  	
  a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ John M.
  Hariaczyi

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SOCIETE
  GENERALE, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
										

 

5

 

	
   

  	
  RBS CITIZENS,

  	
   

  
	
   

  	
  NATIONAL ASSOCIATION

  	
   

  
	
   

  	
  as a Lender

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SOVEREIGN
  BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Elisabet C.
  Hayes

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FORTIS
  CAPITAL CORP., as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Matthew L.
  Rosetti

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Kimberly
  Oates

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBSTER
  BANK NATIONAL

  
	
   

  	
  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Carol Carver

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Keven D.
  Smith

  
	
   

  	
  Title: Senior
  Vice President

  
					

 

6

 

	
   

  	
  TD BANK,
  N.A.,

  
	
   

  	
  (f/k/a
  TD BankNorth, N.A.)

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ John Mercier

  
	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, N.A.

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ M. W.
  Sweeney

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK,

  	
   

  
	
   

  	
  NATIONAL ASSOCIATION

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ D. M.
  Grondin

  
	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CALYON
  NEW YORK BRANCH

  
	
   

  	
  as a Lender

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Mark Lvoff

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Michael
  Kermarrec

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

7

 

RATIFICATION
OF GUARANTY

 

Each of the undersigned guarantors (each a “Guarantor”) hereby
acknowledges and consents to the foregoing Eighth Amendment as of June 13,
2008, and agrees that the Guaranty dated as of October 4, 2005 (as amended
and in effect from time to time, the “Guaranty”) from each of the
undersigned Guarantors remains in full force and effect, and each of the
Guarantors confirms and ratifies all of its obligations thereunder.
Notwithstanding anything to the contrary contained herein, the parties thereto
hereby acknowledge, agree and confirm that as of the date hereof, the Guaranty
remains in full force and effect.

 

 

	
   

  	
  GLOBAL PARTNERS LP

  
	
   

  	
  By:  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer and

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas J.
  Hollister

  
	
   

  	
  Title:

  	
  Chief Financial
  Officer and

  
	
   

  	
   

  	
  Chief Operating
  Officer

  
					

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]