Document:

exv10w2

EXHIBIT 10.2

EXECUTION COPY

TERM LOAN AGREEMENT

dated as of

July 3, 2008

among

ALON REFINING LOUISIANA, INC.,

ALON REFINING KROTZ SPRINGS, INC.,

THE LENDERS PARTY HERETO

and

CREDIT SUISSE,

as Administrative Agent and Collateral Agent

 

CREDIT SUISSE SECURITIES (USA) LLC,

as Sole Bookrunner and Sole Lead Arranger

[CS&M Ref. No. 05865-445]

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions; Construction
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01.   Defined Terms

	 	 	2	 
	SECTION 1.02.   Terms Generally

	 	 	35	 
	SECTION 1.03.   Accounting Terms; GAAP; Pro Forma Calculations

	 	 	35	 
	SECTION 1.04.   Effectuation of Transactions

	 	 	36	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	The Credits
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01.   Commitments and Loans

	 	 	36	 
	SECTION 2.02.   Loans

	 	 	36	 
	SECTION 2.03.   Borrowing Procedure

	 	 	37	 
	SECTION 2.04.   Evidence of Debt; Repayment of Loans

	 	 	38	 
	SECTION 2.05.   Fees

	 	 	39	 
	SECTION 2.06.   Interest on Loans

	 	 	39	 
	SECTION 2.07.   Default Interest

	 	 	39	 
	SECTION 2.08.   Alternate Rate of Interest

	 	 	40	 
	SECTION 2.09.   Termination and Reduction of Commitments

	 	 	40	 
	SECTION 2.10.   Conversion and Continuation of Borrowings

	 	 	40	 
	SECTION 2.11.   Repayment of Borrowings

	 	 	42	 
	SECTION 2.12.   Optional Prepayments

	 	 	43	 
	SECTION 2.13.   Mandatory Prepayments

	 	 	43	 
	SECTION 2.14.   Reserve Requirements; Change in Circumstances

	 	 	45	 
	SECTION 2.15.   Change in Legality

	 	 	46	 
	SECTION 2.16.   Indemnity

	 	 	47	 
	SECTION 2.17.   Pro Rata Treatment

	 	 	47	 
	SECTION 2.18.   Sharing of Setoffs

	 	 	48	 
	SECTION 2.19.   Payments

	 	 	48	 
	SECTION 2.20.   Taxes

	 	 	49	 
	SECTION 2.21.   Replacement of Lenders Under Certain Circumstances; Duty to Mitigate

	 	 	51	 
	SECTION 2.22.   Parent Change of Control Put

	 	 	52	 
	SECTION 2.23.   Debt Service Reserve Account

	 	 	53	 
	SECTION 2.24.   Debt Service Reserve Support LC

	 	 	53	 

 i 

 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Representations and Warranties
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01.   Organization; Powers

	 	 	54	 
	SECTION 3.02.   Authorization; Absence of Conflicts

	 	 	55	 
	SECTION 3.03.   Enforceability

	 	 	55	 
	SECTION 3.04.   Governmental Approvals

	 	 	55	 
	SECTION 3.05.   Financial Statements

	 	 	56	 
	SECTION 3.06.   No Material Adverse Change

	 	 	56	 
	SECTION 3.07.   Title to Properties; Possession Under Leases

	 	 	56	 
	SECTION 3.08.   Subsidiaries

	 	 	57	 
	SECTION 3.09.   Litigation; Compliance with Laws

	 	 	57	 
	SECTION 3.10.   Agreements

	 	 	57	 
	SECTION 3.11.   Federal Reserve Regulations

	 	 	58	 
	SECTION 3.12.   Investment Company Act

	 	 	58	 
	SECTION 3.13.   Use of Proceeds

	 	 	58	 
	SECTION 3.14.   Tax Returns

	 	 	58	 
	SECTION 3.15.   No Material Misstatements

	 	 	58	 
	SECTION 3.16.   Employee Benefit Plans

	 	 	59	 
	SECTION 3.17.   Environmental Matters

	 	 	59	 
	SECTION 3.18.   Insurance

	 	 	59	 
	SECTION 3.19.   Security Documents

	 	 	59	 
	SECTION 3.20.   Location of Real Property

	 	 	60	 
	SECTION 3.21.   Labor Matters

	 	 	61	 
	SECTION 3.22.   Solvency

	 	 	61	 
	SECTION 3.23.   Concerning Holdings and the Borrower

	 	 	61	 
	SECTION 3.24.   Sanctioned Persons

	 	 	61	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Conditions
	 	 	 	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	Affirmative Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.01.   Existence; Businesses and Properties

	 	 	66	 
	SECTION 5.02.   Insurance

	 	 	67	 
	SECTION 5.03.   Obligations and Taxes

	 	 	70	 
	SECTION 5.04.   Financial Statements, Reports, Etc

	 	 	70	 
	SECTION 5.05.   Litigation and Other Notices

	 	 	73	 
	SECTION 5.06.   Maintaining Records; Access to Properties and Inspections;
Maintenance of Ratings

	 	 	74	 
	SECTION 5.07.   Use of Proceeds

	 	 	74	 
	SECTION 5.08.   Senior Indebtedness Designation

	 	 	74	 

 ii 

 

 

	 	 	 	 	 
	 	 	Page
	SECTION 5.09.   Further Assurances; Collateral

	 	 	75	 
	SECTION 5.10.   Additional Subsidiaries

	 	 	75	 
	SECTION 5.11.   Crack Spread Hedging Agreement

	 	 	76	 
	SECTION 5.12.   Concerning Revolving Availability

	 	 	76	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	Negative Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.01.   Indebtedness

	 	 	76	 
	SECTION 6.02.   Liens

	 	 	78	 
	SECTION 6.03.   Sale/Leaseback Transactions

	 	 	79	 
	SECTION 6.04.   Investments, Loans, Advances, Guarantees and Acquisitions

	 	 	79	 
	SECTION 6.05.   Mergers, Consolidations and Other Fundamental Changes

	 	 	81	 
	SECTION 6.06.   Asset Sales

	 	 	81	 
	SECTION 6.07.   Hedging Agreements

	 	 	82	 
	SECTION 6.08.   Restricted Payments; Certain Payments of Indebtedness; Payments
under the Earnout Agreement

	 	 	82	 
	SECTION 6.09.   Transactions with Affiliates

	 	 	84	 
	SECTION 6.10.   Business of Holdings and Subsidiaries

	 	 	85	 
	SECTION 6.11.   Restrictive Agreements

	 	 	85	 
	SECTION 6.12.   Amendment of Material Documents

	 	 	85	 
	SECTION 6.13.   Debt Service Coverage Ratio

	 	 	86	 
	SECTION 6.14.   Leverage Ratio

	 	 	86	 
	SECTION 6.15.   Capital Expenditures

	 	 	86	 
	SECTION 6.16.   Fiscal Year

	 	 	86	 
	SECTION 6.17.   Preferred Equity Interests

	 	 	87	 
	SECTION 6.18.   No Foreign Subsidiaries

	 	 	87	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	Events of Default
	 	 	 	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	The Administrative Agent and the Collateral Agent
	 	 	 	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.01.   Notices

	 	 	93	 
	SECTION 9.02.   Survival of Agreement

	 	 	94	 
	SECTION 9.03.   Binding Effect

	 	 	94	 
	SECTION 9.04.   Successors and Assigns

	 	 	94	 

 iii 

 

 

	 	 	 	 	 
	 	 	Page
	SECTION 9.05.   Expenses; Indemnity

	 	 	97	 
	SECTION 9.06.   Right of Setoff

	 	 	99	 
	SECTION 9.07.   Applicable Law

	 	 	99	 
	SECTION 9.08.   Waivers; Amendment

	 	 	99	 
	SECTION 9.09.   Interest Rate Limitation

	 	 	100	 
	SECTION 9.10.   Entire Agreement

	 	 	100	 
	SECTION 9.11.   WAIVER OF JURY TRIAL

	 	 	101	 
	SECTION 9.12.   Severability

	 	 	101	 
	SECTION 9.13.   Counterparts

	 	 	101	 
	SECTION 9.14.   Headings

	 	 	101	 
	SECTION 9.15.   Jurisdiction; Consent to Service of Process

	 	 	102	 
	SECTION 9.16.   Confidentiality

	 	 	102	 
	SECTION 9.17.   Release of Collateral and Guarantees

	 	 	103	 
	SECTION 9.18.   Intercreditor Agreement

	 	 	104	 
	SECTION 9.19.   USA PATRIOT Act Notice

	 	 	104	 
	SECTION 9.20.   No Fiduciary Relationship

	 	 	104	 
	SECTION 9.21.   Non-Public Information

	 	 	105	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	Casualty and Condemnation Proceeds
	 	 	 	 
	 
	 	 	 	 
	SECTION 10.01.   Insurance Proceeds

	 	 	105	 
	SECTION 10.02.   Disposition of Insurance Proceeds

	 	 	105	 
	SECTION 10.03.   Condemnation Proceeds

	 	 	107	 
	SECTION 10.04.   Disposition of Condemnation Proceeds

	 	 	108	 
	SECTION 10.05.   Material Casualty or Condemnation

	 	 	108	 
	SECTION 10.06.   Proceeds Collateral Account

	 	 	109	 
	SECTION 10.07.   Default or Event of Default

	 	 	109	 
	SECTION 10.08.   Risk of Loss

	 	 	109	 

 iv 

 

 

	 	 	 	 	 
	SCHEDULES:	 	 	 	 
	 
	 	 	 	 
	Schedule 1.01

	 	-
	 	Excluded Mortgaged Properties
	Schedule 2.01

	 	-
	 	Commitments
	Schedule 3.08

	 	-
	 	Subsidiaries
	Schedule 3.10

	 	-
	 	ExxonMobil Pipeline Supply Contracts
	Schedule 3.17

	 	-
	 	Environmental Matters
	Schedule 3.18

	 	-
	 	Insurance
	Schedule 3.20(a)

	 	-
	 	Owned Real Property
	Schedule 3.20(b)

	 	-
	 	Leasehold Real Property
	Schedule 3.20(c)

	 	-
	 	Pipeline Rights of Way; Easements
	Schedule 5.02

	 	-
	 	Insurance Requirements
	Schedule 6.01

	 	-
	 	Existing Indebtedness
	Schedule 6.02

	 	-
	 	Existing Liens
	Schedule 6.04

	 	-
	 	Existing Investments

	 	 	 	 	 
	EXHIBITS:	 	 	 	 
	 
	 	 	 	 
	Exhibit A

	 	-
	 	Form of Assignment and Acceptance
	Exhibit B

	 	-
	 	Form of Borrowing Request
	Exhibit C

	 	-
	 	Form of Compliance Certificate
	Exhibit D

	 	-
	 	Form of Guarantee and Collateral Agreement
	Exhibit E

	 	-
	 	Form of Holdings Subordination Agreement
	Exhibit F

	 	-
	 	Form of Intercreditor Agreement
	Exhibit G

	 	-
	 	Form of Perfection Certificate

v

 

     TERM LOAN AGREEMENT dated as of July 3, 2008, among ALON REFINING
LOUISIANA, INC., a corporation organized under the laws of the State of
Delaware (“Holdings”); ALON REFINING KROTZ SPRINGS, INC., a corporation
organized under the laws of the State of Delaware and a wholly owned
subsidiary of Holdings (the “Borrower”); the Lenders; and CREDIT SUISSE,
Cayman Islands Branch, as the Administrative Agent and the Collateral
Agent.

          WHEREAS the Borrower has entered into the Stock Purchase Agreement (such term and each other
capitalized term used but not defined in the preamble above or in these recitals having the meaning
assigned to it in Article I), pursuant to which it will acquire (the “Acquisition”) from Valero
Refining and Marketing Company, a corporation organized under the laws of the State of Delaware
(the “Seller”), all the issued and outstanding Equity Interests of Valero Refining
Company-Louisiana, a corporation organized under the laws of the State of Delaware (the “Acquired
Company”), which owns a refinery located in Krotz Springs, Louisiana (the “Krotz Springs Refinery”)
and assets related thereto, for an aggregate consideration of $333,000,000 in cash (the
“Acquisition Consideration”), subject to adjustment as set forth therein;

          WHEREAS immediately following the consummation of the Acquisition, the Borrower will merge
with and into the Acquired Company, with the Acquired Company being the surviving person in such
merger (the “Merger”);

          WHEREAS in connection with the Acquisition, the Borrower will enter into the Revolving Credit
Agreement, which shall provide, subject to the terms and conditions thereof, for asset based
revolving extensions of credit in an initial aggregate principal amount of $400,000,000;

          WHEREAS in connection with the Acquisition, the Borrower has entered into the Crack Spread
Hedging Agreement and, as support for the Borrower’s obligations thereunder, the Borrower will
deposit for the benefit of the Crack Spread Hedging Counterparty cash collateral in an amount of
$50,000,000; and

          WHEREAS in connection with the foregoing, the Borrower has requested the Lenders to extend
credit in the form of Loans in an aggregate principal amount of not more than $302,000,000, the
proceeds of which will be used solely to finance, in part, the Acquisition Consideration, the Crack
Spread Hedging Cash Collateral and the Transaction Costs.

          NOW, THEREFORE, the Lenders are willing to extend such credit to the Borrower on the terms and
subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:

 

 

2

ARTICLE I

Definitions; Construction

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

          “ABL Availability” shall have the meaning assigned to the term “Availability” in the Revolving
Credit Agreement, and shall be determined in a commercially reasonable manner pursuant to the terms
of the Revolving Credit Agreement, or any replacement credit agreement in respect of the Permitted
ABL Facility.

          “ABL Availability Deficit” shall be deemed to exist at any time when the ABL Availability at
such time is less than the ABL Availability Threshold at such time; provided, however, that an ABL
Availability Deficit shall be deemed not to exist at any time the Revolving Credit Agreement, or
any replacement credit agreement in respect of the Permitted ABL Facility, shall not contain a
limitation on prepayments of Loans under Section 2.13(b) based on the “Availability” thereunder.

          “ABL Availability Threshold” shall mean, at any time, an amount equal to the lesser of (a)
10.0% of the aggregate principal amount of the revolving commitments under the Permitted ABL
Facility in effect at such time and (b) $53,500,000; provided, however, that, at any time the
Revolving Credit Agreement, or any replacement credit agreement in respect of the Permitted ABL
Facility, shall not contain a limitation on prepayments of Loans under Section 2.13(b) based on the
“Availability” thereunder, the ABL Availability Threshold at such time shall be zero.

          “ABL Event of Default” shall mean (a) an “Event of Default” under, and as defined in, the
Revolving Credit Agreement, or any replacement credit agreement in respect of the Permitted ABL
Facility, or (b) a “Default” under, and as defined in, the Revolving Credit Agreement, or any
replacement credit agreement in respect of the Permitted ABL Facility, in respect of (i) failure by
the Borrower to deliver its financial statements as required under the terms thereof or (ii) an
involuntary bankruptcy proceeding commenced in respect of the Borrower, in each case, except where
such Event of Default or such Default shall have been waived pursuant to the Revolving Credit
Agreement or any replacement credit agreement in respect of the Permitted ABL Facility, as the case
may be, or the event, circumstance or occurrence giving rise thereto shall have been cured or
remedied.

          “ABL Priority Collateral” shall have the meaning assigned to such term in the Intercreditor
Agreement.

          “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate.

 

 

3

          “Acquired Company” shall have the meaning assigned to such term in the recitals.

          “Acquisition” shall have the meaning assigned to such term in the recitals.

          “Acquisition Consideration” shall have the meaning assigned to such term in the recitals.

          “Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such
Interest Period and (b) Statutory Reserves.

          “Administrative Agent” shall mean Credit Suisse, Cayman Islands Branch, in its capacity as
administrative agent for the Lenders hereunder, and its successors in such capacity as provided in
Article VIII.

          “Administrative Agent Fees” shall have the meaning assigned to such term in Section 2.05(b).

          “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form supplied
by the Administrative Agent.

          “Affiliate” shall mean, when used with respect to a specified person, another person that
directly or indirectly Controls or is Controlled by or is under common Control with the person
specified; provided, however, that for purposes of Section 6.09, the term “Affiliate” shall also
mean any person that is an executive officer or director of the person specified, any person that
directly or indirectly beneficially owns Equity Interests in the person specified representing 5%
or more of the aggregate ordinary voting power or the aggregate equity value represented by the
issued and outstanding Equity Interests in the person specified and any person that would be an
Affiliate of any such beneficial owner pursuant to this definition (but without giving effect to
this proviso).

          “Agents” shall have the meaning assigned to such term in Article VIII.

          “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greater of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%. If the Administrative Agent shall have determined (which determination shall
be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective
Rate for any reason, including the inability or failure of the Administrative Agent, in each case
after its commercially reasonable efforts, to obtain sufficient quotations in accordance with the
terms of the definition thereof, the Alternate Base Rate shall be determined without regard to
clause (b) of the preceding sentence until the circumstances giving rise to such inability no
longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective on the effective date of such change in the Prime
Rate or the Federal Funds Effective Rate, respectively.

 

 

4

          “Annual Compensation Incentive Amount” shall have the meaning assigned to such term in
Section 6.08(a).

          “Applicable Margin” shall mean, for any day (a) with respect to any Eurodollar Loan, 7.50% per
annum or (b) with respect to any ABR Loan, 6.50% per annum.

          “Approved Fund” shall mean any person (other than a natural person) that is engaged in making,
purchasing, holding or investing in commercial loans and similar extensions of credit in the
ordinary course and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

          “Arranger” shall mean Credit Suisse Securities (USA) LLC, in its capacity as the sole
bookrunner and sole lead arranger for the credit facilities provided for herein.

          “Asset Sales Collateral Account” shall have the meaning assigned to such term in
Section 2.13(a).

          “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender
and an Eligible Assignee, with the consent of any person whose consent is required by Section 9.04,
in the form of Exhibit A or such other form as shall be approved by the Administrative Agent.

          “Board of Governors” shall mean the Board of Governors of the Federal Reserve System of the
United States of America.

          “Borrower” shall have the meaning assigned to such term in the preamble hereto. From and
after the effective time of the Merger, all references in this Agreement and the other Loan
Documents to the Borrower shall be deemed to be references to the Acquired Company.

          “Borrowing” shall mean Loans of the same Type made, converted or continued on the same date
and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

          “Borrowing Request” shall mean a request by the Borrower in accordance with the terms of
Section 2.03 and substantially in the form of Exhibit B or such other form as shall be reasonably
acceptable to the Administrative Agent.

          “Breakage Event” shall have the meaning assigned to such term in Section 2.16.

          “Business Day” shall mean any day other than a Saturday, Sunday or day on which banks in New
York City are authorized or required by law to remain closed; provided, however, that when used in
connection with a Eurodollar Loan, the term

 

 

5

“Business Day” shall also exclude any day on which banks are not open for dealings in dollar
deposits in the London interbank market.

          “Capital Expenditures” shall mean, for any period, (a) the additions to property, plant and
equipment and other capital expenditures of the Borrower and its consolidated subsidiaries that are
(or should be) set forth in a consolidated statement of cash flows of the Borrower for such period
prepared in accordance with GAAP, excluding (i) any such expenditures made to restore, replace or
rebuild assets to the condition of such assets immediately prior to any Casualty to or Condemnation
of such assets to the extent such expenditures are made with insurance proceeds or Condemnation
Proceeds received in respect of any such Casualty or Condemnation, (ii) any such expenditures in
the form of a substantially contemporaneous exchange of similar property, plant, equipment or other
capital assets, except to the extent of cash or other consideration (other than the assets so
exchanged), if any, paid or payable by the Borrower or any of its consolidated subsidiaries, and
(iii) any such expenditures in the form of earnout payments under the Earnout Agreement, (b) such
portion of principal payments on Capital Lease Obligations or Synthetic Lease Obligations made by
the Borrower and its consolidated subsidiaries during such period as is attributable to additions
to property, plant and equipment that have not otherwise been reflected in the consolidated
statement of cash flows of the Borrower as additions to property, plant and equipment and (c) costs
incurred with respect to turnarounds, catalysts, licensing, imaging and other operating costs of
the Borrower and its consolidated subsidiaries that are (or should be) classified as deferred
assets in accordance with GAAP.

          “Capital Lease Obligations” of any person shall mean the obligations of such person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP. For
purposes of Section 6.02, a Capital Lease Obligation shall be deemed to be secured by a Lien on the
property being leased and such property shall be deemed to be owned by the lessee.

          “Cash Available for Debt Service” shall mean, for any period, the Consolidated EBITDA for such
period, minus the sum of (a) Capital Expenditures made by the Borrower and its consolidated
subsidiaries in cash during such period and (b) to the extent added to Consolidated Net Income in
determining Consolidated EBITDA, consolidated income tax cash expense for such period, all
determined on a consolidated basis in accordance with GAAP.

          “Casualty” shall mean any event of damage or casualty relating to all or part of the Krotz
Springs Refinery.

          “Change in Law” shall mean the occurrence, after the Closing Date, of any of the following:
(a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule,
regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any

 

 

6

request, guideline or directive (whether or not having the force of law) of any Governmental
Authority.

          “Charges” shall have the meaning assigned to such term in Section 9.09.

          “Closing Date” shall mean the date of this Agreement.

          “Code” shall mean the Internal Revenue Code of 1986.

          “Collateral” shall mean any and all assets, whether real or personal, tangible or intangible,
on which Liens are purported to be granted pursuant to the Security Documents as security for the
Secured Obligations.

          “Collateral Agent” shall mean Credit Suisse, Cayman Islands Branch, in its capacity as
collateral agent for the Secured Parties, and its successors in such capacity as provided in
Article VIII.

          “Colonial Pipeline” shall mean the Colonial Pipeline system operated by the Colonial Pipeline
Company.

          “Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make
Loans hereunder, as set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to
which such Lender assumed its Commitment, as applicable, as the same may be (a) reduced from time
to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04.

          “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a).

          “Commitment Fee Payment Date” shall have the meaning assigned to such term in Section 2.05(a).

          “Commitment Letter” shall mean the letter agreement dated May 8, 2008, among Parent, the
Borrower, Credit Suisse Securities (USA) LLC and Credit Suisse.

          “Commodity Agreement” shall mean in respect of a person any commodity or raw material futures
contract, commodity or raw materials option or other agreement or arrangement designed to protect
such person against fluctuations in commodity or raw materials prices, other than hydrocarbons or
products refined therefrom.

          “Compliance Certificate” shall mean a Compliance Certificate in the form of Exhibit C or any
other form approved by the Administrative Agent.

          “Condemnation” shall mean any taking, exercise of rights of eminent domain, public
improvement, inverse condemnation, condemnation or similar action of

 

 

7

or proceeding by any
Governmental Authority or any other person relating to all or part of the Krotz Springs Refinery.

          “Condemnation Proceeds” shall have the meaning assigned to such term in Section 10.03.

          “Confidential Information Memorandum” shall mean the Confidential Information Memorandum of
the Borrower dated May 19, 2008.

          “Consolidated Cash Interest Expense” means, for any period, the excess of (a) the sum, without
duplication, of (i) the interest expense (including imputed interest expense in respect of Capital
Lease Obligations) of the Borrower and its consolidated subsidiaries for such period, determined on
a consolidated basis in accordance with GAAP (and, in any event, including any unused line fees
payable during such period in respect of the Permitted ABL Facility), (ii) any interest or other
financing costs becoming payable during such period in respect of Indebtedness of the Borrower and
its consolidated subsidiaries to the extent such costs shall have been capitalized rather than
included in consolidated interest expense for such period in accordance with GAAP (other than the
debt issuance costs incurred on or prior to the Effective Date in connection with entering into
this Agreement and the Revolving Credit Agreement) and (iii) any cash payments made during such
period in respect of obligations referred to in clause (b)(ii) below that were amortized or accrued
in a previous period, minus (b) without duplication and to the extent included in such consolidated
interest expense for such period, the sum of (i) noncash amounts attributable to amortization or
write-off of capitalized interest or other financing costs paid in a previous period and (ii)
noncash amounts attributable to amortization of debt discounts or accrued interest payable in kind
for such period.

          “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,
plus (a) without duplication and to the extent deducted in determining such Consolidated Net
Income, the sum of (i) consolidated interest expense for such period (including imputed interest
expense in respect of Capital Lease Obligations), determined on a consolidated basis in accordance
with GAAP, (ii) consolidated income tax expense for such period, (iii) all amounts attributable to
depreciation and amortization for such period (excluding amortization expense attributable to a
prepaid cash item that was paid in a prior period), (iv) the Transaction Costs, (v) any
non-recurring loss to the extent the Borrower or any of its consolidated subsidiaries has received
during such period in cash an indemnification payment in respect of such loss pursuant to the
indemnification provisions of the Stock Purchase Agreement, (vi) the earnout payments made during
such period pursuant to the Earnout Agreement and (vii) any noncash charges for such period
(excluding any bad debt expense and any noncash charge to the extent it represents an accrual of or
a reserve for cash expenditures in any future period); provided that any cash payment made with
respect to any noncash items added back in computing Consolidated EBITDA for any
prior period pursuant to this clause (a) shall be subtracted in computing Consolidated EBITDA
for the period in which such cash payment is made; plus (b) without duplication and to the extent
not included in determining such Consolidated Net Income, all cash

 

 

8

proceeds of business
interruption insurance received by the Borrower or any of its consolidated subsidiaries during such
period; and minus (c) without duplication and to the extent included in determining such
Consolidated Net Income, (i) any extraordinary gains for such period and (ii) noncash items of
income for such period (excluding any noncash items of income (A) in respect of which cash was
received in a prior period or will be received in a future period or (B) that represents the
reversal of any accrual for, or cash reserves for, anticipated cash charges in any prior period),
all determined on a consolidated basis in accordance with GAAP; provided that Consolidated EBITDA
for any period shall be calculated to exclude, to the extent otherwise reflected in Consolidated
Net Income for such period, any unrealized non-cash gain or loss for such period in respect of
Hedging Agreements resulting form the application of the Statement of Financial Accounting
Standards No. 133, “Accounting for Derivative Instruments and Hedging Activities”, or a successor
thereto, and the related tax effects. Notwithstanding anything to the contrary contained herein,
Consolidated EBITDA shall be deemed to be $41,700,000, $41,700,000 and $41,700,000 for the fiscal
quarters ended June 30, 2008, March 31, 2008 and December 31, 2007, respectively. For purposes of
calculating Consolidated EBITDA for any period, if during such period the Borrower or any of its
consolidated subsidiaries shall have consummated a Material Acquisition, Consolidated EBITDA for
such period shall be calculated after giving pro forma effect thereto in accordance with Section
1.03(b).

          “Consolidated Net Income” shall mean, for any period, the net income or loss of the Borrower
and its consolidated subsidiaries for such period, determined on a consolidated basis in accordance
with GAAP; provided that there shall be excluded (a) the income of any person (other than the
Borrower) that is not a consolidated subsidiary of the Borrower, except to the extent of the amount
of cash dividends or similar cash distributions actually paid by such person to the Borrower or,
subject to clauses (b) and (c) below, any consolidated subsidiary of the Borrower during such
period, (b) the income of, and any amounts referred to in clause (a) above paid to, any
consolidated subsidiary of the Borrower to the extent that the declaration or payment of cash
dividends or similar cash distributions by such subsidiary is not, on the date of determination,
permitted without any prior approval of any Governmental Authority that has not been obtained or by
the operation of the terms of the organizational documents of such subsidiary, any agreement or
other instrument binding upon such subsidiary or any law applicable to such subsidiary, unless such
restrictions with respect to the payment of cash dividends and other similar cash distributions
have been legally and effectively waived, and (c) the income of, and any amounts referred to in
clause (a) above paid to, any consolidated subsidiary of the Borrower that is not wholly owned by
the Borrower, to the extent such income or amounts are attributable to the noncontrolling interest
in such subsidiary.

          “Contingent Obligations” shall have the meaning assigned to such term in the Guarantee and
Collateral Agreement.

          “Control” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies, or the dismissal or appointment of the management, of
a person, whether through the ownership of voting

 

 

9

securities, by contract or otherwise. The terms
“Controlling” and “Controlled” shall have meanings correlative thereto.

          “Control Agreement” shall mean, with respect to any deposit account or securities account
maintained by any Loan Party, a control agreement in form and substance reasonably satisfactory to
the Administrative Agent and the Collateral Agent, duly executed and delivered by such Loan Party
and the depositary bank or the securities intermediary, as the case may be, with which such account
is maintained.

          “Crack Spread Hedging Agreement” shall mean the agreement dated as of July 3, 2008, between
Credit Suisse Energy LLC and the Borrower, together with the schedules and exhibits thereto.

          “Crack Spread Hedging Cash Collateral” shall mean not more than $50,000,000 in cash deposited
by the Borrower with, or for the benefit of, (a) the Crack Spread Hedging Counterparty as support
for the Borrower’s obligations under the Crack Spread Hedging Agreement or (b) the issuer of the
Crack Spread Hedging Support LC as support for the Borrower’s obligations under the Crack Spread
Hedging Support LC as the account party thereunder.

          “Crack Spread Hedging Counterparty” shall mean Credit Suisse Energy LLC, or any successor or
assignee thereof that becomes a party to the Crack Spread Hedging Agreement.

          “Crack Spread Hedging Support LC” shall mean a letter of credit in a face amount of not more
than $50,000,000 issued for the benefit of the Crack Spread Hedging Counterparty as support for the
Borrower’s obligations under the Crack Spread Hedging Agreement.

          “Currency Agreement” shall mean in respect of a person any foreign exchange contract, currency
swap agreement or other similar agreement designed to protect such person against fluctuations in
currency values.

          “Debt Service Payments” shall mean, for any period, the sum, without duplication, of
(a) Consolidated Cash Interest Expense for such period and (b) the aggregate amount of scheduled
principal payments made during such period in respect of Long-Term Indebtedness of the Borrower and
its subsidiaries (other than payments made to the Borrower or any of its subsidiaries).

          “Debt Service Reserve Account” shall mean a debt service reserve cash collateral account over
which the Administrative Agent shall have sole control and exclusive rights of withdrawal.

          “Debt Service Reserve Account Requirement” shall mean the requirement that the aggregate
amount deposited by the Borrower into the Debt Service Reserve Account pursuant to Section 2.23(a)
shall be at least $16,000,000.

 

 

10

          “Debt Service Reserve Deficit” shall be deemed to exist at any time when the sum of (a) the
aggregate amount on deposit in the Debt Service Reserve Account at such time and (b) the aggregate
amount available to be drawn under any Debt Service Support LC in effect at such time shall be less
than $16,000,000.

          “Debt Service Support LC” shall mean an irrevocable standby letter of credit issued, on
account of the Borrower, in favor of the Administrative Agent, in form and substance (including as
to the expiration and automatic renewal, if any, thereof) reasonably satisfactory to the
Administrative Agent; provided that such letter of credit is not issued under, and is not otherwise
outstanding under, the Permitted ABL Facility. At the time of the issuance of a Debt Service
Support LC, the issuer thereof shall be a bank the senior long-term indebtedness for borrowed money
that is unsecured, not guaranteed and not subject to any other credit enhancement of which is rated
at least “A” (or the equivalent) by S&P and at least “A2” (or the equivalent) by Moody’s (or
another bank acceptable to the Administrative Agent).

          “Debt Service Support LC Amount” shall mean (a) in respect of the Debt Service Support LC
referred to in Section 2.24(a), the aggregate amount of funds on deposit in the Debt Service
Reserve Account at the time of the transfer of such funds pursuant to Section 2.24(a) and (b) in
respect of any replacement letter of credit referred to in Section 2.24(b) or 2.24(c), the undrawn
amount of the Debt Service Support LC in respect of which such replacement letter of credit is
issued.

          “Debt Service Support LC Cash Collateral” shall mean cash deposited by the Borrower with, or
for the benefit of, the issuer of any Debt Service Support LC as support for the Borrower’s
obligations under such Debt Service Support LC as the account party thereunder.

          “Deferred Excess Cash Flow” shall have the meaning assigned to such term in Section 2.13(b).

          “Default” shall mean any event or condition that constitutes, or upon notice, lapse of time or
both would constitute, an Event of Default.

          “Disqualified Equity Interest” shall mean, with respect to Holdings, any Equity Interest in
Holdings that by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the
happening of any event or condition:

     (a) matures or is required to be redeemed or repurchased, in whole or in part, by
Holdings or any Subsidiary;

     (b) is convertible or exchangeable at the option of the holder thereof for
Indebtedness or Equity Interests of Holdings or any Subsidiary (other than solely for
Equity Interests in Holdings that do not constitute Disqualified Equity Interests); or

 

 

11

     (c) is redeemable (other than solely for Equity Interests in Holdings that do not
constitute Disqualified Equity Interests) or is required to be repurchased by Holdings
or any Subsidiary, in whole or in part, at the option of the holder thereof:

in each case, on or prior to the date 180 days after the Maturity Date.

          “dollars” or “$” shall mean lawful money of the United States of America.

          “Domestic Subsidiary” shall mean any Subsidiary incorporated or organized under the laws of
the United States of America, any State thereof or the District of Columbia.

          “Earnout Agreement” shall mean the Earnout Agreement to be entered into on the Effective Date
by and between the Borrower and the Seller pursuant to the Stock Purchase Agreement.

          “Effective Date” shall mean the date on which the Acquisition is consummated.

          “Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund and (d) any other person, other than, in each case, a natural person or Holdings, the
Borrower, Parent or any other Affiliate of Holdings or Parent.

          “Environmental Laws” shall mean all former, current and future federal, state, local and
foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees,
judgments, directives, orders (including consent orders), and agreements, in each case, applicable
to Holdings or any Subsidiary and relating to protection of the environment, natural resources,
human health and safety or the presence, Release of, or exposure to, Hazardous Materials, or the
generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or
handling of, or the arrangement for such activities with respect to, Hazardous Materials.

          “Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims,
actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including
administrative oversight costs, natural resource damages and remediation costs), whether contingent
or otherwise, arising out of or relating to (a) compliance or noncompliance with any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure to
any Hazardous Materials, (d) the Release of any Hazardous Materials or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing.

          “Equity Interests” shall mean shares of capital stock, partnership interests, membership
interests, beneficial interests or other ownership interests, whether voting or nonvoting, in, or
interests in the income or profits of, a person, and any warrants, options or other rights
entitling the holder thereof to purchase or acquire any of the foregoing.

 

 

12

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

          “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with Holdings, is treated as a single employer under Section 414(b) or 414(c) of the Code,
or solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

          “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (as
defined in Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not
waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by Holdings or any of its ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any Plan or the withdrawal or partial withdrawal of Holdings or any
of its ERISA Affiliates from any Plan or Multiemployer Plan; (e) the receipt by Holdings or any of
its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention
to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) a determination
that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of
ERISA or Section 430(i)(4) of the Code); (g) the receipt by Holdings or any of its ERISA Affiliates
of any notice, or the receipt from any Multiemployer Plan by the Borrower or any of its ERISA
Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA or in endangered or critical status, within the meaning of Section 305 of
ERISA; (h) the occurrence of a “prohibited transaction” with respect to which Holdings or any
Subsidiary is a “disqualified person” (within the meaning of Section 4975 of the Code) or with
respect to which Holdings or any such Subsidiary could otherwise be liable; or (i) any other event
or condition with respect to a Plan or Multiemployer Plan that could reasonably be expected to
result in liability of Holdings or any Subsidiary.

          “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or
the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Adjusted LIBO Rate.

          “Event of Default” shall have the meaning assigned to such term in Article VII.

          “Excess Cash Flow” shall mean, for any Sweep Period, an amount equal to the amount by which
(a) Net Cash Provided by Operating Activities for such Sweep Period exceeds (b) the sum, without
duplication, of (i) Capital Expenditures made by the Borrower and its consolidated subsidiaries in
cash during such Sweep Period (other than any such expenditures made (A) pursuant to the
reinvestment provisions of Section 2.13(a) or (B) in reliance on the second proviso to
Section 6.15), (ii) the

 

 

13

aggregate amount of cash consideration paid during such Sweep Period by the
Borrower and its consolidated subsidiaries to make acquisitions or capital investments permitted
hereunder (other than any acquisition or capital investments made in reliance on Section 6.04(m)),
(iii) to the extent not deducted in determining Net Cash Provided by Operating Activities for such
Sweep Period, the earnout payments made by the Borrower during such Sweep Period pursuant to the
Earnout Agreement and (iv) the aggregate principal amount of (A) Loans repaid by the Borrower
during such Sweep Period, excluding prepayments of Loans under Sections 2.12 and 2.13, and (B)
Long-Term Indebtedness repaid or prepaid by the Borrower under the Permitted ABL Facility to the
extent such repayment or prepayment (1) is accompanied by a corresponding permanent reduction in
the commitments thereunder or (2) is required pursuant to the Revolving Credit Agreement, or the
replacement credit agreement in respect of the Permitted ABL Facility, on account of the aggregate
principal amount of Indebtedness thereunder exceeding the aggregate borrowing base thereunder).
For the avoidance of doubt, the parties hereto acknowledge that no prepayment under Section 2.13(b)
shall be required to be made on account of “Excess Cash Flow” for any period prior to January 1,
2009, and the Borrower agrees to apply, on or prior to December 31, 2008, such “Excess Cash Flow”
to prepay loans under the Permitted ABL Facility made on the Effective Date, the amount of such
prepayment to equal to the lesser of (x) the amount of “Excess Cash Flow” (determined consistent
with this definition) for the period from the Effective Date to December 31, 2008, (y) the
aggregate principal amount of loans under the Permitted ABL Facility made on the Effective Date and
(z) $125,000,000.

          “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other
recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder
or under any other Loan Document, (a) income or franchise taxes imposed on (or measured by) its net
income by the United States of America or any State or political subdivision thereof, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office
is located or, in the case of any Lender, in which its applicable lending office is located, (b)
any branch profits taxes imposed by the United States of America or any similar tax imposed by any
other jurisdiction described in clause (a) above and (c) in the case of a Foreign Lender (other
than an assignee pursuant to a request by the Borrower under Section 2.21(a)), any withholding tax
that is imposed by the United States of America on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party to this Agreement (or designates a new lending office),
except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or
assignment), to receive additional amounts from the Borrower with respect to such withholding tax
pursuant to Section 2.20(a), or that is attributable to such Foreign Lender’s failure to comply
with Section 2.20(e).

          “Existing Parent Term Credit Agreement” means the Credit Agreement dated as of June 22, 2006,
as amended, among Parent, the lenders party thereto and Credit Suisse, as administrative agent.

          “ExxonMobil Pipeline Consents” shall mean consents by the counterparties to the ExxonMobil
Pipeline Supply Contracts to the security interest of the

 

 

14

Collateral Agent in the rights of the
Acquired Company thereunder and the right of the Collateral Agent to enforce such rights of the
Acquired Company thereunder upon the exercise of its rights as a secured party.

          “ExxonMobil Pipeline Supply Contract” shall mean any agreement pursuant to which Holdings or
any Subsidiary obtains crude oil through any ExxonMobil Pipeline, and any agreement relating
thereto, other than any tariff rules and regulations and similar agreements of general application
from time to time published by ExxonMobil Pipeline Company.

          “ExxonMobil Pipelines” shall mean the pipeline systems known as (a) the “Southbend/Sunset
System” and (b) the “Northline System”, each operated by ExxonMobil Pipeline Company.

          “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal
funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for the day for such
transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by it.

          “Fee Letter” shall mean the Fee Letter dated May 8, 2008, among Parent, the Borrower, Credit
Suisse Securities (USA) LLC and Credit Suisse.

          “Fees” shall mean the Commitment Fees and the Administrative Agent Fees.

          “Financial Officer” of any person shall mean the chief financial officer, principal accounting
officer, treasurer or controller of such person.

          “Foreign Lender” shall mean any Lender that is organized under the laws of, or the applicable
lending office of which is located in, a jurisdiction other than the United States of America
(including each State thereof and the District of Columbia).

          “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

          “GAAP” shall mean generally accepted accounting principles in the United States of America,
applied in accordance with the consistency requirements thereof.

          “Governmental Approvals” shall mean all authorizations, consents, approvals, permits,
licenses, certificates, declarations, orders and exemptions of, registrations, filings or
recordings with, and reports to, Governmental Authorities.

 

 

 15

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

          “Granting Lender” shall have the meaning assigned to such term in Section 9.04(h).

          “Guarantee” of or by any person shall mean any obligation, contingent or otherwise, of such
person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation of any other person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such person, direct or indirect, (a) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment of
such Indebtedness or other obligation, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment of
such Indebtedness or other obligation, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided,
however, that the term “Guarantee” shall not include endorsements for collection or deposit in the
ordinary course of business.

          “Guarantee and Collateral Agreement” shall mean a Guarantee and Collateral Agreement among
Holdings, the Borrower, the other Loan Parties and the Collateral Agent, substantially in the form
of Exhibit D, together with all supplements thereto.

          “Guarantee and Collateral Requirement” shall mean, at any time, the requirement that:

     (a) the Collateral Agent shall have received from Holdings and each Subsidiary either
(i) a counterpart of the Guarantee and Collateral Agreement and the Intercreditor
Acknowledgement, duly executed and delivered on behalf of such person, or (ii) in the case
of any person that becomes a Subsidiary after the Effective Date, a supplement or joinder
to each such agreement, in the form specified therein, duly executed and delivered on
behalf of such person;

     (b) all Equity Interests owned by or on behalf of Holdings and any Subsidiary shall
have been pledged pursuant to the Guarantee and Collateral Agreement, and the Collateral
Agent shall have received the certificates or other instruments representing such Equity
Interests, together with undated stock powers or other instruments of transfer with respect
thereto endorsed in blank;

 

16

     (c) (i) all Indebtedness of Holdings, any Subsidiary or any other Affiliate of
Holdings and (ii) all Indebtedness of any other person in a principal amount of $250,000 or
more that, in each case, is owing to Holdings or any Subsidiary shall be evidenced by a
promissory note and shall have been pledged pursuant to the Guarantee and Collateral
Agreement, and the Collateral Agent shall have received all such promissory notes, together
with undated instruments of transfer with respect thereto endorsed in blank;

     (d) all documents and instruments, including all Uniform Commercial Code financing
statements, required by applicable law or reasonably requested by the Administrative Agent
or the Collateral Agent to be filed, registered or recorded to create or perfect the Liens
intended to be created by the Security Documents, with the priority required thereby, shall
have been filed, registered or recorded or delivered to the Collateral Agent for filing,
registration or recording;

     (e) (i) the Collateral Agent shall have received a counterpart of a Mortgage with
respect to each Mortgaged Property, duly executed and delivered by the record owner or
lessee, as the case may be, of such Mortgaged Property, (ii) the Mortgage with respect to
each Mortgaged Property shall have been filed and recorded in the appropriate recording
office and the Collateral Agent shall have received evidence reasonably satisfactory to it
of each such filing and recordation, (iii) the Collateral Agent shall have received a
policy of title insurance issued by a nationally recognized title insurance company
insuring the Lien of each such Mortgage as a valid first lien on the Mortgaged Property
described therein, which policy shall be in form and substance (including in respect of
exceptions set forth therein as to the priority of such Lien) reasonably acceptable to the
Collateral Agent, together with such endorsements and reinsurance as shall have been
reasonably requested by the Collateral Agent, and (iv) the Collateral Agent shall have
received all existing surveys, abstracts, appraisals, all legal opinions and such other
documents as are required to be furnished pursuant to the terms of the Mortgages or
reasonably requested by the Collateral Agent;

     (f) with respect to each deposit account (other than any deposit account the funds in
which are used, in the ordinary course of business, solely for the payment of salaries and
wages, workers’ compensation and similar expenses) and each securities account maintained
by Holdings or any Subsidiary with any depositary bank or securities intermediary, the
Collateral Agent shall have received a counterpart, duly executed and delivered by Holdings
or such Subsidiary, as applicable, and such depositary bank or securities intermediary, as
the case may be, of a Control Agreement; and

     (g) each Loan Party shall have obtained all consents and approvals required to be
obtained by it in connection with the execution and delivery of all Security Documents to
which it is a party, the performance of its obligations thereunder and the granting by it
of the Liens thereunder.

 

17

The foregoing definition shall not require the creation or perfection of pledges of or security
interests in, or the obtaining of title insurance or other deliverables with respect to, particular
assets (including any Non-Fee Mortgaged Property) if, and for so long as, in the judgment of the
Collateral Agent the burden of creating or perfecting such pledges or security interests in such
assets (including, as to any Non-Fee Mortgaged Property containing a restriction on the creation of
a mortgage or other Lien thereon, the burden (including any incremental costs associated therewith)
of obtaining the consent or approval of lessors or grantors, as applicable, with respect thereto)
or obtaining such title insurance or other deliverables shall be excessive in view of the benefits
to be obtained by the Lenders therefrom. The Collateral Agent may grant extensions of time for the
creation and perfection of security interests in or the obtaining of title insurance or other
deliverables with respect to particular assets (including extensions beyond the Effective Date for
the perfection of security interests in the assets of Holdings and the Subsidiaries acquired on
such date) where it determines that such action cannot be accomplished without undue effort or
expense by the time or times at which it would otherwise be required to be accomplished by this
Agreement or the Security Documents. Without limiting the foregoing, with respect to any Non-Fee
Mortgaged Property containing a prohibition on, or requiring the consent of the lessor or grantor
thereunder to, the creation of a mortgage thereon, if Holdings and the Subsidiaries shall have used
commercially reasonable efforts to eliminate such prohibition or to obtain such consent, in each
case, in respect of the mortgage required under clause (e) above, but shall nevertheless have been
unable to effect such elimination or to obtain such consent, then no Default or Event of Default
shall result as a result of Holdings or any Subsidiary not satisfying the requirements of clause
(e) above as to such Non-Fee Mortgaged Property (it being agreed that Holdings and the Borrower
shall take such further commercially reasonable efforts as the Collateral Agent may, at any time or
from time to time, reasonably request in furtherance of effecting such elimination or obtaining
such consent). It is agreed that, notwithstanding anything herein to the contrary, (i) the
interest of the Crack Spread Hedging Counterparty or the issuer of the Crack Spread Hedging Support
LC, as the case may be, in the Crack Spread Hedging Cash Collateral and (ii) the interest of the
issuer of any Debt Service Support LC in the Debt Service Support LC Cash Collateral shall be
senior in all respects and prior to the Lien of the Collateral Agent thereon, and each Lender
hereby consents to the foregoing and authorizes and directs the Collateral Agent to execute and
deliver one or more acknowledgements or agreements, in form and substance satisfactory to the
Collateral Agent, in connection with the agreements set forth in this sentence.

          “Hazardous Materials” shall mean (a) any petroleum products or byproducts and all other
hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical,
material, substance or waste that is prohibited, limited or regulated by or pursuant to any
Environmental Law.

          “Hedging Agreement” shall mean any Interest Rate Agreement, Currency Agreement, Hydrocarbon
Agreement or Commodity Agreement.

 

18

          “Holdings” shall have the meaning assigned to such term in the preamble hereto.

          “Holdings Contribution” shall mean the transfer by Parent or one or more of its Affiliates
(other than Holdings and the Subsidiaries) to Holdings of cash in an amount not less than
$100,000,000, in the form of a contribution to the common or preferred equity of Holdings.

          “Holdings Subordinated Loans” shall mean one or more loans extended by Parent or one or more
of its Affiliates (other than Holdings and the Subsidiaries) to Holdings; provided that (a) no such
loan (i) shall be Guaranteed by any Subsidiary, (ii) shall be secured by any Lien on any asset of
Holdings or any Subsidiary or (iii) shall require any payment or other distribution, whether on one
or more fixed dates, upon the occurrence of one or more events or otherwise, of principal or cash
interest prior to the indefeasible payment in full in cash of all Secured Obligations (other than
Contingent Obligations) has occurred, except for any payments expressly permitted under
Section 6.08(b)(iv), and (b) the obligee thereunder shall have entered into a Holdings
Subordination Agreement with respect thereto.

          “Holdings Subordination Agreement” shall mean an agreement among Holdings, the Collateral
Agent and one or more persons that shall have made Holdings Subordinated Loans, substantially in
the form of Exhibit E.

          “Hydrocarbon Agreement” shall mean in respect of a person any purchase or hedging agreement in
respect of hydrocarbons or products refined therefrom, future contract or option or other agreement
or arrangement, in each case, designed to protect such person against fluctuations in the price of
hydrocarbons or products refined therefrom.

          “Inactive Subsidiary” shall mean any Subsidiary (a) that does not conduct any business
operations, (b) has assets with a book value of $100,000 or less and (c) does not have any
Indebtedness outstanding.

          “IDB Agreement” shall mean the Amended Revolving Credit Agreement dated as of February 15,
2006, as amended, among Alon USA, LP, Parent, the subsidiaries of Parent party thereto, the lenders
party thereto and Israel Discount Bank of New York, as agent.

          “IDB Consents” shall mean such amendments, consents or waivers under the IDB Agreement as may
be required to permit thereunder the consummation of the Transactions.

          “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such
person for borrowed money or with respect to deposits or advances by other persons of any kind,
(b) all monetary obligations of such person evidenced by bonds, debentures, notes or similar
instruments, (c) all monetary obligations of such person under conditional sale or other title
retention agreements relating to property acquired by such person (excluding trade accounts payable
incurred in the ordinary

 

19

course of business), (d) all monetary obligations of such person in respect of the deferred
purchase price of property or services (excluding (i) current accounts payable incurred in the
ordinary course of business, (ii) deferred compensation, (iii) any purchase price adjustment under
the Stock Purchase Agreement and (iv) any earnout payment under the Earnout Agreement), (e) all
Capital Lease Obligations and Synthetic Lease Obligations of such person, (f) all obligations,
contingent or otherwise, of such person as an account party in respect of letters of credit and
letters of guaranty, (g) all obligations, contingent or otherwise, of such person in respect of
bankers’ acceptances, (h) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property
owned or acquired by such person, whether or not the Indebtedness secured thereby has been assumed,
and (i) all Guarantees by such person of Indebtedness of others. The Indebtedness of any person
shall include the Indebtedness of any other person (including any partnership in which such person
is a general partner) to the extent such person is liable therefor as a result of such person’s
ownership interest in or other relationship with such other person, except to the extent the terms
of such Indebtedness provide that such person is not liable therefor. For the avoidance of doubt,
the term “Indebtedness” shall not include any obligation of the Borrower or any of its subsidiaries
(including any obligation under the Crack Spread Hedging Agreement or any other Hedging Agreement)
solely as a result of such obligation being reflected as a liability on the consolidated balance
sheet of the Borrower prepared in accordance with GAAP, except to the extent such obligation is of
the type set forth in clauses (a) through (i) above.

          “Indemnified Taxes” shall mean Taxes other than Excluded Taxes.

          “Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

          “Information” shall have the meaning assigned to such term in Section 9.16.

          “Intercreditor Acknowledgement” shall mean a Consent and Acknowledgement dated as of the date
hereof, executed by Holdings and the Borrower, as such Consent and Acknowledgement may be
supplemented from time to time.

          “Intercreditor Agreement” shall mean an intercreditor agreement between the Collateral Agent
and the Revolving Collateral Agent, substantially in the form of Exhibit F, with such modifications
thereto as (a) may be agreed to (i) by the Administrative Agent, if in the judgment of the
Administrative Agent such modifications would not be adverse to the interests of the Lenders in any
material respect, or (ii) the Required Lenders or (b) are expressly authorized under Section 9.18.

          “Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business Day of
each March, June, September and December and (b) with respect to any Eurodollar Loan, the last day
of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case
of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day
that would have been an Interest

 

20

Payment Date had successive Interest Periods of three months’ duration been applicable to such
Borrowing, and, in addition, the date of any prepayment of a Eurodollar Borrowing or conversion of
a Eurodollar Borrowing to an ABR Borrowing.

          “Interest Period” shall mean, with respect to any Eurodollar Borrowing, the period commencing
on the date of such Borrowing and ending on the numerically corresponding day (or, if there is no
numerically corresponding day, on the last day) in the calendar month that is one, two, three or
six months thereafter, as the Borrower may elect; provided, however, that if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day. Interest
shall accrue from and including the first day of an Interest Period to but excluding the last day
of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date
on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

          “Interest Rate Agreement” shall mean in respect of a person any interest rate swap agreement,
interest rate cap agreement or other financial agreement or arrangement designed to protect such
person against fluctuations in interest rates.

          “Investment” shall mean, with respect to a specified person, any Equity Interests, evidences
of Indebtedness or other securities (including any option, warrant or other right to acquire any of
the foregoing) of, or any capital contribution or loans or advances (other than advances to
customers in the ordinary course of business that would be recorded as accounts receivable on the
balance sheet of the lender prepared in accordance with GAAP) to, Guarantees of any Indebtedness or
other obligations of, or any other investment in, any other person that are held or made by the
specified person. The amount, as of any date of determination, of (a) any Investment in the form
of a loan or an advance shall be the principal amount thereof outstanding on such date, (b) any
Investment in the form of a Guarantee shall be the principal amount outstanding on such date of
Indebtedness or other obligation being guaranteed thereby (or, in the case of a Guarantee of an
obligation that does not have a principal amount, the maximum monetary exposure as of such date of
the guarantor under such Guarantee (as determined reasonably and in good faith by a Financial
Officer of Holdings and the Borrower)), and (c) any other Investment, including any capital
contribution, shall be its fair value (as determined reasonably and in good faith by a Financial
Officer of Holdings and the Borrower) at the time made, without giving effect to any subsequent
changes in value of, or write-ups, write-downs or write-offs with respect to, such Investment.

          “IP Security Agreements” shall have the meaning assigned to such term in the Guarantee and
Collateral Agreement.

          “Krotz Springs Refinery” shall have the meaning assigned to such term in the recitals.

 

21

          “Krotz Springs Refining Business” shall have the meaning assigned to such term in the notes to
the audited financial statements referred to in Section 3.05(a).

          “Lenders” shall mean (a) the persons listed on Schedule 2.01 and (b) any other person that has
become a party hereto pursuant to an Assignment and Acceptance (other than any such person that has
ceased to be a party hereto pursuant to an Assignment and Acceptance).

          “Leverage Ratio” shall mean, on any date, the ratio of (a) Total Indebtedness less the amount
of the Crack Spread Hedging Cash Collateral as of such date to (b) Consolidated EBITDA for the
period of four consecutive fiscal quarters of the Borrower most recently ended on or prior to such
date.

          “LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the
rate of interest per annum determined by the Administrative Agent at approximately 11:00 a.m.,
London time, on the date that is two Business Days prior to the commencement of such Interest
Period by reference to the British Bankers’ Association Interest Settlement Rates for deposits in
dollars (as set forth by any service selected by the Administrative Agent which has been nominated
by the British Bankers’ Association as an authorized information vendor for the purpose of
displaying such rates) for a period equal to such Interest Period; provided that, to the extent
that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition,
the “LIBO Rate” shall be the interest rate per annum determined by the Administrative Agent to be
the average of the rates per annum at which deposits in dollars are offered for a period equal to
such Interest Period to major banks in the London interbank market in London, England by the
Administrative Agent at approximately 11:00 a.m., London time, on the date that is two Business
Days prior to the beginning of such Interest Period.

          “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
encumbrance, charge or security interest in, on or of such asset, including any agreement to
provide any of the foregoing and any arrangement entered into for the purpose of making particular
assets available to satisfy any Indebtedness or other obligation, (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or Synthetic Lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or
similar right of a third party with respect to such securities.

          “Loan Document Obligations” shall have the meaning assigned to such term in the Guarantee and
Collateral Agreement.

          “Loan Documents” shall mean this Agreement, the promissory notes, if any, executed and
delivered pursuant to Section 2.04(e) (other than for purposes of Section 9.08), the Security
Documents and the Intercreditor Agreement.

          “Loan Parties” shall mean Holdings, the Borrower and each other Subsidiary Loan Party.

 

22

          “Loans” shall mean the loans made by the Lenders to the Borrower pursuant to Section 2.01.

          “Long-Term Indebtedness” shall mean any Indebtedness that, in accordance with GAAP,
constitutes (or, when incurred, constituted) a long-term liability.

          “Margin Stock” shall have the meaning assigned to such term in Regulation U of the Board of
Governors.

          “Material Acquisition” means any Permitted Acquisition or series of related Permitted
Acquisitions; provided that the aggregate consideration therefor (including any Indebtedness
assumed by the acquiror in connection therewith) exceeds $1,000,000.

          “Material Adverse Effect” shall mean an event or condition that has resulted, or could
reasonably be expected to result, in (a) a material adverse effect on the business, assets,
liabilities, results of operations or financial condition of Holdings and the Subsidiaries, taken
as a whole, (b) a material impairment of the ability of the Loan Parties, taken as a whole, to
perform any of their obligations under any Loan Document or (c) a material impairment of the rights
of or benefits available to the Lenders under any Loan Document.

          “Material Casualty or Condemnation” shall mean (a) a Casualty that would cost $167,000,000 or
more to repair or replace (excluding the cost of replacement of crude oil or refined product
inventory) or (b) a Condemnation of assets with an aggregate book value or fair market value of
$167,000,000 or more.

          “Material Indebtedness” shall mean Indebtedness (other than the Loans and Guarantees under the
Loan Documents), or obligations in respect of one or more Hedging Agreements, of any one or more of
Holdings and the Subsidiaries in an aggregate principal amount of $2,500,000 or more. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations of Holdings or any
Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that Holdings or such Subsidiary would be required to pay
if such Hedging Agreement were terminated at such time.

          “Maturity Date” shall mean the sixth anniversary of the Closing Date.

          “Maximum Rate” shall have the meaning assigned to such term in Section 9.09.

          “Merger” shall have the meaning assigned to such term in the recitals.

          “Moody’s” shall mean Moody’s Investors Service Inc.

          “Mortgaged Properties” shall mean, at any time, all real properties, including leasehold
interests and pipeline rights of way and easements appurtenant,

 

23

owned or leased by Holdings or any Subsidiary as of such time, other than the real property
interests set forth on Schedule 1.01.

          “Mortgages” shall mean the mortgages, deeds of trust, leasehold mortgages, assignments of
leases and rents, modifications and other security documents granting mortgages or other Liens on
the Mortgaged Properties to secure the Secured Obligations. Each Mortgage shall be reasonably
satisfactory in form and substance to the Administrative Agent and the Collateral Agent.

          “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

          “Net Cash Proceeds” shall mean (a) with respect to any Prepayment Event described in clause
(a) of the definition of such term, the cash proceeds (including cash proceeds subsequently
received (as and when received) in respect of noncash consideration initially received), net of
(i) selling expenses incurred in connection with such Prepayment Event by Holdings and the
Subsidiaries (including reasonable broker’s fees or commissions, legal fees, transfer and similar
taxes and the Borrower’s good faith estimate of income taxes paid or payable on gains realized on
such Prepayment Event), (ii) amounts provided as a reserve, in accordance with GAAP, against any
liabilities under any indemnification obligations or post-closing purchase price adjustments
associated with such Prepayment Event (provided that, to the extent and at the time any such
amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and
(iii) the principal amount, premium or penalty, if any, interest and other amounts of or with
respect to any Indebtedness for borrowed money (other than Indebtedness hereunder or under the
Permitted ABL Facility and other than any such Indebtedness assumed by the purchaser or transferee
of such asset) secured by the asset subject to such Prepayment Event that are required to be repaid
with such proceeds; (b) with respect to any Prepayment Event described in clause (b) of the
definition of such term, the amount of the Crack Spread Hedging Cash Collateral released from the
Liens of the Crack Spread Hedging Counterparty or the issuer of the Crack Spread Hedging Support
LC, as the case may be; and (c) with respect to any Prepayment Event described in clause (c) or (d)
of the definition of such term, the cash proceeds of the Indebtedness incurred, the Equity
Interests issued or the capital contribution received, net of all taxes paid and customary fees,
commissions, costs and other expenses incurred in connection therewith by Holdings and the
Subsidiaries.

          “Net Cash Provided by Operating Activities” shall mean, for any period, (a) “Net Cash Provided
by Operating Activities” of the Borrower and its consolidated subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP, excluding (i) any Net Cash Proceeds
attributable to Prepayment Events, (ii) insurance proceeds received in respect of any Casualty and
(iii) Condemnation Proceeds received in respect of any Condemnation, plus (b) the sum of, without
duplication and to the extent not included in determining Net Cash Provided by Operating Activities
for such period pursuant to clause (a) above, (i) the aggregate amount of all cash proceeds
received by the Borrower or any of its consolidated subsidiaries during such period pursuant to the
Crack Spread Hedging Agreement or any other Hedging Agreement and

 

24

(ii) the aggregate amount of all cash proceeds received by the Borrower or any of its
consolidated subsidiaries during such period pursuant to the indemnification or purchase price
adjustment provisions of the Stock Purchase Agreement.

          “Non-ABL Priority Collateral” shall have the meaning assigned to such term in the
Intercreditor Agreement.

          “Non-Fee Mortgaged Property” shall mean leasehold interests in real property, pipeline rights
of way and easements.

          “Offtake Agreement” shall mean the Offtake Agreement to be entered into on the Effective Date
by and among the Borrower, the Acquired Company and Valero Marketing and Supply Company pursuant to
the Stock Purchase Agreement.

          “Other Taxes” shall mean any and all present or future stamp or documentary taxes or any
excise or property taxes, charges or similar levies arising from the execution, delivery or
enforcement of, from any payment made under, or otherwise with respect to, any Loan Document.

          “Parent” shall mean Alon USA Energy, Inc., a corporation organized under the laws of the State
of Delaware.

          A “Parent Change of Control” shall be deemed to have occurred if:

     (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934), other than one or more Permitted Holders, is or becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that
for purposes of this clause (a) such person shall be deemed to have “beneficial ownership”
of all shares that any such person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more
than 50% of the total voting power of the Voting Stock of Parent (for the purposes of this
clause (a), such other person shall be deemed to beneficially own any Voting Stock of a
specified person held by a parent entity, if such other person is the beneficial owner (as
defined in this clause (a)), directly or indirectly, of more than 50% of the voting power
of the Voting Stock of such parent entity or has the right or ability by voting power,
contract or otherwise to elect or designate for election a majority of the board of
directors of such parent entity);

     (b) individuals who on the Closing Date constituted the Board of Directors of Parent
(together with any new directors whose election by the Board of Directors of Parent or
whose nomination for election by the stockholders of Parent was approved by a vote of a
majority of the directors of Parent then still in office who were either directors on the
Closing Date or whose election or nomination for election was previously so approved) cease
for any reason to constitute a majority of the Board of Directors of Parent then in office;

 

25

     (c) the adoption of a plan relating to the liquidation or dissolution of Parent; or

     (d) the merger or consolidation of Parent with or into another person or the merger of
another person with or into Parent, or the sale of all or substantially all the assets of
Parent (determined on a consolidated basis) to another person (other than, in the case of
any such merger or consolidation, with or into, a person that is controlled by the
Permitted Holders), other than a transaction following which (i) in the case of a merger or
consolidation transaction, (A) holders of securities that represented 100% of the Voting
Stock of Parent immediately prior to such transaction own directly or indirectly at least a
majority of the voting power of the Voting Stock of the surviving person in such merger or
consolidation transaction immediately after such transaction and in substantially the same
proportion to each other as before such transaction or (B) immediately after such
transaction the Permitted Holders beneficially own, directly or indirectly, at least a
majority of the voting power of the Voting Stock of the surviving person in such merger or
consolidation transaction immediately after such transaction and (ii) in the case of a sale
of assets transaction, each transferee either (A) is or becomes a Subsidiary of the
transferor of such assets or (B) is or becomes a person a majority of the total voting
power of the Voting Stock of which is beneficially owned, directly or indirectly, by the
Permitted Holders.

          “Parent Change of Control Put” shall have the meaning assigned to such term in Section
2.22(b).

          “Participants” shall have the meaning assigned to such term in Section 9.04(e).

          “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

          “Perfection Certificate” shall mean a certificate in the form of Exhibit G or any other form
approved by the Administrative Agent.

          “Permitted ABL Facility” shall have the meaning assigned to such term in Section 6.01(b).

          “Permitted Acquisition” means the purchase or other acquisition by the Borrower or any of its
subsidiaries of Equity Interests in, or all or substantially all the assets of (or all or
substantially all the assets constituting a business unit, division, product line or line of
business of), any person, or assets acquired other than in the ordinary course of business that,
following the acquisition thereof, would constitute a substantial portion of the assets of Holdings
and the Subsidiaries, taken as a whole, in each case, if (a) in the case of any purchase or other
acquisition of Equity Interests in a person, such person (including each subsidiary of such person)
is organized under the laws of the United States of America, any State thereof or the District of
Columbia and, upon the consummation of such acquisition, will be a wholly owned subsidiary of the

 

26

Borrower that is incorporated or organized under the laws of the United States of America, any
State thereof or the District of Columbia (including as a result of a merger or consolidation
between any subsidiary of the Borrower and such person) or (b) in the case of any purchase or other
acquisition of other assets, such assets will be owned by the Borrower or any of its subsidiaries;
provided that (i) such purchase or acquisition was not preceded by, or consummated pursuant to, an
unsolicited tender offer or proxy contest initiated by or on behalf of Holdings or any Subsidiary,
(ii) all transactions related thereto are consummated in accordance with applicable law, (iii) the
business of such person, or such assets, as the case may be, constitute a business permitted by
Section 6.10, (iv) with respect to each such purchase or other acquisition, all actions required to
be taken with respect to such newly created or acquired subsidiary or assets in order to satisfy
the requirements set forth in the definition of the term “Guarantee and Collateral Requirement”
shall have been taken (or arrangements for the taking of such actions satisfactory to the
Administrative Agent and the Collateral Agent shall have been made), (v) at the time of and
immediately after giving effect to any such purchase or other acquisition on a pro forma basis in
accordance with Section 1.03(b), the Borrower shall be in compliance with the covenants set forth
in Sections 6.13 and 6.14, and (vi) each of Holdings and the Borrower shall have delivered to the
Administrative Agent a certificate of a Responsible Officer, in form and substance reasonably
satisfactory to the Administrative Agent, certifying that all the requirements set forth in this
definition have been satisfied with respect to such purchase or other acquisition, together with
reasonably detailed calculations demonstrating satisfaction of the requirement set forth in clause
(v) above.

          “Permitted Compensation Incentive Equity Interests” shall have the meaning assigned to such
term in Section 6.06(c).

          “Permitted Encumbrances” shall mean:

     (a) Liens imposed by law for Taxes that are not yet due or are being contested in
compliance with Section 5.03;

     (b) landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, consignors’,
repairmen’s and other like Liens imposed by law, arising in the ordinary course of business
and securing obligations that (i) are not overdue by more than 30 days, (ii) are being
contested in compliance with Section 5.03 or (iii) for which the applicable statutory
foreclosure period and all other enforcement rights have lapsed;

     (c) pledges or Liens incurred and deposits made in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance and other social security
laws;

     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds, completion bonds and other
obligations of a like nature, in each case in the ordinary course of business;

 

27

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (j) of Article VII;

     (f) easements, servitudes, reservations, conditions, limitations, covenants, zoning
and land use restrictions, rights-of-way, minor survey exceptions and similar encumbrances
or Liens on or defects or imperfections in the title with respect to real property that, in
each case, do not secure any monetary obligations and, individually or in the aggregate, do
not materially detract from the value of the affected property or the rights or remedies of
the Secured Parties with respect thereto or interfere with the ordinary conduct of business
of Holdings or any Subsidiary, including the operation of the Krotz Springs Refinery;

     (g) Liens listed on any policy of title insurance insuring the Lien of any Mortgage on
any Mortgaged Property as an exception to the priority of the Lien of such Mortgage on such
Mortgaged Property, but only if such title policy meets the requirements set forth in
clause (e) of the definition of the term “Guarantee and Collateral Requirement”;

     (h) banker’s liens, rights of setoff or similar rights and remedies as to deposit
accounts or other funds maintained with depository institutions; provided that such deposit
accounts or funds are not established or deposited for the purpose of providing collateral
for any Indebtedness and are not subject to restrictions on access by Holdings or any
Subsidiary in excess of those required by applicable banking regulations;

     (i) Liens arising by virtue of Uniform Commercial Code financing statement filings (or
similar filings under applicable law) regarding operating leases entered into by Holdings
and the Subsidiaries in the ordinary course of business; and

     (j) any Liens to which any underlying fee interest of the owners of real property
leased by Holdings or any Subsidiary is subject, including any Liens that apply to the
leasehold interests of Holdings or any Subsidiary by virtue of the underlying fee interests
being subject to such Liens;

provided that, except in the case of any Lien referred to in clause (h) above (insofar as such Lien
secures obligations constituting Indebtedness), the term “Permitted Encumbrances” shall not include
any Lien securing Indebtedness.

          “Permitted Holders” shall mean Alon Israel Oil Company, Ltd, a private company organized under
the laws of Israel; Mishkey Galile Elion Agricultural Corporation, A. H. Holdings and Investment In
Fuels & Energy Ltd., Mishkey Harei Yehuda Agricultural Corporation, Granot Cooperative Regional
Organization Corp., Mishkey Hanegev Export Ltd., Mishkey Darom Agricultural Corporation, Mishkey
Beit Shean, Mishkey Emek Hayarden Ltd., Mishkey Hamifratz (1993) Ltd. and Mishkey Emek Israel Ltd.,
each a company organized under the laws of Israel; Bielsol Investments (1987) Ltd., a private
company organized under the laws of Israel; Africa Israel

 

28

Investments Ltd., a public company organized under the laws of Israel; Tabris Investments
Inc., a private company organized under the laws of the British Virgin Islands; and David Weissman
(or any trustee acting on behalf of David Weissman).

          “Permitted Investments” shall mean:

     (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or any agency thereof to the
extent such obligations are backed by the full faith and credit of the United States of
America), in each case maturing within one year from the date of acquisition thereof;

     (b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or Moody’s;

     (c) investments in certificates of deposit, banker’s acceptances and time deposits
maturing within 180 days from the date of acquisition thereof issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by, (i) any domestic
office of any commercial bank organized under the laws of the United States of America or
any State thereof that has a combined capital and surplus and undivided profits of not less
than $500,000,000, (ii) Israel Discount Bank of New York or (iii) Bank Leumi USA;

     (d) fully collateralized repurchase agreements with a term of not more than 30 days
for securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above;

     (e) investments in “money market funds” within the meaning of Rule 2a-7 of the
Investment Company Act of 1940, substantially all of whose assets are invested in
investments of the type described in clauses (a) through (d) above; and

     (f) investments in so-called “auction rate” securities rated AAA or higher by S&P or
Aaa or higher by Moody’s and which have a reset date not more than 90 days from the date of
acquisition thereof.

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

          “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in
respect of which Holdings or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

          “Preferred Equity Interests,” as applied to the Equity Interests of any person, shall mean
Equity Interests of any class or classes (however designated) that is

 

29

preferred as to the payment of dividends or distributions, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of such person, over Equity Interests
of any other class of such person.

          “Prepayment Event” shall mean:

     (a) any sale, transfer, lease or other disposition (it being understood that a
Casualty to, or a Condemnation of, any asset shall not be deemed to be a disposition
thereof) of any asset of Holdings or any Subsidiary that constitutes Non-ABL Priority
Collateral, other than (i) dispositions described in Sections 6.06(a), 6.06(b) and 6.06(c)
and (ii) other dispositions resulting in aggregate Net Cash Proceeds not exceeding $500,000
during any fiscal year of Holdings;

     (b) any release of the Crack Spread Hedging Cash Collateral from the Liens of the
Crack Spread Hedging Counterparty or the issuer of the Crack Spread Hedging Support LC, as
the case may be;

     (c) the incurrence by Holdings or any Subsidiary of any Indebtedness, other than any
Indebtedness permitted to be incurred by Section 6.01; or

     (d) the issuance by Holdings or the Borrower of any Equity Interests, or the receipt
by Holdings or the Borrower of any capital contribution, other than (i) any issuance of
directors’ qualifying shares, (ii) any issuance of common stock in Holdings to management
or employees of Holdings or any Subsidiary under any employee stock option or stock
purchase plan or any other employee benefit plan and (iii) the issuance of the Permitted
Compensation Incentive Equity Interests.

          “Prime Rate” shall mean the rate of interest per annum announced from time to time by Credit
Suisse as its prime rate in effect at its principal office in New York City. Each change in the
Prime Rate shall be effective from and including the date such change is announced as being
effective.

          “Proceeds Collateral Account” shall have the meaning assigned to such term in Section 10.06.

          “Proposed Obligations Service Plan” shall have the meaning assigned to such term in Section
10.05.

          “Proposed Work Budget” shall have the meaning assigned to such term in Section 10.05.

          “Proposed Work Plan” shall have the meaning assigned to such term in Section 10.05.

          “Recipient” shall have the meaning assigned to such term in Section 2.20(a).

 

30

          “Refinancing Indebtedness” shall mean, in respect of Indebtedness created under the Revolving
Credit Agreement, or under any credit agreement that extends, renews, refinances or replaces the
Revolving Credit Agreement (the “Original Indebtedness”), any Indebtedness created under an asset
based revolving credit agreement that extends, renews, refinances or replaces the Revolving Credit
Agreement (or such other credit agreement) as a whole and not in part; provided that (a) the
maturity of such Refinancing Indebtedness shall not be earlier, and the weighted average life to
maturity of such Refinancing Indebtedness shall not be shorter, than that of such Original
Indebtedness; (b) such Refinancing Indebtedness shall not be required to be repaid or prepaid (in
any manner), whether on one or more fixed dates, upon the occurrence of one or more events or at
the option of any holder thereof (except, in each case, (i) upon the occurrence of an event of
default or a change in control, (ii) as a result of the credit extensions thereunder exceeding the
borrowing base thereunder or (iii) as and to the extent such repayment or prepayment would have
been required pursuant to the terms of such Original Indebtedness) prior to the earlier of (A) the
maturity of such Original Indebtedness and (B) the date 180 days after the Maturity Date; and
(c) such Refinancing Indebtedness shall not be secured by any Lien on any asset other than the
assets that secured such Original Indebtedness (or would have been required to secure such Original
Indebtedness pursuant to the terms thereof), and the secured parties thereunder, or an agent on
their behalf, shall have become a party to the Intercreditor Agreement.

          “Register” shall have the meaning assigned to such term in Section 9.04(c).

          “Related Fund” shall mean, with respect to any Lender that is a fund that invests in bank
loans, any money market account, investment account, fund or other account that invests in bank
loans and is advised or managed by such Lender, an Affiliate of such Lender, the same investment
advisor as such Lender or by an Affiliate of such investment advisor.

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

          “Release” shall mean any actual or threatened release, spill, emission, leaking, dumping,
injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through
the environment or within or upon any building, structure, facility or fixture.

          “Repayment Date” shall have the meaning assigned to such term in Section 2.11(a).

          “Required
Lenders” shall mean, at any time, Lenders holding at
least
662/3% in principal amount
of the Loans outstanding at such time or, if no Loans shall be outstanding, Lenders holding at
least 662/3% in principal amount of the Commitments.

 

31

          “Responsible Officer” of any person shall mean the chairman of the board of directors, chief
executive officer or a Financial Officer of such person.

          “Restricted Payment” shall mean (a) any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in Holdings or any Subsidiary,
or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or
termination of any Equity Interests in Holdings or any Subsidiary, and (b) any management,
monitoring, transaction, advisory or similar fees payable to Parent, Holdings or any Affiliate of
either of the foregoing (other than any Subsidiary).

          “Retained Amount” shall mean, at any time, (a) the sum, for each of the Sweep Periods for
which (i) the percentage of the Excess Cash Flow required to be applied to prepay the Loans
pursuant to Section 2.13(b) is 25.0% and (ii) a Compliance Certificate setting forth the
calculation of the Excess Cash Flow for such Sweep Period shall have been delivered pursuant to
Section 5.04(c) prior to such time, of that portion of the Excess Cash Flow for any such Sweep
Period as the Borrower is not required to apply to prepay the Loans pursuant to Section 2.13(b)
(other than as a result of such portion being Deferred Excess Cash Flow), minus (b) the portion of
the Retained Amount previously utilized pursuant to Sections 6.04(m), 6.08(a)(iv), 6.08(b)(iv) and
6.15.

          “Revolving Collateral Agent” shall mean the person that, under the terms of the Intercreditor
Agreement, is the “Revolving Collateral Agent” thereunder.

          “Revolving Credit Agreement” shall mean the Loan and Security Agreement dated as of the date
hereof, among Holdings, the Borrower, each other Subsidiary that may from time to time become a
party thereto, the lenders party thereto and Bank of America, N.A., as agent.

          “Revolving Loan Documents” shall mean the Revolving Credit Agreement, the Revolving Security
Documents and all other instruments, agreements and documents evidencing, guaranteeing or otherwise
governing the terms of extensions of credit under the Revolving Credit Agreement.

          “Revolving Security Documents” shall mean any and all security agreements, pledge agreements,
mortgages and other agreements or documents pursuant to which any Liens are granted to secure any
Indebtedness or other obligations in respect of the Revolving Credit Agreement.

          “S&P” shall mean Standard & Poor’s Rating Service, a division of the McGraw-Hill Companies,
Inc.

          “Sale/Leaseback Transaction” shall mean an arrangement relating to property owned by Holdings
or any Subsidiary whereby Holdings or such Subsidiary sells or transfers such property to any
person and Holdings or any Subsidiary leases such property, or other property that it intends to
use for substantially the same purpose or purposes as the property sold or transferred, from such
person or its Affiliates.

 

32

          “Secured Obligations” shall have the meaning assigned to such term in the Guarantee and
Collateral Agreement.

          “Secured Parties” shall have the meaning assigned to such term in the Guarantee and Collateral
Agreement.

          “Security Documents” shall mean the Guarantee and Collateral Agreement, the Mortgages, the IP
Security Agreements, the Control Agreements and each other security agreement, mortgage or other
instrument or document executed and delivered pursuant to Section 5.09 or 5.10.

          “Seller” shall have the meaning assigned to such term in the recitals.

          “SPV” shall have the meaning assigned to such term in Section 9.04(h).

          “Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages (including any marginal, special, emergency or supplemental reserves),
expressed as a decimal, established by the Board of Governors and any other banking authority,
domestic or foreign, to which the Administrative Agent or any Lender (including any branch,
Affiliate, or other fronting office making or holding a Loan) is subject for Eurocurrency
Liabilities (as defined in Regulation D of the Board of Governors). Eurodollar Loans shall be
deemed to constitute Eurocurrency Liabilities (as defined in Regulation D of the Board of
Governors) and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. Statutory Reserves shall be adjusted automatically on
and as of the effective date of any change in any reserve percentage.

          “Stock Purchase Agreement” shall mean the Stock Purchase Agreement dated as of May 7, 2008,
among the Seller, the Borrower and, for the limited purposes set forth therein, the Acquired
Company, together with all definitive schedules, exhibits and other agreements effecting the terms
thereof or related thereto (including agreements identified therein as the “Other Agreements”).

          “subsidiary” shall mean, with respect to any person (referred to as the “parent”), any
corporation, partnership, limited liability company, association or other business entity (a) of
which securities or other ownership interests representing more than 50% of the equity or more than
50% of the ordinary voting power or more than 50% of the general partnership interests are, at the
time any determination is being made, owned, Controlled or held, or (b) that is, at the time any
determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the
parent or by the parent and one or more subsidiaries of the parent.

          “Subsidiary” shall mean any subsidiary of Holdings, including the Borrower.

 

33

          “Subsidiary Loan Party” shall mean each Subsidiary that is a party to the Guarantee and
Collateral Agreement. Unless the context otherwise requires, the term “Subsidiary Loan Party”
shall include the Borrower.

          “Sweep Period” shall mean (a) the period that begins on January 1, 2009 and ends on June 30,
2009, (b) the period that begins on July 1, 2009 and ends on December 31, 2009, (c) the period that
begins on January 1, 2010 and ends on June 30, 2010, (d) the period that begins on July 1, 2010 and
ends on September 30, 2010, (e) the period that begins on October 1, 2010 and ends on June 30, 2011
and (f) thereafter, each period of six consecutive months that (i) begins on July 1 of any calendar
year and ends on December 31 of such calendar year or (ii) begins on January 1 of any calendar year
and ends on June 30 of such calendar year.

          “Synthetic Lease” shall mean, as to any person, any lease (including leases that may be
terminated by the lessee at any time) of real or personal property, or a combination thereof,
(a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee
is deemed to own the property so leased for U.S. Federal income tax purposes, other than any such
lease under which such person is the lessor.

          “Synthetic Lease Obligations” shall mean, as to any person, an amount equal to the capitalized
amount of the remaining lease payments under any Synthetic Lease (determined, in the case of a
Synthetic Lease providing for an option to purchase the leased property, as if such purchase were
required at the end of the term thereof) that would appear on a balance sheet of such person
prepared in accordance with GAAP if such obligations were accounted for as Capital Lease
Obligations. For purposes of Section 6.02, a Synthetic Lease Obligation shall be deemed to be
secured by a Lien on the property being leased and such property shall be deemed to be owned by the
lessee.

          “Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions,
charges, liabilities or withholdings imposed by any Governmental Authority.

          “Terminal Casualty or Condemnation Event” shall mean (a) the occurrence of (i) a Casualty
(A) with respect to all or substantially all the Krotz Springs Refinery or (B) that would cost
$335,000,000 or more to repair or replace (excluding the cost of replacement of crude oil or
refined product inventory), where, in the reasonable judgment of the Required Lenders, such repair
or replacement is not expected to be completed on or prior to the six-month anniversary of the
occurrence of such Casualty (or such longer period as may be consented to by the Required Lenders),
or (ii) a Condemnation affecting all or substantially all the Krotz Springs Refinery or in respect
of which Condemnation Proceeds of $335,000,000 or more will be payable or (b) the occurrence of a
Material Casualty or Condemnation and any of (i) a determination by the Borrower not to repair or
replace the assets subject thereto, (ii) the failure of the Borrower to deliver to the Collateral
Agent a Work Certificate complying with Section 10.05(a) within 30 days after the occurrence of
such Material Casualty or Condemnation or (c) the permitted failure by the Collateral Agent to
accept the Proposed

 

34

Work Plan, Proposed Work Budget and Proposed Obligations Service Plan in respect of such
Material Casualty or Condemnation within 90 days after the occurrence of such Material Casualty or
Condemnation.

          “Total Indebtedness” shall mean, as of any date, the sum of (a) the aggregate principal amount
of Indebtedness of the Borrower and its subsidiaries outstanding as of such date, in the amount
that would be reflected on a balance sheet prepared as of such date on a consolidated basis in
accordance with GAAP, and (b) the aggregate principal amount of Indebtedness of the Borrower and
its subsidiaries outstanding as of such date that is not required to be reflected on a balance
sheet in accordance with GAAP, determined on a consolidated basis; provided that, for purposes of
clause (b) of this definition, the term “Indebtedness” shall not include contingent obligations of
the Borrower or any of its subsidiaries as an account party in respect of any letter of credit or
letter of guaranty to the extent such letter of credit or letter of guaranty does not support
Indebtedness.

          “Transaction Costs” shall mean the fees and expenses incurred by, or required to be reimbursed
or paid by, Holdings and the Subsidiaries in connection with the Transactions.

          “Transactions” shall mean (a) the consummation of the Acquisition and the Merger, (b) the
Holdings Contribution and the transfer by Holdings of all the proceeds thereof to the Borrower as a
contribution to the common equity of the Borrower, (c) the execution, delivery and performance by
each Loan Party of the Loan Documents to which it is to be a party, the borrowing of the Loans and
the use of the proceeds thereof, (d) the execution, delivery and performance by Holdings and the
Subsidiaries party thereto of the Revolving Loan Documents, the borrowing of loans and the issuance
of letters of credit thereunder and the use of the proceeds thereof, (e) the execution, delivery
and performance by the Borrower of the Crack Spread Hedging Agreement and (f) the payment of the
Transaction Costs.

          “Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to
which interest on such Loan or on the Loans comprising such Borrowing is determined. For purposes
hereof, the term “Rate” shall mean the Adjusted LIBO Rate and the Alternate Base Rate.

          “Voting Stock” of a person shall mean all classes of Equity Interests or other interests of
such person then outstanding and normally entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof.

          “wholly owned” shall mean, in respect of any subsidiary of any person, that Equity Interests
representing 100% of the issued and outstanding Equity Interests (except for directors’ qualifying
shares and, in respect of the Borrower, except for the Permitted Compensation Incentive Equity
Interests) of such subsidiary are, at the time any determination is being made, owned, beneficially
and of record, by such person, another wholly owned subsidiary of such person or any combination
thereof.

 

 35

          “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

          “Work Certificate” shall have the meaning assigned to such term in Section 10.05.

          SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. The words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all real and personal, tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. The word “law” shall be construed as referring to all
statutes, rules, regulations, codes and other laws (including official rulings and interpretations
thereunder having the force of law or with which affected persons customarily comply), and all
judgments, orders and decrees, of all Governmental Authorities. Unless the context requires
otherwise, (a) any definition of or reference to any agreement, instrument or other document
(including this Agreement) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or, in the case of
any Revolving Loan Document or any other document or instrument evidencing or governing the
Permitted ABL Facility, in the Intercreditor Agreement), (b) any definition of or reference to any
statute, rule or regulation shall be construed as referring thereto as from time to time amended,
supplemented or otherwise modified (including by succession of comparable successor laws), (c) any
reference herein to any person shall be construed to include such person’s successors and assigns
(subject to any restrictions on assignment set forth herein) and, in the case of any Governmental
Authority, any other Governmental Authority that shall have succeeded to any or all functions
thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof and
(e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Exhibits and Schedules to, this Agreement.

          SECTION 1.03. Accounting Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP as in effect from time to time; provided that, if the Borrower, by notice to
the Administrative Agent, shall request an amendment to any provision hereof to eliminate the
effect of any change occurring after the Closing Date in GAAP or in the application thereof on the
operation of such provision (or if the Administrative Agent or the Required Lenders, by notice to
the Borrower, shall request an amendment to any provision hereof for such purpose), regardless of
whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as

 

36

in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith.

          (b) All pro forma computations required to be made hereunder giving effect to any transaction
shall be calculated after giving pro forma effect thereto (and to any other such transaction
consummated since the first day of the period for which such pro forma computation is being made
and on or prior to the date of such computation) as if such transaction had occurred on the first
day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter
for which financial statements shall have been delivered pursuant to Section 5.04(a) or 5.04(b)
(or, prior to the delivery of any such financial statements, ending with the last fiscal quarter
included in the pro forma financial statements referred to in Section 3.05(b)), and, to the extent
applicable, the historical earnings and cash flows associated with the assets acquired or disposed
of and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of
Regulation S-X under the Securities Act of 1933. If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the date of determination had been the applicable rate for the entire
period (taking into account any Hedging Agreement applicable to such Indebtedness if such Hedging
Agreement has a remaining term in excess of 12 months).

          SECTION 1.04. Effectuation of Transactions. On and after the Effective Date, all references
herein to Holdings and the Subsidiaries shall be deemed to be references to such persons, and all
the representations and warranties of the Loan Parties contained in this Agreement and the other
Loan Documents shall be deemed made, in each case, after giving effect to the Acquisition, the
Merger and the other Transactions to occur on the Effective Date, unless the context otherwise
requires.

ARTICLE II

The Credits

          SECTION 2.01. Commitments and Loans. Subject to the terms and conditions and relying upon the
representations and warranties herein set forth, each Lender agrees to make a Loan in dollars to
the Borrower on the Effective Date in a principal amount not to exceed such Lender’s Commitment.
Amounts repaid or prepaid in respect of the Loans may not be reborrowed. Notwithstanding anything
to the contrary contained herein (and without affecting any other provision hereof), the funded
portion of each Loan to be made on the Effective Date (i.e., the amount advanced in cash to the
Borrower on the Effective Date) shall be equal to 96.0% of the principal amount of such Loan (it
being agreed that the Borrower shall be obligated to repay 100.0% of the principal amount of each
such Loan as provided hereunder).

          SECTION 2.02. Loans. (a) Each Loan shall be made as part of a single Borrowing consisting of
the Loans made by the Lenders ratably in accordance with their Commitments. The failure of any
Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend
hereunder; provided, however, that the

 

37

Commitments of the Lenders are several and no Lender shall be responsible for the failure of
any other Lender to make any Loan required to be made by such other Lender.

          (b) Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR Loans
or Eurodollar Loans as the Borrower may request pursuant to Section 2.03 or 2.10. Each Lender may
at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of
such Lender to make such Loan; provided that any exercise of such option shall not (i) affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement or
(ii) be inconsistent with the obligations of such Lender under Section 2.21.

          (c) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
by wire transfer of immediately available funds not later than 11:00 a.m., New York City time, to
the account of the Administrative Agent most recently designated by it for such purpose by notice
to the Lenders. The Administrative Agent shall promptly remit the amounts so received to an
account designated by the Borrower in the Borrowing Request or, if a Borrowing shall not occur on
such date because any condition precedent herein specified shall not have been met, shall return
the amounts so received to the respective Lenders.

          (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date
of the Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
portion of such Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in accordance with
paragraph (c) of this Section, and the Administrative Agent may, in reliance upon such assumption,
make available to the Borrower on such date a corresponding amount. If the Administrative Agent
shall have so made funds available, then, to the extent that such Lender shall not have made such
portion available to the Administrative Agent, such Lender and the Borrower severally agree to
repay to the Administrative Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date such amount is made available to the Borrower to but
excluding the date such amount is repaid to the Administrative Agent, at (i) in the case of the
Borrower, a rate per annum equal to the interest rate applicable at the time to the Loans
comprising such Borrowing and (ii) in the case of such Lender, a rate determined by the
Administrative Agent to represent its cost of overnight or short-term funds (which determination
shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent
such corresponding amount, such amount shall constitute such Lender’s Loan as part of such
Borrowing for purposes of this Agreement.

          SECTION 2.03. Borrowing Procedure. In order to request the Borrowing under Section 2.01, the
Borrower shall hand deliver or fax to the Administrative Agent a duly completed Borrowing Request
(a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three
Business Days before the proposed Borrowing, and (b) in the case of an ABR Borrowing, not later
than 12:00 (noon), New York City time, on the day of the proposed Borrowing. The Borrowing Request
shall be irrevocable, shall be signed by or on behalf of the Borrower

 

38

and shall specify the following information: (i) whether the Borrowing is to be a Eurodollar
Borrowing or an ABR Borrowing; (ii) the date of the Borrowing (which shall be a Business Day);
(iii) the number and location of the account to which funds are to be disbursed; (iv) the amount of
the Borrowing; and (v) if the Borrowing is to be a Eurodollar Borrowing, the initial Interest
Period with respect thereto; provided, however, that, notwithstanding any contrary specification in
the Borrowing Request, the Borrowing shall comply with the requirements set forth in Section 2.02.
If no election as to the Type of Borrowing is specified in such notice, then the requested
Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar
Borrowing is specified in such notice, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. The Administrative Agent shall promptly advise the
Lenders of any notice given pursuant to this Section (and the contents thereof), and of each
Lender’s portion of the requested Borrowing.

          SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender the then unpaid
principal amount of the Loan of such Lender on the Maturity Date and, prior thereto, as provided in
Section 2.11.

          (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from the Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time under this Agreement.

          (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of
each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder from any Loan Party for account of the Lenders and each Lender’s share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of this
Section shall be prima facie evidence of the existence and amounts of the obligations therein
recorded; provided that the failure of any Lender or the Administrative Agent to maintain such
accounts or any error therein shall not in any manner affect the obligations of the Borrower to
repay the Loans in accordance with the terms of this Agreement.

          (e) Any Lender may request that the Loan made by it hereunder be evidenced by a promissory
note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory
note payable to such Lender and its registered assigns and in form and substance reasonably
acceptable to the Administrative Agent and the Borrower. Notwithstanding any other provision of
this Agreement, in the event any Lender shall request and receive such a promissory note, the
interests represented by such note shall at all times (including after any assignment of all or
part of such interests pursuant to Section 9.04) be represented by one or more promissory notes in
such form payable to the payee named therein or its registered assigns.

 

39

          SECTION 2.05. Fees. (a) The Borrower agrees that, in the event the Effective Date shall not
have occurred on or prior to August 15, 2008, the Borrower shall pay to each Lender, through the
Administrative Agent, on the earlier to occur of (i) the Effective Date and (ii) the date of the
termination of such Lender’s Commitment pursuant to Section 2.09 (the required date of such payment
being referred to as the “Commitment Fee Payment Date”), a commitment fee (a “Commitment Fee”) that
shall accrue at 3.75% per annum on the daily unused amount of such Lender’s Commitment during the
period from and including August 16, 2008, to but excluding the Commitment Fee Payment Date. The
Commitment Fee shall be computed on the basis of the actual number of days elapsed in a year of 360
days.

          (b) The Borrower agrees to pay to the Administrative Agent, for its own account, the
administrative fees set forth in the Fee Letter (the “Administrative Agent Fees”), at the times and
in the amounts specified therein.

          (c) All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent, for distribution, in the case of the Commitment Fees, to the Lenders entitled
thereto. Once paid, none of the Fees shall be refundable under any circumstances.

          SECTION 2.06. Interest on Loans. (a) Subject to the provisions of Sections 2.07 and 9.09,
the Loans comprising each ABR Borrowing shall bear interest (computed on the basis of the actual
number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base
Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times
and calculated from and including the date of such Borrowing to but excluding the date of repayment
thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided,
however, that, for purposes of this paragraph, if the Alternate Base Rate shall be below 4.25% per
annum on any day, it shall be deemed to be 4.25% per annum for such day.

          (b) Subject to the provisions of Sections 2.07 and 9.09, the Loans comprising each Eurodollar
Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a
year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing plus the Applicable Margin; provided, however, that, for purposes of this
paragraph, if the Adjusted LIBO Rate for any Interest Period in effect for any Borrowing shall be
below 3.25%, then the Adjusted LIBO Rate for such Interest Period shall be deemed to be 3.25%.

          (c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such
Loan, except as otherwise provided in this Agreement. The applicable Alternate Base Rate or
Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be,
shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

          SECTION 2.07. Default Interest. At any time when a Default or an Event of Default shall have
occurred and be continuing, each of the interest rates referred

 

40

to in Section 2.06 shall be increased by 2.00% per annum. If the Borrower shall default in
the payment of any amount (other than the principal of any Loan) becoming due hereunder or under
any other Loan Document, the Borrower shall on demand from time to time pay interest, to the extent
permitted by law, on such defaulted amount to but excluding the date of actual payment (after as
well as before judgment), at the rate per annum that would be applicable to an ABR Loan under
Section 2.06 plus 2.00% per annum.

          SECTION 2.08. Alternate Rate of Interest. In the event, and on each occasion, that on the day
two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the
Administrative Agent shall have determined that dollar deposits in the principal amounts of the
Loans comprising such Borrowing are not generally available in the London interbank market, or that
the rates at which such dollar deposits are being offered will not adequately and fairly reflect
the cost to any Lender of making or maintaining its Eurodollar Loan during such Interest Period, or
that reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the Administrative
Agent shall, as soon as practicable thereafter, give written or fax notice or notice by electronic
communication of such determination to the Borrower and the Lenders. In the event of any such
determination, until the Administrative Agent shall have advised the Borrower and the Lenders that
the circumstances giving rise to such notice no longer exist, any request by the Borrower for a
Eurodollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a request for an
ABR Borrowing. Each determination by the Administrative Agent under this Section shall be
conclusive absent manifest error.

          SECTION 2.09. Termination and Reduction of Commitments.
(a) Unless previously terminated, the Commitments shall automatically permanently terminate
on the earlier of (i) 5:00 p.m., New York City time, on the Effective Date and (ii) 5:00 p.m., New
York City time, on August 29, 2008.

          (b) The Borrower may at any time permanently terminate, or from time to time permanently
reduce, the Commitments; provided that each reduction of the Commitments shall be in an amount that
is an integral multiple of $5,000,000 and not less than $10,000,000. The Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Commitments under this paragraph at
least three Business Days prior to the effective date of such termination or reduction, specifying
the effective date thereof. Promptly following receipt of any such notice, the Administrative
Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower
pursuant to this paragraph shall be in writing and shall be irrevocable. Each reduction of the
Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments.

          SECTION 2.10. Conversion and Continuation of Borrowings.
(a) The Borrower shall have the right at any time upon prior irrevocable telephonic notice to
the Administrative Agent (i) not later than 12:00 (noon), New York City time, on the day of the
proposed conversion, to convert any Eurodollar Borrowing into an ABR Borrowing, (ii) not later than
12:00 (noon), New York City time, three Business Days prior to conversion or continuation, to
convert any ABR Borrowing into a Eurodollar

 

41

Borrowing or to continue any Eurodollar Borrowing as a Eurodollar Borrowing for an additional
Interest Period, and (iii) not later than 12:00 (noon), New York City time, three Business Days
prior to conversion, to convert the Interest Period with respect to any Eurodollar Borrowing to
another permissible Interest Period, in each case followed by prompt written notice, subject in
each case to the following:

     (A) each conversion or continuation shall be made pro rata among the Lenders in
accordance with the respective principal amounts of the Loans comprising the converted or
continued Borrowing;

     (B) if less than all the outstanding principal amount of any Borrowing shall be
converted or continued, then each resulting Borrowing shall be in an aggregate principal
amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided,
however, that the Borrower shall not be entitled to request any Borrowing that, if made,
would result in more than six Eurodollar Borrowings outstanding hereunder at any time (with
Borrowings having different Interest Periods, regardless of whether they commence on the
same date, being considered separate Borrowings);

     (C) each conversion shall be effected by each Lender and the Administrative Agent by
recording for the account of such Lender the new Loan of such Lender resulting from such
conversion and reducing the Loan (or portion thereof) of such Lender being converted by an
equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof)
being converted shall be paid by the Borrower at the time of conversion;

     (D) if any Eurodollar Borrowing is converted at a time other than the end of the
Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to
the Lenders pursuant to Section 2.16;

     (E) any portion of a Borrowing maturing or required to be repaid in less than one
month may not be converted into or continued as a Eurodollar Borrowing;

     (F) any portion of a Eurodollar Borrowing that cannot be converted into or continued
as a Eurodollar Borrowing by reason of the immediately preceding clause shall be
automatically converted at the end of the Interest Period in effect for such Borrowing into
an ABR Borrowing; and

     (G) upon notice to the Borrower from the Administrative Agent given at the request of
the Required Lenders, after the occurrence and during the continuance of a Default or an
Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar
Loan.

          (b) Each notice pursuant to this Section shall be irrevocable and shall refer to this
Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be
converted or continued, (ii) whether such Borrowing is to be converted to or continued as a
Eurodollar Borrowing or an ABR Borrowing, (iii) the date

 

42

of such conversion or continuation (which shall be a Business Day) and (iv) if such Borrowing
is to be converted to or continued as a Eurodollar Borrowing, the Interest Period with respect
thereto. If no Interest Period is specified in any such notice with respect to any conversion to
or continuation as a Eurodollar Borrowing, the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. The Administrative Agent shall advise the Lenders of any
notice given pursuant to this Section and of each Lender’s portion of any converted or continued
Borrowing. If the Borrower shall not have given notice in accordance with this Section to continue
any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in
accordance with this Section to convert such Borrowing), such Borrowing shall, at the end of the
Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be
converted into an ABR Borrowing.

     SECTION 2.11. Repayment of Borrowings. (a) The Borrower shall pay to the Administrative
Agent, for the account of the Lenders, on each of the dates set forth below, or if any such date is
not a Business Day, on the next preceding Business Day (each such date being called a “Repayment
Date”), a principal amount of the Loans equal to the amount set forth opposite such date (as
adjusted from time to time pursuant to Sections 2.11(b), 2.12(c), 2.13(d) and 2.22(c)), together in
each case with accrued and unpaid interest on the principal amount to be paid to but excluding the
date of such payment:

	 	 	 	 	 
	Repayment Date	 	Amount
	March 31, 2009
	 	$	4,600,000	 
	June 30, 2009
	 	$	4,600,000	 
	September 30, 2009
	 	$	4,600,000	 
	December 31, 2009
	 	$	4,600,000	 
	March 31, 2010
	 	$	3,825,000	 
	June 30, 2010
	 	$	3,825,000	 
	September 30, 2010
	 	$	3,825,000	 
	December 31, 2010
	 	$	3,825,000	 
	March 31, 2011
	 	$	3,075,000	 
	June 30, 2011
	 	$	3,075,000	 
	September 30, 2011
	 	$	3,075,000	 
	December 31, 2011
	 	$	3,075,000	 
	March 31, 2012
	 	$	2,300,000	 
	June 30, 2012
	 	$	2,300,000	 
	September 30, 2012
	 	$	2,300,000	 
	December 31, 2012
	 	$	2,300,000	 
	March 31, 2013
	 	$	1,525,000	 
	June 30, 2013
	 	$	1,525,000	 
	September 30, 2013
	 	$	1,525,000	 
	December 31, 2013
	 	$	1,525,000	 

 

43

          (b) In the event the aggregate amount of the Commitments on the Closing Date shall exceed the
aggregate principal amount of the Loans made on the Effective Date, the installments payable on
Repayment Dates under paragraph (a) above shall be reduced ratably by an aggregate amount for all
such installments equal to the amount of such excess.

          (c) Upon the occurrence of a Terminal Casualty or Condemnation Event, upon the demand of the
Required Lenders, all Loans shall become due and payable in full and the Borrower shall repay all
such Loans, together with all accrued but unpaid interest thereon to but excluding the date of
payment and all Fees and other amounts accrued but unpaid hereunder.

          (d) To the extent not previously paid, all Loans shall be due and payable on the Maturity
Date, together with all accrued but unpaid interest thereon to but excluding the date of payment.

          (e) All repayments pursuant to this Section shall be subject to Section 2.16, but shall
otherwise be without premium or penalty.

          SECTION 2.12. Optional Prepayments. (a) The Borrower shall have the right at any time and
from time to time to repay any Borrowing, in whole or in part, upon at least three Business Days’
prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in
the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by
written or fax notice) on the date designated for such prepayment in the case of ABR Loans, to the
Administrative Agent before 12:00 (noon), New York City time; provided, however, that each partial
prepayment shall be in an amount that is an integral multiple of $1,000,000 and not less than
$5,000,000. The Administrative Agent shall promptly advise the Lenders of any notice given
pursuant to this Section and of each Lender’s portion of any prepayment.

          (b) All prepayments pursuant to this Section shall be subject to Section 2.16, but shall
otherwise be without premium or penalty.

          (c) Any prepayment pursuant to this Section shall be applied pro rata against the remaining
scheduled installments of principal due in respect of the Loans under Section 2.11.

          (d) Each notice of prepayment shall specify the prepayment date and the principal amount of
each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the
Borrower to prepay such Borrowing by the amount stated therein on the date stated therein. All
prepayments under this Section shall be accompanied by accrued and unpaid interest on the principal
amount prepaid to but excluding the date of payment.

          SECTION 2.13. Mandatory Prepayments. (a) In the event and on each occasion that Holdings or
any Subsidiary shall receive any Net Cash Proceeds in respect of any Prepayment Event, the Borrower
shall, on the day such Net Cash Proceeds are

 

44

received (or, in the case of a Prepayment Event described in clause (a) of the definition of
such term, within three Business Days after such Net Cash Proceeds are received), prepay Loans in
an aggregate amount equal to (i) 50% of such Net Cash Proceeds, in the case of Net Cash Proceeds in
respect of any Prepayment Event described in clause (d) of the definition of such term, and (ii)
100% of such Net Cash Proceeds, in the case of Net Cash Proceeds in respect of any other Prepayment
Event; provided that, in the case of any event described in clause (a) of the definition of the
term “Prepayment Event”, if each of Holdings and the Borrower shall, prior to the date of the
required prepayment, deliver to the Administrative Agent a certificate of its Financial Officer to
the effect that the Borrower intends to cause the Net Cash Proceeds from such event (or a portion
thereof specified in such certificate) to be applied within 270 days after receipt of such Net Cash
Proceeds to acquire real property, equipment or other fixed assets to be used in the business of
the Borrower and its subsidiaries and certifying that no Default or Event of Default has occurred
and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of
the Net Cash Proceeds from such event (or the portion of such Net Cash Proceeds specified in such
certificate, if applicable) except to the extent of any such Net Cash Proceeds that have not been
so applied by the end of such 270-day period, at which time a prepayment shall be required in an
amount equal to the Net Cash Proceeds that have not been so applied; provided further that, prior
to such application or prepayment, such Net Cash Proceeds (or such portion thereof, if applicable)
shall be deposited into a cash collateral account with respect to which the Collateral Agent shall
have received a counterpart, duly executed and delivered by the Borrower and the depositary bank
with respect thereto, of a Control Agreement (an “Asset Sales Collateral Account”).

          (b) Subject to Section 2.23(a), following the end of each Sweep Period, the Borrower shall
prepay Loans in an aggregate amount equal to (i) 100.0% (or, if the Leverage Ratio as of the last
day of such Sweep Period shall have been less than 0.50 to 1.00, 25.0%) of Excess Cash Flow for
such Sweep Period less (ii) any optional prepayment of Loans made by the Borrower pursuant to
Section 2.12 during such Sweep Period; provided, however, that no prepayment shall be required
pursuant to this paragraph with respect to Excess Cash Flow for any Sweep Period if, and only to
the extent that, at the time such prepayment is required to be made pursuant to this paragraph, (A)
an ABL Availability Deficit shall have occurred as of the last day of the month most recently ended
prior to such time or would result therefrom or (B) an ABL Event of Default shall have occurred and
be continuing (any Excess Cash Flow not applied to prepay Loans by reason of this proviso (unless
subsequently so applied pursuant to the immediately following proviso) is being referred to as the
“Deferred Excess Cash Flow”); provided further, however, that, at any time the Deferred Excess Cash
Flow shall be greater than zero, and so long as no ABL Availability Deficit and no ABL Event of
Default shall have occurred and be continuing at such time, the Borrower shall prepay Loans in an
aggregate amount equal to the amount, if any, by which (x) the Deferred Excess Cash Flow at such
time exceeds (y) the ABL Availability Threshold at such time. Each prepayment pursuant to this
paragraph shall be made no later than the fifth day following the date on which financial
statements covering the most recent fiscal quarter of the Borrower included in such Sweep Period
are first delivered pursuant to Section 5.01(a) or 5.01(b) (and in any event no later than the
fifth day following the last

 

45

day on which such financial statements may be delivered in compliance with such Section);
provided, however, that each prepayment required to be made pursuant to the immediately preceding
proviso shall be made no later than the first Business Day following the date of the satisfaction
of the requirements to the making of such prepayment set forth in such proviso.

          (c) All prepayments pursuant to this Section shall be subject to Section 2.16, but shall
otherwise be without premium or penalty.

          (d) Any prepayment pursuant to this Section shall be applied pro rata against the remaining
scheduled installments of principal due in respect of the Loans under Section 2.11.

          (e) Notwithstanding any other provision of this Section, the Borrower may defer any mandatory
prepayment of less than $250,000 that otherwise would be required to be made under this Section
(other than, until and unless the Debt Service Reserve Account Requirement shall have been
satisfied, any payment under paragraph (b) above that is required to be deposited into the Debt
Service Reserve Account pursuant to Section 2.23(a)) until the aggregate amount of (i) all
mandatory prepayments so deferred and not theretofore made and (ii) any mandatory prepayment then
due shall be at least $250,000, at which time the Borrower shall make all such deferred
prepayments; provided, however, that prior to the application of such deferred amounts pursuant to
this Section, such amounts shall be deposited into an Asset Sales Collateral Account.

          (f) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment
required under this Section, (i) a certificate signed by a Financial Officer of each of Holdings
and the Borrower setting forth in reasonable detail the calculation of the amount of such
prepayment and (ii) to the extent practicable, at least five Business Days’ prior written or fax
notice. Each such notice shall specify the prepayment date and the principal amount of each
Borrowing (or portion thereof) to be prepaid. Promptly following receipt of any such notice, the
Administrative Agent shall advise the Lenders of any notice given pursuant to this Section and of
each Lender’s portion of any prepayment. Prepayments shall be accompanied by accrued interest on
the amounts prepaid.

          SECTION 2.14. Reserve Requirements; Change in Circumstances.
(a) Notwithstanding any other provision of this Agreement, if any Change in Law (other than
relating to Taxes) shall impose, modify or deem applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets of, deposits with or for the account
of or credit extended by any Lender (except any such reserve requirement which is reflected in the
Adjusted LIBO Rate) or shall impose on any Lender or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender, and
the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to
reduce the amount of any sum received or receivable by such Lender hereunder (whether of

 

46

principal, interest or otherwise) by an amount deemed by such Lender to be material, then the
Borrower from time to time shall pay to such Lender upon demand such additional amount or amounts
as will compensate such Lender for such additional costs or expenses incurred or reduction
suffered.

          (b) If any Lender shall have determined that any Change in Law (other than relating to Taxes)
regarding capital adequacy has or would have the effect of reducing the rate of return on such
Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of
this Agreement or the Loans made by such Lender pursuant hereto to a level below that which such
Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect
to capital adequacy), in each case by an amount deemed by such Lender to be material, then from
time to time the Borrower shall pay to such Lender upon demand such additional amount or amounts as
will compensate such Lender or such Lender’s holding company for any such reduction suffered.

          (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or such Lender’s holding company, as specified in paragraph (a) or (b) of this Section,
shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate delivered by it within
20 days after its receipt of the same.

          (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section
shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender pursuant to this Section for any increased
costs or expenses incurred or reductions suffered more than 120 days prior to the date that such
Lender notifies the Borrower of the Change in Law giving rise to such increased costs or expenses
or reductions and of such Lender’s intention to claim compensation therefor; provided further that,
if the Change in Law giving rise to such increased costs or expenses or reductions is retroactive,
then the 120-day period referred to above shall be extended to include the period of retroactive
effect thereof.

          SECTION 2.15. Change in Legality. (a) Notwithstanding any other provision of this Agreement,
if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan
or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan,
then, by written notice to the Borrower and to the Administrative Agent:

     (i) such Lender may declare that Eurodollar Loans will not thereafter (for the
duration of such unlawfulness) be made by such Lender hereunder (or be continued for
additional Interest Periods) and ABR Loans will not thereafter (for such duration) be
converted into Eurodollar Loans, whereupon any request for a Eurodollar Borrowing (or to
convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing
for an additional Interest Period) shall, as to such Lender only, be deemed a request for
an ABR Loan (or a

 

47

     request to continue an ABR Loan as such for an additional Interest Period or to
convert a Eurodollar Loan into an ABR Loan, as the case may be), unless such declaration
shall be subsequently withdrawn; and

     (ii) such Lender may require that all outstanding Eurodollar Loans made by it be
converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically
converted to ABR Loans as of the effective date of such notice as provided in paragraph (b)
of this Section.

In the event any Lender shall exercise its rights under clause (i) or (ii) above, all payments and
prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that
would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead
be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion
of, such Eurodollar Loans.

          (b) For purposes of this Section, a notice to the Borrower by any Lender shall be effective as
to each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period then
applicable to such Eurodollar Loan; in all other cases such notice shall be effective on the date
of receipt by the Borrower.

          SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender against any loss or expense
that such Lender may sustain or incur as a consequence of (a) any event, other than a default by
such Lender in the performance of its obligations hereunder, which results in (i) such Lender
receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan
prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar
Loan to an ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar Loan,
in each case other than on the last day of the Interest Period in effect therefor, or (iii) any
Eurodollar Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to a
conversion or continuation under Section 2.10) not being made after notice of such Loan shall have
been given by the Borrower hereunder (any of the events referred to in this clause (a) being called
a “Breakage Event”) or (b) any default in the making of any payment or prepayment required to be
made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the
excess, as reasonably determined by such Lender, of (A) its cost of obtaining funds for the
Eurodollar Loan that is the subject of such Breakage Event for the period from the date of such
Breakage Event to the last day of the Interest Period in effect (or that would have been in effect)
for such Loan over (B) the amount of interest likely to be realized by such Lender in redeploying
the funds released or not utilized by reason of such Breakage Event for such period. A certificate
of any Lender setting forth any amount or amounts which such Lender is entitled to receive pursuant
to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.

          SECTION 2.17. Pro Rata Treatment. Except as required under Section 2.15, each Borrowing, each
payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each
reduction of the Commitments and each conversion of any Borrowing to or continuation of any
Borrowing as a Borrowing of any

 

48

Type shall be allocated pro rata among the Lenders in accordance with their respective
Commitments (or, if the Commitments shall have terminated, in accordance with the respective
principal amounts of their outstanding Loans). Each Lender agrees that in computing such Lender’s
portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion,
round each Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount.

          SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise
of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party,
or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means,
obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the
unpaid principal portion of its Loans shall be proportionately less than the unpaid principal
portion of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from
such other Lender at face value, and shall promptly pay to such other Lender the purchase price
for, a participation in the Loans of such other Lender, so that the aggregate unpaid principal
amount of the Loans and participations in Loans held by each Lender shall be in the same proportion
to the aggregate unpaid principal amount of all Loans then outstanding as the principal amount of
its Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the
principal amount of all Loans outstanding prior to such exercise of banker’s lien, setoff or
counterclaim or other event; provided, however, that (a) if any such purchase or purchases or
adjustments shall be made pursuant to this Section and the payment giving rise thereto shall
thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent
of such recovery and the purchase price or prices or adjustment restored without interest and (b)
the provisions of this Section shall not be construed to apply to any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a
Lender as consideration for the assignment of or sale of a participation in any of its Loans to any
assignee or participant, other than to Holdings, the Borrower, Parent or any other Affiliate of
Holdings or Parent (as to which the provisions of this Section shall apply). The Borrower and
Holdings expressly consent to the foregoing arrangements and agree that any Lender holding a
participation in a Loan deemed to have been so purchased may exercise any and all rights of
banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower or
Holdings to such Lender by reason thereof as fully as if such Lender had made a Loan directly to
the Borrower in the amount of such participation.

          SECTION 2.19. Payments. (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or any Fees or other amounts) hereunder and under any other Loan Document
not later than 2:00 p.m., New York City time, on the date when due in immediately available
dollars, without setoff, defense or counterclaim. Each such payment shall be made to the
Administrative Agent at its offices at Eleven Madison Avenue, New York, NY 10010. The
Administrative Agent shall promptly distribute to each Lender any payments received by the
Administrative Agent on behalf of such Lender. Any amounts received after such time on any date
may,

 

49

in the sole discretion of the Administrative Agent, be deemed to have been received on the
next succeeding Business Day for purposes of calculating interest thereon.

          (b) Except as otherwise expressly provided herein, whenever any payment (including principal
of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan
Document shall become due, or otherwise would occur, on a day that is not a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of interest or Fees, if applicable.

          (c) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders that
the Borrower will not make such payment, the Administrative Agent may assume, in its sole
discretion, that the Borrower has made such payment on such date in accordance with paragraph (a)
of this Section, and the Administrative Agent may, in reliance upon such assumption, disburse such
payment to the Lenders in accordance with this Agreement. If the Administrative Agent shall have
so disbursed the payment to the Lenders, to the extent that the Borrower shall not have made the
payment to the Administrative Agent, each Lender agrees to return any amount paid to it by the
Administrative Agent in reliance on this paragraph forthwith on demand together with interest
thereon, for each day from and including the date such amount is disbursed to it to but excluding
the date of payment to the Administrative Agent, at a rate determined by the Administrative Agent
to represent its cost of overnight or short-term funds (which determination shall be conclusive
absent manifest error).

          (d) If any Lender shall fail to make any payment required to be made by it to the
Administrative Agent pursuant to Sections 2.02(d), 2.18 or 9.05(c), then the Administrative Agent
may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts
thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

          SECTION 2.20. Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower or any other Loan Party hereunder or under any other Loan Document, whether to the
Administrative Agent, any Lender or any other person to which any such obligation is owed (each of
the foregoing being called a “Recipient”), shall be made free and clear of and without deduction
for any Indemnified Taxes or Other Taxes; provided that if the Borrower or any other Loan Party
shall be required to deduct any Indemnified Taxes or Other Taxes from any such payment, then
(i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section) the Recipient
receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower or such other Loan Party shall make such deductions and (iii) the Borrower or
such other Loan Party shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

 

50

          (b) In addition, the Borrower and each other Loan Party shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law.

          (c) The Borrower shall indemnify each Recipient, within 20 days after written demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes paid by such Recipient on or with
respect to any payment by or on account of any obligation of the Borrower or any other Loan Party
hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower
by the Recipient, or by the Administrative Agent on behalf of the Recipient, shall be conclusive
absent manifest error. If a Recipient determines, in its sole discretion, that it has received a
refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower
or with respect to which the Borrower has paid additional amounts pursuant to this Section, it
shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section with respect to the Indemnified Taxes
or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Recipient and
without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund); provided that the Borrower, upon the request of such Recipient, agrees to repay to
such Recipient the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event such Recipient is required to repay
such refund to such Governmental Authority. This Section shall not be construed to require any
Recipient to make available its tax returns (or any other information relating to its taxes which
it deems confidential) to the Borrower or any other person.

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

          (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the laws of the United States of America, or any treaty to which the United States of America
is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly
completed and executed documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a reduced rate.

          (f) Any Lender that is a “United States person”, as defined in Section 7701(a)(30) of the
Code, shall deliver to the Borrower and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this

 

51

Agreement (and from time to time thereafter) duly completed original signed copies of IRS Form
W-9, or any successor form, in order to comply with U.S. backup withholding requirements.

          SECTION 2.21. Replacement of Lenders Under Certain Circumstances; Duty to Mitigate. (a) In
the event (i) any Lender defaults in its obligation to fund Loans hereunder, (ii) any Lender
delivers a certificate requesting compensation pursuant to Section 2.14, (iii) any Lender delivers
a notice described in Section 2.15, (iv) the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority on account of any Lender pursuant to Section 2.20 or (v)
any Lender withholds its consent to any proposed amendment, modification or waiver of any Loan
Document that cannot become effective without the consent of such Lender under Section 9.08, and
that has been consented to by the Required Lenders, the Borrower may, at its sole expense and
effort (including with respect to the processing and recordation fee referred to in Section
9.04(b)), upon notice to such Lender and the Administrative Agent, require such Lender to transfer
and assign, without recourse (in accordance with and subject to the restrictions contained in
Section 9.04), all of its interests, rights and obligations under this Agreement and any other Loan
Document to an Eligible Assignee that shall assume such assigned obligations and, with respect to
clause (v) above, shall consent to such proposed amendment, modification or waiver of any Loan
Document (which assignee may be another Lender, if a Lender accepts such assignment); provided that
(x) such assignment shall not conflict with any law, rule or regulation or order of any court or
other Governmental Authority having jurisdiction, (y) the Borrower shall have received the prior
written consent of the Administrative Agent, which consent shall not unreasonably be withheld or
delayed, and (z) the Borrower or such assignee shall have paid to the affected Lender in
immediately available funds an amount equal to the sum of the principal of and interest accrued to
the date of such payment on the outstanding Loans of such Lender plus all other amounts accrued for
the account of such Lender hereunder (including any amounts under Sections 2.14 and 2.16); provided
further that, if prior to any such transfer and assignment in accordance with clause (ii), (iii) or
(iv), the circumstances or event that resulted in such Lender’s claim for compensation under
Section 2.14 or notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case
may be, cease to cause such Lender to suffer increased costs, expenses or reductions in amounts
received or receivable or reduction in return on capital, or cease to have the consequences
specified in Section 2.15, or cease to result in amounts being payable under Section 2.20, as the
case may be (including as a result of any action taken by such Lender pursuant to paragraph (b) of
this Section), or if such Lender shall waive its right to claim further compensation under
Section 2.14 in respect of such circumstances or event or shall withdraw its notice under
Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of such
circumstances or event or shall consent to the proposed amendment, modification or waiver, as the
case may be, then such Lender shall not thereafter be required to make any such transfer and
assignment hereunder. Each Lender hereby grants to the Administrative Agent an irrevocable power
of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such
Lender as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such
Lender’s interests hereunder in the circumstances contemplated by this paragraph.

 

52

          (b) If (i) any Lender shall request compensation under Section 2.14, (ii) any Lender delivers
a notice described in Section 2.15 or (iii) the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority on account of any Lender pursuant to Section 2.20, then
such Lender shall use reasonable efforts (which shall not require such Lender to incur an
unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with
its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden
deemed by it to be significant) (x) to file any certificate or document reasonably requested in
writing by the Borrower or (y) to assign its rights and delegate and transfer its obligations
hereunder to another of its offices, branches or affiliates, if such filing or assignment would
reduce its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant
to Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the case may be, in
the future. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such filing or assignment, delegation and transfer.

          SECTION 2.22. Parent Change of Control Put. (a) Upon the occurrence of a Parent Change of
Control, each Lender shall have the right to require the Borrower to prepay such Lender’s Loans at
101.0% of the aggregate principal amount thereof on the date of such prepayment. All prepayments
under this Section shall be accompanied by accrued and unpaid interest on the principal amount
prepaid to but excluding the date of payment and shall be subject to Section 2.16.

          (b) Within 30 days following any Parent Change of Control, the Borrower shall provide written
notice to each Lender, with a copy to the Administrative Agent, stating:

     (i) that a Parent Change of Control has occurred and that such Lender has the right to
require the Borrower to prepay such Lender’s Loans in accordance with this Section (such
right being called the “Parent Change of Control Put”);

     (ii) the circumstances and relevant facts regarding such Parent Change of Control;

     (iii) the prepayment date (which shall be no earlier than 30 days nor later than
60 days from the date such notice is given); and

     (iv) the instructions that a Lender must follow in order to have its Loans prepaid
under this Section (which shall be consistent with this Section and shall be determined by
the Borrower and reasonably satisfactory to the Administrative Agent).

          (c) The Borrower shall prepay in accordance with paragraph (a) above all Loans (together with
all other amounts referred to in paragraph (a) above) as to which the Parent Change of Control Put
shall have been exercised, on the prepayment date specified in the notice referred to in
paragraph (b) above. Any prepayment pursuant to this Section (but not, for the avoidance of doubt,
in excess of 100.0% of the aggregate

 

53

principal amount of the Loans prepaid) shall be applied pro rata against the remaining
scheduled installments of principal due in respect of the Loans under Section 2.11.
Notwithstanding the foregoing provisions of this Section, the Borrower shall not be required to
provide the notice referred to in paragraph (b) above or to make the prepayment required under this
Section following a Parent Change of Control if a third party provides, on behalf of the Borrower,
such notice in the manner, at the times and otherwise in compliance with the requirements set forth
in this Section and prepays, on behalf of the Borrower and in accordance with paragraph (a) above,
all Loans (together with all such other amounts) as to which the Parent Change of Control Put shall
have been exercised.

          SECTION 2.23. Debt Service Reserve Account. (a) Until and unless the Debt Service Reserve
Account Requirement shall have been satisfied, all amounts required to be applied to the prepayment
of Loans pursuant to Section 2.13(b) shall instead be deposited by the Borrower into the Debt
Service Reserve Account on the date on which such prepayment would otherwise be due. Amounts may
also be deposited into the Debt Service Reserve Account pursuant to Section 2.24.

          (b) Amounts on deposit in the Debt Service Reserve Account may be withdrawn and applied by the
Administrative Agent to make, on behalf of the Borrower, any payment required to be made, and not
otherwise made, by the Borrower under Section 2.06, 2.07, 2.11 or 2.22 or Article VII and, pending
their application, will be held by the Administrative Agent as security for the Loan Document
Obligations. The Administrative Agent shall invest or reinvest, in consultation with the Borrower,
amounts on deposit in the Debt Service Reserve Account in Permitted Investments; provided that the
investment of such amounts shall be controlled solely by the Administrative Agent during the
continuance of any Default or Event of Default. All interest on any amounts on deposit in the Debt
Service Reserve Account shall be for the account of the Borrower, and the Administrative Agent may,
from time to time upon receipt of a certificate of a Financial Officer of each of Holdings and the
Borrower, dated as of such time, to the effect that no Default or Event of Default shall have
occurred and is continuing, and so long as at such time no Debt Service Reserve Deficit shall have
occurred and is continuing or would result therefrom, transfer from the Debt Service Reserve
Account to an account specified by the Borrower the amount of such interest received.

          SECTION 2.24. Debt Service Reserve Support LC. (a) If, at any time after the Debt Service
Reserve Account Requirement shall have been satisfied, the Borrower shall have delivered to the
Administrative Agent a Debt Service Support LC in a face amount of at least the Debt Service
Support LC Amount, together with a certificate of a Financial Officer of each of Holdings and the
Borrower, dated as of the date of effectiveness of such Debt Service Support LC, to the effect that
no Default or Event of Default shall have occurred and is continuing, then no later than the first
Business Day after the date of effectiveness of such Debt Service Support LC the Administrative
Agent shall transfer from the Debt Service Reserve Account to an account specified by the Borrower
all funds then on deposit therein.

 

54

          (b) The Borrower shall promptly notify the Administrative Agent in writing if the debt rating
of the issuer of any Debt Service Support LC shall at any time cease to meet the rating
requirements set forth in the definition of the term “Debt Service Reserve Support LC” and, unless
the Administrative Agent shall have made a drawing on such Debt Service Support LC for the full
amount thereof, shall promptly thereafter replace such Debt Service Support LC with an effective
replacement letter of credit that meets the requirements set forth in the definition of the term
“Debt Service Support LC” and is in a face amount of at least the Debt Service Support LC Amount.
All the proceeds of any such drawing made by the Administrative Agent shall be deposited into the
Debt Service Reserve Account.

          (c) The Borrower shall provide to the Administrative Agent at least 15 days’ prior written
notice of the expiration of any Debt Service Support LC and, unless the Administrative Agent shall
have made a drawing on such Debt Service Support LC for the full amount thereof, shall prior to the
expiration thereof replace such Debt Service Support LC with an effective replacement letter of
credit that meets the requirements set forth in the definition of the term “Debt Service Support
LC” and is in a face amount of at least the Debt Service Support LC Amount. All the proceeds of
any such drawing made by the Administrative Agent shall be deposited into the Debt Service Reserve
Account.

          (d) At any time that any Debt Service Support LC is in effect, the Administrative Agent may
make drawings thereunder (i) to make, on behalf of the Borrower, any payment required to be made,
and not otherwise made, by the Borrower under Section 2.06, 2.07, 2.11 or 2.22 or Article VII or
(ii) after the occurrence and during the continuance of an Event of Default, for any other purpose.
All the proceeds of any such drawing referred to in clause (ii) above made by the Administrative
Agent shall, pending application thereof to make any payment of the type referred to in clause (i)
above, be deposited into the Debt Service Reserve Account.

ARTICLE III

Representations and Warranties

          Each of Holdings and the Borrower represents and warrants to the Administrative Agent, the
Collateral Agent and each of the Lenders that:

          SECTION 3.01. Organization; Powers. Each Loan Party (a) is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite
power and authority and all material Governmental Approvals required for the ownership and
operation of its assets and the conduct of its business as now conducted and as proposed to be
conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where
such qualification is required, except where the failure so to qualify could not, individually or
in the aggregate, reasonably be expected to result in a Material Adverse Effect and (d) has the
power and authority to execute, deliver and perform its obligations under each Loan

 

55

Document and each other agreement or instrument contemplated thereby to which it is or will be
a party and, in the case of the Borrower, to borrow hereunder.

          SECTION 3.02. Authorization; Absence of Conflicts. The Transactions (a) have been duly
authorized by all requisite corporate and, if required, stockholder action of each Loan Party and
(b) will not (i) violate any provision of law, statute, rule or regulation or any order of any
Governmental Authority applicable to Holdings or any of its Affiliates, or of the certificate or
articles of incorporation or other constitutive documents or bylaws of Holdings or any Subsidiary,
(ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of
time or both) a default under, give rise to any right to require any prepayment, repurchase or
redemption of any obligation under, or give rise to any right of, or result in, any termination,
cancellation, acceleration or right of renegotiation of any obligation under, any indenture or
other agreement or instrument to which Holdings or any Subsidiary is a party or by which any of
them or any of their assets are or may be bound or (iii) result in the creation or imposition of
any Lien upon or with respect to any assets now owned or hereafter acquired by Holdings or any
Subsidiary (other than Liens created under the Loan Documents or under the Revolving Loan
Documents, Liens on the Crack Spread Hedging Cash Collateral and the deposit made pursuant to the
Stock Purchase Agreement). Each of Holdings and the Subsidiaries has been duly designated as, and
constitutes, an “Unrestricted Subsidiary” under, and as defined in, the Existing Parent Term Credit
Agreement.

          SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by
Holdings and the Borrower and constitutes, and each other Loan Document when executed and delivered
by any Loan Party that is a party thereto will constitute, a legal, valid and binding obligation of
such Loan Party, enforceable against such Loan Party in accordance with its terms (subject to
applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’
rights generally and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

          SECTION 3.04. Governmental Approvals. (a) No Governmental Approval or any other action by
any Governmental Authority is or will be required in connection with the Transactions, except for
(a) filings necessary to perfect Liens created under the Loan Documents and under the Revolving
Loan Documents and (b) such as have been, or, in the case of filings relating to the consummation
of the Acquisition and the Merger, prior to or substantially concurrently with the funding of the
Loans on the Effective Date will be, obtained or made and are (or will so be) in full force and
effect.

          (b) All Governmental Approvals required for the ownership of the Krotz Springs Refinery or
the operation thereof will be, on the Effective Date, in full force and effect, and, to the
knowledge of Holdings and the Subsidiaries, no basis for the revocation, termination, withdrawal or
other lapse of the effectiveness thereof exists, in each case except where the absence of such
Governmental Approval could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.

 

56

          SECTION 3.05. Financial Statements. (a) The Borrower has heretofore furnished to the
Lenders the balance sheets of the Krotz Springs Refining Business (i) as of December 31, 2007 and
2006 and the statements of income and cash flows for the years ended December 31, 2007, 2006 and
2005, in each case audited by and accompanied by the opinion of KPMG LLP, an independent registered
public accounting firm, and (ii) balance sheets of the Krotz Springs Refining Business as of March
31, 2008, and the statements of income and cash flows for the three months ended March 31, 2008.
Such financial statements present fairly, in all material respects, the financial condition and
results of operations and cash flows of the Krotz Springs Refining Business as of such dates and
for such periods. Such balance sheets and the notes thereto disclose all material liabilities,
direct or contingent, of the Krotz Springs Refining Business as of the dates thereof. Such
financial statements were prepared in accordance with GAAP applied on a consistent basis, subject
to normal year-end adjustments and the absence of footnotes in the case of the statements referred
to in clause (ii) above.

          (b) The Borrower has heretofore furnished to the Lenders its unaudited pro forma consolidated
balance sheet and related pro forma statements of income and cash flows as of and for the 12-month
period ending on December 31, 2007, prepared giving effect to the Transactions as if they had
occurred, with respect to such balance sheet, on such date and, with respect to such other
financial statements, on the first day of such 12-month period. Such pro forma consolidated
financial statements have been prepared in good faith by the Borrower, based on assumptions
believed by the Borrower to be reasonable, are based on the best information reasonably available
to the Borrower as of the date of delivery thereof, accurately reflect all material adjustments
required to be made to give effect to the Transactions and present fairly, in all material
respects, on a pro forma basis the estimated consolidated financial condition and results of
operations and cash flows of the Borrower and its consolidated subsidiaries as of such date and for
such period, assuming that the Transactions had actually occurred on such date or at the beginning
of such period, as the case may be.

          SECTION 3.06. No Material Adverse Change. Since December 31, 2007, there has been no event,
condition or development that has resulted, or could reasonably be expected to result, in a
materially adverse effect on the business, assets, liabilities, operations, condition (financial or
otherwise) or prospects of Holdings and the Subsidiaries, taken as a whole.

          SECTION 3.07. Title to Properties; Possession Under Leases.
(a) Each of Holdings and the Subsidiaries has good and indefeasible title to, or valid
leasehold interests in, all its material assets (including all Mortgaged Properties), except for
Permitted Encumbrances and minor defects in title that do not materially interfere with its ability
to conduct its business as currently conducted or to utilize such properties and assets for their
intended purposes. All such material assets are free and clear of Liens, other than Liens
permitted by Section 6.02. On the Effective Date, the assets of Holdings and the Subsidiaries
(including rights under any transitional services agreement entered into with the Seller) will be
sufficient to operate the Krotz Springs Refinery and to conduct the Krotz Springs Refining
Business, in each case, substantially in the manner

 

57

as currently conducted or as proposed to be conducted by the Borrower on the Effective Date.

          (b) Each of Holdings and the Subsidiaries has complied in all material respects with all
obligations under all material leases to which it is a party and all such leases are in full force
and effect. Each of Holdings and the Subsidiaries enjoys peaceful and undisturbed possession under
all such material leases.

          (c) Neither Holdings nor any Subsidiary has received any notice, or has any knowledge, of any
pending or contemplated Condemnation of any material Mortgaged Property or any sale or disposition
thereof in lieu of condemnation.

          (d) Neither Holdings nor any Subsidiary is obligated under any right of first refusal, option
or other contractual right to sell, assign or otherwise dispose of any material Mortgaged Property
or any interest therein.

          SECTION 3.08. Subsidiaries. Upon delivery thereof on the Effective Date, Schedule 3.08 will
set forth, as of the Effective Date, a complete and correct list of the name and jurisdiction of
organization of, and the percentage of each class of Equity Interests owned by Holdings or any
Subsidiary in, each Subsidiary. Holdings owns all the issued and outstanding Equity Interests in
the Borrower, other than the Permitted Compensation Incentive Equity Interests. Neither Holdings
nor any Subsidiary owns any Equity Interests in any person that is not a Subsidiary. Each
Subsidiary is a wholly owned Domestic Subsidiary.

          SECTION 3.09. Litigation; Compliance with Laws. (a) There are no actions, suits or
proceedings at law or in equity or by or before any Governmental Authority now pending or, to the
knowledge of Holdings or any Subsidiary, threatened against or affecting Holdings or any Subsidiary
or any business, property or rights of any such person (i) that involve any Loan Document or the
Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and
that, if adversely determined, could reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect.

          (b) None of Holdings, any Subsidiary or any of their material assets is in violation of, nor
will the continued operation of their material assets as currently conducted violate, any law, rule
or regulation (including any zoning, building, Environmental Law, ordinance, code or approval or
any building permits) or any restrictions of record or agreements affecting any Mortgaged Property,
or is in default with respect to any judgment, writ, injunction, decree or order of any
Governmental Authority, where such violation or default could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect.

          SECTION 3.10. Agreements. (a) Neither Holdings nor any Subsidiary is a party to any
agreement or instrument, or is subject to any corporate restriction, that, individually or in the
aggregate, has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

58

          (b) Neither Holdings nor any Subsidiary (nor, to the knowledge of Holdings or any Subsidiary,
any other person) is in default in the performance, observance or fulfillment of any of its
obligations, covenants or conditions contained in any indenture or other agreement or instrument to
which it is a party or by which it or any of its assets are or may be bound (including any
ExxonMobil Pipeline Supply Contract), and no condition exists that, with the giving of notice or
the lapse of time or both, would constitute such a default, except, in each case, where the
consequences, direct or indirect, of such default or defaults could not reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect.

          (c) Upon delivery thereof on the Effective Date, Schedule 3.10 will set forth, as of the
Effective Date, each ExxonMobil Pipeline Supply Contract. Each ExxonMobil Pipeline Supply Contract
is, as of the Effective Date, in full force and effect.

          SECTION 3.11. Federal Reserve Regulations. (a) Neither Holdings nor any Subsidiary is
engaged or will engage, principally or as one of its important activities, in the business of
buying or carrying Margin Stock or extending credit for the purpose of buying or carrying Margin
Stock.

          (b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, to purchase or carry any Margin Stock or to
refinance any Indebtedness originally incurred for such purpose or for any purpose that entails a
violation of, or that is inconsistent with, the provisions of the Regulations of the Board of
Governors, including Regulations T, U and X.

          SECTION 3.12. Investment Company Act. Neither Holdings nor any Subsidiary is an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

          SECTION 3.13. Use of Proceeds. The Borrower will use the proceeds of the Loans only for the
purposes specified in the recitals to this Agreement.

          SECTION 3.14. Tax Returns. Each of Holdings and the Subsidiaries has filed or caused to be
filed all federal, state, local and foreign Tax returns or materials required to have been filed by
it and has paid or caused to be paid all Taxes due and payable by it and all assessments received
by it, except Taxes that are being contested in good faith by appropriate proceedings and for which
Holdings or such Subsidiary, as applicable, has set aside on its books adequate reserves.

          SECTION 3.15. No Material Misstatements. Neither the Confidential Information Memorandum nor
any other report, financial statement, schedule, certificate or other information furnished by or
on behalf of Holdings or any Subsidiary to the Administrative Agent, the Collateral Agent, the
Arranger or any Lender in connection with the negotiation of any Loan Document or included therein
or delivered pursuant thereto contained, contains or will contain any material misstatement of fact
or omitted, omits or will omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were, are or will be made, not

 

59

misleading; provided that to the extent any such report, financial statement, schedule,
certificate or other information was based upon or constitutes a forecast or projection, Holdings
and the Borrower represent only that Holdings and the Subsidiaries acted in good faith and utilized
reasonable assumptions and due care in the preparation of such report, financial statement,
schedule, certificate or other information.

          SECTION 3.16. Employee Benefit Plans. Each of Holdings and its ERISA Affiliates is in
compliance in all respects with the applicable provisions of ERISA and the Code and the regulations
and published interpretations thereunder, except where such noncompliance could not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No ERISA
Events have occurred or are reasonably expected to occur that could, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. The accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87) did not, as of the last annual measurement date applicable thereto,
exceed by more than $20,000,000 the fair market value of the assets of such Plan, and the
accumulated benefit obligations of all underfunded Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the last annual
measurement dates applicable thereto, exceed by more than $20,000,000 the fair market value of the
assets of all such underfunded Plans.

          SECTION 3.17. Environmental Matters. Except as set forth in Schedule 3.17 and except with
respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither Holdings nor any Subsidiary (a) has failed
to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or
other approval required under any Environmental Law, (b) has become subject to any Environmental
Liability, (c) has received notice of any claim with respect to any Environmental Liability or (d)
knows of any basis for any Environmental Liability of Holdings or any Subsidiary. Since the
Closing Date, there has been no change in the status of the matters disclosed on Schedule 3.17
that, individually or in the aggregate, has resulted in, or materially increased the likelihood of,
a Material Adverse Effect.

          SECTION 3.18. Insurance. Upon delivery thereof on the Effective Date, Schedule 3.18 will set
forth a complete and correct description of all insurance maintained by or on behalf of Holdings
and the Subsidiaries as of the Effective Date. As of the Effective Date, such insurance will be in
full force and effect and all premiums thereunder shall be duly paid. Holdings and the
Subsidiaries have insurance in such amounts and covering such risks and liabilities as are required
under Section 5.02.

          SECTION 3.19. Security Documents. (a) The Guarantee and Collateral Agreement, upon
execution and delivery thereof by the parties thereto, will create in favor of the Collateral
Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in
the Collateral (as defined in the Guarantee and Collateral Agreement) and (i) when the Collateral
(as so defined) constituting certificated securities (as defined in the Uniform Commercial Code) is
delivered to the Collateral Agent, together with instruments of transfer duly endorsed in blank,
the security interest created

 

60

under the Guarantee and Collateral Agreement will constitute a fully perfected security
interest in all right, title and interest of the pledgors thereunder in such Collateral, prior and
superior in right to any other person, but subject to the Intercreditor Agreement, and (ii) when
financing statements in appropriate form are filed in the applicable filing offices, the security
interest created under the Guarantee and Collateral Agreement will constitute a fully perfected
security interest in all right, title and interest of the Loan Parties in the remaining Collateral
(as so defined) to the extent perfection can be obtained by filing Uniform Commercial Code
financing statements, prior and superior to the rights of any other person, except for rights
secured by Liens permitted by Section 6.02.

          (b) Each Mortgage, upon execution and delivery thereof by the parties thereto, will create in
favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and
enforceable security interest in all of the applicable mortgagor’s right, title and interest in and
to the Mortgaged Properties thereunder and the proceeds thereof, and when the Mortgages have been
filed in the offices specified therein, the Mortgages will constitute a fully perfected security
interest in all right, title and interest of the mortgagors in the Mortgaged Properties and the
proceeds thereof, in each case prior and superior in right to any other person, but subject to
Liens permitted by Section 6.02.

          (c) Upon the recordation of the IP Security Agreements with the United States Patent and
Trademark Office or the United States Copyright Office, as applicable, and the filing of the
financing statements referred to in paragraph (a) of this Section, the security interest created
under the Guarantee and Collateral Agreement shall constitute a fully perfected security interest
in all right, title and interest of the Loan Parties in the Intellectual Property (as defined in
the Guarantee and Collateral Agreement) in which a security interest may be perfected by filing in
the United States of America and its territories and possessions, in each case prior and superior
in right to any other person (it being understood that subsequent recordings in the United States
Patent and Trademark Office or the United States Copyright Office may be necessary to perfect a
security interest on registered trademarks and patents, trademark and patent applications and
registered copyrights acquired by the Loan Parties after the Effective Date).

          SECTION 3.20. Location of Real Property. (a) Upon delivery thereof on the Effective Date,
Schedule 3.20(a) will set forth, as of the Effective Date, a complete and correct list of all real
property owned in fee by Holdings or any Subsidiary and the legal description thereof. On the
Effective Date, the Borrower will own in fee all the real property set forth on Schedule 3.20(a).

          (b) Upon delivery thereof on the Effective Date, Schedule 3.20(b) will set forth, as of the
Effective Date, a complete and correct list of all real property leased by Holdings or any
Subsidiary and the legal description thereof. On the Effective Date, the Borrower will have valid
leasehold interests in all the real property set forth on Schedule 3.20(b).

          (c) Upon delivery thereof on the Effective Date, Schedule 3.20(c) will set forth, as of the
Effective Date and to the knowledge of Holdings and the Subsidiaries, a complete and correct list
of all pipeline rights of way and easements appurtenant.

 

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          SECTION 3.21. Labor Matters. There are no strikes, lockouts or slowdowns against Holdings or
any Subsidiary pending or, to the knowledge of Holdings or any Subsidiary, threatened. The hours
worked by and payments made to employees of Holdings and the Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign
law relating to such matters, except where such violation could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. All payments due from
Holdings or any Subsidiary, or for which any claim may be made against Holdings or any Subsidiary,
on account of wages and employee health and welfare insurance and other benefits have been paid or
accrued as liabilities on the books of Holdings or such Subsidiary, except where the failure to do
so could not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. As of the Effective Date, neither Holdings nor any Subsidiary will be party to, or
otherwise bound by, any collective bargaining agreement.

          SECTION 3.22. Solvency. Immediately after the consummation of the Transactions to occur on
the Effective Date, including the making of each Loan and the application of the proceeds of such
Loans, and after giving effect to the rights of subrogation and contribution under the Guarantee
and Collateral Agreement, (a) the fair value of the assets of each Loan Party will exceed its debts
and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the
assets of each Loan Party will be greater than the amount that will be required to pay the probable
liability on its debts and other liabilities, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and matured, (c) each Loan Party will be able to pay its
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured, and (d) each Loan Party will not have unreasonably small capital with which
to conduct the business in which it is engaged, as such business is now conducted and is proposed
to be conducted following the date on which the Loans are made hereunder.

          SECTION 3.23. Concerning Holdings and the Borrower. Each of Holdings and the Borrower has
been formed solely for the purpose of engaging in the Transactions and, prior to the Effective
Date, will not have incurred liabilities (including Indebtedness) or obligations of any nature,
other than pursuant to or in connection with the Loan Documents, the Stock Purchase Agreement and
the Transactions.

          SECTION 3.24. Sanctioned Persons. None of Holdings, any Subsidiary or, to the knowledge of
Holdings or any Subsidiary, any director, officer, agent, employee or Affiliate of Holdings or any
Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”). The Borrower will not directly or indirectly use
the proceeds of the Loans, or otherwise make available such proceeds to any person, for the purpose
of financing the activities of any person currently subject to any U.S. sanctions administered by
OFAC.

 

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ARTICLE IV

Conditions

          The obligations of the Lenders to make Loans hereunder shall be subject to the satisfaction on
and as of the Effective Date (or waiver by the Required Lenders in accordance with Section 9.08) of
the following conditions:

     (a) The Administrative Agent shall have received from each party hereto either (i) a
counterpart of this Agreement signed on behalf of such party or (ii) evidence satisfactory
to the Administrative Agent (which may include a facsimile transmission) that such party
has signed a counterpart of this Agreement.

     (b) The Administrative Agent shall have received a favorable written opinion
(addressed to the Administrative Agent, the Collateral Agent and the Lenders and dated the
Effective Date) of (i) Jones Day, counsel for Holdings and the Borrower, and (ii) local
counsel for Holdings and the Borrower in each jurisdiction where a Mortgaged Property is
located, in each case in form and substance reasonably satisfactory to the Administrative
Agent. Each of Holdings and the Borrower hereby requests such counsel to deliver such
opinion.

     (c) The Administrative Agent shall have received (i) a copy of the certificate or
articles of incorporation or other organizational documents, including all amendments
thereto, of each Loan Party, certified as of a recent date by the Secretary of State of the
state of its organization, and a certificate as to the good standing of each Loan Party as
of a recent date from such Secretary of State; (ii) a certificate of the Secretary or
Assistant Secretary of each Loan Party dated the Effective Date and certifying (A) that
attached thereto is a true and complete copy of the by-laws or comparable document of such
Loan Party as in effect on the Effective Date and at the time of adoption of the
resolutions described in clause (B) below, (B) that attached thereto is a true and complete
copy of resolutions duly adopted by the Board of Directors or other governing body of such
Loan Party authorizing the execution, delivery and performance of the Loan Documents to
which such Loan Party is a party and, in the case of the Borrower, the borrowing hereunder,
and that such resolutions have not been modified, rescinded or amended and are in full
force and effect, (C) that the certificate or articles of incorporation or other
organizational documents of such Loan Party have not been amended since the date of the
copy certified by the Secretary of State furnished pursuant to clause (i) above, and (D) as
to the incumbency and specimen signature of each officer executing any Loan Document or any
other document delivered in connection herewith on behalf of such Loan Party; (iii) a
certificate of another officer as to the incumbency and specimen signature of the Secretary
or Assistant Secretary executing the certificate pursuant to (ii) above; and (iv) such
other documents as the Administrative Agent may reasonably request.

 

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     (d) The Administrative Agent shall have received a certificate, dated the Effective
Date and signed by a Responsible Officer of each of Holdings and the Borrower, confirming
the satisfaction of the conditions set forth in the first sentence of each of
paragraphs (l) and (m) and in paragraphs (e), (j), (k) (other than the final sentence
thereof), (n) (other than the final sentence thereof) and (q) of this Article.

     (e) At the time of and after giving effect to the Transactions to occur on the
Effective Date, (i) the representations and warranties of each Loan Party set forth in the
Loan Documents shall be true and correct in all material respects on and as of the
Effective Date with the same effect as though made on and as of such date, except in the
case of any such representation and warranty that expressly relates to a prior date, in
which case such representation and warranty shall be true and correct in all material
respects on and as of such prior date, and (ii) no Default or Event of Default shall have
occurred and be continuing.

     (f) The Administrative Agent shall have received a certificate, dated the Effective
Date and signed by a Responsible Officer of Parent, to the effect that (i) the Transactions
will not be in conflict with, result in a breach of or constitute (alone or with notice or
lapse of time or both) a default under, give rise to any right to require any prepayment,
repurchase or redemption of any obligation under, or give rise to any right of, or result
in, any termination, cancellation, acceleration or right of renegotiation of any obligation
under, any indenture, credit agreement or other material agreement or instrument to which
Parent or any of its subsidiaries is a party or by which any of them or any of their assets
are or may be bound and (ii) each of Holdings and the Subsidiaries has been duly designated
as an “Unrestricted Subsidiary” under, and as defined in, the Existing Parent Term Credit
Agreement.

     (g) The Lenders shall have received, or been provided access to, (i) the audited and
unaudited financial statements and opinion referred to in Section 3.05 and (ii) such other
financial statements of the Acquired Company or the Krotz Springs Refining Business as
shall have been furnished by or on behalf of the Seller to Parent or any of its Affiliates.
The Administrative Agent shall have received a certificate, dated the Effective Date and
signed by a Responsible Officer of each of Holdings and the Borrower, confirming
satisfaction of the condition precedent set forth in clause (ii) above.

     (h) The Administrative Agent shall have received a detailed business plan or
projections of the Borrower and its subsidiaries on a consolidated basis after giving
effect to the Transactions for the years 2008 through 2014 and for the eight quarters
beginning with the first quarter of 2008, in each case in form reasonably satisfactory to
the Administrative Agent.

     (i) Each of S&P and Moody’s shall have assigned a rating to the credit facility
provided for herein.

 

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     (j) Holdings shall have received cash proceeds of not less than $100,000,000 from the
Holdings Contribution. Holdings shall have transferred all such cash proceeds to the
Borrower as a contribution to the common equity of the Borrower.

     (k) All consents and approvals required to be obtained from any Governmental Authority
or other person in connection with the Acquisition and the other Transactions (including
the IDB Consents) shall have been obtained, and all applicable waiting periods and appeal
periods shall have expired, in each case without the imposition of any burdensome
condition, and there shall not be any pending or, to the knowledge of Holdings or the
Borrower, threatened actions, suits or proceedings by or before any Governmental Authority
that could reasonably be expected to restrain, prevent or impose burdensome conditions on
the Transactions. The Acquisition shall have been, or substantially concurrently with the
funding of the Loans shall be, consummated in accordance with applicable law and the Stock
Purchase Agreement (without giving effect to any amendments or other modifications of, or
waivers under, the Stock Purchase Agreement (including any deemed waiver under Section 6.10
thereof) that, individually or in the aggregate, are adverse to the Lenders in any material
respect and that have not been consented to by the Administrative Agent). The Merger shall
have been, or substantially concurrently with the funding of the Loans shall be,
consummated in accordance with applicable law, and the Administrative Agent shall have
received evidence thereof reasonably satisfactory to it. The Administrative Agent shall
have received a copy of the Stock Purchase Agreement and all certificates, opinions and
other documents delivered thereunder, certified by a Responsible Officer of each of
Holdings and the Borrower as being complete and correct.

     (l) The Borrower shall have entered into the Revolving Credit Agreement, which shall
provide, subject to the terms and conditions thereof, for revolving extensions of credit
thereunder in an aggregate principal amount of at least $400,000,000, and the conditions to
the obligations of the lenders thereunder to make loans and other extensions of credit on
the Effective Date shall have been, or substantially concurrently with the funding of the
Loans shall be, satisfied. The Administrative Agent shall have received a copy of the
Revolving Loan Documents, certified by a Responsible Officer of the Borrower as being
complete and correct, and the terms and conditions of the Revolving Loan Documents shall be
substantially consistent with the revolving facility term sheet furnished to the Lenders
prior to the Closing Date and otherwise reasonably satisfactory to the Administrative
Agent. The Administrative Agent shall have received from the Revolving Collateral Agent a
counterpart of the Intercreditor Agreement signed on behalf of the Revolving Collateral
Agent (or evidence satisfactory to the Administrative Agent (which may include facsimile
transmission) that the Revolving Collateral Agent has signed such a counterpart).

     (m) The Crack Spread Hedging Agreement shall have been, or substantially concurrently
with the funding of the Loans shall be, executed and

 

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delivered by the parties thereto and shall be in full force and effect. The Crack
Spread Hedging Counterparty shall have, or substantially concurrently with the funding of
the Loans shall, receive the Crack Spread Hedging Cash Collateral. The Administrative
Agent shall have received a copy of the Crack Spread Hedging Agreement, certified by a
Responsible Officer of the Borrower as being complete and correct.

     (n) The Guarantee and Collateral Requirement shall be satisfied. The No-Offset
Agreement, in the form contemplated by the Stock Purchase Agreement, shall have been, or
substantially concurrently with the funding of the Loans shall be, executed and delivered
by the Seller and shall be in full force and effect. The Collateral Agent shall have
received a completed Perfection Certificate, dated the Effective Date and signed by a
Responsible Officer of each of Holdings and the Borrower, together with all attachments
contemplated thereby, including the results of a search of the Uniform Commercial Code (or
equivalent) filings made with respect to Holdings and the Subsidiaries (and predecessors in
interest thereto, including the Acquired Company and the Seller) in the jurisdictions
contemplated by the Perfection Certificate and copies of the financing statements (or
similar documents) disclosed by such search and evidence reasonably satisfactory to the
Administrative Agent that the Liens indicated by such financing statements (or similar
documents) are permitted by Section 6.02 or have been, or substantially contemporaneously
with the funding of Loans on the Effective Date will be, released.

     (o) The Administrative Agent shall have received Schedules 3.08, 3.10, 3.18, 3.20(a),
3.20(b) and 3.20(c) referred to in Article III.

     (p) The Administrative Agent shall have received evidence that insurance required by
Section 5.02 is in effect, together with endorsements naming the Collateral Agent, for the
benefit of the Secured Parties, as loss payee thereunder and naming the Administrative
Agent, the Collateral Agent and the Lenders as additional insured, in each case to the
extent required by Section 5.02.

     (q) Immediately after giving effect to such Transactions, (i) no Subsidiary shall have
outstanding any Preferred Equity Interests, (ii) neither Holdings nor any Subsidiary shall
have any Indebtedness, other than (A) Indebtedness incurred under this Agreement,
(B) Indebtedness incurred under the Revolving Credit Agreement and (C) Indebtedness set
forth on Schedule 6.01, and (iii) the Borrower shall have no outstanding Equity Interests
other than common stock owned by Holdings and the Permitted Compensation Incentive Equity
Interests.

     (r) The Administrative Agent shall have received a certificate, dated the Effective
Date and signed by the chief financial officer of Holdings, in form and substance
reasonably satisfactory to the Administrative Agent, certifying that Holdings and the
Subsidiaries, on a consolidated basis after giving effect to the Transactions, are solvent.

 

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     (s) The Administrative Agent shall have received all fees and other amounts due and
payable on or prior to the Effective Date, including, to the extent invoiced, payment or
reimbursement of all fees and expenses (including fees, charges and disbursements of
counsel) required to be paid or reimbursed by Holdings or the Subsidiaries under the
Commitment Letter, the Fee Letter or any Loan Document.

     (t) The Lenders shall have received, at least five Business Days prior to the
Effective Date, all documentation and other information required by bank regulatory
authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including Section 326 of the USA Patriot Act.

The Administrative Agent shall notify Holdings, the Borrower and the Lenders of the Effective Date,
and such notice shall be conclusive and binding.

ARTICLE V

Affirmative Covenants

          So long as this Agreement shall remain in effect and until the Commitments shall have
terminated and the principal of and interest on each Loan, all Fees and all other expenses or
amounts payable under the Loan Documents shall have been paid in full, each of Holdings and the
Borrower covenants and agrees with the Lenders that, unless the Required Lenders shall otherwise
consent in writing:

          SECTION 5.01. Existence; Businesses and Properties. (a) Holdings and each Subsidiary will
do or cause to be done all things necessary to preserve, renew and keep in full force and effect
its legal existence, except as otherwise expressly permitted under Section 6.05.

          (b) Holdings and each Subsidiary will do or cause to be done all things necessary to obtain,
preserve, renew, extend and keep in full force and effect all rights, licenses, permits,
franchises, authorizations, patents, copyrights, trademarks and trade names used in the conduct of
its business, except where the failure to do so could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect; will use its commercially reasonable
efforts to maintain and operate its business in substantially the manner in which it is conducted
and operated on the Effective Date and will use the standard of care typical for the industry in
the maintenance and operation of its facilities; will comply in all respects with all applicable
laws, rules and regulations (including all Environmental Laws) and decrees and orders of any
Governmental Authority, whether now in effect or hereafter enacted, except where the failure to do
so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect; and will use its commercially reasonable efforts to maintain and preserve all property used
in the conduct of its business and keep such property in good repair, working order and condition
and from time to time make, or cause to be made, all needful and proper repairs, renewals,
additions, improvements and replacements thereto necessary in order that the business carried on in
connection

 

67

therewith may be properly conducted at all times, except where the failure to do so could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

          (c) Holdings and each Subsidiary will comply in all material respects with the terms and
provisions of all material leases and licenses relating to the Krotz Springs Refinery and all
material agreements relating to the Krotz Springs Refinery.

          SECTION 5.02. Insurance. (a) Holdings and the Subsidiaries, at their expense and with
financially sound and reputable insurers with a Best’s Key Rating Guide rating of “A-” or better
and a Best’s Insurance Guide and Key Ratings minimum size rating of “X” (or other insurers of
recognized responsibility satisfactory to the Administrative Agent and the Collateral Agent), will
maintain insurance adequately insuring their insurable properties at all times, and will maintain
or cause to be maintained such other insurance, to such extent and against such risks, as is
customary with companies in the same or similar businesses operating in the same or similar
locations or as required by law (including as to any Lender), but in any event containing limits
and coverage provisions set forth in Schedule 5.02 and otherwise complying with this Section.

          (b) Holdings and the Subsidiaries will cause all such policies in respect of property damage,
machinery breakdown and business interruption (i) to be endorsed or otherwise amended to include a
customary lender’s loss payable endorsement, in form and substance reasonably satisfactory to the
Administrative Agent and the Collateral Agent, which endorsement shall provide that, on and after
the Effective Date, all payments under such policies made or required to be made by the insurer
shall be paid directly to the Collateral Agent and the Revolving Collateral Agent, (ii) to provide
that none of Holdings, any Subsidiary, the Administrative Agent, the Collateral Agent, the
Arranger, any Lender or any other Secured Party shall be a coinsurer thereunder and (iii) to
contain such other provisions as the Administrative Agent or the Collateral Agent may reasonably
require from time to time to protect the interests of the Secured Parties.

          (c) Holdings and the Subsidiaries will cause all such policies, other than policies in
respect of workers’ compensation insurance, to name the Administrative Agent, the Collateral Agent
and the Lenders as additional insured, on forms reasonably satisfactory to the Administrative Agent
and the Collateral Agent.

          (d) Holdings and the Subsidiaries (i) will cause each such policy to provide that it shall
not be canceled or not renewed (A) by reason of nonpayment of premium upon not less than 10 days’
prior written notice thereof by the insurer to the Administrative Agent and the Collateral Agent
(giving the Administrative Agent and the Collateral Agent the right to cure defaults in the payment
of premiums) or (B) for any other reason upon not less than 45 days’ prior written notice thereof
by the insurer to the Administrative Agent and the Collateral Agent; and (ii) will deliver to the
Administrative Agent and the Collateral Agent, prior to the cancellation or nonrenewal of any such
policy, certificates of insurance evidencing the renewal or replacement of such policy,

 

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together with evidence satisfactory to the Administrative Agent and the Collateral Agent of
payment of the premium therefor.

          (e) Holdings and the Subsidiary will further cause all such policies to contain the following
terms and conditions:

     (i) Each policy shall expressly provide that all provisions thereof, except the
liability limits (which shall be applicable to all insured parties as a group) and
liability for premiums (which shall be liabilities solely of Holdings or one or more of its
Affiliates) shall operate in the same manner as if there were a separate policy covering
each such insured party. All policies in respect of property damage, machinery breakdown
and business interruption shall include a customary non-vitiation clause reasonably
acceptable to the Administrative Agent and the Collateral Agent, which shall protect the
interest of the Administrative Agent, the Collateral Agent, the Lenders and the other
Secured Parties regardless of any breach or violation by Holdings, any Subsidiary or any
other Affiliate of Holdings of warranties, declarations or conditions contained in such
policies, any action or inaction of Holdings, any Subsidiary, any other Affiliate of
Holdings or any other person, or any foreclosure relating to the Krotz Springs Refinery or
any change in ownership of all or any portion of the Krotz Springs Refinery.

     (ii) Each policy (other than any workers’ compensation insurance) shall waive (A) any
subrogation right of the insurer as against the Administrative Agent, the Collateral Agent,
the Lenders and any other Secured Party and (B) any right of the insurers to any setoff or
counterclaim or any other deduction, whether by attachment or otherwise, in respect of any
liability of the Administrative Agent, the Collateral Agent, the Lenders, any other Secured
Party, Holdings or any Subsidiary.

     (iii) Each policy shall be primary and not excess to or contributing with any
insurance or self-insurance maintained by the Administrative Agent, the Collateral Agent,
the Lenders or any other Secured Party.

          (f) In the event that any such policy is written on a “claims-made” basis and such policy is
not renewed or the retroactive date of such policy is to be changed, Holdings and the Subsidiaries
will obtain for each such policy the broadest basic and supplemental extended reporting period or
“tail” coverage available thereunder (which coverage shall be for a minimum of five years) and will
provide to the Administrative Agent and the Collateral Agent evidence satisfactory to them that
such basic and supplemental extended reporting period or “tail” coverage has been obtained.

          (g) Upon request by the Administrative Agent or the Collateral Agent, Holdings and the
Borrower will promptly furnish to the Administrative Agent or the Collateral Agent, as the case may
be, copies of all insurance policies, binders and cover note or other evidence of insurance
required under this Section. Holdings and the Subsidiaries will provide to the Administrative
Agent and the Collateral Agent such further evidence as to the satisfaction of the requirements set
forth in this Section, and

 

69

will execute such further documents and instruments and take such further actions to cause the
requirements of this Section to be and remain satisfied at all times, as the Administrative Agent
or the Collateral Agent may reasonably request, all at the expense of the Loan Parties.

          (h) In the event that Holdings and the Subsidiaries at any time or times shall fail to obtain
or maintain any of the policies of insurance required to be maintained by them under this Section,
or to pay any premium in whole or in part relating thereto, the Collateral Agent may, without
limiting any obligations of Holdings and the Subsidiaries hereunder or waiving any Default or Event
of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such
premium and take any other actions with respect thereto as the Collateral Agent deems advisable.
All sums disbursed by the Collateral Agent in connection with the exercise of its authority under
this paragraph, including reasonable fees, charges and other disbursements of counsel, court costs,
expenses and other charges relating thereto, shall be payable, upon demand, by Holdings and the
Borrower and shall constitute Secured Obligations.

          (i) Holdings and the Subsidiaries shall not be required to maintain any insurance policy
otherwise required to be maintained by them under this Section, or cause any such policy to contain
the terms (including minimum limits) specified in this Section, if and for so long as in the
judgment of the Administrative Agent such insurance policy, or such specified terms, are not
reasonably available or the cost thereof is excessive in view of the benefits to be obtained by the
Lenders therefrom. The Administrative Agent may grant extensions of time for the obtainment of the
insurance otherwise required to be maintained by Holdings and the Subsidiaries under this Section
if and for so long as in the judgment of the Administrative Agent such action cannot be
accomplished without undue effort or expense by the time or times at which it would otherwise be
required to be accomplished under this Section. In connection with any determination under this
paragraph, the Administrative Agent may consult with an independent insurance consultant selected
by it, all at the expense of the Loan Parties, and each Lender agrees that the Administrative Agent
shall not be liable for any action taken or not taken by it in accordance with the advice of any
such consultant.

          (j) No provision of this Section or any other provision of this Agreement or any other Loan
Document shall impose on the Administrative Agent or the Collateral Agent any duty or obligation to
ascertain or inquire into, or to verify the existence or adequacy of, the insurance coverage
maintained by or on behalf of Holdings or any Subsidiary, nor shall the Administrative Agent or the
Collateral Agent be responsible for any statement, representation or warranty made by or on behalf
of Holdings, any Subsidiary or any other Affiliate of Holdings to any insurance company or
underwriter.

          (k) Each of Holdings and the Borrower hereby irrevocably makes, constitutes and appoints the
Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as
Holdings’ or the Borrower’s, as the case may be, true and lawful agent (and attorney-in-fact) for
the purpose, after the occurrence and during the continuance of an Event of Default, of making,
settling and adjusting claims in respect of Collateral under policies of insurance, endorsing the
name of Holdings or the

 

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Borrower, as the case may be, on any check, draft, instrument or other item of payment for the
proceeds of such policies and for making all determinations and decisions with respect thereto.

          SECTION 5.03. Obligations and Taxes. Holdings and each Subsidiary will pay its Indebtedness
and other obligations promptly and in accordance with their terms and will pay and discharge
promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits or in respect of its property, before the same shall become delinquent or in
default, as well as all lawful claims for labor, materials and supplies or otherwise that, if
unpaid, might give rise to a Lien upon such properties or any part thereof (other than any Lien
permitted by Section 6.02); provided, however, that such payment and discharge shall not be
required with respect to any such Tax, assessment, charge, levy or claim so long as the validity or
amount thereof shall be contested in good faith by appropriate proceedings and Holdings or any such
Subsidiary shall have set aside on its books adequate reserves with respect thereto in accordance
with GAAP and such contest operates to suspend collection of the contested obligation, Tax,
assessment or charge and enforcement of a Lien and, in the case of a Mortgaged Property, there is
no risk of forfeiture of such property.

          SECTION 5.04. Financial Statements, Reports, Etc. Holdings and the Borrower will furnish to
the Administrative Agent, for distribution, where applicable, to the Lenders:

     (a) within 90 days after the end of each fiscal year of the Borrower (or, in the case
of the fiscal year of the Borrower ending on December 31, 2008, within 120 days after the
end of such fiscal year), its consolidated balance sheet and related consolidated
statements of income, stockholders’ equity and cash flows, showing the financial condition
of the Borrower and its consolidated subsidiaries as of the close of such fiscal year and
the results of their operations and cash flows for such year, together with comparative
figures for the immediately preceding fiscal year, all audited by KPMG LLP or another
independent registered public accounting firm of recognized national standing that is
reasonably acceptable to the Administrative Agent and accompanied by an opinion of such
accounting firm (which shall not be subject to any “going concern” or like qualification or
exception or any qualification or exception as to the scope of such audit) to the effect
that such consolidated financial statements fairly present the financial condition and
results of operations and cash flows of the Borrower and its consolidated subsidiaries on a
consolidated basis in accordance with GAAP consistently applied;

     (b) within 45 days after the end of each of the first three fiscal quarters
(commencing with the fiscal quarter ending on September 30, 2008) of each fiscal year of
the Borrower (or, in the case of the fiscal quarter of the Borrower ending on September 30,
2008, within 60 days after the end of such fiscal quarter), its consolidated balance sheet
and related consolidated statements of income and cash flows, showing the financial
condition of the Borrower and its consolidated subsidiaries as of the close of such fiscal
quarter and the results of their operations

 

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and cash flows for such fiscal quarter and the then elapsed portion of the fiscal
year, and comparative figures for the same periods in the immediately preceding fiscal
year, all certified by a Financial Officer of the Borrower as fairly presenting the
financial condition and results of operations and cash flows of the Borrower and its
consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of certain footnotes;

     (c) concurrently with each delivery of financial statements under clause (a) or (b)
above, a completed Compliance Certificate signed by a Financial Officer of each of Holdings
and the Borrower, (i) certifying that no Default or Event of Default has occurred or, if a
Default or Event of Default has occurred, specifying the nature and extent thereof and any
corrective action taken or proposed to be taken with respect thereto, (ii) setting forth
reasonably detailed calculations demonstrating compliance with Sections 5.12, 6.13, 6.14
and 6.15, (iii) stating whether any change in GAAP or in the application thereof has
occurred since the date of the consolidated balance sheet of the Borrower most recently
theretofore delivered under clause (a) or (b) above (or, prior to the first such delivery,
since December 31, 2007), to the extent such change is applicable to the financial
statements delivered under clause (a) or (b) above, and, if any such change has occurred,
specifying the effect of such change on the financial statements (including those for the
prior periods) accompanying such certificate, (iv) certifying that all notices required to
be provided under Sections 5.02, 5.09(b) and 5.10 have been provided and (v) in the case of
any delivery of financial statements under clause (a) above or under clause (b) above with
respect to the fiscal quarter of the Borrower ending on September 30, 2010 or any fiscal
quarter of the Borrower ending on June 30 of any year, setting forth reasonably detailed
calculations of the Excess Cash Flow for the Sweep Period ended on such date (and, if any
such Excess Cash Flow is to be Deferred Excess Cash Flow, reasonably detailed reasons
therefor);

     (d) within 90 days after the end of each fiscal year of the Borrower, a certificate of
a Responsible Officer of each of Holdings and the Borrower and, except where it is not
reasonably practical to obtain such a report, a report of an independent insurance broker,
signed by an officer of such broker, each setting forth the insurance then maintained by or
on behalf of Holdings and the Subsidiaries (identifying underwriters, carriers, the type of
insurance and the insurance limits) and stating that in their opinion such insurance
complies with the terms of Section 5.02, together with evidence of payment of the premiums
then due thereon;

     (e) within 90 days after the end of each fiscal year of the Borrower, a certificate of
a Responsible Officer of each of Holdings and the Borrower setting forth (i) all Equity
Interests, debt securities and promissory notes or any other instrument evidencing any such
debt securities owned by any Loan Party and (ii) all commercial tort claims in respect of
which a complaint or a counterclaim has been filed by any Loan Party and that, in each
case, (A) if so owned or filed

 

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by a Loan Party as of the Closing Date would have been required to be set forth on the
applicable schedule to the Guarantee and Collateral Agreement pursuant to the terms of such
agreement and (B) have not been set forth on such applicable schedule or a certificate
previously delivered pursuant to this clause;

     (f) within 90 days after the commencement of each fiscal year of the Borrower, a
detailed consolidated budget for such fiscal year (including a projected consolidated
balance sheet and related projected statements of income and cash flows as of the end of
and for such fiscal year and setting forth the assumptions used for purposes of preparing
such budget) and, promptly after the same become available, any significant revisions to
such budget;

     (g) promptly after the receipt thereof by Holdings or any Subsidiary, a copy of any
“management letter” received in final form by any such person from its independent
registered public accounting firm and the management’s response thereto;

     (h) promptly after the receipt thereof by Holdings or any Subsidiary, copies of all
environmental audits and reports, whether prepared by personnel of Holdings or any
Subsidiary or by independent consultants, that relate to any material Environmental
Liability at or concerning the Krotz Springs Refinery or to any material Environmental
Liabilities of Holdings or any Subsidiary;

     (i) promptly after any request therefor by the Administrative Agent or any Lender,
copies of (i) any documents described in Section 101(k)(1) of ERISA that Holdings or any of
its ERISA Affiliates may request with respect to any Multiemployer Plan and (ii) any
notices described in Section 101(l)(1) of ERISA that Holdings or any of its ERISA
Affiliates may request with respect to any Multiemployer Plan; provided that if Holdings or
any of its ERISA Affiliates has not requested such documents or notices from the
administrator or sponsor of the applicable Multiemployer Plan, Holdings or the applicable
ERISA Affiliate shall promptly make a request for such documents and notices from such
administrator or sponsor and shall provide copies of such documents and notices promptly
after receipt thereof;

     (j) promptly after a request therefor, all documentation and other information that
any Lender reasonably requests in order to comply with its ongoing obligations under
applicable “know your customer” and anti-money laundering rules and regulations, including
the USA Patriot Act; and

     (k) promptly after a request therefor, such other information regarding the business,
assets, liabilities, operations or condition (financial or otherwise) of Holdings or any
Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent
or any Lender may reasonably request.

          Information required to be furnished pursuant to this Section shall be deemed to have been
delivered if such information is posted by or on behalf of Holdings

 

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on IntraLinks/IntraAgency or another similar website (whether a commercial or third party
website or a website sponsored by the Administrative Agent) to which each Lender and the
Administrative Agent have access; provided that (i) at the request of the Administrative Agent,
Holdings or the Borrower shall deliver to the Administrative Agent paper copies of any such
information and (ii) Holdings or the Borrower shall notify (which notification may be made by
facsimile or electronic mail) the Administrative Agent of the posting of any such information and
provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of
such documents. The Administrative Agent shall have no obligation to request the delivery of or to
maintain copies of any information referred to above, and in any event shall have no responsibility
to monitor compliance by Holdings or the Borrower with any such request for delivery, and each
Lender shall be solely responsible for requesting delivery to it or maintaining copies of any such
information.

          SECTION 5.05. Litigation and Other Notices. Holdings and the Borrower will furnish to the
Administrative Agent prompt written notice of the following:

     (a) (i) the occurrence of any Default or Event of Default, including as a result of
the occurrence of any “default” or “event of default” (however denominated) under the
Revolving Credit Agreement or any other definitive documentation for the Permitted ABL
Facility (it being understood that, for purposes of this clause (i), any Event of Default
that refers to an opinion of the Required Lenders shall be deemed to instead refer to an
opinion of Holdings and the Borrower, acting reasonably); or (ii) Holdings or any
Subsidiary receiving from (A) any lender or agent under the Revolving Credit Agreement, or
any other definitive documentation for the Permitted ABL Facility, any notice alleging that
a “default” or “event of default” has occurred thereunder, (B) the Crack Spread Hedging
Counterparty, any notice alleging that a “default”, “event of default” or “termination
event” has occurred under the Crack Spread Hedging Agreement or (C) Valero Marketing and
Supply Company, or an Affiliated thereof, any notice alleging a default in the performance,
observance or fulfillment of any material obligation of the Borrower under the Offtake
Agreement;

     (b) the filing or commencement of, or Holdings or any Subsidiary obtaining any
knowledge of any threat or notice of intention of any person to file or commence, any
action, suit or proceeding, whether at law or in equity or by or before any Governmental
Authority, against Holdings or any Subsidiary or other Affiliate thereof that could
reasonably be expected to result in a Material Adverse Effect;

     (c) the Borrower or the Seller, or any of their respective Affiliates, having made any
claim for indemnification under the Stock Purchase Agreement;

     (d) (i) any Casualty with respect to any material portion of the Krotz Springs
Refinery or that would cost $10,000,000 or more to repair or replace and (ii) any
Condemnation with respect to any portion of the Krotz Springs Refinery;

 

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     (e) the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse
Effect;

     (f) Holdings or any Subsidiary or other Affiliate thereof becoming subject to, or
receiving notice of any claim with respect to, any Environmental Liability that could
reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect; and

     (g) any other event, condition or development that has resulted in, or could
reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Responsible
Officer of each of Holdings and the Borrower (i) in the case of any notice under clause (d) of this
Section, setting forth a description of (A) the Casualty with respect to which it is given and
their good faith estimate of the cost to repair or replace the assets affected by such Casualty or
(B) the Condemnation with respect to which it is given and the book value, and their good faith
estimate of the fair market value, of the property subject to such Condemnation and (ii) in the
case of any other notice, setting forth the details of the event, condition or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

          SECTION 5.06. Maintaining Records; Access to Properties and Inspections; Maintenance of
Ratings. (a) Holdings and each Subsidiary will keep proper books of record and account in which
full, true and correct entries in conformity with GAAP and all requirements of law are made of all
dealings and transactions in relation to its business and activities. Holdings and each Subsidiary
will permit any representatives designated by the Administrative Agent or any Lender to visit and
inspect the financial records and the properties of such person during regular business hours upon
reasonable prior notice and as often as reasonably requested and to make extracts from and copies
of such financial records, and permit any representatives designated by the Administrative Agent or
any Lender to discuss the affairs, finances and condition of such person with the officers thereof
and independent accountants therefor.

          (b) Holdings and the Borrower will use commercially reasonable efforts to cause the credit
facility provided for herein to be continuously rated by S&P and Moody’s.

          SECTION 5.07. Use of Proceeds. The Borrower will use the proceeds of the Loans only for the
purposes specified in the recitals to this Agreement.

          SECTION 5.08. Senior Indebtedness Designation. In the event that Holdings or any Subsidiary
shall at any time issue or have outstanding any Indebtedness that by its terms is subordinated to
any other Indebtedness of Holdings or such Subsidiary, Holdings or such Subsidiary, as applicable,
will take all actions necessary to cause the Secured Obligations to constitute senior indebtedness
(however denominated) in respect of such subordinated Indebtedness and to enable the Lenders or an
agent on

 

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their behalf to exercise any payment blockage or other remedies available or potentially
available to lenders of senior indebtedness under the terms of such subordinated Indebtedness.
Without limiting the foregoing, the Secured Obligations are hereby designated as “senior
indebtedness” and, to the extent applicable, as “designated senior indebtedness” in respect of all
such subordinated Indebtedness and are further given all such other designations as shall be
required under the terms of any such subordinated Indebtedness in order that the Lenders or an
agent on their behalf may exercise any payment blockage or other remedies available or potentially
available to lenders of senior indebtedness under the terms of such subordinated Indebtedness.

          SECTION 5.09. Further Assurances; Collateral. (a) Holdings and each Subsidiary will execute
any and all further documents, financing statements, agreements and instruments, and take all such
further actions (including the filing and recording of financing statements, fixture filings,
mortgages, deeds of trust and other documents), that may be required under any applicable law, or
which the Administrative Agent or the Collateral Agent reasonably request, to cause the Guarantee
and Collateral Requirement to be and remain satisfied at all times, all at the expense of the Loan
Parties. Holdings and the Subsidiaries will use commercially reasonable efforts to obtain the
ExxonMobil Pipeline Consents as promptly as practicable after the Effective Date. Holdings and the
Subsidiaries will provide to the Collateral Agent, from time to time upon request, evidence
reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens
created or intended to be created by the Security Documents.

          (b) Holdings and the Borrower will furnish to the Administrative Agent and the Collateral
Agent prompt written notice of any change in (i) the legal name of any Loan Party, as set forth in
its organizational documents, (ii) the jurisdiction of organization or the form of organization of
any Loan Party (including as a result of any merger or consolidation), (iii) the location of the
chief executive office of any Loan Party or (iv) the organizational identification number, if any,
or, with respect to any Loan Party organized under the laws of a jurisdiction that requires such
information to be set forth on the face of a Uniform Commercial Code financing statement, the
Federal Taxpayer Identification Number of such Loan Party. Holdings and the Borrower agree not to
effect or permit any change referred to in the preceding sentence unless all filings have been
made (or are simultaneously made) under the Uniform Commercial Code or otherwise that are required
in order for the Collateral Agent to continue at all times following such change to have, and
Holdings and the Borrower agree to take all necessary action to ensure that the Collateral Agent
does continue at all times to have, a valid, legal and perfected security interest in all the
Collateral.

          SECTION 5.10. Additional Subsidiaries. If any Subsidiary is formed or acquired after the
Effective Date, Holdings and the Borrower will, as promptly as practicable, and in any event within
30 days (or such longer period as the Administrative Agent may agree to in writing), notify the
Administrative Agent and the Collateral Agent thereof and cause the Guarantee and Collateral
Requirement to be satisfied with respect to such Subsidiary and with respect to any Equity
Interests in or Indebtedness of such Subsidiary owned by any Loan Party.

 

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          SECTION 5.11. Crack Spread Hedging Agreement. The Borrower will maintain the Crack Spread
Hedging Agreement in effect for a period of not less than two years and three months following the
Closing Date.

          SECTION 5.12. Concerning Revolving Availability. Holdings and the Subsidiaries shall not
incur any Indebtedness under the Permitted ABL Facility if, at the time of or after giving effect
thereto, an ABL Availability Deficit shall occur and be continuing (it being agreed that, for
purposes of this paragraph, Indebtedness incurred by the Borrower under the Revolving Credit
Agreement in the form of “Protective Advances” thereunder made by the “Agent” thereunder in
accordance with the terms thereof (and not upon any request of the Borrower) shall not be deemed to
be incurred by the Borrower); provided that, notwithstanding the foregoing, the Borrower and its
subsidiaries may incur Indebtedness under the Permitted ABL Facility if (a) substantially
concurrently with the incurrence thereof, the proceeds thereof are applied to make any payment
required to be made under Section 2.06, 2.07, 2.11 or 2.22 or (b) such incurrence is determined by
the Borrower, in light of the circumstances then existing, to be reasonably necessary for the
continuation of the operation of its business in the ordinary course; provided further that, in the
event an ABL Availability Deficit shall have occurred, the Borrower shall use its commercially
reasonable efforts to eliminate such ABL Availability Deficit as promptly as practicable following
the occurrence thereof. At any time the Deferred Excess Cash Flow shall be greater than zero, the
Borrower shall use its commercially reasonable efforts to cause, as promptly as practicable, the
ABL Availability to exceed the ABL Availability Threshold by the amount of the Deferred Excess Cash
Flow.

ARTICLE VI

Negative Covenants

          So long as this Agreement shall remain in effect and until the Commitments shall have
terminated and the principal of and interest on each Loan, all Fees and all other expenses or
amounts payable under the Loan Documents shall have been paid in full, each of Holdings and the
Borrower covenants and agrees with the Lenders that, unless the Required Lenders shall otherwise
consent in writing:

          SECTION 6.01. Indebtedness. Neither Holdings nor any Subsidiary will create, incur, assume or
permit to exist any Indebtedness, except:

     (a) Indebtedness created under the Loan Documents;

     (b) Indebtedness created under the Revolving Credit Agreement, or Refinancing
Indebtedness in respect thereof, in an aggregate principal amount not to exceed
$535,000,000 at any time outstanding (the “Permitted ABL Facility”); provided that the
availability of credit extensions thereunder shall be determined by reference to the
“borrowing base” of the Borrower and its subsidiaries;

 

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     (c) Indebtedness set forth on Schedule 6.01, but not any extensions, renewals or
replacements of any such Indebtedness;

     (d) Indebtedness of the Borrower to any other Subsidiary and of any Subsidiary to the
Borrower or any other Subsidiary; provided that such Indebtedness shall not have been
transferred to any other person (other than the Borrower or any other Subsidiary);

     (e) Guarantees incurred in compliance with Section 6.04(f);

     (f) Indebtedness of the Borrower or any other Subsidiary incurred to finance the
acquisition, construction or improvement of any fixed or capital assets, including Capital
Lease Obligations and Synthetic Lease Obligations, and extensions, renewals or replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof;
provided that (A) such Indebtedness is incurred prior to or within 180 days after such
acquisition or the completion of such construction or improvement and (B) the aggregate
principal amount of Indebtedness permitted by this clause (f) shall not exceed $5,000,000
at any time outstanding;

     (g) Indebtedness of any person that becomes a subsidiary of the Borrower (or of any
person not previously a subsidiary of the Borrower that is merged or consolidated with or
into a subsidiary of the Borrower in a transaction permitted hereunder) after the date
hereof, or Indebtedness of any person that is assumed by any such subsidiary in connection
with an acquisition of assets by such subsidiary in a Permitted Acquisition; provided that
(i) such Indebtedness exists at the time such person becomes a subsidiary of the Borrower
(or is so merged or consolidated) or such assets are acquired and is not created in
contemplation of or in connection with such person becoming a subsidiary of the Borrower
(or such merger or consolidation) or such assets being acquired, (ii) the aggregate
principal amount of Indebtedness permitted by this clause (g) shall not exceed $5,000,000
at any time outstanding and (iii) neither Holdings nor any Subsidiary (other than such
person or the subsidiary of the Borrower with which such person is merged or consolidated
or that so assumes such person’s Indebtedness) shall Guarantee or otherwise become liable
for the payment of such Indebtedness;

     (h) Indebtedness owed in respect of any overdrafts and related liabilities arising
from treasury, depository and cash management services or in connection with any automated
clearing-house transfers of funds;

     (i) Indebtedness under performance, surety, statutory, insurance, appeal or similar
bonds or with respect to workers’ compensation claims, in each case incurred in the
ordinary course of business;

     (j) any Holdings Subordinated Loans;

     (k) the Crack Spread Hedging Support LC;

 

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     (l) any Debt Service Support LC; and

     (m) other unsecured Indebtedness of the Borrower and the other Subsidiaries in an
aggregate principal amount not exceeding $5,000,000 at any time outstanding.

          SECTION 6.02. Liens. (a) Neither Holdings nor any Subsidiary will create, incur, assume or
permit to exist any Lien on any asset now owned or hereafter acquired by it, or assign or sell any
income or revenues (including accounts receivable) or rights in respect of any thereof, except:

     (i) Liens created under the Loan Documents;

     (ii) Permitted Encumbrances;

     (iii) any Lien on any asset of Holdings or any Subsidiary (or of the Acquired Company
and its Affiliates) existing on the Closing Date and set forth on Schedule 6.02; provided
that (A) such Lien shall not apply to any other asset of Holdings or any Subsidiary and (B)
such Lien shall secure only those obligations that it secures on the Closing Date;

     (iv) Liens on fixed or capital assets acquired, constructed or improved by the
Borrower or any other Subsidiary; provided that (A) such Liens secure Indebtedness
permitted by Section 6.01(f), (B) such Liens and the Indebtedness secured thereby are
incurred prior to or within 180 days after such acquisition or the completion of such
construction or improvement, (C) the Indebtedness secured thereby does not exceed the cost
of acquiring, constructing or improving such fixed or capital assets and (D) such Liens
shall not apply to any other asset of Holdings or any Subsidiary;

     (v) any Lien existing on any asset prior to the acquisition thereof by the Borrower or
any of its subsidiaries or existing on any asset of any person that becomes a Subsidiary
after the date hereof prior to the time such person becomes a Subsidiary; provided that
(A) such Lien is not created in contemplation of or in connection with such acquisition or
such person becoming a Subsidiary, as the case may be, (B) such Lien shall not apply to any
other asset of Holdings or any Subsidiary and (C) such Lien shall secure only those
obligations that it secures on the date of such acquisition or the date such person becomes
a Subsidiary, as the case may be;

     (vi) Liens created under the Revolving Loan Documents or any other definitive
documentation for the Permitted ABL Facility; provided that (A) such Liens secure only
Indebtedness permitted by Section 6.01(b) and other obligations not constituting
Indebtedness that are secured thereunder, (B) such Liens do not apply to any asset of
Holdings or any Subsidiary other than assets that constitute Collateral and that are
subject to a Lien granted under a Security Document to secure the Secured Obligations and
(C) such Liens are subject to the terms of the Intercreditor Agreement;

 

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     (vii) Liens on the Crack Spread Hedging Cash Collateral to secure obligations of the
Borrower under the Crack Spread Hedging Agreement or the Crack Spread Hedging Support LC;
provided that the aggregate principal amount of the Crack Spread Hedging Cash Collateral
subject to the Liens permitted by this clause (vii) shall not exceed $50,000,000;

     (viii) Liens on the Debt Service Support LC Cash Collateral to secure obligations of
the Borrower under any Debt Service Support LC; provided that the aggregate amount of the
Debt Service Support LC Cash Collateral subject to the Liens permitted by this clause
(viii) shall not, at any time, exceed 105% of the face amount of the Debt Service Support
LC in effect at such time; and

     (ix) other Liens securing Indebtedness or other obligations in an aggregate principal
amount not to exceed $1,000,000 at any time outstanding.

          (b) Notwithstanding anything herein to the contrary, neither Holdings nor any Subsidiary will
create, incur, assume or permit to exist any consensual Lien on any asset now owned or hereafter
acquired by it to secure the obligations of the Borrower under the Earnout Agreement.

          SECTION 6.03. Sale/Leaseback Transactions. Neither Holdings nor any Subsidiary will enter
into any Sale/Leaseback Transaction.

          SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. Neither Holdings nor
any Subsidiary will purchase, hold, acquire (including pursuant to any merger or consolidation with
any person that was not a wholly owned Subsidiary prior thereto), make or otherwise permit to exist
any Investment in any other person, or purchase or otherwise acquire (in one transaction or a
series of transactions) (x) all or substantially all the assets of any other person or of a
business unit, division, product line or line of business of any other person, or (y) other assets
acquired other than in the ordinary course of business that, following the acquisition thereof,
would constitute a substantial portion of the assets of Holdings and the Subsidiaries, taken as a
whole, except:

     (a) the Acquisition;

     (b) Permitted Investments;

     (c) Investments existing on the Effective Date and set forth on Schedule 6.04 (but not
any additions thereto (including any capital contributions) made after the Effective Date);

     (d) Investments by Holdings in the Equity Interests of the Borrower and Investments by
the Borrower and the other Subsidiaries in the Equity Interests of their respective
subsidiaries; provided that (i) such subsidiaries are Subsidiaries prior to such
investments and (ii) any such Equity Interests held by a Loan Party shall be pledged
pursuant to the Guarantee and Collateral Agreement;

 

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     (e) loans or advances made by the Borrower or any other Subsidiary to any Subsidiary;
provided that the Indebtedness resulting therefrom is permitted by Section 6.01(d);

     (f) Guarantees by Holdings or any Subsidiary of Indebtedness or other obligations of
Holdings or any Subsidiary; provided that (i) a Subsidiary that has not Guaranteed the
Secured Obligations pursuant to the Guarantee and Collateral Agreement shall not Guarantee
any Indebtedness or other obligations under or pursuant to the Permitted ABL Facility, (ii)
Holdings shall not Guarantee any Indebtedness or other obligations of any Subsidiary except
for any such Guarantees under the Loan Documents or under the definitive documentation for
the Permitted ABL Facility and (iii) no Subsidiary shall Guarantee any Indebtedness or
other obligation of Holdings except for any such Guarantees under the Loan Documents or
under the definitive documentation for the Permitted ABL Facility;

     (g) Investments received in connection with the bankruptcy or reorganization of, or
settlement of delinquent accounts and disputes with, customers and suppliers, in each case
in the ordinary course of business;

     (h) Investments made as a result of the receipt of noncash consideration from a sale,
transfer, lease or other disposition of any asset in compliance with Section 6.06;

     (i) Investments in the form of Hedging Agreements permitted by Section 6.07;

     (j) payroll, travel and similar advances to directors and employees of Holdings or any
Subsidiary to cover matters that are expected at the time of such advances to be treated as
expenses for accounting purposes and that are made in the ordinary course of business;

     (k) loans or advances to directors and employees of Holdings or any Subsidiary made in
the ordinary course of business; provided that the aggregate amount of such loans and
advances outstanding at any time shall not exceed $100,000;

     (l) purchases of crude oil and other inventory, supplies and materials in the ordinary
course of business;

     (m) other Investments and Permitted Acquisitions; provided that, at the time each such
Investment or Permitted Acquisition is purchased, made or otherwise acquired, (i) no
Default, Event of Default, ABL Availability Deficit or Debt Service Reserve Deficit shall
have occurred and be continuing or would result therefrom, (ii) the Deferred Excess Cash
Flow is not greater than zero and (iii) the amount of such Investment, or the aggregate
consideration and other amounts paid in connection with such Permitted Acquisition, shall
not exceed the

 

81

Retained Amount at the time of the making of such Investment or Permitted Acquisition;
and

     (n) other Investments and Permitted Acquisitions; provided that, at the time each such
Investment or acquisition is purchased, made or otherwise acquired, (i) no Default, Event
of Default, ABL Availability Deficit or Debt Service Reserve Deficit shall have occurred
and be continuing or would result therefrom, (ii) the Deferred Excess Cash Flow is not
greater than zero and (iii) the amount of such Investment, or the aggregate consideration
and other amounts paid in connection with such Permitted Acquisition, together with the
aggregate amount, determined as of such time, of all other Investments purchased, made or
otherwise acquired, and the aggregate amount of all consideration and such other amounts
paid in connection with all other Permitted Acquisitions made, in reliance on this clause
(n) shall not exceed $5,000,000 in the aggregate.

          SECTION 6.05. Mergers, Consolidations and Other Fundamental Changes. Neither Holdings nor any
Subsidiary will merge into or consolidate with any other person, or permit any other person to
merge into or consolidate with it, or liquidate or dissolve, except that (a) the Borrower may
consummate the Merger and (b) if, at the time thereof and immediately after giving effect thereto
no Default or Event of Default shall have occurred and be continuing, (i) any Subsidiary may merge
into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any
Subsidiary (other than the Borrower) may merge into or consolidate with any other Subsidiary (other
than the Borrower) in a transaction in which the surviving entity is a Subsidiary and (iii) any
Subsidiary (other than the Borrower) that is an Inactive Subsidiary may liquidate or dissolve if
the Borrower determines in good faith that such liquidation or dissolution is in the best interests
of the Borrower and is not adverse to the interests of the Lenders.

          SECTION 6.06. Asset Sales. Neither Holdings nor any Subsidiary will sell, transfer, lease or
otherwise dispose of (it being understood that a Casualty to, or a Condemnation of, any asset shall
not be deemed to be a disposition thereof) any asset, including any Equity Interest owned by it,
nor will any Subsidiary issue any additional Equity Interest in such Subsidiary (other than to
Holdings or any other Subsidiary in compliance with Sections 6.04 and 6.10), except:

     (a) sales, transfers and other dispositions of inventory, obsolete, worn-out or
surplus equipment, cash and Permitted Investments in the ordinary course of business;

     (b) sales, transfers and other dispositions to the Borrower or any other Subsidiary;

     (c) issuances and sales by the Borrower of its common stock to management or employees
of the Borrower or any of its subsidiaries under any employee stock option or stock
purchase plan or employee benefit plan (the common stock so issued and sold in compliance
with this clause (c) being referred to as the “Permitted Compensation Incentive Equity
Interests”); provided that

 

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the Permitted Compensation Incentive Equity Interests (i) shall have no voting rights
and (ii) shall not, at any time, represent more than 5.0% of aggregate equity value
represented by the issued and outstanding common stock of the Borrower; and

     (d) sales, transfers and other dispositions of assets (other than Equity Interests in
any Subsidiary) that are not permitted by any other clause of this Section; provided that
(i) the aggregate fair market value of all assets sold, transferred or otherwise disposed
of in reliance on this clause shall not exceed $5,000,000 in the aggregate and (ii) all
sales, transfers and other dispositions made in reliance on this clause shall be made for
fair value and at least 75% cash consideration.

          SECTION 6.07. Hedging Agreements. (a) Neither Holdings nor any Subsidiary will enter into
any Hedging Agreement except (i) the Crack Spread Hedging Agreement, (ii) Hedging Agreements
entered into to hedge or mitigate risks to which Holdings or any Subsidiary has actual exposure
(other than in respect of Indebtedness of Holdings or any Subsidiary) and not for speculative
purposes and (iii) Hedging Agreements entered into in order to effectively cap, collar or exchange
interest rates (from fixed to floating rates, from one floating rate to another floating rate or
otherwise) with respect to any interest-bearing liability or investment of Holdings or any
Subsidiary and not for speculative purposes.

          (a) During the term (including any extensions thereof) of the Crack Spread Hedging Agreement,
neither Holdings nor any Subsidiary will enter into any Hedging Agreement or other arrangement with
any person the economic effect of which, in respect of the Borrower, is opposite to the economic
effect of the Crack Spread Hedging Agreement.

          (b) Neither Holdings nor any Subsidiary shall enter into any Hedging Agreement (other than,
for the avoidance of doubt, the Crack Spread Hedging Agreement) the obligations under which would
constitute Secured Obligations if, as a result thereof, the Capped Term Obligations (as defined in
the Intercreditor Agreement) would exceed the Term Credit Cap Amount (as defined in the
Intercreditor Agreement), and, notwithstanding anything to the contrary in the Guarantee and
Collateral Agreement or any other Security Document, obligations under any Hedging Agreement that
shall have been entered into in violation of this paragraph shall not, to the extent such
obligations would otherwise result in the existence of any Term Credit Excess Amounts (as defined
in the Intercreditor Agreement), be deemed to constitute Secured Obligations for all purposes of
the Guarantee and Collateral Agreement and the other Security Documents.

          SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness; Payments under the
Earnout Agreement. (a) Neither Holdings nor any Subsidiary will declare or make, or agree to pay
or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, except that (i) any Subsidiary (other than the Borrower) may declare and pay
dividends or make

 

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other distributions with respect to its capital stock, partnership or membership interests or
other similar Equity Interests, ratably to the holders of such Equity Interests; (ii) the Borrower
may make Restricted Payments (including through redemption or repurchase of such Equity Interests)
on account of Permitted Compensation Incentive Equity Interests, in an amount not exceeding
$2,000,000 in the aggregate for any fiscal year, as such amount may be increased pursuant to the
immediately following proviso (the “Annual Compensation Incentive Amount”), pursuant to and in
accordance with employee stock option or stock purchase plan or employee benefit plan for
management or employees of the Borrower or any of its subsidiaries; provided that, to the extent
the Annual Compensation Incentive Amount for any fiscal year exceeds the aggregate amount of
Restricted Payments made under this clause (ii) during such fiscal year, the Annual Compensation
Incentive Amount for the immediately succeeding fiscal year shall be increased by the amount of
such excess; provided further, however, that the amount of Restricted Payments made under this
clause (ii) shall not exceed $7,000,000 in the aggregate since the Closing Date; (iii) so long as
no Default, Event of Default or Debt Service Reserve Deficit shall have occurred and be continuing
or would result therefrom, (A) the Borrower may make payments in cash to Holdings on account of
Parent’s corporate expense allocation to Holdings and the Subsidiaries, the amount of such payments
not to exceed (1) $17,500,000 in the aggregate for the period from the Effective Date to June 30,
2009, (2) $17,500,000 in the aggregate for the period from July 1, 2009 to June 30, 2010 and (3)
$7,000,000 in the aggregate for each period of 12 consecutive months commencing on July 1 of any
year (beginning with July 1, 2010) and ending on June 30 of the immediately following year (with
the Borrower hereby agreeing to provide to the Administrative Agent, upon request, reasonable
detail as to such corporate expense allocation), and (B) Holdings may make payments to Parent and
its Affiliates in cash in an aggregate amount not exceeding the aggregate amount of the payments
received by Holdings from the Borrower pursuant to the foregoing clause (A); and (iv) so long as no
Default, Event of Default, ABL Availability Deficit or Debt Service Reserve Deficit shall have
occurred and be continuing or would result therefrom, and so long as the Deferred Excess Cash Flow
is not greater than zero, (A) the Borrower may declare, make or pay Restricted Payments in cash to
Holdings in an amount not exceeding the Retained Amount at such time and (B) Holdings may declare,
make or pay Restricted Payments in cash in an aggregate amount not exceeding the aggregate amount
of dividends received by Holdings from the Borrower pursuant to the foregoing clause (A).

          (b) Neither Holdings nor any Subsidiary will make or agree to pay or make, directly or
indirectly, any payment or other distribution (whether in cash, securities or other property) of or
in respect of principal of or interest on any Indebtedness, or any payment or other distribution
(whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancelation or termination of any
Indebtedness, except:

          (i) payments of or in respect of Indebtedness created under the Loan Documents;

 

84

     (ii) regularly scheduled interest and principal payments as and when due in respect of
any Indebtedness, other than (A) payments in respect of Holdings Subordinated Loans and
(B) payments in respect of the Permitted ABL Facility;

     (iii) interest and principal payments in respect of Indebtedness incurred under the
Permitted ABL Facility, to the extent not prohibited by the Intercreditor Agreement;

     (iv) so long as no Default, Event of Default, ABL Availability Deficit or Debt Service
Reserve Deficit shall have occurred and be continuing or would result therefrom, and so
long as the Deferred Excess Cash Flow amount is not greater than zero, interest and
principal payments in respect of Holdings Subordinated Loans in an amount not exceeding at
the time of making thereof the Retained Amount at such time, to the extent not prohibited
by the Holdings Subordination Agreement;

     (v) refinancings of Indebtedness to the extent permitted by Section 6.01; and

     (vi) payments of secured Indebtedness (other than Indebtedness incurred under the
Permitted ABL Facility) that becomes due as a result of the voluntary sale or transfer of
the assets securing such Indebtedness in transactions permitted hereunder.

          (c) Notwithstanding anything herein to the contrary, neither Holdings nor any Subsidiary will
make any payments to the Seller or any of its Affiliates in respect of the obligations owed under
the Earnout Agreement unless, at the time of and immediately after giving effect to such payment,
no Default or Event of Default shall have occurred and be continuing or would result therefrom.

          SECTION 6.09. Transactions with Affiliates. (a) Neither Holdings nor any Subsidiary will
sell, lease, license or otherwise transfer any assets to, or purchase, lease, license or otherwise
acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates
(including Parent), except (i) transactions in the ordinary course of business that (A) are at
prices and on terms and conditions not less favorable to Holdings or such Subsidiary than those
that would prevail in arm’s-length transactions with unrelated third parties and (B) do not involve
payments by Holdings or such Subsidiary (excluding payments for purchases or other acquisitions of
crude oil and reimbursements of costs and expenses (such as payroll) incurred by Parent or its
subsidiaries on behalf of Holdings or such Subsidiary (but excluding corporate allocation
expenses)) exceeding $5,000,000 in the aggregate during any fiscal year, (ii) transactions between
or among the Subsidiaries not involving any other Affiliate, (iii) any Restricted Payment permitted
by Section 6.08, (iv) compensation and indemnification of, and other employment arrangements with,
directors, officers and employees of Holdings or any Subsidiary entered in the ordinary course of
business, (v) Investment permitted under Section 6.04(d) and (vi) loans and advances permitted
under Sections 6.04(j) and 6.04(k).

 

85

          (b) Neither Holdings nor any Subsidiary will permit Parent or any of its Affiliates (other
than Holdings and the Subsidiaries) to own or hold any material asset or Governmental Approval that
is necessary for the ownership of the Krotz Springs Refinery and the operation thereof
substantially in the manner as conducted on the Effective Date.

          SECTION 6.10. Business of Holdings and Subsidiaries. (a) Notwithstanding anything herein to
the contrary, Holdings (i) will not engage in any business or activity other than the ownership of
the outstanding Equity Interests in the Borrower and activities incidental thereto and (ii) will
not own or acquire any assets (other than Equity Interests in the Borrower, cash and Permitted
Investments) or incur any liabilities (other than Indebtedness permitted to be incurred by it under
Section 6.01, liabilities imposed by law, including liabilities in respect of Taxes, and other
liabilities incidental to its existence and permitted business and activities).

          (b) Neither the Borrower nor any other Subsidiary will engage at any time in any business or
activity other than the ownership and operation of the Krotz Springs Refinery and activities
directly related or incidental thereto.

          SECTION 6.11. Restrictive Agreements. Neither Holdings nor any Subsidiary will, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition on (a) the ability of Holdings or any Subsidiary to create,
incur or permit to exist any Lien on any of its assets to secure any Secured Obligations or (b) the
ability of any Subsidiary (other than the Borrower) to pay dividends or other distributions with
respect to its Equity Interests or to make or repay loans or advances to the Borrower or any other
Domestic Subsidiary or the ability of Holdings or any Domestic Subsidiary to Guarantee the Secured
Obligations; provided that (i) the foregoing shall not apply to (A) restrictions and conditions
imposed by law or by any Loan Document and (B) restrictions and conditions imposed by the Revolving
Loan Documents, as such restrictions and conditions are in effect on the date hereof, or by the
Intercreditor Agreement; and (ii) clause (a) of the foregoing shall not apply to (A) restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement
(other than the Permitted ABL Facility) if such restrictions or conditions apply only to the assets
securing such Indebtedness or (B) customary provisions in leases and other agreements restricting
the assignment thereof.

          SECTION 6.12. Amendment of Material Documents. Neither Holdings nor any Subsidiary will
(a)(i) amend, restate, supplement or otherwise modify its certificate of incorporation, bylaws or
other organizational documents or (ii) amend, restate, supplement or otherwise modify, or waive any
of its rights under, or terminate prior to the stated termination thereof or release, the Crack
Spread Hedging Agreement or the Offtake Agreement, in each case to the extent any of the foregoing
could reasonably be expected to be adverse in any material respect to Holdings and the Subsidiaries
or to the interests of the Lenders, or (b) amend, restate, supplement or otherwise modify any
Revolving Loan Document or any other definitive documentation for the Permitted ABL Facility, to
the extent any of the foregoing, could reasonably be expected to materially impair (i) the rights
of or benefits available to the Lenders under any Loan Document in

 

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respect of any payment obligation of any Loan Party thereunder or (ii) the ability of any Loan
Party to perform any of its obligations under any Loan Document (it being agreed that this clause
(b) shall not be deemed to restrict amendments, if any, made to the Revolving Credit Agreement
pursuant to the exercise of “flex” rights in respect thereof, as and to the extent such rights are
in effect on the date hereof).

          SECTION 6.13. Debt Service Coverage Ratio. The Borrower will not permit the ratio of (a) Cash
Available for Debt Service to (b) Debt Service Payments, in each case for any period of four
consecutive fiscal quarters ending on any date during any period set forth below, to be less than
the ratio set forth below opposite such period:

	 	 	 
	Period
	 	Ratio
	From the Effective Date through December 31, 2011

	 	1.50 to 1.00
	 
	 	 
	From March 31, 2012 through the Maturity Date

	 	1.75 to 1.00

          SECTION 6.14. Leverage Ratio. The Borrower will not permit the Leverage Ratio at any time
during any period set forth below to exceed the ratio set forth opposite such period:

	 	 	 
	Period
	 	Ratio
	From the Effective Date through September 30, 2009

	 	1.75 to 1.00
	 
	 	 
	From October 1, 2009 through March 31, 2010

	 	1.25 to 1.00
	 
	 	 
	From April 1, 2010 through the Maturity Date

	 	1.00 to 1.00

          SECTION 6.15. Capital Expenditures. Neither Holdings nor any Subsidiary will make any Capital
Expenditures; provided that the Borrower and its subsidiaries may make (a) maintenance Capital
Expenditures made (i) during the period from the Effective Date to December 31, 2008, not exceeding
$10,000,000 in the aggregate and (ii) during any fiscal year of the Borrower ending after December
31, 2008, not exceeding $17,500,000 in the aggregate in any such fiscal year, and (b) turnaround
Capital Expenditures made (i) during the fiscal year of the Borrower ending on December 31, 2009,
not exceeding $22,500,000 in the aggregate and (ii) during the period from October 1, 2012 to March
31, 2014, not exceeding $26,500,000 in the aggregate; provided further that, notwithstanding the
foregoing, the Borrower and its subsidiaries may make, in addition to the foregoing, any Capital
Expenditure if (A) at the time of the making thereof, (1) no Default, Event of Default, ABL
Availability Deficit or Debt Service Reserve Deficit shall have occurred and be continuing or would
result therefrom and (2) the Deferred Excess Cash Flow amount is not greater than zero, and (B) the
amount of such Capital Expenditure shall not exceed the Retained Amount at the time of the making
thereof.

          SECTION 6.16. Fiscal Year. Neither Holdings nor any Subsidiary will change its fiscal
year-end to a date other than December 31.

 

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          SECTION 6.17. Preferred Equity Interests. Neither Holdings nor any Subsidiary will issue any
Preferred Equity Interests; provided that Holdings may issue Preferred Equity Interests that are
not Disqualified Equity Interests.

          SECTION 6.18. No Foreign Subsidiaries. Neither Holdings nor any Subsidiary will acquire,
establish or permit to exist any Subsidiary that is a Foreign Subsidiary.

ARTICLE VII

Events of Default

          In case of the happening of any of the following events (“Events of Default”):

     (a) any representation or warranty made or deemed made in or in connection with any
Loan Document or the borrowings hereunder, or any representation, warranty, statement or
information contained in any report, certificate, financial statement or other instrument
furnished in connection with or pursuant to any Loan Document, shall prove to have been
false or misleading in any material respect when so made, deemed made or furnished;

     (b) default shall be made in the payment of any principal of any Loan when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or by acceleration thereof or otherwise;

     (c) default shall be made in the payment of any interest on any Loan or any Fee or any
other amount (other than an amount referred to in clause (b) above) due under any Loan
Document, when and as the same shall become due and payable, and such default shall
continue unremedied for a period of three Business Days;

     (d) default shall be made in the due observance or performance by Holdings or any
Subsidiary of any covenant, condition or agreement contained in Section 5.01(a) (with
respect to Holdings and the Borrower only), 5.02(a), 5.02(b)(i), 5.02(c), 5.05, 5.07 or
5.12 or in Article VI;

     (e) default shall be made in the due observance or performance by Holdings or any
Subsidiary of any covenant, condition or agreement contained in any Loan Document (other
than those specified in clause (b), (c) or (d) above) and such default shall continue
unremedied for a period of 30 days after notice thereof from the Administrative Agent or
any Lender to the Borrower (with a copy to the Administrative Agent in the case of any such
notice from a Lender);

     (f) (i) Holdings or any Subsidiary shall fail to pay any principal or interest in
respect of any Material Indebtedness, when and as the same shall become due and payable, or
(ii) any other event or condition shall occur that results in any

 

88

Material Indebtedness becoming due prior to its scheduled maturity or that would
enable or permit (with or without the giving of notice, the lapse of time or both) the
holder or holders of any such Material Indebtedness or any trustee or agent on its or their
behalf or, in the case of any Hedging Agreement, the applicable counterparty, to cause any
Material Indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity or, in the case of any Hedging
Agreement, to cause the termination thereof; provided that (A) this clause (ii) shall not
apply to secured Indebtedness that becomes due as a result of the voluntary sale or
transfer of the property or assets securing such Indebtedness and (B) in the case of any
such failure, event or condition referred to in clauses (i) and (ii), such failure, event
or condition shall not have been waived in accordance with the terms of such Material
Indebtedness and shall continue beyond any grace period applicable thereto under the terms
of such Material Indebtedness or, in the case of any such failure, event or condition
relating to the Crack Spread Hedging Agreement, such failure, event or condition shall
continue unremedied for a period of 30 days;

     (g) any Governmental Approval required for the ownership of the Krotz Springs
Refinery, or the operation thereof in substantially the same manner as operated on the
Effective Date, shall have been revoked, terminated or withdrawn or shall have ceased to be
in full force and effect (including as a result of a failure to renew), and such
revocation, termination, withdrawal or cessation has continued unremedied for a period of
30 days and, in the opinion of the Required Lenders, could reasonably be expected to result
in a Material Adverse Effect;

     (h) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed in a court of competent jurisdiction seeking (i) relief in respect of Holdings or any
Subsidiary, or of a substantial part of the property or assets of Holdings or any
Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter
amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or
similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for Holdings or any Subsidiary or for a substantial part of
the property or assets of Holdings or any Subsidiary or (iii) the winding-up, liquidation
or dissolution of Holdings or any Subsidiary (other than an Inactive Subsidiary); and such
proceeding or petition shall continue undismissed for 60 days or an order or decree
approving or ordering any of the foregoing shall be entered;

     (i) Holdings or any Subsidiary shall (i) voluntarily commence any proceeding or file
any petition seeking relief under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other federal, state or foreign bankruptcy, insolvency,
receivership or similar law, (ii) consent to the institution of, or fail to contest in a
timely and appropriate manner, any proceeding or the filing of any petition described in
clause (h) above, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Holdings or any Subsidiary or
for a substantial part of the property or assets of Holdings or any Subsidiary, (iv) file
an answer

 

89

admitting the material allegations of a petition filed against it in any such
proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable,
admit in writing its inability or fail generally to pay its debts as they become due or
(vii) take any action for the purpose of effecting any of the foregoing;

     (j) one or more judgments for the payment of money in an aggregate amount in excess of
$5,000,000 (net of all amounts as to which any insurance company or other indemnifying
party (other than Holdings, the Borrower or any other Affiliate of Holdings, and provided
that such other indemnifying party is, in the opinion of the Required Lenders, financially
sound) has acknowledged liability) shall be rendered against Holdings or any Subsidiary or
any combination thereof and the same shall remain undischarged for a period of
30 consecutive days during which execution shall not be effectively stayed, or any action
shall be legally taken by a judgment creditor to levy upon assets or properties of Holdings
or any Subsidiary to enforce any such judgment;

     (k) one or more judgments for injunctive relief shall be rendered against Holdings or
any Subsidiary or any combination thereof that, in the opinion of the Required Lenders,
could reasonably be expected to result in a Material Adverse Effect;

     (l) one or more ERISA Events shall have occurred that, in the opinion of the Required
Lenders, could reasonably be expected to result in a Material Adverse Effect;

     (m) any Guarantee under the Guarantee and Collateral Agreement for any reason shall
cease to be in full force and effect (other than in accordance with its terms), or any Loan
Party shall assert that it has any further liability under any such Guarantee (other than
as a result of the discharge of such Loan Party in accordance with the terms of the Loan
Documents);

     (n) any security interest purported to be created by any Security Document shall cease
to be, or shall be asserted by any Loan Party not to be, a valid, perfected, first priority
(except as otherwise expressly provided in this Agreement, the Intercreditor Agreement or
such Security Document) security interest in any material Collateral, except (i) as a
result of a sale or transfer of the applicable Collateral in a transaction permitted under
the Loan Documents or (ii) to the extent that any such loss of perfection or priority
results from the failure of the Collateral Agent to maintain possession of certificates
representing securities pledged under the Guarantee and Collateral Agreement;

     (o) the Intercreditor Agreement for any reason shall cease to be, or shall be asserted
by Holdings or any Subsidiary, not to be, binding on or enforceable against any such party
(or on or against any person on whose behalf the Revolving Collateral Agent makes any
covenant or agreement therein), other than in accordance with its terms;

 

90

     (p) there shall have occurred any event or condition adversely affecting the ability
of the Borrower and its subsidiaries to access (i) any ExxonMobil Pipeline for the purpose
of obtaining delivery of crude oil to the Krotz Springs Refinery or (ii) the Colonial
Pipeline for the purpose of transporting refined products from the Krotz Springs Refinery,
in each case that, in the opinion of the Required Lenders (taking into consideration the
alternative arrangements available to the Borrower and its subsidiaries with respect to
delivery of crude oil to and transport of refined products from the Krotz Springs
Refinery), could reasonably be expected to result in a Material Adverse Effect; or

     (q) (i) any person other than Parent, or one or more wholly owned subsidiaries of
Parent (or, in respect of such Preferred Equity Interests, any other Affiliate of Parent),
shall acquire ownership of any common Equity Interests or any Preferred Equity Interests in
Holdings or (ii) any person other than Holdings shall acquire ownership of any Equity
Interests (other than Permitted Incentive Compensation Equity Interests) in the Borrower;

then, and in every such event (other than an event with respect to Holdings or the Borrower
described in clause (h) or (i) above), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to
Holdings and the Borrower, take either or both of the following actions, at the same or different
times: (i) terminate the Commitments, whereupon the Commitments shall terminate immediately, and
(ii) declare the Loans then outstanding to be due and payable in whole or in part, whereupon the
principal of the Loans so declared to be due and payable, together with accrued interest thereon
and any unpaid accrued fees and all other liabilities of Holdings or the Borrower accrued hereunder
and under any other Loan Document, shall become forthwith due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived by
Holdings and the Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding; and in any event with respect to Holdings and the Borrower described in
paragraph (h) or (i) above, the Commitments shall automatically terminate and the principal of the
Loans then outstanding, together with accrued interest thereon and any unpaid accrued fees and all
other liabilities of Holdings or the Borrower accrued hereunder and under any other Loan Document,
shall automatically become due and payable, without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived by Holdings and the Borrower, anything
contained herein or in any other Loan Document to the contrary notwithstanding.

ARTICLE VIII

The Administrative Agent and the Collateral Agent

          Each of the Lenders hereby irrevocably appoints the entity named as the Administrative Agent
and the Collateral Agent in the preamble hereto to serve as administrative agent and collateral
agent under the Loan Documents (for purposes of this Article VIII, the Administrative Agent and the
Collateral Agent are referred to

 

91

collectively as the “Agents”) and authorizes the Agents to take such actions and to exercise
such powers as are delegated to such Agents by the terms of the Loan Documents, together with such
actions and powers as are reasonably incidental thereto. Without limiting the generality of the
foregoing, the Agents are hereby expressly authorized (a) to execute any and all documents
(including releases) with respect to the Collateral and the rights of the Secured Parties with
respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the
Security Documents, including any acknowledgement or agreement referred to in the definition of the
term “Guarantee and Collateral Requirement” and any agreement referred to in Section 9.18, and (b)
to take such actions and to exercise such powers as are delegated to such Agents under Article X,
including the right to release insurance proceeds and Condemnation Proceeds. The provisions of
this Article are solely for the benefit of the Administrative Agent, the Collateral Agent and the
Lenders, and neither Holdings nor any Subsidiary shall have any rights as a third party beneficiary
of any such provisions.

          The person serving as the Administrative Agent and/or the Collateral Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not an Agent, and such person and its Affiliates may accept deposits
from, lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with Holdings or any Subsidiary or other Affiliate thereof
as if such person were not an Agent hereunder and without any duty to account therefor to the
Lenders.

          Neither Agent shall have any duties or obligations except those expressly set forth in the
Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) neither Agent shall have any duty to take any discretionary action or to
exercise any discretionary power, except discretionary rights and powers expressly contemplated
hereby that such Agent is required to exercise as directed in writing by the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in the Loan Documents); provided that neither Agent shall be required to take any action
that, in its opinion, may expose such Agent to liability or that is contrary to any Loan Document
or applicable law, and (c) except as expressly set forth in the Loan Documents, neither Agent shall
have any duty to disclose, nor shall it be liable for the failure to disclose, any information
relating to Holdings or any Subsidiary or other Affiliate thereof that is communicated to or
obtained by the person serving as Administrative Agent and/or Collateral Agent or any of its
Affiliates in any capacity. Neither Agent shall be liable for any action taken or not taken by it
with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary, or as such Agent shall believe in good faith to be necessary,
under the circumstances as provided in Section 9.08) or in the absence of its own gross negligence
or willful misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and
until written notice thereof is given to such Agent by Holdings, the Borrower or a Lender, and
neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the
contents of any certificate, report or other document

 

92

delivered thereunder or in connection therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth in any Loan Document or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt
of items expressly required to be delivered to such Agent or to confirm such Agent’s consent to, or
satisfaction with, items expressly requiring its consent or satisfaction.

          Each Agent shall be entitled to rely, and shall not incur any liability for relying, upon any
notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it
to be genuine and to have been signed, sent or otherwise authenticated by the proper person
(including, if applicable, a Financial Officer or a Responsible Officer of such person). Each
Agent may also rely, and shall not incur any liability for relying, upon any statement made to it
orally or by telephone and believed by it to have been made by the proper person (including, if
applicable, a Financial Officer or a Responsible Officer of such person). Each Agent may consult
with legal counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

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

          Subject to the appointment and acceptance of a successor Agent as provided below, either Agent
may resign at any time by notifying the Lenders and the Borrower. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to
appoint a successor. If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Agent gives notice of its
resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent,
which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon
the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed
to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and
the retiring Agent shall be discharged from its duties and obligations hereunder and under the Loan
Documents. The fees payable by Holdings and the Borrower to a successor Agent shall be the same as
those payable to its predecessor unless otherwise agreed by Holdings, the Borrower and such
successor. After an Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Article and Section 9.05 shall continue in effect for the benefit of such
retiring Agent, its sub-

 

93

agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while acting as Agent.

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

          Notwithstanding anything herein to the contrary, the Arranger shall not have any duties or
obligations under this Agreement or any other Loan Document, but shall have the benefit of the
indemnities provided for hereunder.

ARTICLE IX

Miscellaneous

          SECTION 9.01. Notices. Notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by fax or, as follows:

     (a) if to the Borrower or Holdings, to it at Park Central I, 7616 LBJ Freeway, Suite
300, Dallas, TX 75251, Attention of Chief Financial Officer (shai.even@alonusa.com; Fax No.
(972) 367-3719);

     (b) if to the Administrative Agent, to Credit Suisse, Eleven Madison Avenue, New York,
NY 10010, Attention of Agency Group Manager (agency.loanops@credit-suisse.com; Fax No.
(212) 322-2291); and

     (c) if to a Lender, to it at its address (or fax number or email address) set forth in
the Administrative Questionnaire or in the Assignment and Acceptance pursuant to which such
Lender shall have become a party hereto.

All notices and other communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or
overnight courier service or sent by fax on the date five Business Days after dispatch by certified
or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such
party as provided in this Section or in accordance with the latest unrevoked direction from such
party given in accordance with this Section. As agreed to among Holdings, the Borrower, the
Administrative Agent and the applicable Lenders from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the applicable person
provided from time to time by such person. Holdings, the Borrower, the Administrative Agent and
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Lender may each change the address or e-mail address for service of notice and other communications
by a notice in writing to the other parties hereto.

          SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and
warranties made by Holdings and the Subsidiaries in this Agreement or any other Loan Document and
in the certificates or other instruments prepared or delivered in connection with or pursuant to
this Agreement or any other Loan Document shall be considered to have been relied upon by the
Lenders, the Administrative Agent and the Collateral Agent and shall survive the making by the
Lenders of the Loans, regardless of any investigation made by or on behalf of the Lenders, the
Administrative Agent, the Collateral Agent or the Arranger and notwithstanding that any Lender, the
Administrative Agent, the Collateral Agent or the Arranger may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any Loan Document is executed and
delivered or any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any Fee or any other amount payable
under this Agreement or any other Loan Document is outstanding and unpaid and so long as the
Commitments have not been terminated. The provisions of Sections 2.14, 2.16, 2.20, 9.05 and 9.16
and Article VIII shall remain operative and in full force and effect regardless of the expiration
of the term of this Agreement, the consummation of the transactions contemplated hereby, the
repayment of any of the Loans, the termination of the Commitments, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of the Administrative Agent, the Collateral Agent or any Lender.

          SECTION 9.03. Binding Effect. This Agreement shall become binding when it shall have been
executed by Holdings, the Borrower and the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof which, when taken together, bear the signatures of each of
the other parties hereto.

          SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of such party, and all covenants, promises and agreements by or on behalf of Holdings, the
Borrower, the Administrative Agent, the Collateral Agent or the Lenders that are contained in this
Agreement shall bind and inure to the benefit of their respective successors and assigns.

          (b) Each Lender may assign to one or more Eligible Assignees all or a portion of its
interests, rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans at the time owing to it); provided, however, that (i) such Lender shall
provide notice to the Borrower and the Administrative Agent of the assignment of any Loans,
(ii) the Administrative Agent must give its prior written consent to such assignment (which consent
shall not be unreasonably withheld), (iii) the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Acceptance
with respect to such assignment is delivered to the Administrative Agent) shall be in an integral
multiple of, and not less than $1,000,000 unless the Administrative Agent consents to a lower

 

 

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amount (or, if less, the entire remaining amount of such Lender’s Commitment or Loans);
provided that the principal amount of concurrent assignments to any assignee and its Related Funds
shall be aggregated for purposes of determining compliance with the foregoing minimum assignment
amount, (iv) the parties to each such assignment shall execute and deliver to the Administrative
Agent an Assignment and Acceptance via an electronic settlement system acceptable to the
Administrative Agent (or, if previously agreed with the Administrative Agent, manually execute and
deliver to the Administrative Agent an Assignment and Acceptance), and shall pay to the
Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced
in the sole discretion of the Administrative Agent) and (v) the assignee, if it shall not be a
Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and all
applicable tax documentation. Upon acceptance and recording pursuant to paragraph (e) of this
Section, from and after the effective date specified in each Assignment and Acceptance, (A) the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and
(B) the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case
of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as to any
Fees accrued for its account and not yet paid).

          (c) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance
delivered to it and records of the names and addresses of the Lenders, and the Commitment of, and
principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive and Holdings, the Borrower, the
Administrative Agent, the Collateral Agent and the Lenders may treat each person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of
this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by Holdings, the Borrower, the Collateral Agent and any Lender, at any reasonable time
and from time to time upon reasonable prior notice.

          (d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning
Lender and an assignee, an Administrative Questionnaire (and all applicable tax documentation)
completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in paragraph (b) above and any written consent to such
assignment required by this Section, the Administrative Agent shall promptly (i) accept such
Assignment and Acceptance and (ii) record the information contained therein in the Register. No
assignment shall be effective unless it has been recorded in the Register as provided in this
paragraph. Each assignee, by its execution and delivery of an Assignment and Acceptance, shall be
deemed to have represented to the assigning Lender and the Administrative Agent that such assignee
is an Eligible Assignee.

 

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          (e) Each Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more Eligible Assignees (“Participants”) in all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided, however, that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations, (iii) the Participants shall be entitled to the benefit of the
cost protection provisions contained in Sections 2.14, 2.16 and 2.20 to the same extent as if they
were Lenders (but, with respect to any Participant, to no greater extent than the Lender that sold
the participation to such Participant) and (iv) Holdings, the Borrower, the Administrative Agent,
the Collateral Agent and the Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement, and such Lender shall
retain the sole right to enforce the obligations of the Borrower relating to the Loans and to
approve any amendment, modification or waiver of any provision of this Agreement or any other Loan
Document (other than any amendment, modification or waiver described in the first proviso to
Section 9.08(b) that affects such Participant or requires the approval of all the Lenders).

          (f) Any Lender or Participant may, in connection with any assignment or participation or
proposed assignment or participation pursuant to this Section, disclose to the assignee or
Participant or proposed assignee or Participant any information relating to Holdings and the
Subsidiaries furnished to such Lender by or on behalf of the Borrower; provided that, prior to any
such disclosure of information designated by the Borrower as confidential, each such assignee or
Participant or proposed assignee or Participant shall execute an agreement whereby such assignee or
Participant shall agree (subject to customary exceptions) to preserve the confidentiality of such
confidential information on terms no less restrictive than those applicable to the Lenders pursuant
to Section 9.16.

          (g) Any Lender may at any time assign all or any portion of its rights under this Agreement to
secure extensions of credit to such Lender or in support of obligations owed by such Lender;
provided that no such assignment shall release a Lender from any of its obligations hereunder or
substitute any such assignee for such Lender as a party hereto.

          (h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as such in writing
from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option
to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be
obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise
such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall
be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV
hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such
Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be
liable for any indemnity or similar payment obligation under this Agreement (all liability for
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furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive
the termination of this Agreement) that, prior to the date that is one year and one day after the
payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it
will not institute against, or join any other person in instituting against, such SPV any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of
the United States or any State thereof. In addition, notwithstanding anything to the contrary
contained in this Section, any SPV may (i) with notice to, but without the prior written consent
of, the Borrower and the Administrative Agent and without paying any processing fee therefor,
assign all or a portion of its interests in any Loans to the Granting Lender or to any financial
institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or
credit support to or for the account of such SPV to support the funding or maintenance of Loans and
(ii) disclose on a confidential basis any non-public information relating to its Loans to such
financial institution or to any rating agency, commercial paper dealer or provider of any surety,
guarantee or credit or liquidity enhancement to such SPV; provided that such SPV makes such
recipient aware of the confidentiality provisions of Section 9.16.

          (i) Neither Holdings nor the Borrower shall assign or delegate any of its rights or duties
hereunder without the prior written consent of the Administrative Agent and each Lender, and any
attempted assignment without such consent shall be null and void.

          SECTION 9.05. Expenses; Indemnity. (a) Holdings and the Borrower agree, jointly and
severally, to pay all out-of-pocket expenses incurred by the Administrative Agent, the Collateral
Agent, the Arranger and their Affiliates in connection with the arrangement and syndication of the
credit facility provided for herein and the preparation and administration of this Agreement and
the other Loan Documents or in connection with any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall
be consummated) or incurred by the Administrative Agent, the Collateral Agent, the Arranger or any
Lender in connection with the enforcement or protection of its rights in connection with this
Agreement and the other Loan Documents or in connection with the Loans made hereunder, including
the fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative
Agent, the Collateral Agent and the Arranger, and, in connection with any such enforcement or
protection, the fees, charges and disbursements of any other counsel for the Administrative Agent,
the Collateral Agent, the Arranger or any Lender.

          (b) Holdings and the Borrower agree, jointly and severally, to indemnify the Administrative
Agent, the Collateral Agent, the Arranger, each Lender and each Related Party of any of the
foregoing persons (each such person being called an “Indemnitee”) against, and to hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses,
including reasonable counsel fees, charges and disbursements, incurred by or asserted against any
Indemnitee arising out of, in any way connected with or as a result of (i) the execution or
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thereby, the performance by the parties thereto of their respective obligations thereunder or
the consummation of the Transactions or any other transactions contemplated thereby (including the
syndication of the credit facility provided for hereunder), (ii) the use of the proceeds of the
Loans, (iii) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory and whether or not any
Indemnitee is a party thereto (and regardless of whether such matter is initiated against or by any
party to the Commitment Letter, this Agreement or any other Loan Document, any Affiliate of any of
the foregoing or any third party), or (iv) any actual or alleged presence or Release of Hazardous
Materials on any property currently or formerly owned or operated by Holdings or any Subsidiary, or
any Environmental Liability related in any way to Holdings or any Subsidiary; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted primarily from the gross negligence or willful
misconduct of such Indemnitee.

          (c) To the extent that Holdings and the Borrower fail to pay any amount required to be paid by
them to the Administrative Agent or the Collateral Agent (or any sub-agent thereof) or any Related
Party of any of the foregoing persons under paragraph (a) or (b) of this Section, each Lender
severally agrees to pay to the Administrative Agent or the Collateral Agent (or any such sub-agent)
or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the Administrative Agent or the
Collateral Agent (or such sub-agent) in its capacity as such, or against any Related Party of any
of the foregoing persons acting for the Administrative Agent or the Collateral Agent (or any such
sub-agent) in connection with such capacity. For purposes hereof, a Lender’s “pro rata share”
shall be determined based upon its share of the sum of the outstanding Loans and unused Commitments
at the time (or, if no Loans or Commitments shall then be outstanding or in effect, at the time
Loans were most recently outstanding).

          (d) To the extent permitted by applicable law, neither Holdings nor the Borrower shall assert,
or permit any of their Affiliates or Related Parties to assert, and each hereby waives, any claim
against any Indemnitee, (i) for any damages arising from the use by others of information or other
materials obtained through telecommunications, electronic or other information transmission systems
(including the Internet), or (ii) on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof.

          (e) The provisions of this Section shall remain operative and in full force and effect
regardless of the expiration of the term of this Agreement, the consummation of the transactions
contemplated hereby, the repayment of any of the Loans, the termination of the Commitments, the
invalidity or unenforceability of any term or provision of this Agreement or any other Loan
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or on behalf of the Administrative Agent, the Collateral Agent or any Lender. All amounts due
under this Section shall be payable on written demand therefor.

          SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender and each of its Affiliates is hereby authorized at any time and from time to time,
except to the extent prohibited by applicable law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, in whatever currency) or other amounts
at any time held and other indebtedness (in whatever currency) at any time owing by such Lender or
by such an Affiliate to or for the credit or the account of Holdings or the Borrower against any of
and all the obligations then due of Holdings or the Borrower now or hereafter existing under this
Agreement and other Loan Documents held by such Lender, irrespective of whether or not such Lender
shall have made any demand under this Agreement or such other Loan Document. The rights of each
Lender and each of its Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender or Affiliate may have.

          SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS
EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.

          SECTION 9.08. Waivers; Amendment. (a) No failure or delay by the Administrative Agent, the
Collateral Agent or any Lender in exercising any power or right hereunder or under any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of the Administrative Agent, the Collateral Agent and the Lenders hereunder and
under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document
or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) below, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. No
notice or demand on the Borrower or Holdings in any case shall entitle the Borrower or Holdings to
any other or further notice or demand in similar or other circumstances.

          (b) None of this Agreement, any other Loan Document or any provision hereof or thereof may be
waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or
agreements in writing entered into by Holdings, the Borrower, the Administrative Agent and the
Required Lenders and, in the case of any other Loan Document, pursuant to an agreement or
agreements in writing entered into by the Collateral Agent and, except as otherwise expressly
provided in any such other Loan Document, the Loan Party or Loan Parties that are parties thereto
(and, in the case of the Intercreditor Agreement, the Revolving Collateral Agent), in each case
(other than in the case of amendments, supplements or other modifications of the Intercreditor
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expressly authorized under Section 9.18) with the consent of the Required Lenders; provided,
however, that (i) any provision of this Agreement or any other Loan Document may be amended by an
agreement in writing entered into by Holdings, the Borrower and the Administrative Agent to cure
any ambiguity, omission, defect or inconsistency so long as, in each case, such amendment does not
adversely affect the rights of any Lender and (ii) no such agreement shall (A) decrease the
principal amount of, or extend the scheduled maturity date, or the date of any scheduled payment
under Section 2.11 of the principal amount, of any Loan, or any date for the payment of any
interest on any Loan, or waive or excuse any such payment or any part thereof, or decrease the rate
of interest on any Loan, in each case without the prior written consent of each Lender affected
thereby, (B) increase or extend the Commitment of, or decrease or extend any date for the payment
of any fees (including any prepayment fees) payable to, any Lender, or waive or excuse any such
payment or any part thereof, without the prior written consent of such Lender, (C) amend or modify
the pro rata requirements of Section 2.17 or 2.18, the provisions of Section 9.04(h), the
provisions of this Section or any other provision of any Loan Document specifying the number or
percentage of Lenders required to waive, amend or modify any rights thereunder or make any
determination or grant any consent thereunder, or the percentage set forth in the definition of the
term “Required Lenders”, or release Holdings or any Subsidiary Loan Party from its Guarantee under
the Guarantee and Collateral Agreement (except as expressly provided in Section 9.17), or limit its
liability in respect of such Guarantee, or release all or substantially all the Collateral from the
Liens of the Security Documents, in each case without the prior written consent of each Lender, (D)
contractually subordinate any of the Collateral Agent’s Liens without the prior written consent of
each Lender or (E) modify the protections afforded to an SPV pursuant to the provisions of Section
9.04(h) without the written consent of such SPV; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent or the
Collateral Agent hereunder or under any other Loan Document without the prior written consent of
the Administrative Agent or the Collateral Agent, respectively.

          SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if
at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts that are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest payable in respect of such Loan hereunder, together with all Charges
payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the
interest and Charges that would have been payable in respect of such Loan but were not payable as a
result of the operation of this Section shall be cumulated and the interest and Charges payable to
such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender.

          SECTION 9.10. Entire Agreement. This Agreement, the Fee Letter and the other Loan Documents
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subject matter hereof, and supersede any and all previous agreements or understandings among
the parties with respect to the subject matter hereof (but do not supersede any provisions of the
Commitment Letter, the Fee Letter or any separate letter agreements with respect to fees payable to
the Administrative Agent that do not by the terms of such documents terminate upon the
effectiveness of this Agreement, all of which provisions shall remain in full force and effect).
Nothing in this Agreement or in the other Loan Documents, express or implied, is intended to confer
upon any person (other than the parties hereto and thereto, their respective successors and assigns
permitted hereunder and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent, the Collateral Agent and the Lenders) any rights, remedies,
obligations or liabilities under or by reason of this Agreement or the other Loan Documents.

          SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

          SECTION 9.12. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and
therein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect
the validity of such provision in any other jurisdiction). The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

          SECTION 9.13. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of
which when taken together shall constitute a single contract, and shall become effective as
provided in Section 9.03. Delivery of an executed signature page to this Agreement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

          SECTION 9.14. Headings. Article and Section headings and the Table of Contents used herein
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Agreement and are not to affect the construction of, or to be taken into consideration in
interpreting, this Agreement.

          SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) Each of Holdings and the
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of any New York State court or federal court of the United States of
America sitting in New York City, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such federal court. Each
of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or the other Loan Documents against Holdings, the Borrower or any of
their properties in the courts of any jurisdiction.

          (b) Each of Holdings and the Borrower hereby irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement or the other
Loan Documents in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

          (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

          SECTION 9.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Related Parties, including accountants, legal counsel and
other agents and advisors (it being understood that the persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory authority or
quasi-regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable law or by any subpoena or similar legal process, (d) in connection with the exercise
of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding
relating to the enforcement of its rights hereunder or thereunder, (e) subject to an agreement
containing confidentiality undertakings substantially similar to those of this Section, to (i) any
actual or prospective assignee of or Participant in any of its rights or obligations under this
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prospective counterparty (or its Related Parties) to any swap or derivative transaction
relating to Holdings or any Subsidiary or any of their respective obligations, (f) to any other
party to this Agreement, (g) with the consent of the Borrower or (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent, the Collateral Agent, any Lender or any Affiliate of the
foregoing on a nonconfidential basis from a source other than Holdings or the Borrower. For the
purposes of this Section, “Information” shall mean all information received from Holdings or the
Borrower and related to Holdings or any Subsidiary or their businesses, other than any such
information that was available to the Administrative Agent, the Collateral Agent or any Lender on a
nonconfidential basis prior to its disclosure by Holdings or the Borrower; provided that, in the
case of information received from Holdings or the Borrower after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such person has exercised the same degree of care to maintain the
confidentiality of such Information as such person would accord its own confidential information.

          SECTION
9.17. Release of Collateral and Guarantees. (a) Notwithstanding any contrary provision herein or in any other Loan Document, (i) upon any
sale or other disposition by any Loan Party (other than to Holdings or any Subsidiary) of any
Collateral consisting of inventory or obsolete, worn-out or surplus equipment in the ordinary
course of business in a transaction permitted under Section 6.06(a), the security interests in such
Collateral created by the Guarantee and Collateral Agreement or any other Security Document shall
be automatically released, and (ii) if Holdings and the Borrower shall request the release under
the Guarantee and Collateral Agreement or any other Security Document of any Subsidiary to be
liquidated or dissolved, or of any Collateral not referred to in the preceding clause (i) to be
sold or otherwise disposed of by any Loan Party (other than to Holdings or any Subsidiary), in each
case in a transaction permitted under the terms of this Agreement and shall deliver to the
Administrative Agent and the Collateral Agent a certificate to the effect that such transaction
and, if applicable, the application of the proceeds thereof will comply with the terms of this
Agreement, the Collateral Agent, if satisfied that the applicable certificate is correct, shall,
without the consent of any Lender, execute and deliver all such instruments, releases, financing
statements or other agreements, and take all such further actions, as shall be necessary to
effectuate the release of such Subsidiary from its Guarantee under the Guarantee and Collateral
Agreement or the release of such Collateral, as the case may be, substantially simultaneously with
or at any time after the completion of such transaction. Any such release shall be without
recourse to, or representation or warranty by, the Collateral Agent and shall not require the
consent of any Lender. The Collateral Agent shall execute and deliver all such instruments,
releases, financing statements or other agreements, and take all such further actions, as shall be
necessary to effectuate the release of Collateral required by this paragraph.

          (b) Without limiting the provisions of Section 9.05, the Borrower shall reimburse the
Collateral Agent for all costs and expenses, including reasonable attorneys’

 

104

fees and disbursements, incurred by it in connection with any action contemplated by this
Section.

          SECTION 9.18. Intercreditor Agreement. The Lenders acknowledge that obligations of Holdings
and the Subsidiaries under the Permitted ABL Facility, and certain obligations related thereto,
will be secured by Liens on assets of Holdings and the Subsidiaries that constitute Collateral. At
the request of Holdings and the Borrower, the Collateral Agent shall enter into the Intercreditor
Agreement establishing the relative rights of the Secured Parties and of the secured parties under
the Permitted ABL Facility with respect to the Collateral. Each Lender hereby irrevocably (a)
consents to the subordination of Liens provided for under the Intercreditor Agreement, (b)
authorizes and directs the Collateral Agent to execute and deliver the Intercreditor Agreement and
any documents relating thereto, in each case, on behalf of such Lender and without any further
consent, authorization or other action by such Lender, (c) agrees that, upon the execution and
delivery thereof, such Lender will be bound by the provisions of the Intercreditor Agreement as if
it were a signatory thereto and will take no actions contrary to the provisions of the
Intercreditor Agreement and (d) agrees that no Lender shall have any right of action whatsoever
against the Administrative Agent or the Collateral Agent as a result of any action taken by such
Agent pursuant to this Section or in accordance with the terms of the Intercreditor Agreement.
Each Lender hereby further irrevocably authorizes and directs the Collateral Agent to enter into
such amendments, supplements or other modifications to the Intercreditor Agreement as are
contemplated by Section 5.05 thereof in connection with any extension, renewal, refinancing or
replacement of the Revolving Credit Agreement or any refinancing, in part but not in whole, of the
Loan Document Obligations, in each case, on behalf of such Lender and without any further consent,
authorization or other action by such Lender. The Collateral Agent shall have the benefit of the
provisions of Article VIII with respect to all actions taken by it pursuant to this Section or in
accordance with the terms of the Intercreditor Agreement to the full extent thereof.

          SECTION 9.19. USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of
the USA PATRIOT Act it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in
accordance with such Act.

          SECTION 9.20. No Fiduciary Relationship. Each of Holdings and the Borrower, on behalf of
itself and its subsidiaries, agrees that in connection with all aspects of the transactions
contemplated hereby and any communications in connection therewith, Holdings, the Borrower, the
other Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the
Collateral Agent, the Lenders and their Affiliates, on the other hand, will have a business
relationship that does not create, by implication or otherwise, any fiduciary duty on the part of
the Administrative Agent, the Collateral Agent, the Lenders or their Affiliates, and no such duty
will be deemed to have arisen in connection with any such transactions or communications.

 

105

          SECTION 9.21. Non-Public Information. (a) Each Lender acknowledges that all information
furnished to it pursuant to this Agreement by or on behalf of Holdings or the Borrower and relating
to Holdings, the Borrower, the other Subsidiaries or their businesses may include material
non-public information concerning Holdings, the Borrower and the other Affiliates of Holdings and
their securities, and confirms that it has developed compliance procedures regarding the use of
material non-public information and that it will handle such material non-public information in
accordance with such procedures and applicable law, including federal, state and foreign securities
laws.

          (b) All such information, including requests for waivers and amendments, furnished by
Holdings, the Borrower or the Administrative Agent pursuant to, or in the course of administering,
this Agreement will be syndicate-level information, which may contain material non-public
information concerning Holdings, the Borrower and the other Affiliates of Holdings and their
securities. Accordingly, each Lender represents to Holdings, the Borrower and the Administrative
Agent that it has identified in its Administrative Questionnaire a credit contact who may receive
information that may contain material non-public information in accordance with its compliance
procedures and applicable law, including federal, state and foreign securities laws.

ARTICLE X

Casualty and Condemnation Proceeds

     SECTION 10.01. Insurance Proceeds. All proceeds paid to the Collateral Agent under the
property damage and machinery breakdown referred to in Section 5.02(b) shall, subject to the
Intercreditor Agreement, be deposited by it in the Proceeds Collateral Account. If any payments
under such policies are made to Holdings or any Subsidiary, such amounts shall be received only in
trust for the Collateral Agent, shall be segregated from other funds of Holdings or such
Subsidiary, and shall be forthwith paid over to the Collateral Agent in the same form as received
(with any necessary endorsement). The Collateral Agent shall be entitled to participate in (and
shall receive reasonable notice of) all negotiations and other proceedings relating to any claim in
respect of any such policies, and neither Holdings nor any Subsidiary shall, without the prior
approval of the Collateral Agent, make any compromise or settlement in connection with any such
claim relating to a Casualty affecting assets having an aggregate book value or fair market value
of $5,000,000 or more.

     SECTION 10.02. Disposition of Insurance Proceeds. (a) If there shall occur any Casualty in
respect of which insurance proceeds not in excess of $85,000,000 are payable, insurance proceeds
received in respect of such Casualty by the Collateral Agent (and retained by the Collateral Agent
in accordance with the Intercreditor Agreement) may, upon request of the Borrower, be withdrawn
from the Proceeds Collateral Account and paid to the Borrower for application to the repair or
restoration of the damage or destruction giving rise to such Casualty (but not of any ABL Priority
Collateral); provided that Holdings and the Subsidiaries shall have promptly commenced and shall be
diligently continuing efforts to repair or restore the Krotz Springs Refinery,

 

106

in compliance with all legal requirements, so that its value and utility shall be
substantially equal to that of the Krotz Springs Refinery existing immediately prior to such
Casualty; and provided further that the Collateral Agent may establish reasonable procedures for
the monitoring of such repair or restoration and to ensure that such insurance proceeds are applied
only to pay the proper costs of such repair or restoration.

          (b) Subject to Section 2.11(c), if there shall occur any Casualty in respect of which
insurance proceeds in excess of $85,000,000 are payable, insurance proceeds received in respect of
such Casualty by the Collateral Agent (and retained by the Collateral Agent in accordance with the
Intercreditor Agreement) may be withdrawn from the Proceeds Collateral Account and paid to the
Borrower for application to the repair or restoration of the damage or destruction giving rise to
such Casualty (but not of any ABL Priority Collateral) if either (x) the Collateral Agent shall
direct Holdings and the Subsidiaries to undertake such repair or restoration and shall make such
proceeds available therefor or (y) each of the following conditions shall have been satisfied:

     (i) after giving effect to any proposed repair and restoration, such damage or
destruction will not result in a Default or an Event of Default;

     (ii) the Collateral Agent shall have received, to the extent requested by the
Collateral Agent, an opinion of counsel for the Borrower reasonably acceptable to the
Collateral Agent to the effect that no Governmental Approval is necessary to proceed with
the repair and restoration and that no amendment to this Agreement or any other Loan
Document and no other instruments are necessary for the purpose of subjecting the repair or
restoration to the Liens of the Security Documents, except such, if any, as shall have been
delivered to the Collateral Agent (with such opinion stating that any such amendment or
instrument has been duly executed and delivered by, and is a valid and binding agreement
of, Holdings and the Subsidiaries and subjects such repair or restoration to the Liens of
the Security Documents), and any permit or approval not yet obtained (and not ordinarily
obtainable until a later stage of reconstruction) and the obtaining of which shall be
reasonably expected in due course;

     (iii) the Collateral Agent shall have received such additional title insurance, title
insurance endorsements, mechanic’s lien waiver certificates, opinions or other materials as
it shall in its reasonable judgment consider necessary or appropriate in connection with
such repair or restoration or to preserve or protect the Mortgages and the other Security
Documents, the Liens thereunder and its rights hereunder and under the other Loan
Documents;

     (iv) it shall be reasonably certain that the value and utility of the Krotz Springs
Refinery as repaired or restored will be substantially equal to that of the Krotz Springs
Refinery existing immediately prior to such Casualty and, if requested by the Collateral
Agent, a report of an independent engineer retained by the Collateral Agent (at the expense
of the Borrower) with respect thereto; and

 

107

     (v) in the case of a Material Casualty or Condemnation, a Proposed Work Plan, Proposed
Work Budget and Proposed Obligations Service Plan shall have been accepted by the
Collateral Agent;

provided that Holdings and the Subsidiaries shall have promptly commenced and shall be diligently
continuing efforts to repair or restore the Krotz Springs Refinery, in compliance with all legal
requirements, so that its value and utility shall be substantially equal to that of the Krotz
Springs Refinery existing immediately prior to such Casualty. From time to time as such repair or
restoration progresses, insurance proceeds in respect of such Casualty received by the Collateral
Agent (and retained by the Collateral Agent in accordance with the Intercreditor Agreement) may be
withdrawn from the Proceeds Collateral Account as needed to pay amounts then due and payable or
required to be paid and paid over to or at the direction of the Borrower to pay for the cost of the
repair or restoration in respect of which such insurance proceeds were received (but not of any ABL
Priority Collateral), upon the Borrower’s written request and, to the extent requested by the
Collateral Agent, (A) the presentation to the Collateral Agent of all documents, certificates and
information with respect to such insurance proceeds and (B) delivery of a certificate of a
Responsible Officer of each of Holdings and the Borrower (1) describing in reasonable detail the
nature of the repair or restoration work in respect of which funds are then required, (2) stating
the cost of such repair or restoration and the specific amount requested to be paid over to or upon
the order of the Borrower and that such amount is requested to pay amounts then due and payable or
required to be paid in respect thereof, (3) stating that a sufficient amount of funds (including
unused and available commitments under the Permitted ABL Facility as to which all applicable
conditions to borrowing are reasonably expected to be satisfied and the proceeds of any
subordinated debt or equity financing) is or will be available to the Borrower on terms
satisfactory to the Administrative Agent to complete the restoration of the Krotz Springs Refinery,
and (4) stating that no Default or Event of Default has occurred and is continuing; provided that
the Collateral Agent may establish procedures for the monitoring of such repair or restoration and
to ensure that such insurance proceeds are applied only to pay the proper costs of such repair or
restoration and that disbursements in respect of a Material Casualty or Condemnation may only be
made upon verification by an independent engineer retained by the Collateral Agent of continuing
compliance with any applicable Work Plan and Work Budget and by the Collateral Agent of compliance
with any applicable Debt Service Plan.

          SECTION 10.03. Condemnation Proceeds. All compensation, awards and other payments or relief
(including instruments) to which Holdings or any Subsidiary shall be entitled by law or otherwise
in respect of any Condemnation (the “Condemnation Proceeds”) shall be paid directly to the
Collateral Agent, and if paid to Holdings or any Subsidiary, such Condemnation Proceeds shall be
received only in trust for the Collateral Agent, shall be segregated from other funds of Holdings
or such Subsidiary and shall be forthwith paid over to the Collateral Agent in the same form as
received (with any necessary endorsement). All Condemnation Proceeds paid to the Collateral Agent
shall be deposited by it in the Proceeds Collateral Account. The Collateral Agent shall be
entitled to participate in (and shall receive reasonable notice of) all negotiations and other
proceedings relating to any claim in respect of any

 

108

Condemnation, and neither Holdings nor any Subsidiary shall, without the prior approval of the
Collateral Agent, make any compromise or settlement in connection with any such claim relating to a
Condemnation affecting assets having an aggregate book value or fair market value of $5,000,000 or
more.

          SECTION 10.04. Disposition of Condemnation Proceeds. Subject to Section 2.11(c), Condemnation
Proceeds received in respect of any Condemnation by the Collateral Agent may be withdrawn from the
Proceeds Collateral Account and paid to the Borrower for application to the restoration or
replacement of the assets subject to such Condemnation, in the manner and upon the conditions set
forth in respect of insurance proceeds under Section 10.02, mutatis mutandis, for restoration or
replacement of such assets.

          SECTION 10.05. Material Casualty or Condemnation. (a) Within 30 days after the occurrence of
any Material Casualty or Condemnation, the Borrower shall deliver to the Collateral Agent a
certificate (the “Work Certificate”) of the Borrower, approved in writing by an independent
engineer retained by the Collateral Agent (at the expense of the Borrower), (i) describing in
reasonable detail the work to be done and property to be purchased in connection with the proposed
repair or restoration of the Krotz Springs Refinery, including timing schedules (the “Proposed Work
Plan”), (ii) stating in reasonable detail the amounts required to complete each stage of the
Proposed Work Plan and the sources from which any amounts in excess of the insurance proceeds or
Condemnation Proceeds received with respect to such Casualty or Condemnation are to be funded (the
“Proposed Work Budget”) and (iii) setting forth in reasonable detail (including financial
projections) the manner in which Holdings and the Subsidiaries will continue to meet their
obligations (including all financial covenants) under the Loan Documents, the Permitted ABL
Facility, the Crack Spread Hedging Agreement, the Earnout Agreement and the ExxonMobil Pipeline
Supply Contracts (the “Proposed Obligations Service Plan”).

          (b) The Collateral Agent shall communicate to the Borrower not later than 30 days after
receipt of the Work Certificate its satisfaction or dissatisfaction with the Proposed Work Plan,
the Proposed Work Budget and the Proposed Obligations Service Plan. Any Proposed Work Plan,
Proposed Work Budget or Proposed Obligations Service Plan may be rejected if, in the reasonable
judgment of the Collateral Agent, (i) such Proposed Work Plan, Proposed Work Budget or Proposed
Obligations Service Plan (A) could not reasonably be expected to be carried out or complied with,
(B) would impair the value or transferability of the Collateral or the ability of the Lenders or
their designees to operate the Krotz Springs Refinery upon exercise of remedies hereunder,
(C) would not, in the reasonable judgment of the Collateral Agent, adequately assure the ability of
Holdings and the Subsidiaries, during the repair or restoration of the Krotz Springs Refinery and
thereafter, to perform their material obligations under the Loan Documents, the Permitted ABL
Facility, the Crack Spread Hedging Agreement, the Earnout Agreement and the ExxonMobil Pipeline
Supply Contracts, (ii) if such Proposed Work Plan or Proposed Work Budget would result in a
reduction of the capacity of the Krotz Springs Refinery to a level below the level in effect prior
to the applicable Casualty or Condemnation or (iii) if the Proposed Obligations Service Plan shows
a deficit. If a

 

109

Proposed Work Plan, Proposed Work Budget and Proposed Obligations Service Plan have not been
accepted by the Collateral Agent within 90 days after the occurrence of the applicable Material
Casualty or Condemnation, a Terminal Casualty or Condemnation Event shall be deemed to have
occurred for all purposes of this Agreement and all other Loan Documents.

          SECTION 10.06. Proceeds Collateral Account. Promptly upon the occurrence of the initial
Casualty or Condemnation, the Borrower shall establish with or in the name of the Collateral Agent
an account (the “Proceeds Collateral Account”) over which the Collateral Agent shall have control
and rights of withdrawal, subject to the provisions of this Article X. There shall be deposited in
the Proceeds Collateral Account the amounts required to be so deposited under Sections 10.01 and
10.03. Amounts on deposit in the Proceeds Collateral Account at any time shall be held by the
Collateral Agent as security for the Secured Obligations, and shall be invested and reinvested by
the Collateral Agent, in consultation with the Borrower, in Permitted Investments; provided that
the investment of such amounts shall be controlled solely by the Collateral Agent during the
continuance of any Default or Event of Default.

          SECTION 10.07. Default or Event of Default. If a Default or Event of Default shall have
occurred and be continuing, then any provisions of this Article X to the contrary notwithstanding,
any and all insurance proceeds and Condemnation Proceeds may be applied by the Collateral Agent to
curing such Default or Event of Default, or may be held by the Collateral Agent as security for the
Secured Obligations, and may be held, applied or realized upon as provided herein or in the other
Loan Documents with respect to holding, applying or realizing upon Collateral after the occurrence
of a Default or Event of Default.

          SECTION 10.08. Risk of Loss. Risk of loss of, damage to or destruction of the Collateral is
and shall remain with Holdings and the Subsidiaries.

 

110

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 	 
	 	ALON REFINING LOUISIANA, INC.,

 	 
	 	by	 	/s/ Jeff D. Morris	 
	 	 	 	Name:  	Jeff D. Morris 	 
	 	 	 	Title:  	President, Chief Executive Officer 	 
	 
	 	ALON REFINING KROTZ SPRINGS, INC.,

 	 
	 	by	 	/s/ Jeff D. Morris	 
	 	 	 	Name:  	Jeff D. Morris 	 
	 	 	 	Title:  	President, Chief Executive Officer 	 

 

111

	 	 	 	 	 	 
	 	CREDIT SUISSE, Cayman Islands
Branch, individually and as Administrative Agent and Collateral Agent,

 	 
	 	by	 	/s/ James Moran	 
	 	 	 	Name:  	James Moran 	 
	 	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	by	  	 /s/ Nupur Kumar	 
	 	 	 	Name:  	Nupur Kumar 	 
	 	 	 	Title:  	Associate 	 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE

ALON REFINING KROTZ SPRINGS, INC.

TERM LOAN AGREEMENT

	 	 	 	 	 	 
	 	FORTRESS CREDIT CORP.

 	 
	 	by	 	/s/ Constantine M. Dakolias	 
	 	 	 	Name:  	Constantine M. Dakolias 	 
	 	 	 	Title:  	Presidentexv10w3

Exhibit 10.3

[EXECUTION COPY]

 

$400,000,000

LOAN AND SECURITY AGREEMENT

Dated as of July 3, 2008

By and Among

ALON REFINING KROTZ SPRINGS, INC.,

and

EACH OTHER PARTY JOINED AS A BORROWER HEREUNDER,

as Borrowers,

ALON REFINING LOUISIANA, INC.,

Holdings,

  
 

CERTAIN FINANCIAL INSTITUTIONS,

as Lenders

and

BANK OF AMERICA, N.A.,

as Agent

 

BANC OF AMERICA SECURITIES LLC,

as Lead Arranger and Book Manager

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 1 DEFINITIONS; RULES OF CONSTRUCTION
	 	 	1	 
	1.1 Definitions
	 	 	1	 
	1.2 Accounting Terms
	 	 	34	 
	1.3 Uniform Commercial Code
	 	 	34	 
	1.4 Certain Matters of Construction
	 	 	34	 
	1.5 Effectuation of Transactions
	 	 	35	 
	1.6 Pro Forma Calculations
	 	 	38	 
	SECTION 2 CREDIT FACILITIES
	 	 	35	 
	2.1 Revolver Commitment
	 	 	35	 
	2.2 Increase in Revolving Credit Facility
	 	 	36	 
	2.3 Letter of Credit Facility
	 	 	37	 
	SECTION 3 INTEREST, FEES AND CHARGES
	 	 	39	 
	3.1 Interest
	 	 	39	 
	3.2 Fees
	 	 	41	 
	3.3 Computation of Interest, Fees, Yield Protection
	 	 	41	 
	3.4 Reimbursement Obligations
	 	 	41	 
	3.5 Illegality
	 	 	42	 
	3.6 Inability to Determine Rates
	 	 	42	 
	3.7 Increased Costs; Capital Adequacy
	 	 	42	 
	3.8 Mitigation
	 	 	43	 
	3.9 Funding Losses
	 	 	43	 
	3.10 Maximum Interest
	 	 	44	 
	SECTION 4 LOAN ADMINISTRATION
	 	 	44	 
	4.1 Manner of Borrowing and Funding Revolver Loans
	 	 	44	 
	4.2 Defaulting Lender
	 	 	46	 
	4.3 Number and Amount of LIBOR Loans; Determination of Rate
	 	 	46	 
	4.4 Borrower Agent
	 	 	46	 
	4.5 One Obligation
	 	 	46	 
	4.6 Effect of Termination
	 	 	46	 
	SECTION 5 PAYMENTS
	 	 	47	 
	5.1 General Payment Provisions
	 	 	47	 
	5.2 Repayment of Revolver Loans
	 	 	47	 
	5.3 Mandatory Prepayment of Revolving Loans
	 	 	47	 

i 

 

	 	 	 	 	 
	 	 	Page	 
	5.4 Payment of Other Obligations
	 	 	47	 
	5.5 Marshaling; Payments Set Aside
	 	 	47	 
	5.6 Post-Default Allocation of Payments
	 	 	48	 
	5.7 Application of Payments
	 	 	48	 
	5.8 Loan Account; Account Stated
	 	 	49	 
	5.9 Taxes
	 	 	49	 
	5.10 Lender Tax Information
	 	 	49	 
	5.11 Nature and Extent of Each Borrower’s Liability
	 	 	50	 
	SECTION 6 CONDITIONS PRECEDENT
	 	 	53	 
	6.1 Conditions Precedent to Initial Loans
	 	 	53	 
	6.2 Conditions Precedent to All Credit Extensions
	 	 	56	 
	6.3 Limited Waiver of Conditions Precedent
	 	 	56	 
	SECTION 7 COLLATERAL
	 	 	56	 
	7.1 Grant of Security Interest
	 	 	56	 
	7.2 Lien on Deposit Accounts; Cash Collateral
	 	 	57	 
	7.3 Real Estate Collateral
	 	 	58	 
	7.4 Other Collateral
	 	 	62	 
	7.5 No Assumption of Liability
	 	 	63	 
	7.6 Further Assurances
	 	 	63	 
	7.7 Foreign Subsidiary Stock
	 	 	63	 
	SECTION 8 COLLATERAL ADMINISTRATION
	 	 	62	 
	8.1 Borrowing Base Certificates
	 	 	62	 
	8.2 Administration of Accounts
	 	 	62	 
	8.3 Administration of Inventory
	 	 	63	 
	8.4 Administration of Equipment
	 	 	64	 
	8.5 Administration of Deposit Accounts
	 	 	64	 
	8.6 General Provisions
	 	 	64	 
	8.7 Power of Attorney
	 	 	65	 
	SECTION 9 REPRESENTATIONS AND WARRANTIES
	 	 	66	 
	9.1 General Representations and Warranties
	 	 	66	 
	SECTION 10 COVENANTS AND CONTINUING AGREEMENTS
	 	 	73	 
	10.1 Affirmative Covenants
	 	 	73	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	10.2 Negative Covenants
	 	 	84	 
	SECTION 11 EVENTS OF DEFAULT; REMEDIES ON DEFAULT
	 	 	92	 
	11.1 Events of Default
	 	 	92	 
	11.2 Remedies upon Default
	 	 	94	 
	11.3 License
	 	 	94	 
	11.4 Setoff
	 	 	94	 
	11.5 Remedies Cumulative; No Waiver
	 	 	95	 
	SECTION 12 AGENT
	 	 	95	 
	12.1 Appointment, Authority and Duties of Agent
	 	 	95	 
	12.2 Agreements Regarding Collateral and Field Examination Reports
	 	 	96	 
	12.3 Reliance By Agent
	 	 	97	 
	12.4 Action Upon Default
	 	 	97	 
	12.5 Ratable Sharing
	 	 	97	 
	12.6 Indemnification of Agent Indemnitees
	 	 	97	 
	12.7 Limitation on Responsibilities of Agent
	 	 	98	 
	12.8 Successor Agent and Co-Agents
	 	 	98	 
	12.9 Due Diligence and Non-Reliance
	 	 	99	 
	12.10 Replacement of Certain Lenders
	 	 	99	 
	12.11 Remittance of Payments and Collections
	 	 	99	 
	12.12 Agent in its Individual Capacity
	 	 	100	 
	12.13 Agent Titles
	 	 	100	 
	12.14 No Third Party Beneficiaries
	 	 	100	 
	SECTION 13 BENEFIT OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS
	 	 	100	 
	13.1 Successors and Assigns
	 	 	100	 
	13.2 Participations
	 	 	100	 
	13.3 Assignments
	 	 	101	 
	SECTION 14 MISCELLANEOUS
	 	 	101	 
	14.1 Consents, Amendments and Waivers
	 	 	101	 
	14.2 Indemnity
	 	 	102	 
	14.3 Notices and Communications
	 	 	103	 
	14.4 Performance of Borrowers’ Obligations
	 	 	103	 
	14.5 Credit Inquiries
	 	 	104	 

iii 

 

	 	 	 	 	 
	 	 	Page	 
	14.6 Severability
	 	 	104	 
	14.7 Cumulative Effect; Conflict of Terms
	 	 	104	 
	14.8 Counterparts
	 	 	104	 
	14.9 Entire Agreement
	 	 	104	 
	14.10 Relationship with Lenders
	 	 	104	 
	14.11 No Advisory or Fiduciary Responsibility
	 	 	104	 
	14.12 Confidentiality
	 	 	105	 
	14.13 GOVERNING LAW
	 	 	105	 
	14.14 Consent to Forum; Arbitration
	 	 	105	 
	14.15 Waivers by Borrowers
	 	 	106	 
	14.16 Patriot Act Notice
	 	 	107	 
	14.17 Intercreditor Agreement
	 	 	107	 

LIST OF EXHIBITS AND SCHEDULES

	 	 	 
	Exhibit A

	 	Form of Revolver Note
	Exhibit B

	 	Form of Guarantee and Collateral Agreement
	Exhibit C

	 	Form of Assignment and Acceptance
	Exhibit D

	 	Form of Assignment Notice
	Exhibit E

	 	Form of Bank Product Notice
	Exhibit F

	 	Form of Intercreditor Agreement
	Exhibit G

	 	Form of Holdings Subordination Agreement
	Exhibit H

	 	Form of Compliance Certificate

	 	 	 
	Schedule 1.1

	 	Commitments of Lenders
	Schedule 1.2

	 	Marked-to-Market Basis
	Schedule 1.3

	 	Excluded Real Estate
	Schedule 7.4

	 	Pledged Collateral
	Schedule 8.5

	 	Deposit Accounts
	Schedule 8.6.1

	 	Business Locations
	Schedule 9.1.8

	 	Subsidiaries and Equity Related Agreements
	Schedule 9.1.10

	 	Material Contracts
	Schedule 9.1.17

	 	Environmental Matters
	Schedule 9.1.18

	 	Insurance
	Schedule 9.1.20

	 	Real Estate Matters
	Schedule 9.1.26

	 	Patents, Trademarks, Copyrights and Licenses
	Schedule 10.2.1

	 	Existing Indebtedness
	Schedule 10.2.2

	 	Existing Liens
	Schedule 10.2.4

	 	Existing Investments

iv 

 

LOAN AND SECURITY AGREEMENT

     THIS LOAN AND SECURITY AGREEMENT is dated as of July 3, 2008, among ALON REFINING KROTZ
SPRINGS, INC., a Delaware corporation (the “Company” or a “Borrower”), EACH OTHER
PARTY JOINED AS A BORROWER HEREUNDER FROM TIME TO TIME (each individually, a “Borrower” and,
collectively with the Company, the “Borrowers”), ALON REFINING LOUISIANA, INC., a Delaware
corporation (“Holdings”), the financial institutions party to this Agreement from time to
time as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking
association, as administrative agent for the Lenders (“Agent”).

R E C I T A L S:

     WHEREAS, the Company has entered into the Stock Purchase Agreement (as defined in Section
1.1), pursuant to which it will acquire (the “Valero Acquisition”) from Valero Refining and
Marketing Company, a Delaware corporation (the “Seller”), all the issued and outstanding
Equity Interests of Valero Refining Company-Louisiana, a Delaware corporation (the “Acquired
Company”), which owns a refinery located in Krotz Springs, Louisiana (the “Krotz Springs
Refinery”) and assets related thereto, for aggregate consideration of $333,000,000 in cash,
subject to adjustment as set forth therein;

     WHEREAS, immediately following the consummation of the Valero Acquisition, the Company will
merge with and into the Acquired Company, with the Acquired Company being the surviving Person in
such merger and the name of the surviving Person shall be changed to “Alon Refining Krotz Springs,
Inc.” (collectively, the “Merger”);

     WHEREAS, in connection with the Valero Acquisition, the Company and Holdings will enter into a
Term Loan Agreement (as defined in Section 1.1), which shall provide, subject to the terms and
conditions thereof, for a term loan in the aggregate principal amount of $302,000,000 (the
“Term Loan Facility”);

     WHEREAS, the Borrowers have requested that Lenders provide a revolving credit facility to
Borrowers to finance the Valero Acquisition and their mutual and collective business enterprise.
Lenders are willing to provide the credit facility on the terms and conditions set forth in this
Agreement.

     NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree as follows:

SECTION 1 DEFINITIONS; RULES OF CONSTRUCTION

     1.1 Definitions. As used herein, the following terms have the meanings set forth below:

     ABL Priority Collateral: as defined in the Intercreditor Agreement; provided that, if
Discharge (as defined in the Intercreditor Agreement) of the Term Obligations (as defined in the
Intercreditor Agreement) shall have occurred, “ABL Priority Collateral” shall mean all Collateral.

     Account: as defined in the UCC, including all rights to payment for goods sold or
leased, or for services rendered.

     Account Debtor: a Person who is obligated under an Account, Chattel Paper or General
Intangible.

     Acquired Company: as defined in the Recitals hereto.

-1-

 

     Acquisition: the acquisition of (i) a controlling equity interest in another Person
(including the purchase of an option, warrant or convertible or similar type security to acquire
such a controlling interest at the time it becomes exercisable by the holder thereof), whether by
purchase of such equity interest or upon exercise of an option or warrant for, or conversion of
securities into, such equity interest, or (ii) assets of another Person which constitute all or
substantially all of the assets of such Person or of a line or lines of business conducted by such
Person.

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

     Agent Indemnitees: Agent and its officers, directors, employees, Affiliates, agents
and attorneys.

     Agent Professionals: attorneys, accountants, appraisers, auditors, business valuation
experts, environmental engineers or consultants, turnaround consultants, and other professionals
and experts retained by Agent.

     Allocable Amount: as defined in Section 5.11.4.

     Annual Compensation Incentive Amount: as defined in Section 10.2.8(a).

     Anti-Terrorism Laws: any laws relating to terrorism or money laundering, including the
Patriot Act.

     Applicable Law: all laws, rules, regulations and governmental guidelines applicable to
the Person, conduct, transaction, agreement or matter in question, including all applicable
statutory law, common law and equitable principles, and all provisions of constitutions, treaties,
statutes, rules, regulations, orders and decrees of Governmental Authorities.

     Applicable Margin: with respect to any Type of Loan or the Unused Line Fee, the margin
set forth below, as determined by the Fixed Charge Coverage Ratio for the last Four Quarter Period:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	LIBOR	 	Standby	 	Documentary	 	 
	 	 	 	 	Base Rate	 	Revolver	 	Letters of	 	Letters of	 	Unused
	Level	 	Ratio	 	Loans	 	Loans	 	Credit	 	Credit	 	Line Fee
	I
	 	Greater than 1.40 to 1.00

	 	 	0.25	%	 	 	1.75	%	 	 	1.75	%	 	 	1.25	%	 	 	0.250	%
	II
	 	Less than or equal to 1.40 to
1.00 but greater than 1.25 to
1.00

	 	 	0.50	%	 	 	2.00	%	 	 	2.00	%	 	 	1.50	%	 	 	0.250	%
	III
	 	Less than or equal to 1.25 to
1.00 but greater than 1.00 to
1.00

	 	 	0.75	%	 	 	2.25	%	 	 	2.25	%	 	 	1.75	%	 	 	0.375	%
	IV
	 	Less than or equal to 1.00 to 1.00

	 	 	1.00	%	 	 	2.50	%	 	 	2.50	%	 	 	2.00	%	 	 	0.500	%

Until the date of receipt by the Agent of the quarterly financial statements delivered for the
Fiscal Quarter ending March 31, 2009, the Applicable Margins shall be determined as if Level II
were applicable. Thereafter, the margins shall be subject to increase or decrease upon receipt by
Agent pursuant to Section 10.1.4 of the financial statements and corresponding Compliance
Certificate for the last Fiscal Quarter, which change shall be effective on the first day of the
calendar month following receipt. If, by the first day of a month, any financial statements and
Compliance Certificate due in the preceding month have not been received, then the margins shall be
determined as if Level IV were applicable, from such day until the first day of the calendar month
following actual receipt.

-2-

 

     Approved Deposit Account: each Deposit Account (a) that is maintained within the
United States with a commercial bank organized under the laws of the United States of America or
any state thereof or the District of Columbia having combined capital and surplus in excess of
$500,000,000 and otherwise acceptable to Agent, (b) as to which a Deposit Account Control Agreement
has been executed and delivered to Agent and (c) as to which the deposits therein are not subject
to any Lien, security interest or restriction upon withdrawal, other than Agent’s Liens and rights
of setoff, Liens or adjustment of the applicable depositary bank, and the Term Facility Liens.

     Approved Fund: any Person (other than a natural Person) that is engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in
its ordinary course of activities, and is administered or managed by a Lender, an entity that
administers or manages a Lender, or an Affiliate of either.

     Asset Disposition: as defined in Section 10.2.6.

     Assignment and Acceptance: an assignment agreement between a Lender and Eligible
Assignee, in the form of Exhibit C.

     Availability: the Borrowing Base minus the principal balance of all Revolver Loans.

     Availability Reserve: the sum (without duplication) of each of the following in such
amounts and with respect to such matters as the Agent in its credit judgment, reasonably exercised,
may elect to impose from time to time: (a) the Inventory Reserve; (b) the Rent and Charges Reserve;
(c) the LC Reserve; (d) the Bank Product Reserve; (e) all accrued Royalties, whether or not then
due and payable by a Borrower; (f) the Earnout Reserve, (g) the aggregate amount of liabilities
secured by Liens upon ABL Priority Collateral that are senior to Agent’s Liens (but imposition of
any such reserve shall not waive an Event of Default arising therefrom); (h) the First Purchaser
Lien Reserve; (i) reserves for customs charges and estimated excise fuel Taxes; and (j) such
additional reserves, in such amounts and with respect to such matters as the Agent in its credit
judgment, reasonably exercised, may elect to impose from time to time, in each case of the
foregoing clauses (a) through (j), without duplication of reserves taken or reductions made in
determining Eligible Petroleum Inventory, Eligible Petroleum Inventory in Transit, Eligible Cash
and Eligible Investments.

     Bank of America: Bank of America, N.A., a national banking association, and its
successors and assigns.

     Bank of America Indemnitees: Bank of America and its officers, directors, employees,
Affiliates, agents and attorneys.

     Bank Product: any of the following products, services or facilities extended to any
Borrower or Subsidiary by any Lender or any of its Affiliates: (a) Cash Management Services; (b)
products under Hedging Agreements; (c) commercial credit card and merchant card services; and (d)
leases and other banking products or services as may be requested by any Borrower or Subsidiary,
other than Letters of Credit.

     Bank Product Debt: all Indebtedness and other obligations of the Obligors arising
under or relating to Bank Products.

     Bank Product Reserve: the aggregate amount of reserves established by Agent from time
to time in its discretion in respect of Bank Product Debt.

     Bankruptcy Code: Title 11 of the United States Code.

-3-

 

     Base Rate: the rate of interest announced by Bank of America from time to time as its
prime rate. Such rate is a rate set by Bank of America based upon various factors including its
costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above or below such announced rate. Any
change in such rate announced by Bank of America shall take effect at the opening of business on
the day specified in the public announcement of such change.

     Base Rate Loan: any Loan that bears interest based on the Base Rate.

     Board of Governors: the Board of Governors of the Federal Reserve System.

     Borrowed Money: with respect to any Obligor, without duplication, its (a) Indebtedness
that (i) arises from the lending of money by any Person to such Obligor, (ii) is evidenced by
notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest
or is a type upon which interest charges are customarily paid (excluding trade payables owing in
the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for
Property; (b) Capital Lease Obligations and Synthetic Lease Obligations; (c) reimbursement
obligations with respect to letters of credit; and (d) guaranties of any Indebtedness of the
foregoing types owing by another Person.

     Borrower Agent: as defined in Section 4.4.

     Borrowing: a group of Loans of one Type that are made on the same day or are converted
into Loans of one Type on the same day.

     Borrowing Base: on any date of determination, an amount equal to the lesser of:

          (a) the aggregate amount of Revolver Commitments, minus the LC Obligations; and

          (b) the difference of:

     (i) the sum of

     (A) (1) 90% of the Net Amount of Eligible Major Accounts and (2) 85%
of the Net Amount of Eligible Other Accounts; provided, that each such
percentage shall be reduced by .1% for each .1 percentage point that the
Dilution Percent exceeds 2.5%, plus

     (B) 85% of the sum of (1) Eligible Petroleum Inventory and (2) Eligible
Petroleum Inventory in Transit; plus

     (C) 100% of Eligible Cash, plus

     (D) 95% of Eligible Investments, plus

     (E) 100% of the amount available to be drawn by the Agent on the
Supporting Letter of Credit; plus

     (F) 100% of Paid but Unexpired Letters of Credit; minus

     (ii) the Availability Reserve;

provided, that no Accounts or Petroleum Product acquired in an Acquisition consummated by any
Obligor after the Closing Date shall be included in any calculation of the Borrowing Base until

-4-

 

completion of all field exams, appraisals, audits and other evaluation of Collateral in a manner
and with results acceptable to Agent.

     Borrowing Base Certificate: a certificate, in form and substance satisfactory to
Agent, by which Borrowers certify calculation of the Borrowing Base.

     Business Day: any day other than a Saturday, Sunday or other day on which commercial
banks are authorized to close under the laws of, or are in fact closed in, California, New York or
North Carolina, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar
deposits are conducted between banks in the London interbank Eurodollar market.

     Capital Expenditures: for any period, (a) the additions to property, plant and
equipment and other capital expenditures of the Company and its consolidated Subsidiaries that are
(or should be) set forth in a consolidated statement of cash flows of the Company for such period
prepared in accordance with GAAP, excluding (i) any such expenditures made to restore, replace or
rebuild assets to the condition of such assets immediately prior to any Casualty to or Condemnation
of such assets to the extent such expenditures are made with insurance proceeds or condemnation
proceeds received in respect of any such Casualty or Condemnation, (ii) any such expenditures in
the form of a substantially contemporaneous exchange of similar property, plant, equipment or other
capital assets, except to the extent of cash or other consideration (other than the assets so
exchanged), if any, paid or payable by the Company or any of its consolidated Subsidiaries, and
(iii) any such expenditures in the form of earnout payments under the Earnout Agreement, (b) such
portion of principal payments on Capital Leases Obligations or Synthetic Lease Obligations made by
the Company and its consolidated Subsidiaries during such period as is attributable to additions to
property, plant and equipment that have not otherwise been reflected in the consolidated statement
of cash flows of the Company as additions to property, plant and equipment and (c) costs incurred
with respect to turnarounds, catalysts, licensing, imaging and other operating costs of the Company
and its consolidated Subsidiaries that are (or should be) classified as deferred assets in
accordance with GAAP.

     Capital Lease: any lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP.

     Capital Lease Obligations: of any person shall mean the obligations of such person to
pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real
or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as Capital Leases on a balance sheet of such person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

     Cash Collateral: cash, and any interest or other income earned thereon, that is
delivered to Agent to Cash Collateralize any Obligations.

     Cash Collateral Account: a demand deposit, money market or other account established
with Agent, which account shall be subject to Agent’s Liens for the benefit of Secured Parties.

     Cash Collateralize: the delivery of cash to Agent, as security for the payment of
Obligations, in an amount equal to (a) with respect to LC Obligations, 105% of the aggregate LC
Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including
Obligations arising under Bank Products), Agent’s good faith estimate of the amount due or to
become due, including all fees and other amounts relating to such Obligations. “Cash
Collateralization” has a correlative meaning.

     Cash Interest Expense: for any period, the excess of (a) the sum, without duplication,
of (i) the interest expense (including imputed interest expense in respect of Capital Lease
Obligations) of the

-5-

 

Company and its consolidated Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP (and, in any event, including any unused line fees payable during such
period in respect of the credit facilities hereunder), (ii) any interest or other financing costs
becoming payable during such period in respect of Indebtedness of the Company and its consolidated
Subsidiaries to the extent such costs shall have been capitalized rather than included in
consolidated interest expense for such period in accordance with GAAP (other than the debt issuance
costs incurred on or prior to the Closing Date in connection with entering into this Agreement and
the Term Loan Agreement) and (iii) any cash payments made during such period in respect of
obligations referred to in clause (b)(ii) below that were amortized or accrued in a previous
period, minus (b) without duplication and to the extent included in such consolidated interest
expense for such period, the sum of (i) noncash amounts attributable to amortization or write-off
of capitalized interest or other financing costs paid in a previous period and (ii) noncash amounts
attributable to amortization of debt discounts or accrued interest payable in kind for such period.

     Cash Management Services: any services provided from time to time by any Lender or any
of its Affiliates to any Borrower or Subsidiary in connection with operating, collections, payroll,
trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable,
electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository,
information reporting, lockbox and stop payment services.

     Casualty: any event of damage or casualty relating to all or part of the Krotz Springs
Refinery or to inventory owned by Holdings and the Subsidiaries.

     CERCLA: the Comprehensive Environmental Response Compensation and Liability Act (42
U.S.C. § 9601 et seq.).

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

     Change of Control: if:

     (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934), other than one or more Permitted Holders, is or becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that
for purposes of this clause (a) such person shall be deemed to have “beneficial ownership”
of all shares that any such person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more
than 50% of the total voting power of the Voting Stock of Parent (for the purposes of this
clause (a), such other person shall be deemed to beneficially own any Voting Stock of a
specified person held by a parent entity, if such other person is the beneficial owner (as
defined in this clause (a)), directly or indirectly, of more than 50% of the voting power of
the Voting Stock of such parent entity or has the right or ability by voting power, contract
or otherwise to elect or designate for election a majority of the board of directors of such
parent entity);

     (b) individuals who on the Closing Date constituted the Board of Directors of Parent
(together with any new directors whose election by the Board of Directors of Parent or whose
nomination for election by the stockholders of Parent was approved by a vote of a majority
of the directors of Parent then still in office who were either directors on the Closing
Date or whose

-6-

 

election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Directors of Parent then in office;

     (c) the adoption of a plan relating to the liquidation or dissolution of Parent;

     (d) the merger or consolidation of Parent with or into another Person or the merger of
another Person with or into Parent, or the sale of all or substantially all the assets of
Parent (determined on a consolidated basis) to another Person (other than, in the case of
any such merger or consolidation, with or into, a Person that is controlled by the Permitted
Holders), other than a transaction following which (i) in the case of a merger or
consolidation transaction, (A) holders of securities that represented 100% of the Voting
Stock of Parent immediately prior to such transaction own directly or indirectly at least a
majority of the voting power of the Voting Stock of the surviving Person in such merger or
consolidation transaction immediately after such transaction and in substantially the same
proportion to each other as before such transaction or (B) immediately after such
transaction the Permitted Holders beneficially own, directly or indirectly, at least a
majority of the voting power of the Voting Stock of the surviving Person in such merger or
consolidation transaction immediately after such transaction and (ii) in the case of a sale
of assets transaction, each transferee either (A) is or becomes a Subsidiary of the
transferor of such assets or (B) is or becomes a Person a majority of the total voting power
of the Voting Stock of which is beneficially owned, directly or indirectly, by the Permitted
Holders;

     (e) any Person other than Parent, or one or more wholly owned subsidiaries of Parent
(or, in respect of such Preferred Equity Interests, any other Affiliate of Parent), shall
acquire ownership of any common Equity Interests or any Preferred Equity Interests in
Holdings: or

     (f) any Person other than Holdings shall acquire ownership of any Equity Interests
(other than Permitted Incentive Compensation Equity Interests) in the Company.

     Claims: all liabilities, obligations, losses, damages, penalties, judgments,
proceedings, interest, costs and expenses of any kind (including remedial response costs,
reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment of
the Obligations, resignation or replacement of Agent, or replacement of any Lender) incurred by or
asserted against any Indemnitee in any way relating to (a) any Loans, Letters of Credit, Loan
Documents, or the use thereof or transactions relating thereto, (b) any action taken or omitted to
be taken by any Indemnitee in connection with any Loan Documents, (c) the existence or perfection
of any Liens, or realization upon any Collateral, (d) exercise of any rights or remedies under any
Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any terms of
any Loan Document, in each case including all costs and expenses relating to any investigation,
litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate
proceedings), whether or not the applicable Indemnitee is a party thereto.

     Closing Date: as defined in Section 6.1.

     Code: the Internal Revenue Code of 1986.

     Collateral: all Property described in Section 7.1, all Property described in any
Security Documents as security for any Obligations, and all other Property that now or hereafter
secures (or is intended to secure) any Obligations.

     Colonial Pipeline: shall mean the Colonial Pipeline system operated by the Colonial
Pipeline Company

-7-

 

     Commitment: for any Lender, the aggregate amount of such Lender’s Revolver Commitment.
“Commitments” means the aggregate amount of all Revolver Commitments.

     Commitment Termination Date: the earliest to occur of (a) the Revolver Termination
Date; (b) the date on which Borrowers terminate the Revolver Commitments pursuant to Section 2.1.4;
or (c) the date on which the Revolver Commitments are terminated pursuant to Section 11.2.

     Compliance Certificate: a certificate, in the form of Exhibit H and satisfactory to
Agent, by which Borrowers certify compliance with Sections 10.2.13 and 10.2.14, list all
outstanding Bank Products and the aggregate amount of all Bank Product Debt, and calculate the
applicable Level for the Applicable Margin.

     Condemnation: any taking, exercise of rights of eminent domain, public improvement,
inverse condemnation, condemnation or similar action of or proceeding by any Governmental Authority
or any other Person relating to all or part of the Krotz Springs Refinery.

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

     Cost of Acquisition: with respect to any Acquisition, the sum of the following
(without duplication): (a) the value of the Equity Interests, warrants or options to acquire
Equity Interests of Holdings or any Subsidiary to be transferred in connection therewith, (b) the
amount of any cash and fair market value of other property given as consideration, (c) the amount
of any Indebtedness incurred, assumed or acquired by Holdings or any Subsidiary in connection with
such Acquisition, (d) the aggregate fair market value of all other consideration, including
earnouts, covenants not to compete and contingent obligations, given by Holdings or any Subsidiary
in connection with such Acquisition, and (e) out of pocket transaction costs for the services and
expenses of attorneys, accountants and other consultants incurred in effecting such transaction,
and other similar transaction costs so incurred.

     Crack Spread Hedging Agreement: shall mean the agreement dated as of July 3, 2008,
between the Crack Spread Hedging Counterparty and the Company, together with the schedules and
exhibits thereto.

     Crack Spread Hedging Cash Collateral: shall mean not more than $50,000,000 in cash
deposited by the Company with, or for the benefit of, (a) the Crack Spread Hedging Counterparty as
support for the Company’s obligations under the Crack Spread Hedging Agreement or (b) the issuer of
the Crack Spread Hedging Support LC as support for the Company’s obligations under the Crack Spread
Hedging Support LC as the account party thereunder.

     Crack Spread Hedging Counterparty: Credit Suisse Energy LLC, or any successor or
assignee thereof that becomes a party to the Crack Spread Hedging Agreement.

     Crack Spread Hedging Support LC: a letter of credit in a face amount of not more than
$50,000,000 issued for the benefit of the Crack Spread Hedging Counterparty as support for the
Company’s obligations under the Crack Spread Hedging Agreement.

     CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.).

     Debt Rating: with respect to any Person, as of any date of determination, the rating
as determined by either S&P or Moody’s of the Person’s non-credit-enhanced, senior unsecured
long-term debt.

-8-

 

     Debt Service Reserve Account: a debt service reserve cash collateral account over
which the Term Loan Agent shall have sole control and exclusive rights of withdrawal.

     Debt Service Support LC: an irrevocable standby letter of credit issued, on account of
the Company, in form and substance (including as to the expiration and automatic renewal, if any,
thereof) reasonably satisfactory to the Term Loan Agent.

     Debt Service Support LC Amount: (a) in respect of the Debt Service Support LC, the
aggregate amount of funds on deposit in the Debt Service Reserve Account at the time of the
transfer of such funds pursuant to Section 2.23(b) of the Term Loan Agreement and (b) in respect of
any replacement letter of credit referred to in Sections 2.24(b) or 2.24(c) of the Term Loan
Agreement, the undrawn amount of the Debt Service Support LC in respect of which such replacement
letter of credit is issued.

     Debt Service Support Cash Collateral: not more than $16,000,000 on deposit by or on
behalf of the Company with, or for the benefit of, (a) the Term Loan Agent under the Term Loan
Agreement pursuant to Section 2.23 thereof or (b) the issuer of the Debt Service Support LC,
together with all interest thereon and all products and proceeds thereof, and all securities,
security entitlements, investment property and financial assets arising therefrom.

     Debt Service Support LC Cash Collateral Account: means each deposit account and
securities account the funds, amounts, securities or financial assets on deposits in which, or
credited to, consist solely of the Debt Service Support Cash Collateral.

     Default: an event or condition that, with the lapse of time or giving of notice, would
constitute an Event of Default.

     Default Rate: for any Obligation (including, to the extent permitted by law, interest
not paid when due), 2% plus the interest rate otherwise applicable thereto.

     Deposit Account Control Agreements: the deposit account control agreements, in form
and substance acceptable to Agent, to be executed by each institution maintaining a Deposit Account
for a Borrower, in favor of Agent, for the benefit of Secured Parties, as security for the
Obligations.

     Dilution Percent: the percent, determined for Borrowers’ most recent Fiscal Quarter,
equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit
memos and other dilutive items with respect to Accounts, divided by (b) gross
sales.

     Disqualified Equity Interest: with respect to Holdings, any Equity Interest in
Holdings that by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the
happening of any event or condition:

          (a) matures or is required to be redeemed or repurchased, in whole or in part, by Holdings or
any Subsidiary;

          (b) is convertible or exchangeable at the option of the holder thereof for Indebtedness or
Equity Interests of Holdings or any Subsidiary (other than solely for Equity Interests in Holdings
that do not constitute Disqualified Equity Interests); or

          (c) is redeemable (other than solely for Equity Interests in Holdings that do not constitute
Disqualified Equity Interests) or is required to be repurchased by Holdings or any Subsidiary, in
whole or in part, at the option of the holder thereof;

in each case, on or prior to 180 days after the Revolver Termination Date.

-9-

 

     Dollars: lawful money of the United States.

     Domestic Subsidiary: any Subsidiary incorporated or organized under the laws of the
United States of America, any State thereof or the District of Columbia.

     Dominion Account: a special account established by Borrowers at Bank of America or
another bank acceptable to Agent, over which Agent has control for withdrawal purposes.

     Earnout Agreement: the Earnout Agreement to be entered into on the Closing Date by and
between the Company and the Seller pursuant to the Stock Purchase Agreement.

     Earnout Reserve: the reserve in respect of the annual payments that may become due
under the Earnout Agreement, which reserve will be established on the Closing Date in an amount
equal to 25% of such anticipated annual payments for the first Loan Year and will be increased
every 90 days by an additional 25% of such anticipated annual payments until the applicable annual
payment is actually made. Upon receipt by Agent of evidence that a required payment under the
Earnout Agreement has been made, such reserve will be reduced in the amount of such payment, but
not less than zero. On the first day of the following Loan Year (and of each subsequent Loan Year
until all payments under the Earnout Agreement are paid in full), the Earnout Reserve shall be
re-established in an amount equal to 25% of the anticipated annual payments for such Loan Year and
increased quarterly thereafter (and reduced upon payment annually) as described above.

     EBITDA: for any period, Net Income for such period, plus (a) without
duplication and to the extent included in the calculation of such Net Income, the sum of (i)
consolidated interest expense for such period (including imputed interest expense in respect of
Capital Lease Obligations), determined on a consolidated basis in accordance with GAAP, (ii)
consolidated income tax expense for such period, (iii) all amounts attributable to depreciation and
amortization for such period (excluding amortization expense attributable to a prepaid cash item
that was paid in a prior period), (iv) the Transaction Costs, (v) any non-recurring loss to the
extent the Company or any of its consolidated Subsidiaries has received during such period in cash
an indemnification payment in respect of such loss pursuant to the indemnification provisions of
the Stock Purchase Agreement, (vi) earnout expense for such period relating to the Earnout
Agreement and (vii) any noncash charges for such period (excluding inventory write-offs, any bad
debt expense and any noncash charge to the extent it represents an accrual of or a reserve for cash
expenditures in any future period); provided, that any cash payment made with respect to any
noncash items added back in computing EBITDA for any prior period pursuant to this clause (a) shall
be subtracted in computing EBITDA for the period in which such cash payment is made; plus
(b) without duplication and to the extent not included in determining such Net Income, all cash
proceeds of business interruption insurance received by the Company or any of its consolidated
Subsidiaries during such period; and minus (c) without duplication and to the extent
included in determining such Net Income, (i) any extraordinary gains for such period and (ii)
noncash items of income for such period (excluding any noncash items of income (A) in respect of
which cash was received in a prior period or will be received in a future period or (B) that
represents the reversal of any accrual for, or cash reserves for, anticipated cash charges in any
prior period), all determined on a consolidated basis in accordance with GAAP; provided, that
EBITDA for any period shall be calculated to exclude any unrealized non-cash gain or loss for such
period in respect of Hedging Agreements resulting from the application of the Statement of
Financial Accounting Standards No. 133, “Accounting for Derivative Instruments and Hedging
Activities”, or a successor thereto, and the related tax effects.

     Eligible Account: an Account owing to a Borrower that has been properly invoiced and
arises in the Ordinary Course of Business from the sale of goods or the rendition of services, is
payable in Dollars and is deemed by Agent, in its reasonable commercial discretion to be an
Eligible Account. Without limiting the foregoing, no Account shall be an Eligible Account if

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          (a) it is unpaid for more than 30 days after the original due date, or more than 45 days after
the original invoice date;

          (b) 50% or more of the Accounts owing by the Account Debtor are not Eligible Accounts
hereunder;

          (c) when aggregated with other Accounts owing by the Account Debtor, it exceeds (i) for Valero
Marketing during the Qualifying Period, 100% of the aggregate of all Eligible Accounts for the
first three months of such period and 40% of the aggregate of all Eligible Accounts for the
remainder of such period, (ii) for any Account Debtor with an Debt Rating of at least “BBB-” from
S&P and “Baa3” from Moody’s, 35% of the aggregate of all Eligible Accounts, and (iii) for all other
Account Debtors, 25% of the aggregate of all Eligible Accounts (or, in the case of clause (ii) and
(iii), such higher percentage as Agent may establish for the applicable Account Debtors from time
to time);

          (d) a covenant or representation herein applicable thereto has been breached;

          (e) it is owing by a creditor, supplier or fulfillment partner, or is otherwise subject to a
potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense,
chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof);

          (f) an Insolvency Proceeding has been commenced by or against the Account Debtor; or the
Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or
winding up its affairs, or is not Solvent;

          (g) the Account Debtor is organized or has its principal offices or assets outside the United
States or Canada;

          (h) it is owing by a Government Authority, unless the Account Debtor is the United States or
any department, agency or instrumentality thereof and the Account has been assigned to Agent in
compliance with the Assignment of Claims Act;

          (i) it is not subject to a duly perfected, first priority Lien in favor of Agent, or is
subject to any other Lien (other than the Term Loan Liens);

          (j) the goods giving rise to it have not been delivered to and accepted by the Account Debtor,
the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does
not represent a final sale;

          (k) it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to
judgment;

          (l) its payment has been extended or it arises from a sale on a cash-on-delivery basis;

          (m) it arises from a sale to an Affiliate, or from a sale on a bill-and-hold, guaranteed sale,
sale-or-return, sale-on-approval, consignment, or other repurchase or return basis;

          (n) it represents a progress billing or retainage;

          (o) it includes a billing for interest, fees or late charges, but ineligibility shall be
limited to the extent thereof; or

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          (p) it arises from a retail sale to a Person who is purchasing for personal, family or
household purposes;

provided, that in calculating delinquent portions of Accounts under clauses (a) and (b) herein,
credit balances more than 45 days old will be excluded; and provided further, that any Account that
would otherwise be ineligible under clauses (a) through (g) or (l) above shall be an Eligible
Account hereunder if and to the extent that the Agent (1) has received a letter of credit naming
the Agent as beneficiary, issued by a financial institution acceptable to Agent and in a stated
amount and containing conditions of drawing and other terms acceptable to Agent, and (2) has
determined that no undue administrative burden has arisen with respect maintaining such letters of
credit and the accommodation hereunder.

     Eligible Assignee: a Person that is (a) a Lender (including any financial institution
joined as a Lender party hereto in connection with the initial syndication of the Revolver
Commitments), U.S.-based Affiliate of a Lender or Approved Fund; (c) any other financial
institution approved by Agent and Borrower Agent (which approval by Borrower Agent shall not be
unreasonably withheld or delayed, and shall be deemed given if no objection is made within five
Business Days after notice of the proposed assignment), that is organized under the laws of the
United States or any state or district thereof, has total assets in excess of $5 billion and whose
becoming an assignee would not constitute a prohibited transaction under Section 4975 of the Code
or any other Applicable Law; and (d) during any Event of Default, any Person acceptable to Agent in
its discretion, or the Term Loan Agent upon exercise of its option to acquire the Obligations
pursuant to the Intercreditor Agreement.

     Eligible Cash: the sum of (a) cash and (b) Permitted Investments of the Borrowers
that have a maturity of one year or less to the extent held in any investment account with Bank of
America or any other Lender that is (i) subject to the first priority Lien of Agent in favor of the
Lenders and (ii) an account control agreement or other arrangement establishing control
satisfactory to Agent.

     Eligible Investments: all Qualifying Investments owned by the Obligors and held in a
custody account subject to the Agent’s dominion and control and that are subject to a valid, first
priority, perfected Lien and security interest in favor of the Agent, for the benefit of the
Lenders.

     Eligible Major Accounts: Eligible Accounts owing from any Account Debtor with a Debt
Rating of “BBB-” or higher from S&P and “Baa3” or higher from Moody’s.

     Eligible Petroleum Inventory: the amount, valued on a Marked-to-Market Basis, of
Petroleum Product owned by the Borrowers and is held for sale or that consists of raw materials
and, in each case, that is subject to a valid, first priority perfected Lien and security interest
in favor of the Agent; provided that, unless the Agent shall otherwise elect in its sole
discretion, Eligible Petroleum Inventory shall not include any Petroleum Product:

     (a) that is held on consignment or not otherwise owned by a Borrower, or is of a type
no longer sold by a Borrower;

     (b) that is obsolete or returned or repossessed or used goods taken in trade;

     (c) that is not in good condition, is unmerchantable, constitutes bottoms, heels or
damaged product or does not meet in all material respects all standards imposed by any
Governmental Authority having regulatory authority over such goods, their use, or sale;

     (d) that is subject to any other Lien whatsoever (other than Term Facility Liens and
the Liens described in clause (b) of the definition of Permitted Encumbrances, provided that
such Liens: (A) are junior in priority to the Agent’s Liens or subject to Availability
Reserves; and

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(B) do not impair directly or indirectly the ability of the Agent to realize on or obtain
the full benefit of the Collateral);

     (e) that consists solely of chemicals (other than commodity chemicals maintained in
bulk), samples, prototypes, supplies, or packing and shipping materials;

     (f) that has been shipped to a customer of a Borrower regardless of whether such
shipment is on a consignment basis;

     (g) that is not (A) located at a location owned or leased by a Borrower and set forth
on Schedule 8.6.1 hereto or, (B) if not at such location, in transit between any such
locations;

     (h) that is not currently either usable or salable, at market price, in the normal
course of the Borrowers’ business;

     (i) that contains or bears any Intellectual Property licensed to a Borrower by any
Person, if the Agent is not satisfied that it may sell or otherwise dispose of such
Inventory in accordance with the terms of this Agreement without infringing the rights of
the licensor of such Intellectual Property or violating any contract with such licensor (and
without payment of any royalties other than any royalties due with respect to the sale or
disposition of such Inventory pursuant to the existing license agreement) and as to which
the Borrowers have not delivered to the Agent a consent or sublicense agreement from such
licensor in form and substance acceptable to the Agent if requested; and

     (j) that the Agent shall otherwise designate as ineligible in its credit judgment,
reasonably exercised.

     There shall be maintained at all times a Rent and Charge Reserve for all Inventory that is
located in a public warehouse or in possession of a bailee or in a facility leased by a Borrower
unless a Lien Waiver has been executed and delivered with respect to such location.

     Eligible Petroleum Inventory in Transit: the aggregate value on a Marked-to-Market
Basis of Petroleum Product contracted for purchase by the Borrowers if:

          (a) such Petroleum Product has not, as of such time, been delivered to a Borrower;

          (b) such Petroleum Product has not been included as Eligible Petroleum Inventory in the then
effective Borrowing Base Certificate but will be eligible for inclusion in the Borrowing Base upon
the delivery thereof; and

          (c) a Borrower’s obligation to pay the purchase price of such Petroleum Product is supported
by a Letter of Credit; provided, that for purposes of including such Petroleum Product in the
Borrowing Base, such Petroleum Product shall be valued at an amount not to exceed the maximum
amount available to be drawn of all Letters of Credit supporting the purchase price thereof; and
provided, further, that no portion of such Letter of Credit supporting such purchase price is
included in the Borrowing Base to the extent it is a Paid but Unexpired Letter of Credit.

     Eligible Other Accounts: Eligible Accounts that are not Eligible Major Accounts.

     Enforcement Action: any action to enforce any Obligations or Loan Documents or to
realize upon any Collateral (whether by judicial action, self-help, notification of Account
Debtors, exercise of setoff or recoupment, or otherwise).

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     Environmental Agreement: each agreement of Borrowers with respect to all Mortgaged
Properties, pursuant to which Borrowers agree to indemnify and hold harmless Agent and Lenders from
liability under any Environmental Laws.

     Environmental Laws: all Applicable Laws relating to protection of the environment,
natural resources, human health and safety or the presence, Release of, or exposure to, Hazardous
Materials, or the generation, manufacture, processing, distribution, use, treatment, storage,
transport, recycling or handling of, or the arrangement for such activities with respect to,
Hazardous Materials (but excluding occupational safety and health, to the extent regulated by
OSHA), including CERCLA, RCRA and CWA.

     Environmental Liability: all liabilities, obligations, damages, losses, claims,
actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including
administrative oversight costs, natural resource damages and remediation costs), whether contingent
or otherwise, arising out of or relating to (a) compliance or noncompliance with any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of any Hazardous
Materials or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     Equity Interest: the interest of any (a) shareholder in a corporation; (b) partner in
a partnership (whether general, limited, limited liability or joint venture); (c) member in a
limited liability company; or (d) other Person having any other form of equity security or
ownership interest in any other entity.

     ERISA: the Employee Retirement Income Security Act of 1974.

     ERISA Affiliate: any trade or business (whether or not incorporated) that, together
with Holdings, is treated as a single employer under Section 414(b) or 414(c) of the Code, or
solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

     ERISA Event: (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (as
defined in Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not
waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by Holdings or any of its ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any Plan or the withdrawal or partial withdrawal of Holdings or any
of its ERISA Affiliates from any Plan or Multiemployer Plan; (e) the receipt by Holdings or any of
its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention
to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) a determination
that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of
ERISA or Section 430(i)(4)of the Code); (g) the receipt by Holdings or any of its ERISA Affiliates
of any notice, or the receipt from any Multiemployer Plan by the Company or any of its ERISA
Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA or in endangered or critical status, within the meaning of Section 305 of
ERISA; (h) the occurrence of a “prohibited transaction” with respect to which Holdings or any
Subsidiary is a “disqualified person” (within the meaning of Section 4975 of the Code) or with
respect to which Holdings or any such Subsidiary could otherwise be liable; or (i) any other event
or condition with respect to a Plan or Multiemployer Plan that could reasonably be expected to
result in liability of Holdings or any Subsidiary.

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     Event of Default: as defined in Section 11.

     Excluded Deposit Accounts: the Debt Service Support LC Cash Collateral Account and the
Debt Service Reserve Account.

     Excluded Tax: with respect to Agent, any Lender, Issuing Bank or any other recipient
of a payment to be made by or on account of any Obligation, (a) taxes imposed on or measured by its
overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income
taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Lender,
in which its applicable Lending Office is located; (b) any branch profits taxes imposed by the
United States of America or any similar tax imposed by any other jurisdiction described in clause
(a) above, and (c) in the case of a Foreign Lender, any withholding tax attributable to such
Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with
Section 5.10, except to the extent that such Foreign Lender (or its assignor, if any) was entitled,
at the time of designation of a new Lending Office (or assignment), to receive additional amounts
from the Borrowers with respect to such withholding tax.

     Existing Parent Revolving Credit Agreement: that certain Amended Revolving Credit
Agreement, dated as of June 22, 2006 by and among Alon USA, LP, f/k/a SWBU, L.P., a Texas limited
partnership, as a borrower, such other subsidiaries of the Parent as may be designated as a
borrower thereunder, Parent and all direct and indirect subsidiaries of the Parent (other than the
“Excluded Subsidiaries” as defined therein), each as a guarantor, the financial institutions from
time to time party thereto as lenders, Israel Discount Bank of New York, as administrative agent,
co-arranger and collateral agent for the lenders, and Bank Leumi USA, as co-arranger for the
lenders, as amended by a First Amendment dated as of August 4, 2006, a Waiver, Consent, Partial
Release and Second Amendment dated as of February 28, 2007, a Third Amendment dated as of June 29,
2007, and a Waiver, Consent, Partial Release and Fourth Amendment dated as of the date hereof.

     Existing Parent Term Credit Agreement: the Credit Agreement dated as of June 22, 2006,
as amended, among Parent, the lenders party thereto and Credit Suisse, as administrative agent.

     Extraordinary Expenses: all costs, expenses or advances that Agent may incur during a
Default or Event of Default, or during the pendency of an Insolvency Proceeding of an Obligor,
including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal,
insurance, manufacture, preparation or advertising for sale, sale, collection, or other
preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding
(whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors
of an Obligor or any other Person) in any way relating to any Collateral (including the validity,
perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan
Documents, Letters of Credit or Obligations, including any lender liability or other Claims; (c)
the exercise, protection or enforcement of any rights or remedies of Agent in, or the monitoring
of, any Insolvency Proceeding; (d) settlement or satisfaction of any taxes, charges or Liens with
respect to any Collateral; (e) any Enforcement Action; (f) negotiation and documentation of any
modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or
Obligations; and (g) Protective Advances. Such costs, expenses and advances include transfer fees,
Other Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees,
legal fees, appraisal fees, brokers’ fees and commissions, auctioneers’ fees and commissions,
accountants’ fees, environmental study fees, wages and salaries paid to employees of any Obligor or
independent contractors in liquidating any Collateral, and travel expenses.

     Extraordinary Receipts: net cash amounts received by the Obligors not in the Ordinary
Course of Business in respect of (a) pension plan reversions; (b) judgments, proceeds of
settlements or other consideration of any kind in connection with any cause of action; (c)
indemnity payments; and (d) any

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purchase price adjustment received in connection with any purchase agreement; provided, that
Extraordinary Receipts shall not include cash receipts from indemnity payments to the extent that
such payments are received by any Obligor in respect of any third party claim against such Obligor
and applied to pay (or to reimburse such Obligor for its prior payment of) such claim and the costs
and expenses of such Obligor with respect thereto. As used above, “net cash amount” means the cash
amount of such receipts, net of bona fide direct costs incurred to non-Affiliates of any Obligor in
connection with obtaining such cash receipts, including (i) reasonable and customary costs and
expenses actually incurred in connection therewith, including legal fees and fees of accountants
and consultants, and (ii) transfer or similar taxes.

     ExxonMobil Pipeline Consents: consents by the counterparties to the ExxonMobil
Pipeline Supply Contracts to the security interest of the Agent in the rights of the Acquired
Company thereunder and the right of the Agent to enforce such rights of the Acquired Company
thereunder upon the exercise of its rights as a secured party.

     ExxonMobil Pipeline Supply Contract: any agreement pursuant to which Holdings or any
Subsidiary obtains crude oil through any ExxonMobil Pipeline, and any agreement relating thereto,
other than any tariff rules and regulations and similar agreements of general application from time
to time published by ExxonMobil Pipeline Company.

     ExxonMobil Pipelines: the pipeline systems known as (a) the “Southbend/Sunset System”
and (b) the “Northline System”, each operated by ExxonMobil Pipeline Company.

     Fee Letter: the fee letter agreement dated as of the date hereof between Agent and the
Company.

     Financial Officer: the chief financial officer, principal accounting officer,
treasurer or controller of a Borrower, or if the context requires, another Obligor or the Parent.

     First Purchaser Lien: a statutory Lien created in connection with the sale and
purchase of Petroleum Product, including the statutory Liens, if any, created under the laws of
Texas, New Mexico, Wyoming, Kansas, Oklahoma, or any other state.

     First Purchaser Reserve: the reserve established by the Agent from time to time in an
amount up to the unpaid amount of any payable obligation related to the purchase of Petroleum
Product by the Obligors that the Agent determines may be secured by a First Purchaser Lien to the
extent such payable obligation is not at the time in question covered by a Letter of Credit.

     Fiscal Quarter: each period of three months, commencing on the first day of a Fiscal
Year.

     Fiscal Year: the Fiscal Year of Borrowers and Subsidiaries for accounting and tax
purposes, ending on December 31 of each year.

     Fixed Charges: the sum, determined without duplication and on a consolidated basis for
Company and its consolidated Subsidiaries in accordance with GAAP for any period of calculation
thereof, of (a) Cash Interest Expense for such period plus (b) cash Taxes paid during such
period plus (c) Restricted Payments made during such period plus (d) principal
payments made on Indebtedness for Borrowed Money during such period.

     Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for the
Company and its consolidated Subsidiaries for any period of calculation, of (a) EBITDA for such
period minus Capital Expenditures (except those financed with Borrowed Money other than
Loans) made during such period minus payments made under the Earnout Agreement during such period
to (b) Fixed Charges for such period.

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     FLSA: the Fair Labor Standards Act of 1938.

     Four-Quarter Period: a period of four full consecutive Fiscal Quarters of the Company
and its consolidated Subsidiaries, taken together as one accounting period; provided, prior to the
end of the fourth full consecutive Fiscal Quarter of the Company following the Closing Date,
“Four-Quarter Period” shall mean the cumulative number of complete Fiscal Quarters ending after the
Closing Date.

     Foreign Lender: any Lender that is organized under the laws of a jurisdiction other
than the laws of the United States, or any state or district thereof.

     Foreign Plan: any employee benefit plan or arrangement (a) maintained or contributed
to by any Obligor or Subsidiary that is not subject to the laws of the United States; or (b)
mandated by a government other than the United States for employees of any Obligor or Subsidiary.

     Foreign Subsidiary: a Subsidiary that is a “controlled foreign corporation” under
Section 957 of the Code, such that a guaranty by such Subsidiary of the Obligations or a Lien on
the assets of such Subsidiary to secure the Obligations would result in material tax liability to
Borrowers.

     Full Payment: with respect to any Obligations, (a) except as set forth under clause
(b) below, the full and indefeasible cash payment thereof, including any interest, fees and other
charges accruing during an Insolvency Proceeding or that would have accrued but for the
commencement of any Insolvency Proceeding (whether or not allowed or allowable in the proceeding);
(b) if such Obligations are LC Obligations or inchoate or contingent in nature (other than
contingent indemnification obligations for which no claim has been asserted), Cash
Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent in its
discretion, in the amount of required Cash Collateral); and (c) a release of any Claims of Obligors
against each Indemnitee arising on or before the payment date. The Obligations shall not be deemed
to have been paid in full until all Commitments have expired or been terminated.

     GAAP: generally accepted accounting principles in effect in the United States from
time to time.

     Governmental Approvals: all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and required reports to, all Governmental
Authorities.

     Governmental Authority: any federal, state, municipal, foreign or other governmental
department, agency, commission, board, bureau, court, tribunal, instrumentality, political
subdivision, or other entity or officer exercising executive, legislative, judicial, regulatory or
administrative functions for or pertaining to any government or court, in each case whether
associated with the United States, a state, district or territory thereof, or a foreign entity or
government.

     Guarantee: of or by any Person shall mean any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (a) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment of
such Indebtedness or other obligation, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment of
such Indebtedness or other obligation, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided,
that the term “Guarantee” shall not include endorsements for collection or deposit in the Ordinary
Course of Business.

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     Guarantee and Collateral Agreement: each Guarantee and Collateral Agreement entered
into from time to time among the Obligors (other than Holdings and any Borrowers) and Agent,
substantially in the form of Exhibit B.

     Guarantor: each Subsidiary of the Company from time to time providing a Guarantee and
Collateral Agreement in accordance with the requirements of this Agreement.

     Hazardous Materials: (a) any petroleum products or byproducts and all other
hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical,
material, substance or waste that is prohibited, limited or regulated by or pursuant to any
Environmental Law.

     Hedging Agreement: an agreement relating to any swap, cap, floor, collar, option,
forward, cross right or obligation, or combination thereof or similar transaction, with respect to
interest rate, foreign exchange, currency, commodity, credit or equity risk.

     Holdings: Alon Louisiana Refining, Inc., a Delaware corporation.

     Holdings Contribution: the transfer by Parent or one or more of its Affiliates (other
than Holdings and the Subsidiaries) to Holdings of cash in an amount not less than $100,000,000, in
the form of a contribution to the common or preferred equity of Holdings.

     Holdings Guaranty: as defined in Section 15.1.

     Holdings Subordinated Loans: one or more loans extended by Parent or one or more of
its Affiliates (other than Holdings and the Subsidiaries) to Holdings; provided that (a) no such
loan (i) shall be Guaranteed by any Subsidiary, (ii) shall be secured by any Lien on any asset of
Holdings or any Subsidiary or (iii) shall require any payment or other distribution, whether on one
or more fixed dates, upon the occurrence of one or more events or otherwise, of principal or cash
interest prior to Full Payment of the Obligations has occurred, except for any payments expressly
permitted under Section 10.2.8(b)(iv) and (b) the obligee thereunder shall have entered into a
Holdings Subordination Agreement with respect thereto.

     Holdings Subordination Agreement: an agreement among Holdings, the Agent and one or
more Persons that shall have made Holdings Subordinated Loans, substantially in the form of Exhibit
G.

     Hydrocarbon Agreement: any purchase or hedging agreement in respect of hydrocarbons or
products refined therefrom, future contract or option or other agreement or arrangement, in each
case, designed to protect such Person against fluctuations in the price of hydrocarbons or products
refined therefrom.

     IDB Agreement: the Amended Revolving Credit Agreement dated as of February 15, 2006,
as amended, among Alon USA, LP, Parent, the subsidiaries of Parent party thereto, the lenders party
thereto and Israel Discount Bank of New York, as agent.

     IDB Consents: the amendments, consents or waivers under the IDB Agreement as may be
required to permit thereunder the consummation of the Transactions.

     Inactive Subsidiary: any Subsidiary (a) that does not conduct any business operations,
(b) has assets with a book value of $100,000 or less and (c) does not have any Indebtedness
outstanding.

     Indebtedness: with respect to any Person, without duplication, (a) all obligations of
such Person for borrowed money or with respect to deposits or advances by other Persons of any
kind, (b) all

-18-

 

monetary obligations of such Person evidenced by bonds, debentures, notes or similar
instruments, (c) all monetary obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person (excluding trade accounts payable
incurred in the Ordinary Course of Business), (d) all monetary obligations of such Person in
respect of the deferred purchase price of property or services (excluding (i) current accounts
payable incurred in the Ordinary Course of Business, (ii) deferred compensation, (iii) any purchase
price adjustment under the Stock Purchase Agreement and (iv) any earnout payment under the Earnout
Agreement), (e) all Capital Lease Obligations and Synthetic Lease Obligations of such Person, (f)
all obligations, contingent or otherwise, of such Person as an account party in respect of letters
of credit and letters of guaranty, (g) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances, (h) all Indebtedness of others secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been
assumed, and (i) all Guarantees by such Person of Indebtedness of others. The Indebtedness of any
Person shall include the Indebtedness of any other Person (including any partnership in which such
Person is a general partner) to the extent such Person is liable therefor as a result of such
Person’s ownership interest in or other relationship with such other Person, except to the extent
the terms of such Indebtedness provide that such Person is not liable therefor. For the avoidance
of doubt, the term “Indebtedness” shall not include any obligation of the Company or any of its
Subsidiaries (including any obligations under the Crack Spread Hedging Agreement or any other
Hedging Agreement) solely as a result of such obligation being reflected as a liability on the
consolidated balance sheet of the Company prepared in accordance with GAAP, except to the extent
such obligation is of the type set forth in clauses (a) through (i) above.

     Indemnified Taxes: Taxes other than Excluded Taxes.

     Indemnitees: Agent Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and Bank
of America Indemnitees.

     Insolvency Proceeding: any case or proceeding commenced by or against a Person under
any state, federal or foreign law for, or any agreement of such Person to, (a) the entry of an
order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt
adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator
or other custodian for such Person or any part of its Property; or (c) an assignment or trust
mortgage for the benefit of creditors.

     Intellectual Property: all intellectual and similar Property of a Person, including
inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade secrets,
confidential or proprietary information, customer lists, know-how, software and databases; all
embodiments or fixations thereof and all related documentation, applications, registrations and
franchises; all licenses or other rights to use any of the foregoing; and all books and records
relating to the foregoing.

     Intellectual Property Claim: any claim or assertion (whether in writing, by suit or
otherwise) that a Borrower’s or Subsidiary’s ownership, use, marketing, sale or distribution of any
Inventory, Equipment, Intellectual Property or other Property violates another Person’s
Intellectual Property.

     Intercreditor Acknowledgement: a Consent and Acknowledgement dated as of the date
hereof, executed by Holdings and the Company, as such Consent and Acknowledgement may be
supplemented from time to time.

     Intercreditor Agreement: the Intercreditor Agreement dated as of the date hereof by
and between Agent and the Term Loan Agent, substantially in the form of Exhibit F.

     Interest Period: as defined in Section 3.1.3.

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     Inventory: as defined in the UCC, including all goods intended for sale, lease,
display or demonstration; all work in process; and all raw materials, crude oil, natural gas,
natural gas liquids, gasoline, diesel, aviation fuel, fuel oil, propane, ethanol, and other
hydrocarbons and other refined products and other materials and supplies of any kind that are or
could be used in connection with the manufacture, printing, packing, shipping, advertising, sale,
lease or furnishing of such goods, or otherwise used or consumed in a Borrower’s business (but
excluding Equipment).

     Inventory Reserve: reserves established by Agent to reflect factors that may
negatively impact the value of Inventory, including change in salability, obsolescence,
seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor
chargebacks.

     Investment: any Equity Interests, evidences of Indebtedness or other securities
(including any option, warrant or other right to acquire any of the foregoing) of, or any capital
contribution or loans or advances (other than advances to customers in the Ordinary Course of
Business that would be recorded as accounts receivable on the balance sheet of the lender prepared
in accordance with GAAP) to, Guarantees of any Indebtedness or other obligations of, or any other
investment in, any other Person that are held or made by the specified Person. The amount, as of
any date of determination, of (a) any Investment in the form of a loan or an advance shall be the
principal amount thereof outstanding on such date, (b) any Investment in the form of a Guarantee
shall be the principal amount outstanding on such date of Indebtedness or other obligation being
guaranteed thereby (or, in the case of a Guarantee of an obligation that does not have a principal
amount, the maximum monetary exposure as of such date of the guarantor under such Guarantee (as
determined reasonably and in good faith by a Financial Officer of Holdings and the Company)), and
(c) any other Investment, including any capital contribution, shall be its fair value (as
determined reasonably and in good faith by a Financial Officer of Holdings and the Company) at the
time made, without giving effect to any subsequent changes in value of, or write-ups, write-downs
or write-offs with respect to, such Investment.

     IP Security Agreements: the Patent Security Agreement and the Patent Assignment.

     IRS: the United States Internal Revenue Service.

     Issuing Bank: Bank of America or an Affiliate of Bank of America.

     Issuing Bank Indemnitees: Issuing Bank and its officers, directors, employees,
Affiliates, agents and attorneys.

     Krotz Springs Refinery: as defined in the Recitals hereto.

     Krotz Springs Refining Business: as defined in the notes to the audited financial
statements referred to in Section 9.1.5.

     LC Application: an application by Borrower Agent to Issuing Bank for issuance of a
Letter of Credit, in form and substance satisfactory to Issuing Bank.

     LC Conditions: the following conditions necessary for issuance of a Letter of Credit:
(a) each of the conditions set forth in Section 6; (b) after giving effect to such issuance, total
LC Obligations do not exceed the Letter of Credit Subline, no Overadvance exists and, if no
Revolver Loans are outstanding, the LC Obligations do not exceed the Borrowing Base (without giving
effect to outstanding LC Obligations in the case of the applicability of clause (a) of the defined
term Borrowing Base, and without giving effect to the LC Reserve in the case of applicability of
clause (b) of the defined term Borrowing Base, in each case for purposes of this calculation); (c)
the expiration date of such Letter of Credit is (i) no more than 365 days from issuance, in the
case of standby Letters of Credit, (ii) no more than 120 days from

-20-

 

issuance, in the case of documentary Letters of Credit, and (iii) at least 30 Business Days
prior to the Revolver Termination Date; (d) the Letter of Credit and payments thereunder are
denominated in Dollars; and (e) the purpose and form of the proposed Letter of Credit is
satisfactory to Agent and Issuing Bank in their discretion.

     LC Documents: all documents, instruments and agreements (including LC Requests and LC
Applications) delivered by Borrowers or any other Person to Issuing Bank or Agent in connection
with issuance, amendment or renewal of, or payment under, any Letter of Credit.

     LC Obligations: the sum (without duplication) of (a) all amounts owing by Borrowers
for any drawings under Letters of Credit; (b) the stated amount of all outstanding Letters of
Credit; and (c) all fees and other amounts owing with respect to Letters of Credit.

     LC Request: a request for issuance of a Letter of Credit, to be provided by Borrower
Agent to Issuing Bank, in form satisfactory to Agent and Issuing Bank.

     LC Reserve: the aggregate of all LC Obligations, other than (a) those that have been
Cash Collateralized; and (b) if no Default or Event of Default exists, those constituting charges
owing to the Issuing Bank.

     Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates,
agents and attorneys.

     Lenders: as defined in the preamble to this Agreement, including Agent in its capacity
as a provider of Swingline Loans and any other Person who hereafter becomes a “Lender” pursuant to
an Assignment and Acceptance.

     Lending Office: the office designated as such by the applicable Lender at the time it
becomes party to this Agreement or thereafter by notice to Agent and Borrower Agent.

     Letter of Credit: any standby or documentary letter of credit issued by Issuing Bank
for the account of a Borrower, or any indemnity, guarantee, exposure transmittal memorandum or
similar form of credit support issued by Agent or Issuing Bank for the benefit of a Borrower.

     Letter of Credit Subline: means an amount equal to the aggregate Revolver Commitments.

     LIBOR: for any Interest Period with respect to a LIBOR Loan, the per annum rate of
interest (rounded upward, if necessary, to the nearest 1/8th of 1%), determined by Agent at
approximately 11:00 a.m. (London time) two Business Days prior to commencement of such Interest
Period, for a term comparable to such Interest Period, equal to (a) the British Bankers Association
LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source
designated by Agent); or (b) if BBA LIBOR is not available for any reason, the interest rate at
which Dollar deposits in the approximate amount of the LIBOR Loan would be offered by Bank of
America’s London branch to major banks in the London interbank Eurodollar market. If the Board of
Governors imposes a Reserve Percentage with respect to LIBOR deposits, then LIBOR shall be the
foregoing rate, divided by 1 minus the Reserve Percentage.

     LIBOR Loan: each set of LIBOR Revolver Loans having a common length and commencement
of Interest Period.

     LIBOR Revolver Loan: a Revolver Loan that bears interest based on LIBOR.

-21-

 

     License: any license or agreement under which an Obligor is authorized to use
Intellectual Property in connection with any manufacture, marketing, distribution or disposition of
Collateral, any use of Property or any other conduct of its business.

     Licensor: any Person from whom an Obligor obtains the right to use any Intellectual
Property.

     Lien: any Person’s interest in Property securing an obligation owed to, or a claim by,
such Person, whether such interest is based on common law, statute or contract, including liens,
security interests, pledges, hypothecations, statutory trusts, reservations, exceptions,
encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other
title exceptions and encumbrances affecting Property.

     Lien Waiver: an agreement, in form and substance satisfactory to Agent, by which (a)
for any material Collateral located on leased premises, the lessor waives or subordinates any Lien
it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove the
Collateral or to use the premises to store or dispose of the Collateral; (b) for any Collateral
held by a warehouseman, processor, shipper, customs broker, fulfillment partner or freight
forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to
hold any Documents in its possession relating to the Collateral as agent for Agent, and agrees to
deliver the Collateral to Agent upon request or permit the Agent to remove the Collateral upon
request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges
Agent’s Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver
the Collateral to Agent upon request or permit the Agent to remove the Collateral upon request; and
(d) for any Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to
Agent the right, vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral,
including the right to dispose of it with the benefit of the Intellectual Property, whether or not
a default exists under any applicable License.

     Loan: a Revolver Loan.

     Loan Account: the loan account established by each Lender on its books pursuant to
Section 5.8.

     Loan Documents: this Agreement, Other Agreements and Security Documents.

     Loan Year: each 12 month period commencing on the Closing Date and on each anniversary
of the Closing Date.

     Low Availability Period: means each period beginning on each Low Availability Trigger
Date and ending on the first day of the second calendar month following the month in which such Low
Availability Trigger Date occurs, provided, that if such Low Availability Period arises based
exclusively on the occurrence or continuance of a Default or Event of Default, such Low
Availability Period shall end on the date on which such Default or Event of Default shall be cured
or waived. For the avoidance of doubt, any two or more Low Availability Periods may run
concurrently and/or consecutively and a Low Availability Period shall be deemed to remain in effect
until all Low Availability Periods have ended. The parties hereto acknowledge that a Low
Availability Period exists on the Closing Date.

     Low Availability Trigger Date: each date on which any of the following occur: (a)
Availability is less than an amount equal to 15% of the total Revolver Commitments on such date,
(b) any date on which a Default or Event of Default occurs or (c) any date on which an Event of
Default is continuing.

     Margin Stock: as defined in Regulation U of the Board of Governors.

     Marked-to-Market Basis: at the relevant time of reference thereto: (a) as to the
Obligors’ inventory of Petroleum Product with respect to which the Obligors have existing firm
contracts to sell

-22-

 

such inventory, the specified price to be paid for such inventory under such contracts; and
(b) as to other Petroleum Product inventory, for each type of such Petroleum Product specified on
Schedule 1.2 hereto, as determined by reference to the pricing method specified for such type of
inventory on Schedule 1.2 hereto; provided that if a price or quotation is not available for a
particular type of Petroleum Product for any reason on a particular Business Day, the most recently
available price or quotation from a prior Business Day shall be used for that type of Petroleum
Product inventory. Notwithstanding the foregoing, if prices or quotations are not publicly
available in accordance with the foregoing methodology for more than a five-Business Day period for
a particular type of inventory and there is a reasonable likelihood that such prices or quotations
will not be available for any extended period of time for that product (i) the Agent and the
Borrower Agent shall meet and confer in good faith as soon as is practicable in order to attempt to
establish a new mechanism for determining the fair market value of the product in question; and
(ii) until such time as a new mechanism is agreed to by the Agent and the Borrower Agent, the fair
market value of the particular type of inventory for which prices or quotes are no longer available
shall be reasonably determined by the Agent.

     Material Adverse Effect: the effect of any event or circumstance that, taken alone or
in conjunction with other events or circumstances, (a) has or could be reasonably expected to have
a material adverse effect (i) on the business, assets, results of operations or condition
(financial or otherwise) of the Obligors taken as a whole, or (ii) on the enforceability of this
Agreement, or any other material Loan Document against the Obligors; (b) materially impairs the
ability of the Obligors, taken as a whole to perform any of their obligations under the Loan
Documents, including repayment of any material Obligations; or (c) otherwise materially impairs (i)
the ability of Agent or any Lender to realize upon any material portion of the ABL Priority
Collateral or (ii) the rights of Agent or any Lender to realize upon any material portion of the
Non-ABL Priority Collateral in a manner consistent with the Intercreditor Agreement.

     Material Contract: any agreement or arrangement to which a Borrower or Subsidiary is
party (other than the Loan Documents) (a) that is deemed to be a material contract under any
securities law applicable to such Obligor, including the Securities Act of 1933; (b) for which
breach, termination, nonperformance or failure to renew could reasonably be expected to have a
Material Adverse Effect; (c) that relates to the purchase, sale, storage or shipment of Petroleum
Product or Inventory (including any terminal leases) and that involves greater than $20,000,000 in
obligations and are for greater than 90 day terms or (d) that relates to Material Indebtedness.

     Material Indebtedness: (a) Indebtedness (other than the Loans and Guarantees under the
Loan Documents), or (b) Bank Product Debt, including obligations in respect of one or more Hedging
Agreements, of any one or more of Holdings and the Subsidiaries, in each case, in an aggregate
principal amount of $2,500,000 or more. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of Holdings or any Subsidiary in respect of any Hedging
Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that Holdings or such Subsidiary would be required to pay if such Hedging Agreement
were terminated at such time.

     Merger: as defined in the Recitals hereto.

     Moody’s: Moody’s Investors Service, Inc., and its successors.

     Mortgage: each mortgage, deed of trust or deed to secure debt pursuant to which a
Borrower or other Obligor grants to Agent, for the benefit of Secured Parties, Liens upon the Real
Estate owned by such Borrower or other Obligor, as security for the Obligations.

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     Mortgaged Properties: all Real Estate, including leasehold interests and pipeline
rights of way and easements appurtenant, owned or leased by Holdings or any Subsidiary as of such
time, other than the real property interests set forth on Schedule 1.3.

     Multiemployer Plan: a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

     Net Amount: with respect to Eligible Major Accounts and Eligible Other Accounts, the
gross amount of such Eligible Accounts less unpaid sales, excise, or similar taxes, and less
returns, discounts, claims, credits, allowances, accrued rebates, offsets, deductions,
counterclaims, disputes, Negative Exchange Balances and other defenses of any nature at any time
issued, owing, granted, outstanding, available or claimed.

     Net Income: for any period, the net income or loss of the Company and its consolidated
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided,
that there shall be excluded (a) the income of any Person (other than the Company) that is not a
consolidated Subsidiary of the Company, except to the extent of the amount of cash dividends or
similar cash distributions actually paid by such Person to the Company or, subject to clauses (b)
and (c) below, any other consolidated Subsidiary of the Company during such period, (b) the income
of, and any amounts referred to in clause (a) above paid to, any Subsidiary of the Company to the
extent that the declaration or payment of cash dividends or similar cash distributions by such
subsidiary is not, on the date of determination, permitted without any prior approval of any
Governmental Authority that has not been obtained or by the operation of the terms of the
organizational documents of such Subsidiary, any agreement or other instrument binding upon such
Subsidiary or any law applicable to such Subsidiary, unless such restrictions with respect to the
payment of cash dividends and other similar cash distributions have been legally and effectively
waived, and (c) the income of, and any amounts referred to in clause (a) above paid to, any
consolidated Subsidiary of the Company that is not Wholly Owned by the Company, to the extent such
income or amounts are attributable to the noncontrolling interest in such consolidated Subsidiary.

     Net Proceeds: with respect to an Asset Disposition, proceeds (including, when
received, any deferred or escrowed payments) received by any Obligor in cash from such disposition,
net of (a) reasonable and customary costs and expenses actually incurred in connection therewith,
including legal fees and sales commissions; (b) amounts applied to repayment of Indebtedness
secured by a Permitted Lien senior to Agent’s Liens on Collateral sold; (c) transfer or similar
taxes; and (d) reserves for indemnities and post-closing purchase price adjustments, until such
reserves are no longer needed.

     Non-ABL Priority Collateral: as defined in the Intercreditor Agreement.

     No-Offset Agreement: a No-Offset Agreement in form and substance acceptable to Agent
between an Account Debtor, any Borrower and Agent.

     Notes: each Revolver Note or other promissory note executed by a Borrower to evidence
any Obligations.

     Notice of Borrowing: a Notice of Borrowing to be provided by Borrower Agent to request
a Borrowing of Revolver Loans, in form satisfactory to Agent.

     Notice of Conversion/Continuation: a Notice of Conversion/Continuation to be provided
by Borrower Agent to request a conversion or continuation of any Loans as LIBOR Loans, in form
satisfactory to Agent.

     Obligations: all (a) principal of and premium, if any, on the Loans, (b) LC
Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest,
expenses, fees and other sums

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payable by Obligors under the Loan Documents, (d) obligations of Obligors under any indemnity
for Claims, (e) Extraordinary Expenses, (f) Bank Product Debt, and (g) other Indebtedness,
obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, whether
now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in
any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of
credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect,
absolute or contingent, due or to become due, primary or secondary, or joint or several; provided,
that in no event shall Bank Product Debt payable to any Lender or any Affiliate of any Lender
(other than Bank of America and its Affiliates) constitute “Obligations” unless (i) such Bank
Product Debt was incurred after such Lender or such Affiliate has provided written notice to Agent
in the form of Exhibit E attached hereto that such Lender or Affiliate intends to provide Bank
Products and the amount and nature thereof (together with written notice to Agent if at any time
the aggregate amount of Bank Product Debt payable to such Lender increases by more than $100,000)
and setting forth a reasonably detailed calculation thereof; (ii) sufficient Availability exists to
impose a Bank Product Reserve in respect of such Bank Product Debt without creating a Low
Availability Period, (iii) Agent has established such Bank Product Reserve, and (iv) Agent has
acknowledged in writing to such Lender or such Affiliate that the foregoing conditions have been
met and the applicable Bank Product Debt constitutes “Obligations” under this Agreement (which
notice Agent agrees to deliver promptly following the satisfaction of the conditions set forth in
the foregoing clauses (i), (ii), and (iii) by countersignature to the notice from such Lender or
Affiliate described above in the form of Exhibit E attached hereto).

     Obligor: each Borrower, and each Guarantor.

     Offtake Agreement: the Offtake Agreement to be entered into on the Closing Date by and
among the Company, the Acquired Company and Valero Marketing pursuant to the Stock Purchase
Agreement.

     Ordinary Course of Business: the ordinary course of business of the Company or its
Subsidiary, consistent with past practices of the Company and the Acquired Company and undertaken
in good faith.

     Organic Documents: with respect to any Person, its charter, certificate or articles of
incorporation, bylaws, articles of organization, limited liability agreement, operating agreement,
members agreement, shareholders agreement, partnership agreement, certificate of partnership,
certificate of formation, voting trust agreement, or similar agreement or instrument governing the
formation or operation of such Person.

     OSHA: the Occupational Safety and Hazard Act of 1970.

     Other Agreement: each Note; the Intercreditor Agreement; the Intercreditor
Acknowledgement; the Related Real Estate Documents; each LC Document; the Fee Letter; each Lien
Waiver; each Borrowing Base Certificate; each Compliance Certificate; each financial statement or
report delivered hereunder; or each other document, instrument or agreement (other than this
Agreement or a Security Document) now or hereafter delivered by an Obligor or other Person to Agent
or a Lender in connection with any transactions relating hereto.

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

     Overadvance: as defined in Section 2.1.5.

     Overadvance Loan: a Base Rate Loan made when an Overadvance exists or is caused by the
funding thereof.

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     Paid but Unexpired Letters of Credit: at any given time, the difference between
(a) the maximum amount available to be drawn on all Letters of Credit issued in connection with
purchases of Petroleum Product by the Obligors; and (b) the aggregate outstanding amounts payable
by the Obligors to the suppliers of Petroleum Product delivered to the Obligors in connection with
such purchases

     Parent: Alon USA Energy, Inc., a Delaware corporation.

     Participant: as defined in Section 13.2.

     Patent Assignment: each patent collateral assignment agreement pursuant to which an
Obligor assigns to Agent, for the benefit of Secured Parties, such Obligor’s interests in its
patents, as security for the Obligations.

     Patriot Act: the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001).

     Payment Item: each check, draft or other item of payment payable to a Borrower,
including those constituting proceeds of any Collateral.

     PBGC: the Pension Benefit Guaranty Corporation.

     Permitted Acquisition: the Valero Acquisition and any other Acquisition with respect
to which (a) the Person to be (or whose assets are to be) acquired does not oppose such Acquisition
and the line or lines of business of the Person to be acquired are substantially the same as one or
more line or lines of business conducted by the Borrowers, (b) the Person to be acquired has
reported positive EBITDA (calculated substantially as defined in this Agreement) for the period of
four consecutive Fiscal Quarters most recently preceding such Acquisition, (c) no Default or Event
of Default shall have occurred and be continuing either immediately prior to or immediately after
giving effect to such Acquisition, (d) no Low Availability Trigger Date shall exist or arise as a
result of such Acquisition, (e) the Borrowers shall have furnished to Agent a certificate of a
Financial Officer certifying that no none of the liabilities or other obligations assumed, acquired
or arising in connection with the Acquisition could reasonably be expected to have a Material
Adverse Effect, and (f) the Person acquired shall become a Borrower or be merged into a Borrower
immediately upon consummation of the Acquisition (or if assets are being acquired, the acquiror
shall be a Borrower).

     Permitted Asset Disposition: any Asset Disposition permitted under Section 10.2.6.

     Permitted Compensation Incentive Equity Interests: as defined in Section 10.2.6(c).

     Permitted Encumbrances: the following:

     (a)  Liens imposed by law for Taxes that are not yet due or are being contested in compliance
with Section 10.1.3;

     (b)  landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, consignors’,
repairmen’s and other like Liens imposed by law, arising in the Ordinary Course of Business and
securing obligations not in excess of $3,000,000 (unless an adequate reserve acceptable to the
Agent has been established by it) that (i) are not overdue by more than 30 days, or (ii) are being
contested in compliance with Section 10.1.3 or (iii) for which the applicable statutory foreclosure
period and all other enforcement rights have lapsed;

     (c)  pledges or Liens incurred and deposits made in the Ordinary Course of Business in
compliance with workers’ compensation, unemployment insurance and other social security laws;

-26-

 

     (d)  deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds, completion bonds and other obligations of
a like nature, in each case in the Ordinary Course of Business;

     (e)  judgment liens in respect of judgments that do not constitute an Event of Default under
Section 11.1(g);

     (f)  easements, servitudes, reservations, conditions, limitations, covenants, zoning and land
use restrictions, rights-of-way, minor survey exceptions and similar encumbrances or Liens on or
defects or imperfections in the title with respect to real property that, in each case, do not
secure any monetary obligations and, individually or in the aggregate, do not materially detract
from the value of the affected property or the rights or remedies of the Secured Parties with
respect thereto or interfere with the ordinary conduct of business of Holdings or any Subsidiary,
including the operation of the Krotz Springs Refinery;

     (g) Liens listed on any policy of title insurance acceptable to the Agent insuring the Lien of
any Mortgage as an exception to the priority of such Lien on the Mortgaged Property described
therein;

     (h)  banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or
other funds maintained with depository institutions; provided that such deposit accounts or funds
are not established or deposited for the purpose of providing collateral for any Indebtedness and
are not subject to restrictions on access by Holdings or any Subsidiary in excess of those required
by applicable banking regulations;

     (i)  Liens arising by virtue of Uniform Commercial Code financing statement filings (or
similar filings under applicable law) regarding operating leases entered into by Holdings and the
Subsidiaries in the Ordinary Course of Business; and

     (j)  any Liens to which any underlying fee interest of the owners of real property leased by
Holdings or any Subsidiary is subject, including any Liens that apply to the leasehold interests of
Holdings or any Subsidiary by virtue of the underlying fee interests being subject to such Liens;

provided, that, except in the case of any Lien referred to in clause (h) above (insofar as such
Lien secures obligations constituting Indebtedness), the term “Permitted Encumbrances” shall not
include any Lien securing Indebtedness.

     Permitted Guarantees: Guarantees of the Obligors (a) arising from endorsements of
Payment Items for collection or deposit in the Ordinary Course of Business; (b) arising from
Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension or
renewal thereof that does not increase the amount of such Guarantee when extended or renewed;
(d) incurred in the Ordinary Course of Business with respect to surety, appeal or performance
bonds, or other similar obligations; (e) arising from customary indemnification obligations in
favor of purchasers in connection with dispositions of Equipment permitted hereunder; (f) arising
under the Loan Documents; (g) of trade payables of another Obligor arising in the Ordinary Course
of Business or (g) in an aggregate amount of $100,000 or less at any time.

     Permitted Holders: Alon Israel Oil Company, Ltd, a private company organized under the
laws of Israel; Mishkey Galile Elion Agricultural Corporation, A. H. Holdings and Investment In
Fuels & Energy Ltd., Mishkey Harei Yehuda Agricultural Corporation, Granot Cooperative Regional
Organization Corp., Mishkey Hanegev Export Ltd., Mishkey Darom Agricultural Corporation, Mishkey
Beit Shean, Mishkey Emek Hayarden Ltd., Mishkey Hamifratz (1993) Ltd. and Mishkey Emek Israel Ltd.,
each a company organized under the laws of Israel; Bielsol Investments (1987) Ltd., a private
company organized under the laws of Israel; Africa Israel Investments Ltd., a public company
organized under the laws of Israel;

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Tabris Investments Inc., a private company organized under the laws of the British Virgin
Islands; and David Weissman (or any trustee acting on behalf of David Weissman).

     Permitted Investments:

     (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States of America), in each
case maturing within one year from the date of acquisition thereof;

     (b)  investments in commercial paper maturing within 270 days from the date of acquisition
thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or
Moody’s;

     (c)  investments in certificates of deposit, banker’s acceptances and time deposits maturing
within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, (i) any domestic office of any commercial bank
organized under the laws of the United States of America or any State thereof that has a combined
capital and surplus and undivided profits of not less than $500,000,000, (ii) Israel Discount Bank
of New York or (iii) Bank Leumi USA;

     (d)  fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution satisfying
the criteria described in clause (c) above; and

     (e)  investments in “money market funds” within the meaning of Rule 2a-7 of the Investment
Company Act of 1940, substantially all of whose assets are invested in investments of the type
described in clauses (a) through (d) above.

     Permitted Lien: as defined in Section 10.2.2.

     Permitted Term Loan Facility: as defined in Section 10.2.1

     Person: any individual, corporation, limited liability company, partnership, joint
venture, joint stock company, land trust, business trust, unincorporated organization, Governmental
Authority or other entity.

     Petroleum Product: crude oil, intermediate feedstocks, blendstocks, and finished and
unfinished petroleum products, including without limitation, asphalt, gasoline, diesel fuels, fuel
oil, jet fuels, and atmospheric gas oil; provided that such term shall not include solvents.

     Plan: any employee pension benefit plan (other than a Multiemployer Plan) subject to
the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in
respect of which Holdings or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

     Pledged Collateral: as defined in Section 7.4.1.

     Pledged Debt Securities: as defined in Section 7.4.1.

     Pledged Equity Interests: as defined in Section 7.4.1.

     Preferred Equity Interests: as applied to the Equity Interests of any Person, Equity
Interests of any class or classes (however designated) that is preferred as to the payment of
dividends or distributions, or

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as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution
of such Person, over Equity Interests of any other class of such Person.

     Pro Rata: with respect to any Lender, a percentage (carried out to the ninth decimal
place) determined (a) while Revolver Commitments are outstanding, by dividing the amount of such
Lender’s Revolver Commitment by the aggregate amount of all Revolver Commitments; and (b) at any
other time, by dividing the amount of such Lender’s Loans and LC Obligations by the aggregate
amount of all outstanding Loans and LC Obligations.

     Proceeds Collateral Account: as defined in Section 8.6.2(a).

     Property: any interest in any kind of property or asset, whether real, personal or
mixed, or tangible or intangible.

     Protective Advances: as defined in Section 2.1.6.

     Purchase Money Debt: (a) Indebtedness (other than the Obligations) for payment of any
of the purchase price of fixed assets; (b) Indebtedness (other than the Obligations) incurred
within 10 days before or after acquisition of any fixed assets, for the purpose of financing any of
the purchase price thereof; and (c) any renewals, extensions or refinancings (but not
increases) thereof.

     Purchase Money Lien: a Lien that secures Purchase Money Debt, encumbering only the
fixed assets acquired with such Indebtedness and constituting a Capital Lease, Synthetic Lease or a
purchase money security interest under the UCC.

     Qualifying Investment: readily marketable obligations that (a) (i) are rated A or A-1
or better by S&P or A or P-1 or better by Moody’s, or (ii) are issued or guaranteed by the United
State of America or any agency thereof, or (iii) constitute investments in money market funds rated
A or higher by S&P and (b) mature prior to the Revolver Termination Date.

     Qualifying Period: the period during which Valero Marketing both (a) remains a party
to an effective No-Offset Agreement and (b) maintains a Debt Rating of “BBB-” or higher from S&P
and “Baa3” or higher from Moody’s.

     RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i).

     Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any
real Property or any buildings, structures, parking areas or other improvements thereon.

     Refinancing Indebtedness: (a) in respect of Indebtedness created under the Term Loan
Agreement, or under any credit agreement that extends, renews, refinances or replaces the Term Loan
Agreement (the “Original Term Indebtedness”), any Indebtedness created under any credit
agreement that extends, renews, refinances or replaces the Term Loan Agreement (or such other
credit agreement) as a whole and not in part; provided that (a) the maturity of such Refinancing
Indebtedness shall not be earlier, and the weighted average life to maturity of such Refinancing
Indebtedness shall not be shorter, than that of such Original Term Indebtedness; (b) such
Refinancing Indebtedness shall not be required to be repaid or prepaid (in any manner), whether on
one or more fixed dates, upon the occurrence of one or more events or at the option of any holder
thereof (except, in each case, (i) upon the occurrence of an event of default or a change in
control, or (ii) as and to the extent such repayment or prepayment would have been required
pursuant to the terms of such Original Term Indebtedness) prior to the earlier of (A) the maturity
of such Original Term Indebtedness and (B) the date 180 days after the Revolver Termination Date;
and (c) such Refinancing Indebtedness shall not be secured by any Lien on any asset other than the
assets that secured such Original Term Indebtedness (or would have been required to secure such
Original Term

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Indebtedness pursuant to the terms thereof), and the secured parties thereunder, or an agent
on their behalf, shall have become a party to the Intercreditor Agreement.

     Reimbursement Date: as defined in Section 2.3.2.

     Related Real Estate Documents: with respect to any Real Estate subject to a Mortgage,
the following, in form and substance satisfactory to Agent and received by Agent for review at
least 15 days prior to the effective date of the Mortgage: (a) a mortgagee title policy (or binder
therefor) covering Agent’s interest under the Mortgage, in a form and amount and by an insurer
acceptable to Agent, which must be fully paid on such effective date; (b) such assignments of
leases, estoppel letters, attornment agreements, consents, waivers and releases as Agent may
require with respect to other Persons having an interest in the Real Estate; (c) a current,
as-built survey of the Real Estate, containing a metes-and-bounds property description and flood
plain certification, and certified by a licensed surveyor acceptable to Agent; (d) flood insurance
in an amount, with endorsements and by an insurer acceptable to Agent, if the Real Estate is within
a flood plain; (e) a current appraisal of the Real Estate, prepared by an appraiser acceptable to
Agent, and in form and substance satisfactory to Required Lenders; (f) an environmental assessment,
prepared by environmental engineers acceptable to Agent, and accompanied by such reports,
certificates, studies or data as Agent may reasonably require, which shall all be in form and
substance satisfactory to Required Lenders; and (g) an Environmental Agreement and such other
documents, instruments or agreements as Agent may reasonably require with respect to any
environmental risks regarding the Real Estate.

     Release: any actual or threatened release, spill, emission, leaking, dumping,
injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through
the environment or within or upon any building, structure, facility or fixture.

     Rent and Charges Reserve: the aggregate of (a) all past due rent and other amounts
owing by an Obligor to any landlord, warehouseman, processor, repairman, mechanic, shipper, freight
forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any
Collateral; and (b) a reserve at least equal to three months rent and other charges that could be
payable to any such Person, unless it has executed a Lien Waiver.

     Report: as defined in Section 12.2.3.

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

     Required Lenders: Lenders (subject to Section 4.2) having (a) Revolver Commitments in
excess of 50% of the aggregate Revolver Commitments; and (b) if the Revolver Commitments have
terminated, Loans and LC Obligations in excess of 50% of all outstanding Loans and LC Obligations.

     Reserve Percentage: the reserve percentage (expressed as a decimal, rounded upward to
the nearest 1/8th of 1%) applicable to member banks under regulations issued from time to time by
the Board of Governors for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently
referred to as “Eurocurrency liabilities”).

     Restricted Payment: (a) any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in Holdings or any Subsidiary,
or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any Equity Interests in Holdings or any Subsidiary, (b) any management, monitoring,
transaction, advisory or similar fees

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payable to Parent, Holdings or any Affiliate of either of the
foregoing (other than any Subsidiary), and
(c) any distribution, advance or repayment in respect of Indebtedness of Holdings or any
Borrower owing to a holder of Equity Interests of Holdings.

     Restrictive Agreement: an agreement (other than a Loan Document) that conditions or
restricts the right of any Borrower, Subsidiary or other Obligor to incur or repay Borrowed Money,
to grant Liens on any assets, to declare or make Restricted Payments, to modify, extend or renew
any agreement evidencing Borrowed Money, or to repay any intercompany Indebtedness.

     Revolver Commitment: for any Lender, its obligation to make Revolver Loans and to
participate in LC Obligations up to the maximum principal amount shown on Schedule 1.1 (as such
amount may be increased in accordance with Section 2.2), or as hereafter determined pursuant to
each Assignment and Acceptance to which it is a party. “Revolver Commitments” means the
aggregate amount of such commitments of all Lenders.

     Revolver Increase Closing Date: as defined in Section 2.2.4

     Revolver Loan: a loan made pursuant to Section 2.1, any Swingline Loan and any
Overadvance Loan or Protective Advance.

     Revolver Note: a promissory note to be executed by Borrowers in favor of a Lender in
the form of Exhibit A, which shall be in the amount of such Lender’s Revolver Commitment and shall
evidence the Revolver Loans made by such Lender.

     Revolver Termination Date: July 3, 2013.

     Revolving Credit Facility: at any time, the aggregate amount of Lenders’ Revolver
Commitments at such time, including after giving effect to any increase in the aggregate Revolver
Commitments pursuant to Section 2.2.

     Royalties: all royalties, fees, expense reimbursement and other amounts payable by a
Borrower under a License.

     Sale/Leaseback Transaction: an arrangement relating to property owned by Holdings or
any Subsidiary whereby Holdings or such Subsidiary sells or transfers such property to any Person
and Holdings or any Subsidiary leases such property, or other property that it intends to use for
substantially the same purpose or purposes as the property sold or transferred, from such Person or
its Affiliates.

     S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc., and its successors.

     Secured Parties: Agent, Issuing Bank, Lenders and providers of Bank Products.

     Security Documents: the Mortgages, the IP Security Agreements, any Guarantee and
Collateral Agreement, the Deposit Account Control Agreements, and all other documents, instruments
and agreements now or hereafter securing (or given with the intent to secure) any Obligations.

     Seller: as defined in the Recitals hereto.

     Senior Officer: the chairman of the board, president, chief executive officer,
treasurer or chief financial officer of a Borrower or, if the context requires, another Obligor or
Parent.

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     Settlement Report: a report delivered by Agent to Lenders summarizing the Revolver
Loans and participations in LC Obligations outstanding as of a given settlement date, allocated to
Lenders on a Pro Rata basis in accordance with their Revolver Commitments.

     Shared Deposit Accounts: the Crack Spread Hedging Cash Collateral Account (as defined
in the Intercreditor Agreement), the Proceeds Collateral Account (as defined in the Term Loan
Agreement), and the Asset Sales Collateral Account (as defined in the Term Loan Agreement).

     Solvent: as to any Person, such Person (a) owns Property whose fair salable value is
greater than the amount required to pay all of its debts (including contingent, subordinated,
unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as
defined below) is greater than the probable total liabilities (including contingent, subordinated,
unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is
able to pay all of its debts as they mature; (d) has capital that is not unreasonably small for its
business and is sufficient to carry on its business and transactions and all business and
transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section
101(32) of the Bankruptcy Code; and (f) has not incurred (by way of assumption or otherwise) any
obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any
conveyance in connection therewith, with actual intent to hinder, delay or defraud either present
or future creditors of such Person or any of its Affiliates. “Fair salable value” means
the amount that could be obtained for assets within a reasonable time, either through collection or
through sale under ordinary selling conditions by a capable and diligent seller to an interested
buyer who is willing (but under no compulsion) to purchase.

     Stock Purchase Agreement: the Stock Purchase Agreement dated as of May 7, 2008, among
the Seller, the Company and, for the limited purposes set forth therein, the Acquired Company,
together with all definitive schedules, exhibits and other agreements effecting the terms thereof
or related thereto (including agreements identified therein as the “Other Agreements”).

     Subsidiary: with respect to any Person (referred to as the “parent”), any corporation,
partnership, limited liability company, association or other business entity (a) of which Equity
Interests representing more than 50% of the Equity Interests or more than 50% of the Voting Stock
are, at the time any determination is being made, owned, Controlled or held by the parent and one
or more subsidiaries of the parent, or (b) that is, at the time any determination is made,
otherwise Controlled by the parent or one or more subsidiaries of the parent. Unless the context
otherwise indicates, the term “Subsidiary” shall mean a Subsidiary of Holdings.

     Supporting Letter of Credit: collectively, those certain irrevocable standby letters
of credit in form and substance satisfactory to the Agent, issued by Bank Hapoalim or other
financial institution acceptable to Agent, in an aggregate face amount and maintained in accordance
with Section 10.1.14.

     Swingline Loan: any Borrowing of Base Rate Revolver Loans funded with Agent’s funds,
until such Borrowing is settled among Lenders pursuant to Section 4.1.3.

     Synthetic Lease: as to any person, any lease (including leases that may be terminated
by the lessee at any time) of real or personal property, or a combination thereof, (a) that is
accounted for as an operating lease under GAAP and (b) in respect of which the lessee is deemed to
own the property so leased for U.S. Federal income tax purposes, other than any such lease under
which such person is the lessor.

     Synthetic Lease Obligations: as to any person, an amount equal to the capitalized
amount of the remaining lease payments under any Synthetic Lease (determined, in the case of a
Synthetic Lease providing for an option to purchase the leased property, as if such purchase were
required at the end of the

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term thereof) that would appear on a balance sheet of such person
prepared in accordance with GAAP if such obligations were accounted for as Capital Lease
Obligations.

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

     Term Facility Liens: Liens arising under the Term Loan Documents in favor of the Term
Loan Agent and the Secured Parties under and as defined in the Term Loan Agreement, to the extent
such Liens are subject to the Intercreditor Agreement.

     Term Loan Agent: Credit Suisse, Cayman Islands Branch, and any successor thereto, as
the administrative agent and the collateral agent under the Term Loan Documents.

     Term Loan Agreement: the Term Loan Agreement dated as of the date hereof by and among
the Company, Holdings, the financial institutions party thereto as lenders, and the Term Loan
Agent.

     Term Loan Documents: the Term Loan Agreement and the “Loan Documents” as defined in
the Term Loan Agreement.

     Term Loan Facility: as defined in the Recitals hereto.

     Trademark Security Agreement: each trademark security agreement pursuant to which an
Obligor grants to Agent, for the benefit of Secured Parties, a Lien on such Obligor’s interests in
trademarks, as security for the Obligations.

     Transaction Costs: the fees and expenses incurred by, or required to be reimbursed or
paid by, Holdings and the Subsidiaries in connection with the Transactions.

     Transactions: (a) the consummation of the Valero Acquisition and the Merger, (b) the
Holdings Contribution and the transfer by Holdings of all the proceeds thereof to the Company as a
contribution to the common equity of the Company, (c) the execution, delivery and performance by
each Obligor of the Loan Documents to which it is to be a party, the borrowing of the Loans and the
use of the proceeds thereof, (d) the execution, delivery and performance by Holdings and its
Subsidiaries party thereto of the Term Loan Documents, the borrowing of loans and the use of the
proceeds thereof, (e) the execution, delivery and performance by the Company of the Crack Spread
Hedging Agreement and (f) the payment of the Transaction Costs.

     Transferee: any actual or potential Eligible Assignee, Participant or other Person
acquiring an interest in any Obligations.

     Type: any type of a Loan (i.e., Base Rate Loan or LIBOR Loan) that has the same
interest option and, in the case of LIBOR Loans, the same Interest Period.

     UCC: the Uniform Commercial Code as in effect in the State of New York or, when the
laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform
Commercial Code of such jurisdiction.

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

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     Unused Line Fee: as defined in Section 3.2.1.

     Valero Acquisition: as defined in the Recitals hereto.

     Valero Marketing: Valero Marketing and Supply Company, a Delaware corporation.

     Voting Stock: of a Person shall mean all classes of Equity Interests or other
interests of such Person then outstanding and normally entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, trustees or other governing
body thereof.

     Wholly Owned: in respect of any subsidiary of any Person, that Equity Interests
representing 100% of the issued and outstanding Equity Interests (except for directors’ qualifying
shares and Permitted Compensation Incentive Equity Interests) of such subsidiary are, at the time
any determination is being made, owned, beneficially and of record, by such Person, another Wholly
Owned subsidiary of such Person or any combination thereof.

     Withdrawal Liability: liability to a Multiemployer Plan as a result of a complete or
partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E
of Title IV of ERISA.

     1.2 Accounting Terms. Under the Loan Documents (except as otherwise specified
herein), all accounting terms shall be interpreted, all accounting determinations shall be made,
and all financial statements shall be prepared, in accordance with GAAP applied on a basis
consistent with the most recent audited financial statements of Borrowers delivered to Agent before
the Closing Date and using the same inventory valuation method as used in such financial
statements, except for any change required or permitted by GAAP if Borrowers’ certified public
accountants concur in such change, the change is disclosed to Agent, and Section 10.2.13 is amended
in a manner satisfactory to Required Lenders to take into account the effects of the change.

     1.3 Uniform Commercial Code. As used herein, the following terms are defined in
accordance with the UCC in effect in the State of New York from time to time: “Chattel Paper,”
“Commercial Tort Claim,” “Deposit Account,” “Document,” “Equipment,” “General Intangibles,”
“Goods,” “Instrument,” “Investment Property,” “Letter-of-Credit Right” and “Supporting Obligation.”

     1.4 Certain Matters of Construction. The terms “herein,” “hereof,” “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular section,
paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. In the
computation of periods of time from a specified date to a later specified date, “from” means “from
and including,” “through” means “through and including,” and “to” and “until” each mean “to but
excluding.” The terms “including” and “include” shall mean “including, without limitation” and,
for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be
applicable to limit any provision. Section titles appear as a matter of convenience only and shall
not affect the interpretation of any Loan Document. All references to (a) laws or statutes include
all related rules, regulations, interpretations, amendments and successor provisions; (b) any
document, instrument or agreement include any amendments, waivers and other modifications,
extensions or renewals (to the extent permitted by the Loan Documents); (c) any section mean,
unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules
mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are
hereby incorporated by reference; (e) any Person include successors and assigns; (f) time of day
mean time of day at Agent’s notice address under Section 14.3.1; or (g) discretion of Agent,
Issuing Bank or any Lender mean the sole and absolute discretion of such Person. All calculations
of value, fundings of Loans, issuances of Letters of Credit and payments of Obligations shall be in
Dollars and, unless the context otherwise requires, all determinations (including calculations of
Borrowing Base and financial

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covenants) made from time to time under the Loan Documents shall be
made in light of the circumstances existing at such time. Borrowing Base calculations shall be
consistent with historical methods of valuation and calculation, and otherwise satisfactory to
Agent (and not necessarily calculated in accordance with GAAP). Borrowers shall have the burden of
establishing any alleged negligence, misconduct or lack of good faith by Agent, Issuing Bank or any
Lender under any Loan Documents. No
provision of any Loan Documents shall be construed against any party by reason of such party
having, or being deemed to have, drafted the provision. Whenever the phrase “to the best of
Borrowers’ knowledge” or words of similar import are used in any Loan Documents, it means actual
knowledge of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she
had engaged in good faith and diligent performance of his or her duties, including reasonably
specific inquiries of employees or agents and a good faith attempt to ascertain the matter to which
such phrase relates. Any Event of Default shall be deemed to be continuing until waived in writing
by the Agent and the requisite Lenders.

     1.5 Effectuation of Transactions. On and after the Closing Date, all references
herein to Holdings and the Subsidiaries shall be deemed to be references to such Persons, and all
the representations and warranties of the Loan Parties contained in this Agreement and the other
Loan Documents shall be deemed made, in each case, after giving effect to the Valero Acquisition,
the Merger and the other Transactions to occur on the Closing Date, unless the context otherwise
requires.

SECTION 2 CREDIT FACILITIES

     2.1 Revolver Commitment.

          2.1.1 Revolver Loans. Each Lender agrees, severally on a Pro Rata basis up to its
Revolver Commitment, on the terms set forth herein, to make Revolver Loans to Borrowers from time
to time through the Commitment Termination Date. The Revolver Loans may be repaid and reborrowed
as provided herein. In no event shall Lenders have any obligation to honor a request for a
Revolver Loan if the unpaid balance of Revolver Loans outstanding at such time (including the
requested Loan) would exceed the Borrowing Base.

          2.1.2 Revolver Notes. The Revolver Loans made by each Lender and interest accruing
thereon shall be evidenced by the records of Agent and such Lender. At the request of any Lender,
Borrowers shall deliver a Revolver Note to such Lender.

          2.1.3 Use of Proceeds. The proceeds of Revolver Loans shall be used by Borrowers
solely (a) to pay a portion of the Cost of Acquisition of the Valero Acquisition; (b) to pay fees
and transaction expenses associated with the Transactions; (c) to pay Obligations in accordance
with this Agreement; and (d) for working capital and other lawful corporate purposes of Borrowers.

          2.1.4 Voluntary Reduction or Termination of Revolver Commitments.

          (a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner
terminated in accordance with this Agreement. Upon at least 30 days prior written notice to Agent
at any time, Borrowers may, at their option, terminate the Revolver Commitments and this credit
facility. Any notice of termination given by Borrowers shall be irrevocable. On the termination
date, Borrowers shall make Full Payment of all Obligations.

          (b) Borrowers may permanently reduce the Revolver Commitments, on a Pro Rata basis for each
Lender, upon at least 30 days prior written notice to Agent, which notice shall specify the amount
of the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount
of $25,000,000, or an increment of $25,000,000 in excess thereof.

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          2.1.5 Overadvances. If the aggregate Revolver Loans exceed the Borrowing Base
(“Overadvance”) or the aggregate Revolver Commitments at any time, the excess amount shall
be payable by Borrowers on demand by Agent, but all such Revolver Loans shall nevertheless
constitute Obligations secured by the Collateral and entitled to all benefits of the Loan
Documents. Unless its authority has been revoked in writing by Required Lenders, Agent may require
Lenders to honor requests for Overadvance Loans and to forbear from requiring Borrowers to cure an
Overadvance, (a) when no other Event of
Default is known to Agent, as long as (i) the Overadvance does not continue for more than 30
consecutive days (and no Overadvance may exist for at least five consecutive days thereafter before
further Overadvance Loans pursuant to this sentence are required), and (ii) the Overadvance is not
known by Agent to exceed 5% of the Borrowing Base; or (b) regardless of whether an Event of Default
exists, if Agent discovers an Overadvance not previously known by it to exist, as long as from the
date of such discovery the Overadvance (i) is not increased to more than 5% of the Borrowing Base,
and (ii) does not continue for more than 30 consecutive days. In no event shall Overadvance Loans
be required that would cause the outstanding Revolver Loans and LC Obligations to exceed the
aggregate Revolver Commitments. Any funding of an Overadvance Loan or sufferance of an Overadvance
shall not constitute a waiver by Agent or Lenders of the Event of Default caused thereby. In no
event shall any Borrower or other Obligor be deemed a beneficiary of this Section nor authorized to
enforce any of its terms.

          2.1.6 Protective Advances. Agent shall be authorized, in its discretion, at any time
that any conditions in Section 6 are not satisfied, and without regard to the aggregate
Commitments, to make Base Rate Loans (“Protective Advances”) (a) up to an aggregate amount
not to exceed, when aggregated with any Overadvances existing under Section 2.1.5 above, 7% of the
Revolver Commitments, if Agent deems such Loans necessary or desirable to preserve or protect
Collateral, or to enhance the collectibility or repayment of Obligations; or (b) to pay any other
amounts chargeable to Obligors under any Loan Documents, including costs, fees and expenses. Each
Lender shall participate in each Protective Advance on a Pro Rata basis. Required Lenders may at
any time revoke Agent’s authority to make further Protective Advances by written notice to Agent.
Absent such revocation, Agent’s determination that funding of a Protective Advance is appropriate
shall be conclusive.

     2.2 Increase in Revolving Credit Facility.

          2.2.1 Request for Increase. So long as there exists no Default and upon notice to
Agent (which shall promptly notify Lenders), Borrower Agent may from time to time, request an
increase in the Revolving Credit Facility by an amount (for all such requests) not exceeding
$100,000,000; provided, that any such request for an increase shall be in a minimum amount of
$25,000,000 and increments of $25,000,000 in excess thereof. At the time of sending such notice,
Borrower Agent (in consultation with Agent) shall specify the time period within which each Lender
is requested to respond (which shall in no event be less than ten Business Days from the date of
delivery of such notice to Lenders).

          2.2.2 Lender Elections to Increase. Each Lender shall have the right, but shall be
under no obligation, to participate in any requested increase in the Revolving Credit Facility
under this Section 2.2. Each Lender shall notify Agent within the time period specified in
accordance with Section 2.2.1 whether or not it agrees to increase its Revolver Commitment and, if
so, whether by an amount equal to, greater than, or less than its Pro Rata share of such requested
increase. Any Lender not responding within such time period shall be deemed to have declined to
increase its Revolver Commitment.

          2.2.3 Notification by Agent; Additional Lenders. Agent shall notify Borrower Agent
and each Lender of Lenders’ responses to each request made hereunder. To achieve the full amount
of a requested increase, and subject to the approval of Agent and Issuing Bank (which approvals

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shall not be unreasonably withheld), Borrowers may also invite additional Eligible Assignees to
become Lenders pursuant to a joinder agreement in form and substance satisfactory to Agent and its
counsel.

          2.2.4 Closing Date and Allocations. If the Revolving Credit Facility is increased in
accordance with this Section, Agent and Borrowers shall determine the effective date (the
“Revolver Increase Closing Date”) and the final allocation of such increase. Agent shall
promptly notify Borrowers and Lenders of the final allocation of such increase and the Revolver
Increase Closing Date. Upon the
satisfaction of the conditions precedent set forth in Section 2.2.5 on the proposed Revolver
Increase Closing Date and, with respect to any new Lenders participating in the proposed increase,
delivery to Agent by such Lenders of a joinder agreement in form and substance satisfactory to
Agent and its counsel and a processing fee of $3,500 (unless otherwise agreed by Agent in its
discretion), the Revolving Credit Facility shall be so increased, Schedule 1.1 shall be deemed
automatically amended and replaced to reflect any new Lenders and such increase, and the applicable
Lenders, Agent and Borrowers shall make appropriate arrangements for issuance of replacement and/or
new Notes, as applicable.

          2.2.5 Conditions to Effectiveness of Increase. As a condition precedent to such
increase, Borrower Agent shall deliver to Agent a certificate of each Obligor dated as of the
Revolver Increase Closing Date signed by a Senior Officer of such Obligor (a) certifying and
attaching the resolutions adopted by such Obligor approving or consenting to such increase, and
(b) in the case of the Borrowers, certifying that, before and after giving effect to such increase,
(i) the representations and warranties contained in Section 9 and in the other Loan Documents are
true and correct in all material respects on and as of the Revolver Increase Closing Date, except
to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct in all material respects as of such earlier date, and except
that for purposes of this Section 2.2.5, the representations and warranties contained in Section
9.1.5 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a)
(i) and (ii), respectively, of Section 10.1.4, and (ii) no Default or Event of Default exists.
Borrowers shall prepay any Revolver Loans outstanding on the Revolver Increase Closing Date (and
pay any additional amounts required pursuant to Section 3.9) to the extent necessary to keep the
outstanding Revolver Loans ratable with any revised change in the Pro Rata interests of Lenders
arising from any nonratable increase in the Revolver Commitments under this Section.

          2.2.6 Conflicting Provisions. This Section shall supersede any provisions in Sections
12.5 or 14.1 to the contrary.

     2.3 Letter of Credit Facility.

          2.3.1 Issuance of Letters of Credit. Issuing Bank agrees to issue Letters of Credit
from time to time until 30 days prior to the Revolver Termination Date (or until the Commitment
Termination Date, if earlier), on the terms set forth herein, including the following:

          (a) Each Borrower acknowledges that Issuing Bank’s willingness to issue any Letter of Credit
is conditioned upon Issuing Bank’s receipt of a LC Application with respect to the requested Letter
of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require
for issuance of a letter of credit of similar type and amount. Issuing Bank shall have no
obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC Request and LC
Application at least three Business Days prior to the requested date of issuance; and (ii) each LC
Condition is satisfied. If Issuing Bank receives written notice from a Lender at least five
Business Days before issuance of a Letter of Credit that any LC Condition has not been satisfied,
Issuing Bank shall have no obligation to issue the requested Letter of Credit (or any other) until
such notice is withdrawn in writing by that Lender or until Required Lenders have waived such
condition in accordance with this Agreement. Prior to receipt of any such notice, Issuing Bank
shall not be deemed to have knowledge of any failure of LC Conditions.

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          (b) Letters of Credit may be requested by the Borrower Agent or a Borrower only (i) to support
obligations of such Borrower incurred in the Ordinary Course of Business; or (ii) for other
purposes as Agent and Lenders may approve from time to time in writing. The renewal or extension
of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that
delivery of a new LC Application shall be required at the discretion of Issuing Bank.

          (c) Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by
the beneficiary. In connection with issuance of any Letter of Credit, none of Agent, Issuing
Bank or any Lender shall be responsible for the existence, character, quality, quantity,
condition, packing, value or delivery of any goods purported to be represented by any Documents;
any differences or variation in the character, quality, quantity, condition, packing, value or
delivery of any goods from that expressed in any Documents; the form, validity, sufficiency,
accuracy, genuineness or legal effect of any Documents or of any endorsements thereon; the time,
place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or
failure to ship, any goods referred to in a Letter of Credit or Documents; any deviation from
instructions, delay, default or fraud by any shipper or other Person in connection with any goods,
shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable,
telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical
terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any
consequences arising from causes beyond the control of Issuing Bank, Agent or any Lender, including
any act or omission of a Governmental Authority. The rights and remedies of Issuing Bank under the
Loan Documents shall be cumulative. Issuing Bank shall be fully subrogated to the rights and
remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any
Letter of Credit.

          (d) In connection with its administration of and enforcement of rights or remedies under any
Letters of Credit or LC Documents, Issuing Bank shall be entitled to act, and shall be fully
protected in acting, upon any certification, documentation or communication in whatever form
believed in good faith by Issuing Bank to be genuine and correct and to have been signed, sent or
made by a proper Person. Issuing Bank may consult with and employ legal counsel, accountants and
other experts to advise it concerning its obligations, rights and remedies, and shall be entitled
to act upon, and shall be fully protected in any action taken in good faith reliance upon, any
advice given by such experts. Issuing Bank may employ agents and attorneys-in-fact in connection
with any matter relating to Letters of Credit or LC Documents, and shall not be liable for the
negligence or misconduct of agents and attorneys-in-fact selected with reasonable care.

          2.3.2 Reimbursement; Participations.

          (a) If Issuing Bank honors any request for payment under a Letter of Credit, Borrowers shall
pay to Issuing Bank, on the same day (“Reimbursement Date”), the amount paid by Issuing
Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Loans
from the Reimbursement Date until payment by Borrowers. The obligation of Borrowers to reimburse
Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional,
irrevocable, and joint and several, and shall be paid without regard to any lack of validity or
enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other
right that Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent
submits a Notice of Borrowing, Borrowers shall be deemed to have requested a Borrowing of Base Rate
Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each
Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Commitments have
terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are
satisfied, and Agent shall apply such Base Rate Loans and application thereof shall constitute
payment of amounts owing by Borrowers pursuant to this clause (a).

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          (b) Upon issuance of a Letter of Credit, each Lender shall be deemed to have irrevocably and
unconditionally purchased from Issuing Bank, without recourse or warranty, an undivided Pro Rata
interest and participation in all LC Obligations relating to the Letter of Credit. If Issuing Bank
makes any payment under a Letter of Credit and Borrowers do not reimburse such payment on the
Reimbursement Date, Agent shall promptly notify Lenders and each Lender shall promptly (within one
Business Day) and unconditionally pay to Agent, for the benefit of Issuing Bank, the Lender’s Pro
Rata share of such payment. Upon request by a Lender, Issuing Bank shall furnish copies of any
Letters of Credit and LC Documents in its possession at such time.

          (c) The obligation of each Lender to make payments to Agent for the account of Issuing Bank in
connection with Issuing Bank’s payment under a Letter of Credit shall be absolute, unconditional
and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever,
and shall be made in accordance with this Agreement under all circumstances, irrespective of any
lack of validity or unenforceability of any Loan Documents; any draft, certificate or other
document presented under a Letter of Credit having been determined to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any
respect; or the existence of any setoff or defense that any Obligor may have with respect to any
Obligations. Issuing Bank does not assume any responsibility for any failure or delay in
performance or any breach by any Borrower or other Person of any obligations under any LC
Documents. Issuing Bank does not make to Lenders any express or implied warranty, representation
or guaranty with respect to the Collateral, LC Documents or any Obligor. Issuing Bank shall not be
responsible to any Lender for any recitals, statements, information, representations or warranties
contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any
LC Documents; the validity, genuineness, enforceability, collectibility, value or sufficiency of
any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial
condition, results of operations, business, creditworthiness or legal status of any Obligor.

          (d) No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action
taken or omitted to be taken in connection with any LC Documents except as a result of its actual
gross negligence or willful misconduct. Issuing Bank shall not have any liability to any Lender if
Issuing Bank refrains from any action under any Letter of Credit or LC Documents until it receives
written instructions from Required Lenders.

          2.3.3 Cash Collateral. If any LC Obligations, whether or not then due or payable,
shall for any reason be outstanding at any time (a) that an Event of Default exists, (b) that
Availability is less than zero, (c) after the Commitment Termination Date, or (d) within 20
Business Days prior to the Revolver Termination Date, then Borrowers shall, at Issuing Bank’s or
Agent’s request, Cash Collateralize the stated amount of all outstanding Letters of Credit and pay
to Issuing Bank the amount of all other LC Obligations. If Borrowers fail to provide Cash
Collateral as required herein, Lenders may (and shall upon direction of Agent) advance, as Revolver
Loans, the amount of the Cash Collateral required (whether or not the Commitments have terminated,
an Overadvance exists or the conditions in Section 6 are satisfied).

SECTION 3 INTEREST, FEES AND CHARGES

     3.1 Interest.

          3.1.1 Rates and Payment of Interest.

          (a) The Obligations (other than Bank Product Debt) shall bear interest (i) if a Base Rate
Loan, at the Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR
Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any
other Obligation (other than Bank Product Debt) (including, to the extent permitted by law,
interest not paid when due

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pursuant to the terms hereof), at the Base Rate in effect from time to
time, plus the Applicable Margin for Base Rate Loans. Interest shall accrue from the date the Loan
is advanced or the Obligation is incurred or payable, until paid in full. If a Loan is repaid on
the same day made, one day’s interest shall accrue.

          (b) During an Insolvency Proceeding with respect to any Borrower, or during any other Event of
Default if Agent or Required Lenders in their discretion so elect, Obligations (other than Bank
Product Debt) shall bear interest at the Default Rate (whether before or after any judgment). Each
Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are
difficult to ascertain and that the Default Rate is a fair and reasonable estimate to compensate
Agent and Lenders for such additional costs and expenses.

          (c) Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of
each month; (ii) on any date of prepayment, with respect to the principal amount of Loans being
prepaid; and (iii) on the Commitment Termination Date. Interest accrued on any other Obligations
(other than Bank Product Debt) shall be due and payable as provided in the Loan Documents and, if
no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing,
interest accrued at the Default Rate shall be due and payable on demand.

          3.1.2 Application of LIBOR to Outstanding Loans.

          (a) Borrowers may on any Business Day, subject to delivery of a Notice of
Conversion/Continuation, elect to convert any portion of the Base Rate Loans to, or to continue any
LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of
Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be
made, converted or continued as a LIBOR Loan.

          (b) Whenever Borrowers desire to convert or continue Loans as LIBOR Loans, Borrower Agent
shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three
Business Days before the requested conversion or continuation date. Promptly after receiving any
such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall
be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion
or continuation date (which shall be a Business Day), and the duration of the Interest Period
(which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest
Period in respect of any LIBOR Loans, Borrowers shall have failed to deliver a Notice of
Conversion/Continuation, they shall be deemed to have elected to convert such Loans into Base Rate
Loans.

          3.1.3 Interest Periods. In connection with the making, conversion or continuation of
any LIBOR Loans, Borrowers shall select an interest period (“Interest Period”) to apply,
which interest period shall be 30, 60, or 90 days; provided, that:

          (a) the Interest Period shall commence on the date the Loan is made or continued as, or
converted into, a LIBOR Loan, and shall expire on the numerically corresponding day in the calendar
month at its end;

          (b) if any Interest Period commences on a day for which there is no corresponding day in the
calendar month at its end or if such corresponding day falls after the last Business Day of such
month, then the Interest Period shall expire on the last Business Day of such month; and if any
Interest Period would expire on a day that is not a Business Day, the period shall expire on the
next Business Day; and

          (c) no Interest Period shall extend beyond the Revolver Termination Date.

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          3.1.4 Interest Rate Not Ascertainable. If Agent shall determine that on any date for
determining LIBOR, due to any circumstance affecting the London interbank market, adequate and fair
means do not exist for ascertaining such rate on the basis provided herein, then Agent shall
immediately notify Borrowers of such determination. Until Agent notifies Borrowers that such
circumstance no longer exists, the obligation of Lenders to make LIBOR Loans shall be suspended,
and no further Loans may be converted into or continued as LIBOR Loans.

     3.2 Fees.

          3.2.1 Unused Line Fee. On the first day of each month and on the Termination Date the
Borrowers agree to pay to the Agent, for the account of the Lenders in accordance with their
respective Pro Rata shares, an unused line fee (the “Unused Line Fee”) equal to the Applicable
Margin
therefor multiplied by the amount by which the Revolver Commitments exceed the sum of the
average daily outstanding amount of Revolving Loans and the average daily undrawn face amount of
outstanding Letters of Credit, during the immediately preceding month (or shorter period if
calculated for the first month after the Closing Date or on the Termination Date). The Unused Line
Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed. All
principal payments received by the Agent shall be deemed to be credited to the Loan Account
immediately upon receipt for purposes of calculating the Unused Line Fee pursuant to this
Section 3.2.

          3.2.2 LC Facility Fees. The Borrowers agree to pay (a) to the Agent, for the account
of the Lenders, in accordance with their respective Pro Rata shares, for each Letter of Credit, a
fee (the “Letter of Credit Fee”) equal to the Applicable Margin per annum, multiplied by the
average daily stated amount of each such Letter of Credit; and (b) to the Agent for the benefit of
the Letter of Credit Issuer a customary “fronting fee” of one tenth of one percent (0.10%) of the
stated amount of each Letter of Credit, and to the Letter of Credit Issuer, all reasonable
out-of-pocket costs, fees and expenses incurred by the Letter of Credit Issuer in connection with
the application for, processing of, issuance of, or amendment to any Letter of Credit. The Letter
of Credit Fee shall be payable monthly in arrears on the first day of each calendar month following
any month in which a Letter of Credit is outstanding and on the Revolving Credit Termination Date.
The Letter of Credit Fee shall be computed on the basis of a 360-day year for the actual number of
days elapsed. During any period when the Default Rate is applicable pursuant to Section 3.1.1(b),
the fee payable under clause (a) of this Section 3.2.2 shall be increased by 2% per annum.

          3.2.3 Agent Fees. In consideration of Agent’s syndication of the Commitments and
service as Agent hereunder, Borrowers shall pay to Agent, for its own account, the fees described
in the Fee Letter..

     3.3 Computation of Interest, Fees, Yield Protection. All interest, as well as fees
and other charges calculated on a per annum basis, shall be computed for the actual days elapsed,
based on a year of 360 days. Each determination by Agent of any interest, fees or interest rate
hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees
shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees
payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be,
interest or any other charge for the use, forbearance or detention of money. A certificate as to
amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent
by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all
purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party
within 10 days following receipt of the certificate.

     3.4 Reimbursement Obligations. Borrowers shall reimburse Agent for all Extraordinary
Expenses. Borrowers shall also reimburse Agent for all reasonable legal, accounting, appraisal,
consulting, and other fees, costs and expenses incurred by it in connection with (a) negotiation
and

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preparation of any Loan Documents, including any amendment or other modification thereof;
(b) administration of and actions relating to any Collateral, Loan Documents and transactions
contemplated thereby, including any actions taken to perfect or maintain priority of Agent’s Liens
on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and
(c) subject to the limits of Section 10.1.1(b), each inspection, audit or appraisal with respect to
any Obligor or Collateral, whether prepared by Agent’s Personnel or a third party. All legal,
accounting and consulting fees shall be charged to Borrowers by Agent’s professionals at their full
hourly rates, regardless of any reduced or alternative fee billing arrangements that Agent, any
Lender or any of their Affiliates may have with such professionals with respect to this or any
other transaction. If, for any reason (including inaccurate reporting on financial statements or a
Compliance Certificate), it is determined that a higher Applicable Margin should have applied to a
period than was actually applied, then the proper margin shall be applied retroactively and
Borrowers shall immediately pay to Agent, for the Pro Rata benefit of Lenders, an amount equal to
the difference between the amount of interest and fees that would have accrued using the
proper margin and the amount actually paid. All amounts payable by Borrowers under this
Section shall be due on demand.

     3.5 Illegality. If any Lender determines that any Applicable Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or
its applicable Lending Office to make, maintain or fund LIBOR Loans, or to determine or charge
interest rates based upon LIBOR, or any Governmental Authority has imposed material restrictions on
the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London
interbank market, then, on notice thereof by such Lender to Agent, any obligation of such Lender to
make or continue LIBOR Loans or to convert Base Rate Loans to LIBOR Loans shall be suspended until
such Lender notifies Agent that the circumstances giving rise to such determination no longer
exist. Upon delivery of such notice, Borrowers shall prepay or, if applicable, convert all LIBOR
Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such LIBOR Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such LIBOR Loans. Upon any such prepayment or
conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted.

     3.6 Inability to Determine Rates. If Required Lenders notify Agent for any reason in
connection with a request for a Borrowing of, or conversion to or continuation of, a LIBOR Loan
that (a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market
for the applicable amount and Interest Period of such Loan, (b) adequate and reasonable means do
not exist for determining LIBOR for the requested Interest Period, or (c) LIBOR for the requested
Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such
Loan, then Agent will promptly so notify Borrower Agent and each Lender. Thereafter, the
obligation of Lenders to make or maintain LIBOR Loans shall be suspended until Agent (upon
instruction by Required Lenders) revokes such notice. Upon receipt of such notice, Borrower Agent
may revoke any pending request for a Borrowing of, conversion to or continuation of a LIBOR Loan
or, failing that, will be deemed to have submitted a request for a Base Rate Loan.

     3.7 Increased Costs; Capital Adequacy.

          3.7.1 Change in Law. If any Change in Law shall:

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

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          (b) subject any Lender or Issuing Bank to any Tax with respect to any Loan, Loan Document,
Letter of Credit or participation in LC Obligations, or change the basis of taxation of payments to
such Lender or Issuing Bank in respect thereof (except for Indemnified Taxes or Other Taxes covered
by Section 5.9 and the imposition of, or any change in the rate of, any Excluded Tax payable by
such Lender or Issuing Bank); or

          (c) impose on any Lender or Issuing Bank or the London interbank market any other condition,
cost or expense affecting any Loan, Loan Document, Letter of Credit or participation in LC
Obligations;

and the result thereof shall be to increase the cost to such Lender of making or maintaining any
LIBOR Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to
such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the
amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of
principal, interest or any other
amount) then, upon request of such Lender or Issuing Bank, Borrowers will pay to such Lender or
Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or
Issuing Bank, as applicable, for such additional costs incurred or reduction suffered.

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

          3.7.3 Compensation. Failure or delay on the part of any Lender or Issuing Bank to
demand compensation pursuant to this Section shall not constitute a waiver of its right to demand
such compensation, but Borrowers shall not be required to compensate a Lender or Issuing Bank for
any increased costs incurred or reductions suffered more than nine months prior to the date that
the Lender or Issuing Bank notifies Borrower Agent of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the nine-month period referred to above shall be extended to
include the period of retroactive effect thereof).

     3.8 Mitigation. If any Lender gives a notice under Section 3.5 or requests
compensation under Section 3.7, or if Borrowers are required to pay additional amounts with respect
to a Lender under Section 5.9, then such Lender shall use reasonable efforts to designate a
different Lending Office or to assign its rights and obligations hereunder to another of its
offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment
(a) would eliminate the need for such notice or reduce amounts payable or to be withheld in the
future, as applicable; and (b) in each case, would not subject such Lender to any unreimbursed cost
or expense and would not otherwise be disadvantageous to such Lender. Borrowers agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment.

     3.9 Funding Losses. If for any reason (other than default by a Lender) (a) any
Borrowing of, or conversion to or continuation of, a LIBOR Loan does not occur on the date
specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not
withdrawn), (b) any

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repayment or conversion of a LIBOR Loan occurs on a day other than the end of
its Interest Period, or (c) Borrowers fail to repay a LIBOR Loan when required hereunder, then
Borrowers shall pay to Agent its customary administrative charge and to each Lender all losses and
expenses that it sustains as a consequence thereof, including loss of anticipated profits and any
loss or expense arising from liquidation or redeployment of funds or from fees payable to terminate
deposits of matching funds. Lenders shall not be required to purchase Dollar deposits in the
London interbank market or any other offshore Dollar market to fund any LIBOR Loan, but the
provisions hereof shall be deemed to apply as if each Lender had purchased such deposits to fund
its LIBOR Loans.

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

SECTION 4 LOAN ADMINISTRATION

     4.1 Manner of Borrowing and Funding Revolver Loans.

          4.1.1 Notice of Borrowing.

          (a) Whenever Borrowers desire funding of a Borrowing of Revolver Loans, Borrower Agent shall
give Agent a Notice of Borrowing. Such notice must be received by Agent no later than 11:00 a.m.
(i) on the Business Day of the requested funding date, in the case of Base Rate Loans, and (ii) at
least two Business Days prior to the requested funding date, in the case of LIBOR Loans. Notices
received after 11:00 a.m. shall be deemed received on the next Business Day. Each Notice of
Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested
funding date (which must be a Business Day), (C) whether the Borrowing is to be made as Base Rate
Loans or LIBOR Loans (provided if no such specification is made, a Base Rate Loan shall be deemed
to have been specified), and (D) in the case of LIBOR Loans, the duration of the applicable
Interest Period (which shall be deemed to be 30 days if not specified).

          (b) Unless payment is otherwise timely made by Borrowers, the becoming due of any Obligations
(whether principal, interest, fees or other charges, including Extraordinary Expenses, LC
Obligations, Cash Collateral and Bank Product Debt) shall be deemed to be a request for Base Rate
Loans on the due date, in the amount of such Obligations and the application of such Loans to such
Obligations shall be deemed a payment by the Borrowers hereunder. The proceeds of such Revolver
Loans shall be disbursed as direct payment of the relevant Obligation. In addition, Agent may, at
its option, charge such Obligations against any operating, investment or other account of a
Borrower maintained with Agent or any of its Affiliates.

          (c) If Borrowers establish a controlled disbursement account with Agent or any Affiliate of
Agent, then the presentation for payment of any check or other item of payment drawn on such
account at a time when there are insufficient funds to cover it shall be deemed to be a request for
Base Rate Loans on the date of such presentation, in the amount of the check and items presented
for payment. The proceeds of such Revolver Loans may be disbursed directly to the controlled
disbursement account or other appropriate account.

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          4.1.2 Fundings by Lenders. Each Lender shall timely honor its Revolver Commitment by
funding its Pro Rata share of each Borrowing of Revolver Loans that is properly requested
hereunder. Except for Borrowings to be made as Swingline Loans, Agent shall endeavor to notify
Lenders of each Notice of Borrowing (or deemed request for a Borrowing) by 12:00 noon on the
proposed funding date for Base Rate Loans or by 3:00 p.m. at least two Business Days before any
proposed funding of LIBOR Loans. Each Lender shall fund to Agent such Lender’s Pro Rata share of
the Borrowing to the account specified by Agent in immediately available funds not later than 2:00
p.m. on the requested funding date, unless Agent’s notice is received after the times provided
above, in which event Lender shall fund its Pro Rata share by 11:00 a.m. on the next Business Day.
Subject to its receipt of such amounts from Lenders, Agent shall disburse the proceeds of the
Revolver Loans as directed by Borrower Agent. Unless Agent shall have received (in sufficient time
to act) written notice from a Lender that it does not intend to fund its Pro Rata share of a
Borrowing, Agent may assume that such Lender has deposited or promptly will deposit its share with
Agent, and Agent may disburse a corresponding amount to Borrowers. If a Lender’s share of any
Borrowing is not in fact received by Agent, then Borrowers agree to repay to Agent on demand the
amount of such share, together with interest thereon from the date disbursed until repaid, at the
rate applicable to such Borrowing.

          4.1.3 Swingline Loans; Settlement.

          (a) Agent may, but shall not be obligated to, advance Swingline Loans to Borrowers, up to an
aggregate outstanding amount of 10% of the aggregate Revolving Commitments, unless the funding is
specifically required to be made by all Lenders hereunder. Each Swingline Loan shall constitute a
Revolver Loan for all purposes, except that payments thereon shall be made to Agent for its own
account. The obligation of Borrowers to repay Swingline Loans shall be evidenced by the records of
Agent and need not be evidenced by any promissory note.

          (b) To facilitate administration of the Revolver Loans, Lenders and Agent agree (which
agreement is solely among them, and not for the benefit of or enforceable by any Borrower) that
settlement among them with respect to Swingline Loans and other Revolver Loans may take place
periodically on a date determined from time to time by Agent, which shall occur at least once each
week. On each settlement date, settlement shall be made with each Lender in accordance with the
Settlement Report delivered by Agent to Lenders. Between settlement dates, Agent may in its
discretion apply payments on Revolver Loans to Swingline Loans, regardless of any designation by
Borrower or any provision herein to the contrary. Each Lender’s obligation to make settlements
with Agent is absolute and unconditional, without offset, counterclaim or other defense, and
whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section
6 are satisfied. If, due to an Insolvency Proceeding with respect to a Borrower or otherwise, any
Swingline Loan may not be settled among Lenders hereunder, then each Lender shall be deemed to have
purchased from Agent a Pro Rata participation in each unpaid Swingline Loan and shall transfer the
amount of such participation to Agent, in immediately available funds, within one Business Day
after Agent’s request therefor.

          4.1.4 Notices. Each Borrower authorizes Agent and Lenders to extend, convert or
continue Loans, effect selections of interest rates, and transfer funds to or on behalf of
Borrowers based on telephonic or e-mailed instructions. Borrowers shall confirm each such request
by prompt delivery to Agent of a Notice of Borrowing or Notice of Conversion/Continuation, if
applicable, but if it differs in any material respect from the action taken by Agent or Lenders,
the records of Agent and Lenders shall govern. Neither Agent nor any Lender shall have any
liability for any loss suffered by a Borrower as a result of Agent or any Lender acting upon its
understanding of telephonic or e-mailed instructions from a person reasonably believed by Agent or
any Lender to be a person authorized to give such instructions on a Borrower’s behalf.

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     4.2 Defaulting Lender. If a Lender fails to make any payment to Agent that is
required hereunder, Agent may (but shall not be required to), in its discretion, retain payments
that would otherwise be made to such defaulting Lender hereunder, apply the payments to such
Lender’s defaulted obligations or readvance the funds to Borrowers in accordance with this
Agreement. The failure of any Lender to fund a Loan or to make a payment in respect of a LC
Obligation shall not relieve any other Lender of its obligations hereunder, and no Lender shall be
responsible for default by another Lender. Lenders and Agent agree (which agreement is solely
among them, and not for the benefit of or enforceable by any Borrower) that, solely for purposes of
determining a defaulting Lender’s right to vote on matters relating to the Loan Documents and to
share in payments, fees and Collateral proceeds, a defaulting Lender shall not be deemed to be a
“Lender” until all its defaulted obligations have been cured.

     4.3 Number and Amount of LIBOR Loans; Determination of Rate. For ease of
administration, all LIBOR Revolver Loans having the same length and beginning date of their
Interest Periods shall be aggregated together, and such Borrowings shall be allocated among Lenders
on a Pro Rata basis. No more than five (5) Borrowings of LIBOR Loans may be outstanding at any
time, and each Borrowing of LIBOR Loans when made shall be in a minimum amount of $1,000,000, or an
increment of $1,000,000 in excess thereof. Upon determining LIBOR for any Interest Period
requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone or
electronically and, if requested by Borrowers, shall confirm any telephonic notice in writing.

     4.4 Borrower Agent. Each Borrower hereby designates the Company (“Borrower
Agent”) as its representative and agent for all purposes under the Loan Documents, including
requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of
communications, preparation and delivery of Borrowing Base and financial reports, receipt and
payment of Obligations, requests for waivers, amendments or other accommodations, actions under the
Loan Documents (including in respect of compliance with covenants), and all other dealings with
Agent, Issuing Bank or any Lender. Borrower Agent hereby accepts such appointment. Agent and
Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or
communication (including any notice of borrowing) delivered, or reasonably believed to be
delivered, by Borrower Agent on behalf of any Borrower. Agent and Lenders may give any notice or
communication with a Borrower hereunder to Borrower Agent on behalf of such Borrower. Each of
Agent, Issuing Bank and Lenders shall have the right, in its discretion, to deal exclusively with
Borrower Agent for any or all purposes under the Loan Documents. Each Borrower agrees that any
notice, election, communication, representation, agreement or undertaking made on its behalf by
Borrower Agent shall be binding upon and enforceable against it.

     4.5 One Obligation. The Loans, LC Obligations and other Obligations shall constitute
one general obligation of Borrowers and (unless otherwise expressly provided in any Loan
Document) shall be secured by Agent’s Lien upon all Collateral; provided, that Agent and
each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each
Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

     4.6 Effect of Termination. On the effective date of any termination of the
Commitments, all Obligations shall be immediately due and payable, and any Lender may terminate its
and its Affiliates’ Bank Products (including, only with the consent of Agent, any Cash Management
Services). All undertakings of Borrowers contained in the Loan Documents shall survive any
termination, and Agent shall retain its Liens in the Collateral and all of its rights and remedies
under the Loan Documents until Full Payment of the Obligations. Notwithstanding Full Payment of
the Obligations, Agent shall not be required to terminate its Liens in any Collateral unless, with
respect to any damages Agent may incur as a result of the dishonor or return of Payment Items
applied to Obligations, Agent receives (a) a written agreement, executed by Borrowers and any
Person whose advances are used in whole or in part to satisfy the Obligations, indemnifying Agent
and Lenders from any such damages; or (b) such Cash Collateral as Agent, in its discretion, deems
necessary to protect against any such damages. The provisions of Sections

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2.3, 3.4, 3.6, 3.7, 3.9, 5.5, 5.9, 12, 14.2 and this Section, and the obligation of each
Obligor and Lender with respect to each indemnity given by it in any Loan Document, shall survive
Full Payment of the Obligations and any release relating to this credit facility.

SECTION 5 PAYMENTS

     5.1 General Payment Provisions. All payments of Obligations shall be made in Dollars,
without offset, counterclaim or defense of any kind, free of (and without deduction for) any Taxes,
and in immediately available funds, not later than 12:00 noon on the due date. Any payment after
such time shall be deemed made on the next Business Day. If any payment under the Loan Documents
shall be stated to be due on a day other than a Business Day, the due date shall be extended to the
next Business Day and such extension of time shall be included in any computation of interest and
fees. Any payment of a LIBOR Loan prior to the end of its Interest Period shall be accompanied by
all amounts due under Section 3.9. Any prepayment of Loans shall be applied first to Base Rate
Loans and then to LIBOR Loans; provided, that as long as no Event of Default exists,
prepayments of LIBOR Loans may, at the option of Borrowers and Agent, be held by Agent as Cash
Collateral and applied to such Loans at the end of their Interest Periods.

     5.2 Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on
the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be
prepaid from time to time, without penalty or premium. Notwithstanding anything herein to the
contrary, if an Overadvance exists, Borrowers shall, on the sooner of Agent’s demand or the first
Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an
amount sufficient to reduce the principal balance of Revolver Loans to the Borrowing Base.

     5.3 Mandatory Prepayment of Revolving Loans.

          5.3.1 Asset Dispositions. If any Asset Disposition not made in the Ordinary Course of
Business includes the disposition of Accounts or Inventory, then Net Proceeds equal to the greater
of (a) the net book value of such Accounts and Inventory, or (b) the reduction in the Borrowing
Base upon giving effect to such disposition, shall be applied to the Revolver Loans.

          5.3.2 Extraordinary Receipts. If Holdings or any Obligor shall receive any
Extraordinary Receipts at any time during a Low Availability Period, Borrowers shall concurrently
with such receipt repay all outstanding Revolving Loans in an amount equal to all Extraordinary
Receipts.

          5.3.3 Casualty or Condemnation. Concurrently with the receipt of any proceeds or
awards of any Casualty or Condemnation in respect of any ABL Priority Collateral, Borrowers shall,
subject to and in accordance with the Intercreditor Agreement, repay Revolving Loans in an amount
equal to such proceeds or otherwise apply such proceeds or awards in accordance with Section 8.6.2.

     5.4 Payment of Other Obligations. Obligations other than Loans, including LC
Obligations and Extraordinary Expenses but excluding Bank Product Obligations, shall be paid by
Borrowers as provided in the Loan Documents or, if no payment date is specified, on demand.

     5.5 Marshaling; Payments Set Aside. None of Agent or Lenders shall be under any
obligation to marshal any assets in favor of any Obligor or against any Obligations. If any
payment by or on behalf of Borrowers is made to Agent, Issuing Bank or any Lender, or Agent,
Issuing Bank or any Lender exercises a right of setoff, and such payment or the proceeds of such
setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by Agent, Issuing Bank or
such Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then to the
extent of such recovery, the Obligation

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originally intended to be satisfied, and all Liens, rights and remedies relating thereto,
shall be revived and continued in full force and effect as if such payment had not been made or
such setoff had not occurred.

     5.6 Post-Default Allocation of Payments.

          5.6.1 Allocation. Notwithstanding anything herein to the contrary, during an Event of
Default, monies to be applied to the Obligations, whether arising from payments by Obligors,
realization on Collateral, setoff or otherwise, shall be allocated as follows:

          (a) first, to all costs and expenses, including Extraordinary Expenses, owing to
Agent;

          (b) second, to all amounts owing to Agent on Swingline Loans;

          (c) third, to all amounts owing to Issuing Bank on LC Obligations;

          (d) fourth, to all Obligations constituting fees (excluding amounts relating to Bank
Products);

          (e) fifth, to all Obligations constituting interest (excluding amounts relating to
Bank Products);

          (f) sixth, to provide Cash Collateral for outstanding Letters of Credit;

          (g) seventh, to all other Obligations, other than Bank Product Debt; and

          (h) last, to Bank Product Debt.

Amounts shall be applied to each category of Obligations set forth above until Full Payment thereof
and then to the next category. If amounts are insufficient to satisfy a category, they shall be
applied on a pro rata basis among the Obligations in the category. The allocations set forth in
this Section are solely to determine the rights and priorities of Agent and Lenders as among
themselves, and may be changed by agreement among them without the consent of any Obligor. This
Section is not for the benefit of or enforceable by any Borrower.

          5.6.2 Erroneous Application. Agent shall not be liable for any application of amounts
made by it and, if any such application is subsequently determined to have been made in error, the
sole recourse of any Lender or other Person to which such amount should have been made shall be to
recover the amount from the Person that actually received it (and, if such amount was received by
any Lender, such Lender hereby agrees to return it).

     5.7 Application of Payments. The ledger balance in the main Dominion Account as of
the end of a Business Day shall be applied to the Obligations at the beginning of the next Business
Day. If, as a result of such application, a credit balance exists, the balance shall not accrue
interest in favor of Borrowers and shall be made available to Borrowers as long as no Default or
Event of Default exists. Each Borrower irrevocably waives the right to direct the application of
any payments or Collateral proceeds, and agrees that Agent shall have the continuing, exclusive
right to apply and reapply same against the Obligations, in such manner as Agent deems advisable,
notwithstanding any entry by Agent in its records.

     5.8 Loan Account; Account Stated.

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          5.8.1 Loan Account. Agent shall maintain in accordance with its usual and customary
practices an account or accounts (“Loan Account”) evidencing the Indebtedness of Borrowers
resulting from each Loan or issuance of a Letter of Credit from time to time. Any failure of Agent
to record anything in the Loan Account, or any error in doing so, shall not limit or otherwise
affect the obligation of Borrowers to pay any amount owing hereunder. Agent may maintain a single
Loan Account in the name of Borrower Agent, and each Borrower confirms that such arrangement shall
have no effect on the joint and several character of its liability for the Obligations.

          5.8.2 Entries Binding. Entries made in the Loan Account shall constitute presumptive
evidence of the information contained therein. If any information contained in the Loan Account is
provided to or inspected by any Person, then such information shall be conclusive and binding on
such Person for all purposes absent manifest error, except to the extent such Person notifies Agent
in writing within 30 days after receipt or inspection that specific information is subject to
dispute.

     5.9 Taxes.

          5.9.1 Payments Free of Taxes. All payments by Obligors of Obligations shall be free
and clear of and without reduction for any Taxes. If Applicable Law requires any Obligor or Agent
to withhold or deduct any Tax (including backup withholding or withholding Tax), it shall be based
on information provided pursuant to Section 5.10 and Agent shall pay the amount withheld or
deducted to the relevant Government Authority. If the withholding or deduction is made on account
of Indemnified Taxes or Other Taxes, the sum payable by Borrowers shall be increased so that Agent,
Lender or Issuing Bank, as applicable, receives an amount equal to the sum it would have received
if no such withholding or deduction (including deductions applicable to additional sums payable
under this Section) had been made. Without limiting the foregoing, Borrowers shall timely pay all
Other Taxes to the relevant Governmental Authorities.

          5.9.2 Payment. Borrowers shall indemnify, hold harmless and reimburse (within 10 days
after demand therefor) Agent, Lenders and Issuing Bank for any Indemnified Taxes or Other Taxes
(including those attributable to amounts payable under this Section) withheld or deducted by any
Obligor or Agent, or paid by Agent, any Lender or Issuing Bank, with respect to any Obligations,
Letters of Credit or Loan Documents, whether or not such Taxes were properly asserted by the
relevant Governmental Authority, and including all penalties, interest and reasonable expenses
relating thereto, as well as any amount that a Lender or Issuing Bank fails to pay indefeasibly to
Agent under Section 5.10. A certificate as to the amount of any such payment or liability
delivered to Borrower Agent by Agent, or by a Lender or Issuing Bank (with a copy to Agent) shall
be conclusive absent manifest error. As soon as practicable after any payment of Taxes by a
Borrower, Borrower Agent shall deliver to Agent a receipt from the Governmental Authority or other
evidence of payment satisfactory to Agent.

     5.10 Lender Tax Information.

          5.10.1 Status of Lenders. Each Lender shall deliver documentation and information to
Agent and Borrower Agent, at the times and in form required by Applicable Law or reasonably
requested by Agent or Borrower Agent, sufficient to permit Agent or Borrowers to determine
(a) whether or not payments made with respect to Obligations are subject to Taxes, (b) if
applicable, the required rate of withholding or deduction, and (c) such Lender’s entitlement to any
available exemption from, or reduction of, applicable Taxes for such payments or otherwise to
establish such Lender’s status for withholding tax purposes in the applicable jurisdiction.

          5.10.2 Documentation. If a Borrower is resident for tax purposes in the United
States, any Lender that is a “United States Person” within the meaning of section 7701(a)(30) of
the Code shall deliver to Agent and Borrower Agent IRS Form W-9 or such other documentation or
information

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prescribed by Applicable Law or reasonably requested by Agent or Borrower Agent to determine
whether such Lender is subject to backup withholding or information reporting requirements. If any
Foreign Lender is entitled to any exemption from or reduction of withholding tax for payments with
respect to the Obligations, it shall deliver to Agent and Borrower Agent on or prior to the date on
which it becomes a Lender hereunder (and from time to time thereafter upon the request of Agent or
Borrower Agent, but only if such Foreign Lender is legally entitled to do so), (a) IRS Form W-8BEN
claiming eligibility for benefits of an income tax treaty to which the United States is a party;
(b) IRS Form W-8ECI; (c) IRS Form W-8IMY and all required supporting documentation; (d) in the case
of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section
881(c) of the Code, IRS Form W-8BEN and a certificate showing such Foreign Lender is not (i) a
“bank” within the meaning of section 881(c)(3)(A) of the Code, (ii) a “10 percent shareholder” of
any Obligor within the meaning of section 881(c)(3)(B) of the Code, or (iii) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code; or (e) any other form prescribed by
Applicable Law as a basis for claiming exemption from or a reduction in withholding tax, together
with such supplementary documentation necessary to allow Agent and Borrowers to determine the
withholding or deduction required to be made.

          5.10.3 Lender Obligations. Each Lender and Issuing Bank shall promptly notify
Borrowers and Agent of any change in circumstances that would change any claimed exemption or
reduction. Each Lender and Issuing Bank shall indemnify, hold harmless and reimburse (within 10
days after demand therefore) Borrowers and Agent for any Taxes, losses, claims, liabilities,
penalties, interest and expenses (including reasonable attorneys’ fees) incurred by or asserted
against a Borrower or Agent by any Governmental Authority due to such Lender’s or Issuing Bank’s
failure to deliver, or inaccuracy or deficiency in, any documentation required to be delivered by
it pursuant to this Section. Each Lender and Issuing Bank authorizes Agent to set off any amounts
due to Agent under this Section against any amounts payable to such Lender or Issuing Bank under
any Loan Document. This Section shall survive Full Payment of the Obligations, or any resignation
or replacement of Agent, any Lender or Issuing Bank.

     5.11 Nature and Extent of Each Borrower’s Liability.

          5.11.1 Joint and Several Liability. Each Borrower agrees that it is jointly and
severally liable for, and absolutely and unconditionally guarantees to Agent and Lenders the prompt
payment and performance of, all Obligations and all agreements under the Loan Documents. Each
Borrower agrees that its guaranty Obligations hereunder constitute a continuing guaranty of payment
and not of collection, that such Obligations shall not be discharged until Full Payment of all
Obligations, and that such Obligations are absolute and unconditional, irrespective of, and will
not be discharged, impaired, or affected by: (a) the genuineness, validity, regularity,
enforceability, subordination or any future modification of, or change in, any Obligations or Loan
Document, or any other document, instrument or agreement to which any Obligor is or may become a
party or be bound, or the power or authority or lack thereof of any other Obligor to incur its
Obligations; (b) the absence of any action to enforce this Agreement (including this Section
5.11) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any
Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect a Lien
or to preserve rights against, any security or guaranty for the Obligations or any action, or the
absence of any action, by Agent or any Lender in respect thereof (including the release of any
security or guaranty); (d) the insolvency of any Obligor; (e) the payment of all of the Obligations
at any time or from time to time, except Full Payment of all Obligations; (f) the existence or
non-existence of any Obligor as a legal entity; (g) any transfer by any Obligor of all or any part
of any Collateral; (h) any statute of limitations affecting the liability of any other Obligor
hereunder or under any of the other Loan Documents or the ability of Agent or Lenders to enforce
this Agreement, this Section 5.11, or any other provision of any Loan Document; (i) any right of
offset, counterclaim or defense of any Obligor, including, without limitation, those that have been
waived by the Obligors pursuant to this Section 5.11; (j) any election by Agent or any Lender in an
Insolvency Proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code; (k) any
borrowing or grant of a Lien by any

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other Obligor, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise;
(l) the disallowance of any claims of Agent or any Lender against any Obligor for the repayment of
any Obligations under Section 502 of the Bankruptcy Code or otherwise; or (m) any other action or
circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety
or guarantor, except Full Payment of all Obligations.

          5.11.2 Permitted Actions. Except as otherwise expressly provided by this Agreement,
Agent and Lenders may from time to time, in their sole discretion and without notice to any
Obligor, take any or all of the following actions: (a) retain or obtain Liens in any assets of any
Obligor or any other Person to secure any of the Obligations; (b) retain or obtain the primary or
secondary obligation of any obligor or obligors, in addition to the Obligors, with respect to any
of the Obligations; (c) extend or renew for one or more periods (whether or not longer than the
original period), or, with the agreement of the Borrowers, alter or exchange any of the
Obligations; (d) waive, ignore, or forbear from taking action or otherwise exercising any of its
default rights or remedies with respect to any default by the Obligors under the Loan Documents;
(e) release, waive, or compromise any obligation of the Obligors hereunder or any obligation of any
nature of any other obligor primarily or secondarily obligated with respect to any of the
Obligations; (f) release Agent’s Liens in, or surrender, release or permit any substitution or
exchange for, all or any part of the Collateral now or hereafter securing any of the Obligations or
any obligation hereunder, or extend or renew for one or more periods (whether or not longer than
the original period) or release, waive, compromise, alter or exchange any obligations of any nature
of any Obligor with respect to any such property; and (g) demand payment or performance of any of
the Obligations from any Obligor at any time or from time to time, whether or not Agent or any
Lender has exercised any of its rights or remedies with respect to any property securing any of the
Obligations or any obligation hereunder or proceeded against any other Obligor or other Person
primarily or secondarily liable for payment or performance of any of the Obligations.

          5.11.3 Waivers.

          (a) Each Obligor expressly waives, to the extent not prohibited by Applicable Law, and except
to the extent otherwise expressly required pursuant to this Agreement: (i) all rights to revoke
its guaranty pursuant to this Section 5.11 at any time; (ii) notice of the acceptance by Agent and
Lenders; (iii) notice of the existence, creation, payment, nonpayment, performance or
nonperformance of all or any of the Obligations; (iv) presentment, demand, notice of dishonor,
protest, notice of protest and all other notices whatsoever with respect to the payment or
performance of the Obligations or the amount thereof or any payment or performance by the Obligors
hereunder; (v) all diligence in collection or protection of or realization upon the Obligations or
any thereof, any obligation hereunder or any security for or guaranty of any of the foregoing;
(vi) any right to direct or affect the manner or timing of Agent’s enforcement of its rights or
remedies; (vii) any and all defenses that would otherwise arise upon the occurrence of any event or
contingency described in Sections 5.11.1 or 5.11.2 hereof or upon the taking of any action by Agent
or Lenders permitted hereunder; (viii) any defense, right of set-off, claim or counterclaim
whatsoever and any and all other rights, benefits, protections and other defenses available to such
Obligor now or at any time hereafter, including under California Civil Code Sections 2787 to 2855,
inclusive, and California Code of Civil Procedure Sections 580a, 580b, 580d or 726, and all
successor sections, whether or not constituting Applicable Law; and (ix) all other principles or
provisions of law, if any, that conflict with the terms of this Section 5.11, including the effect
of any circumstances that may or might constitute a legal or equitable discharge of a guarantor or
surety.

          (b) Each Obligor expressly waives all rights that it may have now or in the future under any
statute, at common law, in equity or otherwise, to compel Agent or Lenders to marshal assets or to
proceed against any Obligor, other Person or security for the payment or performance of any
Obligations before, or as a condition to, proceeding against such Obligor.

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          (c) Agent and Lenders may, in their discretion, pursue such rights and remedies hereunder,
under the other Loan Documents and under Applicable Law as they deem appropriate, including
realization upon Collateral or, if applicable, any Real Estate by judicial foreclosure or non
judicial sale or enforcement, without affecting any rights and remedies under this Section 5.11.
If, in the exercise of any rights or remedies, Agent or any Lender forfeits any of its rights or
remedies, including its right to enter a deficiency judgment against any Obligor or any other
Person, whether because of any applicable laws pertaining to “election of remedies” or otherwise,
each Obligor consents to such action by Agent or such Lender and waives any claim based upon such
action, even if the action may result in loss of any rights of subrogation that any Obligor might
otherwise have had but for such action.

          (d) If Agent bids at any foreclosure or trustee’s sale or at any private sale, Agent may bid
all or a portion of the Obligations and the amount of such bid need not be paid by Agent but shall
be credited against the Obligations. The amount of the successful bid at any such sale, whether
Agent or any other Person is the successful bidder, 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 Obligations shall be conclusively deemed to be the amount of the Obligations
guaranteed under this Section 5.11, notwithstanding that any present or future law or court
decision may have the effect of reducing the amount of any deficiency claim to which Agent or any
Lender might otherwise be entitled but for such bidding at any such sale.

          (e) Each Obligor waives all rights and defenses arising out of an election of remedies by the
Agent and the Lenders, even though that election of remedies, such as a nonjudicial foreclosure
with respect to security for a guaranteed obligation, has destroyed such Obligor’s rights of
subrogation and reimbursement against the principal by the operation of Section 580d of the
California Code of Civil Procedure or otherwise.

          (f) Any reference to California code sections shall be deemed to include any equivalent code
provisions under New York law. Without limiting the applicability of the equivalent code provisions
under New York law, the foregoing references to the California Code of Civil Procedure and the
California Civil Code shall apply if, notwithstanding the provisions of Section 14.13, the laws of
the State of California are applied to the Loan Documents; provided, that the inclusion of such
provisions does not affect or limit in any way the parties’ choice of New York law.

          5.11.4 Extent of Liability; Contribution.

          (a) Notwithstanding anything herein to the contrary, each Borrower’s liability under this
Section 5.11 shall be limited to the greater of (i) all amounts for which such Borrower is
primarily liable, as described below, and (ii) such Borrower’s Allocable Amount.

          (b) If any Borrower makes a payment under this Section 5.11 of any Obligations (other than
amounts for which such Borrower is primarily liable) (a “Guarantor Payment”) that, taking
into account all other Guarantor Payments previously or concurrently made by any other Borrower,
exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the
aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such
Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such
Borrower shall be entitled to receive contribution and indemnification payments from, and to be
reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their
respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The
“Allocable Amount” for any Borrower shall be the maximum amount that could then be
recovered from such Borrower under this Section 5.11 without rendering such payment voidable under
Section 548 of the Bankruptcy Code or under any applicable state fraudulent transfer or conveyance
act, or similar statute or common law.

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          (c) Nothing contained in this Section 5.11 shall limit the liability of any Borrower to pay
Loans made directly or indirectly to that Borrower (including Loans advanced to any other Borrower
and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC
Obligations relating to Letters of Credit issued to support such Borrower’s business, and all
accrued interest, fees, expenses and other related Obligations with respect thereto, for which such
Borrower shall be primarily liable for all purposes hereunder. Agent and Lenders shall have the
right, at any time in their discretion, to condition Loans and Letters of Credit upon a separate
calculation of borrowing availability for each Borrower and to restrict the disbursement and use of
such Loans and Letters of Credit to such Borrower.

          5.11.5 Joint Enterprise. Each Borrower has requested that Agent and Lenders make this
credit facility available to Borrowers on a combined basis, in order to finance Borrowers’ business
most efficiently and economically. Borrowers’ business is a mutual and collective enterprise, and
Borrowers believe that consolidation of their credit facility will enhance the borrowing power of
each Borrower and ease the administration of their relationship with Lenders, all to the mutual
advantage of Borrowers. Borrowers acknowledge and agree that Agent’s and Lenders’ willingness to
extend credit to Borrowers and to administer the Collateral on a combined basis, as set forth
herein, is done solely as an accommodation to Borrowers and at Borrowers’ request.

          5.11.6 Subordination. Each Borrower hereby subordinates any claims, including any
rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution,
indemnification or set off, that it may have at any time against any other Obligor, howsoever
arising, to the Full Payment of all Obligations.

SECTION 6 CONDITIONS PRECEDENT

     6.1 Conditions Precedent to Initial Loans. In addition to the conditions set forth in
Section 6.2, Lenders shall not be required to fund any requested Loan, issue any Letter of Credit,
or otherwise extend credit to Borrowers hereunder, until the date (“Closing Date”) that
each of the following conditions has been satisfied:

          (a) Agent shall have received, in form and substance satisfactory to Agent and Lenders, the
following

     (i) Notes, duly executed by Borrowers to the extent any Lender has requested
issuance of a Note;

     (ii) photocopies of all Pledged Collateral delivered to the Term Loan Agent.

     (iii) Mortgages duly executed, acknowledged and delivered by the Company in
form suitable for filing or recording in all filing or recording offices necessary
in order to create a valid Lien on the property described therein in favor of Agent
for the benefit of the Secured Parties, together with (for each property subject to
a Mortgage):

     (A) evidence that all filing, documentary, stamp, intangible and
recording taxes and fees have been paid;

     (B) a duly executed Environmental Agreement; and

     (C) copies of title policies, surveys, environmental and engineering,
soils and other reports and material documents and agreements delivered to
the Term Loan Agent under the Term Loan Facility in connection any mortgage
thereunder of the property subject to the Mortgage;

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     (iv) Lien Waivers, Deposit Account Control Agreements and each other Loan
Document required hereunder and set forth on the closing list delivered to the
Company by Agent, duly executed and delivered by each of the signatories thereto;

     (v) The Intercreditor Agreement, duly executed and delivered by the Term Loan
Agent and the Company;

     (vi) acknowledgments of all filings or recordations necessary to perfect its
Liens in the Collateral, as well as UCC and Lien searches and other evidence
satisfactory to Agent that such Liens are the only Liens upon the Collateral, except
Permitted Liens;

     (vii) certificates from a knowledgeable Senior Officer of each Borrower
certifying that, after giving effect to the initial Loans and transactions
hereunder, (i) such Borrower is Solvent; (ii) no Default or Event of Default exists;
(iii) the representations and warranties set forth in Section 9 are true and
correct; and (iv) such Borrower has complied with all agreements and conditions to
be satisfied by it under the Loan Documents;

     (viii) A certificate of a duly authorized officer of each Obligor, certifying
(i) that attached copies of such Obligor’s Organic Documents are true and complete,
and in full force and effect, without amendment except as shown; (ii) that an
attached copy of resolutions authorizing execution and delivery of the Loan
Documents is true and complete, and that such resolutions are in full force and
effect, were duly adopted, have not been amended, modified or revoked, and
constitute all resolutions adopted with respect to this credit facility; and
(iii) to the title, name and signature of each Person authorized to sign the Loan
Documents. Agent may conclusively rely on this certificate until it is otherwise
notified by the applicable Obligor in writing;

     (ix) a favorable written opinion of Jones Day, as well as any local counsel to
Borrowers or Agent, relating to the Loan Documents;

     (x) copies of the charter documents of each Obligor, certified by the Secretary
of State or other appropriate official of such Obligor’s jurisdiction of
organization, and good standing certificates for each Obligor, issued by the
Secretary of State or other appropriate official of such Obligor’s jurisdiction of
organization and each jurisdiction where such Obligor’s conduct of business or
ownership of Property necessitates qualification;

     (xi) copies of (A) a report of Moore-McNeil, LLC as to insurance policies and
coverages maintained, or to be maintained after giving effect to the Transactions,
by Holdings and the Subsidiaries and (B) policies or certificates of insurance for
the insurance policies carried by Borrowers, together with standard lenders’ loss
payable endorsement, all in compliance with the Loan Documents;

     (xii) a Borrowing Base Certificate;

     (xiii) the Supporting Letter of Credit;

     (xiv) an operating forecast setting forth the Borrowers’ working capital
accounts, including a detailed calculation of the Borrowing Base and available cash,
prepared on a daily pro forma basis after giving effect to the Valero Acquisition,
for the two week period following the Closing Date;

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     (xv) an environmental assessment report from RMT, Inc., which report shall
identify existing and potential environmental concerns and shall quantify related
costs and liabilities, associated with any facilities of Holdings, the Company or
any of their respective Subsidiaries, and Lenders shall be satisfied with the nature
and amount of any such matters and with Holdings’ and the Company’s plans with
respect thereto;

     (xvi) UCC-3 terminations and all other release and termination documents
terminating or releasing all Liens on Collateral other than Permitted Liens;

     (xvii) copies of the Stock Purchase Agreement, the Merger Agreement, the
Offtake Agreement and the Term Loan Documents, duly executed by the parties thereto
and in form and substance satisfactory to the Lenders, certified as true and correct
by a Senior Officer of the Borrower Agent;

     (xviii) certified copies of a certificate of merger from the Secretary of State
of the State of Delaware or other confirmation satisfactory to the Lenders of the
consummation of the Merger substantially contemporaneously with the making of the
initial Loans hereunder; and

     (xix) the IDB Consents.

          (b) No changes or developments shall have occurred, and no new or additional information shall
have been received or discovered by Agent or the Lenders regarding Holdings, the Company or the
Acquired Company and their respective Subsidiaries or the Transactions after November 30, 2007 that
(i) either individually or in the aggregate could reasonably be expected to have a Material Adverse
Effect or (ii) materially and adversely affects (A) the business, assets, properties, liabilities,
operations, conditions or prospects of the Acquired Company, (B) the Transactions or (C) the
quality, quantity or value of any Collateral.

          (c) the Valero Acquisition shall have been consummated substantially contemporaneously with
the making of the initial Loans hereunder, on terms acceptable to Agent, including (i) satisfactory
legal documentation, (ii) Agent’s satisfaction with Holding’s and the Company’s corporate, capital
and ownership structures after giving effect to the Valero Acquisition, and (iii) receipt by the
Company of all government, shareholder and third party consents (including Hart-Scott-Rodino
clearance) deemed necessary or appropriate by Agent.

          (d) Upon giving effect to the Transactions, including initial funding of Loans and issuance of
Letters of Credit, and the payment by Borrowers of all fees and expenses incurred in connection
herewith, Availability shall be at least $20,000,000.

          (e) The Company shall have received (i) cash proceed of not less than $270,000,000 from the
funding of the Term Loan Facility after deduction of any original issue discount and payment of
costs and expenses and before funding the Crack Spread Hedge Agreement Cash Collateral and
(ii) cash proceeds of not less than $100,000,000 from the Holdings Contribution, which Holdings
shall have transferred to the Company as a contribution to the common equity of the Company.

          (f) Borrowers shall have paid all fees and expenses to be paid to Agent and Lenders on the
Closing Date.

          (g) There shall not have occurred since June 11, 2008 a material disruption of or material
adverse change in conditions in the financial, banking or capital markets.

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     6.2 Conditions Precedent to All Credit Extensions. Agent, Issuing Bank and Lenders
shall not be required to fund any Loans, arrange for issuance of any Letters of Credit or grant any
other accommodation to or for the benefit of Borrowers, unless the following conditions are
satisfied:

          (a) No Default or Event of Default shall exist at the time of, or result from, such funding,
issuance or grant;

          (b) The representations and warranties of each Obligor in the Loan Documents shall be true and
correct in all material respects on the date of, and upon giving effect to, such funding, issuance
or grant (except for representations and warranties that expressly relate to an earlier date);

          (c) No event shall have occurred or circumstance exist that has or could reasonably be
expected to have a Material Adverse Effect; and

          (d) With respect to issuance of a Letter of Credit, the LC Conditions shall be satisfied.

Each request (or deemed request) by Borrowers for funding of a Loan, issuance of a Letter of Credit
or grant of an accommodation shall constitute a representation by Borrowers that the foregoing
conditions are satisfied on the date of such request and on the date of such funding, issuance or
grant.

     6.3 Limited Waiver of Conditions Precedent. If Agent, Issuing Bank or Lenders fund
any Loans, arrange for issuance of any Letters of Credit or grant any other accommodation when any
conditions precedent are not satisfied (regardless of whether the lack of satisfaction was known or
unknown at the time), it shall not operate as a waiver of (a) the right of Agent, Issuing Bank and
Lenders to insist upon satisfaction of all conditions precedent with respect to any subsequent
funding, issuance or grant; nor (b) any Default or Event of Default due to such failure of
conditions or otherwise.

SECTION 7 COLLATERAL

     7.1 Grant of Security Interest. To secure the prompt payment and performance of all
Obligations, Holdings and each Borrower hereby grants to Agent, for the benefit of Secured Parties,
a continuing security interest in and Lien upon all Property of Holdings and such Borrower,
including all of the following Property, whether now owned or hereafter acquired, and wherever
located:

          (a) all Accounts;

          (b) all Chattel Paper, including electronic chattel paper;

          (c) all Commercial Tort Claims;

          (d) all Deposit Accounts;

          (e) all Documents;

          (f) all General Intangibles, including Intellectual Property;

          (g) all Goods, including Inventory, Equipment and fixtures;

          (h) all Instruments;

          (i) all Investment Property;

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          (j) all Letter-of-Credit Rights;

          (k) all Supporting Obligations;

          (l) all monies, whether or not in the possession or under the control of Agent, a Lender, or a
bailee or Affiliate of Agent or a Lender, including any Cash Collateral;

          (m) all accessions to, substitutions for, and all replacements, products, and cash and
non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect to
insurance policies, and claims against any Person for loss, damage or destruction of any
Collateral; and

          (n) all books and records (including customer lists, files, correspondence, tapes, computer
programs, print-outs and computer records) pertaining to the foregoing.

Notwithstanding anything herein to the contrary, in no event shall the security interest granted
hereunder attach to (a) any Excluded Deposit Account or (b) any contract or agreement to which
Holdings or any Borrower is a party or to any of its rights or interests thereunder if and for so
long as the grant of such security interest shall constitute or result in (i) the unenforceability
of any right of Holdings or such Borrower therein or (ii) in a breach or termination pursuant to
the terms of, or a default under, any such contract or agreement (other than to the extent that any
such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the
New York UCC or any other applicable law or principles of equity); provided, however, that such
security interest shall attach immediately at such time as the condition causing such
unenforceability shall be remedied and, to the extent severable, shall attach immediately to any
portion of such contract or agreement that does not result in any of the consequences specified in
clause (i) or (ii) above, including any Proceeds of such contract or agreement.

     7.2 Lien on Deposit Accounts; Cash Collateral.

          7.2.1 Deposit Accounts. To further secure the prompt payment and performance of all
Obligations, Holdings and each Borrower hereby grants to Agent, for the benefit of Secured Parties,
a continuing security interest in and Lien upon all amounts credited to any Deposit Account, other
than Excluded Deposit Accounts, of Holdings or such Borrower, including any sums in any blocked or
lockbox accounts or in any accounts into which such sums are swept. Holdings and each Borrower
authorizes and directs each bank or other depository, effective upon receipt from Agent of notice
that a Low Availability Period exists, to deliver to Agent, on a daily basis and otherwise pursuant
to instructions of Agent, all balances in each Deposit Account maintained by Holdings or such
Borrower with such depository (other than Shared Deposit Accounts and Excluded Deposit Accounts),
for application to the Obligations then outstanding. Holdings and each Borrower irrevocably
appoints Agent as it’s attorney-in-fact to collect such balances to the extent any such delivery is
not so made.

          7.2.2 Cash Collateral. Any Cash Collateral may be invested, at Agent’s discretion, in
Permitted Investments, but Agent shall have no duty to do so, regardless of any agreement or course
of dealing with Holdings or any Borrower, and shall have no responsibility for any investment or
loss. Holdings and each Borrower hereby grants to Agent, for the benefit of Secured Parties, a
security interest in all Cash Collateral held from time to time and all proceeds thereof, as
security for the Obligations, whether such Cash Collateral is held in a Cash Collateral Account or
elsewhere. Agent may apply Cash Collateral to the payment of any Obligations, in such order as
Agent may elect, as they become due and payable. Each Cash Collateral Account and all Cash
Collateral shall be under the dominion and control of Agent. Neither Holding nor any Borrower nor
other Person claiming through or on behalf of any of them shall have any right to any Cash
Collateral, until Full Payment of all Obligations.

     7.3 Real Estate Collateral.

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          7.3.1 Lien on Real Estate. The Obligations shall also be secured by Mortgages upon
all Real Estate owned by Holdings and the Borrowers, including the Real Estate located at the Krotz
Springs Refinery. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office
where such recording is required to constitute a fully perfected Lien on the Real Estate covered
thereby. If Holdings or any Borrower acquires Real Estate hereafter, Holdings and the Borrowers
shall, within 45 days, execute, deliver and record a Mortgage sufficient to create a first priority
Lien (subject to Permitted Liens) in favor of Agent on such Real Estate, and shall deliver all
Related Real Estate Documents.

          7.3.2 Collateral Assignment of Leases. To further secure the prompt payment and
performance of all Obligations, Holdings and each Borrower hereby transfers and assigns to Agent,
for the benefit of Secured Parties, all of Holdings and such Borrower’s right, title and interest
in, to and under all now or hereafter existing leases of real Property to which Holdings or such
Borrower is a party, whether as lessor or lessee, and all extensions, renewals, modifications and
proceeds thereof, except, in each case, to the extent the terms of the applicable lease prohibit
such assignment and transfer.

     7.4 Pledged Collateral.

          7.4.1 Pledged Equity Interests and Debt Securities. As security for the payment or
performance, as the case may be, in full of the Obligations, Holdings and each Borrower hereby
assigns and pledges to the Agent, its successors and assigns, for the benefit of the Secured
Parties, and hereby grants to the Agent, its successors and assigns, for the benefit of the Secured
Parties, a security interest in, all of Holdings’ and each Borrower’s right, title and interest in,
to and under (a) the Equity Interests now owned or at any time hereafter acquired by Holdings or
such Borrower, including the Equity Interests set forth opposite the name of Holdings and such
Borrower on Schedule 7.4, and all certificates and other instruments representing such Equity
Interests (collectively, the “Pledged Equity Interests”); (b)(i) the debt securities now
owned or at any time hereafter acquired by Holdings or such Borrower, including the debt securities
set forth opposite the name of Holdings and such Borrower on Schedule 7.4, and all promissory notes
and other instruments evidencing such debt securities (collectively, the “Pledged Debt
Securities”); (c) all other property that may be delivered to and held by the Agent pursuant to
the terms of this Section; (d) subject to Section 7.4.6, all payments of principal or interest,
dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds
received in respect of, the securities and instruments referred to in clauses (a) and (b) above;
(e) subject to Section 7.4.6, all rights and privileges of Holdings and such Borrower with respect
to the securities, instruments and other property referred to in clauses (a), (b), (c) and (d)
above; and (f) all Proceeds of any and all of the foregoing (the items referred to in clauses (a)
through (f) above being collectively referred to as the “Pledged Collateral”).

          7.4.2 Delivery of the Pledged Collateral.

          (a) Subject to the Terms of the Intercreditor Agreement, Holdings and each Borrower agrees to
deliver or cause to be delivered to the Agent any and all Pledged Securities at every time owned by
Holdings and such Borrower promptly following the acquisition thereof by Holdings or such Borrower.

          (b) Subject to the terms of the Intercreditor Agreement, Holdings and each Borrower will cause
(i) all Indebtedness of Holdings, any Subsidiary or any other Affiliate of Holdings and (ii) all
Indebtedness of any other person in a principal amount of $250,000 or more that, in each case, is
owing to Holdings or such Borrower to be evidenced by a duly executed promissory note that is
pledged and delivered to the Agent pursuant to the terms hereof.

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          (c) Upon delivery to the Agent, (i) any Pledged Securities shall be accompanied by undated
stock powers duly executed by Holdings or the applicable Borrower in blank or other instruments of
transfer satisfactory to the Agent and by such other instruments and documents as the Agent may
reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be
accompanied by undated proper instruments of assignment duly executed by Holdings or the applicable
Borrower in blank and by such other instruments and documents as the Agent may reasonably request.
Each delivery of Pledged Securities after the date hereof shall be accompanied by a schedule
describing the Pledged Securities so delivered, which schedule shall be attached to Schedule 7.4
and made a part hereof; provided that failure to attach any such schedule hereto or any error in a
schedule so attached shall not affect the validity of the pledge of any Pledged Securities.

          7.4.3 Pledge Related Representations, Warranties and Covenants. Holdings and each
Borrower hereby jointly and severally represent, warrant and covenant to the Agent and the Secured
Parties that:

          (a) Schedule 7.4 sets forth a true and complete list, with respect to Holdings and each
Borrower, of (i) all the Equity Interests owned by Holdings or such Borrower and the percentage of
the issued and outstanding units of each class of the Equity Interests of the issuer thereof
represented by the Pledged Equity Interests owned by Holdings or such Borrower and (ii) all debt
securities owned by Holdings or such Borrower, and all promissory notes and other instruments
evidencing such debt securities. Schedule 7.4 sets forth all Equity Interests, debt securities and
promissory notes required to be pledged hereunder.

          (b) The Pledged Equity Interests and Pledged Debt Securities have been duly and validly
authorized and issued by the issuers thereof and (i) in the case of Pledged Equity Interests, are
fully paid and nonassessable and (ii) in the case of Pledged Debt Securities, are legal, valid and
binding obligations of the issuers thereof (subject to applicable bankruptcy, reorganization,
insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement
is sought in a proceeding in equity or at law)).

          (c) Except for the security interests granted hereunder, Holdings and each of the Borrowers
(i) is and, subject to any transfers or dispositions made in compliance with this Agreement, will
continue to be the direct owner, beneficially and of record, of the Pledged Collateral indicated on
Schedule 7.4 as owned by Holdings or such Borrower, (ii) holds the same free and clear of all Liens
(other than Term Facility Liens and other Liens or transfers or dispositions permitted under this
Agreement), (iii) will make no assignment, pledge, hypothecation or transfer of, or create or
permit to exist any security interest in or other Lien on, the Pledged Collateral (other than Term
Facility Liens and other Liens or transfers or dispositions permitted under this Agreement) and
(iv) will defend its title or interest thereto or therein against any and all Liens (other than
Term Facility Liens and other Liens or transfers or dispositions permitted under this Agreement),
however arising, of all persons whomsoever.

          (d) Holdings and each Borrower has the power and authority to pledge the Pledged Collateral
pledged by it hereunder in the manner hereby done or contemplated.

          (e) No Governmental Approval or any other action by any Governmental Authority and no consent
or approval of any securities exchange or any other person (including stockholders, partners,
members or creditors of Holdings or any Borrower) is or will be required for the validity of the
pledge effected hereby (other than such as have been obtained and are in full force and effect).

          (f) By virtue of the execution and delivery by Holdings and the Borrowers of this Agreement,
when any Pledged Securities are delivered to the Agent (or its gratuitous bailee) in

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accordance with this Agreement, the Agent will obtain a legal, valid and perfected lien upon
and security interest in such Pledged Securities as security for the payment and performance of the
Obligations.

          7.4.4 Certification of Limited Liability Company and Limited Partnership Interests.
Each interest in any limited liability company or limited partnership controlled by Holdings or any
Borrower and pledged hereunder shall be represented by a certificate, shall be a “security” within
the meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the New York
UCC.

          7.4.5 Registration in Nominee Name; Denominations. Subject to the terms of the
Intercreditor Agreement, the Agent shall have the right (in its sole and absolute discretion) to
hold the Pledged Securities in its own name as pledgee, in the name of its nominee (as pledgee or
as sub-agent) or in the name of Holdings or the applicable Borrower, endorsed or assigned in blank
or in favor of the Agent. Holdings and each Borrower will promptly give to the Agent copies of any
notices or other communications received by it with respect to Pledged Collateral registered in the
name of Holdings or such Borrower. Subject to the terms of the Intercreditor Agreement, the Agent
shall at all times have the right to exchange the certificates representing Pledged Securities for
certificates of smaller or larger denominations for any purpose consistent with this Agreement.

          7.4.6 Voting Rights; Dividends and Interest.

          (a) Subject to the terms of the Intercreditor Agreement, unless and until an Event of Default
shall have occurred and be continuing and the Agent shall have notified the Obligors that their
rights under this Section are being suspended:

     (i) Holdings and each Borrower shall be entitled to exercise any and all voting
and other consensual rights and powers inuring to an owner of Pledged Collateral or
any part thereof for any purpose consistent with the terms of this Agreement and the
other Loan Documents; provided that such rights and powers shall not be exercised in
any manner that could materially and adversely affect the rights inuring to a holder
of any Pledged Collateral or the rights and remedies of the Agent or any other
Secured Party under this Agreement or any other Loan Document or the ability of the
Secured Parties to exercise the same.

     (ii) The Agent shall execute and deliver to Holdings and each Borrower, or
cause to be executed and delivered to Holdings and each Borrower, all such proxies,
powers of attorney and other instruments as Holdings and each Borrower may
reasonably request for the purpose of enabling Holdings and each Borrower to
exercise the voting and other consensual rights and powers it is entitled to
exercise pursuant to paragraph (a)(i) above.

     (iii) Each Obligor shall be entitled to receive and retain any and all
dividends, interest, principal and other distributions paid on or distributed in
respect of the Pledged Collateral to the extent and only to the extent that such
dividends, interest, principal and other distributions are permitted by, and
otherwise paid or distributed in accordance with, the terms and conditions of this
Agreement, the other Loan Documents and applicable laws; provided that any noncash
dividends, interest, principal or other distributions that would constitute Pledged
Equity Interests or Pledged Debt Securities, whether resulting from a subdivision,
combination or reclassification of the outstanding Equity Interests of the issuer of
any Pledged Collateral or received in exchange for Pledged Collateral or any part
thereof, or in redemption thereof, or as a result of any merger, consolidation,
acquisition or other exchange of assets to which such issuer may be a party or
otherwise, shall be and become part of the Pledged Collateral and, if received by
Holdings or any

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Borrower, shall be held in trust for the benefit of the Agent, shall be
segregated from other property or funds of Holdings and each Borrower and shall be
forthwith delivered to the Agent upon demand in the same form as so received (with
any necessary endorsement).

          (b) Subject to the terms of the Intercreditor Agreement, upon the occurrence and during the
continuance of an Event of Default, after the Agent shall have notified the Obligors of the
suspension of their rights under paragraph (a)(iii) of this Section all rights of Holdings or any
Borrower to dividends, interest, principal or other distributions that Holdings or any Borrower is
authorized to receive pursuant to paragraph (a)(iii) of this Section shall cease, and all such
rights shall thereupon become vested in the Agent, which shall have the sole and exclusive right
and authority to receive and retain such dividends, interest, principal or other distributions.
All dividends, interest, principal or other distributions received by any Holdings or any Borrower
contrary to the provisions of this Section shall be held in trust for the benefit of the Agent,
shall be segregated from other property or funds of Holdings and each Borrower and shall be
forthwith delivered to the Agent upon demand in the same form as so received (with any necessary
endorsement). Any and all money and other property paid over to or received by the Agent pursuant
to the provisions of this paragraph shall be retained by the Agent in an account to be established
by the Agent upon receipt of such money or other property, shall be held as security for the
Obligations and shall be applied in accordance with the provisions of Section 5.6. After all
Events of Default have been cured or waived and the Agent shall have received a certificate from a
Senior Officer of Holdings and the Borrower Agent to that effect, the Agent shall promptly repay to
Holdings and each Borrower (without interest) all dividends, interest, principal or other
distributions that Holdings or such Borrower would otherwise be permitted to retain pursuant to the
terms of paragraph (a)(iii) of this Section and that remain in such account.

          (c) Subject to the terms of the Intercreditor Agreement, upon the occurrence and during the
continuance of an Event of Default, after the Agent shall have notified Holdings and the Borrowers
of the suspension of their rights under paragraph (a)(i) of this Section, all rights of Holdings or
any Borrower to exercise the voting and other consensual rights and powers it is entitled to
exercise pursuant to paragraph (a)(i) of this Section, and the obligations of the Agent under
paragraph (a)(ii) of this Section, shall cease, and all such rights shall thereupon become vested
in the Agent, which shall have the sole and exclusive right and authority (subject to the
Intercreditor Agreement) to exercise such voting and other consensual rights and powers; provided
that, unless otherwise directed by the Required Lenders, the Agent shall have the right from time
to, in its sole discretion, notwithstanding the continuance of an Event of Default, to permit
Holdings and the Borrowers to exercise such rights and powers.

     7.5 Other Collateral.

          7.5.1 Commercial Tort Claims. Borrowers shall promptly notify Agent in writing if any
Borrower has a Commercial Tort Claim (other than, as long as no Default or Event of Default exists,
a Commercial Tort Claim for less than $250,000) and, upon Agent’s request, shall promptly take such
actions as Agent deems appropriate to confer upon Agent (for the benefit of Secured Parties) a duly
perfected, first priority Lien upon such claim.

          7.5.2 Certain After-Acquired Collateral. Borrowers shall promptly notify Agent in
writing if, after the Closing Date, any Borrower obtains any interest in any Collateral consisting
of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment
Property or Letter-of-Credit Rights and, upon Agent’s request, shall promptly take such actions as
Agent deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral,
including obtaining any appropriate possession, control agreement or Lien Waiver.

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     7.6 No Assumption of Liability. The Lien on Collateral granted hereunder is given as
security only and shall not subject Agent or any Lender to, or in any way modify, any obligation or
liability of Borrowers relating to any Collateral.

     7.7 Further Assurances. Promptly upon request, Borrowers shall deliver such
instruments, assignments or other documents or agreements, and shall take such actions, as Agent
deems appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or
otherwise to give effect to the intent of this Agreement, provided that, Borrowers shall not be
required to take any action to perfect under certificate of title statutes. Each Borrower
authorizes Agent to file any financing statement that indicates the Collateral as “all assets” or
“all personal property” of such Borrower, or words to similar effect, and ratifies any action taken
by Agent before the Closing Date to effect or perfect its Lien on any Collateral.

     7.8 Foreign Subsidiary Stock. Notwithstanding Section 2.1, not more than 65% of the
voting stock of any Foreign Subsidiary and 100% of all non-voting stock (if any) of each Foreign
Subsidiary shall be included in the Collateral.

SECTION 8 COLLATERAL ADMINISTRATION

     8.1 Borrowing Base Certificates. The Borrowers shall deliver to the Agent (a) If no
Low Availability Period is in effect, then on or before the 15th day of each month, a Borrowing
Base Certificate as of the end of the previous month, or (b) if a Low Availability Period is in
effect, then (i) on or before the 15th day of each month, a Borrowing Base Certificate as of the
end of the previous month and, (ii) in addition thereto, on or before the 25th day of each month, a
Borrowing Base Certificate as of the 15th day of such month, together with such
additional Borrowing Base Certificates as and when requested by the Agent in writing. Together
with each such Borrowing Base Certificate, the Borrowers shall deliver: (1) a schedule of the
Borrowers’ Accounts created, credits given, cash collected, and other adjustments to Accounts since
the last such schedule; (2) an aging of the Borrower’s Accounts, together with a reconciliation to
the corresponding Borrowing Base and to the Borrowers’ general ledger; (3) an aging of the
Borrowers’ accounts payable; (4) a detailed calculation and description of Eligible Petroleum
Inventory, Eligible Cash and Eligible Investments, Eligible In-Transit Petroleum Inventory, First
Purchaser Liens, and Paid but Unexpired Letters of Credit; (5) a schedule in reasonable detail
setting forth the additions and reductions in the Borrowers’ accounts receivable since delivery of
the previous Borrowing Base Certificate with a reconciliation to the corresponding accounts
receivable aging; and (6) Inventory reports by category, together with reconciliation to the
corresponding Borrowing Base and to the Borrowers’ general ledger. Upon request of the Agent, the
Borrowers shall deliver: (A) inventory reports by location; (B) copies of invoices in connection
with the Borrowers’ Accounts, customer statements, credit memos, remittance advices and reports,
deposit slips, shipping and delivery documents in connection with the Borrowers’ Accounts and for
Inventory and Equipment acquired by the Borrowers, purchase orders, and invoices; (C) a statement
of the balance of each intercompany Account, if any; (D) such other reports as to the Collateral as
the Agent shall reasonably request from time to time; and (E) with the delivery of each of the
foregoing, a certificate of the Borrower Agent executed by an officer thereof certifying as to the
accuracy and completeness of the foregoing. If the Borrowers’ records or reports of the Collateral
are prepared by an accounting service or other agent, the Borrowers hereby authorize such service
or agent to deliver such records, reports, and related documents to the Agent, for distribution to
the Lenders.

     8.2 Administration of Accounts.

          8.2.1 Records and Schedules of Accounts. Each Borrower shall keep accurate and
complete records of its Accounts, including all payments and collections thereon, and shall submit
to Agent sales, collection, reconciliation and other reports in form satisfactory to Agent, on such
periodic

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basis as Agent may request. If Accounts in an aggregate face amount of $2,500,000 or more
cease to be Eligible Accounts for any reason other than as a result of the exercise of the Agent’s
discretion in excluding such Accounts, Borrowers shall notify Agent of such occurrence promptly
(and in any event within one Business Day) after any Borrower has knowledge thereof.

          8.2.2 Taxes. If an Account of any Borrower includes a charge for any Taxes, Agent is
authorized, in its discretion, to pay the amount thereof to the proper taxing authority for the
account of such Borrower and to charge Borrowers therefor; provided, that neither Agent nor Lenders
shall be liable for any Taxes that may be due from Borrowers or with respect to any Collateral.

          8.2.3 Account Verification. Whether or not a Default or Event of Default exists,
Agent shall have the right at any time, in the name of Agent, any designee of Agent or any
Borrower, to verify the validity, amount or any other matter relating to any Accounts of Borrowers
by mail, telephone or otherwise. Borrowers shall cooperate fully with Agent in an effort to
facilitate and promptly conclude any such verification process.

          8.2.4 Maintenance of Dominion Account. Borrowers shall maintain Dominion Accounts
pursuant to lockbox or other arrangements acceptable to Agent. Borrowers shall obtain a Deposit
Account Control Agreement from each lockbox servicer and bank where a Dominion Account or Approved
Deposit Account (other than Excluded Deposit Accounts) is located, establishing Agent’s control
over and Lien in the lockbox or Approved Deposit Account and, with respect to all Approved Deposit
Account other than Shared Deposit Accounts and Excluded Deposit Accounts, requiring, at all times
during any Low Availability Period existing after September 30, 2008, immediate deposit of all
remittances received in the lockbox or Approved Deposit Account (other than Shared Deposit Accounts
and Excluded Deposit Accounts) to a Dominion Account for applications to the Obligations. If a
Dominion Account is not maintained with Bank of America, Agent may require immediate transfer of
all funds in such account to a Dominion Account maintained with Bank of America. Neither Agent nor
Lenders assume any responsibility to Borrowers for any lockbox arrangement, Approved Deposit
Account or Dominion Account, including any claim of accord and satisfaction or release with respect
to any Payment Items accepted by any bank.

          8.2.5 Proceeds of Collateral. Borrowers shall request in writing and otherwise take
all necessary steps to ensure that all payments on Accounts or otherwise relating to ABL Priority
Collateral, including any proceeds thereof, are made directly to an Approved Deposit Account (other
than a Shared Deposit Account or an Excluded Deposit Account) or a Dominion Account (or a lockbox
relating to such Approved Deposit Account or Dominion Account). If any Borrower or Subsidiary
receives cash or Payment Items with respect to any ABL Priority Collateral, it shall hold same in
trust for Agent and promptly (not later than the next Business Day) deposit same into an Approved
Deposit Account (other than a Shared Deposit Account or an Excluded Deposit Account) or a Dominion
Account.

     8.3 Administration of Inventory.

          8.3.1 Records and Reports of Inventory. Each Borrower shall keep accurate and
complete records of its Inventory, including costs and daily withdrawals and additions, and shall
submit to Agent inventory and reconciliation reports in form satisfactory to Agent, on such
periodic basis as Agent may request. Each Borrower shall conduct a physical inventory at least
once per calendar year (and on a more frequent basis if requested by Agent when an Event of Default
exists) and periodic cycle counts consistent with historical practices, and shall provide to Agent
a report based on each such inventory and count promptly upon completion thereof, together with
such supporting information as Agent may request. Agent may participate in and observe each
physical count.

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          8.3.2 Returns of Inventory. No Borrower shall return any Inventory to a supplier,
vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the
Ordinary Course of Business; (b) no Default, Event of Default or Overadvance exists or would result
therefrom; (c) Agent is promptly notified if the aggregate value of all Inventory returned in any
month exceeds $50,000; and (d) any payment received by a Borrower for a return is promptly remitted
to Agent for application to the Obligations.

          8.3.3 Acquisition, Sale and Maintenance. No Borrower shall acquire or accept any
Inventory on consignment or approval (unless such Inventory shall be segregated and readily
identifiable as consigned Inventory), and shall take all steps to assure that all Inventory is
produced in accordance with Applicable Law, including the FLSA. No Borrower shall sell any
Inventory on consignment or approval or any other basis under which the customer may return or
require a Borrower to repurchase such Inventory. Borrowers shall use, store and maintain all
Inventory with reasonable care and caution, in accordance with applicable standards of any
insurance and in conformity with all Applicable Law, and shall make current rent payments (within
applicable grace periods provided for in leases) at all locations where any Collateral is located.

     8.4 Administration of Equipment.

          8.4.1 Records and Schedules of Equipment. Each Borrower shall keep accurate and
complete records of its Equipment, including kind, quality, quantity, cost, acquisitions and
dispositions thereof, and shall submit to Agent, on such periodic basis as Agent may request, a
current schedule thereof, in form satisfactory to Agent. Promptly upon request, Borrowers shall
deliver to Agent evidence of their ownership or interests in any Equipment.

          8.4.2 Condition of Equipment. The Equipment is in good operating condition and
repair, and all necessary replacements and repairs have been made so that the value and operating
efficiency of the Equipment is preserved at all times, reasonable wear and tear excepted. Each
Borrower shall ensure that the Equipment is mechanically and structurally sound, and capable of
performing the functions for which it was designed, in accordance with manufacturer specifications.

     8.5 Administration of Deposit Accounts. Schedule 8.5 sets forth all Deposit Accounts
maintained by Borrowers, including all Dominion Accounts. Each Borrower shall take all actions
necessary to establish Agent’s control of each such Deposit Account (other than Excluded Deposit
Accounts and any account exclusively used for payroll, payroll taxes or employee benefits, or any
accounts containing not more that $250,000 in the aggregate at any time). Each Borrower shall be
the sole account holder of each Deposit Account (other than Shared Deposit Accounts and Excluded
Deposit Accounts) and shall not allow any other Person (other than Agent or the Term Loan Agent) to
have control over a Deposit Account or any Property deposited therein. Each Borrower shall
promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of
Agent, will amend Schedule 8.5 to reflect such change.

     8.6 General Provisions.

          8.6.1 Location of Collateral. All tangible items of Collateral, other than Inventory
in transit, shall at all times be kept by Borrowers at the business locations set forth in Schedule
8.6.1, except that Borrowers may (a) make sales or other dispositions of Collateral in accordance
with Section 10.2.6; and (b) store any ABL Priority Collateral in another location in the United
States, upon 30 Business Days prior written notice to Agent or such shorter period as the Agent may
agree.

          8.6.2 Insurance of Collateral; Condemnation Proceeds.

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          (a) Promptly upon the occurrence of the initial Casualty or Condemnation of any ABL Priority
Collateral, the Borrowers shall establish with or in the name of the Agent an account (the
“Proceeds Collateral Account”) over which the Agent shall have control and rights of
withdrawal, subject to the provisions of the Intercreditor Agreement. Amounts on deposit in the
Proceeds Collateral Account at any time shall be held by the Agent as security for the Obligations
(subject to the Intercreditor Agreement), and shall be invested and reinvested by the Agent, at the
direction of the Company, in Permitted Investments; provided that the investment of such amounts
shall be controlled solely by the Agent during the continuance of any Default or Event of Default.

          (b) Any proceeds of insurance arising from any Casualty of ABL Priority Collateral (other than
proceeds from workers’ compensation or D&O insurance) and any awards arising from Condemnation of
any ABL Priority Collateral shall be paid, subject to the Intercreditor Agreement, to Agent and
held in the Proceeds Collateral Account. All such proceeds (other than from business interruption
insurance) shall, at the option of the Agent, be applied to payment of the Revolver Loans, and then
to any other Obligations outstanding; provided, if requested by Borrowers in writing within 15 days
after Agent’s receipt of any insurance proceeds or condemnation awards relating to any loss or
destruction of any ABL Priority Collateral, Borrowers may use such proceeds or awards to repair or
replace such ABL Priority Collateral (and until so used, the proceeds shall be held by Agent as
Cash Collateral) as long as (i) no Default or Event of Default exists; (ii) such repair or
replacement is promptly undertaken and concluded, in accordance with plans reasonably satisfactory
to Agent; (iii) the repaired or replaced Property is free of Liens, other than Permitted Liens that
are not Purchase Money Liens; (v) Borrowers comply with disbursement procedures for such repair or
replacement as Agent may reasonably require; and (vi) the aggregate amount of such proceeds or
awards from any single casualty or condemnation does not exceed $5,000,000.

          (c) Any proceeds of insurance with respect to business interruption received by the Agent in
respect of any Casualty may, so long as no Default or Event of Default exists, upon request of the
Borrower Agent, be paid over to the Borrowers for payment of current operating expenses incurred by
the Borrowers and any other Subsidiary in the Ordinary Course of Business; provided, that the Agent
may establish reasonable procedures to ensure that such insurance proceeds are applied only for
such purpose.

          8.6.3 Protection of Collateral. All expenses of protecting, storing, warehousing,
insuring, handling, maintaining and shipping any Collateral, all Taxes payable with respect to any
Collateral (including any sale thereof), and all other payments required to be made by Agent to any
Person to realize upon any Collateral, shall be borne and paid by Borrowers. Agent shall not be
liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage
thereto (except for reasonable care in its custody while Collateral is in Agent’s actual
possession), for any diminution in the value thereof, or for any act or default of any
warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at
Borrowers’ sole risk.

          8.6.4 Defense of Title to Collateral. Each Borrower shall at all times defend its
title to Collateral and Agent’s Liens therein against all persons, claims and demands whatsoever,
except Permitted Liens.

     8.7 Power of Attorney. Each Borrower hereby irrevocably constitutes and appoints
Agent (and all Persons designated by Agent) as such Borrower’s true and lawful attorney (and
agent-in-fact) until Full Payment of the Obligations, for the purposes provided in this Section.
Agent, or Agent’s designee, may, without notice and in either its or a Borrower’s name, but at the
cost and expense of Borrowers:

          (a) Endorse a Borrower’s name on any Payment Item or other proceeds of Collateral (including
proceeds of insurance) that come into Agent’s possession or control; and

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          (b) During an Event of Default, (i) notify any Account Debtors of the assignment of their
Accounts, demand and enforce payment of Accounts, by legal proceedings or otherwise, and generally
exercise any rights and remedies with respect to Accounts; (ii) settle, adjust, modify, compromise,
discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect
Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral upon such terms, for
such amounts and at such times as Agent deems advisable; (iv) take control, in any manner, of any
proceeds of Collateral; (v) prepare, file and sign a Borrower’s name to a proof of claim or other
document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien
or similar document; (vi) receive, open and dispose of mail addressed to a Borrower, and notify
postal authorities to change the address for delivery thereof to such address as Agent may
designate; (vii) endorse any Chattel Paper, Document, Instrument, invoice, freight bill, bill of
lading, or similar document or agreement relating to any Accounts, Inventory or other Collateral;
(viii) use a Borrower’s stationery and sign its name to verifications of Accounts and notices to
Account Debtors; (ix) use the information recorded on or contained in any data processing equipment
and computer hardware and software relating to any Collateral; (x) make and adjust claims under
policies of insurance; (xi) take any action as may be necessary or appropriate to obtain payment
under any letter of credit or banker’s acceptance for which a Borrower is a beneficiary; and
(xii) take all other actions as Agent deems appropriate to fulfill any Borrower’s obligations under
the Loan Documents.

SECTION 9 REPRESENTATIONS AND WARRANTIES

     9.1 General Representations and Warranties. To induce Agent and Lenders to enter into
this Agreement and to make available the Commitments, Loans and Letters of Credit, each of Holdings
and the Borrowers represents and warrants to Agent and each of the Lenders that:

          9.1.1 Organization; Powers. Each Obligor (a) is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization, (b) has all requisite
power and authority and all material Governmental Approvals required for the ownership and
operation of its assets and the conduct of its business as now conducted and as proposed to be
conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where
such qualification is required, except where the failure so to qualify could not, individually or
in the aggregate, reasonably be expected to result in a Material Adverse Effect and (d) has the
power and authority to execute, deliver and perform its obligations under each Loan Document and
each other agreement or instrument contemplated thereby to which it is or will be a party and, in
the case of any Borrower, to borrow hereunder.

          9.1.2 Authorization; Absence of Conflicts. The Transactions (a) have been duly
authorized by all requisite corporate and, if required, stockholder action of Holdings and each
Borrower and (b) will not (i) violate any Applicable Law of Holdings or its Affiliates, or of the
certificate or articles of incorporation or other constitutive documents or bylaws of Holdings or
any Subsidiary, (ii) be in conflict with, result in a breach of or constitute (alone or with notice
or lapse of time or both) a default under, give rise to any right to require any prepayment,
repurchase or redemption of any obligation under, or give rise to any right of, or result in, any
termination, cancellation, acceleration or right of renegotiation of any obligation under, any
indenture or other agreement or instrument to which Holdings or any Subsidiary is a party or by
which any of them or any of their assets are or may be bound or (iii) result in the creation or
imposition of any Lien upon or with respect to any assets now owned or hereafter acquired by
Holdings or any Subsidiary (other than Liens created under the Loan Documents or under the
Revolving Loan Documents, Liens on the Crack Spread Hedging Cash Collateral and the deposit made
pursuant to the Stock Purchase Agreement). Each of Holdings and the Subsidiaries has been duly
designated as, and constitutes, an “Unrestricted Subsidiary” under, and as defined in, the Existing
Parent Term Credit Agreement. Holdings and the Subsidiaries have been duly designated as, and
constitute, “Alon Louisiana Subsidiaries” under, and as defined in, the Existing Parent Revolving
Credit Agreement, and the provisions of the Waiver, Consent, Partial Release and Fourth Amendment

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dated as of the Closing Date executed in connection with the Existing Parent Revolving Credit
Agreement have not been amended or otherwise modified.

          9.1.3 Enforceability. This Agreement has been duly executed and delivered by Holdings
and the Company and constitutes, and each other Loan Document when executed and delivered by any
Obligor that is a party thereto will constitute, a legal, valid and binding obligation of such
Obligor, enforceable against such Obligor in accordance with its terms (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights
generally and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

          9.1.4 Governmental Approvals; Litigation.

          (a) No Governmental Approval or any other action by any Governmental Authority is or will be
required in connection with the Transactions, except for (a) filings necessary to perfect Liens
created under the Loan Documents and under the Term Loan Documents and (b) such as have been, or,
in the case of filings relating to the consummation of the Acquisition and the Merger, prior to or
substantially concurrently with the funding of the Loans on the Closing Date will be, obtained or
made and are (or will so be) in full force and effect.

          (b) All Governmental Approvals required for the ownership of the Krotz Springs Refinery or the
operation thereof will be, on the Closing Date, in full force and effect, and, to the knowledge of
Holdings and the Subsidiaries, no basis for the revocation, termination, withdrawal or other lapse
of the effectiveness thereof exists, in each case except where the absence of such Governmental
Approval could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect.

          (c) There are no proceedings or investigations pending or, to Holdings or any Borrower’s
knowledge, threatened against Holdings, any Borrower or any other Subsidiary, or any of their
businesses, operations or Properties that (a) relate to any Loan Documents or Transactions; or
(b) could reasonably be expected to have a Material Adverse Effect.

          9.1.5 Financial Statements.

          (a) The Company has heretofore furnished to the Lenders the balance sheets of the Krotz
Springs Refining Business (i) as of December 31, 2007 and 2006 and the statements of income and
cash flows for the years ended December 31, 2007, 2006 and 2005, in each case audited by and
accompanied by the opinion of KPMG LLP, an independent registered public accounting firm, and
(ii) balance sheets of the Krotz Springs Refining Business as of March 31, 2008, and the statements
of income and cash flows for the three months ended March 31, 2008. Such financial statements
present fairly, in all material respects, the financial condition and results of operations and
cash flows of the Krotz Springs Refining Business as of such dates and for such periods. Such
balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of
the Krotz Springs Refining Business as of the dates thereof. Such financial statements were
prepared in accordance with GAAP applied on a consistent basis, subject to normal year-end
adjustments and the absence of footnotes in the case of the statements referred to in
clause (ii) above.

          (b) The Company has heretofore furnished to the Lenders its unaudited pro forma consolidated
balance sheet and related pro forma statements of income and cash flows as of and for the 12-month
period ending on December 31, 2007, prepared giving effect to the Transactions as if they had
occurred, with respect to such balance sheet, on such date and, with respect to such other
financial statements, on the first day of such 12-month period. Such pro forma consolidated
financial statements

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have been prepared in good faith by the Company, based on assumptions believed by the Company
to be reasonable, are based on the best information reasonably available to the Company as of the
date of delivery thereof, accurately reflect all material adjustments required to be made to give
effect to the Transactions and present fairly, in all material respects, on a pro forma basis the
estimated consolidated financial condition and results of operations and cash flows of the Company
and its consolidated Subsidiaries as of such date and for such period, assuming that the
Transactions had actually occurred on such date or at the beginning of such period, as the case may
be.

          9.1.6 No Material Adverse Change. (a) Since December 31, 2007, there has been no
event, condition or development that has resulted, or could reasonably be expected to result, in a
Material Adverse Effect, or (b) since the Closing Date, no material default or termination (other
than expiration of such agreement in accordance with its terms) has occurred, under any Material
Contract. To the knowledge of the Obligors, no circumstances exist that provide a basis upon which
any party (other than Holdings or any Subsidiary) could terminate a Material Contract prior to its
scheduled termination date.

          9.1.7 Title to Properties; Possession Under Leases. Each of Holdings and the
Subsidiaries has good and indefeasible title to, or valid leasehold interests in, all its material
assets (including all Mortgaged Properties), except for Permitted Encumbrances and minor defects in
title that do not materially interfere with its ability to conduct its business as currently
conducted or to utilize such properties and assets for their intended purposes. All such material
assets are free and clear of Liens, other than Permitted Liens. All Equity Interests owned by
Holdings and each Subsidiary are duly issued, fully paid and non-assessable. On the Closing Date,
the assets of Holdings and the Subsidiaries (including rights under any transitional services
agreement entered into with the Seller) will be sufficient to operate the Krotz Springs Refinery
and to conduct the Krotz Springs Refining Business, in each case, substantially in the manner as
currently conducted or as proposed to be conducted by the Company on the Closing Date.

          Each of Holdings and the Subsidiaries has complied in all material respects with all
obligations under all material leases to which it is a party and all such leases are in full force
and effect. Each of Holdings and the Subsidiaries enjoys peaceful and undisturbed possession under
all such material leases.

          Neither Holdings nor any Subsidiary has received any written notice, or has any knowledge, of
any pending or contemplated Condemnation of any material Mortgaged Property or any sale or
disposition thereof in lieu of condemnation.

          Neither Holdings nor any Subsidiary is obligated under any right of first refusal, option or
other contractual right to sell, assign or otherwise dispose of any material Mortgaged Property or
any interest therein.

          9.1.8 Subsidiaries. Upon delivery thereof on the Closing Date, Schedule 9.1.8 will
set forth, as of the Closing Date, a complete and correct list of the name and jurisdiction of
organization of, and the percentage of each class of Equity Interests owned by Holdings or any
Subsidiary in, each Subsidiary. Holdings owns all the issued and outstanding Equity Interests in
the Company, other than the Permitted Compensation Incentive Equity Interests. Neither Holdings
nor any Subsidiary owns any Equity Interests in any Person that is not a Subsidiary. Each
Subsidiary is a Wholly Owned Domestic Subsidiary. Except as set forth on Schedule 9.1.8, on the
Closing Date, there are no outstanding options to purchase, warrants, subscription rights,
agreements to issue or sell, convertible interests, phantom rights or powers of attorney relating
to any Equity Interests of Holdings or any Subsidiary.

          9.1.9 Litigation; Compliance with Laws.

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          (a) There are no actions, suits or proceedings at law or in equity or by or before any
Governmental Authority now pending or, to the knowledge of Holdings or any Subsidiary, threatened
against or affecting Holdings or any Subsidiary or any business, property or rights of any such
Person (i) that involve any Loan Document or the Transactions or (ii) as to which there is a
reasonable possibility of an adverse determination and that, if adversely determined, could
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

          (b) None of Holdings, any Subsidiary or any of their material assets is in violation of, nor
will the continued operation of their material assets as currently conducted violate, any law, rule
or regulation (including any zoning, building, Environmental Law, ordinance, code or approval or
any building permits) or any restrictions of record or agreements affecting any Mortgaged Property,
or is in default with respect to any judgment, writ, injunction, decree or order of any
Governmental Authority, where such violation or default could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect.

          9.1.10 Agreements.

          (a) Neither Holdings nor any Subsidiary is a party to any agreement or instrument, or is
subject to any corporate or organizational restriction, that, individually or in the aggregate, has
resulted or could reasonably be expected to result in a Material Adverse Effect.

          (b) Neither Holdings nor any Subsidiary (nor, to the knowledge of Holdings or any Subsidiary,
any other Person) is in default in any material respect in the performance, observance or
fulfillment of any of its obligations, covenants or conditions contained in any indenture or other
agreement or instrument to which it is a party or by which it or any of its assets are or may be
bound (including the Offtake Agreement or any ExxonMobil Pipeline Supply Contract), and no
condition exists that, with the giving of notice or the lapse of time or both, would constitute
such a default, except, in each case, where the consequences, direct or indirect, of such default
or defaults could not reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect.

          (c) Upon delivery thereof on the Closing Date, Schedule 9.1.10 will set forth, as of the
Closing Date, each Material Contract of Holdings and its Subsidiaries, including, each ExxonMobil
Pipeline Supply Contract. Each ExxonMobil Pipeline Supply Contract is, as of the Closing Date, in
full force and effect.

          9.1.11 Federal Reserve Regulations.

          (a) Neither Holdings nor any Subsidiary is engaged or will engage, principally or as one of
its important activities, in the business of buying or carrying Margin Stock or extending credit
for the purpose of buying or carrying Margin Stock.

          (b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, to purchase or carry any Margin Stock or to
refinance any Indebtedness originally incurred for such purpose or for any purpose that entails a
violation of, or that is inconsistent with, the provisions of the Regulations of the Board of
Governors, including Regulations T, U and X.

          9.1.12 Investment Company Act. Neither Parent nor any Subsidiary of Parent is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of
1940.

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          9.1.13 Use of Proceeds. The Borrowers will use the proceeds of the Loans only for the
purposes specified in Section 2.1.3.

          9.1.14 Tax Returns. Each of Holdings and the Subsidiaries has filed or caused to be
filed all federal, state, local and foreign Tax returns or materials required to have been filed by
it and has paid or caused to be paid all Taxes due and payable by it and all assessments received
by it, except Taxes that are being contested in good faith by appropriate proceedings and for which
Holdings or such Subsidiary, as applicable, has set aside on its books adequate reserves.

          9.1.15 No Material Misstatements. No report, financial statement, schedule,
certificate or other information furnished by or on behalf of Holdings or any Subsidiary to Agent,
the Arranger or any Lender in connection with the negotiation of any Loan Document or included
therein or delivered pursuant thereto contained, contains or will contain any material misstatement
of fact or omitted, omits or will omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were, are or will be made, not
misleading; provided, that to the extent any such report, financial statement, schedule,
certificate or other information was based upon or constitutes a forecast or projection, Holdings
and the Company represent only that Holdings and the Subsidiaries acted in good faith and utilized
reasonable assumptions and due care in the preparation of such report, financial statement,
schedule, certificate or other information.

          9.1.16 Employee Benefit Plans. Each of Holdings and its ERISA Affiliates is in
compliance in all respects with the applicable provisions of ERISA and the Code and the regulations
and published interpretations thereunder, except where such noncompliance could not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No ERISA
Events have occurred or are reasonably expected to occur that could, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. The accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87) did not, as of the last annual measurement date applicable thereto,
exceed by more than $20,000,000 the fair market value of the assets of such Plan, and the
accumulated benefit obligations of all underfunded Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the last annual
measurement dates applicable thereto, exceed by more than $20,000,000 the fair market value of the
assets of all such underfunded Plans.

          9.1.17 Environmental Matters. Except as set forth in Schedule 9.1.17 and except with
respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither Holdings nor any Subsidiary (a) has failed
to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or
other approval required under any Environmental Law, (b) has become subject to any Environmental
Liability, (c) has received notice of any claim with respect to any Environmental Liability or
(d) knows of any basis for any Environmental Liability of Holdings or any Subsidiary. Since the
Closing Date, there has been no change in the status of the matters disclosed on Schedule 9.1.17
that, individually or in the aggregate, has resulted in, or materially increased the likelihood of,
a Material Adverse Effect.

          9.1.18 Insurance. Upon delivery thereof on the Closing Date, Schedule 9.1.18 will set
forth a complete and correct description of all insurance maintained by or on behalf of Holdings
and the Subsidiaries as of the Closing Date. As of the Closing Date, such insurance will be in
full force and effect and all premiums thereunder shall be duly paid. Holdings and the
Subsidiaries have insurance in such amounts and covering such risks and liabilities as are required
under Section 10.1.2.

          9.1.19 Security Documents.

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          (a) This Agreement and each Guarantee and Collateral Agreement, upon execution and delivery
thereof by the parties thereto, will create in favor of Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable security interest in the Collateral and (i) when the
Collateral constituting certificated securities (as defined in the Uniform Commercial Code) is
delivered to Agent, together with instruments of transfer duly endorsed in blank, the security
interest created hereunder and under the Guarantee and Collateral Agreement will constitute a fully
perfected security interest in all right, title and interest of the pledgors thereunder in such
Collateral, prior and superior in right to any other Person, but subject to the Intercreditor
Agreement, and (ii) when financing statements in appropriate form are filed in the applicable
filing offices, the security interest created hereunder and under the Guarantee and Collateral
Agreement will constitute a fully perfected security interest in all right, title and interest of
the Obligors in the remaining Collateral (as so defined) to the extent perfection can be obtained
by filing Uniform Commercial Code financing statements, prior and superior to the rights of any
other Person, except for rights secured by Permitted Liens.

          (b) Each Mortgage, upon execution and delivery thereof by the parties thereto, will create in
favor of Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security
interest in all of the applicable mortgagor’s right, title and interest in and to the Mortgaged
Properties thereunder and the proceeds thereof, and when the Mortgages have been filed in the
offices specified therein, the Mortgages will constitute a fully perfected security interest in all
right, title and interest of the mortgagors in the Mortgaged Properties and the proceeds thereof,
in each case prior and superior in right to any other Person, but subject to Permitted Liens.

          (c) Upon the recordation of the IP Security Agreements with the United States Patent and
Trademark Office or the United States Copyright Office, as applicable, and the filing of the
financing statements referred to in paragraph (a) of this Section, the security interest created
hereunder and under the Guarantee and Collateral Agreement shall constitute a fully perfected
security interest in all right, title and interest of the Obligors in the Intellectual Property in
which a security interest may be perfected by filing in the United States of America and its
territories and possessions, in each case prior and superior in right to any other Person (it being
understood that subsequent recordings in the United States Patent and Trademark Office or the
United States Copyright Office may be necessary to perfect a security interest on registered
trademarks and patents, trademark and patent applications and registered copyrights acquired by the
Obligors after the Closing Date).

          9.1.20 Location of Real Property.

          (a) Upon delivery thereof on the Closing Date, Schedule 9.1.20(a) will set forth, as of the
Closing Date, a complete and correct list of all real property owned in fee by Holdings or any
Subsidiary and the legal description thereof. On the Closing Date, the Company will own in fee all
the real property set forth on Schedule 9.1.20(a).

          Upon delivery thereof on the Closing Date, Schedule 9.1.20(b) will set forth, as of the
Closing Date, a complete and correct list of all real property leased by Holdings or any Subsidiary
and the legal description thereof. On the Closing Date, the Company will have valid leasehold
interests in all the real property set forth on Schedule 9.1.20(b) .

          Upon delivery thereof on the Closing Date, Schedule 9.1.20(c) will set forth, as of the
Closing Date and to the knowledge of Holdings and the Subsidiaries, a complete and correct list of
all pipeline rights of way and easements appurtenant.

          9.1.21 Labor Matters. There are no strikes, lockouts or slowdowns against Holdings or
any Subsidiary pending or, to the knowledge of Holdings or any Subsidiary, threatened. The hours
worked by and payments made to employees of Holdings and the Subsidiaries have not been in
violation

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of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law
relating to such matters, except where such violation could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. All payments due from Holdings or
any Subsidiary, or for which any claim may be made against Holdings or any Subsidiary, on account
of wages and employee health and welfare insurance and other benefits have been paid or accrued as
liabilities on the books of Holdings or such Subsidiary, except where the failure to do so could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. As of the Closing Date, neither Holdings nor any Subsidiary will be party to, or otherwise
bound by, any collective bargaining agreement.

          9.1.22 Solvency. Immediately after the consummation of the Transactions to occur on
the Closing Date, including the making of each Loan and the application of the proceeds of such
Loans, and after giving effect to the rights of subrogation and contribution hereunder and under
the Guarantee and Collateral Agreement, each Obligor is Solvent.

          9.1.23 Concerning Holdings and the Borrower. Each of Holdings and the Company has
been formed solely for the purpose of engaging in the Transactions and, prior to the Closing Date,
will not have incurred liabilities (including Indebtedness) or obligations of any nature, other
than pursuant to or in connection with the Loan Documents, the Stock Purchase Agreement and the
Transactions.

          9.1.24 Sanctioned Persons. None of Holdings, any Subsidiary or, to the knowledge of
Holdings or any Subsidiary, any director, officer, agent, employee or Affiliate of Holdings or any
Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”). The Borrowers will not directly or indirectly
use the proceeds of the Loans, or otherwise make available such proceeds to any Person, for the
purpose of financing the activities of any Person currently subject to any U.S. sanctions
administered by OFAC.

          9.1.25 Accounts. Agent may rely, in determining which Accounts are Eligible Accounts,
on all statements and representations made by Borrowers with respect thereto. Borrowers warrant,
with respect to each Account at the time it is shown as an Eligible Account in a Borrowing Base
Certificate, that:

          (a) it is genuine and in all respects what it purports to be, and is not evidenced by a
judgment;

          (b) it arises out of a completed, bona fide sale and delivery of goods or rendition of
services in the Ordinary Course of Business, and substantially in accordance with any purchase
order, contract or other document relating thereto;

          (c) it is for a sum certain, maturing as stated in the invoice covering such sale or rendition
of services, a copy of which has been furnished or is available to Agent on request;

          (d) it is not subject to any offset, Lien (other than Agent’s Lien and the Term Facility
Lien), deduction, defense, dispute, counterclaim or other adverse condition except as arising in
the Ordinary Course of Business and disclosed to Agent; and it is absolutely owing by the Account
Debtor, without contingency in any respect;

          (e) no purchase order, agreement, document or Applicable Law (other than the Assignment of
Claims Act) restricts assignment of the Account to Agent (regardless of whether, under the UCC, the
restriction is ineffective), and the applicable Borrower is the sole payee or remittance party
shown on the invoice;

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          (f) no extension, compromise, settlement, modification, credit, deduction or return has been
authorized with respect to the Account, except discounts or allowances granted in the Ordinary
Course of Business for prompt payment that are reflected on the face of the invoice related thereto
and in the reports submitted to Agent hereunder; and

          (g) to the best of Borrowers’ knowledge, (i) there are no facts or circumstances that are
reasonably likely to impair the enforceability or collectibility of such Account; (ii) the Account
Debtor had the capacity to contract when the Account arose, continues to meet the applicable
Borrower’s customary credit standards, is Solvent, is not contemplating or subject to an Insolvency
Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no
proceedings or actions threatened or pending against any Account Debtor that could reasonably be
expected to have a material adverse effect on the Account Debtor’s financial condition.

          9.1.26 Intellectual Property. Holdings, each Borrower and each other Subsidiary owns
or has the lawful right to use all Intellectual Property necessary for the conduct of its business,
without conflict with any rights of others. There is no pending or, to Holdings or any Borrower’s
knowledge, threatened Intellectual Property Claim with respect to Holdings, any Borrower, any
Subsidiary or any of their Property (including any Intellectual Property) that has had or could
reasonably be expected to have a Material Adverse Effect. Except as disclosed on Schedule 9.1.26,
to the Obligors’ knowledge, on the Closing Date, and except as disclosed in writing to Agent from
time to time, neither Holdings nor any Borrower nor Subsidiary pays or owes any Royalty or other
compensation to any Person with respect to any Intellectual Property in any Fiscal Year in excess
of $100,000. All Intellectual Property owned or material Intellectual Property licensed by
Holdings, any Borrower or any other Subsidiary on the Closing Date is shown on Schedule 9.1.26.

          9.1.27 First Purchaser Liens. None of the Petroleum Product owned or purchased by the
Obligors is subject to a First Purchaser Lien except as the Obligors may have previously notified
the Agent in accordance with Section 10.1.5(i).

SECTION 10 COVENANTS AND CONTINUING AGREEMENTS

     10.1 Affirmative Covenants. As long as any Commitments or Obligations are
outstanding, Holdings and each Borrower covenants and agrees with the Lenders that, unless the
Required Lenders shall otherwise consent in writing:

          10.1.1 Existence; Businesses and Properties.

          (a) Holdings and each Subsidiary will do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence, except as otherwise expressly
permitted under Section 10.2.5.

          (b) Holdings and each Subsidiary will do or cause to be done all things necessary to obtain,
preserve, renew, extend and keep in full force and effect all rights, licenses, permits,
franchises, authorizations, patents, copyrights, trademarks and trade names used in the conduct of
its business, except where the failure to do so could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect; will use its commercially reasonable
efforts to maintain and operate its business in substantially the manner in which it is conducted
and operated on the Closing Date and will use the standard of care typical for the industry in the
maintenance and operation of its facilities; will comply in all respects with all applicable laws,
rules and regulations (including all Environmental Laws) and decrees and orders of any Governmental
Authority, whether now in effect or hereafter enacted, except where the failure to do so could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and
will use its commercially reasonable efforts to maintain and preserve all property

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used in the conduct of its business and keep such property in good repair, working order and
condition and from time to time make, or cause to be made, all needful and proper repairs,
renewals, additions, improvements and replacements thereto necessary in order that the business
carried on in connection therewith may be properly conducted at all times, except where the failure
to do so could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect.

          (c) Holdings and each Subsidiary will comply in all material respects with the terms and
provisions of all material leases and licenses relating to the Krotz Springs Refinery and all
material agreements relating to the Krotz Springs Refinery.

          10.1.2 Insurance.

          (a) Holdings and the Subsidiaries, at their expense and with financially sound and reputable
insurers with a Best’s Key Rating Guide rating of “A-” or better and a Best’s Insurance Guide and
Key Ratings minimum size rating of “X” (or other insurers of recognized responsibility satisfactory
to Agent), will maintain insurance adequately insuring their insurable properties at all times, and
will maintain or cause to be maintained such other insurance, to such extent and against such
risks, as is customary with companies in the same or similar businesses operating in the same or
similar locations or as required by law (including as to any Lender), but in any event containing
limits and coverage provisions set forth in Schedule 9.1.8 and otherwise complying with this
Section.

          (b) Holdings and the Subsidiaries will cause all such policies in respect of property damage,
machinery breakdown and business interruption (i) to be endorsed or otherwise amended to include a
customary lender’s loss payable endorsement, in form and substance reasonably satisfactory to
Agent, which endorsement shall provide that, on and after the Closing Date, all payments under such
policies made or required to be made by the insurer shall be paid directly to Agent and the Term
Loan Agent for application in accordance with the Intercreditor Agreement, (ii) to provide that
none of Holdings, any Subsidiary, Agent, any Lender or any other Secured Party shall be a coinsurer
thereunder and (iii) to contain such other provisions as Agent may reasonably require from time to
time to protect the interests of the Secured Parties.

          (c) Holdings and the Subsidiaries will cause all such policies, other than policies in respect
of workers’ compensation insurance, to name Agent, on behalf of the Secured Parties, as an
additional insured, on forms reasonably satisfactory to Agent.

          (d) Holdings and the Subsidiaries (i) will cause each such policy to provide that it shall not
be canceled or not renewed (A) by reason of nonpayment of premium upon not less than 10 days’ prior
written notice thereof by the insurer to Agent (giving Agent the right to cure defaults in the
payment of premiums) or (B) for any other reason upon not less than 45 days’ prior written notice
thereof by the insurer to Agent; and (ii) will deliver to Agent, prior to the cancellation or
nonrenewal of any such policy, certificates of insurance evidencing the renewal or replacement of
such policy, together with evidence satisfactory to Agent of payment of the premium therefor.

          (e) Holdings and the Subsidiary will further cause all such policies to contain the following
terms and conditions:

     (i) Each policy shall expressly provide that all provisions thereof, except the
liability limits (which shall be applicable to all insured parties as a group) and
liability for premiums (which shall be liabilities solely of Holdings or one or more
of its Affiliates) shall operate in the same manner as if there were a separate
policy covering each such insured party. All policies in respect of property
damage, machinery breakdown and business interruption shall include a customary
non-vitiation clause

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reasonably acceptable to Agent, which shall protect the interest of Agent, the
Lenders and the other Secured Parties regardless of any breach or violation by
Holdings, any Subsidiary or any other Affiliate of Holdings of warranties,
declarations or conditions contained in such policies, any action or inaction of
Holdings, any Subsidiary, any other Affiliate of Holdings or any other Person, or
any foreclosure relating to the Krotz Springs Refinery or any change in ownership of
all or any portion of the Krotz Springs Refinery.

     (ii) Each policy (other than any workers’ compensation insurance) shall waive
(A) any subrogation right of the insurer as against Agent, the Lenders and any other
Secured Party and (B) any right of the insurers to any setoff or counterclaim or any
other deduction, whether by attachment or otherwise, in respect of any liability of
Agent, the Lenders, any other Secured Party, Holdings or any Subsidiary.

     (iii) Each policy shall be primary and not excess to or contributing with any
insurance or self-insurance maintained by Agent, the Lenders or any other Secured
Party.

          (f) In the event that any such policy is written on a “claims-made” basis and such policy is
not renewed or the retroactive date of such policy is to be changed, Holdings and the Subsidiaries
will obtain for each such policy the broadest basic and supplemental extended reporting period or
“tail” coverage available thereunder (which coverage shall be for a minimum of five years) and will
provide to Agent evidence satisfactory to them that such basic and supplemental extended reporting
period or “tail” coverage has been obtained.

          (g) Upon request by Agent or Holdings, the Borrowers will promptly furnish to Agent copies of
all insurance policies, binders and cover note or other evidence of insurance required under this
Section. Holdings and the Subsidiaries will provide to Agent such further evidence as to the
satisfaction of the requirements set forth in this Section, and will execute such further documents
and instruments and take such further actions to cause the requirements of this Section to be and
remain satisfied at all times, as Agent may reasonably request, all at the expense of the Obligors.

          (h) In the event that Holdings and the Subsidiaries at any time or times shall fail to obtain
or maintain any of the policies of insurance required to be maintained by them under this Section,
or to pay any premium in whole or in part relating thereto, Agent may, without limiting any
obligations of Holdings and the Subsidiaries hereunder or waiving any Default or Event of Default,
in its sole discretion, obtain and maintain such policies of insurance and pay such premium and
take any other actions with respect thereto as Agent deems advisable. All sums disbursed by Agent
in connection with the exercise of its authority under this paragraph, including reasonable fees,
charges and other disbursements of counsel, court costs, expenses and other charges relating
thereto, shall be payable, upon demand, by Holdings and the Borrowers and shall constitute
Obligations.

          (i) Holdings and the Subsidiaries shall not be required to maintain any insurance policy
otherwise required to be maintained by them under this Section, or cause any such policy to contain
the terms (including minimum limits) specified in this Section, if and for so long as in the
judgment of Agent such insurance policy, or such specified terms, are not reasonably available or
the cost thereof is excessive in view of the benefits to be obtained by the Lenders therefrom.
Agent may grant extensions of time for the obtainment of the insurance otherwise required to be
maintained by Holdings and the Subsidiaries under this Section if and for so long as in the
judgment of Agent such action cannot be accomplished without undue effort or expense by the time or
times at which it would otherwise be required to be accomplished under this Section. In connection
with any determination under this paragraph, Agent may consult with an independent insurance
consultant selected by it, all at the expense of the Obligors, and each Lender agrees that Agent
shall not be liable for any action taken or not taken by it in accordance with the advice of any
such consultant.

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          (j) No provision of this Section or any other provision of this Agreement or any other Loan
Document shall impose on Agent or Agent any duty or obligation to ascertain or inquire into, or to
verify the existence or adequacy of, the insurance coverage maintained by or on behalf of Holdings
or any Subsidiary, nor shall Agent or Agent be responsible for any statement, representation or
warranty made by or on behalf of Holdings, any Subsidiary or any other Affiliate of Holdings to any
insurance company or underwriter.

          (k) Each of Holdings and each Borrower hereby irrevocably makes, constitutes and appoints the
Agent (and all officers, employees or agents designated by the Agent) as Holdings’ or the
Borrowers’, as the case may be, true and lawful agent (and attorney-in-fact) for the purpose, after
the occurrence and during the continuance of an Event of Default, of making, settling and adjusting
claims in respect of Collateral under policies of insurance, endorsing the name of Holdings or any
Borrower, as the case may be, on any check, draft, instrument or other item of payment for the
proceeds of such policies and for making all determinations and decisions with respect thereto.

          10.1.3 Obligations and Taxes. Holdings and each Subsidiary will pay its Indebtedness
and other obligations promptly and in accordance with their terms and will pay and discharge
promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits or in respect of its property, before the same shall become delinquent or in
default, as well as all lawful claims for labor, materials and supplies or otherwise that, if
unpaid, might give rise to a Lien upon such properties or any part thereof (other than any
Permitted Lien); provided, that such payment and discharge shall not be required with respect to
any such Tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be
contested in good faith by appropriate proceedings and Holdings or any such Subsidiary shall have
set aside on its books adequate reserves with respect thereto in accordance with GAAP and such
contest operates to suspend collection of the contested obligation, Tax, assessment or charge and
enforcement of a Lien and, in the case of a Mortgaged Property, there is no risk of forfeiture of
such property.

          10.1.4 Financial and Other Information.

          (a) Holdings and the Borrowers will furnish to Agent, in form satisfactory to the Agent, for
distribution, where applicable, to the Lenders:

     (i) within 90 days after the end of each Fiscal Year of the Company (or within
120 days in the case of the Fiscal Year ending December 31, 2008), its consolidated
and consolidating balance sheet and related consolidated and consolidating
statements of income, stockholders’ equity and cash flows, showing the financial
condition of the Company and its consolidated Subsidiaries as of the close of such
Fiscal Year and the results of their operations and cash flows for such Fiscal Year,
together with comparative figures for the immediately preceding Fiscal Year,
audited, with respect to consolidated financial statements, by KPMG LLP or another
independent registered public accounting firm of recognized national standing and
accompanied by an opinion of such accounting firm (which shall not be subject to any
“going concern” or like qualification or exception or any qualification or exception
as to the scope of such audit) to the effect that such consolidated financial
statements fairly present the financial condition and results of operations and cash
flows of the Company and its consolidated Subsidiaries on a consolidated basis in
accordance with GAAP consistently applied;

     (ii) within 45 days after the end of each month (or, in the case of the month
ending on September 30, 2008, within 60 days after the end of such month), the
Company’s consolidated and consolidating balance sheet and related consolidated and
consolidating statements of income and cash flows, showing the financial condition
of

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the Company and its consolidated Subsidiaries as of the close of such month and
the results of their operations and cash flows for such month and the then elapsed
portion of the Fiscal Year, and comparative figures for the same periods in the
immediately preceding Fiscal Year, all certified by a Financial Officer of the
Company as fairly presenting the financial condition and results of operations and
cash flows of the Company and its consolidated Subsidiaries on a consolidated and
consolidating basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of certain footnotes;

     (iii) concurrently with each delivery of financial statements under clause
(i) or (ii) above, a completed certificate signed by a Financial Officer of each of
Holdings and the Company, (A) certifying that no Default or Event of Default has
occurred or, if a Default or Event of Default has occurred, specifying the nature
and extent thereof and any corrective action taken or proposed to be taken with
respect thereto, (B) stating whether any change in GAAP or in the application
thereof has occurred since the date of the consolidated balance sheet of the Company
most recently theretofore delivered under clause (i) or (ii) above to the extent
such change is applicable to the financial statements delivered under
clause (i) or (ii) above, and, if any such change has occurred, specifying the
effect of such change on the financial statements (including those for the prior
periods) accompanying such certificate, (C) certifying that all notices required to
be provided under Sections 10.1.5 and 10.1.10 have been provided and (iv) in the
case of any delivery of financial statements under clause (i) above or under clause
(ii) above with respect to the last month of a Fiscal Quarter of the Company ending
on September 30, 2010 or on June 30 of any year, setting forth reasonably detailed
calculations of Excess Cash Flow (as defined in the Term Loan Agreement) for the
Sweep Period (as defined in the Term Loan Agreement) ended on such date;

     (iv) concurrently with the delivery of the financial statements under clause
(ii) above, a Compliance Certificate of a Financial Officer of the Company:

(A) certifying that no Default or Event of Default has occurred or, if a
Default or Event of Default has occurred, specifying the nature and extent
thereof and any corrective action taken or proposed to be taken with respect
thereto;

(B) certifying that (1) all Royalties due and payable under all
Licenses and (2) all rent and other amounts due and payable under all leases
have, in each case, been paid in full; and

(C) setting forth in reasonable detail (1) the calculations required to
establish whether or not a Low Availability Trigger Date occurred during the
subject month and whether or not a Low Availability Period should have been
instituted during the subject month; (2) the calculations required to
establish the Fixed Charge Coverage Ratio for the most recently ended
Four-Quarter Period and that the Obligors were in compliance Section 10.2.14
for the year-to-date period ending on the last day of the subject month and
(3) the aggregate amount of all Bank Product Debt and a list of all Bank
Products as of the end of the subject month.

     (v) within 90 days after the end of each Fiscal Year of the Company, a
certificate of a Senior Officer of each of Holdings and the Company and, except
where it is not reasonably practical to obtain such a report, a report of an
independent insurance broker, signed by an officer of such broker, each setting
forth the insurance then

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maintained by or on behalf of Holdings and the Subsidiaries (identifying
underwriters, carriers, the type of insurance and the insurance limits) and stating
that in their opinion such insurance complies with the terms of Section 10.1.2,
together with evidence of payment of the premiums then due thereon;

     (vi) within 90 days after the end of each Fiscal Year of the Company, a
certificate of a Senior Officer of each of Holdings and the Company setting forth
(A) all Equity Interests, debt securities and promissory notes or any other
instrument evidencing any such debt securities owned by any Obligor and (B) all
commercial tort claims in respect of which a complaint or a counterclaim has been
filed by any Obligor and that, in each case, (1) if so owned or filed by a Obligor
as of the Closing Date would have been required to be disclosed pursuant to the
terms of the Security Documents and (2) have not been set forth on a certificate
previously delivered pursuant to this clause;

     (vii) no sooner than sixty (60) days and not later than thirty (30) days prior
to the beginning of each Fiscal Year, an annual budget (to include forecasted
consolidated and consolidating balance sheets, income statements and cash flow
statements) for Holdings and its Subsidiaries as at the end of and for each quarter
of such Fiscal Year and setting forth the assumptions used for purposes of preparing
such budget) and, promptly after the same become available, any significant
revisions to such budget;

     (viii) so long as average daily Availability for any month is less than
$40,000,000, not later than seven days after the end of each week, an operating
forecast in form and substance reasonably satisfactory to Agent setting forth the
Borrowers’ working capital accounts, including a detailed calculation of the
Borrowing Base and available cash, prepared on a daily basis for the following two
week period;

     (ix) promptly after the receipt thereof by Company or any Subsidiary, a copy of
any “management letter” received in final form by any such Person from its
independent registered public accounting firm and the management’s response thereto;

     (x) promptly after the receipt thereof by Holdings or any Subsidiary, copies of
all environmental audits and reports, whether prepared by personnel of Holdings or
any Subsidiary or by independent consultants, that relate to any material
Environmental Liability at or concerning the Krotz Springs Refinery or to any
material Environmental Liabilities of Holdings or any Subsidiary;

     (xi) promptly after any request therefor by the Agent or any Lender, copies of
(A) any documents described in Section 101(k)(1) of ERISA that Holdings or any of
its ERISA Affiliates may request with respect to any Multiemployer Plan and (B) any
notices described in Section 101(l)(1) of ERISA that Holdings or any of its ERISA
Affiliates may request with respect to any Multiemployer Plan; provided, that if
Holdings or any of its ERISA Affiliates has not requested such documents or notices
from the administrator or sponsor of the applicable Multiemployer Plan, Holdings or
the applicable ERISA Affiliate shall promptly make a request for such documents and
notices from such administrator or sponsor and shall provide copies of such
documents and notices promptly after receipt thereof;

     (xii) promptly after a request therefor, all documentation and other
information that any Lender reasonably requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules
and regulations, including the USA Patriot Act;

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     (xiii) promptly after a request therefor, a certified listing of each Obligor’s
trade payables, specifying the trade creditor and balance due, and a detailed trade
payable aging, all in form reasonably satisfactory to Agent;

     (xiv) promptly after a request therefor, copies of all existing agreements, and
promptly after execution thereof provide Agent with copies of all future agreements,
between an Obligor and any landlord, warehouseman, processor, shipper, bailee or
other Person that owns any premises at which any material portion of ABL Priority
Collateral may be kept or that otherwise may possess or handle any material amount
of ABL Priority Collateral or documents or records relating to ABL Priority
Collateral;

     (xv) if requested by the Agent, a list, certified by an officer of the
applicable Obligor, of Holdings’ and each Borrower’s suppliers of Petroleum Product
and such information about such suppliers and source of such Inventory as the Agent
may reasonably request;

     (xvi) notice of any material change in its accounts payable practices from
those in effect on the Closing Date; and

     (xvii) promptly after a request therefor, such other information regarding the
business, assets, liabilities, operations or condition (financial or otherwise) of
Holdings or any Subsidiary, or compliance with the terms of any Loan Document, as
the Agent or any Lender may reasonably request.

          (b) Information required to be furnished pursuant to this Section shall be deemed to have been
delivered if such information is posted by or on behalf of Borrower Agent on IntraLinks/IntraAgency
or another similar website (whether a commercial or third party website or a website sponsored by
the Agent) to which each Lender and the Agent have access; provided, that (i) at the request of the
Agent, Holdings or the Borrowers shall deliver to the Agent paper copies of any such information
and (ii) Holdings or the Borrowers shall notify (which notification may be made by facsimile or
electronic mail) the Agent of the posting of any such information and provide to the Agent by
electronic mail electronic versions (i.e., soft copies) of such documents. The Agent shall have no
obligation to request the delivery of or to maintain copies of any information referred to above,
and in any event shall have no responsibility to monitor compliance by Holdings or the Borrowers
with any such request for delivery, and each Lender shall be solely responsible for requesting
delivery to it or maintaining copies of any such information.

          (c) Obligors hereby authorize Agent:

     (i) At reasonable times and upon reasonable advance notice and the provision of
an opportunity for a representative of Holdings and the Borrower Agent to
participate or accompany the Agent, to communicate directly with its and Holdings’
certified public accountants and, by this provision, authorize those accountants to
disclose to the Agent any and all financial statements and other supporting
financial documents and schedules relating to the Obligors and their respective
Subsidiaries, and to discuss directly with the Agent the finances and affairs of the
Obligors and their respective Subsidiaries; and

     (ii) to communicate directly with Parent and, if Parent’s public accountants
are different from Holdings’ public accountants, with Parent’s certified public
accountants, subject to satisfaction of the following conditions: (A) the Agent
shall provide written notice of its desire to communicate with Parent’s certified
public

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accountants; (B) Parent shall arrange for a mutually acceptable time and, if
necessary, place for any such communications, such date to be not greater than seven
Business Days following any such written notice to Parent under clause (A) above,
or, if such certified public accountants are not available until some time following
seven Business Days, on the first date on which such accountants are available; and
(C) a representative of Parent shall be permitted to participate or accompany the
Agent in connection with any such communications; provided that if Parent fails to
arrange any such meeting, the Agent may contact Parent’s accountant’s directly. The
Obligors hereby direct Parent to provide the Agent with access in accordance with
the foregoing to Parent’s certified public accountants and authorize those
accountants to disclose to the Agent any and all financial statements and other
supporting financial documents and schedules relating to Parent to the extent
affecting Holdings, the Obligors and their respective Subsidiaries, and to discuss
directly with the Agent the finances and affairs of Parent to the extent affecting
Holdings, the Obligors and their respective Subsidiaries.

          10.1.5 Litigation and Other Notices. Holdings and the Borrowers will furnish to Agent
prompt written notice of the following:

          (a) (i) the occurrence of any Default or Event of Default (including as a result of the
occurrence of any “default” or “event of default” (however denominated) under the Term Loan
Agreement or any other definitive documentation for the Term Loan Facility (it being understood
that, for purposes of this clause (i), any Event of Default that refers to an opinion of the
Required Lenders shall be deemed to instead refer to an opinion of Holdings and the Company, acting
reasonably) or (ii) Holdings or any Subsidiary receiving from (A)any lender or agent under the Term
Loan Agreement, or any other definitive documentation for the Term Loan Facility, any notice
alleging that a “default” or “event of default” has occurred thereunder, (B) the Crack Spread
Hedging Counterparty, any notice alleging that a “default”, “event of default” or “termination
event” has occurred under the Crack Spread Hedging Agreement or (C) Valero Marketing, or any
Affiliate thereof, any notice alleging a default in the performance, observance or fulfillment of
any material obligation of the Company under the Offtake Agreement;

          (b) (i) the filing or commencement of, or Holdings or any Subsidiary obtaining any knowledge,
including of any threat or notice of intention of any Person to file or commence, any action, suit
or proceeding, including any Intellectual Property Claim, whether at law or in equity or by or
before any Governmental Authority, against Holdings or any Subsidiary or other Affiliate thereof,
(ii) any pending or threatened labor dispute, strike or walkout, or the expiration of any material
labor contract, or (iii) any default under or termination of a Material Contract, in each case,
that could reasonably be expected to result in a Material Adverse Effect;

          (c) the Company or the Seller, or any of their respective Affiliates, having made any claim
for indemnification under the Stock Purchase Agreement;

          (d) (i) any Casualty with respect to any material portion of the Krotz Springs Refinery that
would cost $10,000,000 or more to repair or replace, or (ii) any Condemnation with respect to any
portion of the Krotz Springs Refinery;

          (e) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, could reasonably be expected to result in a Material Adverse Effect;

          (f) Holdings or any Subsidiary or other Affiliate thereof becoming subject to, or receiving
notice of any claim with respect to, any Environmental Liability that could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect;

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          (g) (i) the discharge of or any withdrawal or resignation by Borrowers’ independent
accountants; or (ii) any acquisition or creation of a new office or place of business, at least 30
days prior to such opening or such shorter period as the Agent may agree;

          (h) any purchase of Petroleum Product from a Person who may be the beneficiary of a First
Purchaser Lien or may belong to the class of Persons intended to be protected by a statute or other
law providing for a First Purchaser Lien, at least five (5) Business Days before the initial
purchase from such Person; and

          (i) any other event, condition or development that has resulted in, or could reasonably be
expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Senior Officer of
each of Holdings and the Company (i) in the case of any notice under clause (d) of this Section,
setting forth a description of (A) the Casualty with respect to which it is given and their good
faith estimate of the cost to repair or replace the assets affected by such Casualty or (B) the
Condemnation with respect to which it is given and the book value, and their good faith estimate of
the fair market value, of the property subject to such Condemnation and (ii) in the case of any
other notice, setting forth the details of the event, condition or development requiring such
notice and any action taken or proposed to be taken with respect thereto.

          10.1.6 Maintaining Records; Access to Properties and Inspections; Maintenance of
Ratings.

          (a) Holdings and each Subsidiary will keep proper books of record and account in which full,
true and correct entries in conformity with GAAP and all requirements of law are made of all
dealings and transactions in relation to its business and activities.

          (b) Holdings and each Subsidiary will permit any representatives designated by Agent or any
Lender to visit and inspect the financial records and the properties of such Person during regular
business hours upon reasonable prior notice and as often as reasonably requested and to make
extracts from and copies of such financial records, and permit any representatives designated by
Agent or any Lender to discuss the affairs, finances and condition of such Person with the officers
thereof and independent accountants therefor; provided, that Holdings and each Subsidiary will
reimburse Agent for all charges, costs and expenses of Agent in connection with (i) during the
first Loan Year, up to two examinations of any Obligor’s books and records or any other financial
or Collateral matters as Agent deems appropriate; and (ii) during each subsequent Loan Year, so
long as no Default or Event of Default has occurred and is continuing, (A) if at no time during
such Loan Year has average daily Availability for any month been less than $100,000,000, then not
more than one (1) such examination in such Loan Year and (B) if average daily Availability for any
month has been less than $100,000,000 at no time during such Loan Year, then not more than two
(2) such examination in such Loan Year.

          (c) If an Event of Default has occurred and is continuing (i) Agent shall not be required to
provide advance notice of any such examination to the Borrowers or any other Obligor or conduct any
such examination during normal business hours, (ii) any such examination commenced at any time
during which an Event of Default has occurred and is continuing shall not be counted as one of the
examinations described in Section 10.1.6(b) above (even if the Event of Default ceases to be
continuing during the course of such examination), and (iii) any costs incurred by the Agent in
connection with such examinations shall be paid in full by the Obligors (which cost reimbursement
shall apply even if the Event of Default ceases to be continuing during the course of an
examination). Subject to and without limiting the foregoing, Obligors specifically agree to pay
Agent’s then standard charges for each day that an employee of Agent or its Affiliates is engaged
in any examination activities, and shall pay the standard charges of Agent’s outside appraisal
group.

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          (d) Neither Agent nor any Lender shall have any duty to Holdings or any Borrower to make any
inspection or examination, nor to share any results of any inspection, examination, appraisal or
report with Holdings or any Borrower. Holdings and Borrowers acknowledge that all inspections,
appraisals and reports are prepared by Agent and Lenders for their purposes, and Holdings and
Borrowers shall not be entitled to rely upon them.

          (e) Holdings and the Borrowers will use commercially reasonable efforts to cause the credit
facility provided for herein to be continuously rated by S&P and Moody’s.

          10.1.7 Use of Proceeds. The Borrowers will use the proceeds of the Loans only for the
purposes specified in Section 2.1.3.

          10.1.8 Senior Indebtedness Designation. In the event that Holdings or any Subsidiary
shall at any time issue or have outstanding any Indebtedness that by its terms is subordinated to
any other Indebtedness of Holdings or such Subsidiary, Holdings or such Subsidiary, as applicable,
will take all actions necessary to cause the Obligations to constitute senior indebtedness (however
denominated) in respect of such subordinated Indebtedness and to enable the Lenders or an agent on
their behalf to exercise any payment blockage or other remedies available or potentially available
to lenders of senior indebtedness under the terms of such subordinated Indebtedness. Without
limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and, to the
extent applicable, as “designated senior indebtedness” in respect of all such subordinated
Indebtedness and are further given all such other designations as shall be required under the terms
of any such subordinated Indebtedness in order that the Lenders or an agent on their behalf may
exercise any payment blockage or other remedies available or potentially available to lenders of
senior indebtedness under the terms of such subordinated Indebtedness.

          10.1.9 Crack Spread Hedging Agreement. The Borrowers will maintain the Crack Spread
Hedging Agreement in effect for a period of not less than two years and three months following the
Closing Date.

          10.1.10 Additional Subsidiaries. If any Subsidiary is formed or acquired after the
Closing Date, Holdings and the Company will, as promptly as practicable and in any event within 30
days (or such longer period as Agent may agree to in writing) after such formation or acquisition,
notify Agent thereof and cause such Subsidiary to either (a) be joined as a party to this Agreement
and the other applicable Loan Documents as a Borrower by delivery of a joinder agreement or (b)
become a Guarantor hereunder by execution and delivery of a Guarantee and Collateral Agreement
and, in either case, execute and delivery such Loan Documents and other documents as Agent may
reasonably request, and take such other actions as Agent shall require to evidence and perfect a
Lien in favor of Agent (for the benefit of Secured Parties) on all assets of such Subsidiary and
any Equity Interests issued by such Subsidiary consistent with the terms of this Agreement,
including delivery of such Mortgages, Deposit Account Control Agreements and legal opinions as it
shall deem appropriate, all in form and substance acceptable to Agent.

          10.1.11 Compliance with Law; Maintenance of Licenses. Each Obligor shall comply, and
shall cause each of its Subsidiaries to comply, in all material respects with all Applicable Laws
(including the Federal Fair Labor Standards Act, all Environmental Laws, and, to the extent
applicable to such Obligor or its Subsidiaries, the Sarbanes-Oxley Act). Each Obligor shall, and
shall cause each of its Subsidiaries to, obtain and maintain all material licenses, permits,
franchises, and governmental authorizations necessary to own its property and to conduct its
business as conducted on the Closing Date. To the extent applicable to the Obligors, the Obligors
shall cause their principal executive officers and principal financial officers (or other
individuals performing similar functions) to comply in all material respects with all provisions of
the Sarbanes-Oxley Act.

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          10.1.12 Environmental Laws.

          (a) Each Obligor shall, and shall cause each of its Subsidiaries to, conduct its business in
material compliance with all Environmental Laws applicable to it, including those relating to the
generation, handling, use, storage, and disposal of any Hazardous Material. Each Obligor shall,
and shall cause each of its Subsidiaries to, take prompt and appropriate action to respond to any
material non-compliance with Environmental Laws and shall regularly report to the Agent on such
response.

          (b) Without limiting the generality of the foregoing, the Obligors shall submit to the Agent
and the Lenders (i) annually on each anniversary of the Closing Date, an update of the status of
each such environmental material non-compliance or liability issue, and (ii) within 5 Business Days
after receipt thereof, a copy of any environmental audits or reports delivered or deliverable to
the Term Loan Agent that relate to the Collateral. The Agent may request copies of technical
reports prepared by the Obligors and their communications with any Governmental Authority to
determine whether the Obligors or any of their Subsidiaries are proceeding reasonably to correct,
cure, or contest in good faith any alleged non-compliance or environmental liability. If requested
by the Agent following an alleged material non-compliance with Environmental Laws, or upon the
Agent having a reasonable belief that any such material non-compliance with Environmental Laws may
exist, the Obligors shall, at the Agent’s request and at the Obligors’ expense: (1) retain an
independent environmental engineer acceptable to the Agent to evaluate the site, including tests if
appropriate, where the material non-compliance or alleged material non-compliance with
Environmental Laws has occurred and prepare and deliver to the Agent, in sufficient quantity for
distribution by the Agent to the Lenders, a report setting forth the results of such evaluation, a
proposed plan for responding to any environmental problems described therein, and an estimate of
the costs thereof; and (2) provide to the Agent a supplemental report of such engineer whenever the
scope of the environmental problems, or the response thereto or the estimated costs thereof, shall
increase in any material respect.

          (c) At any time during the continuance of an Event of Default, and at any other time during
which the Obligors have not complied with the requirements of clause (b) above, the Agent and its
representatives will have the right at any reasonable time to enter and visit the Real Estate and
any other place where any property of the Obligors is located for the purposes of observing the
Real Estate, taking and removing soil or groundwater samples, and conducting tests on any part of
the Real Estate, all at the Obligors’ expense. The Agent is under no duty, however, to visit or
observe the Real Estate or to conduct tests, and any such acts by the Agent will be solely for the
purposes of protecting the Agent’s Liens and preserving the Agent and the Lenders’ rights under the
Loan Documents. No site visit, observation, or testing by the Agent and the Lenders will result in
a waiver of any default of the Obligors or impose any liability on the Agent or the Lenders. In no
event will any site visit, observation, or testing by the Agent be a representation that hazardous
substances are or are not present in, on, or under the Real Estate, or that there has been or will
be compliance with any Environmental Law. Neither any Obligor nor any of its Subsidiaries nor any
other party is entitled to rely on any site visit, observation, or testing by the Agent. The Agent
and the Lenders owe no duty of care to protect the Obligors or any other party against, or to
inform the Obligors or any other party of, any Hazardous Materials or any other adverse condition
affecting the Real Estate. The Agent may in its discretion disclose to the Obligors or to any
other party if so required by law any report or findings made as a result of, or in connection
with, any site visit, observation, or testing by the Agent. The Obligors understand and agree that
the Agent makes no warranty or representation to the Obligors or any other party regarding the
truth, accuracy, or completeness of any such report or findings that may be disclosed. The
Obligors also understand that depending on the results of any site visit, observation, or testing
by the Agent and disclosed to the Obligors, the Obligors may have a legal obligation to notify one
or more environmental agencies of the results. The Obligors also understand that such reporting
requirements are site-specific and are to be evaluated by the Obligors without advice or assistance
from the Agent. In each instance, the Agent will give the Obligors reasonable notice before
entering the Real Estate or any other place the Agent is

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permitted to enter under this Section. The Agent will make reasonable efforts to avoid
interfering with the Obligors’ use of the Real Estate or any other property in exercising any
rights provided hereunder and will repair any damage to the Real Estate or any other property of
the Obligors caused by the Agent in exercising any rights, ordinary wear and tear excepted.

          10.1.13 Landlord and Storage Agreements. Upon request, provide Agent with copies of
all existing agreements, and promptly after execution thereof provide Agent with copies of all
future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or
other Person that owns any premises at which any Collateral may be kept or that otherwise may
possess or handle any Collateral.

          10.1.14 Supporting Letter of Credit. The Borrowers shall deliver or cause to be
delivered to the Agent and shall maintain the Supporting Letter of Credit in an aggregate stated
amount of at least $40,000,000 on terms acceptable to Agent; provided, that such Supporting Letter
of Credit may be reduced or terminated after the Closing Date at any time all of the following
conditions are satisfied: (a) no Default or Event of Default has occurred and is continuing,
(b) Agent has received satisfactory results of its initial post-closing field examination of
Holdings and the Company, (c) the Revolver Commitment of Bank of America has been successfully
syndicated (with Bank of America achieving its targeted hold level described in the Fee Letter),
and (d) average daily Availability for the most recently ended month is greater than $40,000,000
after giving pro forma effect to such reduction or termination.

     10.2 Negative Covenants. As long as any Commitments or Obligations are outstanding,
each of Holdings and each Borrower covenants and agrees with the Lenders that, unless the Required
Lenders shall otherwise consent in writing:

          10.2.1 Indebtedness. Neither Holdings nor any Subsidiary will create, incur, assume
or permit to exist any Indebtedness, except:

          (a) Indebtedness created under the Loan Documents;

          (b) Indebtedness created under the Term Loan Agreement, or Refinancing Indebtedness in respect
thereof, in an aggregate principal amount at any time outstanding not to exceed the difference of
(i) $302,000,000 less (ii) 100% of all scheduled payments made of the principal amount thereof
(other than payments from proceeds of Refinancing Indebtedness) and 25% of all prepayments made of
the principal amount thereof (other than prepayments from proceeds of Refinancing Indebtedness)
(the “Permitted Term Loan Facility”);

          (c) Indebtedness set forth on Schedule 10.2.1, but not any extensions, renewals or
replacements of any such Indebtedness;

          (d) Indebtedness of any Borrower to any other Borrower; provided, that such Indebtedness shall
not have been transferred to any other Person (other than another Borrower);

          (e) Guarantees
incurred in compliance with Section 10.2.4(f);

          (f) Indebtedness of Holdings or any Subsidiary incurred to finance the acquisition,
construction or improvement of any fixed or capital assets, including Capital Lease Obligations and
Synthetic Lease Obligations, and extensions, renewals or replacements of any such Indebtedness that
do not increase the outstanding principal amount thereof; provided, that (A) such Indebtedness is
incurred prior to or within 180 days after such acquisition or the completion of such construction
or improvement and (B) the aggregate principal amount of Indebtedness permitted by this
clause (f) shall not exceed $5,000,000 at any time outstanding;

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          (g) Indebtedness of any Person that becomes a Subsidiary of Holdings (or of any Person not
previously a Subsidiary of Holdings that is merged or consolidated with or into a Subsidiary of
Holdings in a Permitted Acquisition) after the date hereof, or Indebtedness of any Person that is
assumed by any such Subsidiary in connection with an Acquisition of assets by such Subsidiary in a
Permitted Acquisition; provided that (i) such Indebtedness exists at the time such Person becomes a
Subsidiary (or is so merged or consolidated) or such assets are acquired and is not created in
contemplation of or in connection with such Person becoming a Subsidiary (or such merger or
consolidation) or such assets being acquired, (ii) the aggregate principal amount of Indebtedness
permitted by this clause (g) shall not exceed $15,000,000 at any time outstanding and (iii) neither
Holdings nor any Subsidiary (other than such Person or the Subsidiary with which such Person is
merged or consolidated or that so assumes such Person’s Indebtedness) shall Guarantee or otherwise
become liable for the payment of such Indebtedness;

          (h) Indebtedness owed in respect of any overdrafts and related liabilities arising from
treasury, depository and cash management services or in connection with any automated
clearing-house transfers of funds;

          (i) Indebtedness under performance, surety, statutory, insurance, appeal or similar bonds or
with respect to workers’ compensation claims, in each case incurred in the Ordinary Course of
Business;

          (j) any Holdings Subordinated Loans;

          (k) the Crack Spread Hedging Support LC;

          (l) the Debt Service Support LC; and

          (m) so long as no Low Availability Period shall exist at the time of incurrence thereof or
arise as a result thereof immediately after such incurrence, any other unsecured Indebtedness of
the Company and the other Subsidiaries.

          10.2.2 Liens. Neither Holdings nor any Subsidiary will create, incur, assume or
permit to exist any Lien on any asset now owned or hereafter acquired by it, or assign or sell any
income or revenues (including accounts receivable) or rights in respect of any thereof, except the
following (collectively, “Permitted Liens”):

          (a) Liens created under the Loan Documents;

          (b) Permitted Encumbrances;

          (c) any Lien on any asset of Holdings or any Subsidiary (or of the Acquired Company and its
Affiliates) existing on the Closing Date and set forth on Schedule 10.2.2; provided, that (A) such
Lien shall not apply to any other asset of Holdings or any Subsidiary and (B) such Lien shall
secure only those obligations that it secures on the Closing Date;

          (d) Liens on fixed or capital assets acquired, constructed or improved by the Company or any
other Subsidiary; provided, that (A) such Liens secure Indebtedness permitted by Section 10.2.1(f),
(B) such Liens and the Indebtedness secured thereby are incurred prior to or within 180 days after
such acquisition or the completion of such construction or improvement, (C) the Indebtedness
secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or
capital assets and (D) such Liens shall not apply to any other asset of Holdings or any Subsidiary;

          (e) any Lien existing on any asset prior to the Acquisition thereof by the Company or any of
its Subsidiaries; provided that (A) such Lien is not created in contemplation of or in connection

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with such Acquisition, (B) such Lien shall not apply to any other asset of Holdings or any
Subsidiary and (C) such Lien shall secure only those obligations that it secures on the date of
such Acquisition;

          (f) Liens created under the Term Loan Documents or any other definitive documentation for the
Permitted Term Loan Facility; provided, that (A) such Liens secure only Indebtedness permitted by
Section 10.2.1(b) and other obligations thereunder not constituting Indebtedness, (B) such Liens do
not apply to any asset of Holdings or any Subsidiary other than assets that constitute Collateral
(other than Excluded Deposit Accounts and cash held therein and all securities, securities
entitlements, investment property and financial assets arising therefrom) and that are subject to a
Lien granted under a Security Document to secure the Obligations and (C) such Liens are subject to
the terms of the Intercreditor Agreement;

          (g) Liens on the Crack Spread Hedging Cash Collateral to secure obligations of the Company
under the Crack Spread Hedging Agreement or the Crack Spread Hedging Support LC; provided, that the
aggregate principal amount of the Crack Spread Hedging Cash Collateral subject to the Liens
permitted by this clause (g) shall not exceed $50,000,000;

          (h) Liens on the Debt Service Support Cash Collateral to secure obligations of the Company
under the Debt Service Support LC; provided, that the aggregate principal amount of the Debt
Service Support Cash Collateral subject to the Liens permitted by this clause (h) shall not exceed
105% of the stated amount of the Debt Service Support LC; and

          (i) other Liens securing Indebtedness or other obligations in an aggregate principal amount
not to exceed $1,000,000 at any time outstanding.

     Notwithstanding anything herein to the contrary, neither Holdings nor any Subsidiary will
create, incur, assume or permit to exist any consensual Lien on any asset now owned or hereafter
acquired by it to secure the obligations of the Company under the Earnout Agreement.

          10.2.3 Sale/Leaseback Transactions. Neither Holdings nor any Subsidiary will enter
into any Sale/Leaseback Transaction.

          10.2.4 Investments, Loans, Advances, Guarantees and Acquisitions. Neither Holdings
nor any Subsidiary will purchase, hold, acquire (including pursuant to any merger or consolidation
with any Person that was not a Wholly Owned Subsidiary prior thereto) assets acquired other than in
the Ordinary Course of Business that, following the acquisition thereof, would constitute a
substantial portion of the assets of Holdings and the Subsidiaries, taken as a whole, or make or
otherwise permit to exist any Investment in any other Person or any Acquisition, except:

          (a) Permitted Acquisitions;

          (b) Investments in Permitted Investments;

          (c) Investments existing on the Closing Date and set forth on Schedule 10.2.4 (but not any
additions thereto (including any capital contributions) made after the Closing Date);

          (d) Investments by Holdings in the Equity Interests of the Borrower and Investments by the
Borrower and the other Subsidiaries in the Equity Interests of their respective Subsidiaries;
provided, that (i) such Subsidiaries are Subsidiaries prior to such Investments and (ii) any such
Equity Interests held by any Obligor shall be pledged pursuant to this Agreement;

          (e) loans or advances made by the Company or any other Subsidiary to any Subsidiary; provided,
that the Indebtedness resulting therefrom is permitted by Section 10.2.1(d);

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          (f) Permitted Guarantees and Guarantees by Holdings or any Subsidiary of Indebtedness or other
obligations of Holdings or any other Obligor; provided, that (i) a Subsidiary that is not also a
Borrower hereunder shall not Guarantee any Indebtedness or other obligations under or pursuant to
the Term Loan Facility, (ii) Holdings shall not Guarantee any Indebtedness or other obligations of
any Subsidiary except for any such Guarantees under the Loan Documents or under the definitive
documentation for the Permitted Term Loan Facility and (iii) no Subsidiary shall Guarantee any
Indebtedness or other obligation of Holdings except for any such Guarantees under the Loan
Documents or under the definitive documentation for the Permitted Term Loan Facility;

          (g) Investments received in connection with the bankruptcy or reorganization of, or settlement
of delinquent accounts and disputes with, customers and suppliers, in each case in the Ordinary
Course of Business;

          (h) Investments made as a result of the receipt of noncash consideration from a sale,
transfer, lease or other disposition of any asset in compliance with Section 10.2.6;

          (i) Investments in the form of Hedging Agreements permitted by Section 10.2.7;

          (j) payroll, travel and similar advances to directors and employees of Holdings or any
Subsidiary to cover matters that are expected at the time of such advances to be treated as
expenses for accounting purposes and that are made in the Ordinary Course of Business;

          (k) loans or advances to directors and employees of Holdings or any Subsidiary made in the
Ordinary Course of Business; provided, that the aggregate amount of such loans and advances
outstanding at any time shall not exceed $100,000;

          (l) purchases of crude oil and other inventory, supplies and materials in the Ordinary Course
of Business; and

          (m) other Investments (other than Permitted Acquisitions); provided, that, at the time each
such Investment is purchased or made, no Low Availability Period shall exist before or immediately
after giving pro forma effect thereto.

          10.2.5 Mergers, Consolidations and Other Fundamental Changes. Neither Holdings nor
any Subsidiary will merge into or consolidate with any other Person, or permit any other Person to
merge into or consolidate with it, or liquidate or dissolve, except that (a) the Company may
consummate the Merger and (b) if, at the time thereof and immediately after giving effect thereto
no Default or Event of Default shall have occurred and be continuing, (i) any Subsidiary may merge
into a Borrower in a transaction in which a Borrower is the surviving corporation, (ii) any
Subsidiary (other than an Obligor) may merge into or consolidate with any other Subsidiary (other
than an Obligor) in a transaction in which the surviving entity is a Subsidiary and (iii) any
Subsidiary that is an Inactive Subsidiary may liquidate or dissolve if the Borrowers determine in
good faith that such liquidation or dissolution is in the best interests of the Borrowers and is
not adverse to the interests of the Lenders.

          10.2.6 Asset Sales. Neither Holdings nor any Subsidiary will sell, transfer, lease or
otherwise dispose of (it being understood that a Casualty to, or a Condemnation of, any asset shall
not be deemed to be a disposition thereof) any asset, including any Equity Interest owned by it,
nor will any Subsidiary issue any additional Equity Interest in such Subsidiary (other than to
Holdings or any other
Subsidiary in compliance with Sections 10.2.4 and 10.2.10) (each of the foregoing, an
“Asset Disposition”), except:

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          (a) sales, transfers and other dispositions of inventory, obsolete, worn-out or surplus
equipment, cash and Permitted Investments in the Ordinary Course of Business;

          (b) sales, transfers and other dispositions to a Borrower or any other Borrower;

          (c) issuances and sales by the Company of its common stock to management or employees of the
Company or any of its Subsidiaries under any employee stock option or stock purchase plan or
employee benefit plan (the common stock so issued and sold in compliance with this clause (c) being
referred to as the “Permitted Compensation Incentive Equity Interests”); provided that the
Permitted Compensation Incentive Equity Interests (i) shall have no voting rights and (ii) shall
not, at any time, represent more than 5.0% of aggregate equity value represented by the issued and
outstanding common stock of the Company; and

          (d) sales, transfers and other dispositions of assets (other than Equity Interests in any
Subsidiary) that are not permitted by any other clause of this Section; provided, that (i) no
Default or Event of Default exists at the time of or would be created by such Asset Disposition,
(ii) the aggregate fair market value of all assets sold, transferred or otherwise disposed of in
reliance on this clause shall not exceed $5,000,000 in the aggregate and (iii) all sales, transfers
and other dispositions made in reliance on this clause shall be made for fair value and at least
75% cash consideration.

          10.2.7 Hedging Agreements.

          (a) Neither Holdings nor any Subsidiary will enter into any Hedging Agreement except (i) the
Crack Spread Hedging Agreement, (ii) Hedging Agreements entered into to hedge or mitigate risks to
which Holdings or any Subsidiary has actual exposure (other than in respect of Indebtedness of
Holdings or any Subsidiary) and not for speculative purposes and (iii) Hedging Agreements entered
into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates,
from one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of Holdings or any Subsidiary and not for speculative purposes.

          (b) During the term (including any extensions thereof) of the Crack Spread Hedging Agreement,
neither Holdings nor any Subsidiary will enter into any Hedging Agreement or other arrangement with
any person the economic effect of which, in respect of the Company, is opposite to the economic
effect of the Crack Spread Hedging Agreement.

          10.2.8 Restricted Payments; Certain Payments of Indebtedness; Payments under the Earnout
Agreement.

          (a) Neither Holdings nor any Subsidiary will declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise)
to do so, except that

     (i) any Subsidiary (other than the Company) may declare and pay dividends or
make other distributions with respect to its capital stock, partnership or
membership interests or other similar Equity Interests, ratably to the holders of
such Equity Interests;

     (ii) the Company may make Restricted Payments (including through redemption or
repurchase of such Equity Interests) on account of Permitted Compensation Incentive
Equity Interests, in an amount not exceeding $2,000,000 in the aggregate for any
Fiscal Year, as such amount may be increased pursuant to the
immediately following proviso (the “Annual Compensation Incentive
Amount”), pursuant to and in accordance with any employee stock option or stock
purchase plan or

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employee benefit plan for management or employees of the Company or
any of its Subsidiaries adopted by the board of directors of the Company or such
Subsidiary; provided that, to the extent the Annual Compensation Incentive Amount
for any Fiscal Year exceeds the aggregate amount of Restricted Payments made under
this clause (ii) during such Fiscal Year, the Annual Compensation Incentive Amount
for the immediately succeeding Fiscal Year shall be increased by the amount of such
excess; provided further, however, that the amount of Restricted Payments made under
this clause (ii) shall not exceed $7,000,000 in the aggregate;

     (iii) so long as no Default or Event of Default shall have occurred and be
continuing or would result therefrom, (A) the Company may make payments in cash to
Holdings on account of Parent’s corporate expense allocation to Holdings and its
Subsidiaries, the amount of such payments not to exceed (1) $17,500,000 in the
aggregate for the period from the Closing Date to June 30, 2009, (2) $17,500,000 in
the aggregate for the period from July 1, 2009 to June 30, 2010 and (3) $7,000,000
in the aggregate for each period of 12 consecutive months commencing on July 1 of
any year (beginning with July 1, 2010) and ending on June 30 of the immediately
following year (with the Company hereby agreeing to provide to the Agent, upon
request, reasonable detail as to such corporate expense allocation), and (B)
Holdings may make payments to Parent and its Affiliates in cash in an aggregate
amount not exceeding the aggregate amount of the payments received by Holdings from
the Company pursuant to the foregoing clause (A);

     (iv) so long as no Low Availability Period shall exist before and after giving
pro forma effect thereto, (A) the Company may make payments in cash to Holdings and
(B) Holdings may declare, make or pay Restricted Payments in cash in an aggregate
amount not exceeding the aggregate amount of dividends received by Holdings from the
Company pursuant to the foregoing clause (A); and

     (v) Holdings may make payments permitted pursuant to Section 10.2.8(b)(iv)

          (b) Neither Holdings nor any Subsidiary will make or agree to pay or make, directly or
indirectly, any payment or other distribution (whether in cash, securities or other property) of or
in respect of principal of or interest on any Indebtedness, or any payment or other distribution
(whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
Indebtedness, except:

     (i) payments of or in respect of Indebtedness created under the Loan Documents;

     (ii) regularly scheduled interest and principal payments as and when due in respect of
any Indebtedness (other than Holdings Subordinated Loans or the Permitted Term Loan
Facility);

     (iii) (A) regularly scheduled interest and principal payments in respect of the
Permitted Term Loan Facility, (B) mandatory prepayments under the Permitted Term Loan
Facility made with proceeds of a Prepayment Event (as defined in the Term Loan Agreement on
the date hereof) and (C) other mandatory prepayments and voluntary prepayments under the
Permitted Term Loan Facility; provided that at the time of any such payment pursuant to the
foregoing clause (C), (1) no Default under (x) Section 10.1.4(a)(i) or (ii) or (y) Section
11.1(j) in respect of any involuntary Insolvency Proceeding concerning any Obligor
(collectively, the
“Specified Defaults”) shall have occurred and be continuing, (2) no Event of
Default shall have occurred and be continuing, (3) immediately before and immediately after
giving pro forma

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effect thereto, Availability for the most recently ended month shall be
greater than 10% of the total Revolver Commitments (the “Availability Threshold”),
and (4) the Agent shall have received a certificate of a Financial Officer of the Borrower
Agent stating that the conditions set forth in clauses (1), (2) and (3) hereof have been
satisfied (together with pro forma calculations for item (3)); provided further, that any
payment of Excess Cash Flow (as defined in the Term Loan Agreement) under the Term Loan
Agreement that is prohibited from being made hereunder maybe made at such future time to
the extent that Availability exceeds the Availability Threshold and no Specified Default or
Event of Default has occurred and is continuing and a certificate substantially the same as
required by clause (4) above shall have been received by the Agent; and provided further,
that for the purposes of this Section 10.2.8(b)(iii) only, notwithstanding Section 1.4,
Specified Defaults and Events of Default shall cease to be continuing upon cure of such
Specified Default or Event of Default and the passage of five (5) Business Days thereafter
(the “Remedy Period”), it being understood that any cure of such Specified Default or Event
of Default shall have no effect on any remedy exercised by the Agent during such Remedy
Period.

     (iv) so long as no Low Availability Period shall exist immediately after giving pro
forma effect thereto interest and principal payments in respect of Holdings Subordinated
Loans, to the extent not prohibited by the Holdings Subordination Agreement;

     (v) refinancings of Indebtedness to the extent permitted by Section 10.2.1; and

     (vi) payments of secured Indebtedness (other than Indebtedness incurred under the
Permitted Term Loan Facility) that becomes due as a result of the voluntary sale or
transfer of the assets securing such Indebtedness in transactions permitted hereunder.

          (c) Notwithstanding anything herein to the contrary, neither Holdings nor any Subsidiary will
make any payments to the Seller or any of its Affiliates in respect of the obligations owed under
the Earnout Agreement unless, at the time of and immediately after giving effect to such payment,
no Default or Event of Default shall have occurred and be continuing or would result therefrom.

          10.2.9 Transactions with Affiliates.

          (a) Neither Holdings nor any Subsidiary will sell, lease, license or otherwise transfer any
assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in
any other transactions with, any of its Affiliates (including Parent), except (i) transactions in
the Ordinary Course of Business that are at prices and on terms and conditions not less favorable
to Holdings or such Subsidiary than those that would prevail in arm’s-length transactions with
unrelated third parties, (ii) transactions between or among the Subsidiaries not involving any
other Affiliate, (iii) any Restricted Payment permitted by Section 10.2.8, (iv) compensation and
indemnification of, and other employment arrangements with, directors, officers and employees of
Holdings or any Subsidiary entered in the Ordinary Course of Business, (v) Investments permitted
under Section 10.2.4(d) and (vi) loans and advances permitted under Sections 10.2.4(j) and
10.2.4(k).

          (b) Neither Holdings nor any Subsidiary will permit Parent or any of its Affiliates (other
than Holdings and the Subsidiaries) to own or hold any material asset or Governmental Approval that
is necessary for the ownership of the Krotz Springs Refinery and the operation thereof
substantially in the manner as conducted on the Closing Date.

          10.2.10 Business of Holdings and Subsidiaries.

          (a) Notwithstanding anything herein to the contrary, Holdings (i) will not engage in any
business or activity other than the ownership of the outstanding Equity Interests in the Company
and

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activities incidental thereto and (ii) will not own or acquire any assets (other than Equity
Interests in the Company, cash and Permitted Investments) or incur any liabilities (other than
Indebtedness permitted to be incurred by it under Section 10.2.1, liabilities imposed by law,
including liabilities in respect of Taxes, and other liabilities incidental to its existence and
permitted business and activities).

          (b) Neither the Company nor any other Subsidiary will engage at any time in any business or
activity other than the ownership and operation of the Krotz Springs Refinery and activities
directly related or incidental thereto.

          10.2.11 Restrictive Agreements. Neither Holdings nor any Subsidiary will, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition on (a) the ability of Holdings or any Subsidiary to create,
incur or permit to exist any Lien on any of its assets to secure any Obligations or (b) the ability
of any Subsidiary (other than the Borrower) to pay dividends or other distributions with respect to
its Equity Interests or to make or repay loans or advances to the Company or any other Domestic
Subsidiary or the ability of Holdings or any Domestic Subsidiary to Guarantee the Obligations;
provided, that (i) the foregoing shall not apply to (A) restrictions and conditions imposed by law
or by any Loan Document and (B) restrictions and conditions imposed by the Term Loan Documents, as
such restrictions and conditions are in effect on the date hereof, or by the Intercreditor
Agreement, and (ii) clause (a) of the foregoing shall not apply to (A) restrictions or conditions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement (other than
the Permitted Term Loan Facility) if such restrictions or conditions apply only to the assets
securing such Indebtedness or (B) customary provisions in leases and other agreements restricting
the assignment thereof.

          10.2.12 Amendment of Material Documents. Neither Holdings nor any Subsidiary will:

          (a) (i) amend, restate, supplement or otherwise modify its certificate of incorporation,
bylaws or other organizational documents, or (ii) amend, restate, supplement or otherwise modify,
or waive any of its rights under, or terminate or release, the Stock Purchase Agreement or the
Offtake Agreement, in each case to the extent any of the foregoing could reasonably be expected to
be adverse in any material respect to Holdings and the Subsidiaries or to the interests of the
Agent or the Lenders, or

          (b) amend, restate, supplement or otherwise modify any Term Loan Document or any other
definitive documentation for the Permitted Term Loan Facility, to the extent any of the foregoing
could reasonably be expected to materially impair (i) the rights of or benefits available to the
Lenders under any Loan Document in respect of any payment obligation of any Obligor thereunder or
(ii) or the ability of any Obligor to perform any of its material obligations under any Loan
Document.

          10.2.13 Fixed Charge Coverage Ratio. During the existence of any Low Availability
Period, the Borrowers will not permit the Fixed Charge Coverage Ratio to be less than 1.10 to 1.00
for (a) the Four-Quarter Period most recently ended prior to such Low Availability Period or (b)
for any Four-Quarter Period ending during such Low Availability Period.

          10.2.14 Capital Expenditures.

          (a) During the period from the Closing Date to December 31, 2008 (the “Subject Period”),
neither Holdings nor any Subsidiary will make any Capital Expenditures during any Low
Availability Period if, after giving effect thereto, the aggregate amount of Capital
Expenditures made during the Subject Period would exceed $15,000,000 in the aggregate.

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          (b) During the period from January 1, 2009 through December 31, 2009 and for each Fiscal Year
thereafter, neither Holdings nor any Subsidiary will make any Capital Expenditures during any Low
Availability Period if, after giving effect thereto, the aggregate amount of Capital Expenditures
made during such Fiscal Year would exceed (i) $25,000,000 in the aggregate, or (ii) if routine
refinery turnaround is performed or scheduled to be performed during such Fiscal Year, $45,000,000
in the aggregate.

          10.2.15 Fiscal Year. Neither Holdings nor any Subsidiary will change its Fiscal
Year-end to a date other than December 31.

          10.2.16 Preferred Equity Interests. Neither Holdings nor any Subsidiary will issue
any Preferred Equity Interests; provided, that Holdings may issue Preferred Equity Interests that
are not Disqualified Equity Interests.

          10.2.17 No Foreign Subsidiaries. Neither Holdings nor any Subsidiary will acquire,
establish or permit to exist any Subsidiary that is a Foreign Subsidiary.

          10.2.18 Parent Credit Agreements.  Notwithstanding anything to the contrary set forth
herein, including in Sections 10.2.1 and 10.2.4, neither Holdings nor any Subsidiary will become a
party to, or otherwise create, incur, assume or permit to exist any Indebtedness (whether as a
principal obligor or a guarantor) of Holdings or any Subsidiary under the Existing Parent Term
Credit Agreement or Existing Parent Revolving Credit Agreement.

SECTION 11 EVENTS OF DEFAULT; REMEDIES ON DEFAULT

     11.1 Events of Default. Each of the following shall be an “Event of Default”
hereunder, if the same shall occur for any reason whatsoever, whether voluntary or involuntary, by
operation of law or otherwise:

          (a) A Borrower fails to pay any Obligations (other than Bank Product Obligations) when due
(whether at stated maturity, on demand, upon acceleration or otherwise);

          (b) Any representation, warranty or other written statement of an Obligor made in connection
with any Loan Documents is incorrect or misleading in any material respect when given or deemed
given pursuant to the terms of this Agreement;

          (c) An Obligor breaches or fails to perform (i) any covenant or agreement contained in
Sections 7.2, 8.1, 8.2.4, 8.2.5, 8.6.2(a), 10.1.1(a), 10.1.2, 10.1.7, 10.1.10 or 10.2 or (ii) any
covenant or agreement contained in Sections 10.1.4, 10.1.5 or 10.1.12 and such breach or failure is
not cured within 15 days after a Senior Officer of such Obligor has knowledge thereof or receives
notice thereof from Agent, whichever is sooner; provided, that such notice and opportunity to cure
shall not apply if the breach or failure to perform is not capable of being cured within such
period or is a willful breach by an Obligor;

          (d) An Obligor breaches or fails to perform any other covenant contained in any Loan Documents
(other than those set forth in clauses (a), (b) or (c) above), and such breach or failure is not
cured within 30 days after a Senior Officer of such Obligor has knowledge thereof or receives
notice thereof from Agent, whichever is sooner; provided, that such notice and opportunity to cure
shall not apply if the breach or failure to perform is not capable of being cured within such
period or is a willful breach by an Obligor;

          (e) A Guarantor repudiates, revokes or attempts to revoke its Guarantee of the Obligations; an
Obligor denies or contests the validity or enforceability of any Loan Documents or

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Obligations, or
the perfection or priority of any Lien granted to Agent; or any Loan Document ceases to be in full
force or effect for any reason (other than a waiver or release by Agent and Lenders);

          (f) Any breach by or default of an Obligor occurs under any Material Indebtedness, if the
maturity of or any payment with respect to such Indebtedness may be accelerated or demanded due as
a result of such breach and continues beyond any applicable grace period;

          (g) Any judgment or order for the payment of money is entered against an Obligor in an amount
that exceeds, individually or cumulatively with all unsatisfied judgments or orders against all
Obligors, $5,000,000 (net of any insurance coverage therefor acknowledged in writing by the insurer
without a reservation of rights), unless a stay of enforcement of such judgment or order is in
effect, by reason of a pending appeal or otherwise;

          (h) A loss, theft, damage or destruction occurs with respect to any Collateral if the amount
not covered by insurance exceeds $10,000,000;

          (i) (A) Any Obligor is enjoined, restrained or in any way prevented by any Governmental
Authority from conducting any material part of its business; (B) an Obligor suffers the loss,
revocation or termination of any material license, permit, lease or agreement necessary to its
business; (C) ceases operations of any material part of such Obligor’s business for a material
period of time (including as a result of any condemnation); an Obligor agrees to or commences any
liquidation, dissolution or winding up of its affairs; or an Obligor ceases to be Solvent;

          (j) An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of
settlement, extension or composition to its unsecured creditors generally; a trustee is appointed
to take possession of any substantial Property of or to operate any of the business of an Obligor;
or an Insolvency Proceeding is commenced against an Obligor and: the Obligor consents to
institution of the proceeding, the petition commencing the proceeding is not timely controverted by
the Obligor, the petition is not dismissed within 30 days after filing, or an order for relief is
entered in the proceeding;

          (k) An ERISA Event that in the opinion of the Required Lenders could reasonably be expected to
result in a Material Adverse Effect;

          (l) An Obligor or any of its Senior Officers is criminally indicted or convicted for (i) a
felony committed in the conduct of the Obligor’s business, or (ii) violating any state or federal
law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal
Exportation of War Materials Act) that could lead to forfeiture of any material Property or any
Collateral; or

          (m) the Intercreditor Agreement for any reason shall cease to be, or shall be asserted in
writing by Holdings or any Subsidiary, not to be, binding on or enforceable against any such party
(or on or against any Person on whose behalf the Term Loan Agent makes any covenant or agreement
therein), other than in accordance with its terms;

          (n) there shall have occurred any event or condition adversely affects the ability of the
Obligors to access any ExxonMobil Pipeline for the purpose of obtaining delivery of crude oil to
the Krotz Springs Refinery in each case that, in the opinion of the Required Lenders (taking into
consideration the alternative arrangements available to the Borrowers and the Subsidiaries with
respect to delivery of crude oil to and transportation of refined products from the Krotz Springs
Refinery), could reasonably be expected to result in a Material Adverse Effect; or

          (o) A Change of Control occurs.

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     11.2 Remedies upon Default. If an Event of Default described in Section
11.1(j) occurs with respect to any Borrower, then to the extent permitted by Applicable Law, all
Obligations shall become automatically due and payable and all Commitments shall terminate, without
any action by Agent or notice of any kind. In addition, or if any other Event of Default exists,
Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or
more of the following from time to time:

          (a) declare any Obligations immediately due and payable, whereupon they shall be due and
payable without diligence, presentment, demand, protest or notice of any kind, including notice of
intent to accelerate and notice of acceleration, all of which are hereby waived by Borrowers to the
fullest extent permitted by law;

          (b) terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing
Base;

          (c) require Obligors to Cash Collateralize LC Obligations, Bank Product Obligations and other
Obligations that are contingent or not yet due and payable, and, if Obligors fail promptly to
deposit such Cash Collateral, Agent may (and shall upon the direction of Required Lenders) advance
the required Cash Collateral as Revolver Loans (whether or not an Overadvance exists or is created
thereby, or the conditions in Section 6 are satisfied); and

          (d) exercise any other rights or remedies afforded under any agreement, by law, at equity or
otherwise, including the rights and remedies of a secured party under the UCC. Such rights and
remedies include the rights to (i) take possession of any Collateral; (ii) require Borrowers to
assemble Collateral, at Borrowers’ expense, and make it available to Agent at a place designated by
Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises
until sold (and if the premises are owned or leased by a Borrower, Borrowers agree not to charge
for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or
after any further manufacturing or processing thereof, at public or private sale, with such notice
as may be required by Applicable Law, in lots or in bulk, at such locations, all as Agent, in its
discretion, deems advisable. Each Borrower agrees that 10 days notice of any proposed sale or
other disposition of Collateral by Agent shall be reasonable. Agent shall have the right to
conduct such sales on any Obligor’s premises, without charge, and such sales may be adjourned from
time to time in accordance with Applicable Law. Agent shall have the right to sell, lease or
otherwise dispose of any Collateral for cash, credit or any combination thereof, and Agent may
purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual
payment of the purchase price, may set off the amount of such price against the Obligations.

     11.3 License. Agent is hereby granted until Full Payment of the Obligations an
irrevocable, non-exclusive license or other right to use, license or sub-license (without payment
of royalty or other compensation to any Person) any or all Intellectual Property of Borrowers,
computer hardware and software, trade secrets, brochures, customer lists, promotional and
advertising materials, labels, packaging materials and other Property, in advertising for sale,
marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or
remedies with respect to, any Collateral. Each Borrower’s rights and interests under Intellectual
Property shall inure to Agent’s benefit.

     11.4 Setoff. At any time during an Event of Default, Agent, Issuing Bank, Lenders,
and any of their Affiliates are authorized, to the fullest extent permitted by Applicable Law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final,
in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by Agent, Issuing Bank, such Lender or such
Affiliate to or for the credit or the account of
an Obligor against any Obligations, irrespective of whether or not Agent, Issuing Bank, such Lender
or such Affiliate shall have made any
demand under this Agreement or any other Loan Document and although such Obligations may be
contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or
such

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Affiliate different from the branch or office holding such deposit or obligated on such
indebtedness. The rights of Agent, Issuing Bank, each Lender and each such Affiliate under this
Section are in addition to other rights and remedies (including other rights of setoff) that such
Person may have.

     11.5 Remedies Cumulative; No Waiver.

          11.5.1 Cumulative Rights. All covenants, conditions, provisions, warranties,
guaranties, indemnities and other undertakings of Borrowers contained in the Loan Documents are
cumulative and not in derogation or substitution of each other. In particular, the rights and
remedies of Agent and Lenders are cumulative, may be exercised at any time and from time to time,
concurrently or in any order, and shall not be exclusive of any other rights or remedies that Agent
and Lenders may have, whether under any agreement, by law, at equity or otherwise.

          11.5.2 Waivers. The failure or delay of Agent or any Lender to require strict
performance by Borrowers with any terms of the Loan Documents, or to exercise any rights or
remedies with respect to Collateral or otherwise, shall not operate as a waiver thereof nor as
establishment of a course of dealing. All rights and remedies shall continue in full force and
effect until Full Payment of all Obligations. No modification of any terms of any Loan Documents
(including any waiver thereof) shall be effective, unless such modification is specifically
provided in a writing directed to Borrowers and executed by Agent or the requisite Lenders, and
such modification shall be applicable only to the matter specified. No waiver of any Default or
Event of Default shall constitute a waiver of any other Default or Event of Default that may exist
at such time, unless expressly stated. If Agent or any Lender accepts performance by any Obligor
under any Loan Documents in a manner other than that specified therein, or during any Default or
Event of Default, or if Agent or any Lender shall delay or exercise any right or remedy under any
Loan Documents, such acceptance, delay or exercise shall not operate to waive any Default or Event
of Default nor to preclude exercise of any other right or remedy. It is expressly acknowledged by
Borrowers that any failure to satisfy a financial covenant on a measurement date shall not be cured
or remedied by satisfaction of such covenant on a subsequent date.

SECTION 12 AGENT

     12.1 Appointment, Authority and Duties of Agent.

          12.1.1 Appointment and Authority. Each Lender irrevocably appoints and designates
Bank of America as Agent hereunder. Agent may, and each Lender authorizes Agent to, enter into all
Loan Documents to which Agent is intended to be a party and accept all Security Documents, for
Agent’s benefit and the Pro Rata benefit of Lenders. Each Lender agrees that any action taken by
Agent or Required Lenders in accordance with the provisions of the Loan Documents, and the exercise
by Agent or Required Lenders of any rights or remedies set forth therein, together with all other
powers reasonably incidental thereto, shall be authorized by and binding upon all Lenders. Without
limiting the generality of the foregoing, Agent shall have the sole and exclusive authority to
(a) act as the disbursing and collecting agent for Lenders with respect to all payments and
collections arising in connection with the Loan Documents; (b) execute and deliver as Agent each
Loan Document, including any intercreditor or subordination agreement, and accept delivery of each
Loan Document from any Obligor or other Person; (c) act as collateral agent for Secured Parties for
purposes of perfecting and administering Liens under the Loan Documents, and for all other purposes
stated therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take any
Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral
under the Loan Documents, Applicable Law or otherwise. The duties of Agent shall be ministerial
and administrative in nature, and Agent shall not have a fiduciary relationship with any Lender,
Secured Party, Participant or other Person, by reason of any Loan Document or any transaction
relating thereto. Agent alone shall be authorized to determine whether any Accounts or
Inventory constitute Eligible Accounts, Eligible In-Transit Petroleum Inventory, or Eligible
Inventory, or whether to

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impose or release any reserve, which determinations and judgments, if
reasonably exercised, shall exonerate Agent from liability to any Lender or other Person for any
error in judgment.

          12.1.2 Duties. Agent shall not have any duties except those expressly set forth in
the Loan Documents. The conferral upon Agent of any right shall not imply a duty on Agent’s part
to exercise such right, unless instructed to do so by Required Lenders in accordance with this
Agreement.

          12.1.3 Agent Professionals. Agent may perform its duties through agents and
employees. Agent may consult with and employ Agent Professionals, and shall be entitled to act
upon, and shall be fully protected in any action taken in reasonable reliance upon, any advice
given by an Agent Professional. Agent shall not be responsible for the negligence or misconduct of
any agents, employees or Agent Professionals selected by it with reasonable care.

          12.1.4 Instructions of Required Lenders. The rights and remedies conferred upon Agent
under the Loan Documents may be exercised without the necessity of joinder of any other party,
unless required by Applicable Law. Agent may request instructions from Required Lenders with
respect to any act (including the failure to act) in connection with any Loan Documents, and may
seek assurances to its satisfaction from Lenders of their indemnification obligations under Section
12.6 against all Claims that could be incurred by Agent in connection with any act. Agent shall be
entitled to refrain from any act until it has received such instructions or assurances, and Agent
shall not incur liability to any Person by reason of so refraining. Instructions of Required
Lenders shall be binding upon all Lenders, and no Lender shall have any right of action whatsoever
against Agent as a result of Agent acting or refraining from acting in accordance with the
instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent of
all Lenders shall be required in the circumstances described in Section 14.1.1, and in no event
shall Required Lenders, without the prior written consent of each Lender, direct Agent to
accelerate and demand payment of Loans held by one Lender without accelerating and demanding
payment of all other Loans, nor to terminate the Commitments of one Lender without terminating the
Commitments of all Lenders. In no event shall Agent be required to take any action that, in its
opinion, is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee
to personal liability.

     12.2 Agreements Regarding Collateral and Field Examination Reports.

          12.2.1 Lien Releases; Care of Collateral. Lenders authorize Agent to release any Lien
with respect to any Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of
an Asset Disposition which Borrowers certify in writing to Agent is a Permitted Asset Disposition
or a Lien which Borrowers certify is a Permitted Lien entitled to priority over Agent’s Liens (and
Agent may rely conclusively on any such certificate without further inquiry); (c) that does not
constitute a material part of the Collateral; or (d) with the written consent of all Lenders.
Agent shall have no obligation whatsoever to any Lenders to assure that any Collateral exists or is
owned by a Borrower, or is cared for, protected, insured or encumbered, nor to assure that Agent’s
Liens have been properly created, perfected or enforced, or are entitled to any particular
priority, nor to exercise any duty of care with respect to any Collateral.

          12.2.2 Possession of Collateral. Agent and Lenders appoint each other Lender as agent
(for the benefit of Secured Parties) for the purpose of perfecting Liens in any Collateral held by
such Lender, to the extent such Liens are perfected by possession. If any Lender obtains
possession of any Collateral, it shall notify Agent thereof and, promptly upon Agent’s request,
deliver such Collateral to Agent or otherwise deal with it in accordance with Agent’s instructions.

          12.2.3 Reports. Agent shall promptly, upon receipt thereof, forward to each Lender
copies of the results of any field audit, examination or appraisal prepared by or on behalf of
Agent with

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respect to any Obligor or Collateral (“Report”). Each Lender agrees (a) that
neither Bank of America nor Agent makes any representation or warranty as to the accuracy or
completeness of any Report, and shall not be liable for any information contained in or omitted
from any Report; (b) that the Reports are not intended to be comprehensive audits or examinations,
and that Agent or any other Person performing any audit or examination will inspect only specific
information regarding Obligations or the Collateral and will rely significantly upon Borrowers’
books and records as well as upon representations of Borrowers’ officers and employees; and (c) to
keep all Reports confidential and strictly for such Lender’s internal use, and not to distribute
any Report (or the contents thereof) to any Person (except to such Lender’s Participants, attorneys
and accountants) or use any Report in any manner other than administration of the Loans and other
Obligations. Each Lender agrees to indemnify and hold harmless Agent and any other Person
preparing a Report from any action such Lender may take as a result of or any conclusion it may
draw from any Report, as well as any Claims arising in connection with any third parties that
obtain any part or contents of a Report through such Lender.

     12.3 Reliance By Agent. Agent shall be entitled to rely, and shall be fully protected
in relying, upon any certification, notice or other communication (including those by telephone,
telex, telegram, telecopy or e-mail) reasonably believed by it to be genuine and correct and to
have been signed, sent or made by the proper Person, and upon the advice and statements of Agent
Professionals.

     12.4 Action Upon Default. Agent shall not be deemed to have knowledge of any Default
or Event of Default unless it has received written notice from a Lender or Borrower specifying the
occurrence and nature thereof. If any Lender acquires knowledge of a Default or Event of Default,
it shall promptly notify Agent and the other Lenders thereof in writing. Each Lender agrees that,
except as otherwise provided in any Loan Documents or with the written consent of Agent and
Required Lenders, it will not take any Enforcement Action, accelerate Obligations under any Loan
Documents, or exercise any right that it might otherwise have under Applicable Law to credit bid at
foreclosure sales, UCC sales or other similar dispositions of Collateral. Notwithstanding the
foregoing, however, a Lender may take action to preserve or enforce its rights against an Obligor
where a deadline or limitation period is applicable that would, absent such action, bar enforcement
of Obligations held by such Lender, including the filing of proofs of claim in an Insolvency
Proceeding.

     12.5 Ratable Sharing. If any Lender shall obtain any payment or reduction of any
Obligation, whether through set-off or otherwise, in excess of its share of such Obligation,
determined on a Pro Rata basis or in accordance with Section 5.6.1, as applicable, such Lender
shall forthwith purchase from Agent, Issuing Bank and the other Lenders such participations in the
affected Obligation as are necessary to cause the purchasing Lender to share the excess payment or
reduction on a Pro Rata basis or in accordance with Section 5.6.1, as applicable. If any of such
payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be
rescinded and the purchase price restored to the extent of such recovery, but without interest. No
Lender shall set off against any Dominion Account without the prior consent of Agent.

     12.6 Indemnification of Agent Indemnitees. EACH LENDER SHALL INDEMNIFY AND HOLD
HARMLESS AGENT INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS (BUT WITHOUT LIMITING THE
INDEMNIFICATION OBLIGATIONS OF OBLIGORS UNDER ANY LOAN DOCUMENTS), ON A PRO RATA BASIS, AGAINST ALL
CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY AGENT INDEMNITEE, PROVIDED THE CLAIM RELATES
TO OR ARISES FROM AN AGENT INDEMNITEE ACTING AS OR FOR AGENT (IN ITS CAPACITY AS AGENT). In
Agent’s discretion, it may reserve for any such Claims made against an Agent Indemnitee, and may
satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to
making any distribution of Collateral proceeds to Lenders. If Agent
is sued by any receiver, bankruptcy trustee, debtor-in-possession or other Person for any
alleged preference or fraudulent transfer, then any monies paid by Agent in settlement or
satisfaction of such

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proceeding, together with all interest, costs and expenses (including
attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to Agent by each
Lender to the extent of its Pro Rata share.

     12.7 Limitation on Responsibilities of Agent. Agent shall not be liable to Lenders
for any action taken or omitted to be taken under the Loan Documents, except for losses directly
and solely caused by Agent’s gross negligence or willful misconduct. Agent does not assume any
responsibility for any failure or delay in performance or any breach by any Obligor or Lender of
any obligations under the Loan Documents. Agent does not make to Lenders any express or implied
warranty, representation or guarantee with respect to any Obligations, Collateral, Loan Documents
or Obligor. No Agent Indemnitee shall be responsible to Lenders for any recitals, statements,
information, representations or warranties contained in any Loan Documents; the execution,
validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness,
enforceability, collectibility, value, sufficiency, location or existence of any Collateral, or the
validity, extent, perfection or priority of any Lien therein; the validity, enforceability or
collectibility of any Obligations; or the assets, liabilities, financial condition, results of
operations, business, creditworthiness or legal status of any Obligor or Account Debtor. No Agent
Indemnitee shall have any obligation to any Lender to ascertain or inquire into the existence of
any Default or Event of Default, the observance or performance by any Obligor of any terms of the
Loan Documents, or the satisfaction of any conditions precedent contained in any Loan Documents.

     12.8 Successor Agent and Co-Agents.

          12.8.1 Resignation; Successor Agent. Subject to the appointment and acceptance of a
successor Agent as provided below, Agent may resign at any time by giving at least 30 days written
notice thereof to Lenders and Borrowers. Upon receipt of such notice, Required Lenders shall have
the right to appoint a successor Agent which shall be (a) a Lender or an Affiliate of a Lender; or
(b) a commercial bank that is organized under the laws of the United States or any state or
district thereof, has a combined capital surplus of at least $200,000,000 and (provided no Default
or Event of Default exists) is reasonably acceptable to Borrowers. If no successor agent is
appointed prior to the effective date of the resignation of Agent, then Agent may appoint a
successor agent from among Lenders. Upon acceptance by a successor Agent of an appointment to
serve as Agent hereunder, such successor Agent shall thereupon succeed to and become vested with
all the powers and duties of the retiring Agent without further act, and the retiring Agent shall
be discharged from its duties and obligations hereunder but shall continue to have the benefits of
the indemnification set forth in Sections 12.6 and 14.2. Notwithstanding any Agent’s resignation,
the provisions of this Section 12 shall continue in effect for its benefit with respect to any
actions taken or omitted to be taken by it while Agent. Any successor to Bank of America by merger
or acquisition of stock or this loan shall continue to be Agent hereunder without further act on
the part of the parties hereto, unless such successor resigns as provided above.

          12.8.2 Separate Agent. It is the intent of the parties that there shall be no
violation of any Applicable Law denying or restricting the right of financial institutions to
transact business in any jurisdiction. If Agent believes that it may be limited in the exercise of
any rights or remedies under the Loan Documents due to any Applicable Law, Agent may appoint an
additional Person who is not so limited, as a separate collateral agent or co-collateral agent. If
Agent so appoints a collateral agent or co-collateral agent, each right and remedy intended to be
available to Agent under the Loan Documents shall also be vested in such separate agent. Every
covenant and obligation necessary to the exercise thereof by such agent shall run to and be
enforceable by it as well as Agent. Lenders shall execute and deliver such documents as Agent
deems appropriate to vest any rights or remedies in such agent. If any collateral agent or
co-collateral agent shall die or dissolve, become incapable of acting, resign or be removed, then
all the rights and remedies of such agent, to the extent permitted by Applicable Law, shall
vest in and be exercised by Agent until appointment of a new agent.

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     12.9 Due Diligence and Non-Reliance. Each Lender acknowledges and agrees that it has,
independently and without reliance upon Agent or any other Lenders, and based upon such documents,
information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor
and its own decision to enter into this Agreement and to fund Loans and participate in LC
Obligations hereunder. Each Lender has made such inquiries concerning the Loan Documents, the
Collateral and each Obligor as such Lender feels necessary. Each Lender further acknowledges and
agrees that the other Lenders and Agent have made no representations or warranties concerning any
Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan
Documents or Obligations. Each Lender will, independently and without reliance upon the other
Lenders or Agent, and based upon such financial statements, documents and information as it deems
appropriate at the time, continue to make and rely upon its own credit decisions in making Loans
and participating in LC Obligations, and in taking or refraining from any action under any Loan
Documents. Except for notices, reports and other information expressly requested by a Lender,
Agent shall have no duty or responsibility to provide any Lender with any notices, reports or
certificates furnished to Agent by any Obligor or any credit or other information concerning the
affairs, financial condition, business or Properties of any Obligor (or any of its
Affiliates) which may come into possession of Agent or any of Agent’s Affiliates.

     12.10 Replacement of Certain Lenders. If a Lender (a) fails to fund its Pro Rata
share of any Loan or LC Obligation hereunder, and such failure is not cured within two Business
Days, (b) defaults in performing any of its obligations under the Loan Documents, (c) fails to give
its consent to any amendment, waiver or action for which consent of all Lenders was required and
Required Lenders consented, or (d) requests compensation pursuant to Section 3.7 or becomes
entitled to and requests payment for Additional Taxes or other Taxes pursuant to Section 5.9 then,
in addition to any other rights and remedies that any Person may have, Agent, so long as no Event
of Default has occurred and is continuing, the Borrower Agent, may, by notice to such Lender within
120 days after such event, require such Lender to assign all of its rights and obligations under
the Loan Documents to Eligible Assignee(s) specified by Agent, pursuant to appropriate Assignment
and Acceptance(s) and within 20 days after Agent’s notice. Agent is irrevocably appointed as
attorney-in-fact to execute any such Assignment and Acceptance if the Lender fails to execute same.
Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts
owed to it under the Loan Documents, including all principal, interest and fees through the date of
assignment (but excluding any prepayment charge).

     12.11 Remittance of Payments and Collections.

          12.11.1 Remittances Generally. All payments by any Lender to Agent shall be made by
the time and on the day set forth in this Agreement, in immediately available funds. If no time
for payment is specified or if payment is due on demand by Agent and request for payment is made by
Agent by 11:00 a.m. on a Business Day, payment shall be made by Lender not later than 2:00 p.m. on
such day, and if request is made after 11:00 a.m., then payment shall be made by 11:00 a.m. on the
next Business Day. Payment by Agent to any Lender shall be made by wire transfer, in the type of
funds received by Agent. Any such payment shall be subject to Agent’s right of offset for any
amounts due from such Lender under the Loan Documents.

          12.11.2 Failure to Pay. If any Lender fails to pay any amount when due by it to Agent
pursuant to the terms hereof, such amount shall bear interest from the due date until paid at the
rate determined by Agent as customary in the banking industry for interbank compensation. In no
event shall Borrowers be entitled to receive credit for any interest paid by a Lender to Agent.

          12.11.3 Recovery of Payments. If Agent pays any amount to a Lender in the expectation
that a related payment will be received by Agent from an Obligor and such related payment is not
received, then Agent may recover such amount from each Lender that received it. If Agent
determines at any time that an amount received under any Loan Document must be returned to an Obligor

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or paid to any other Person pursuant to Applicable Law or otherwise, then, notwithstanding
any other term of any Loan Document, Agent shall not be required to distribute such amount to any
Lender. If any amounts received and applied by Agent to any Obligations are later required to be
returned by Agent pursuant to Applicable Law, each Lender shall pay to Agent, on demand, such
Lender’s Pro Rata share of the amounts required to be returned.

     12.12 Agent in its Individual Capacity. As a Lender, Bank of America shall have the
same rights and remedies under the other Loan Documents as any other Lender, and the terms
“Lenders,” “Required Lenders” or any similar term shall include Bank of America in its capacity as
a Lender. Each of Bank of America and its Affiliates may accept deposits from, maintain deposits
or credit balances for, invest in, lend money to, provide Bank Products to, act as trustee under
indentures of, serve as financial or other advisor to, and generally engage in any kind of business
with, Obligors and their Affiliates, as if Bank of America were any other bank, without any duty to
account therefor (including any fees or other consideration received in connection therewith) to
the other Lenders. In their individual capacity, Bank of America and its Affiliates may receive
information regarding Obligors, their Affiliates and their Account Debtors (including information
subject to confidentiality obligations), and each Lender agrees that Bank of America and its
Affiliates shall be under no obligation to provide such information to Lenders, if acquired in such
individual capacity and not as Agent hereunder.

     12.13 Agent Titles. Each Lender, other than Bank of America, that is designated (on
the cover page of this Agreement or otherwise) by Bank of America as an “Agent” or “Arranger” of
any type shall not have any right, power, responsibility or duty under any Loan Documents other
than those applicable to all Lenders, and shall in no event be deemed to have any fiduciary
relationship with any other Lender.

     12.14 No Third Party Beneficiaries. This Section 12 is an agreement solely among
Lenders and Agent, and shall survive Full Payment of the Obligations. This Section 12 does not
confer any rights or benefits upon Borrowers or any other Person. As between Borrowers and Agent,
any action that Agent may take under any Loan Documents or with respect to any Obligations shall be
conclusively presumed to have been authorized and directed by Lenders.

SECTION 13 BENEFIT OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS

     13.1 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of Borrowers, Agent, Lenders, and their respective successors and assigns, except that
(a) no Borrower shall have the right to assign its rights or delegate its obligations under any
Loan Documents; and (b) any assignment by a Lender must be made in compliance with Section 13.3.
Agent may treat the Person which made any Loan as the owner thereof for all purposes until such
Person makes an assignment in accordance with Section 13.3. Any authorization or consent of a
Lender shall be conclusive and binding on any subsequent transferee or assignee of such Lender.

     13.2 Participations.

          13.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary course of its
business and in accordance with Applicable Law, at any time sell to a financial institution
(“Participant”) a participating interest in the rights and obligations of such Lender under any
Loan Documents. Despite any sale by a Lender of participating interests to a Participant, such
Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain
solely responsible to the other parties hereto for performance of such obligations, such Lender
shall remain the
holder of its Loans and Commitments for all purposes, all amounts payable by Borrowers shall
be determined as if such Lender had not sold such participating interests, and Borrowers and Agent
shall continue to deal solely and directly with such Lender in connection with the Loan Documents.
Each Lender shall be solely responsible for notifying its Participants of any matters under the
Loan Documents,

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and Agent and the other Lenders shall not have any obligation or liability to any
such Participant. A Participant that would be a Foreign Lender if it were a Lender shall not be
entitled to the benefits of Section 5.9 unless Borrowers agree otherwise in writing.

          13.2.2 Voting Rights. Each Lender shall retain the sole right to approve, without the
consent of any Participant, any amendment, waiver or other modification of any Loan Documents other
than that which forgives principal, interest or fees, reduces the stated interest rate or fees
payable with respect to any Loan or Commitment in which such Participant has an interest, postpones
the Commitment Termination Date or any date fixed for any regularly scheduled payment of principal,
interest or fees on such Loan or Commitment, or releases any Borrower, Guarantor or substantial
portion of the Collateral.

          13.2.3 Benefit of Set-Off. Borrowers agree that each Participant shall have a right
of set-off in respect of its participating interest to the same extent as if such interest were
owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to
any participating interests sold by it. By exercising any right of set-off, a Participant agrees
to share with Lenders all amounts received through its set-off, in accordance with Section 12.5 as
if such Participant were a Lender.

     13.3 Assignments.

          13.3.1 Permitted Assignments. A Lender may assign to an Eligible Assignee any of its
rights and obligations under the Loan Documents, as long as (a) each assignment is of a constant,
and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan
Documents and, in the case of a partial assignment, is in a minimum principal amount of $10,000,000
(unless otherwise agreed by Agent in its discretion) and integral multiples of $1,000,000 in excess
of that amount; (b) except in the case of an assignment in whole of a Lender’s rights and
obligations, the aggregate amount of the Commitments retained by the transferor Lender is at least
$15,000,000 (unless otherwise agreed by Agent in its discretion); and (c) the parties to each such
assignment shall execute and deliver to Agent, for its acceptance and recording, an Assignment and
Acceptance. Nothing herein shall limit the right of a Lender to pledge or assign any rights under
the Loan Documents to (i) any Federal Reserve Bank or the United States Treasury as collateral
security pursuant to Regulation A of the Board of Governors and any Operating Circular issued by
such Federal Reserve Bank, or (ii) counterparties to swap agreements relating to any Loans;
provided, that any payment by Borrowers to the assigning Lender in respect of any Obligations
assigned as described in this sentence shall satisfy Borrowers’ obligations hereunder to the extent
of such payment, and no such assignment shall release the assigning Lender from its obligations
hereunder.

          13.3.2 Effect; Closing Date. Upon delivery to Agent of an assignment notice in the
form of Exhibit D and a processing fee of $3,500 (unless otherwise agreed by Agent in its
discretion), the assignment shall become effective as specified in the notice, if it complies with
this Section 13.3. From such effective date, the Eligible Assignee shall for all purposes be a
Lender under the Loan Documents, and shall have all rights and obligations of a Lender thereunder.
Upon consummation of an assignment, the transferor Lender, Agent and Borrowers shall make
appropriate arrangements for issuance of replacement and/or new Notes, as applicable. The
transferee Lender shall comply with Section 5.10 and deliver, upon request, an administrative
questionnaire satisfactory to Agent.

SECTION 14 MISCELLANEOUS

     14.1 Consents, Amendments and Waivers.

          14.1.1 Amendment. No modification of any Loan Document, including any extension or
amendment of a Loan Document or any waiver of a Default or Event of Default,  shall be

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effective without the prior written agreement of Agent (with the consent of Required Lenders) and each
Obligor party to such Loan Document; provided, that

          (a) without the prior written consent of Agent, no modification shall be effective with
respect to any provision in a Loan Document that relates to any rights, duties or discretion of
Agent;

          (b) without the prior written consent of Issuing Bank, no modification shall be effective with
respect to any LC Obligations or Section 2.3;

          (c) without the prior written consent of each affected Lender, no modification shall be
effective that would (i) increase the Commitment of such Lender; or (ii) reduce the amount of, or
waive or delay payment of, any principal, interest or fees payable to such Lender; and

          (d) without the prior written consent of all Lenders (except a defaulting Lender as provided
in Section 4.2), no modification shall be effective that would (i) extend the Revolver Termination
Date; (ii) alter Section 5.6, 7.1 (except to add Collateral) or 14.1.1; (iii) amend the definitions
of Borrowing Base (and the defined terms used in such definition), Pro Rata or Required Lenders;
(iv) increase any advance rate or increase total Commitments; (vi) release ABL Priority Collateral
with a book value greater than $5,000,000 during any calendar year or release any material portion
of any other Collateral, except as currently contemplated by the Intercreditor Agreement or the
other Loan Documents; or (vii) release any Obligor from liability for any Obligations, if such
Obligor is Solvent at the time of the release.

          14.1.2 Limitations. The agreement of Borrowers shall not be necessary to the
effectiveness of any modification of a Loan Document that deals solely with the rights and duties
of Lenders, Agent and/or Issuing Bank as among themselves. Only the consent of the parties to the
Fee Letter or any agreement relating to a Bank Product shall be required for any modification of
such agreements, and no Affiliate of a Lender that is party to a Bank Product agreement shall have
any other right to consent to or participate in any manner in modification of any other Loan
Document. The making of any Loans during the existence of a Default or Event of Default shall not
be deemed to constitute a waiver of such Default or Event of Default, nor to establish a course of
dealing. Any waiver or consent granted by Lenders hereunder shall be effective only if in writing,
and then only in the specific instance and for the specific purpose for which it is given.

          14.1.3 Payment for Consents. No Borrower will, directly or indirectly, pay any
remuneration or other thing of value, whether by way of additional interest, fee or otherwise, to
any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender
with any modification of any Loan Documents, unless such remuneration or value is concurrently
paid, on the same terms, on a Pro Rata basis to all Lenders providing their consent.

     14.2 Indemnity.

          (a) EACH BORROWER SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT
MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ARISING FROM THE NEGLIGENCE
OF AN INDEMNITEE. In no event shall any party to a Loan Document have any obligation thereunder to
indemnify or hold harmless an Indemnitee with respect to a Claim that is determined in a final,
non-
appealable judgment by a court of competent jurisdiction to result from the gross negligence
or willful misconduct of such Indemnitee.

          (b) Without limiting the rights of the Agent and the Lenders under any separate environmental
indemnity agreement delivered by the Obligors, the Obligors agree to indemnify, defend

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and hold
harmless the Agent and the Lenders from any loss or liability directly or indirectly arising out of
the use, generation, manufacture, production, storage, release, threatened release, discharge,
disposal, or presence of Hazardous Materials relating to the Obligors’ operations, business, or
property. This indemnity will apply whether the Hazardous Material is on, under, or about the
Obligors’ property or operations or property leased to any Obligor. The indemnity includes but is
not limited to reasonable attorney’s fees and costs. The indemnity extends to the Agent and the
Lenders, their parents, affiliates, subsidiaries, and all of their directors, officers, employees,
agents, successors, attorneys and assigns. This indemnity will survive repayment of all other
Obligations.

     14.3 Notices and Communications.

          14.3.1 Notice Address. Subject to Section 4.1.4, all notices and other communications
by or to a party hereto shall be in writing and shall be given to any Borrower, at Borrower Agent’s
address shown on the signature pages hereof, and to any other Person at its address shown on the
signature pages hereof (or, in the case of a Person who becomes a Lender after the Closing Date, at
the address shown on its Assignment and Acceptance), or at such other address as a party may
hereafter specify by notice in accordance with this Section 14.3. Each such notice or other
communication shall be effective only (a) if given by facsimile transmission, when transmitted to
the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail,
three Business Days after deposit in the U.S. mail, with first-class postage pre-paid, addressed to
the applicable address; or (c) if given by personal delivery, when duly delivered to the notice
address with receipt acknowledged. Notwithstanding the foregoing, no notice to Agent pursuant to
any of Sections 2.1.4, 2.3, 3.1.2, 4.1.1 or 5.3.3 shall be effective until actually received by the
individual to whose attention at Agent such notice is required to be sent. Any written notice or
other communication that is not sent in conformity with the foregoing provisions shall nevertheless
be effective on the date actually received by the noticed party. Any notice received by Borrower
Agent shall be deemed received by all Borrowers.

          14.3.2 Electronic Communications; Voice Mail. Electronic mail and internet websites
may be used only for routine communications, such as financial statements, Borrowing Base
Certificates and other information required by Section 10.1.2, administrative matters, distribution
of Loan Documents for execution, and matters permitted under Section 4.1.4. Agent and Lenders make
no assurances as to the privacy and security of electronic communications. Electronic and voice
mail may not be used as effective notice under the Loan Documents.

          14.3.3 Non-Conforming Communications. Agent and Lenders may rely upon any notices
purportedly given by or on behalf of any Borrower even if such notices were not made in a manner
specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by
the recipient, varied from a later confirmation. Each Borrower shall indemnify and hold harmless
each Indemnitee from any liabilities, losses, costs and expenses arising from any telephonic
communication purportedly given by or on behalf of a Borrower.

     14.4 Performance of Borrowers’ Obligations. Agent may, in its discretion at any time
and from time to time, at Borrowers’ expense, pay any amount or do any act required of a Borrower
under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents
or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or
(c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any
payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or
landlord claim, or any discharge of a Lien.
All payments, costs and expenses (including Extraordinary Expenses) of Agent under this
Section shall be reimbursed to Agent by Borrowers, on demand, with interest from the date incurred
to the date of payment thereof at the Default Rate applicable to Base Rate Loans. Any payment made
or action taken by Agent under this Section shall be without prejudice to any right to assert an
Event of Default or to exercise any other rights or remedies under the Loan Documents.

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     14.5 Credit Inquiries. Each Borrower hereby authorizes Agent and Lenders (but they
shall have no obligation) to respond to usual and customary credit inquiries from third parties
concerning any Borrower or Subsidiary.

     14.6 Severability. Wherever possible, each provision of the Loan Documents shall be
interpreted in such manner as to be valid under Applicable Law. If any provision is found to be
invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the
remaining provisions of the Loan Documents shall remain in full force and effect.

     14.7 Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are
cumulative. The parties acknowledge that the Loan Documents may use several limitations, tests or
measurements to regulate similar matters, and they agree that these are cumulative and that each
must be performed as provided. Except as otherwise provided in another Loan Document (by specific
reference to the applicable provision of this Agreement), if any provision contained herein is in
direct conflict with any provision in another Loan Document, the provision herein shall govern and
control.

     14.8 Counterparts. Any Loan Document may be executed in counterparts, each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement shall become effective when Agent has received counterparts bearing the
signatures of all parties hereto. Delivery of a signature page of any Loan Document by telecopy or
email transmission shall be effective as delivery of a manually executed counterpart of such
agreement.

     14.9 Entire Agreement. Time is of the essence of the Loan Documents. The Loan
Documents constitute the entire contract among the parties relating to the subject matter hereof,
and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof.

     14.10 Relationship with Lenders. The obligations of each Lender hereunder are
several, and no Lender shall be responsible for the obligations or Commitments of any other Lender.
Amounts payable hereunder to each Lender shall be a separate and independent debt, and each Lender
shall be entitled, to the extent not otherwise restricted hereunder, to protect and enforce its
rights arising out of the Loan Documents. It shall not be necessary for Agent or any other Lender
to be joined as an additional party in any proceeding for such purposes. Nothing in this Agreement
and no action of Agent or Lenders pursuant to the Loan Documents shall be deemed to constitute
Agent and Lenders to be a partnership, association, joint venture or any other kind of entity, nor
to constitute control of any Borrower.

     14.11 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated by any Loan Document, Borrowers acknowledge and agree that (a)(i) this
credit facility and any related arranging or other services by Agent, any Lender, any of their
Affiliates or any arranger are arm’s-length commercial transactions between Borrowers and such
Person; (ii) Borrowers have consulted their own legal, accounting, regulatory and tax advisors to
the extent they have deemed appropriate; and (iii) Borrowers are capable of evaluating and
understanding, and do understand and accept, the terms, risks and conditions of the transactions
contemplated by the Loan Documents; (b) each of Agent, Lenders, their Affiliates and any arranger
is and has been acting solely as a principal in connection with this credit facility, is not the
financial advisor, agent or fiduciary for Borrowers, any of their Affiliates or any other Person,
and has no obligation with respect to the transactions contemplated by
the Loan Documents except as expressly set forth therein; and (c) Agent, Lenders, their
Affiliates and any arranger may be engaged in a broad range of transactions that involve interests
that differ from Borrowers and their Affiliates, and have no obligation to disclose any of such
interests to Borrowers or their Affiliates. To the fullest extent permitted by Applicable Law,
each Borrower hereby waives and releases any claims that it may have against Agent, Lenders, their
Affiliates and any arranger with respect to any

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breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated by a Loan Document.

     14.12 Confidentiality. Each of Agent, Lenders and Issuing Bank agrees to maintain the
confidentiality of all Information (as defined below), except that Information may be disclosed
(a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and representatives (provided such Persons are informed of the
confidential nature of the Information and instructed to keep the Information confidential); (b) to
the extent requested by any governmental or regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority); (c) to the extent required by Applicable Law or
by any subpoena or similar legal process; (d) to any other party hereto; (e) in connection with the
exercise of any remedies, the enforcement of any rights, or any action or proceeding relating to
any Loan Documents; (f) subject to an agreement containing provisions substantially the same as
this Section, to any Transferee or any actual or prospective party (or its advisors) to any Bank
Product; (g) with the consent of Borrower Agent; or (h) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii) is available to
Agent, any Lender, Issuing Bank or any of their Affiliates on a nonconfidential basis from a source
other than Borrowers. Notwithstanding the foregoing, Agent and Lenders may publish or disseminate
general information describing this credit facility, including the names and addresses of Borrowers
and a general description of Borrowers’ businesses, and may use Borrowers’ logos, trademarks or
product photographs in advertising materials. As used herein, “Information” means all
information received from an Obligor or Subsidiary relating to it or its business that is
identified as confidential when delivered. Any Person required to maintain the confidentiality of
Information pursuant to this Section shall be deemed to have complied if it exercises the same
degree of care that it accords its own confidential information. Each of Agent, Lenders and
Issuing Bank acknowledges that (i) Information may include material non-public information
concerning an Obligor or Subsidiary; (ii) it has developed compliance procedures regarding the use
of material non-public information; and (iii) it will handle such material non-public information
in accordance with Applicable Law, including federal and state securities laws.

     14.13 GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, UNLESS OTHERWISE
SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
CONFLICT OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

     14.14 Consent to Forum; Arbitration.

          14.14.1 Forum. EACH BORROWER HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY
FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER NEW YORK, IN ANY PROCEEDING OR DISPUTE
RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY
IT SOLELY IN ANY SUCH COURT. EACH BORROWER IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES
THAT IT MAY HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR
INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 14.3.1. Nothing herein
shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any
other court, nor limit the right of any party to serve process in any other manner permitted by
Applicable Law. Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any
judgment or order obtained in any forum or jurisdiction.

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          14.14.2 Arbitration. Notwithstanding any other provision of this Agreement to the
contrary, any controversy or claim among the parties relating in any way to any Obligations or Loan
Documents, including any alleged tort, shall at the request of any party hereto be determined by
binding arbitration conducted in accordance with the United States Arbitration Act (Title 9 U.S.
Code). Arbitration proceedings will be determined in accordance with the Act, the then-current
rules and procedures for the arbitration of financial services disputes of the American Arbitration
Association (“AAA”), and the terms of this Section. In the event of any inconsistency, the terms
of this Section shall control. If AAA is unwilling or unable to serve as the provider of
arbitration or to enforce any provision of this Section, Agent may designate another arbitration
organization with similar procedures to serve as the provider of arbitration. The arbitration
proceedings shall be conducted in Los Angeles or Pasadena, California. The arbitration hearing
shall commence within 90 days of the arbitration demand and close within 90 days thereafter. The
arbitration award must be issued within 30 days after close of the hearing (subject to extension by
the arbitrator for up to 60 days upon a showing of good cause), and shall include a concise written
statement of reasons for the award. The arbitrator shall give effect to applicable statutes of
limitation in determining any controversy or claim, and for these purposes, service on AAA under
applicable AAA rules of a notice of claim is the equivalent of the filing of a lawsuit. Any
dispute concerning this Section or whether a controversy or claim is arbitrable shall be determined
by the arbitrator. The arbitrator shall have the power to award legal fees to the extent provided
by this Agreement. Judgment upon an arbitration award may be entered in any court having
jurisdiction. The institution and maintenance of an action for judicial relief or pursuant to a
provisional or ancillary remedy shall not constitute a waiver of the right of any party, including
the plaintiff, to submit the controversy or claim to arbitration if any other party contests such
action for judicial relief. No controversy or claim shall be submitted to arbitration without the
consent of all parties if, at the time of the proposed submission, such controversy or claim
relates to an obligation secured by Real Estate, but if all parties do not consent to submission of
such a controversy or claim to arbitration, it shall be determined as provided in the next
sentence. At the request of any party, a controversy or claim that is not submitted to arbitration
as provided above shall be determined by judicial reference; and if such an election is made, the
parties shall designate to the court a referee or referees selected under the auspices of the AAA
in the same manner as arbitrators are selected in AAA sponsored proceedings and the presiding
referee of the panel (or the referee if there is a single referee) shall be an active attorney or
retired judge; and judgment upon the award rendered by such referee or referees shall be entered in
the court in which proceeding was commenced. None of the foregoing provisions of this Section
shall limit the right of Agent or Lenders to exercise self-help remedies, such as setoff,
foreclosure or sale of any Collateral or to obtain provisional or ancillary remedies from a court
of competent jurisdiction before, after or during any arbitration proceeding. The exercise of a
remedy does not waive the right of any party to resort to arbitration or reference. At Agent’s
option, foreclosure under a Mortgage may be accomplished either by exercise of power of sale
thereunder or by judicial foreclosure.

     14.15 Waivers by Borrowers. To the fullest extent permitted by Applicable Law, each
Borrower waives (a) the right to trial by jury (which Agent and each Lender hereby also waives) in
any proceeding or dispute of any kind relating in any way to any Loan Documents, Obligations or
Collateral; (b) presentment, demand, protest, notice of presentment, default, non-payment,
maturity, release, compromise, settlement, extension or renewal of any commercial paper, accounts,
documents, instruments, chattel paper and guaranties at any time held by Agent on which a Borrower
may in any way be liable, and hereby ratifies anything Agent may do in this regard; (c) notice
prior to taking possession or control of any Collateral; (d) any bond or security that might be
required by a court prior to allowing Agent to exercise any rights or remedies; (e) the benefit of
all valuation, appraisement and exemption
laws; (f) any claim against Agent or any Lender, on any theory of liability, for special,
indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in
any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating
thereto; and (g) notice of acceptance hereof. Each Borrower acknowledges that the foregoing
waivers are a material inducement to Agent and Lenders entering into this Agreement and that Agent
and Lenders are relying

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upon the foregoing in their dealings with Borrowers. Each Borrower has
reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its
jury trial and other rights following consultation with legal counsel. In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court.

     14.16 Patriot Act Notice. Agent and Lenders hereby notify Borrowers that pursuant to
the requirements of the Patriot Act, Agent and Lenders are required to obtain, verify and record
information that identifies each Borrower, including its legal name, address, tax ID number and
other information that will allow Agent and Lenders to identify it in accordance with the Patriot
Act. Agent and Lenders will also require information regarding each personal guarantor, if any,
and may require information regarding Borrowers’ management and owners, such as legal name,
address, social security number and date of birth.

     14.17 Intercreditor Agreement.

          14.17.1 Notwithstanding anything herein to the contrary, the lien and security interest
granted pursuant to this Agreement and the exercise of any right or remedy hereunder are subject to
the provisions of the Intercreditor Agreement.  In the event of any conflict between the terms of
the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall
govern and control.

          14.17.2 The Lenders acknowledge that obligations of Holdings and the Subsidiaries under the
Permitted Term Loan Facility, and certain obligations related thereto, will be secured by Liens on
assets of Holdings and the Subsidiaries that constitute Collateral. At the request of Holdings and
the Company, the Agent shall enter into the Intercreditor Agreement establishing the relative
rights of the Secured Parties and of the secured parties under the Permitted Term Loan Facility
with respect to the Collateral. Each Lender hereby irrevocably (a) consents to the subordination
of Liens provided for under the Intercreditor Agreement, (b) authorizes and directs the Agent to
execute and deliver the Intercreditor Agreement and any acknowledgements, agreements or documents
relating thereto, in each case, on behalf of such Lender and without any further consent,
authorization or other action by such Lender, (c) agrees that, upon the execution and delivery
thereof, such Lender will be bound by the provisions of the Intercreditor Agreement as if it were a
signatory thereto and will take no actions contrary to the provisions of the Intercreditor
Agreement and (d) agrees that no Lender shall have any right of action whatsoever against the Agent
as a result of any action taken by the Agent pursuant to this Section or in accordance with the
terms of the Intercreditor Agreement. Each Lender hereby further irrevocably authorizes and
directs the Agent to enter into such amendments, supplements or other modifications to the
Intercreditor Agreement as are contemplated by Section 5.05 thereof in connection with any
extension, renewal, refinancing or replacement of the Term Loan Agreement or any refinancing, in
part but not in whole, of the Term Loan Obligations, in each case, on behalf of such Lender and
without any further consent, authorization or other action by such Lender. The Agent shall have
the benefit of the provisions of Section 12 with respect to all actions taken by it pursuant to
this Section or in accordance with the terms of the Intercreditor Agreement to the full extent
thereof.

SECTION 15 HOLDINGS GUARANTY

     15.1 Guaranty; Limitation of Liability.

          15.1.1 Holdings hereby absolutely, unconditionally and irrevocably guarantees (the undertaking
by Holdings under this Section 15 being, as amended from time to time, the “Holdings
Guaranty”) the punctual payment when due, whether at scheduled maturity or on any date of a
required prepayment or by acceleration, demand or otherwise, of all Obligations of each other
Obligor now or hereafter existing under or in respect of the Loan Documents (including, without
limitation, any

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extensions, modifications, substitutions, amendments or renewals of any or all of
the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for
principal, interest, premiums, fees, indemnities, contract causes of action, costs, expenses or
otherwise (such Obligations being the “Guaranteed Obligations”), and agrees to pay any and
all expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by
Agent or any other Secured Party in enforcing any rights under this Holdings Guaranty or any other
Loan Document. Without limiting the generality of the foregoing, Holdings’ liability shall extend
to all amounts that constitute part of the Guaranteed Obligations and would be owed by any other
Obligor to any Secured Party under or in respect of the Loan Documents but for the fact that they
are unenforceable or not allowable due to the existence of any Insolvency Proceeding involving such
other Obligor.

          15.1.2 Holdings, and by its acceptance of this Holdings Guaranty, Agent and each other Secured
Party, hereby confirms that it is the intention of all such Persons that this Holdings Guaranty and
the Obligations of Holdings hereunder not constitute a fraudulent transfer or conveyance for
purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar foreign, federal or state law to the extent applicable to this Holdings
Guaranty and the Obligations of Holdings hereunder. To effectuate the foregoing intention,
Holdings, Agent and each of the other Secured Parties hereby irrevocably agree that such Guaranteed
Obligations and other liabilities shall be limited to the maximum amount as will, after giving
effect to such maximum amount and all other contingent and fixed liabilities of Holdings that are
relevant under the laws referred to in the first sentence hereof, and after giving effect to any
collections from, any rights to receive contributions from, or payments made by or on behalf of,
any of the other Obligors in respect of the Obligations under any Loan Document, result in the
Guaranteed Obligations and all other liabilities of Holdings under this Holdings Guaranty not
constituting a fraudulent transfer or conveyance.

          15.1.3 Holdings hereby unconditionally and irrevocably agrees that in the event any payment
shall be required to be made to any Secured Party under this Holdings Guaranty any other Loan
Document or any other guaranty, Holdings will contribute, to the maximum extent permitted by law,
such amounts to each other Guarantor and each other guarantor so as to maximize the aggregate
amount paid to the Secured Parties under or in respect of the Loan Documents.

     15.2 Guaranty Absolute. Holdings guarantees that the Guaranteed Obligations will be
paid strictly in accordance with the terms of the Loan Documents, regardless of any Applicable Law,
now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any
Secured Party with respect thereto. The Obligations of Holdings under or in respect of this
Holdings Guaranty are independent of the Guaranteed Obligations or any other Obligations of any
other Obligor under or in respect of the Loan Documents, and a separate action or actions may be
brought and prosecuted against Holdings to enforce this Holdings Guaranty, irrespective of whether
any action is brought against any Borrower or any other Obligor or whether any Borrower or any
other Obligor is joined in any such action or actions. The liability of Holdings under this
Holdings Guaranty shall be irrevocable, absolute and unconditional irrespective of, and Holdings
hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to,
any or all of the following:

          (a) any lack of validity or enforceability of any Loan Document or any agreement or instrument
relating thereto;

          (b) any change in the time, manner or place of payment of, or in any other term of, including
any increase in the amount of, all or any of the Guaranteed Obligations or any other Obligations of
any other Obligor under or in respect of the Loan Documents, or any other amendment or waiver of or
any consent to departure from any Loan Document, including, without limitation, any increase in the
Guaranteed Obligations resulting from the extension of additional credit to any Obligor or
otherwise;

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

          (d) any manner of application of Collateral or any other collateral, or proceeds thereof, to
all or any of the Guaranteed Obligations, or any manner of sale or other disposition of any
Collateral or any other collateral for all or any of the Guaranteed Obligations or any other
Obligations of any Obligor under the Loan Documents or any other assets of any Obligor; the failure
of the Agent, any other Secured Party or any other person to exercise diligence or reasonable care
in the preservation, protection, enforcement, sale or other handling or treatment of all or any
part of such Collateral, property or security;

          (e) the fact that any Collateral, security, security interest or lien contemplated or intended
to be given, created or granted as security for the repayment of the Guaranteed Obligations shall
not be properly perfected or created, or shall prove to be unenforceable or subordinate to any
other security interest or lien, it being recognized and agreed by Holdings that it is not entering
into this Holdings Guaranty in reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any such Collateral;

          (f) any change, restructuring or termination of the corporate structure or existence of any
Obligor or any of its Subsidiaries;

          (g) any failure of any Secured Party to disclose to any Obligor any information relating to
the business, condition (financial or otherwise), operations, performance, properties or prospects
of any other Obligor now or hereafter known to such Secured Party (Holdings waiving any duty on the
part of the Secured Parties to disclose such information);

          (h) the failure of any other Person to execute or deliver any Loan Document or any supplement
thereto or any other guaranty or agreement or the release or reduction of liability of any
Guarantor or other guarantor or surety with respect to the Guaranteed Obligations; or

          (i) any other circumstance (including, without limitation, any statute of limitations) or any
existence of or reliance on any representation by any Secured Party that might otherwise constitute
a defense available to, or a discharge of, any Obligor or any other guarantor or surety, other than
payment in full of the Guaranteed Obligations (other than contingent indemnification obligations).

This Holdings Guaranty shall continue to be effective or be reinstated, as the case may be, if at
any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be
returned by Agent or any Secured Party or any other Person upon the insolvency, bankruptcy or
reorganization of any Borrower or any other Obligor or otherwise, all as though such payment had
not been made and Holdings hereby unconditionally and irrevocably agrees that it will indemnify
Agent and each of the other Secured Parties, upon demand, for all of the costs and expenses
(including, without limitation, reasonable fees and expenses of counsel) incurred by Agent or such
other Secured Party in connection with any such rescission or restoration, including any such costs
and expenses incurred in defending against any claim alleging that such payment constituted a
preference, a fraudulent transfer or a similar payment under any bankruptcy, insolvency or similar
Law.

Holdings hereby further agrees that, as between Holdings on the one hand, and Agent and the Secured
Parties, on the other hand, (i) the Guaranteed Obligations of Holdings may be declared to be
forthwith due and payable as provided in Section 11.2 (and shall be deemed to have become
automatically due and payable in the circumstances provided in Section 11.2) for purposes of
Section 15.1, notwithstanding any stay, injunction or other prohibition preventing such declaration
in respect of the Obligations of any of the Obligors guaranteed hereunder (or preventing such
Guaranteed Obligations from becoming automatically

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due and payable) as against any other Person and
(ii) in the event of any declaration of acceleration of such Guaranteed Obligations (or such
Guaranteed Obligations being deemed to have become automatically due and payable) as provided in
Section 11.2, such Guaranteed Obligations (whether or not due and payable by any other Person)
shall forthwith become due and payable by Holdings for all purposes of this Holdings Guaranty.

     15.3 Waivers and Acknowledgments.

          15.3.1 Holdings hereby unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration,
protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this
Holdings Guaranty and any requirement that Agent or any Secured Party protect, secure, perfect or
insure any Lien or any property subject thereto or exhaust any right or take any action against any
Obligor or any other Person or any Collateral.

          15.3.2 Holdings hereby unconditionally and irrevocably waives any right to revoke this
Holdings Guaranty and acknowledges that this Holdings Guaranty is continuing in nature and applies
to all Guaranteed Obligations, whether existing now or in the future.

          15.3.3 Holdings hereby unconditionally and irrevocably waives (a) any defense arising by
reason of any claim or defense based upon an election of remedies by Agent or any Secured Party
that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation,
reimbursement, exoneration, contribution or indemnification rights of Holdings or other rights of
Holdings to proceed against any of the other Obligors, any other guarantor or any other Person or
any Collateral and (b) any defense based on any right of set-off or counterclaim against or in
respect of the Obligations of Holdings hereunder.

          15.3.4 Holdings acknowledges that Agent may, without notice to or demand upon Holdings and
without affecting the liability of Holdings under this Holdings Guaranty, foreclose under any
mortgage by nonjudicial sale, and Holdings hereby waives any defense to the recovery by Agent and
the other Secured Parties against Holdings of any deficiency after such nonjudicial sale and any
defense or benefits that may be afforded by applicable law.

          15.3.5 Holdings waives, to the extent permitted by applicable law:

          (a) all rights and defenses arising out of an election of remedies by the Agent and the
Lenders, even though that election of remedies, such as a nonjudicial foreclosure with respect to
security for a guaranteed obligation, has destroyed such Obligor’s rights of subrogation and
reimbursement against the principal by the operation of Section 580d of the California Code of
Civil Procedure or otherwise,

          (b) any defense, right of set-off, claim or counterclaim whatsoever and any and all other
rights, benefits, protections and other defenses available to Holdings now or at any time
hereafter, including under California Civil Code Sections 2787 to 2855, inclusive, and California
Code of Civil Procedure Sections 580a, 580b, 580d or 726, and all successor sections, whether or
not constituting Applicable Law;

          (c) any rights, benefits, and defenses that are or may become available to such Obligated
Party by reason of California Civil Code §§2845 and 2850, which would otherwise require the Agent
to proceed against another Obligated Party or any other Person, or to proceed against or exhaust
any security held by the Agent at any time, or to first apply any security of any Obligated Party
to the discharge of the Obligations, or to pursue any other remedy in the Agent’s power before
proceeding against such Obligated Party hereunder.

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          (d) any and all rights, benefits and defenses under California Civil Code §2849, which
provides that a surety is entitled to the benefit of every security for the performance of the
principal obligation held by the creditor.

          (e) any rights and defenses that are or may become available to Holdings by reason of
California Civil Code Section 2856(a)(1)-(3), inclusive, which includes, without limitation, any
rights and defenses that are or may become available to Holdings by reason of California Civil Code
Sections 2787 to 2855.

          (f) any right or defense it may have at law or equity, including California Code of Civil
Procedure Section 580a, to a fair market value hearing or action to determine a deficiency judgment
after a foreclosure.

          (g) any rights, benefits, and defenses that are or may become available to Holdings by reason
of California Civil Code Section 2810 (which generally provides that a surety is not liable if for
certain reasons there is no liability upon the part of the principal or if the principal ceases to
become liable) and under California Civil Code Section 2809 (which generally provides that the
obligation of a surety must not be larger nor more burdensome than that of the principal); and

          (h) all other principles or provisions of law, if any, that conflict with the terms of this
Section 15.3, including the effect of any circumstances that may or might constitute a legal or
equitable discharge of a guarantor or surety.

Without limiting the applicability of the equivalent code provisions under New York law, the
foregoing references to the California Code of Civil Procedure and the California Civil Code shall
apply if, notwithstanding the provisions of Section 14.13, the laws of the State of California are
applied to the Loan Documents; provided, that the inclusion of such provisions does not affect or
limit in any way the parties’ choice of New York law.

          15.3.6 Holdings hereby unconditionally and irrevocably waives any duty on the part of Agent or
any Secured Party to disclose to Holdings any matter, fact or thing relating to the business,
financial condition, operations, or performance of any other Obligor or any of its Subsidiaries now
or hereafter known by Agent or such Secured Party.

          15.3.7 Holdings acknowledges that it will receive substantial direct and indirect benefits
from the financing arrangements contemplated by the Loan Documents and that the waivers set forth
in Section 15.2 and this Section 15.3 are knowingly made in contemplation of such benefits.

     15.4 Subrogation. Holdings hereby unconditionally and irrevocably agrees not to
exercise any rights that it may now have or hereafter acquire against any Borrower, any other
Obligor or any other insider guarantor that arise from the existence, payment, performance or
enforcement of Holdings’s Obligations under or in respect of this Holdings Guaranty or any other
Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution or indemnification and any right to participate in any claim or remedy of Agent or any
Secured Party against any Borrower, any other Obligor or any other insider guarantor or any
Collateral, whether or not such claim, remedy or
right arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from any Borrower, any other Obligor or any other insider
guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim, remedy or right, unless and until all of the
Guaranteed Obligations (other than contingent indemnification obligations) and all other amounts
payable under this Holdings Guaranty shall have been paid in full in cash, all Letters of Credit
and all Bank Product Debt shall have expired or been terminated or Cash Collateralized and the
Commitments shall have expired or been terminated. If any amount shall

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be paid to Holdings in
violation of the immediately preceding sentence at any time prior to the Full Payment of the
Obligations and all other amounts payable under this Holdings Guaranty, such amount shall be
received and held in trust for the benefit of the Secured Parties, shall be segregated from other
property and funds of Holdings and shall forthwith be paid or delivered to Agent in the same form
as so received (with any necessary endorsement or assignment) to be credited and applied to the
Guaranteed Obligations and all other amounts payable under this Holdings Guaranty, whether matured
or unmatured, in accordance with the terms of the Loan Documents, or to be held as Collateral for
any Guaranteed Obligations or other amounts payable under this Holdings Guaranty thereafter
arising. If Holdings shall make payment to any Secured Party of all or any part of the Guaranteed
Obligations, and Full Payment of the Obligations shall occur, then the Secured Parties will, at
Holdings’ request and expense, execute and deliver to Holdings appropriate documents, without
recourse and without representation or warranty, necessary to evidence the transfer by subrogation
to Holdings of an interest in the Guaranteed Obligations resulting from such payment made by
Holdings pursuant to this Holdings Guaranty.

     15.5 Subordination. Holdings hereby subordinates any and all debts, liabilities and
other Obligations owed to Holdings by each other Obligor (the “Intercompany Obligations”)
to the Guaranteed Obligations to the extent and in the manner hereinafter set forth in this
Section 15.5:

          15.5.1 Prohibited Payments, Etc. Except (a) during the continuance of any Event of
Default under Sections 11.1(a) or (j) or (b) after notice from the Agent or any Lender of any other
Event of Default under this Agreement, Holdings may receive regularly scheduled payments from any
other Obligor on account of the Intercompany Obligations. During the continuance of any Event of
Default under Sections 11.1(a) or (j) or after notice from the Agent or any Lender of any other
Event of Default under this Agreement, however, Holdings shall not demand, accept or take any
action to collect any payment on account of the Intercompany Obligations unless the Required
Lenders otherwise agree.

          15.5.2 Prior Payment of Guaranteed Obligations. In any Insolvency Proceeding relating
to any other Obligor, Holdings agrees that the Secured Parties shall be entitled to receive payment
in full in cash of all Guaranteed Obligations (other than contingent indemnification obligations,
but including all interest, expenses and fees (including reasonable legal fees) accruing after the
commencement of any Insolvency Proceeding, whether or not constituting an allowed claim in such
proceeding (“Post Petition Interest”)) before Holdings receives payment of any Intercompany
Obligations.

          15.5.3 Turn-Over. After the occurrence and during the continuance of any Event of
Default (including the commencement and continuation of any Insolvency Proceeding relating to any
other Obligor), Holdings shall, if Agent so requests, collect, enforce and receive payments on
account of the Intercompany Obligations as trustee for the Secured Parties and deliver such
payments to Agent on account of the Guaranteed Obligations (including all Post Petition Interest),
together with any necessary endorsements or other instruments of transfer, but without reducing or
affecting in any manner the liability of Holdings under the other provisions of this Holdings
Guaranty.

          15.5.4 Agent Authorization. After the occurrence and during the continuance of any
Event of Default (including the commencement and continuation of any Insolvency Proceeding relating
to any other Obligor), Agent is authorized and empowered (but without any obligation to so do),
in its discretion, (i) in the name of Holdings, to collect and enforce, and to submit claims
in respect of, Intercompany Obligations and to apply any amounts received thereon to the Guaranteed
Obligations (including any and all Post Petition Interest), and (ii) to require Holdings (A) to
collect and enforce, and to submit claims in respect of, Intercompany Obligations and (B) to pay
any amounts received on such obligations to Agent for application to the Guaranteed Obligations
(including any and all Post Petition Interest).

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     15.6 Continuing Guaranty; Assignments. This Holdings Guaranty is a continuing
guaranty and shall (a) remain in full force and effect until the Full Payment of the Obligations,
(b) be binding upon Holdings, its successors and assigns and (c) inure to the benefit of and be
enforceable by the Secured Parties and their successors, transferees and assigns. Without limiting
the generality of clause (c) of the immediately preceding sentence, any Secured Party may
assign or otherwise transfer all or any portion of its rights and obligations under this Agreement
(including, without limitation, all or any portion of its Commitments, the Loans owing to it and
the Note or Notes held by it) to any other Person, and such other Person shall thereupon become
vested with all the benefits in respect thereof granted to such Secured Party herein or otherwise,
in each case as and to the extent provided in Section 13.3. Holdings shall not have the right to
assign its rights hereunder or any interest herein without the prior written consent of the Secured
Parties.

[Remainder of page intentionally left blank; signatures begin on following page]

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     IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set forth
above.

	 	 	 	 	 
	 	BORROWERS:

ALON REFINING KROTZ SPRINGS, INC., a Delaware corporation

 	 
	 	By:  	/s/ Jeff D. Morris
 	 
	 	Title: 	 President, Chief Executive Officer 	 
	 
	 	Address: 	
7616 LBJ Freeway

Suite 300

Dallas, TX 75251

Attn:  General Counsel

Telecopy: (972) 367-3724 	 
	 
	 	HOLDINGS:

ALON REFINING LOUISIANA, INC., a Delaware corporation

 	 
	 	By:  	/s/ Jeff D. Morris
 	 
	 	Title: 	 President, Chief Executive Officer 	 
	 
	 	Address: 	
7616 LBJ Freeway

Suite 300

Dallas, TX 75251

Attn:  General Counsel

Telecopy: (972) 367-3724 	 
	 

 

 

	 	 	 	 	 
	 	AGENT AND
LENDERS:

BANK OF AMERICA, N.A.,

as Agent and Lender

 	 
	 	By:  	/s/ Todd Eggertsen
 	 
	 	Title: 	 Vice President 	 
	 
	 	Address: 	Bank of America, N.A.

55 S. Lake Avenue, Suite 900

Pasadena, California  91101

Attention: Todd Eggertsen, Vice President

Telecopy No.: (626) 584-4602

with copies to:

Gary Samson, Esq.

McGuireWoods LLP

1800 Century Park East, 8th Floor

Los Angeles, California 90067

Telecopy No.:  (310) 956-3148

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