Document:

exv10w6

Exhibit 10.6

Execution Version

 

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

CVR PARTNERS, LP

Dated as of April 13, 2011

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	Section 1. Registrations Upon Request
	 	 	1	 
	1.1. Requests by the Unitholder
	 	 	1	 
	1.2. Registration Statement Form
	 	 	4	 
	1.3. Expenses
	 	 	5	 
	1.4. Effective Registration Statement
	 	 	5	 
	1.5. Right to Withdraw
	 	 	6	 
	1.6. Priority in Demand Registrations
	 	 	6	 
	 
	 	 	 	 
	Section 2. Incidental Registrations
	 	 	6	 
	 
	 	 	 	 
	Section 3. Registration Procedures
	 	 	8	 
	 
	 	 	 	 
	Section 4. Underwritten Offerings
	 	 	14	 
	4.1. Underwriting Agreement
	 	 	14	 
	4.2. Selection of Underwriters
	 	 	14	 
	 
	 	 	 	 
	Section 5. Holdback Agreements
	 	 	14	 
	 
	 	 	 	 
	Section 6. Preparation; Reasonable Investigation
	 	 	16	 
	 
	 	 	 	 
	Section 7. Indemnification
	 	 	16	 
	7.1. Indemnification by the Partnership
	 	 	16	 
	7.2. Indemnification by the Sellers
	 	 	17	 
	7.3. Notices
of Claims, etc.
	 	 	18	 
	7.4. Other Indemnification
	 	 	18	 
	7.5. Indemnification Payments
	 	 	18	 
	7.6. Other Remedies
	 	 	19	 
	 
	 	 	 	 
	Section 8. Representations and Warranties
	 	 	19	 
	 
	 	 	 	 
	Section 9. Definitions
	 	 	20	 
	 
	 	 	 	 
	Section 10. Miscellaneous
	 	 	21	 
	10.1.
Rule 144, etc.
	 	 	21	 
	10.2. Successors, Assigns and Transferees
	 	 	22	 
	10.3.
Splits, etc.
	 	 	22	 
	10.4. Amendment and Modification
	 	 	22	 
	10.5. Governing Law; Venue and Service of Process
	 	 	23	 
	10.6. Invalidity of Provision
	 	 	23	 
	10.7. Reserved
	 	 	23	 
	10.8. Notices
	 	 	23	 
	10.9. Headings: Execution in Counterparts
	 	 	24	 

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	 	 	Page	 
	10.10. Injunctive Relief
	 	 	24	 
	10.11. Term
	 	 	24	 
	10.12. Further Assurances
	 	 	24	 
	10.13. Entire Agreement
	 	 	25	 

ii

 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

of CVR Partners, LP

          AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of April 13, 2011 (the
“Agreement”), by and among CVR Partners, LP, a Delaware limited partnership (the
“Partnership”), and Coffeyville Resources, LLC, a Delaware limited liability company (the
“Unitholder”). Capitalized terms used herein without definition are defined in Section
9.

          WHEREAS, the Partnership, the Unitholder and CVR Special GP, LLC, a direct wholly-owned
subsidiary of Unitholder (the “Special General Partner”), were parties to the original
Registration Rights Agreement, which provided for registration under the Securities Act of the
Partnership units issued to the Unitholder and the Special General Partner pursuant to that certain
Contribution, Conveyance and Assumption Agreement by and among the Partnership, the Unitholder,
Special GP and CVR GP, LLC (the “Original Contribution Agreement”) entered into in
connection with the Partnership’s formation;

          WHEREAS, on the date hereof, in connection with the Partnership’s initial public offering, the
Partnership, the Unitholder and certain other parties amended and restated the Original
Contribution Agreement (the “Amended Contribution Agreement”);

          WHEREAS, pursuant to the Amended Contribution Agreement, (a) all of the units held by the
Unitholder and Special GP were exchanged for common units representing limited partner interests in
the Partnership (“Common Units”) and (b) Special GP was merged with and into the
Unitholder, with the Unitholder remaining as the surviving entity; and

          WHEREAS, the Partnership and the Unitholder (on behalf of itself and as successor in interest
to the Special General Partner) have agreed to amend the Original Registration Rights Agreement
pursuant to Section 11.4 thereof to provide the registration and other rights set forth in this
Agreement for the benefit of the Unitholder;

          NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth in this
Agreement, the parties hereto agree as follows:

     Section 1.Registrations Upon Request.

     1.1. Requests by the Unitholder.

     (a) Notice of Request. The Unitholder shall have the right to make up
to six requests (each, a “Demand Registration”) that the Partnership effect
the registration under the Securities Act of all or a portion of the Registrable
Securities Beneficially Owned by the Unitholder (the Unitholder, in such capacity,
the “Initiating Unitholder”), each such request to specify the number of
Registrable Securities to be registered and the intended method or methods of disposition thereof; provided that, with respect to any shelf
registration requested by the Initiating Unitholder pursuant to Section
1.1(b) (which initial request shall

 

 

count as a request for purposes of this Section 1.1), each subsequent request by the Initiating Unitholder that the
Partnership sell Registrable Securities from such Shelf Registration Statement (as
such term is defined in part (b) of this Section 1.1) that is not made
simultaneously with such initial request shall be counted as an additional request
for purposes of this Section 1.1. Upon any such request (each, a
“Demand Request Notice”), the Partnership will promptly, but in any event
within 5 days, give written notice of such request to all holders of Registrable
Securities and thereupon the Partnership will, subject to Section 1.4:

     (i) use its best efforts to effect the prompt registration under the
Securities Act of

     (A) the Registrable Securities which the Partnership has been so
requested to register by the Initiating Unitholder, and

     (B) all other Registrable Securities which the Partnership has
been requested to register by the holders thereof by written request
given to the Partnership by such holders within 30 days after the
giving of such written notice by the Partnership to such holders (or,
15 days if, at the request of the Initiating Unitholder, the
Partnership states in such written notice or gives telephonic notice
to each holder of Registrable Securities, with written confirmation
to follow promptly thereafter, stating that (i) such registration
will be on Form S-3 and (ii) such shorter period of time is required
because of a planned filing date),

     all to the extent required to permit the disposition of the
Registrable Securities so to be registered in accordance with the
intended method or methods of disposition of the Initiating
Unitholder and any “Participating Unitholders,” which term
shall refer to any Permitted Transferee that exercises its right to
participate in the registration initiated by the Initiating
Unitholder, which intended method or methods of distribution may
include, at the option of the Initiating Unitholder or the
Participating Unitholders, as applicable, a distribution of such
Registrable Securities to, and resale of such Registrable Securities
by, the shareholders, members or partners of the Unitholder or the
equity owners of the Unitholder (a “Partner Distribution”);
and

     (ii) if requested by the Initiating Unitholder or any Participating
Unitholders, as applicable, obtain acceleration of the effective date of the
registration statement relating to such registration. Notwithstanding
anything contained herein to the contrary, the Partnership shall, at the
request of the Initiating Unitholder or any Participating Unitholders, as applicable, seeking to effect a Partner Distribution,
file any prospectus supplement or post-effective amendments and shall
otherwise

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take any action necessary to include such language, if such
language was not included in the initial registration statement, or revise
such language if deemed necessary by the Unitholder, to effect such Partner
Distribution.

     (b) Shelf Registration. The right of the Unitholder to request a
registration of Registrable Securities pursuant to Section 1.1(a) shall
include the right from and after the first anniversary of the Initial Public
Offering to request that the Partnership file a registration statement to permit the
requesting holder to sell Registrable Securities on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act (or any similar rule that may be
adopted by the Commission) in accordance with the intended method or methods of
disposition by such requesting holder (a “Shelf Registration Statement”).
Notwithstanding anything to the contrary herein,

     (i) upon any Shelf Registration Statement having been declared
effective, the Partnership shall use reasonable best efforts to keep such
Shelf Registration Statement continuously effective in order to permit the
prospectus included therein to be usable by the holders of Registrable
Securities until the earlier of (x) such time as all Registrable Securities
that could be sold under such Shelf Registration Statement have been sold or
are no longer outstanding; (y) two years from the date of effectiveness; and
(z) the date that the Unitholder can sell all Registrable Securities
Beneficially Owned by it in accordance with Rule 144 under the Securities
Act without any volume or manner limitations pursuant thereto;

     (ii) if at any time following the effectiveness of any Shelf
Registration Statement the Unitholder desires to sell Registrable Securities
pursuant thereto, the Unitholder shall notify the Partnership of such intent
at least ten Business Days prior to any such sale (any such proposed
transaction, a “Take-down Transaction”), and the Partnership
thereupon shall prepare and file within ten Business Days after receipt of
such notice a prospectus supplement or post-effective amendment to the Shelf
Registration Statement, as necessary, to permit the consummation of such
Take-down Transaction;

     (iii) upon receipt of notice from the Unitholder regarding a Take-down
Transaction as provided in clause (ii) of this Section 1.1(b), the
Partnership shall immediately deliver notice to any other holders of
Registrable Securities whose Registrable Securities have been included in
such Shelf Registration Statement and shall permit such holders to
participate in such Take-down Transaction (subject to Section 1.4),
it being understood, for the avoidance of doubt, that no holder other than
the Unitholder shall have the right to initiate a Take-down Transaction;

     (iv) each holder who participates in a Take-down Transaction shall be
deemed through such participation to have represented to the

3

 

Partnership that any information previously supplied by such holder to the
Partnership in writing for inclusion in the Shelf Registration Statement, unless
modified by such holder by written notice to the Partnership, remains
accurate as of the date of the prospectus supplement or amendment to the
Shelf Registration Statement, as applicable; and

     (v) if the continued use of such Shelf Registration Statement at any
time would require the Partnership to make any public disclosure of
material, non-public information, disclosure of which, in the good faith
judgment of the Board of Directors of CVR GP, LLC, after consultation with
independent outside counsel to the Partnership, (i) would be required to be
made in any registration statement filed with the Commission by the
Partnership so that such registration statement would not be materially
misleading and (ii) would not be required to be made at such time but for
the filing of such registration statement; and the Partnership has a bona
fide business purpose for not disclosing such information publicly, the
Partnership may, upon giving prompt written notice of such action to the
holders of Registrable Securities, suspend use of the Shelf Registration
Statement (a “Shelf Suspension”); provided, however,
that the Partnership shall not be permitted to exercise a Shelf Suspension
(x) more than once during any 12 month period or (y) for a period exceeding
45 days on any one occasion. In the case of a Shelf Suspension, the holders
of Registrable Securities agree to suspend use of the applicable prospectus
in connection with any sale or purchase of, or offer to sell or purchase,
Registrable Securities, upon receipt of the notice referred to above. Upon
the written request of either the Initiating Unitholder or the Participating
Unitholders, the Partnership shall provide such holder of Registrable
Securities in writing with a general statement of the reasons for such
postponement and an approximation of the anticipated delay. The Partnership
shall immediately notify the holders of Registrable Securities upon the
termination of any Shelf Suspension, amend or supplement the prospectus, if
necessary, so it does not contain any untrue statement of a material fact or
omission and furnish to the holders of Registrable Securities such numbers
of copies of the prospectus as so amended or supplemented as such holders
may reasonably request. The Partnership agrees, if necessary, to supplement
or make amendments to the Shelf Registration Statement, if required by the
registration form used by the Partnership for the shelf registration or by
the instructions applicable to such registration form or by the Securities
Act or as may reasonably be requested by the Majority Holders.

     1.2. Registration Statement Form. A registration requested pursuant to Section 1.1 shall be effected by the filing of a
registration statement on a form of the Commission (i) selected by the Majority Holders, which form
shall be reasonably acceptable to the Partnership; provided that the Partnership agrees that, at
the request of the Initiating Unitholder,

4

 

at such time as the Partnership becomes a “well-known seasoned issuer,” as such term is defined in Rule 405 under the Securities Act, the Partnership
will register an offering pursuant to Section 1.1 on an “automatic shelf registration statement,”
as such term is defined in Rule 405 under the Securities Act; provided, that the Partnership is
advised by independent outside counsel that filing an “automatic shelf registration statement” for
registration of the Registrable Securities will not cause the Partnership to be an “ineligible
issuer,” as such term is defined in Rule 405 under the Securities Act and (ii) which shall permit
the disposition of Registrable Securities in accordance with the intended method or methods of
disposition specified in such request for registration, including, without limitation, a Partner
Distribution or, as provided above, a continuous or delayed basis offering pursuant to Rule 415
under the Securities Act. The Partnership agrees to include in any such registration statement all
information which, in the opinion of counsel to the Initiating Unitholder, counsel to any
Participating Unitholder and counsel to the Partnership, is necessary or desirable to be included
therein.

     1.3. Expenses. The Partnership shall pay, and shall be responsible for, all
Registration Expenses in connection with any registration requested under Section 1.1; provided
that each seller of Registrable Securities shall pay all Registration Expenses to the extent
required to be paid by such seller under applicable law and all underwriting discounts and
commissions and transfer taxes, if any, in respect of the Registrable Securities being registered
for such seller.

     1.4. Effective Registration Statement. A registration requested pursuant to Section
1.1 shall not be deemed a Demand Registration (including for purposes of Section 1.1(a)) unless a
registration statement with respect thereto has become effective and has been kept continuously
effective for a period of at least 180 days (or such shorter period which shall terminate when all
the Registrable Securities covered by such registration statement have been sold pursuant thereto)
or, if such registration statement relates to an underwritten offering, such longer period as in
the opinion of counsel for the underwriter or underwriters a prospectus is required by law to be
delivered in connection with sales of Registrable Securities by an underwriter or dealer. Should a
Demand Registration not become effective due to the failure of a holder of Registrable Securities
participating in such offering of Registrable Securities (a “Participating Holder”) to
perform its obligations under this Agreement, or in the event the Initiating Unitholder withdraws
or does not pursue its request for the Demand Registration as provided for in Section 1.6 below (in
each of the foregoing cases, provided that at such time the Partnership is in compliance in all
material respects with its obligations under this Agreement), then, such Demand Registration shall
be deemed to have been effected (including for purposes of Section 1.1(a)); provided, that, if (i)
the Demand Registration does not become effective because a material adverse change has occurred,
or is reasonably likely to occur, in the condition (financial or otherwise), prospects, business,
assets or results of operations of the Partnership and its subsidiaries taken as a whole subsequent
to the

     date of the delivery of the Demand Request Notice, (ii) after the Demand Registration has
become effective, such registration is interfered with by any stop order, injunction, or other
order or requirement of the Commission or other governmental agency or court, (iii) the Demand
Registration is withdrawn at the request of the Initiating Unitholder due to the advice of the
managing underwriter(s) that the Registrable Securities covered by the registration statement could
not be sold in such offering within a price range acceptable to the Initiating Unitholder, or (iv)
the Initiating Unitholder reimburses the Partnership for any and all

5

 

Registration Expenses incurred by the Partnership in connection with such request for a Demand Registration that was withdrawn or
not pursued, then the Demand Registration shall not be deemed to have been effected and will not
count as a Demand Registration.

     1.5. Right to Withdraw. Any Participating Holder shall have the right to withdraw its
request for inclusion of Registrable Securities in any registration statement pursuant to Section
1.1 at any time prior to the effective date of such registration statement by giving written notice
to the Partnership of its request to withdraw. Upon receipt of notices from all Participating
Holders to such effect, the Partnership shall cease all efforts to obtain effectiveness of the
applicable registration statement, and whether the Initiating Unitholder’s request for registration
pursuant to Section 1.1 shall be counted as a Demand Registration for purposes of Section 1.6 shall
be determined in accordance with Section 1.4 above.

     1.6. Priority in Demand Registrations. Whenever the Partnership effects a
registration pursuant to Section 1.1 in connection with an underwritten offering, no securities
other than Registrable Securities shall be included among the securities covered by such
registration unless the Majority Holders consent in writing to the inclusion therein of such other
securities, which consent may be subject to terms and conditions determined by the Majority Holders
in their sole discretion. If a registration pursuant to Section 1.1 involves an underwritten
offering, and the managing underwriter (or, in the case of an offering which is not underwritten, a
nationally recognized investment banking firm) shall advise the Partnership in writing (with a copy
to each Person requesting registration of Registrable Securities) that, in its opinion, the number
of securities requested, and otherwise proposed to be included in such registration, exceeds the
number which can be sold in such offering without materially and adversely affecting the offering
price, the Partnership shall include in such registration, to the extent of the number which the
Partnership is so advised can be sold in such offering without such material adverse effect, first,
the Registrable Securities of the Initiating Unitholder and the Participating Unitholders
requesting inclusion in such registration, on a pro rata basis (based on the number of shares of
Registrable Securities owned by the Unitholder), and second, the securities, if any, being sold by
the Partnership. In the event of any such determination under this Section 1.4, the Partnership
shall give the affected holders of Registrable Securities notice of such determination and in lieu
of the notice otherwise required under Section 1.1.

     Section 2. Incidental Registrations. If the Partnership at any time proposes to register any of its equity securities under the
Securities Act (other than a registration on Form S-4 or S-8 or any successor form or an “automatic
shelf registration statement” on Form S-3 if the Partnership would otherwise qualify as a “WKSI”
and has been advised by independent outside counsel that filing an “automatic shelf registration
statement” for registration of the Registrable Securities would not cause the Partnership to be an
“ineligible issuer,” as such term is defined in Rule 405 under the Securities Act) whether or not
for sale for its own account, then the Partnership shall give prompt written notice (but in no
event less than 30 days prior to the initial filing with respect thereto) to all holders of
Registrable Securities regarding such proposed registration. Upon the written request of any such
holder made within 15 days after the receipt of any such notice (which request shall specify the
number of Registrable Securities intended to be disposed of by such holder and the intended method
or methods of disposition thereof), the Partnership shall use its best efforts to effect the
registration under the Securities Act of such

6

 

Registrable Securities on a pro rata basis in accordance with such intended method or methods of disposition; provided that:

     (a) the Partnership shall not include Registrable Securities in such proposed
registration to the extent that the Board of Directors of CVR GP, LLC shall have
determined, after consultation with the managing underwriter for such offering, that
it would materially and adversely affect the offering price to include any
Registrable Securities in such registration and provided, further,
that the Partnership shall give the affected holders of Registrable Securities
notice of such determination and in lieu of the notice otherwise required by the
first sentence of this Section 2;

     (b) if, at any time after giving written notice (pursuant to this Section
2) of its intention to register equity securities and prior to the effective
date of the registration statement filed in connection with such registration, the
Partnership shall determine for any reason not to register such equity securities,
the Partnership may, at its election, give written notice of such determination to
each holder of Registrable Securities and, thereupon, shall not be obligated to
register any Registrable Securities in connection with such registration (but shall
nevertheless pay the Registration Expenses in connection therewith), without
prejudice, however, to the rights of the Unitholder that a registration be effected
under Section 1.1; and

     (c) if in connection with a registration pursuant to this Section 2,
the managing underwriter of such registration (or, in the case of an offering that
is not underwritten, a nationally recognized investment banking firm) shall advise
the Partnership in writing (with a copy to each holder of Registrable Securities
requesting. registration thereof) that the number of securities requested
and otherwise proposed to be included in such registration exceeds the number which
can be sold in such offering without materially and adversely affecting the offering
price of the securities being sold in such registration, then in the case of any
registration pursuant to this Section 2, the Partnership shall include in
such registration to the extent of the number which the Partnership is so advised
can be sold in such offering without such material adverse effect, first,
the securities, if any, being sold by the Partnership, and second, the Registrable
Securities of the Unitholder requesting inclusion in such registration and
Partnership Securities of other Persons who have been granted registration rights or
are granted registration rights on or after the date of this Agreement, to the
extent such other Persons have been granted registration rights that are pari passu
to the rights of the Unitholder hereunder, on a pro rata basis (based on the number
of shares of Registrable Securities owned by the Unitholder and the number of
Partnership Securities of any such other Persons).

          The Partnership shall pay all Registration Expenses in connection with each registration of
Registrable Securities requested pursuant to this Section 2; provided that each seller of
Registrable Securities shall pay all Registration Expenses to the extent required to be

7

 

paid by such seller under applicable law and all underwriting discounts and commissions
and transfer taxes, if any, in respect of the Registrable Securities being registered for such
seller. No registration effected under this Section 2 shall relieve the Partnership from
its obligation to effect registrations under Section 1.1.

     Section 3. Registration Procedures. If and whenever the Partnership is required to use its
best efforts to effect the registration of any Registrable Securities under the Securities Act
pursuant to Sections 1.1 or 2, the Partnership shall promptly:

     (a) prepare, and as soon as practicable, but in any event within 30 days
thereafter, file with the Commission, a registration statement with respect to such
Registrable Securities, make all required filings with FINRA and use its best
efforts to cause such registration statement to become and remain effective as soon
as practicable;

     (b) prepare and promptly file with the Commission such amendments and
post-effective amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such
registration statement effective for so long as is required to comply with the
provisions of the Securities Act and to complete the disposition of all securities
covered by such registration statement in accordance with the intended method or
methods of disposition thereof, but in no event for a period of more than six months
after such registration statement becomes effective (except as provided in
Section 1.1(b)(i));

     (c) furnish copies of all documents proposed to be filed with the Commission in
connection with such registration to (i) counsel selected by the Initiating
Unitholder and counsel selected by any Participating Unitholders either of which
counsel may also be counsel to the Partnership, and (ii) each seller of Registrable
Securities (or in the case of the initial filing of a registration statement, within
five business days of such initial filing) and such documents shall be subject to
the review of such counsel; provided that the Partnership shall not file any
registration statement or any amendment or post-effective amendment or supplement to
such registration statement or the prospectus used in connection therewith or any
free writing prospectus related thereto to which such counsel shall have reasonably
objected on the grounds that such registration statement amendment, supplement or
prospectus or free writing prospectus does not comply (explaining why) in all
material respects with the requirements of the Securities Act or of the rules or
regulations thereunder;

     (d) furnish to each seller of Registrable Securities, without charge, such
number of conformed copies of such registration statement and of each such amendment
and supplement thereto (in each case including all exhibits and documents filed
therewith) and such number of copies of the prospectus included in such registration
statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the

8

 

Securities Act, in conformity with the requirements of the Securities Act, each free
writing prospectus utilized in connection therewith, and such other documents, as
such seller may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such seller in accordance with the intended method
or methods of disposition thereof;

     (e) use its best efforts to register or qualify such Registrable Securities and
other securities covered by such registration statement under the securities or blue
sky laws of such jurisdictions as each seller shall reasonably request, and do any
and all other acts and things which may be necessary or advisable to enable such
seller to consummate the disposition of such Registrable Securities in such
jurisdictions in accordance with the intended method or methods of disposition
thereof; provided that the Partnership shall not for any such purpose be
required to qualify generally to do business in any jurisdiction wherein it is not
so qualified, subject itself to taxation in any jurisdiction wherein it is not so
subject, or take any action which would subject it to general service of process in
any jurisdiction wherein it is not so subject;

     (f) use its best efforts to cause all Registrable Securities covered by such
registration statement to be registered with or approved by such other governmental
agencies, authorities or self-regulatory bodies as may be necessary by virtue of the
business and operations of the Partnership to enable the seller or sellers thereof
to consummate the disposition of such Registrable Securities in accordance with the
intended method or methods of disposition thereof;

     (g) furnish to the Initiating Unitholder and any Participating Unitholders:

     (i) an opinion of counsel for the Partnership experienced in securities
law matters, dated the effective date of the registration statement (and, if
such registration includes an underwritten public offering, the date of the
closing under the underwriting agreement), and

     (ii) a “comfort” letter (unless the registration is pursuant to
Section 2 and such a letter is not otherwise being furnished to the
Partnership), dated the effective date of such registration statement (and
if such registration includes an underwritten public offering, dated the
date of the closing under the underwriting agreement), signed by the
independent public accountants who have issued an audit report on the
Partnership’s financial statements included in the registration statement,

covering such matters as are customarily covered in opinions of issuer’s counsel and
in accountants’ letters delivered to the underwriters in underwritten public
offerings of securities and such other matters as the Initiating Unitholder and any
Participating Unitholders may reasonably request;

9

 

     (h) promptly notify each seller of any Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to
be delivered under the Securities Act of the happening of any event or existence of
any fact as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing,
and, as promptly as is practicable, prepare and furnish to such seller a reasonable
number of copies of a supplement to or an amendment of such prospectus as may be
necessary so that, as thereafter delivered to the purchasers of such securities,
such prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;

     (i) otherwise comply with all applicable rules and regulations of the
Commission, and make available to its security holders, as soon as reasonably
practicable and in any event within 16 months after the effective date of the
registration statement, an earnings statement of the Partnership (in form complying
with the provisions of Rule 158 under the Securities Act) covering the period of at
least 12 months, but not more than 18 consecutive months, beginning with the first
full calendar month after the effective date of such registration statement;

     (j) notify each seller of any Registrable Securities covered by such
registration statement (i) when the prospectus or any prospectus supplement or
post-effective amendment or any free writing prospectus has been filed and/or used,
and, with respect to such registration statement or any post-effective amendment,
when the same has become effective, (ii) of the receipt by the Partnership of any
comments from the Commission or of any request by the Commission for amendments or
supplements to such registration statement or to amend or to supplement such
prospectus or for additional information, (iii) of the issuance by the Commission of
any stop order suspending the effectiveness of such registration statement or the
initiation of any proceedings for that purpose and (iv) of the suspension of the
qualification of such securities for offering or sale in any jurisdiction, or of the
institution of any proceedings for any of such purposes;

     (k) use every reasonable effort to obtain the lifting of any stop order that
might be issued suspending the effectiveness of such registration statement at the
earliest possible moment;

     (l) use its best efforts (i) (A) to list such Registrable Securities on any
securities exchange on which the equity securities of the Partnership are then
listed or, if no such equity securities are then listed, on an exchange selected by
the Partnership, if such listing is then permitted under the rules of such exchange,

10

 

or (B) if such listing is not practicable, to secure designation of such securities
as a NASDAQ “national market system security” within the meaning of Rule 11Aa2-1
under the Exchange Act or, failing that, to secure NASDAQ authorization for such
Registrable Securities, and, without limiting the foregoing, to arrange for at least
two market makers to register as such with respect to such Registrable Securities
with FINRA, and (ii) to provide a transfer agent and registrar for such Registrable
Securities not later than the effective date of such registration statement and to
instruct such transfer agent (A) to release any stop transfer order with respect to
the certificates with respect to the Registrable Securities being sold and (B) to
furnish certificates without restrictive legends (other than those that apply
generally to all Partnership Securities) representing ownership of the shares being
sold, in such denominations requested by the sellers of the Registrable Securities
or the lead underwriter;

     (m) enter into such agreements and take such other actions as the sellers of
Registrable Securities or the underwriters reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities, including, without
limitation, preparing for, and participating in, such number of “road shows” and all
such other customary selling efforts as the underwriters reasonably request in order
to expedite or facilitate such disposition;

     (n) furnish to any holder of such Registrable Securities such information and
assistance as such holder may reasonably request in connection with any “due
diligence” effort which such seller deems appropriate;

     (o) cooperate with each seller of Registrable Securities and each underwriter
and their respective counsel in connection with any filings required to be made with
FINRA, the New York Stock Exchange, or any other securities exchange on which such
Registrable Securities are traded or will be traded;

     (p) cooperate with the sellers of the Registrable Securities and the managing
underwriter to facilitate the timely preparation and delivery of certificates not
bearing any restrictive legends (other than those that apply generally to all
Partnership Securities) representing the Registrable Securities to be sold, and
cause such Registrable Securities to be issued in such denominations and registered
in such names in accordance with the underwriting agreement prior to any sale of
Registrable Securities to the underwriters or, if not an underwritten offering, in
accordance with the instructions of the Majority Holders at least five business days
prior to any sale of Registrable Securities and instruct any transfer agent and
registrar of Registrable Securities to release any stop transfer orders in respect
thereof;

     (q) cause its officers and employees to participate in, and to otherwise
facilitate and cooperate with the preparation of the registration statement and
prospectus and any amendments or supplements thereto (including participating

11

 

     in
meetings, drafting sessions and due diligence sessions) taking into account the
Partnership’s business needs;

     (r) use its best efforts to take all other steps necessary to effect the
registration of such Registrable Securities contemplated hereby;

     (s) take all reasonable action to ensure that any free writing prospectus
utilized in connection with any registration covered by this agreement complies in
all material respects with the Securities Act, is filed in accordance with the
Securities Act to the extent required thereby, is retained in accordance with the
Securities Act to the extent required thereby and, when taken together with the
related prospectus, prospectus supplement and related documents, will not contain
any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were
made, not misleading; and

     (t) in connection with any underwritten offering, if at any time the
information conveyed to a purchaser at the time of sale includes any untrue
statement of a material fact or omits to state any material fact necessary in order
to make the statements therein, in light of the circumstances under which they were
made, not misleading, promptly file with the Commission such amendments or
supplements to such information as may be necessary so that the statements as so
amended or supplemented will not, in light of the circumstances, be misleading.

          To the extent the Partnership is a well-known seasoned issuer (as defined in Rule 405 under
the Securities Act) (a “WKSI”) at the time any Demand Request Notice is submitted to the
Partnership, and such Demand Request Notice requests that the Partnership file an automatic shelf
registration statement (as defined in Rule 405 under the Securities Act) (an “automatic shelf
registration statement”) on Form S-3 and the Partnership has been advised by independent outside
counsel that filing an “automatic shelf registration statement” for registration of the Registrable
Securities will not cause the Partnership to be an “ineligible issuer,” as such term is defined in
Rule 405 under the Securities Act, the Partnership shall file an automatic shelf registration
statement which covers those Registrable Securities which are requested to be registered. The
Partnership shall use its commercially reasonable best efforts to remain a WKSI (and not become an
ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which
such automatic shelf registration statement is required to remain effective. If the Partnership
does not pay the filing fee covering the Registrable Securities at the time the automatic shelf
registration statement is filed, the Partnership agrees to pay such fee at such time or times as
the Registrable Securities are to be sold. If the automatic shelf registration statement has been
outstanding for at least three years, at the end of the third year the Partnership shall refile a
new automatic shelf registration statement covering the Registrable Securities. If at any time
when the Partnership is required to re-evaluate its WKSI status the Partnership determines that it
is not a WKSI, the Partnership shall use its commercially reasonable best efforts to refile the
shelf registration statement on Form S-3 and, if such form is

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not available, Form S-1 and keep suchregistration statement effective during the period during which such registration statement is
required to be kept effective.

          If the Partnership files any shelf registration statement for the benefit of the holders of
any of its securities other than the Unitholder, the Partnership agrees that it shall give
prior written notice to the Unitholder and, upon request of the Unitholder, include in such
registration statement such disclosures as may be required by Rule 430B (referring to the unnamed
selling security holders in a generic manner by identifying the initial issuance and sale of the
securities to the Unitholder) in order to ensure that the Unitholder may be added to such shelf
registration statement at a later time through the filing of a prospectus supplement rather than a
post-effective amendment.

          As a condition to its registration of Registrable Securities of any prospective seller, the
Partnership may require such seller of any Registrable Securities as to which any registration is
being effected to execute powers-of-attorney, custody arrangements and other customary agreements
appropriate to facilitate the offering and to furnish to the Partnership such information regarding
such seller, its ownership of Registrable Securities and the disposition of such Registrable
Securities as the Partnership may from time to time reasonably request in writing and as shall be
required by law in connection therewith. Each such holder agrees to furnish promptly to the
Partnership all information required to be disclosed in such registration statement in order to
make the information previously furnished to the Partnership by such holder and disclosed in such
registration statement not materially misleading.

          The Partnership agrees not to file or make any amendment to any registration statement with
respect to any Registrable Securities, or any amendment of or supplement to the prospectus used in
connection therewith, which refers to any holder of Registrable Securities, or otherwise identifies
any holder of Registrable Securities as the holder of any Registrable Securities, without the prior
consent of such holder, such consent not to be unreasonably withheld or delayed, unless such
disclosure is required by law. Notwithstanding the foregoing, if any such registration statement or
comparable statement under “blue sky” laws refers to any holder of Registrable Securities by name
or otherwise as the holder of any securities of the Partnership, then such holder shall have the
right to require (i) the insertion therein of language, in form and substance satisfactory to such
holder and the Partnership, to the effect that the holding by such holder of such Registrable
Securities is not to be construed as a recommendation by such holder of the investment quality of
the Partnership’s securities covered thereby and that such holding does not imply that such holder
will assist in meeting any future financial requirements of the Partnership, or (ii) in the event
that such reference to such holder by name or otherwise is not in the judgment of the Partnership,
as advised by counsel, required by the Securities Act or any similar federal statute or any state
“blue sky” or securities law then in force, the deletion of the reference to such holder.

          By acquisition of Registrable Securities, each holder of such Registrable Securities shall be
deemed to have agreed that upon receipt of any notice from the Partnership of the happening of any
event of the kind described in Section 3(h), such holder will promptly discontinue such
holder’s disposition of Registrable Securities pursuant to the registration statement covering such
Registrable Securities until such holder’s receipt of the copies of the

13

 

supplemented or amended
prospectus contemplated by Section 3(h). If so directed by the Partnership, each holder of
Registrable Securities will deliver to the Partnership (at the Partnership’s expense) all copies,
other than permanent file copies, in such holder’s possession of the prospectus covering such
Registrable Securities at the time of receipt of such notice. In the event that the Partnership
shall give any such notice, the period mentioned in Section 3(a) shall be extended by the
number of days during the period from and including the date of the giving of
such notice to and including the date when each seller of any Registrable Securities covered
by such registration statement shall have received the copies of the supplemented or amended
prospectus contemplated by Section 3(h).

     Section 4. Underwritten Offerings.

     4.1. Underwriting Agreement. If requested by the underwriters for any underwritten
offering pursuant to a registration requested under Section 1.1 or 2, the Partnership shall enter
into an underwriting agreement with the underwriters for such offering, such agreement to be
reasonably satisfactory in substance and form to the underwriters and to the Unitholder. Any such
underwriting agreement shall contain such representations and warranties by, and such other
agreements on the part of, the Partnership and such other terms and provisions as are customarily
contained in agreements of this type, including, without limitation, indemnities to the effect and
to the extent provided in Section 7. The Unitholder and each other holder of Registrable
Securities to be distributed by such underwriter shall be a party to such underwriting agreement
and may, at such holder’s option, require that any or all of the representations and warranties by,
and the agreements on the part of, the Partnership to and for the benefit of such underwriters be
made to and for the benefit of such holder of Registrable Securities and that any or all of the
conditions precedent to the obligations of such underwriters under such underwriting agreement
shall also be conditions precedent to the obligations of such holder of Registrable Securities.
The Unitholder in its capacity as a Partner and/or controlling person shall not be required by any
underwriting agreement to make any representations or warranties to or agreements with the
Partnership or the underwriters other than representations, warranties or agreements regarding such
holder, the ownership of such holder’s Registrable Securities and such holder’s intended method or
methods of disposition and any other representation required by law or to furnish any indemnity to
any Person which is broader than the indemnity furnished by such holder pursuant to Section 7.2.

     4.2. Selection of Underwriters. If the Partnership at any time proposes to register
any of its securities under the Securities Act for sale for its own account pursuant to an
underwritten offering, the Partnership will have the right to select the managing underwriter
(which shall be of nationally recognized standing) to administer the offering. Notwithstanding the
foregoing sentence, whenever a registration requested pursuant to Section 1.1 is for an
underwritten offering, the Initiating Unitholder will have the right to select the managing
underwriter (which shall be of nationally recognized standing and reasonably acceptable to any
Participating Unitholders) to administer the offering, but only with the approval of the
Partnership, such approval not to be unreasonably withheld.

     Section 5. Holdback Agreements.

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     (a) If and whenever the Partnership proposes to register any of its equity
securities under the Securities Act for its own account (other than on Form S-4 or
S-8 or any successor form) or is required to use its best efforts to effect the
registration of any Registrable Securities under the Securities Act pursuant to
Section 1.1 or 2, each holder of Registrable Securities agrees by
acquisition of such Registrable Securities not to effect any offer, sale or
distribution, including any sale pursuant to Rule 144 under the Securities Act, or
to request registration under Section 1.1 of any Registrable Securities
within seven days prior to the reasonably expected effective date of the
contemplated registration statement (or the date of the underwriting agreement in an
offering off of a Shelf Registration Statement) and during the period beginning on
the effective date of the registration statement relating to such registration (or
the date of the underwriting agreement in an offering off of a Shelf Registration
Statement) (the “Trigger Date”) and until 90 days (unless advised by the
managing underwriter that a longer period, not to exceed 180 days, is required, or
such shorter period as the managing underwriter for any underwritten offering may
agree) after the Trigger Date, except as part of such registration or offering or
unless, in the case of a sale or distribution not involving a public offering, the
transferee agrees in writing to be subject to this Section 5, even if such
Registrable Securities cease to be Registrable Securities upon such transfer. If
requested by such managing underwriter, each holder of Registrable Securities agrees
to execute an agreement to such effect with the Partnership and consistent with such
managing underwriter’s customary form of holdback agreement.

     (b) The Partnership agrees not to effect any public offer, sale or distribution
of its equity securities or securities convertible into or exchangeable or
exercisable for any of such securities within seven days prior to the reasonably
expected effective date of the contemplated registration statement (or the date of
the underwriting agreement in an offering off of a Shelf Registration Statement) and
during the period beginning on the Trigger Date and until 90 days (or such longer
period, not to exceed 180 days, which may be required by the managing underwriter,
or such shorter period as the managing underwriter may agree) after the Trigger Date
with respect to any registration statement filed pursuant to Section 1.1
(except (i) as part of such registration, (ii) as permitted by any related
underwriting agreement, (iii) pursuant to an employee equity compensation plan, (iv)
pursuant to an acquisition or strategic relationship or similar transaction or (v)
pursuant to a registration on Form S-4 or S-8 or any successor form). In addition,
if, and to the extent requested by the managing underwriter, the Partnership shall
use its best efforts to cause each holder (other than any holder already subject to
Section 5(a)) of its equity securities or any securities convertible into or
exchangeable or exercisable for any of such securities, whether outstanding on the
date of this Agreement or issued at any time after the date of this Agreement (other
than any such securities acquired in a public offering), to agree not to effect any
such public offer, sale or distribution of such securities during such period,
except as part of any such registration if permitted, and to cause each such holder

15

 

to enter into an agreement to such effect with the Partnership and consistent with
such managing underwriter’s customary form of holdback agreement, provided that no
holder of less than 5% of the Partnership’s outstanding equity securities shall be
required to enter into such an agreement.

     Section 6. Preparation; Reasonable Investigation. In connection with the preparation
and filing of each registration statement registering Registrable Securities under the Securities
Act, the Partnership shall give counsel to the holders of such Registrable Securities so to be
registered, the managing underwriter(s), and their respective counsel, accountants and other
representatives and agents the opportunity to participate in the preparation of such registration
statement, each prospectus included therein or filed with the Commission, and each amendment
thereof or supplement thereto, and shall give each of the foregoing parties access to the financial
and other records, pertinent corporate documents and properties of the Partnership and its
subsidiaries and opportunities to discuss the business of the Partnership with its officers and the
independent public accountants who have issued audit reports on its financial statements in each
case as shall be reasonably requested by each of the foregoing parties in connection with such
registration statement.

     Section 7. Indemnification.

     7.1. Indemnification by the Partnership. The Partnership agrees that in the event of
any registration of any Registrable Securities pursuant to this Agreement, the Partnership shall
indemnify, defend and hold harmless (a) each holder of Registrable Securities, (b) the Affiliates
of such holder and the respective directors, members, stockholders, officers, partners, employees,
advisors, representatives, agents of such holder and its Affiliates, (c) each Person who
participates as an underwriter or Qualified Independent Underwriter in the offering or sale of such
securities and (d) each person, if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) any of the foregoing against any and all losses,
penalties, fines, liens, judgments, claims, damages or liabilities (or actions or proceedings in
respect thereof) and expenses (including reasonable fees of counsel and any amounts paid in
settlement effected with the Partnership’s consent, which consent shall not be unreasonably
withheld or delayed if such settlement is solely with respect to monetary damages), jointly or
severally, directly or indirectly, based upon or arising out of (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement under which such
Registrable Securities were registered under the Securities Act, any preliminary prospectus, final
prospectus or summary prospectus contained therein or used in connection with the offering of
securities covered thereby, or any amendment or supplement thereto, or any documents incorporated
by reference therein, or any “free writing prospectus,” as such term is defined in Rule 405 under
the Securities Act, utilized in connection with any related offering, (ii) any omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements
therein not misleading or (iii) any untrue statement or alleged untrue statement of a material fact
in the information conveyed to any purchaser at the time of the sale to such purchaser, or the
omission or alleged omission to state therein a material fact required to be stated therein; and
the Partnership will reimburse each such indemnified party for any legal or any other expenses
reasonably incurred by them in connection with enforcing its rights hereunder or under the
underwriting agreement entered into in connection with such offering or

16

 

investigating, preparing,
pursuing or defending any such loss, claim, damage, liability, action or proceeding as such
expenses are incurred, except insofar as any such loss, penalty, fine, lien, judgment, claim,
damage, liability, action, proceeding or expense arises out of or is based upon an untrue
statement of a material fact or omission of a material fact made in such registration
statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement, document incorporated by reference therein or “free writing prospectus” utilized in
connection with any related offering in reliance upon and in conformity with written information
furnished to the Partnership by such holder expressly for use in the preparation thereof in
accordance with the second sentence of Section 7.2. Such indemnity shall remain in full force and
effect, regardless of any investigation made by such indemnified party and shall survive the
transfer of such Registrable Securities by such seller.

     7.2. Indemnification by the Sellers. The Partnership may require, as a condition to
including any Registrable Securities in any registration statement filed pursuant to Section 1.1 or
2, that the Partnership shall have received an undertaking satisfactory to it from each of the
prospective sellers of such Registrable Securities to indemnify and hold harmless, severally and
not jointly, in the same manner and to the same extent as set forth in Section 7.1, the
Partnership, CVR GP, LLC and its directors, officers, employees, agents and each person, if any,
who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) the Partnership, with respect to any statement of a material fact or alleged statement of a
material fact in or omission of a material fact or alleged omission of a material fact from such
registration statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, or any “free writing prospectus”
utilized in connection with any related offering, but only to the extent such statement or alleged
statement or such omission or alleged omission was made in reliance upon and in conformity with
written information furnished to the Partnership by such seller expressly for use in the
preparation of such registration statement, preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement or free writing prospectus. The Partnership and the holders of
the Registrable Securities in their capacities as stockholders and/or controlling persons hereby
acknowledge and agree that, unless otherwise expressly agreed to in writing by such holders, the
only information furnished or to be furnished to the Partnership for use in any registration
statement or prospectus relating to the Registrable Securities or in any amendment, supplement or
preliminary materials associated therewith or any free writing prospectus related thereto are
statements specifically relating to (a) transactions between such holder and its Affiliates, on the
one hand, and the Partnership, on the other hand, (b) the beneficial ownership of Partnership
Securities by such holder and its Affiliates and (c) the name and address of such holder. If any
additional information about such holder or the plan of distribution (other than for an
underwritten offering) is required by law to be disclosed in any such document, then such holder
shall not unreasonably withhold its agreement referred to in the immediately preceding sentence of
this Section 7.2. Such indemnity shall remain in full force and effect, regardless of any
investigation made by or on behalf of the Partnership or any such director, officer or controlling
person and shall survive the transfer of such Registrable Securities by such seller. The indemnity
agreement contained in this Section 7.2 shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability, action or proceeding if such settlement is effected without the
consent of such seller (which consent shall not be unreasonably withheld or

17

 

delayed if such settlement is solely with respect to monetary damages). The indemnity provided by each seller of
Registrable Securities under this Section 7.2 shall be limited in amount to the net amount of
proceeds (i.e., net of expenses, underwriting discounts and commissions) actually received by such
seller from the sale of Registrable Securities pursuant to such registration statement.

     7.3. Notices of Claims, etc. Promptly after receipt by an indemnified party of notice
of the commencement of any action or proceeding involving a claim referred to in the preceding
paragraphs of this Section 7, such indemnified party shall, if a claim in respect thereof is to be
made against an indemnifying party, give written notice to the indemnifying party of the
commencement of such action or proceeding; provided that the failure of any indemnified party to
give notice as provided herein shall not relieve the indemnifying party of its obligations under
the preceding paragraphs of this Section 7, except to the extent that the indemnifying party is
materially prejudiced by such failure to give notice. In case any such action is brought against
an indemnified party, the indemnifying party shall be entitled to participate therein and to assume
the defense thereof, jointly with any other indemnifying party similarly notified, to the extent
that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice
from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not be liable to such indemnified party for any legal or other
expenses subsequently incurred by the latter in connection with the defense thereof except for the
reasonable fees and expenses of any counsel retained by such indemnified party to monitor such
action or proceeding. Notwithstanding the foregoing, if such indemnified party reasonably
determines, based upon advice of independent counsel, that a conflict of interest may exist between
the indemnified party and the indemnifying party with respect to such action and that it is
advisable for such indemnified party to be represented by separate counsel, such indemnified party
may retain other counsel, reasonably satisfactory to the indemnifying party, to represent such
indemnified party, and the indemnifying party shall pay all reasonable fees and expenses of
such counsel. No indemnifying party, in the defense of any such claim or litigation, shall,
except with the consent of such indemnified party, which consent shall not be unreasonably
withheld, consent to entry of any judgment or enter into any settlement unless such judgment,
compromise or settlement (A) includes as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release from all liability in respect of such claim or
litigation, (B) does not include a statement as to or an admission of fault, culpability or a
failure to act, by or on behalf of any indemnified party, and (C) does not require any action other
than the payment of money by the indemnifying party.

     7.4. Other Indemnification. Indemnification similar to that specified in the
preceding paragraphs of this Section 7 (with appropriate modifications) shall be given by the
Partnership and each seller of Registrable Securities with respect to any required registration
(other than under the Securities Act) or other qualification of such Registrable Securities under
any federal or state law or regulation of any governmental authority.

     7.5. Indemnification Payments. Any indemnification required to be made by an
indemnifying party pursuant to this Section 7 shall be made by periodic payments to the indemnified
party during the course of the action or proceeding, as and when bills are received

18

 

by such indemnifying party with respect to an indemnifiable loss, penalty, fine, lien, judgment, claim,
damage, liability or expense incurred by such indemnified party.

     7.6. Other Remedies. If for any reason any indemnification specified in the preceding
paragraphs of this Section 7 is unavailable, or is insufficient to hold harmless an indemnified
party, other than by reason of the exceptions provided therein, then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such losses,
penalties, fines, liens, judgments, claims, damages, liabilities, actions, proceedings or expenses
in such proportion as is appropriate to reflect the relative benefits to and faults of the
indemnifying party on the one hand and the indemnified party on the other and the statements or
omissions or alleged statements or omissions which resulted in such loss, penalty, fine, lien,
judgment, claim, damage, liability, action, proceeding or expense, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statements or omissions. The parties
hereto agree that it would not be just and equitable if contributions pursuant to this Section 7.6
were to be determined by pro rata allocation or by any other method of allocation which does not
take into account the equitable considerations referred to in the preceding sentence of this
Section 7.6. No person guilty of fraudulent misrepresentation (within the meaning of Section 11
(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. Notwithstanding the other provisions of this Section 7, in
respect of any claim for indemnification pursuant to this Section 7, no indemnifying party (other
than the Partnership) shall be required to contribute pursuant to this Section 7.6 any amount in
excess of (a) the net proceeds (i.e., net of expenses, underwriting discounts and commissions)
received and retained by such indemnifying party from the sale of its Registrable Securities
covered by the applicable registration statement, preliminary prospectus, final prospectus, or
supplement or amendment thereto, filed pursuant hereto minus (b) any amounts previously paid by
such indemnifying party pursuant to this Section 7 in respect of such claim, it being understood
that insofar as such net proceeds have been distributed by any indemnifying party to its partners,
stockholders or members, the amount of such indemnifying party’s contribution hereunder shall be
limited to the net proceeds which it actually recovers from its partners, stockholders or members
based upon their relative fault and that to the extent that such indemnifying party has not
distributed such net proceeds, the amount such indemnifying party’s contribution hereunder shall be
limited by the percentage of such net proceeds which corresponds to the percentage equity interests
in such indemnifying party held by those of its partners, stockholders or members who have been
determined to be at fault. No party shall be liable for contribution under this Section 7.6 except
to the extent and under such circumstances as such party would have been liable for indemnification
under this Section 7 if such indemnification were enforceable under applicable law.

     Section 8. Representations and Warranties. The Unitholder represents and warrants to
the Partnership that:

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          (a) it has all limited liability company power and authority to execute,
deliver and perform this Agreement;

          (b) the execution, delivery and performance of this Agreement has been duly and
validly authorized and approved by all necessary limited liability company action;

          (c) this Agreement has been duly and validly executed and delivered by the
Unitholder and constitutes a valid and legally binding obligation of the Unitholder,
enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting or relating to creditors’
rights generally and general principles of equity; and

          (d) the execution, delivery and performance of this Agreement by the Unitholder
does not and will not violate the terms of or result in the acceleration of any
obligation under (i) any material contract, commitment or other material instrument
to which the Unitholder is a party or by which the Unitholder is bound or (ii) the
Unitholder’s certificate of formation or limited liability company agreement.

     Section 9. Definitions. Capitalized terms used herein without definition shall have the meanings given to them in
the Partnership Agreement (as hereinafter defined). For purposes of this Agreement, the following
terms shall have the following respective meanings:

          “Affiliate”: a Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Person
specified.

          “Commission”: the Securities and Exchange Commission.

          “Exchange Act”: the Securities Exchange Act of 1934, as amended, or any successor
federal statute, and the rules and regulations thereunder which shall be in effect at the time.

          “FINRA”: the Financial Industry Regulatory Authority, Inc.

          “Majority Holders”: the holders of at least 51% of the Registrable Securities that
are participating in the registration at issue.

          “Majority Voting Holders”: the holders of at least 51% of the Registrable Securities.

          “NASDAQ”: the Nasdaq Global Market or the Nasdaq Global Select Market.

          “Partnership Agreement” means the Second Amended and Restated Agreement of Limited
Partnership of CVR Partners, LP, dated as of the date hereof, as amended and/or restated from time
to time.

20

 

          “Person”: an individual, corporation, partnership, limited liability company, joint
venture, business association, trust or any other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

          “Registrable Securities”: the Common Units issued to the Unitholder pursuant to the
Amended Contribution Agreement on the date of this Agreement or otherwise issued to the Unitholder
pursuant to the Partnership Agreement or otherwise. As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities when (i) a registration statement with
respect to the sale of such securities shall have become effective under the Securities Act and
such securities shall have been disposed of in accordance with such registration statement, (ii) a
registration statement on Form S-8 with respect to the sale of such securities shall have become
effective under the Securities Act, (iii) such securities shall have been sold to the public
pursuant to Rule 144 under the Securities Act, or (iv) such securities shall have ceased to be
outstanding. Any and all Common Units which may be issued in respect of, in exchange for, upon
conversion of, or in substitution for any Registrable Securities, whether by reason of any stock
split, stock dividend, reverse stock split, recapitalization, combination, merger, consolidation or
otherwise, shall also be “Registrable Securities” hereunder.

          “Registration Expenses”: all fees and expenses incurred in connection with the
Partnership’s performance of or compliance with any registration pursuant to this Agreement,
including, without limitation, (i) registration, filing and applicable Commission and FINRA fees,
(ii) fees and expenses of complying with securities or blue sky laws, (iii) fees and expenses
associated with listing securities on an exchange, (iv) word processing, duplicating and printing
expenses, (v) messenger and delivery expenses, (vi) transfer agents’, trustees’, depositories’,
registrars’ and fiscal agents’ fees, (vii) fees and disbursements of counsel for the Partnership
and of its independent public accountants, including the expenses of any special audits or “cold
comfort” letters required by, or incident to, such registration, (viii) reasonable fees and
disbursements of any one counsel retained by the Initiating Unitholder and any one counsel retained
by the Participating Unitholders, and (ix) any fees and disbursements of underwriters customarily
paid by issuers or sellers of securities, but excluding underwriting discounts and commissions and
transfer taxes, if any.

          “Securities Act”: the Securities Act of 1933, as amended, or any successor federal
statute, and the rules and regulations thereunder which shall be in effect at the time.

     Section 10. Miscellaneous.

     10.1. Rule 144, etc. If the Partnership shall have filed a registration statement
pursuant to the requirements of Section 12 of the Exchange Act or a registration statement pursuant
to the requirements of the Securities Act relating to any class of equity securities, the
Partnership shall file the reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the Commission thereunder, and shall take
such further action as any holder of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions provided by (a) Rule
144 under the Securities Act, as such rule may be amended from time to time, or (b) any successor
rule or

21

 

regulation hereafter adopted by the Commission. Upon the request of any holder of
Registrable Securities, the Partnership shall deliver to such holder a written statement as to
whether it has complied with such requirements, a copy of the most recent annual or quarterly
report of the Partnership, and such other reports and documents as such holder may reasonably
request in order to avail itself of any rule or regulation of the Commission allowing it to sell
any Registrable Securities without registration.

     10.2. Successors, Assigns and Transferees. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective permitted
successors, personal representatives and assigns under this Section 10.2. The Partnership may not
assign any of its rights or delegate any of its duties under this Agreement without the prior
written consent of the Majority Voting Holders. The provisions of this Agreement which are for the
benefit of a holder of Registrable Securities shall be for the benefit of and enforceable by any
transferee of such Registrable Securities. Any holder of Registrable Securities may, at its
election and at any time or from time to time, assign its rights under this Agreement, in whole or in part, to any
Person to whom such holder sells, assigns or otherwise transfers its shares of Registrable
Securities; provided that (i) such transferee acquires such Registrable Securities in accordance
with any then applicable transfer restrictions in respect of such Registrable Securities, (ii) no
such assignment shall be binding upon or obligate the Partnership to any such transferee unless and
until such transferee executes a joinder agreement agreeing to be bound by all of the transferor’s
obligations hereunder, including, without limitation, Section 5 hereof, copies of which shall have
been delivered to the Partnership (each such transferee, a “Permitted Transferee”) and (iii) the
rights of the Unitholder to make a Demand Registration pursuant to Section 1.1 may only be assigned
as a whole and not in part (and otherwise in accordance with the other provisions of this proviso).

     10.3. Splits, etc. Each holder of Registrable Securities agrees that it will vote to
effect a split, reverse split, recapitalization or combination with respect to any Registrable
Securities in connection with any registration of any Registrable Securities hereunder, or
otherwise, if (i) the managing underwriter shall advise the Partnership in writing (or, in
connection with an offering that is not underwritten, if an investment banker shall advise the
Partnership in writing) that in its opinion such a split, reverse split, recapitalization or
combination would facilitate or increase the likelihood of success of the offering, and (ii) such
split, reverse split, recapitalization or combination does not impact the respective Percentage
Interests of each such holder of Registrable Securities in the Partnership. The Partnership shall
cooperate in all respects in effecting any such split, stock split, recapitalization or
combination.

     10.4. Amendment and Modification. This Agreement may be amended, waived, modified or
supplemented by the Partnership only with the prior written consent of the Unitholder and a
majority (by number of shares) of any other holders of Registrable Securities whose interests would
be adversely affected by such amendment, waiver, modification or supplement; provided that the
interests of any existing holders of Registrable Securities shall not be adversely affected by an
amendment, waiver, modification or settlement of this Agreement that provides for or has the effect
of providing for an additional grant of incidental registration rights with a lower or the same
priority as the rights held by such existing holders of Registrable Securities, as long as any such
grant of incidental registration rights with the same priority are

22

 

pari passu with those held by
such existing holders of Registrable Securities. Each holder of Registrable Securities shall be
bound by any such amendment, waiver, modification or supplement authorized in accordance with this
Section 10.4, whether or not such Registrable Securities shall have been marked to indicate such
amendment, waiver, modification or supplement. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly
provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such
party preclude any other or further exercise thereof or the exercise of any other right, power
or remedy. The execution of a counterpart signature page to this Agreement by a Permitted
Transferee pursuant to Section 10.2 shall not require consent of any party hereto and shall not be
deemed an amendment to this Agreement.

     10.5. Governing Law; Venue and Service of Process. This Agreement and the rights and
obligations of the parties hereunder and the Persons subject hereto shall be governed by, and
construed and interpreted in accordance with, the law of the State of Delaware, without giving
effect to the choice of law principles thereof. By execution and delivery of this Agreement, each
of the parties hereto hereby irrevocably and unconditionally (i) consents to submit to the
exclusive jurisdiction of the courts of the State of New York in New York County and the United
States District Court for the Southern District of New York (collectively, the “Selected Courts”)
for any action or proceeding arising out of or relating to this Agreement and the transactions
contemplated hereby, and agrees not to commence any action or proceeding relating thereto except in
the Selected Courts, provided, that, a party may commence any action or proceeding in a court other
than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the
Selected Courts; (ii) consents to service of any process, summons, notice or document in any action
or proceeding by registered first-class mail, postage prepaid, return receipt requested or by
nationally recognized courier guaranteeing overnight delivery in accordance with Section 10.8
hereof and agrees that such service of process shall be effective service of process for any action
or proceeding brought against it in any such court, provided, that, nothing herein shall affect the
right of any party hereto to serve process in any other manner permitted by law; (iii) waives any
objection to the laying of venue of any action or proceeding arising out of this Agreement or the
transactions contemplated hereby in the Selected Courts; and (iv) waives and agrees not to plead or
claim in any court that any such action or proceeding brought in any such Selected Court has been
brought in an inconvenient forum.

     10.6. Invalidity of Provision. The invalidity or unenforceability of any provision of
this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder
of this Agreement in that jurisdiction or the validity or enforceability of this Agreement,
including that provision, in any other jurisdiction.

     10.7.
Reserved Notices. All notices, requests, demands, letters,
waivers and other communications required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed,
certified or

23

 

registered mail with postage prepaid, (c) sent by next-day or overnight mail or
delivery or (d) sent by fax, as follows:

	 	(i)	 	If to the Partnership, to it at:

	 	 	 	10 E. Cambridge Circle, Ste. 250

Kansas City, Kansas 66103

Attention: Edmund S. Gross

Facsimile No.: 913-982-5651

	 	(ii)	 	If to the Unitholder, to it at:

	 	 	 	10 E. Cambridge Circle, Ste. 250

Kansas City, Kansas 66103

Attention: Edmund S. Gross

Facsimile No.: 913-981-0000

          or to such other Person or address as any party shall specify by notice in writing to the
Partnership. All such notices, requests, demands, letters, waivers and other communications shall
be deemed to have been received (w) if by personal delivery, at the time delivered by hand (x) if
by certified or registered mail, on the fifth business day after the mailing thereof, (y) if by
next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day
delivered; provided that such delivery is confirmed.

     10.9. Headings: Execution in Counterparts. The headings and captions contained herein
are for convenience and shall not control or affect the meaning or construction of any provision
hereof. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original and which together shall constitute one and the same instrument.

     10.10. Injunctive Relief. Each of the parties recognizes and agrees that money
damages may be insufficient and, therefore, in the event of a breach of any provision of this
Agreement, the aggrieved party may elect to institute and prosecute proceedings in any court of
competent jurisdiction to enforce specific performance or to enjoin the continuing breach of this
Agreement. Such remedies shall, however, be cumulative and not exclusive, and shall be in addition
to any other remedy which such party may have.

     10.11. Term. This Agreement shall be effective as of the date hereof and shall
continue in effect thereafter until the earlier of (a) its termination by the written consent of
the parties hereto or their respective successors in interest and (b) the date on which no
Registrable Securities remain outstanding.

     10.12. Further Assurances. Subject to the specific terms of this Agreement, each of
the Partnership and the Unitholder shall make, execute, acknowledge and deliver such other
instruments and documents, and take all such other actions, as may be reasonably required in

24

 

order to effectuate the purposes of this Agreement and to consummate the transactions contemplated hereby.

     10.13. Entire Agreement. This Agreement and any agreements entered into in connection
with this Agreement constitute the entire agreement and the understanding of the parties hereto
with respect to the matters referred to herein. This Agreement and the agreements referred to in
the preceding sentence supersede all prior agreements and understandings between the parties with
respect to such matters, including but not limited to the Original Registration Rights Agreement.

[Signature page follows]

25

 

          IN WITNESS WHEREOF this Amended and Restated Agreement has been signed by each of the parties
hereto, and shall be effective as of the date first above written.

	 	 	 	 	 
	 	CVR Partners, LP

 	 
	 	By:  	CVR GP, LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                /s/ John J. Lipinski
 	 
	 	 	Name:  	John J. Lipinski 	 
	 	 	Title:  	Chief Executive Officer and
President 	 
	 
	 	Coffeyville Resources, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward A. Morgan 	 
	 	 	Title:  	Chief Financial Officer and
Treasurer 	 
	 

[Signature Page to CVR Partners, LP Amended and Restated Registration Rights Agreement]exv10w7

Exhibit 10.7

Execution Version

 

SECOND AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

CVR PARTNERS, LP

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I 
 DEFINITIONS
	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Construction
	 	 	13	 
	 
	ARTICLE II 
 ORGANIZATION
	 
	Section 2.1 Formation
	 	 	13	 
	Section 2.2 Name
	 	 	13	 
	Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices
	 	 	14	 
	Section 2.4 Purpose and Business
	 	 	14	 
	Section 2.5 Powers
	 	 	14	 
	Section 2.6 Term
	 	 	14	 
	Section 2.7 Title to Partnership Assets
	 	 	14	 
	 
	ARTICLE III 
 RIGHTS OF LIMITED PARTNERS
	 
	Section 3.1 Limitation of Liability
	 	 	15	 
	Section 3.2 Management of Business
	 	 	15	 
	Section 3.3 Outside Activities of the Limited Partners
	 	 	15	 
	Section 3.4 Rights of Limited Partners
	 	 	15	 
	 
	ARTICLE IV 
 CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS; REDEMPTION OF PARTNERSHIP INTERESTS
	 
	Section 4.1 Certificates
	 	 	16	 
	Section 4.2 Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	17	 
	Section 4.3 Record Holders
	 	 	17	 
	Section 4.4 Transfer Generally
	 	 	18	 
	Section 4.5 Registration and Transfer of Limited Partner Interests
	 	 	18	 
	Section 4.6 Transfer of the General Partner Interest
	 	 	19	 
	Section 4.7 Restrictions on Transfers
	 	 	20	 
	Section 4.8 Eligibility Certificates; Ineligible Holders
	 	 	20	 
	Section 4.9 Redemption of Partnership Interests of Ineligible Holders
	 	 	22	 
	 
	ARTICLE V 
 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS
	 
	Section 5.1 Contributions by the General Partner and its Affiliates
	 	 	23	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 5.2 Interest and Withdrawal
	 	 	24	 
	Section 5.3 Capital Accounts
	 	 	24	 
	Section 5.4 Issuances of Additional Partnership Interests
	 	 	27	 
	Section 5.5 Preemptive Right
	 	 	28	 
	Section 5.6 Splits and Combinations
	 	 	28	 
	Section 5.7 Fully Paid and Non-Assessable Nature of Limited Partner Interests
	 	 	28	 
	Section 5.8 Extinguishment of the IDRs
	 	 	29	 
	 
	ARTICLE VI 
 ALLOCATIONS AND DISTRIBUTIONS
	 
	Section 6.1 Allocations for Capital Account Purposes
	 	 	29	 
	Section 6.2 Allocations for Tax Purposes
	 	 	32	 
	Section 6.3 Distributions to Record Holders
	 	 	34	 
	 
	ARTICLE VII
 MANAGEMENT AND OPERATION OF BUSINESS
	 
	Section 7.1 Management
	 	 	34	 
	Section 7.2 Certificate of Limited Partnership
	 	 	36	 
	Section 7.3 Restrictions on the General Partner’s Authority
	 	 	37	 
	Section 7.4 Reimbursement of the General Partner
	 	 	37	 
	Section 7.5 Outside Activities
	 	 	38	 
	Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership or Group Members
	 	 	39	 
	Section 7.7 Indemnification
	 	 	40	 
	Section 7.8 Liability of Indemnitees
	 	 	42	 
	Section 7.9 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties
	 	 	42	 
	Section 7.10 Other Matters Concerning the General Partner
	 	 	44	 
	Section 7.11 Purchase or Sale of Partnership Interests
	 	 	44	 
	Section 7.12 Registration Rights of the General Partner and its Affiliates
	 	 	45	 
	Section 7.13 Reliance by Third Parties
	 	 	47	 
	 
	ARTICLE VIII 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	 
	Section 8.1 Records and Accounting
	 	 	47	 
	Section 8.2 Fiscal Year
	 	 	48	 
	Section 8.3 Reports
	 	 	48	 
	 
	ARTICLE IX 
 TAX MATTERS
	 
	Section 9.1 Tax Returns and Information
	 	 	48	 
	Section 9.2 Tax Elections
	 	 	49	 
	Section 9.3 Tax Controversies
	 	 	49	 
	Section 9.4 Withholding
	 	 	49	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE X 
 ADMISSION OF PARTNERS
	 
	Section 10.1 Admission of Limited Partners
	 	 	49	 
	Section 10.2 Admission of Successor General Partner
	 	 	50	 
	Section 10.3 Amendment of Agreement and Certificate of Limited Partnership
	 	 	50	 
	 
	ARTICLE XI 
 WITHDRAWAL OR REMOVAL OF PARTNERS
	 
	Section 11.1 Withdrawal of the General Partner
	 	 	51	 
	Section 11.2 Removal of the General Partner
	 	 	52	 
	Section 11.3 Interest of Departing General Partner and Successor General Partner
	 	 	53	 
	Section 11.4 Withdrawal of Limited Partners
	 	 	54	 
	 
	ARTICLE XII
 DISSOLUTION AND LIQUIDATION
	 
	Section 12.1 Dissolution
	 	 	54	 
	Section 12.2 Continuation of the Business of the Partnership After Dissolution
	 	 	55	 
	Section 12.3 Liquidator
	 	 	55	 
	Section 12.4 Liquidation
	 	 	56	 
	Section 12.5 Cancellation of Certificate of Limited Partnership
	 	 	56	 
	Section 12.6 Return of Contributions
	 	 	56	 
	Section 12.7 Waiver of Partition
	 	 	57	 
	Section 12.8 Capital Account Restoration
	 	 	57	 
	 
	ARTICLE XIII 
 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE
	 
	Section 13.1 Amendments to be Adopted Solely by the General Partner
	 	 	57	 
	Section 13.2 Amendment Procedures
	 	 	58	 
	Section 13.3 Amendment Requirements
	 	 	59	 
	Section 13.4 Special Meetings
	 	 	60	 
	Section 13.5 Notice of a Meeting
	 	 	60	 
	Section 13.6 Record Date
	 	 	60	 
	Section 13.7 Adjournment
	 	 	60	 
	Section 13.8 Waiver of Notice; Approval of Meeting; Approval of Minutes
	 	 	61	 
	Section 13.9 Quorum and Voting
	 	 	61	 
	Section 13.10 Conduct of a Meeting
	 	 	61	 
	Section 13.11 Action Without a Meeting
	 	 	62	 
	Section 13.12 Right to Vote and Related Matters
	 	 	62	 
	 
	ARTICLE XIV 
 MERGER
	 
	Section 14.1 Authority
	 	 	63	 
	Section 14.2 Procedure for Merger or Consolidation
	 	 	63	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	Section 14.3 Approval by Partners of Merger or Consolidation
	 	 	64	 
	Section 14.4 Certificate of Merger
	 	 	65	 
	Section 14.5 Amendment of Partnership Agreement
	 	 	65	 
	Section 14.6 Effect of Merger
	 	 	65	 
	 
	ARTICLE XV 
 RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS
	 
	Section 15.1 Right to Acquire Limited Partner Interests 
	 	 	66	 
	 
	ARTICLE XVI 
 GENERAL PROVISIONS
	 
	Section 16.1 Addresses and Notices
	 	 	67	 
	Section 16.2 Further Action
	 	 	68	 
	Section 16.3 Binding Effect
	 	 	68	 
	Section 16.4 Integration
	 	 	68	 
	Section 16.5 Creditors
	 	 	68	 
	Section 16.6 Waiver
	 	 	68	 
	Section 16.7 Counterparts
	 	 	68	 
	Section 16.8 Applicable Law; Forum, Venue and Jurisdiction
	 	 	69	 
	Section 16.9 Invalidity of Provisions
	 	 	69	 
	Section 16.10 Consent of Partners
	 	 	70	 
	Section 16.11 Facsimile Signatures
	 	 	70	 
	Section 16.12 Third Party Beneficiaries
	 	 	70	 

iv

 

SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED

PARTNERSHIP OF CVR PARTNERS, LP

     THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF CVR PARTNERS, LP, dated
as of April 13, 2011 and effective as of the Effective Time, is entered into by and among CVR GP,
LLC, a Delaware limited liability company, as the General Partner, and Coffeyville Resources, LLC,
a Delaware limited liability company, as the Organizational Limited Partner, together with any
other Persons who become Partners in the Partnership or parties hereto as provided herein. In
consideration of the covenants, conditions and agreements contained herein, the parties hereto
hereby agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. The following definitions shall be for all purposes, unless otherwise clearly
indicated to the contrary, applied to the terms used in this Agreement.

          “Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end
of each taxable period of the Partnership, (a) increased by any amounts that such Partner is
obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c)
(or is deemed obligated to restore under Treasury Regulation Sections 1.704-2(g)(1) and
1.704-2(i)(5)) and (b) decreased by (i) the amount of all losses and deductions that, as of the end
of such taxable period, are reasonably expected to be allocated to such Partner in subsequent
taxable periods under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section
1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end of such taxable
period, are reasonably expected to be made to such Partner in subsequent taxable periods in
accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting
increases to such Partner’s Capital Account that are reasonably expected to occur during (or prior
to) the taxable period in which such distributions are reasonably expected to be made (other than
increases as a result of a minimum gain chargeback pursuant to Sections 6.1(b)(i) or 6.1(b)(ii).
The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of
Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.
The “Adjusted Capital Account” of a Partner in respect of any Partnership Interest shall be the
amount that such Adjusted Capital Account would be if such Partnership Interest were the only
interest in the Partnership held by such Partner from and after the date on which such Partnership
Interest was first issued.

          “Adjusted Property” means any property the Carrying Value of which has been adjusted pursuant
to Sections 5.3(d)(i) or 5.3(d)(ii).

          “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
through one or more intermediaries controls, is controlled by or is under common control with, the
Person in question. As used herein, the term “control” means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

1

 

          “Agreed Allocation” means any allocation, other than a Required Allocation, of an item of
income, gain, loss or deduction pursuant to the provisions of Section 6.1, including a Curative
Allocation (if appropriate to the context in which the term “Agreed Allocation” is used).

          “Agreed Value” of any Contributed Property means the fair market value of such property at the
time of contribution and in the case of an Adjusted Property, the fair market value of such
Adjusted Property on the date of the revaluation event as described in Section 5.3(d), in both
cases as determined by the General Partner.

          “Agreement” means this Second Amended and Restated Agreement of Limited Partnership of CVR
Partners, LP, as it may be amended, supplemented or restated from time to time.

          “Amended Contribution Agreement” means the Amended and Restated Contribution Agreement, dated
April 7, 2011, by and among the Partnership, the General Partner, Coffeyville Resources,
Coffeyville Acquisition III, and the Special General Partner, as such agreement may be amended,
restated, modified or replaced from time to time.

          “Associate” means, when used to indicate a relationship with any Person, (a) any corporation
or organization of which such Person is a director, officer, manager, general partner or managing
member or is, directly or indirectly, the owner of 20% or more of any class of voting stock or
other voting interest; (b) any trust or other estate in which such Person has at least a 20%
beneficial interest or as to which such Person serves as trustee or in a similar fiduciary
capacity; and (c) any relative or spouse of such Person, or any relative of such spouse, who has
the same principal residence as such Person.

          “Board of Directors” means the board of directors of the General Partner.

          “Book-Tax Disparity” means with respect to any item of Contributed Property or Adjusted
Property, as of the date of any determination, the difference between the Carrying Value of such
Contributed Property or Adjusted Property and the adjusted basis thereof for U.S. federal income
tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of
its Contributed Property and Adjusted Property will be reflected by the difference between such
Partner’s Capital Account balance as maintained pursuant to Section 5.3 and the hypothetical
balance of such Partner’s Capital Account computed as if it had been maintained strictly in
accordance with U.S. federal income tax accounting principles.

          “Business Day” means Monday through Friday of each week, except that a legal holiday
recognized as such by the government of the United States of America, the State of Kansas or the
State of Texas shall not be regarded as a Business Day.

          “Capital Account” means the capital account maintained for a Partner pursuant to Section 5.3.
The “Capital Account” of a Partner in respect of a Partnership Interest shall be the amount that
such Capital Account would be if such Partnership Interest were the only interest in the
Partnership held by such Partner from and after the date on which such Partnership Interest was
first issued.

2

 

          “Capital Contribution” means any cash, cash equivalents or the Net Agreed Value of Contributed
Property that a Partner contributes to the Partnership or that is contributed to the Partnership on
behalf of a Partner (including, in the case of an underwritten offering of Units, the amount of any
underwriting discounts or commissions).

          “Carrying Value” means (a) with respect to a Contributed Property or Adjusted Property, the
Agreed Value of such property reduced (but not below zero) by all depreciation, amortization and
cost recovery deductions charged to the Partners’ Capital Accounts in respect of such property, and
(b) with respect to any other Partnership property, the adjusted basis of such property for U.S.
federal income tax purposes, all as of the time of determination. The Carrying Value of any
property shall be adjusted from time to time in accordance with Section 5.3(d), and to reflect
changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of
Partnership properties, as deemed appropriate by the General Partner.

          “Cause” means a court of competent jurisdiction has entered a final, non-appealable judgment
finding that the General Partner, as an entity, has materially breached a material provision of
this Agreement or is liable for actual fraud or willful misconduct in its capacity as a general
partner of the Partnership.

          “Certificate” means a certificate in such form (including global form if permitted by
applicable rules and regulations) as may be adopted by the General Partner, issued by the
Partnership evidencing ownership of one or more Partnership Interests. The initial form of
certificate approved by the General Partner for Common Units is attached as Exhibit A to this
Agreement.

          “Certificate of Limited Partnership” means the Certificate of Limited Partnership of the
Partnership filed with the Secretary of State of the State of Delaware as referenced in Section
7.2, as such Certificate of Limited Partnership may be amended, supplemented or restated from time
to time.

          “claim” (as used in Section 7.12(c)) has the meaning assigned to such term in Section 7.12(c).

          “Closing Date” means the first date on which Common Units are sold by the Partnership to the
Underwriters pursuant to the provisions of the Underwriting Agreement.

          “Closing Price” means, in respect of any class of Limited Partner Interests, as of the date of
determination, the last sale price on such day, regular way, or in case no such sale takes place on
such day, the average of the closing bid and asked prices on such day, regular way, in either case
as reported in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the principal National Securities Exchange on which the respective
Limited Partner Interests are listed or admitted to trading or, if such Limited Partner Interests
are not listed or admitted to trading on any National Securities Exchange, the last quoted price on
such day or, if not so quoted, the average of the high bid and low asked prices on such day in the
over-the-counter market, as reported by the primary reporting system then in use in relation to
such Limited Partner Interests of such class, or, if on any such day such Limited Partner Interests
of such class are not quoted by any such organization, the average of

3

 

the closing bid and asked prices on such day as furnished by a professional market maker making a
market in such Limited Partner Interests of such class selected by the General Partner, or if on
any such day no market maker is making a market in such Limited Partner Interests of such class,
the fair value of such Limited Partner Interests on such day as determined by the General Partner.

          “Code” means the U.S. Internal Revenue Code of 1986, as amended and in effect from time to
time. Any reference herein to a specific section or sections of the Code shall be deemed to include
a reference to any corresponding provision of any successor law.

          “Coffeyville Acquisition III” means Coffeyville Acquisition III LLC, a Delaware limited
liability company.

          “Coffeyville Resources” means Coffeyville Resources, LLC, a Delaware limited liability
company.

          “Combined Interest” has the meaning assigned to such term in Section 11.3(a).

          “Commission” means the United States Securities and Exchange Commission.

          “Common Unit” means a Unit representing, when outstanding, a fractional part of the
Partnership Interests of all Limited Partners, and having the rights and obligations specified with
respect to Common Units in this Agreement.

          “Conflicts Committee” means a committee of the Board of Directors composed entirely of one or
more directors who are not (a) officers or employees of the General Partner, (b) officers,
directors or employees of any Affiliate of the General Partner or (c) holders of any ownership
interest in the General Partner or any of its Affiliates, including any Group Member, other than
Common Units and other awards that are granted to such director under the Long Term Incentive Plan
and who also meet the independence standards required of directors who serve on an audit committee
of a board of directors established by the Securities Exchange Act and the rules and regulations of
the Commission thereunder and by (i) the National Securities Exchange on which any class of
Partnership Interests are listed or admitted to trading or (ii) if no class of Partnership
Interests is so listed or traded, by the New York Stock Exchange, Inc.

          “Contributed Property” means each property, in such form as may be permitted by the Delaware
Act, but excluding cash, contributed to the Partnership. Once the Carrying Value of a Contributed
Property is adjusted pursuant to Section 5.3(d), such property shall no longer constitute a
Contributed Property, but shall be deemed an Adjusted Property.

          “Contribution Agreement” means that certain Contribution, Conveyance and Assumption Agreement,
dated as of October 24, 2007, among the General Partner, the Special General Partner, the
Organizational Limited Partner and the Partnership, together with the additional conveyance
documents and instruments contemplated or referenced thereunder.

          “Credit Agreement” means the Credit Agreement, dated as of April 13, 2011, among the
Partnership, Goldman Sachs Lending Partners LLC and the other lenders party thereto, as such
agreement may be amended, modified, supplemented, replaced, refinanced or otherwise

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restructured from time to time, including any refinancing, restructuring or replacement by one or
more other credit agreements, indentures, purchase agreements or other agreements, whether or not
the amount covered thereby is increased or decreased, and with the same or different
counterparties..

          “Curative Allocation” means any allocation of an item of income, gain, deduction, loss or
credit pursuant to the provisions of Section 6.1(b)(xi).

          “Current Market Price” means, in respect of any class of Partnership Interests, as of the date
of determination, the average of the daily Closing Prices per Partnership Interest of such class
for the 20 consecutive Trading Days immediately prior to such date.

          “Delaware Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del C. Section
17-101, et seq., as amended, supplemented or restated from time to time, and any successor to such
statute.

          “Departing General Partner” means a former General Partner from and after the effective date
of any withdrawal or removal of such former General Partner pursuant to Sections 11.1 or 11.2.

          “Economic Risk of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a).

          “Effective Time” means the time of completion of the redemption by the Partnership of the
Incentive Distribution Rights pursuant to the Amended Contribution Agreement.

          “Eligibility Certificate” has the meaning assigned to such term in Section 4.8(b).

          “Eligibility Certification” means a properly completed certificate in such form as may be
specified by the General Partner by which a Partner certifies that he (and if he is a nominee
holding for the account of another Person, that to the best of his knowledge such other Person) is
an Eligible Holder.

          “Eligible Holder” means a Person that satisfies the eligibility requirements established by
the General Partner for Partners pursuant to Section 4.8.

          “Event of Withdrawal” has the meaning assigned to such term in Section 11.1(a).

          “Fertilizer Restricted Businesses” has the meaning assigned to such term in the Omnibus
Agreement.

          “General Partner” means CVR GP, LLC, a Delaware limited liability company, and its successors
and permitted assigns that are admitted to the Partnership as the general partner of the
Partnership, in their capacity as the general partner of the Partnership.

          “General Partner Interest” means the non-economic management interest of the General Partner
in the Partnership (in its capacity as general partner without reference to any Limited Partner
Interest), which includes any and all rights, powers and benefits to which the General

5

 

Partner is entitled as provided in this Agreement, together with all obligations of the General
Partner to comply with the terms and provisions of this Agreement. The General Partner Interest
does not have any rights to ownership or profits or any rights to receive distributions from
operations or the liquidation or winding-up of the Partnership.

          “Gross Liability Value” means, with respect to any Liability of the Partnership described in
Treasury Regulation Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay
to a willing assignee to assume such Liability in an arm’s-length transaction.

          “Group” means a Person that with or through any of its Affiliates or Associates has any
contract, arrangement, understanding or relationship for the purpose of acquiring, holding, voting
(except voting pursuant to a revocable proxy or consent given to such Person in response to a proxy
or consent solicitation made to 10 or more Persons), exercising investment power or disposing of
any Partnership Interests with any other Person that beneficially owns, or whose Affiliates or
Associates beneficially own, directly or indirectly, Partnership Interests.

          “Group Member” means a member of the Partnership Group.

          “Group Member Agreement” means the partnership agreement of any Group Member, other than the
Partnership, that is a limited or general partnership, the limited liability company agreement of
any Group Member that is a limited liability company, the certificate of incorporation and bylaws
or similar organizational documents of any Group Member that is a corporation, the joint venture
agreement or similar governing document of any Group Member that is a joint venture and the
governing or organizational or similar documents of any other Group Member that is a Person other
than a limited or general partnership, limited liability company, corporation or joint venture, as
such may be amended, supplemented or restated from time to time.

          “Holder” as used in Section 7.12, has the meaning assigned to such term in Section 7.12(a).

          “Incentive Distribution Rights” means, prior to their extinguishment pursuant to Section 5.1
hereto, a non-voting Limited Partner Interest which conferred upon the holder thereof the rights
and obligations specifically provided in the original Agreement of Limited Partnership of the
Partnership, as heretofore amended.

          “Indemnified Persons” has the meaning assigned to such term in Section 7.12(c).

          “Indemnitee” means (a) the General Partner, (b) any Departing General Partner, (c) any Person
who is or was a director, officer, fiduciary, trustee, manager or managing member of any Group
Member, the General Partner or any Departing General Partner, (d) any Person who is or was a
manager, managing member, director, officer, employee, agent, fiduciary or trustee of any Group
Member, a General Partner, any Departing General Partner or any of their respective Affiliates, (e)
any Person who is or was serving at the request of the General Partner or any Departing General
Partner as a director, officer, fiduciary, trustee, manager or managing member of another Person
owing a fiduciary duty to any Group Member; provided that a Person shall not be an Indemnitee by
reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services, (f) any
Person who controls or has previously controlled, directly or

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indirectly, the General Partner and (g) any Person the General Partner designates as an
“Indemnitee” for purposes of this Agreement because such Person’s service, status or relationship
exposes such Person to potential claims, demands, actions, suits or proceedings relating to the
Partnership Group’s business and affairs.

          “Ineligible Holder” has the meaning assigned to such term in Section 4.8(c).

          “Initial Offering” means the initial offering and sale of Common Units to the public, as
described in the Registration Statement, including the offering and any sale of Common Units
pursuant to the Over-Allotment Option.

          “Limited Partner” means, unless the context otherwise requires, the Organizational Limited
Partner, each additional Person that becomes a Limited Partner pursuant to the terms of this
Agreement and any Departing General Partner or Special General Partner upon the change of its
status from General Partner or Special General Partner to Limited Partner pursuant to Section 11.3
or Section 5.1(c), in each case in such Person’s capacity as a limited partner of the Partnership.

          “Limited Partner Interest” means the ownership interest of a Limited Partner in the
Partnership, which may be evidenced by Common Units or other Units or a combination thereof or
interest therein, and includes any and all benefits to which such Limited Partner is entitled as
provided in this Agreement, together with all obligations of such Limited Partner to comply with
the terms and provisions of this Agreement.

          “Liquidation Date” means (a) in the case of an event giving rise to the dissolution of the
Partnership of the type described in clauses (a) and (b) of the first sentence of Section 12.2, the
date on which the applicable time period during which the Partners have the right to elect to
continue the business of the Partnership has expired without such an election being made, and (b)
in the case of any other event giving rise to the dissolution of the Partnership, the date on which
such event occurs.

          “Liquidator” means one or more Persons selected by the General Partner to perform the
functions described in Section 12.4 as liquidating trustee of the Partnership within the meaning of
the Delaware Act.

          “Long Term Incentive Plan” means the CVR Partners, LP 2011 Long-Term Incentive Plan, as it may
be amended, restated or modified from time to time, or any equity compensation plan successor
thereto.

          “Merger Agreement” has the meaning assigned to such term in Section 14.1.

          “National Securities Exchange” means an exchange registered with the Commission under Section
6(a) of the Securities Exchange Act (or any successor to such Section) and any other securities
exchange (whether or not registered with the Commission under Section 6(a) of the Securities
Exchange Act (or successor to such Section)) that the General Partner shall designate as a National
Securities Exchange for purposes of this Agreement.

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          “Net Agreed Value” means, (a) in the case of any Contributed Property, the Agreed Value of
such property reduced by any liabilities either assumed by the Partnership upon such contribution
or to which such property is subject when contributed and (b) in the case of any property
distributed to a Partner by the Partnership, the Partnership’s Carrying Value of such property (as
adjusted pursuant to Section 5.3(d)(ii)) at the time such property is distributed, reduced by any
liabilities either assumed by such Partner upon such distribution or to which such property is
subject at the time of distribution.

          “Net Income” means, for any taxable period, the excess, if any, of the Partnership’s items of
income and gain for such taxable period over the Partnership’s items of loss and deduction for such
taxable period. The items included in the calculation of Net Income shall be determined in
accordance with Section 5.3(b) and shall not include any items specially allocated under Section
6.1(b).

          “Net Loss” means, for any taxable period, the excess, if any, of the Partnership’s items of
loss and deduction for such taxable period over the Partnership’s items of income and for such
taxable period. The items included in the calculation of Net Loss shall be determined in accordance
with Section 5.3(b) and shall not include any items specially allocated under Section 6.1(b).

          “Nonrecourse Built-in Gain” means with respect to any Contributed Properties or Adjusted
Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of
any taxable gain that would be allocated to the Partners pursuant to Section 6.2(b) if such
properties were disposed of in a taxable transaction in full satisfaction of such liabilities and
for no other consideration.

          “Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including
any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the
principles of Treasury Regulation Section 1.704-2(b), are attributable to a Nonrecourse Liability.

          “Nonrecourse Liability” has the meaning set forth in Treasury Regulation Section
1.752-1(a)(2).

          “Notice of Election to Purchase” has the meaning assigned to such term in Section 15.1(b).

          “Omnibus Agreement” means that certain Amended and Restated Omnibus Agreement, dated as of
April 13, 2011, among CVR Energy, Inc., the General Partner and the Partnership, as such may be
amended, supplemented or restated from time to time.

          “Opinion of Counsel” means a written opinion of counsel (who may be regular counsel to the
Partnership or the General Partner or any of its Affiliates) acceptable to the General Partner.

          “Option Closing Date” means the date or dates on which any Common Units are sold by the
Partnership to the Underwriters upon exercise of the Over-Allotment Option.

8

 

          “Organizational Limited Partner” means Coffeyville Resources, LLC in its capacity as the
organizational limited partner of the Partnership pursuant to this Agreement.

          “Outstanding” means, with respect to Partnership Interests, all Partnership Interests that are
issued by the Partnership and reflected as outstanding on the Partnership’s books and records as of
the date of determination; provided, however, that if at any time any Person or Group (other than
the General Partner or its Affiliates, including Coffeyville Resources, LLC and CVR Energy, Inc.)
beneficially owns 20% or more of the Outstanding Limited Partner Interests of any class then
Outstanding, none of the Limited Partner Interests owned by such Person or Group shall be entitled
to be voted on any matter and shall not be considered to be Outstanding when sending notices of a
meeting of Limited Partners to vote on any matter (unless otherwise required by law), calculating
required votes, determining the presence of a quorum or for other similar purposes under this
Agreement, except that Limited Partner Interests so owned shall be considered to be Outstanding for
purposes of Section 11.1(b)(iv) (such Partnership Interests shall not, however, be treated as a
separate class of Partnership Interests for purposes of this Agreement or the Delaware Act);
provided, further, that the foregoing limitation on voting of Partnership Interests shall not apply
to (i) any Person or Group who acquired 20% or more of the Outstanding Limited Partner Interests of
any class then Outstanding directly from the General Partner or its Affiliates (other than the
Partnership), (ii) any Person or Group who acquired 20% or more of the Outstanding Limited Partner
Interests of any class then Outstanding directly or indirectly from a Person or Group described in
clause (i) provided that the General Partner shall have notified such Person or Group in writing
that such limitation shall not apply, or (iii) any Person or Group who acquired 20% or more of any
Limited Partner Interests issued by the Partnership provided that the General Partner shall have
notified such Person or Group in writing that such limitation shall not apply.

          “Over-Allotment Option” means the over-allotment option granted to the Underwriters by the
Partnership pursuant to the Underwriting Agreement.

          “Partner Nonrecourse Debt” has the meaning given to such term in Treasury Regulation Section
1.704-2(b)(4).

          “Partner Nonrecourse Debt Minimum Gain” has the meaning given to such term in Treasury
Regulation Section 1.704-2(i)(2).

          “Partner Nonrecourse Deductions” means any and all items of loss, deduction or expenditure
(including any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with
the principles of Treasury Regulation Section 1.704-2(i)(1), are attributable to a Partner
Nonrecourse Debt.

          “Partners” means the General Partner and the Limited Partners.

          “Partnership” means CVR Partners, LP, a Delaware limited partnership.

          “Partnership Group” means the Partnership and its Subsidiaries treated as a single entity.

          “Partnership Interest” means an interest in the Partnership, which shall include any General
Partner Interest and Limited Partner Interests but shall exclude any options, rights,

9

 

warrants and appreciation rights relating to an equity interest in the Partnership and, for the
purpose of Section 7.12, shall include any interests into which such Partnership Interests are
convertible or for which such Partnership Interests are exchangeable.

          “Partnership Minimum Gain” means the amount of “partnership minimum gain” determined in
accordance with the principles of Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d).

          “Percentage Interest” means as of any date of determination (a) as to any Unitholder with
respect to Units, the product obtained by multiplying (i) 100% less the percentage applicable to
clause (b) below by (ii) the quotient obtained by dividing (A) the number of Units held by such
Unitholder, by (B) the total number of all Outstanding Units, and (b) as to the holders of other
Partnership Interests issued by the Partnership in accordance with Section 5.4, the percentage
established (or determined as established) as a part of such issuance. The Percentage Interest with
respect to the General Partner Interest shall at all times be zero.

          “Person” means an individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, government agency or political
subdivision thereof or other entity.

          “Pro Rata” means (a) when used with respect to Units or any class thereof, apportioned equally
among all designated Units in accordance with their relative Percentage Interests and (b) when used
with respect to Partners or Record Holders, apportioned among all Partners or Record Holders in
accordance with their relative Percentage Interests.

          “Purchase Date” means the date determined by the General Partner as the date for purchase of
all Outstanding Limited Partner Interests of a certain class (other than Limited Partner Interests
owned by the General Partner and its Affiliates) pursuant to Article XV.

          “Quarter” means, unless the context requires otherwise, a fiscal quarter of the Partnership.

          “Rate Eligibility Trigger” has the meaning assigned to such term in Section 4.8(a)(i).

          “Recapture Income” means any gain recognized by the Partnership (computed without regard to
any adjustment required by Section 734 or Section 743 of the Code) upon the disposition of any
property or asset of the Partnership, which gain is characterized as ordinary income because it
represents the recapture of deductions previously taken with respect to such property or asset.

          “Record Date” means the date established by the General Partner or otherwise in accordance
with this Agreement for determining (a) the identity of the Record Holders entitled to notice of,
or to vote at, any meeting of Limited Partners or entitled to vote by ballot or give approval of
Partnership action in writing without a meeting or entitled to exercise rights in respect of any
lawful action of Limited Partners or (b) the identity of Record Holders entitled to receive any
report or distribution or to participate in any offer.

10

 

          “Record Holder” means (a) with respect to Partnership Interests of any class of Partnership
Interests for which a Transfer Agent has been appointed, the Person in whose name a Partnership
Interest of such class is registered on the books of the Transfer Agent as of the opening of
business on a particular Business Day, or (b) with respect to other classes of Partnership
Interests, the Person in whose name any such other Partnership Interest is registered on the books
that the General Partner has caused to be kept as of the opening of business on such Business Day.

          “Redeemable Interests” means any Partnership Interests for which a redemption notice has been
given, and has not been withdrawn, pursuant to Section 4.9.

          “Registration Statement” means the Registration Statement on Form S-1 (File No. 333-171270) as
it has been or as it may be amended or supplemented from time to time, filed by the Partnership
with the Commission under the Securities Act to register the offering and sale of the Common Units
in the Initial Offering, including any related registration statement filed pursuant to Rule 462(b)
under the Securities Act.

          “Required Allocations” means any allocation of an item of income, gain, loss or deduction
pursuant to Sections 6.1(b)(i), 6.1(b)(ii), 6.1(b)(iv), 6.1(b)(v), 6.1(b)(vi), 6.1(b)(vii) or
6.1(b)(ix).

          “Securities Act” means the Securities Act of 1933, as amended, supplemented or restated from
time to time and any successor to such statute.

          “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented
or restated from time to time and any successor to such statute.

          “Special Approval” means approval by a majority of the members of the Conflicts Committee.

          “Special General Partner” means CVR Special GP, LLC, a Delaware limited liability company that
was previously admitted to the Partnership as special general partner of the Partnership, and whose
Special Units were exchanged for Common Units pursuant to the Amended Contribution Agreement.

          “Special General Partner Interest” means, historically, the management and ownership interest
of the Special General Partner in the Partnership (in its capacity as Special General Partner).

          “Special GP Units” the 30,303,000 special GP units which represented, prior to their exchange
pursuant to the Amended Contribution Agreement, the Special General Partner Interest.

          “Special LP Units” the 30,333 special LP units which represented, prior to their exchange
pursuant to the Amended Contribution Agreement, all of the limited partner interests in the
Partnership.

          “Special Units” means the Special GP Units and the Special LP Units, collectively.

11

 

          “Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of
the voting power of shares entitled (without regard to the occurrence of any contingency) to vote
in the election of directors or other governing body of such corporation is owned, directly or
indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such
Person or a combination thereof, (b) a partnership (whether general or limited) in which such
Person or a Subsidiary of such Person is, at the date of determination, a general partner of such
partnership, but only if such Person, directly or by one or more Subsidiaries of such Person, or a
combination thereof, controls such partnership, directly or indirectly, at the date of
determination or (c) any other Person in which such Person, one or more Subsidiaries of such
Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at
least a majority ownership interest or (ii) the power to elect or direct the election of a majority
of the directors or other governing body of such Person.

          “Surviving Business Entity” has the meaning assigned to such term in Section 14.2(b)(ii).

          “Trading Day” means, for the purpose of determining the Current Market Price of any class of
Limited Partner Interests, a day on which the principal National Securities Exchange on which such
class of Limited Partner Interests is listed or admitted to trading is open for the transaction of
business or, if Limited Partner Interests of a class are not listed or admitted to trading on any
National Securities Exchange, a day on which banking institutions in New York City generally are
open.

          “transfer” has the meaning assigned to such term in Section 4.4(a).

          “Transfer Agent” means such bank, trust company or other Person (including the General Partner
or one of its Affiliates) as may be appointed from time to time by the Partnership to act as
registrar and transfer agent for any class of Partnership Interests; provided that if no Transfer
Agent is specifically designated for any class of Partnership Interests, the General Partner shall
act in such capacity.

          “Underwriter” means each Person named as an underwriter in the Underwriting Agreement who
purchases Common Units pursuant thereto.

          “Underwriting Agreement” means that certain Underwriting Agreement dated April 7, 2011, by and
among the representatives of the Underwriters, the Partnership, and the other parties thereto,
providing for the purchase of Common Units by the Underwriters, as supplemented by the Joinder
Agreement, dated April 13, 2011, by the General Partner.

          “Unit” means a Partnership Interest that is designated as a “Unit” and shall include Common
Units.

          “Unit Majority” means at least a majority of the Outstanding Common Units.

          “Unitholders” means the holders of Units.

          “Unrealized Gain” attributable to any item of Partnership property means, as of any date of
determination, the excess, if any, of (a) the fair market value of such property as of such date

12

 

(as determined under Section 5.3(d)) over (b) the Carrying Value of such property as of such date
(prior to any adjustment to be made pursuant to Section 5.3(d) as of such date).

          “Unrealized Loss” attributable to any item of Partnership property means, as of any date of
determination, the excess, if any, of (a) the Carrying Value of such property as of such date
(prior to any adjustment to be made pursuant to Section 5.3(d) as of such date) over (b) the fair
market value of such property as of such date (as determined under Section 5.3(d)).

          “Unrestricted Person” means each Indemnitee, each Partner and each Person who is or was a
member, partner, director, officer, employee or agent of any Group Member, the General Partner or
any Departing General Partner or any Affiliate of any Group Member, the General Partner or any
Departing General Partner and any Person the General Partner designates as an “Unrestricted Person”
for purposes of this Agreement.

          “U.S. GAAP” means United States generally accepted accounting principles, as in effect from
time to time, consistently applied.

          “Withdrawal Opinion of Counsel” has the meaning assigned to such term in Section 11.1(b).

     Section 1.2 Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms; (b) references to Articles and
Sections refer to Articles and Sections of this Agreement; (c) the terms “include”, “includes”,
“including” and words of like import shall be deemed to be followed by the words “without
limitation”; and (d) the terms “hereof”, “herein” and “hereunder” refer to this Agreement as a
whole and not to any particular provision of this Agreement. The table of contents and headings
contained in this Agreement are for reference purposes only, and shall not affect in any way the
meaning or interpretation of this Agreement.

ARTICLE II

ORGANIZATION

     Section 2.1 Formation. The General Partner, the Special General Partner and the Organizational Limited
Partner previously formed the Partnership as a limited partnership pursuant to the provisions of
the Delaware Act. The General Partner and the Organizational Limited Partner hereby amend and
restate the original Agreement of Limited Partnership of the Partnership, as heretofore amended, in
its entirety. This amendment and restatement shall become effective on the date of this Agreement.
Except as expressly provided to the contrary in this Agreement, the rights, duties, liabilities and
obligations of the Partners and the administration, dissolution and termination of the Partnership
shall be governed by the Delaware Act.

     Section 2.2 Name. The name of the Partnership shall be “CVR Partners, LP”. The Partnership’s business may be
conducted under any other name or names as determined by the General Partner, including the name of
the General Partner. The words “Limited Partnership,” the letters “LP,” or “Ltd.” or similar words
or letters shall be included in the Partnership’s name where necessary for the purpose of complying
with the laws of any jurisdiction that so requires.

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The General Partner may change the name of the Partnership at any time and from time to time and
shall notify the Partners of such change in the next regular communication to the Partners.

     Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices. Unless and until
changed by the General Partner, the registered office of the Partnership in the State of Delaware
shall be located at 1209 Orange Street, Wilmington, Delaware 19801, and the registered agent for
service of process on the Partnership in the State of Delaware at such registered office shall be
The Corporation Trust Company. The principal office of the Partnership shall be located at 2277
Plaza Drive, Suite 500, Sugar Land, Texas 77479 or such other place as the General Partner may from
time to time designate by notice to the Partners. The Partnership may maintain offices at such
other place or places within or outside the State of Delaware as the General Partner determines to
be necessary or appropriate. The address of the General Partner shall be 2277 Plaza Drive, Suite
500, Sugar Land, Texas 77479 or such other place as the General Partner may from time to time
designate by notice to the Partners.

     Section 2.4 Purpose and Business. The purpose and nature of the business to be conducted by the
Partnership shall be to engage directly in, or enter into or form, hold and dispose of any
corporation, partnership, joint venture, limited liability company or other arrangement to engage
indirectly in, any business activity that is approved by the General Partner, in its sole
discretion, and that lawfully may be conducted by a limited partnership organized pursuant to the
Delaware Act and, in connection therewith, to exercise all of the rights and powers conferred upon
the Partnership pursuant to the agreements relating to such business activity, and do anything
necessary or appropriate to the foregoing, including the making of capital contributions or loans
to a Group Member; provided, however, that the General Partner shall not cause the Partnership to
engage, directly or indirectly, in any business activity that the General Partner determines would
be reasonably likely to cause the Partnership to be treated as an association taxable as a
corporation or otherwise taxable as an entity for federal income tax purposes. To the fullest
extent permitted by law, the General Partner shall have no duty or obligation to propose or
approve, and may, in its sole discretion, decline to propose or approve, the conduct by the
Partnership of any business.

     Section 2.5 Powers. The Partnership shall be empowered to do any and all acts and things necessary,
appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment
of the purposes and business described in Section 2.4 and for the protection and benefit of the
Partnership.

     Section 2.6 Term. The term of the Partnership commenced upon the filing of the Certificate of Limited
Partnership in accordance with the Delaware Act and shall continue until the dissolution of the
Partnership in accordance with the provisions of Article XII. The existence of the Partnership as a
separate legal entity shall continue until the cancellation of the Certificate of Limited
Partnership as provided in the Delaware Act.

     Section 2.7 Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and
whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no
Partner, individually or collectively, shall have any ownership interest in such Partnership assets
or any portion thereof. Title to any or all of the Partnership assets may be held in the name of
the Partnership, the General Partner, one or more of its Affiliates or one or more nominees, as the
General Partner may determine. The General Partner hereby declares and warrants that any
Partnership assets for which record title is held in the name of the General Partner or one or more
of its

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Affiliates or one or more nominees shall be held by the General Partner or such Affiliate or
nominee for the use and benefit of the Partnership in accordance with the provisions of this
Agreement; provided, however, that the General Partner shall use reasonable efforts to cause record
title to such assets (other than those assets in respect of which the General Partner determines
that the expense and difficulty of conveyancing makes transfer of record title to the Partnership
impracticable) to be vested in the Partnership as soon as reasonably practicable; provided,
further, that, prior to the withdrawal or removal of the General Partner or as soon thereafter as
practicable, the General Partner shall use reasonable efforts to effect the transfer of record
title to the Partnership and, prior to any such transfer, will provide for the use of such assets
in a manner satisfactory to the General Partner. All Partnership assets shall be recorded as the
property of the Partnership in its books and records, irrespective of the name in which record
title to such Partnership assets is held.

ARTICLE III

RIGHTS OF LIMITED PARTNERS

     Section 3.1 Limitation of Liability. The Limited Partners shall have no liability under this Agreement
except as expressly provided in this Agreement or the Delaware Act.

     Section 3.2 Management of Business. No Limited Partner, in its capacity as such, shall participate in the
operation, management or control (within the meaning of the Delaware Act) of the Partnership’s
business, transact any business in the Partnership’s name or have the power to sign documents for
or otherwise bind the Partnership. Any action taken by any Affiliate of the General Partner or any
officer, director, employee, manager, member, general partner, agent or trustee of the General
Partner or any of its Affiliates, or any officer, director, employee, manager, member, general
partner, agent or trustee of a Group Member, in its capacity as such, shall not be deemed to be
participation in the control of the business of the Partnership by a limited partner of the
Partnership (within the meaning of Section 17-303(a) of the Delaware Act) and shall not
affect, impair or eliminate the limitations on the liability of the Limited Partners under this
Agreement.

     Section 3.3 Outside Activities of the Limited Partners. Subject to the provisions of Section 7.5 and the
Omnibus Agreement, which shall continue to be applicable to the Persons referred to therein,
regardless of whether such Persons shall also be Limited Partners, each Limited Partner shall be
entitled to and may have any business interests and engage in any business activities in addition
to those relating to the Partnership, including business interests and activities in direct
competition with the Partnership Group. Neither the Partnership nor any of the other Partners shall
have any rights by virtue of this Agreement in any business ventures of any Limited Partner.

     Section 3.4 Rights of Limited Partners.

          (a) In addition to other rights provided by this Agreement or by applicable law (other
than Section 17-305(a) of the Delaware Act, the obligations of which are expressly replaced in
their entirety by the provisions below), and except as limited by Section 3.4(b), each Limited

15

 

Partner shall have the right, for a purpose that is reasonably related, as determined by the
General Partner, to such Limited Partner’s interest as a Limited Partner in the Partnership, upon
reasonable written demand stating the purpose of such demand and at such Limited Partner’s own
expense to obtain:

     (i) true and full information regarding the status of the business and financial
condition of the Partnership (provided that the requirements of this Section 3.4(a)(i) shall
be satisfied to the extent the Limited Partner is furnished the Partnership’s most recent
annual report and any subsequent quarterly or periodic reports required to be filed (or
which would be required to be filed) with the Commission pursuant to Section 13 of the
Exchange Act);

     (ii) a current list of the name and last known business, residence or mailing
address of each Record Holder;

     (iii) a copy of this Agreement and the Certificate of Limited Partnership and all
amendments thereto, together with copies of the executed copies of all powers of attorney
pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments
thereto have been executed;

     (iv) true and full information regarding the amount of cash and a description and
statement of the Net Agreed Value of any other Capital Contribution by each Partner and that
each Partner has agreed to contribute in the future, and the date on which each became a
Partner; and

     (v) such other information regarding the affairs of the Partnership as the General
Partner determines is just and reasonable.

     (b) The General Partner may keep confidential from the Limited Partners, for such period
of time as the General Partner deems reasonable, (i) any information that the General Partner
reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure
of which the General Partner believes (A) is not in the best interests of the Partnership Group,
(B) could damage the Partnership Group or its business or (C) that any Group Member is required by
law or by agreement with any third party to keep confidential (other than agreements with
Affiliates of the Partnership the primary purpose of which is to circumvent the obligations set
forth in this Section 3.4).

ARTICLE IV

CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS;

REDEMPTION OF PARTNERSHIP INTERESTS

     Section 4.1 Certificates. Notwithstanding anything otherwise to the contrary herein, unless the General
Partner shall determine otherwise in respect of some or all of any or all classes of Partnership
Interests, Partnership Interests shall not be evidenced by certificates. Certificates that may be
issued shall be executed on behalf of the Partnership by the Chairman of the Board, President or
any Executive Vice President or Vice President and the Secretary or any Assistant Secretary of the
General Partner. No Certificate shall be valid for any purpose until it has been countersigned by
the Transfer Agent; provided, however, that if the General Partner

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elects to cause the Partnership
to issue Partnership Interests of such class in global form, the Certificate shall be valid upon
receipt of a certificate from the Transfer Agent certifying that the Partnership Interests have
been duly registered in accordance with the directions of the Partnership.

     Section 4.2 Mutilated, Destroyed, Lost or Stolen Certificates.

          (a) If any mutilated Certificate is surrendered to the Transfer Agent, the appropriate
officers of the General Partner on behalf of the Partnership shall execute, and the Transfer Agent
shall countersign and deliver in exchange therefor, a new Certificate evidencing the same number
and type of Partnership Interests as the Certificate so surrendered.

          (b) The appropriate officers of the General Partner on behalf of the Partnership shall
execute and deliver, and the Transfer Agent shall countersign, a new Certificate in place of any
Certificate previously issued if the Record Holder of the Certificate:

          (i) makes proof by affidavit, in form and substance satisfactory to the General
Partner, that a previously issued Certificate has been lost, destroyed or stolen;

          (ii) requests the issuance of a new Certificate before the General Partner has
notice that the Certificate has been acquired by a purchaser for value in good faith and
without notice of an adverse claim;

          (iii) if requested by the General Partner, delivers to the General Partner a bond,
in form and substance satisfactory to the General Partner, with surety or sureties and with
fixed or open penalty as the General Partner may direct, to indemnify the Partnership,
the Partners, the General Partner and the Transfer Agent against any claim that may be made
on account of the alleged loss, destruction or theft of the Certificate; and

          (iv) satisfies any other reasonable requirements imposed by the General Partner.

     If a Partner fails to notify the General Partner within a reasonable period of time after such
Partner has notice of the loss, destruction or theft of a Certificate, and a transfer of the
Partner Interests represented by the Certificate is registered before the Partnership, the General
Partner or the Transfer Agent receives such notification, the Partner shall be precluded from
making any claim against the Partnership, the General Partner or the Transfer Agent for such
transfer or for a new Certificate.

          (c) As a condition to the issuance of any new Certificate under this Section 4.2, the
General Partner may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Transfer Agent) reasonably connected therewith.

     Section 4.3 Record Holders. The Partnership shall be entitled to recognize the Record Holder as the
Partner with respect to any Partnership Interest and, accordingly, shall not be bound to recognize
any equitable or other claim to, or interest in, such Partnership Interest on the part of any other
Person, regardless of whether the Partnership shall have actual or other notice

17

 

thereof, except as
otherwise provided by law or any applicable rule, regulation, guideline or requirement of any
National Securities Exchange on which such Partnership Interests are listed or admitted to trading.
Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust company or
clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some
other representative capacity for another Person in acquiring and/or holding Partnership Interests,
as between the Partnership on the one hand, and such other Persons on the other, such
representative Person shall be (a) the Record Holder of such Partnership Interest and (b) bound by
this Agreement and shall have the rights and obligations of a Partner hereunder as, and to the
extent, provided herein.

     Section 4.4 Transfer Generally.

          (a) The term “transfer,” when used in this Agreement with respect to a Partnership
Interest, shall mean a transaction (i) by which the General Partner assigns its General Partner
Interest to another Person, and includes a sale, assignment, gift, pledge, grant of security
interest, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or
otherwise, or (ii) by which the holder of a Limited Partner Interest assigns such Limited Partner
Interest to another Person who is or becomes a Limited Partner, and includes a sale, assignment,
gift, exchange or any other disposition by law or otherwise (but not the pledge, grant of security
interest, encumbrance, hypothecation or mortgage), including any transfer upon foreclosure or
other exercise of remedies of any pledge, security interest, encumbrance, hypothecation or
mortgage.

          (b) No Partnership Interest shall be transferred, in whole or in part, except in
accordance with the terms and conditions set forth in this Article IV. Any transfer or purported
transfer of a Partnership Interest not made in accordance with this Article IV shall be, to the
fullest extent permitted by law, null and void.

          (c) Nothing contained in this Agreement shall be construed to prevent a disposition by any
stockholder, member, partner or other owner of any Partner of any or all of the shares of stock,
membership interests, partnership interests or other ownership interests in such Partner and the
term “transfer” shall not mean any such disposition.

     Section 4.5 Registration and Transfer of Limited Partner Interests.

          (a) The General Partner shall keep or cause to be kept on behalf of the Partnership a
register in which, subject to such reasonable regulations as it may prescribe and subject to the
provisions of Section 4.5(b), the Partnership will provide for the registration and transfer of
Limited Partner Interests.

          (b) The Partnership shall not recognize any transfer of Limited Partner Interests
evidenced by Certificates until the Certificates evidencing such Limited Partner Interests are
surrendered for registration of transfer. No charge shall be imposed by the General Partner for
such transfer; provided, that as a condition to the issuance of any new Certificate under this
Section 4.5, the General Partner may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed with respect thereto. Upon surrender of a
Certificate for registration of transfer of any Limited Partner Interests evidenced by a
Certificate,

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and subject to the provisions hereof, the appropriate officers of the General Partner
on behalf of the Partnership shall execute and deliver, and in the case of Certificates evidencing
Limited Partner Interests, the Transfer Agent shall countersign and deliver, in the name of the
holder or the designated transferee or transferees, as required pursuant to the holder’s
instructions, one or more new Certificates evidencing the same aggregate number and type of Limited
Partner Interests as was evidenced by the Certificate so surrendered.

          (c) By acceptance of the transfer of any Limited Partner Interests in accordance with this
Section 4.5 and except as provided in Section 4.8, each transferee of a Limited Partner Interest
(including any nominee holder or an agent or representative acquiring such Limited Partner
Interests for the account of another Person) (i) shall be admitted to the Partnership as a Limited
Partner with respect to the Limited Partner Interests so transferred to such Person when any such
transfer or admission is reflected in the books and records of the Partnership and such Limited
Partner becomes the Record Holder of the Limited Partner Interests so transferred, (ii) shall
become bound by the terms of this Agreement, (iii) represents that the transferee has the capacity,
power and authority to enter into this Agreement, and (iv) makes the consents and waivers contained
in this Agreement, all with or without execution of this Agreement. The
transfer of any Limited Partner Interests and the admission of any new Limited Partner shall
not constitute an amendment to this Agreement.

          (d) Subject to (i) the foregoing provisions of this Section 4.5, (ii) Section 4.3, (iii)
Section 4.7, (iv) with respect to any class or series of Limited Partner Interests, the provisions
of any statement of designations or amendment of this Agreement establishing such class or series,
(v) any contractual provisions binding on any Limited Partner and (vi) provisions of applicable law
including the Securities Act, Limited Partner Interests shall be freely transferable.

     Section 4.6 Transfer of the General Partner Interest.

          (a) Subject to Section 4.6(c) below, prior to March 31, 2021, the General Partner shall
not transfer all or any part of its General Partner Interest to a Person unless such transfer (i)
has been approved by the prior written consent or vote of Partners (excluding the General Partner
and its Affiliates) holding a majority of the Percentage Interests of all Partners (excluding the
Percentage Interests of the General Partner and its Affiliates) or (ii) is of all, but not less
than all, of its General Partner Interest to (A) an Affiliate of the General Partner (other than an
individual) or (B) another Person (other than an individual) in connection with the merger or
consolidation of the General Partner with or into such other Person or the transfer by the General
Partner of all or substantially all of its assets to such other Person.

          (b) Subject to Section 4.6(c) below, on or after March 31, 2021, the General Partner may
transfer all or any part of its General Partner Interest without Unitholder approval.

          (c) Notwithstanding anything herein to the contrary, no transfer by the General Partner of
all or any part of its General Partner Interest to another Person shall be permitted unless (i) the
transferee agrees to assume the rights and duties of the General Partner under this Agreement and
to be bound by the provisions of this Agreement, (ii) the Partnership receives an Opinion of
Counsel that such transfer would not result in the loss of limited liability under Delaware law of
any Limited Partner or cause the Partnership to be treated as an association

19

 

taxable as a
corporation or otherwise to be taxed as an entity for U.S. federal income tax purposes (to the
extent not already so treated or taxed) and (iii) such transferee also agrees to purchase all (or
the appropriate portion thereof, if applicable) of the partnership or membership interest of the
General Partner as the general partner or managing member, if any, of each other Group Member. In
the case of a transfer pursuant to and in compliance with this Section 4.6, the transferee or
successor (as the case may be) shall, subject to compliance with the terms of Section 10.2, be
admitted to the Partnership as the General Partner effective immediately prior to the transfer of
the General Partner Interest, and the business of the Partnership shall continue without
dissolution.

     Section 4.7 Restrictions on Transfers.

          (a) Notwithstanding the other provisions of this Article IV, no transfer of any
Partnership Interests shall be made if such transfer would (i) violate the then applicable U.S.
federal or state securities laws or rules and regulations of the Commission, any state
securities commission or any other governmental authority with jurisdiction over such transfer,
(ii) terminate the existence or qualification of the Partnership under the laws of the jurisdiction
of its formation, or (iii) cause the Partnership to be treated as an association taxable as a
corporation or otherwise to be taxed as an entity for U.S. federal income tax purposes (to the
extent not already so treated or taxed).

          (b) The General Partner may impose restrictions on the transfer of Partnership Interests
if the General Partner determines, with the advice of counsel, that such restrictions are necessary
or advisable to (i) avoid a significant risk of the Partnership becoming taxable as a corporation
or otherwise becoming taxable as an entity for U.S. federal income tax purposes or (ii) preserve
the uniformity of Limited Partner Interests (or any class or classes thereof). The General Partner
may impose such restrictions by amending this Agreement; provided, however, that any amendment that
would result in the delisting or suspension of trading of any class of Limited Partner Interests on
the principal National Securities Exchange on which such class of Limited Partner Interests is then
listed or admitted to trading must be approved, prior to such amendment being effected, by the
holders of at least a majority of the Outstanding Limited Partner Interests of such class.

          (c) Nothing contained in this Article IV, or elsewhere in this Agreement, shall preclude
the settlement of any transactions involving Partnership Interests entered into through the
facilities of any National Securities Exchange on which such Partnership Interests are listed or
admitted to trading.

     Section 4.8 Eligibility Certificates; Ineligible Holders.

          (a) If at any time the General Partner determines, with the advice of counsel, that

          (i) the Partnership’s status as other than as an association taxable as a
corporation for U.S. federal income tax purposes or the failure of the Partnership to be
subject to an entity-level tax for U.S. federal, state or local income tax purposes, coupled
with the tax status (or lack of proof of the U.S. federal income tax status) of one or more
Partners, has or will reasonably likely have a material adverse effect on the maximum

20

 

applicable rate that can be charged to customers by Subsidiaries of the Partnership (a “Rate
Eligibility Trigger”); or

          (ii) any Group Member is subject to any federal, state or local law or regulation
that would create a substantial risk of cancellation or forfeiture of any property in which
the Group Member has an interest based on the nationality, citizenship or other related
status of a Partner (a “Citizenship Eligibility Trigger”);

then, the General Partner may adopt such amendments to this Agreement as it determines to be
necessary or advisable to (x) in the case of a Rate Eligibility Trigger, obtain such proof of the
U.S. federal income tax status of the Partners and, to the extent relevant, their beneficial
owners, as the General Partner determines to be necessary to establish those Partners whose U.S.
federal income tax status does not or would not have a material adverse effect on the maximum
applicable rate that can be charged to customers by Subsidiaries of the Partnership or (y) in the
case of a Citizenship Eligibility Trigger, obtain such proof of the nationality, citizenship or
other related status (or, if the General Partner is a nominee holding for the account of another
Person, the nationality, citizenship or other related status of such Person) of the Partner as the
General Partner determines to be necessary to establish and those Partners whose status as a
Partner does not or would not subject any Group Member to a significant risk of cancellation or
forfeiture of any of its properties or interests therein.

          (b) Such amendments may include provisions requiring all Partners to certify as to their
(and their beneficial owners’) status as Eligible Holders upon demand and on a regular basis, as
determined by the General Partner, and may require transferees of Units to so certify prior to
being admitted to the Partnership as a Partner (any such required certificate, an “Eligibility
Certificate”).

          (c) Such amendments may provide that any Partner who fails to furnish to the General
Partner within a reasonable period requested proof of its (and its’ beneficial owners’) status as
an Eligible Holder or if upon receipt of such Eligibility Certificate or other requested
information the General Partner determines that a Partner is not an Eligible Holder (such a
Partner, an “Ineligible Holder”), the Partnership Interests owned by such Limited Partner shall be
subject to redemption in accordance with the provisions of Section 4.9. In addition, the General
Partner shall be substituted for all Limited Partners that are Ineligible Holders as the Partner in
respect of the Ineligible Holder’s Partnership Interests.

          (d) The General Partner shall, in exercising voting rights in respect of Partnership
Interests held by it on behalf of Ineligible Holders, distribute the votes in the same ratios as
the votes of Partners (including the General Partner and its Affiliates) in respect of Partnership
Interests other than those of Ineligible Holders are cast, either for, against or abstaining as to
the matter.

          (e) Upon dissolution of the Partnership, an Ineligible Holder shall have no right to
receive a distribution in kind pursuant to Section 12.4 but shall be entitled to the cash
equivalent thereof, and the Partnership shall provide cash in exchange for an assignment of the
Ineligible Holder’s share of any distribution in kind. Such payment and assignment shall be treated
for

21

 

Partnership purposes as a purchase by the Partnership from the Ineligible Holder of his
Partnership Interest (representing his right to receive his share of such distribution in kind).

          (f) At any time after he can and does certify that he has become an Eligible Holder, an
Ineligible Holder may, upon application to the General Partner, request that with respect to any
Partnership Interests of such Ineligible Holder not redeemed pursuant to Section 4.9, such
Ineligible Holder be admitted as a Partner, and upon approval of the General Partner, such
Ineligible Holder shall be admitted as a Partner and shall no longer constitute an Ineligible
Holder and the General Partner shall cease to be deemed to be the Partner in respect of such
Ineligible Holder’s Partnership Interests.

     Section 4.9 Redemption of Partnership Interests of Ineligible Holders.

          (a) If at any time a Partner fails to furnish an Eligibility Certification or other
information requested within a reasonable period of time specified in amendments adopted pursuant
to Section 4.8, or if upon receipt of such Eligibility Certification or other information the
General Partner determines, with the advice of counsel, that a Partner is not an Eligible Holder,
the Partnership may, unless the Partner establishes to the satisfaction of the General Partner that
such Partner is an Eligible Holder or has transferred his Partnership Interests to a Person who is
an Eligible Holder and who furnishes an Eligibility Certification to the General Partner prior to
the date fixed for redemption as provided below, redeem the Partnership Interest of such Partner as
follows:

          (i) The General Partner shall, not later than the 30th day before the date fixed
for redemption, give notice of redemption to the Partner, at his last address designated on
the records of the Partnership or the Transfer Agent, as applicable, by registered or
certified mail, postage prepaid. The notice shall be deemed to have been given when so
mailed. The notice shall specify the Redeemable Interests, the date fixed for redemption,
the place of payment, that payment of the redemption price will be made upon redemption of
the Redeemable Interests (or, if later in the case of Redeemable Interests evidenced by
Certificates, upon surrender of the Certificate evidencing the Redeemable Interests) and
that on and after the date fixed for redemption no further allocations or distributions to
which the Partner would otherwise be entitled in respect of the Redeemable Interests will
accrue or be made.

          (ii) The aggregate redemption price for Redeemable Interests shall be an amount
equal to the Current Market Price (the date of determination of which shall be the date
fixed for redemption) of Partnership Interests of the class to be so redeemed multiplied by
the number of Partnership Interests of each such class included among the Redeemable
Interests. The redemption price shall be paid, as determined by the General Partner, in cash
or by delivery of a promissory note of the Partnership in the principal amount of the
redemption price, bearing interest at the rate of 8% annually and payable in three equal
annual installments of principal together with accrued interest, commencing one year after
the redemption date.

          (iii) The Partner or his duly authorized representative shall be entitled to
receive the payment for the Redeemable Interests at the place of payment specified in the

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notice of redemption on the redemption date (or, if later in the case of Redeemable
Interests evidenced by Certificates, upon surrender by or on behalf of the Partner at the
place specified in the notice of redemption, of the Certificate evidencing the Redeemable
Interests, duly endorsed in blank or accompanied by an assignment duly executed in blank).

          (iv) After the redemption date, Redeemable Interests shall no longer constitute
issued and Outstanding Partnership Interests.

          (b) The provisions of this Section 4.9 shall also be applicable to Partnership Interests
held by a Partner as nominee of a Person determined to be an Ineligible Holder.

          (c) Nothing in this Section 4.9 shall prevent the recipient of a notice of redemption from
transferring his Partnership Interest before the redemption date if such transfer is otherwise
permitted under this Agreement. Upon receipt of notice of such a transfer, the General Partner
shall withdraw the notice of redemption, provided the transferee of such Partnership Interest
certifies to the satisfaction of the General Partner that he is an Eligible Holder. If the
transferee fails to make such certification, such redemption shall be effected from the transferee
on the original redemption date.

ARTICLE V

CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS

     Section 5.1 Contributions by the General Partner and its Affiliates.

          (a) In connection with the formation of the Partnership under the Delaware Act, the
General Partner made an initial Capital Contribution to the Partnership in the amount of $1,000,
for a General Partner Interest in the Partnership and was admitted as the Managing General Partner
of the Partnership, and the Special General Partner and Coffeyville Resources each made an initial
Capital Contribution to the Partnership in the amount of $1,000 and were admitted as the Special
General Partner and Limited Partner, respectively, of the Partnership. Immediately after the close
of business on October 24, 2007, the initial $1,000 contributed by each of the Special General
Partner and Coffeyville Resources was refunded as provided in the Contribution Agreement.

          (b) Immediately after the close of business on October 24, 2007 and pursuant to the
Contribution Agreement, Coffeyville Resources conveyed: (i) a portion of its interest in
Coffeyville Resources Nitrogen Fertilizer, LLC to the Partnership on behalf of the General Partner,
as a Capital Contribution in exchange for the issuance to the General Partner of the General
Partner Interest; (ii) a portion of its interest in Coffeyville Resources Nitrogen Fertilizer, LLC
to the Partnership on behalf of the Special General Partner, as a Capital Contribution in exchange
for the issuance to the Special General Partner of Special GP Units; and (iii) the remaining
portion of its interest in Coffeyville Resources Nitrogen Fertilizer, LLC to the Partnership as a
Capital Contribution in exchange for the issuance to Coffeyville Resources of Special LP Units.

          (c) Pursuant to the Amended Contribution Agreement, (i) Coffeyville Resources contributed
all of its Special LP Units to the Partnership in exchange for the issuance to

23

 

Coffeyville
Resources of 0.1% of the Sponsor Consideration (as that term is defined in the Amended Contribution
Agreement); (ii) the Special General Partner contributed all of its Special GP Units to the
Partnership in exchange for the issuance to the Special General Partner of 99.9% of the Sponsor
Consideration; (iii) the Partnership repurchased the Incentive Distribution Rights from the
General Partner in exchange for $26.0 million, and the Incentive Distribution Rights are being
extinguished hereby; (iv) the General Partner distributed $26.0 million to Coffeyville
Acquisition III; and (v) the Organizational Limited Partner will purchase the General Partner
from Coffeyville Acquisition III in exchange for $1,000.

     Section 5.2 Interest and Withdrawal. No interest on Capital Contributions shall be paid by the
Partnership. No Partner shall be entitled to the withdrawal or return of its Capital Contribution,
except to the extent, if any, that distributions made pursuant to this Agreement or upon
dissolution of the Partnership may be considered as the withdrawal or return of its Capital
Contribution by law and then only to the extent provided for in this Agreement. Except to the
extent expressly provided in this Agreement, no Partner shall have priority over any other Partner
either as to the return of Capital Contributions or as to profits, losses or distributions. Any
such return shall be a compromise to which all Partners agree within the meaning of Section
17-502(b) of the Delaware Act.

     Section 5.3 Capital Accounts.

          (a) The Partnership shall maintain for each Partner (or a beneficial owner of Partnership
Interests held by a nominee in any case in which the nominee has furnished the identity of such
owner to the Partnership in accordance with Section 6031(c) of the Code or any other method
acceptable to the General Partner) owning a Partnership Interest a separate Capital Account with
respect to such Partnership Interest in accordance with the rules of Treasury Regulation Section
1.704-1(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital
Contributions made to the Partnership with respect to such Partnership Interest and (ii) all items
of Partnership income and gain (including income and gain exempt from tax) computed in accordance
with Section 5.3(b) and allocated with respect to such Partnership Interest pursuant to Section
6.1, and decreased by (x) the amount of cash or Net Agreed Value of all actual and deemed
distributions of cash or property made with respect to such Partnership Interest and (y) all items
of Partnership deduction and loss computed in accordance with Section 5.3(b) and allocated with
respect to such Partnership Interest pursuant to Section 6.1.

          (b) For purposes of computing the amount of any item of income, gain, loss or deduction
that is to be allocated pursuant to Article VI and is to be reflected in the Partners’ Capital
Accounts, the determination, recognition and classification of any such item shall be the same as
its determination, recognition and classification for U.S. federal income tax purposes (including
any method of depreciation, cost recovery or amortization used for that purpose), provided, that:

          (i) Solely for purposes of this Section 5.3, the Partnership shall be treated as
owning directly its proportionate share (as determined by the General Partner based upon the
provisions of the applicable Group Member Agreement) of all property owned by (x) any other
Group Member that is classified as a partnership or is disregarded for U.S. federal income
tax purposes and (y) any other entity that is classified as a partnership or

24

 

is disregarded
for U.S. federal income tax purposes of which an entity described in clause (x) of this
Section 5.3(b)(i) is, directly or indirectly, a partner, member or other equity holder.

          (ii) All fees and other expenses incurred by the Partnership to promote the sale of
(or to sell) a Partnership Interest that can neither be deducted nor amortized under Section
709 of the Code, if any, shall, for purposes of Capital Account maintenance, be treated as
an item of deduction at the time such fees and other expenses are incurred and shall be
allocated among the Partners pursuant to Section 6.1.

          (iii) Except as otherwise provided in Treasury Regulation Section
1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall
be made without regard to any election under Section 754 of the Code that may be made by the
Partnership and, as to those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the
Code, without regard to the fact that such items are not includable in gross income or are
neither currently deductible nor capitalized for U.S. federal income tax purposes. To the
extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section
734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section
1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount
of such adjustment in the Capital Accounts shall be treated as an item of gain or loss.

          (iv) Any income, gain or loss attributable to the taxable disposition of any
Partnership property shall be determined as if the adjusted basis of such property as of
such date of disposition were equal in amount to the Partnership’s Carrying Value with
respect to such property as of such date.

          (v) In accordance with the requirements of Section 704(b) of the Code, any
deductions for depreciation, cost recovery or amortization attributable to any Contributed
Property shall be determined as if the adjusted basis of such property on the date it was
acquired by the Partnership were equal to the Agreed Value of such property. Upon an
adjustment pursuant to Section 5.3(d) to the Carrying Value of any Partnership property
subject to depreciation, cost recovery or amortization, any further deductions for such
depreciation, cost recovery or amortization attributable to such property shall be
determined (A) under the rules prescribed by Treasury Regulation Section 1.704-3(d)(2) as if the adjusted basis of such property were equal to the Carrying Value of such
property immediately following such adjustment.

          (vi) If the Partnership’s adjusted basis in a depreciable or cost recovery property
is reduced for U.S. federal income tax purposes pursuant to Section 50(c)(1) or 50(c)(3) of
the Code, the amount of such reduction shall, solely for purposes hereof, be deemed to be an
additional depreciation or cost recovery deduction in the taxable period such property is
placed in service and shall be allocated among the Partners pursuant to Section 6.1. Any
restoration of such basis pursuant to Section 50(c)(2) of the Code shall, to the extent
possible, be allocated in the same manner to the Partners to whom such deemed deduction was
allocated.

25

 

          (vii) The Gross Liability Value of each Liability of the Partnership described in
Treasury Regulation Section 1.752-7(b)(3)(i) shall be adjusted at such times as provided in
this Agreement for an adjustment to Carrying Values. The amount of any such adjustment
shall be treated for purposes hereof as an item of loss (if the adjustment
increases the Carrying Value of such Liability of the Partnership) or an item of gain
(if the adjustment decreases the Carrying Value of such Liability of the Partnership).

          (c) A transferee of a Partnership Interest shall succeed to a pro rata portion of the
Capital Account of the transferor relating to the Partnership Interest so transferred.

          (d) (i) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), upon an
issuance of additional Partnership Interests for cash or Contributed Property, the issuance of
Partnership Interests as consideration for the provision of services or the conversion of the
General Partner’s (and its Affiliates’) Combined Interest to Common Units pursuant to Section
11.3(b), the Carrying Value of each Partnership property immediately prior to such issuance shall
be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to
such Partnership property, and any such Unrealized Gain or Unrealized Loss shall be treated, for
purposes of maintaining Capital Accounts, as if it had been recognized on an actual sale of each
such property for an amount equal to its fair market value immediately prior to such issuance and
had been allocated among the Partners at such time pursuant to Section 6.1 in the same manner as
any item of gain or loss actually recognized during such period would have been allocated;
provided, however, that in the event of an issuance of Partnership Interests for a de minimis
amount of cash or Contributed Property, or in the event of an issuance of a de minimis amount of
Partnership Interests as consideration for the provision of services, the General Partner may
determine that such adjustments are unnecessary for the proper administration of the Partnership.
In determining such Unrealized Gain or Unrealized Loss, the fair market value of all Partnership
assets (including cash or cash equivalents) immediately prior to the issuance of additional
Partnership Interests shall be determined by the General Partner using such method of valuation as
it may adopt. In making its determination of the fair market values of individual properties, the
General Partner may determine that it is appropriate to first determine an aggregate value for the
Partnership, based on the current trading price of the Common Units, taking fully into account the
fair market value of the Partnership Interests of all Partners at such time, and then allocate such
aggregate value among the individual properties of the Partnership (in such manner as it determines
is appropriate).

          (ii) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
immediately prior to any actual or deemed distribution to a Partner of any Partnership
property (other than a distribution of cash that is not in redemption or retirement of a
Partnership Interest), the Carrying Value of all Partnership property shall be adjusted
upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such
Partnership property, and any such Unrealized Gain or Unrealized Loss shall be treated, for
the purposes of maintaining Capital Accounts, as if it had been recognized on an actual sale
of each such property immediately prior to such distribution for an amount equal to its fair
market value, and had been allocated to the Partners, at such time, pursuant to Section 6.1
in the same manner as any item of gain or loss actually recognized during such period would
have been allocated. In determining such Unrealized Gain or Unrealized Loss the fair market
value of all Partnership assets

26

 

(including cash or cash equivalents) immediately prior to a
distribution shall (A) in the case of an actual distribution that is not made pursuant to
Section 12.4 or in the case of a deemed distribution, be determined in the same manner as
that provided in Section
5.3(d)(i) or (B) in the case of a liquidating distribution pursuant to Section 12.4, be
determined by the Liquidator using such method of valuation as it may adopt.

     Section 5.4 Issuances of Additional Partnership Interests.

          (a) The Partnership may issue additional Partnership Interests and options, rights,
warrants and appreciation rights relating to the Partnership Interests for any Partnership purpose
at any time and from time to time to such Persons for such consideration and on such terms and
conditions as the General Partner shall determine, all without the approval of any Partners.

          (b) Each additional Partnership Interest authorized to be issued by the Partnership
pursuant to Section 5.4(a) may be issued in one or more classes, or one or more series of any such
classes, with such designations, preferences, rights, powers and duties (which may be senior or
junior to existing classes and series of Partnership Interests), as shall be fixed by the General
Partner, including (i) the right to share in Partnership profits and losses or items thereof; (ii)
the right to share in Partnership distributions; (iii) the rights upon dissolution and liquidation
of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership may, or
shall be required to, redeem the Partnership Interest (including sinking fund provisions); (v)
whether such Partnership Interest is issued with the privilege of conversion or exchange and, if
so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon
which each Partnership Interest will be issued, evidenced by certificates and assigned or
transferred; (vii) the method for determining the Percentage Interest as to such Partnership
Interest; and (viii) the right, if any, of each such Partnership Interest to vote on Partnership
matters, including matters relating to the relative rights, preferences and privileges of such
Partnership Interest.

          (c) The General Partner shall take all actions that it determines to be necessary or
appropriate in connection with (i) each issuance of Partnership Interests and options, rights,
warrants and appreciation rights relating to Partnership Interests pursuant to this Section 5.4,
(ii) the conversion of the General Partner’s (and its Affiliates’) Combined Interest to Common
Units pursuant to the terms of this Agreement, (iii) reflecting the admission of such additional
Partners in the books and records of the Partnership as the Record Holder of such Partnership
Interests, and (iv) all additional issuances of Partnership Interests. The General Partner shall
determine the relative rights, powers and duties of the holders of the Units or other Partnership
Interests being so issued. The General Partner shall do all things necessary to comply with the
Delaware Act and is authorized and directed to do all things that it determines to be necessary or
appropriate in connection with any future issuance of Partnership Interests or in connection with
the conversion of the General Partner’s (and its Affiliates’) Combined Interest into Common Units
pursuant to the terms of this Agreement, including compliance with any statute, rule, regulation or
guideline of any federal, state or other governmental agency or any National Securities Exchange on
which the Units or other Partnership Interests are listed or admitted to trading.

          (d) No fractional Units shall be issued by the Partnership.

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     Section 5.5 Preemptive Right. Except as provided in this Section 5.5 or as otherwise provided in a separate agreement by
the Partnership, no Person shall have any preemptive, preferential or other similar right with
respect to the issuance of any Partnership Interest, whether unissued, held in the treasury or
hereafter created. The General Partner shall have the right, which it may from time to time assign
in whole or in part to any of its Affiliates, to purchase Partnership Interests from the
Partnership whenever, and on the same terms that, the Partnership issues Partnership Interests to
Persons other than the General Partner and its Affiliates, to the extent necessary to maintain the
Percentage Interests of the General Partner and its Affiliates equal to that which existed
immediately prior to the issuance of such Partnership Interests.

     Section 5.6 Splits and Combinations.

          (a) Subject to Section 5.6(d), the Partnership may make a Pro Rata distribution of
Partnership Interests to all Record Holders or may effect a subdivision or combination of
Partnership Interests so long as, after any such event, each Partner shall have the same Percentage
Interest in the Partnership as before such event, and any amounts calculated on a per Unit basis or
stated as a number of Units are proportionately adjusted retroactively to the beginning of the
Partnership.

          (b) Whenever such a distribution, subdivision or combination of Partnership Interests is
declared, the General Partner shall select a Record Date as of which the distribution, subdivision
or combination shall be effective and shall send notice thereof at least 20 days prior to such
Record Date to each Record Holder as of a date not less than 10 days prior to the date of such
notice. The General Partner also may cause a firm of independent public accountants selected by it
to calculate the number of Partnership Interests to be held by each Record Holder after giving
effect to such distribution, subdivision, combination or reorganization. The General Partner shall
be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy
of such calculation.

          (c) Promptly following any such distribution, subdivision, or combination, the Partnership
may issue Certificates to the Record Holders of Partnership Interests as of the applicable Record
Date representing the new number of Partnership Interests held by such Record Holders, or the
General Partner may adopt such other procedures that it determines to be necessary or appropriate
to reflect such changes. If any such combination results in a smaller total number of Partnership
Interests Outstanding, the Partnership shall require, as a condition to the delivery to a Record
Holder of any such new Certificate, the surrender of any Certificate held by such Record Holder
immediately prior to such Record Date.

          (d) The Partnership shall not issue fractional Units upon any distribution, subdivision or
combination of Partnership Interests. If a distribution, subdivision, combination or reorganization
of Partnership Interests would result in the issuance of fractional Units but for the provisions of
Section 5.4(d) and this Section 5.6(d), each fractional Unit shall be rounded to the nearest whole
Unit (and a 0.5 Unit shall be rounded to the next higher Unit).

     Section 5.7 Fully Paid and Non-Assessable Nature of Limited Partner Interests. All
Limited Partner Interests issued pursuant to, and in accordance with the requirements
of, this Article V shall be fully paid and non-assessable Limited Partner Interests in the
Partnership,

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except as such non-assessability may be affected by Sections 17-607 or 17-804 of the
Delaware Act.

     Section 5.8 Extinguishment of the IDRs.

          As of the Effective Time, all outstanding IDRs shall be cancelled by the Partnership and shall
cease to exist pursuant to this Section 5.8.

ARTICLE VI

ALLOCATIONS AND DISTRIBUTIONS

     Section
6.1 Allocations for Capital Account Purposes. For purposes of maintaining the Capital Accounts
and in determining the rights of the Partners among themselves, the Partnership’s items of income,
gain, loss and deduction (computed in accordance with Section 5.3(b)) for each taxable period shall
be allocated among the Partners as provided herein below.

          (a) Net Income and Net Loss. After giving effect to the special allocations set forth in
Section 6.1(b), Net Income and Net Loss for each taxable period and all items of income, gain, loss
and deduction taken into account in computing Net Income and Net Loss for such taxable period shall
be allocated 100% to all Unitholders, Pro Rata.

          (b) Special Allocations. Notwithstanding any other provision of this Section 6.1, the
following special allocations shall be made for such taxable period:

          (i) Partnership Minimum Gain Chargeback. Notwithstanding any other provision of
this Section 6.1, if there is a net decrease in Partnership Minimum Gain during any
Partnership taxable period, each Partner shall be allocated items of Partnership income and
gain for such period (and, if necessary, subsequent periods) in the manner and amounts
provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i),
or any successor provision. For purposes of this Section 6.1(b), each Partner’s Adjusted
Capital Account balance shall be determined, and the allocation of income or gain required
hereunder shall be effected, prior to the application of any other allocations pursuant to
this Section 6.1(b) with respect to such taxable period (other than an allocation pursuant
to Sections 6.1(b)(vi) and 6.1(b)(vii)). This Section 6.1(b)(i) is intended to comply with
the Partnership Minimum Gain chargeback requirement in Treasury Regulation Section
1.704-2(f) and shall be interpreted consistently therewith.

          (ii) Chargeback of Partner Nonrecourse Debt Minimum Gain. Notwithstanding the other
provisions of this Section 6.1 (other than Section 6.1(b)(i)), except as provided in
Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain during any Partnership taxable period, any Partner
with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such taxable
period shall be allocated items of Partnership income and gain for such period (and, if
necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation
Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor

29

 

provisions. For purposes of
this Section 6.1(b), each Partner’s Adjusted Capital Account balance shall be determined,
and the allocation of income or gain required hereunder shall be effected, prior to the
application of any other allocations pursuant to this Section 6.1(b), other than Section
6.1(b)(i) and other than an allocation pursuant to Sections 6.1(b)(vi) and 6.1(b)(vii), with
respect to such taxable period. This Section 6.1(b)(ii) is intended to comply with the
chargeback of items of income and gain requirement in Treasury Regulation Section
1.704-2(i)(4) and shall be interpreted consistently therewith.

          (iii) Priority Allocations.

               (A) If the amount of cash or the Net Agreed Value of any property
distributed (except cash or property distributed pursuant to Section 12.4) with
respect to a Unit exceeds the amount of cash or the Net Agreed Value of property
distributed with respect to another Unit, each Unitholder receiving such greater
cash or property distribution shall be allocated gross income in an amount equal to
the product of (aa) the amount by which the distribution (on a per Unit basis) to
such Unitholder exceeds the distribution with respect to the Unit receiving the
smallest distribution and (bb) the number of Units owned by the Unitholder receiving
the greater distribution.

          (iv) Qualified Income Offset. In the event any Partner unexpectedly receives any
adjustments, allocations or distributions described in Treasury Regulation Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of
Partnership gross income and gain shall be specially allocated to such Partner in an amount
and manner sufficient to eliminate, to the extent required by the Treasury Regulations
promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted
Capital Account created by such adjustments, allocations or distributions as quickly as
possible; provided, that an allocation pursuant to this Section 6.1(b)(iv) shall be made
only if and to the extent that such Partner would have a deficit balance in its Adjusted
Capital Account as adjusted after all other allocations provided for in this Section 6.1
have been tentatively made as if this Section 6.1(b)(iv) were not in this Agreement.

          (v) Gross Income Allocations. In the event any Partner has a deficit balance in its
Capital Account at the end of any taxable period in excess of the sum of (A) the amount such
Partner is required to restore pursuant to the provisions of this Agreement and (B) the
amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections
1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership
gross income and gain in the amount of such excess as quickly as possible; provided, that an
allocation pursuant to this Section 6.1(b)(v) shall be made only if and to the extent that
such Partner would have a deficit balance in its Capital Account as so adjusted after all
other allocations provided for in this Section 6.1 have
been tentatively made as if Section 6.1(b)(iv) this Section 6.1(b)(v) were not in this
Agreement.

          (vi) Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be
allocated to the Partners, Pro Rata. If the General Partner determines that the

30

 

Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the
safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the
Code, the General Partner is authorized, upon notice to the other Partners, to revise the
prescribed ratio to the numerically closest ratio that does satisfy such requirements.

               (vii) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any
taxable period shall be allocated 100% to the Partner that bears the Economic Risk of Loss
with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions
are attributable in accordance with Treasury Regulation Section 1.704-2(i). If more than one
Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such
Partner Nonrecourse Deductions attributable thereto shall be allocated between or among such
Partners in accordance with the ratios in which they share such Economic Risk of Loss. This
Section 6.1(b)(vii) is intended to comply with Treasury Regulations Section 1.704-2(i)(1)
and shall be interpreted consistently therewith.

               (viii) Nonrecourse Liabilities. For purposes of Treasury Regulation Section
1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess
of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of
Nonrecourse Built-in Gain shall be allocated among the Partners, Pro Rata.

               (ix) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required,
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if
the adjustment decreases such basis), and such item of gain or loss shall be specially
allocated to the Partners in a manner consistent with the manner in which their Capital
Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations.

               (x) Economic Uniformity; Changes in Law. For the proper administration of the
Partnership and for the preservation of uniformity of the Limited Partner Interests (or any
class or classes thereof), the General Partner shall (i) adopt such conventions as it deems
appropriate in determining the amount of depreciation, amortization and cost recovery
deductions; (ii) make special allocations of income, gain, loss or deduction, including
Unrealized Gain or Unrealized Loss; and (iii) amend the provisions of this Agreement as
appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under
Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve
uniformity of the Limited Partner Interests (or any class or classes thereof). The General
Partner may adopt such conventions, make such allocations and make such amendments
to this Agreement as provided in this Section 6.1(b)(x) only if such conventions,
allocations or amendments would not have a material adverse effect on the Partners, the
holders of any class or classes of Outstanding Limited Partner Interests or the Partnership,
and if such allocations are consistent with the principles of Section 704 of the Code.

31

 

(xi) Curative Allocation.

     (A) Notwithstanding any other provision of this Section 6.1, other than the
Required Allocations, the Required Allocations shall be taken into account in making
the Agreed Allocations so that, to the extent possible, the net amount of items of
gross income, gain, loss and deduction allocated to each Partner pursuant to the
Required Allocations and the Agreed Allocations, together, shall be equal to the net
amount of such items that would have been allocated to each such Partner under the
Agreed Allocations had the Required Allocations and the related Curative Allocation
not otherwise been provided in this Section 6.1. In exercising its discretion under
this Section 6.1(b)(xi)(A), the General Partner may take into account future
Required Allocations that, although not yet made, are likely to offset other
Required Allocations previously made. Allocations pursuant to this Section
6.1(b)(xi)(A) shall only be made with respect to Required Allocations to the extent
the General Partner determines that such allocations will otherwise be inconsistent
with the economic agreement among the Partners.

     (B) The General Partner shall, with respect to each taxable period, (1) apply
the provisions of Section 6.1(b)(xi)(A) in whatever order is most likely to minimize
the economic distortions that might otherwise result from the Required Allocations,
and (2) divide all allocations pursuant to Section 6.1(b)(xi)(A) among the Partners
in a manner that is likely to minimize such economic distortions.

     Section 6.2 Allocations for Tax Purposes.

     (a) Except as otherwise provided herein, for U.S. federal income tax purposes, each item of
income, gain, loss and deduction shall be allocated among the Partners in the same manner as its
correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 6.1.

     (b) In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or
Adjusted Property, items of income, gain, loss, depreciation, amortization and cost recovery
deductions shall be allocated for U.S. federal income tax purposes among the Partners in the manner
provided under Section 704(c) of the Code, and the Treasury Regulations promulgated under Section
704(b) and 704(c) of the Code, as determined appropriate by the General Partner (taking into
account the General Partner’s discretion under Section 6.1(b)(x)); provided that the General
Partner shall apply the principles of Treasury Regulation Section 1.704-3(d) in all events.

     (c) The General Partner may determine to depreciate or amortize the portion of an adjustment
under Section 743(b) of the Code attributable to unrealized appreciation in any Adjusted Property
(to the extent of the unamortized Book-Tax Disparity) using a predetermined rate derived from the
depreciation or amortization method and useful life applied to the unamortized Book-Tax Disparity
of such property, despite any inconsistency of such approach with Treasury Regulation Section
1.167(c)-l(a)(6) or any successor regulations thereto. If the General Partner determines that such
reporting position cannot reasonably be taken, the General Partner may adopt depreciation and
amortization conventions under which all purchasers

32

 

acquiring Limited Partner Interests in the same
month would receive depreciation and amortization deductions, based upon the same applicable rate
as if they had purchased a direct interest in the Partnership’s property. If the General Partner
chooses not to utilize such aggregate method, the General Partner may use any other depreciation
and amortization conventions to preserve the uniformity of the intrinsic tax characteristics of any
Units, so long as such conventions would not have a material adverse effect on the Limited Partners
or Record Holders of any class or classes of Limited Partner Interests.

     (d) In accordance with Treasury Regulation Sections 1.1245-1(e) and 1.1250-1(f), any gain
allocated to the Partners upon the sale or other taxable disposition of any Partnership asset
shall, to the extent possible, after taking into account other required allocations of gain
pursuant to this Section 6.2, be characterized as Recapture Income in the same proportions and to
the same extent as such Partners (or their predecessors in interest) have been allocated any
deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income.

     (e) All items of income, gain, loss, deduction and credit recognized by the Partnership for
U.S. federal income tax purposes and allocated to the Partners in accordance with the provisions
hereof shall be determined without regard to any election under Section 754 of the Code that may be
made by the Partnership; provided, however, that such allocations, once made, shall be adjusted (in
the manner determined by the General Partner) to take into account those adjustments permitted or
required by Sections 734 and 743 of the Code.

     (f) Each item of Partnership income, gain, loss and deduction shall, for U.S. federal income
tax purposes, be determined for each taxable period and prorated on a monthly basis and shall be
allocated to the Partners as of the opening of the National Securities Exchange on which the
Partnership’s Units are listed or admitted to trading on the first Business Day of each month;
provided, however, such items for the period beginning on the Closing Date and ending on the last
day of the month in which the Over-Allotment Option is exercised in full or the expiration of the
Over-Allotment Option occurs shall be allocated to the Partners as of the opening of the National
Securities Exchange on which the Partnership’s Units are listed or admitted to trading on the first
Business Day of the next succeeding month; and provided, further, that gain or loss on a sale or
other disposition of any assets of the Partnership or any other extraordinary item of income, gain,
loss or deduction, as determined by the General Partner, shall be allocated to the Partners as of
the opening of the National Securities Exchange on which the Partnership’s Units are listed or
admitted to trading on the first Business Day of the month in which such item is recognized for
U.S. federal income tax purposes. The General Partner may revise, alter or otherwise modify such
methods of allocation to the extent permitted or required by Section 706 of the Code and the
regulations or rulings promulgated thereunder.

     (g) Allocations that would otherwise be made to a Partner under the provisions of this Article
VI shall instead be made to the beneficial owner of Partnership Interests held by a nominee in any
case in which the nominee has furnished the identity of such owner to the Partnership in accordance
with Section 6031(c) of the Code or any other method determined by the General Partner.

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     Section 6.3 Distributions to Record Holders.

          (a) The Board of Directors may adopt a cash distribution policy, which it may change from time
to time without amendment to this Agreement.

          (b) The Partnership will make distributions, if any, to Unitholders Pro Rata.

          (c) All distributions required to be made under this Agreement shall be made subject to
Sections 17-607 and 17-804 of the Delaware Act.

          (d) Notwithstanding Section 6.3(b), in the event of the dissolution and liquidation of the
Partnership, cash shall be applied and distributed solely in accordance with, and subject to the
terms and conditions of, Section 12.4.

          (e) Each distribution in respect of a Partnership Interest shall be paid by the Partnership,
directly or through any Transfer Agent or through any other Person or agent, only to
the Record Holder of such Partnership Interest as of the Record Date set for such
distribution. Such payment shall constitute full payment and satisfaction of the Partnership’s
liability in respect of such payment, regardless of any claim of any Person who may have an
interest in such payment by reason of an assignment or otherwise.

ARTICLE VII

MANAGEMENT AND OPERATION OF BUSINESS

     Section 7.1 Management.

          (a) The General Partner shall conduct, direct and manage all activities of the Partnership.
Except as otherwise expressly provided in this Agreement, all management powers over the business
and affairs of the Partnership shall be exclusively vested in the General Partner and no other
Partner shall have any management power over the business and affairs of the Partnership. In
addition to the powers now or hereafter granted to a general partner of a limited partnership under
applicable law or that are granted to the General Partner under any other provision of this
Agreement, the General Partner, subject to Section 7.3, shall have full power and authority to do
all things and on such terms as it determines to be necessary or appropriate to conduct the
business of the Partnership, to exercise all powers set forth in Section 2.5 and to effectuate the
purposes set forth in Section 2.4, including the following:

     (i) the making of any expenditures, the lending or borrowing of money, the assumption
or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance
of evidences of indebtedness, including indebtedness that is convertible or exchangeable
into Partnership Interests, and the incurring of any other obligations;

     (ii) the making of tax, regulatory and other filings, or rendering of periodic or other
reports to governmental or other agencies having jurisdiction over the business or assets of
the Partnership;

     (iii) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or
exchange of any or all of the assets of the Partnership or the merger or

34

 

other combination of the Partnership with or into another Person (the matters described in this clause (iii)
being subject however to any prior approval that may be required by Section 7.3);

     (iv) the use of the assets of the Partnership (including cash on hand) for any purpose
consistent with the terms of this Agreement, including the financing of the conduct of the
operations of the Partnership Group; subject to Section 7.6(a) the lending of funds to other
Persons (including other Group Members); the repayment or guarantee of obligations of any
Group Member; and the making of capital contributions to any Group Member;

     (v) the negotiation, execution and performance of any contracts, conveyances or other
instruments (including instruments that limit the liability of the Partnership under
contractual arrangements to all or particular assets of the Partnership, with the other
party
to the contract to have no recourse against the General Partner or its assets other
than its interest in the Partnership, even if same results in the terms of the transaction
being less favorable to the Partnership than would otherwise be the case);

     (vi) the distribution of Partnership cash;

     (vii) the selection and dismissal of employees (including employees having titles such
as “chief executive officer,” “president,” “chief financial officer,” “chief operating
officer”, “general counsel,” “vice president,” “secretary” and “treasurer”) and agents,
outside attorneys, accountants, consultants and contractors and the determination of their
compensation and other terms of employment or hiring;

     (viii) the maintenance of insurance for the benefit of the Partnership Group, the
Partners and Indemnitees;

     (ix) the formation of, or acquisition of an interest in, and the contribution of
property and the making of loans to, any further limited or general partnerships, joint
ventures, corporations, limited liability companies or other Persons (including the
acquisition of interests in, and the contributions of property to, any Group Member from
time to time) subject to the restrictions set forth in Section 2.4;

     (x) the control of any matters affecting the rights and obligations of the Partnership,
including the bringing and defending of actions at law or in equity and otherwise engaging
in the conduct of litigation, arbitration or mediation and the incurring of legal expense
and the settlement of claims and litigation;

     (xi) the indemnification of any Person against liabilities and contingencies to the
extent permitted by law;

     (xii) the entering into of listing agreements with any National Securities Exchange and
the delisting of some or all of the Partnership Interests from, or requesting that trading
be suspended on, any such exchange (subject to any prior approval required under Section
4.7);

35

 

     (xiii) the purchase, sale or other acquisition or disposition of Partnership Interests,
or the issuance of options, rights, warrants and appreciation rights relating to Partnership
Interests;

     (xiv) the undertaking of any action in connection with the Partnership’s participation
in the management of any Group Member; and

     (xv) the entering into of agreements with any of its Affiliates to render services to a
Group Member or to itself in the discharge of its duties as General Partner of the
Partnership.

          (b) Notwithstanding any other provision of this Agreement, any Group Member Agreement, the
Delaware Act or any applicable law, rule or regulation, each of the Limited Partners and each other
Person who may acquire an interest in Partnership Interests or is
otherwise bound by this Agreement hereby (i) approves, ratifies and confirms the execution,
delivery and performance by the parties thereto of this Agreement, the Underwriting Agreement, the
Omnibus Agreement, the Credit Agreement and the other agreements described in or filed as exhibits
to the Registration Statement that are related to the transactions contemplated by the Registration
Statement (in each case other than this Agreement, without giving effect to any amendments,
supplements or restatements after the date hereof); (ii) agrees that the General Partner (on its
own or on behalf of the Partnership) is authorized to execute, deliver and perform the agreements
referred to in clause (i) of this sentence and the other agreements, acts, transactions and matters
described in or contemplated by the Registration Statement on behalf of the Partnership without any
further act, approval or vote of the Partners or the other Persons who may acquire an interest in
Partnership Interests or is otherwise bound by this Agreement; and (iii) agrees that the execution,
delivery or performance by the General Partner, any Group Member or any Affiliate of any of them of
this Agreement or any agreement authorized or permitted under this Agreement (including the
exercise by the General Partner or any Affiliate of the General Partner of the rights accorded
pursuant to Article XV) shall not constitute a breach by the General Partner of any duty that the
General Partner may owe the Partnership or the Partners or any other Persons under this Agreement
(or any other agreements) or of any duty existing at law, in equity or otherwise.

     Section 7.2 Certificate of Limited Partnership. The General Partner has caused the
Certificate of Limited Partnership to be filed with the Secretary of State of the State of Delaware
as required by the Delaware Act. The General Partner shall use all reasonable efforts to cause to
be filed such other certificates or documents that the General Partner determines to be necessary
or appropriate for the formation, continuation, qualification and operation of a limited
partnership (or a partnership in which the limited partners have limited liability) in the State of
Delaware or any other state in which the Partnership may elect to do business or own property. To
the extent the General Partner determines such action to be necessary or appropriate, the General
Partner shall file amendments to and restatements of the Certificate of Limited Partnership and do
all things to maintain the Partnership as a limited partnership (or a partnership or other entity
in which the limited partners have limited liability) under the laws of the State of Delaware or of
any other state in which the Partnership may elect to do business or own property. Subject to the
terms of Section 3.4(a), the General Partner shall not be required, before

36

 

or after filing, to
deliver or mail a copy of the Certificate of Limited Partnership, any qualification document or any
amendment thereto to any Partner.

     Section 7.3 Restrictions on the General Partner’s Authority. Except as provided in Articles
XII and XIV, the General Partner may not sell, exchange or otherwise dispose of all or
substantially all of the assets of the Partnership Group, taken as a whole, in a single transaction
or a series of related transactions without the approval of a Unit Majority; provided, however,
that this provision shall not preclude or limit the General Partner’s ability to mortgage, pledge,
hypothecate or grant a security interest in all or substantially all of the assets of the
Partnership Group and shall not apply to any forced sale of any or all of the assets of the
Partnership Group pursuant to the foreclosure of, or other realization upon, any such encumbrance.

     Section 7.4 Reimbursement of the General Partner.

          (a) Except as provided in this Section 7.4 and elsewhere in this Agreement, the General
Partner shall not be compensated for its services as a general partner or managing member of any
Group Member.

          (b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the
General Partner may determine, for (i) all direct and indirect expenses it incurs or payments it
makes on behalf of the Partnership Group (including salary, bonus, incentive compensation and other
amounts paid to any Person including Affiliates of the General Partner to perform services for the
Partnership Group or for the General Partner in the discharge of its duties to the Partnership
Group), and (ii) all other expenses reasonably allocable to the Partnership Group or otherwise
incurred by the General Partner in connection with operating the Partnership Group’s business
(including expenses allocated to the General Partner by its Affiliates). The General Partner shall
determine the expenses that are allocable to the Partnership Group. Reimbursements pursuant to this
Section 7.4 shall be in addition to any reimbursement to the General Partner as a result of
indemnification pursuant to Section 7.7.

          (c) The General Partner and its Affiliates may charge any member of the Partnership Group a
management fee to the extent necessary to allow the Partnership Group to reduce the amount of any
state franchise or income tax or any tax based upon the revenues or gross margin of any member of
the Partnership Group if the tax benefit produced by the payment of such management fee or fees
exceeds the amount of such fee or fees.

          (d) The General Partner, without the approval of the other Partners (who shall have no right
to vote in respect thereof), may propose and adopt on behalf of the Partnership benefit plans,
programs and practices (including plans, programs and practices involving the issuance of
Partnership Interests or options to purchase or rights, warrants or appreciation rights or phantom
or tracking interests relating to Partnership Interests), or cause the Partnership to issue
Partnership Interests in connection with, or pursuant to, any benefit plan, program or practice
maintained or sponsored by the General Partner or any of its Affiliates, in each case for the
benefit of employees and directors of the General Partner or its Affiliates, any Group Member or
their Affiliates, or any of them, in respect of services performed, directly or indirectly, for the
benefit of the Partnership Group. The Partnership agrees to issue and sell to the General Partner
or any of its Affiliates any Partnership Interests that the General Partner or such Affiliates are

37

 

obligated to provide to any employees or directors pursuant to any such benefit plans, programs
or practices. Expenses incurred by the General Partner in connection with any such plans, programs
and practices (including the net cost to the General Partner or such Affiliates of Partnership
Interests purchased by the General Partner or such Affiliates, from the Partnership or otherwise,
to fulfill options or awards under such plans, programs and practices) shall be reimbursed in
accordance with Section 7.4(b). Any and all obligations of the General Partner under any benefit
plans, programs or practices adopted by the General Partner as permitted by this Section 7.4(c)
shall constitute obligations of the General Partner hereunder and shall be assumed by any successor
General Partner approved pursuant to Section 11.1 or 11.2 or the transferee of or successor to all
of the General Partner’s General Partner Interest pursuant to Section 4.5(d).

     Section 7.5 Outside Activities.

          (a) The General Partner, for so long as it is the General Partner of the Partnership (i)
agrees that its sole business will be to act as a general partner or managing member, as the case
may be, of the Partnership and any other partnership or limited liability company of which the
Partnership is, directly or indirectly, a partner or member and to undertake activities that are
ancillary or related thereto (including being a limited partner in the Partnership) and (ii) shall
not engage in any business or activity or incur any debts or liabilities except in connection with
or incidental to (A) its performance as general partner or managing member, if any, of one or more
Group Members or as described in or contemplated by the Registration Statement, (B) the acquiring,
owning or disposing of debt securities or equity interests in any Group Member, or (C) the
guarantee of, and mortgage, pledge or encumbrance of any or all of its assets in connection with,
any indebtedness of any Affiliate of the General Partner.

          (b) The Omnibus Agreement sets forth certain restrictions on the ability of CVR Energy, Inc.
and its controlled Affiliates (other than the Partnership Group) to engage in Fertilizer Restricted
Businesses.

          (c) Except as specifically restricted by the Omnibus Agreement, each Unrestricted Person
(other than the General Partner) shall have the right to engage in businesses of every type and
description and other activities for profit and to engage in and possess an interest in other
business ventures of any and every type or description, whether in businesses engaged in or
anticipated to be engaged in by any Group Member, independently or with others, including business
interests and activities in direct competition with the business and activities of any Group
Member, and none of the same shall constitute a breach of this Agreement or any duty otherwise
existing at law, in equity or otherwise, to any Group Member or any Partner.

          (d) Notwithstanding anything to the contrary in this Agreement, the doctrine of corporate
opportunity, or any analogous doctrine, shall not apply to any Unrestricted Person (including the
General Partner). Except as specifically provided in the Omnibus Agreement, no Unrestricted Person
(including the General Partner) who acquires knowledge of a potential transaction, agreement,
arrangement or other matter that may be an opportunity for the
Partnership shall have any duty to communicate or offer such opportunity to the Partnership,
and such Unrestricted Person (including the General Partner) shall not be liable to the
Partnership, any Partner or any other Person for breach of any fiduciary or other duty by reason of
the fact

38

 

that such Unrestricted Person (including the General Partner) pursues or acquires such
opportunity for itself, directs such opportunity to another Person or does not communicate such
opportunity or information to the Partnership.

          (e) Subject to the terms of Section 7.5(a), Section 7.5(b), Section 7.5(c) and the Omnibus
Agreement, but otherwise notwithstanding anything to the contrary in this Agreement, (i) the
engaging in competitive activities by any Unrestricted Person (other than the General Partner) in
accordance with the provisions of this Section 7.5 is hereby approved by the Partnership and all
Partners, and (ii) it shall be deemed not to be a breach of any fiduciary duty or any other duty or
obligation of any type whatsoever of the General Partner or of any other Unrestricted Person for
the Unrestricted Person (other than the General Partner) to engage in such business interests and
activities in preference to or to the exclusion of the Partnership and the other Group Members;
provided such Unrestricted Person does not engage in such business or activity as a result of or
using confidential or proprietary information provided by or on behalf of the Partnership to such
Unrestricted Person.

          (f) The General Partner and each of its Affiliates may acquire Units or other Partnership
Interests in addition to those acquired on the Closing Date and, except as otherwise expressly
provided in this Agreement, shall be entitled to exercise, at their option, all rights relating to
all Units or other Partnership Interests acquired by them. The term “Affiliates” when used in this
Section 7.5(f) with respect to the General Partner shall not include any Group Member.

          (g) Notwithstanding anything in this Agreement to the contrary, nothing herein shall be deemed
to restrict Goldman, Sachs & Co., Kelso & Company, L.P. or their respective Affiliates (other than
the General Partner), or their respective successors and assigns as owners of interests in the
General Partner, from engaging in any banking, brokerage, trading, market making, hedging,
arbitrage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing,
lending, underwriting, asset management, principal investing, mergers & acquisitions or other
activities conducted in the ordinary course of their or their Affiliates’ business in compliance
with applicable law, including without limitation buying and selling debt securities or equity
interests of any other Partner or Group Member, entering into derivatives transactions regarding or
shorting equity interests of any other Partner or Group Member, serving as a lender, underwriter or
market maker or issuing research with respect to debt securities or equity interests of any Partner
or Group Member or acquiring, selling, making investments in or entering into other transactions or
undertaking any opportunities with companies or businesses in the same or similar lines of business
as any Partner or Group Member or any other businesses.

     Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership or
Group Members.

          (a) The General Partner or any of its Affiliates may, but shall be under no obligation to,
lend to any Group Member, and any Group Member may borrow from the General Partner or any of its
Affiliates, funds needed or desired by the Group Member for such periods of time and in such
amounts as the General Partner may determine; provided, however, that in any such case the lending
party may not charge the borrowing party interest at a rate greater than the rate that would be
charged the borrowing party or impose terms less favorable to the borrowing party than

39

 

would be
charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arm’s
length basis (without reference to the lending party’s financial abilities or guarantees), all as
determined by the General Partner. The borrowing party shall reimburse the lending party for any
costs (other than any additional interest costs) incurred by the lending party in connection with
the borrowing of such funds. For purposes of this Section 7.6(a) and Section 7.6(b), the term
“Group Member” shall include any Affiliate of a Group Member that is controlled by the Group
Member.

          (b) The Partnership may lend or contribute to any Group Member, and any Group Member may
borrow from the Partnership, funds on terms and conditions determined by the General Partner.

          (c) No borrowing by any Group Member or the approval thereof by the General Partner shall be
deemed to constitute a breach of any duty, expressed or implied, of the General Partner or its
Affiliates to the Partnership or the Partners by reason of the fact that the purpose or effect of
such borrowing is directly or indirectly to enable distributions to the General Partner or its
Affiliates (including in their capacities, if applicable, as Limited Partners).

     Section 7.7 Indemnification.

          (a) To the fullest extent permitted by law but subject to the limitations expressly provided
in this Agreement, all Indemnitees shall be indemnified and held harmless by the Partnership from
and against any and all losses, claims, damages, liabilities, joint or several, expenses (including
legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts
arising from any and all threatened, pending or completed claims, demands, actions, suits or
proceedings, whether civil, criminal, administrative or investigative, and whether formal or
informal and including appeals, in which any Indemnitee may be involved, or is threatened to be
involved, as a party or otherwise, by reason of its status as an Indemnitee and acting (or
refraining to act) in such capacity on behalf of or for the benefit of the Partnership; provided,
that the Indemnitee shall not be indemnified and held harmless if there has been a final and
non-appealable judgment entered by a court of competent jurisdiction determining that, in respect
of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 7.7, the
Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal
matter, acted with knowledge that the Indemnitee’s conduct was unlawful. Any
indemnification pursuant to this Section 7.7 shall be made only out of the assets of the
Partnership, it being agreed that the General Partner shall not be personally liable for such
indemnification and shall have no obligation to contribute or loan any monies or property to the
Partnership to enable it to effectuate such indemnification.

          (b) To the fullest extent permitted by law, expenses (including legal fees and expenses)
incurred by an Indemnitee who is indemnified pursuant to Section 7.7(a) in appearing at,
participating in or defending any claim, demand, action, suit or proceeding shall, from time to
time, be advanced by the Partnership prior to a final and non-appealable judgment entered by a
court of competent jurisdiction determining that, in respect of the matter for which the Indemnitee
is seeking indemnification pursuant to this Section 7.7, that the Indemnitee is not entitled to be
indemnified upon receipt by the Partnership of any undertaking by or on behalf of

40

 

the Indemnitee to
repay such amount if it shall be ultimately determined that the Indemnitee is not entitled to be
indemnified as authorized by this Section 7.7.

          (c) The indemnification provided by this Section 7.7 shall be in addition to any other rights
to which an Indemnitee may be entitled under any agreement, pursuant to any vote of the holders of
Outstanding Limited Partner Interests, as a matter of law, in equity or otherwise, both as to
actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity
(including any capacity under the Underwriting Agreement), and shall continue as to an Indemnitee
who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors,
assigns and administrators of the Indemnitee.

          (d) The Partnership may purchase and maintain (or reimburse the General Partner or its
Affiliates for the cost of) insurance, on behalf of the General Partner, its Affiliates, the
Indemnitees and such other Persons as the General Partner shall determine, against any liability
that may be asserted against, or expense that may be incurred by, such Person in connection with
the Partnership’s activities or such Person’s activities on behalf of the Partnership, regardless
of whether the Partnership would have the power to indemnify such Person against such liability
under the provisions of this Agreement. In addition, the Partnership may enter into additional
indemnification agreements with any Indemnitee.

          (e) For purposes of this Section 7.7, the Partnership shall be deemed to have requested an
Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its
duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan
or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect
to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning
of Section 7.7(a); and action taken or omitted by an Indemnitee with respect to any employee
benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the
best interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose
that is in the best interests of the Partnership.

          (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason
of the indemnification provisions set forth in this Agreement.

          (g) An Indemnitee shall not be denied indemnification in whole or in part under this Section
7.7 because the Indemnitee had an interest in the transaction with respect to which the
indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement.

          (h) The provisions of this Section 7.7 are for the benefit of the Indemnitees and their heirs,
successors, assigns, executors and administrators and shall not be deemed to create any rights for
the benefit of any other Persons.

          (i) No amendment, modification or repeal of this Section 7.7 or any provision hereof shall in
any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be
indemnified by the Partnership, nor the obligations of the Partnership to indemnify any such
Indemnitee under and in accordance with the provisions of this Section 7.7 as in effect immediately
prior to such amendment, modification or repeal with respect to claims

41

 

arising from or relating to
matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless
of when such claims may arise or be asserted.

     Section 7.8 Liability of Indemnitees.

          (a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall
be liable for monetary damages to the Partnership, the Partners or any other Persons who have
acquired interests in the Partnership Interests, for losses sustained or liabilities incurred as a
result of any act or omission of an Indemnitee unless there has been a final and non-appealable
judgment entered by a court of competent jurisdiction determining that, in respect of the matter in
question, the Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the case
of a criminal matter, acted with knowledge that the Indemnitee’s conduct was criminal.

          (b) Subject to its obligations and duties as General Partner set forth in Section 7.1(a), the
General Partner may exercise any of the powers granted to it by this Agreement and perform any of
the duties imposed upon it hereunder either directly or by or through its agents, and the General
Partner shall not be responsible for any misconduct or negligence on the part of any such agent
appointed by the General Partner in good faith.

          (c) To the extent that, at law or in equity, an Indemnitee has duties (including fiduciary
duties) and liabilities relating thereto to the Partnership or to the Partners, the General Partner
and any other Indemnitee acting in connection with the Partnership’s business or affairs shall not
be liable to the Partnership or to any Partner for its good faith reliance on the provisions of
this Agreement.

          (d) Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be
prospective only and shall not in any way affect the limitations on the liability of the
Indemnitees under this Section 7.8 as in effect immediately prior to such amendment, modification
or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or
be asserted.

     Section 7.9 Resolution of Conflicts of Interest; Standards of Conduct and Modification of
Duties.

          (a) Unless otherwise expressly provided in this Agreement or any Group Member Agreement,
whenever a potential conflict of interest exists or arises between the General Partner or any of
its Affiliates, on the one hand, and the Partnership, any Group Member or any other Partner, on the
other, any resolution or course of action by the General Partner or any of its Affiliates in
respect of such conflict of interest shall be permitted and deemed approved by all Partners, and
shall not constitute a breach of this Agreement, of any Group Member Agreement, of any agreement
contemplated herein or therein, or of any duty hereunder or existing at law, in equity or
otherwise, if the resolution or course of action in respect of such conflict of interest is (i)
approved by Special Approval, (ii) approved by the vote of a majority of the Common Units
(excluding Common Units owned by the General Partner and its Affiliates), (iii) on terms no less
favorable to the Partnership than those generally being provided to or available from unrelated

42

 

third parties or (iv) fair and reasonable to the Partnership, taking into account the totality of
the relationships between the parties involved (including other transactions that may be
particularly favorable or advantageous to the Partnership). The General Partner shall be authorized
but not required in connection with its resolution of such conflict of interest to seek Special
Approval or Common Unitholder approval of such resolution, and the General Partner may also adopt
a resolution or course of action that has not received Special Approval or Common Unitholder
approval. If Special Approval is sought, then it shall be presumed that, in making its decision,
the Conflicts Committee acted in good faith, and if Special Approval or Common Unitholder approval
is not sought and the Board of Directors determines that the resolution or course of action taken
with respect to a conflict of interest satisfies either of the standards set forth in clauses (iii)
or (iv) above, then it shall be presumed that, in making its decision, the Board of Directors acted
in good faith, and in any proceeding brought by any Partner or by or on behalf of such Partner or
any other Partner or the Partnership challenging such approval, the Person bringing or prosecuting
such proceeding shall have the burden of overcoming such presumption. Notwithstanding anything to
the contrary in this Agreement or any duty otherwise existing at law or equity, the existence of
the conflicts of interest described in the Registration Statement are hereby approved by all
Partners and shall not constitute a breach of this Agreement or of any duty hereunder or existing
at law, in equity or otherwise.

          (b) Whenever the General Partner, or any committee of the Board of Directors (including the
Conflicts Committee), makes a determination or takes or declines to take any other action, or any
of its Affiliates causes the General Partner to do so, in its capacity as the general partner of
the Partnership as opposed to in its individual capacity, whether under this Agreement, any Group
Member Agreement or any other agreement contemplated hereby or otherwise, then, unless another
express standard is provided for in this Agreement, the General Partner, such committee or such
Affiliates causing the General Partner to do so, shall make such determination or take or decline
to take such other action in good faith and shall not be subject to any other or different
standards (including fiduciary standards) imposed by this Agreement, any Group Member Agreement,
any other agreement contemplated hereby or under the Delaware Act or any other law, rule or
regulation or at equity. In order for a determination or other action to be in “good faith” for
purposes of this Agreement, the Person or Persons making such
determination or taking or declining to take such other action must believe that the
determination or other action is in the best interests of the Partnership.

          (c) Whenever the General Partner makes a determination or takes or declines to take any other
action, or any of its Affiliates causes it to do so, in its individual capacity as opposed to in
its capacity as the general partner of the Partnership, whether under this Agreement, any Group
Member Agreement or any other agreement contemplated hereby or otherwise, then the General Partner,
or such Affiliates causing it to do so, are entitled, to the fullest extent permitted by law, to
make such determination or to take or decline to take such other action free of any duty (including
any fiduciary duty) or obligation whatsoever to the Partnership, any other Partner or any other
Person bound by this Agreement, and the General Partner, or such Affiliates causing it to do so,
shall not, to the fullest extent permitted by law, be required to act in good faith or pursuant to
any other standard imposed by this Agreement, any Group Member Agreement, any other agreement
contemplated hereby or under the Delaware Act or any other law, rule or regulation or at equity. By
way of illustration and not of limitation, whenever the phrases, “at the option of the General
Partner,” “in its sole discretion” or some variation of those phrases, are

43

 

used in this Agreement,
it indicates that the General Partner is acting in its individual capacity. For the avoidance of
doubt, whenever the General Partner votes or transfers its Partnership Interests, or refrains from
voting or transferring its Partnership Interests, it shall be acting in its individual capacity.

          (d) Notwithstanding anything to the contrary in this Agreement, the General Partner and its
Affiliates shall have no duty or obligation, express or implied, to (i) sell or otherwise dispose
of any asset of the Partnership Group other than in the ordinary course of business or (ii) permit
any Group Member to use any facilities or assets of the General Partner and its Affiliates, except
as may be provided in contracts entered into from time to time specifically dealing with such use.
Any determination by the General Partner or any of its Affiliates to enter into such contracts
shall be in its sole discretion.

          (e) Except as expressly set forth in this Agreement, neither the General Partner nor any other
Indemnitee shall have any duties or liabilities, including fiduciary duties, to the Partnership or
any Partner and the provisions of this Agreement, to the extent that they restrict, eliminate or
otherwise modify the duties and liabilities, including fiduciary duties, of the General Partner or
any other Indemnitee otherwise existing at law or in equity, are agreed by the Partners to replace
such other duties and liabilities of the General Partner or such other Indemnitee.

          (f) The Partners hereby authorize the General Partner, on behalf of the Partnership as a
partner or member of a Group Member, to approve of actions by the general partner or managing
member of such Group Member similar to those actions permitted to be taken by the General Partner
pursuant to this Section 7.9.

     Section 7.10 Other Matters Concerning the General Partner.

          (a) The General Partner may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond, debenture or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties.

          (b) The General Partner may consult with legal counsel, accountants, appraisers, management
consultants, investment bankers and other consultants and advisers selected by it, and any act
taken or omitted to be taken in reliance upon the advice or opinion (including an Opinion of
Counsel) of such Persons as to matters that the General Partner reasonably believes to be within
such Person’s professional or expert competence shall be conclusively presumed to have been done or
omitted in good faith and in accordance with such advice or opinion.

          (c) The General Partner shall have the right, in respect of any of its powers or obligations
hereunder, to act through any of its or the Partnership’s duly authorized officers, a duly
appointed attorney or attorneys-in-fact.

     Section 7.11 Purchase or Sale of Partnership Interests. The General Partner may cause the
Partnership to purchase or otherwise acquire Partnership Interests.

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     Section 7.12 Registration Rights of the General Partner and its Affiliates.

          (a) If (i) the General Partner or any of its Affiliates (including for purposes of this
Section 7.12, any Person that is an Affiliate of the General Partner at the date hereof
notwithstanding that it may later cease to be an Affiliate of the General Partner) holds
Partnership Interests that it desires to sell and (ii) Rule 144 of the Securities Act (or any
successor rule or regulation to Rule 144) or another exemption from registration is not available
to enable such holder of Partnership Interests (the “Holder”) to dispose of the number of
Partnership Interests it desires to sell at the time it desires to do so without registration under
the Securities Act, then at the option and upon the request of the Holder, the Partnership shall
file with the Commission as promptly as practicable after receiving such request, and use all
commercially reasonable efforts to cause to become effective and remain effective for a period of
not less than six months following its effective date or such shorter period as shall terminate
when all Partnership Interests covered by such registration statement have been sold, a
registration statement under the Securities Act registering the offering and sale of the number of
Partnership Interests specified by the Holder; provided, however, that the aggregate offering price
of any such offering and sale of Partnership Interests covered by such registration statement as
provided for in this Section 7.12(a) shall not be less than $5.0 million; provided further, that
the Partnership shall not be required to effect more than two registrations pursuant to this
Section 7.12(a) in any twelve-month period; and provided further, however that if the General
Partner determines that a postponement of the requested registration would be in the best interests
of the Partnership and its Partners due to a pending transaction, investigation or other event, the
filing of such registration statement or the effectiveness thereof may be deferred for up to six
months, but not thereafter. In connection with any registration pursuant to the immediately
preceding sentence, the Partnership shall (i) promptly prepare and file (A) such documents as may
be necessary to register or qualify the securities subject to such registration under the
securities laws
of such states as the Holder shall reasonably request; provided, however, that no such
qualification shall be required in any jurisdiction where, as a result thereof, the Partnership
would become subject to general service of process or to taxation or qualification to do business
as a foreign corporation or partnership doing business in such jurisdiction solely as a result of
such registration, and (B) such documents as may be necessary to apply for listing or to list the
Partnership Interests subject to such registration on such National Securities Exchange as the
Holder shall reasonably request, and (ii) do any and all other acts and things that may be
necessary or appropriate to enable the Holder to consummate a public sale of such Partnership
Interests in such states. Except as set forth in Section 7.12(c), all costs and expenses of any
such registration and offering (other than the underwriting discounts and commissions) shall be
paid by the Partnership, without reimbursement by the Holder.

          (b) If the Partnership shall at any time propose to file a registration statement under the
Securities Act for an offering of Partnership Interests for cash (other than an offering relating
solely to a benefit plan), the Partnership shall use all commercially reasonable efforts to include
such number or amount of Partnership Interests held by any Holder in such registration statement as
the Holder shall request; provided, that the Partnership is not required to make any effort or take
any action to so include the Partnership Interests of the Holder once the registration statement
becomes or is declared effective by the Commission, including any registration statement providing
for the offering from time to time of Partnership Interests pursuant to Rule 415 of the Securities
Act. If the proposed offering pursuant to this Section 7.12(b) shall be an

45

 

underwritten offering,
then, in the event that the managing underwriter or managing underwriters of such offering advise
the Partnership and the Holder that in their opinion the inclusion of all or some of the Holder’s
Partnership Interests would adversely and materially affect the timing or success of the offering,
the Partnership shall include in such offering only that number or amount, if any, of Partnership
Interests held by the Holder that, in the opinion of the managing underwriter or managing
underwriters, will not so adversely and materially affect the offering. Except as set forth in
Section 7.12(c), all costs and expenses of any such registration and offering (other than the
underwriting discounts and commissions) shall be paid by the Partnership, without reimbursement by
the Holder.

          (c) If underwriters are engaged in connection with any registration referred to in this
Section 7.12, the Partnership shall provide indemnification, representations, covenants, opinions
and other assurance to the underwriters in form and substance reasonably satisfactory to such
underwriters. Further, in addition to and not in limitation of the Partnership’s obligation under
Section 7.7, the Partnership shall, to the fullest extent permitted by law, indemnify and hold
harmless the Holder, its officers, directors and each Person who controls the Holder (within the
meaning of the Securities Act) and any agent thereof (collectively, “Indemnified Persons”)
against any losses, claims, demands, actions, causes of action, assessments, damages, liabilities
(joint or several), costs and expenses (including interest, penalties and reasonable attorneys’
fees and disbursements), resulting to, imposed upon, or incurred by the Indemnified Persons,
directly or indirectly, under the Securities Act or otherwise (hereinafter referred to in this
Section 7.12(c) as a “claim” and in the plural as “claims”) based upon, arising out of or resulting
from any untrue statement or alleged untrue statement of any material fact contained in any
registration statement under which any Partnership Interests were registered under the Securities
Act or any state securities or Blue Sky laws, in any preliminary prospectus or issuer free writing
prospectus as defined in Rule 433 of the Securities Act (if used prior to the effective date of
such registration
statement), or in any summary or final prospectus or in any amendment or supplement thereto
(if used during the period the Partnership is required to keep the registration statement current),
or arising out of, based upon or resulting from the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements made therein not
misleading; provided, however, that the Partnership shall not be liable to any Indemnified Person
to the extent that any such claim arises out of, is based upon or results from an untrue statement
or alleged untrue statement or omission or alleged omission made in such registration statement,
such preliminary, summary or final prospectus or free writing prospectus or such amendment or
supplement, in reliance upon and in conformity with written information furnished to the
Partnership by or on behalf of such Indemnified Person specifically for use in the preparation
thereof.

          (d) The provisions of Sections 7.12(a) and 7.12(b) shall continue to be applicable with
respect to the General Partner (and any of the General Partner’s Affiliates) after it ceases to be
the General Partner, during a period of two years subsequent to the effective date of such
cessation and for so long thereafter as is required for the Holder to sell all of the Partnership
Interests with respect to which it has requested during such two-year period inclusion in a
registration statement otherwise filed or that a registration statement be filed; provided,
however, that the Partnership shall not be required to file successive registration statements
covering the same Partnership Interests for which registration was demanded during such two-year
period. The provisions of Section 7.12(c) shall continue in effect thereafter.

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          (e) The rights to cause the Partnership to register Partnership Interests pursuant to this
Section 7.12 may be assigned (but only with all related obligations) by a Holder to a transferee or
assignee of such Partnership Interests, provided (i) the Partnership is, within a reasonable time
after such transfer, furnished with written notice of the name and address of such transferee or
assignee and the Partnership Interests with respect to which such registration rights are being
assigned; and (ii) such transferee or assignee agrees in writing to be bound by and subject to the
terms set forth in this Section 7.12.

          (f) Any request to register Partnership Interests pursuant to this Section 7.12 shall (i)
specify the Partnership Interests intended to be offered and sold by the Person making the request,
(ii) express such Person’s present intent to offer such Partnership Interests for distribution,
(iii) describe the nature or method of the proposed offer and sale of Partnership Interests, and
(iv) contain the undertaking of such Person to provide all such information and materials and take
all action as may be required in order to permit the Partnership to comply with all applicable
requirements in connection with the registration of such Partnership Interests.

          (g) The Partnership may enter into separate registration rights agreements with the General
Partner or any of its Affiliates.

     Section 7.13 Reliance by Third Parties. Notwithstanding anything to the contrary in this
Agreement, any Person dealing with the Partnership shall be entitled to assume that the General
Partner and any officer of the General Partner authorized by the General Partner to act on behalf
of and in the name of the Partnership has full power and authority to encumber, sell or otherwise
use in any manner any and all assets
of the Partnership and to enter into any authorized contracts on behalf of the Partnership,
and such Person shall be entitled to deal with the General Partner or any such officer as if it
were the Partnership’s sole party in interest, both legally and beneficially. Each Partner hereby
waives, to the fullest extent permitted by law, any and all defenses or other remedies that may be
available to such Partner to contest, negate or disaffirm any action of the General Partner or any
such officer in connection with any such dealing. In no event shall any Person dealing with the
General Partner or any such officer or its representatives be obligated to ascertain that the terms
of this Agreement have been complied with or to inquire into the necessity or expedience of any act
or action of the General Partner or any such officer or its representatives. Each and every
certificate, document or other instrument executed on behalf of the Partnership by the General
Partner or its representatives shall be conclusive evidence in favor of any and every Person
relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such
certificate, document or instrument, this Agreement was in full force and effect, (b) the Person
executing and delivering such certificate, document or instrument was duly authorized and empowered
to do so for and on behalf of the Partnership and (c) such certificate, document or instrument was
duly executed and delivered in accordance with the terms and provisions of this Agreement and is
binding upon the Partnership.

ARTICLE VIII

BOOKS, RECORDS, ACCOUNTING AND REPORTS

     Section 8.1 Records and Accounting. The General Partner shall keep or cause to be kept at the
principal office of the Partnership appropriate books and records with respect to the Partnership’s
business, including all books and records necessary to provide to the Partners any

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information
required to be provided pursuant to Section 3.4(a). Any books and records maintained by or on
behalf of the Partnership in the regular course of its business, including the record of the Record
Holders of Units or other Partnership Interests, books of account and records of Partnership
proceedings, may be kept on, or be in the form of, computer disks, hard drives, magnetic tape,
photographs, micrographics or any other information storage device; provided, that the books and
records so maintained are convertible into clearly legible written form within a reasonable period
of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an
accrual basis in accordance with U.S. GAAP.

     Section 8.2 Fiscal Year. The fiscal year of the Partnership shall be a fiscal year ending
December 31.

     Section 8.3 Reports.

          (a) As soon as practicable, but in no event later than 105 days after the close of each fiscal
year of the Partnership, the General Partner shall cause to be mailed or made available, by any
reasonable means, to each Record Holder of a Unit or other Partnership Interest as of a date
selected by the General Partner, an annual report containing financial statements of the
Partnership for such fiscal year of the Partnership, presented in accordance with U.S. GAAP,
including a balance sheet and statements of operations, Partnership equity and cash flows,
such statements to be audited by a firm of independent public accountants selected by the General
Partner.

          (b) As soon as practicable, but in no event later than 50 days after the close of each Quarter
except the last Quarter of each fiscal year, the General Partner shall cause to be mailed or made
available, by any reasonable means, to each Record Holder of a Unit or other Partnership Interest,
as of a date selected by the General Partner, a report containing unaudited financial statements of
the Partnership and such other information as may be required by applicable law, regulation or rule
of any National Securities Exchange on which the Units are listed or admitted to trading, or as the
General Partner determines to be necessary or appropriate.

          (c) The General Partner shall be deemed to have made a report available to each Record Holder
as required by this Section 8.3 if it has either (i) filed such report with the Commission via its
Electronic Data Gathering, Analysis and Retrieval system and such report is publicly available on
such system or (ii) made such report available on any publicly available website maintained by the
Partnership.

ARTICLE IX

TAX MATTERS

     Section 9.1 Tax Returns and Information. The Partnership shall timely file all returns of the
Partnership that are required for U.S. federal, state and local income tax purposes on the basis of
the accrual method and the taxable period or years that it is required by law to adopt, from time
to time, as determined by the General Partner. In the event the Partnership is required to use a
taxable period other than a year ending on December 31, the General Partner shall use reasonable
efforts to change the taxable period of the Partnership to a year ending on December 31. The tax
information reasonably required by Record Holders for federal, state and local

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income tax reporting
purposes with respect to a taxable period shall be furnished to them within 90 days of the close of
the calendar year in which the Partnership’s taxable period ends. The classification, realization
and recognition of income, gain, losses and deductions and other items shall be on the accrual
method of accounting for U.S. federal income tax purposes.

     Section 9.2 Tax Elections.

          (a) The Partnership shall make the election under Section 754 of the Code in accordance with
applicable regulations thereunder, subject to the reservation of the right to seek to revoke any
such election upon the General Partner’s determination that such revocation is in the best
interests of the Partners. Notwithstanding any other provision herein contained, for the purposes
of computing the adjustments under Section 743(b) of the Code, the General Partner shall be
authorized (but not required) to adopt a convention whereby the price paid by a transferee of a
Partnership Interest will be deemed to be the lowest quoted closing price of the Partnership
Interests on any National Securities Exchange on which such Partnership Interests
are listed or admitted to trading during the calendar month in which such transfer is deemed
to occur pursuant to Section 6.2(f) without regard to the actual price paid by such transferee.

          (b) Except as otherwise provided herein, the General Partner shall determine whether the
Partnership should make any other elections permitted by the Code.

     Section 9.3 Tax Controversies. Subject to the provisions hereof, the General Partner shall
designate the Organizational Limited Partner, or such other Partner as the General Partner shall
designate, as the Tax Matters Partner (as defined in the Code) and is authorized and required to
represent the Partnership (at the Partnership’s expense) in connection with all examinations of the
Partnership’s affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend Partnership funds for professional services and costs associated
therewith. Each Partner agrees to cooperate with the Tax Matters Partner and to do or refrain from
doing any or all things reasonably required by the Tax Matters Partner to conduct such proceedings.

     Section 9.4 Withholding. Notwithstanding any other provision of this Agreement, the General
Partner is authorized to take any action that may be required to cause the Partnership and other
Group Members to comply with any withholding requirements established under the Code or any other
U.S. federal, state or local law, including pursuant to Sections 1441, 1442, 1445 and 1446 of the
Code. To the extent that the Partnership is required or elects to withhold and pay over to any
taxing authority any amount resulting from the allocation or distribution of income to any Partner
(including by reason of Section 1446 of the Code), the General Partner may treat the amount
withheld as a distribution of cash pursuant to Section 6.3 in the amount of such withholding from
such Partner.

ARTICLE X

ADMISSION OF PARTNERS

     Section 10.1 Admission of Limited Partners.

          (a) By acceptance of the transfer of any Limited Partner Interests in accordance with this
Section 10.1 or the issuance of any Limited Partner Interests in accordance herewith, and

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except as
provided in Section 4.8, each transferee or other recipient of a Limited Partner Interest
(including any nominee holder or an agent or representative acquiring such Limited Partner
Interests for the account of another Person) (i) shall be admitted to the Partnership as a Limited
Partner with respect to the Limited Partner Interests so transferred or issued to such Person when
any such transfer or issuance is reflected in the books and records of the Partnership, (ii) shall
become bound by the terms of, and shall be deemed to have agreed to be bound by, this Agreement,
(iii) shall become the Record Holder of the Limited Partner Interests so transferred or issued,
(iv) represents that the transferee or other recipient has the capacity, power and authority to
enter into this Agreement, and (v) makes the consents, acknowledgments and waivers contained in
this Agreement, all with or without execution of this Agreement. The transfer of any Limited
Partner Interests and/or the admission of any new Limited Partner shall
not constitute an amendment to this Agreement. A Person may become a Record Holder without the
consent or approval of any of the Partners. A Person may not become a Limited Partner without
acquiring a Limited Partner Interest. The rights and obligations of a Person who is an Ineligible
Holder shall be determined in accordance with Section 4.8.

          (b) The name and mailing address of each Limited Partner shall be listed on the books and
records of the Partnership maintained for such purpose by the General Partner or the Transfer
Agent. The General Partner shall update its books and records from time to time as necessary to
reflect accurately the information therein (or shall cause the Transfer Agent to do so, as
applicable). A Limited Partner Interest may be represented by a Certificate, as provided in
Section 4.1.

          (c) Any transfer of a Limited Partner Interest shall not entitle the transferee to share in
the profits and losses, to receive distributions, to receive allocations of income, gain, loss,
deduction or credit or any similar item or to any other rights to which the transferor was entitled
until the transferee becomes a Limited Partner pursuant to Section 10.1(a).

     Section 10.2 Admission of Successor General Partner. A successor General Partner approved
pursuant to Section 11.1 or 11.2 or the transferee of or successor to all of the General Partner
Interest pursuant to Section 4.5(d) who is proposed to be admitted as a successor General Partner
shall be admitted to the Partnership as the General Partner, effective immediately prior to the
withdrawal or removal of the predecessor or transferring General Partner, pursuant to Section 11.1
or 11.2 or the transfer of the General Partner Interest pursuant to Section 4.5(d), provided,
however, that no such successor shall be admitted to the Partnership until compliance with the
terms of Section 4.5(d) has occurred and such successor has executed and delivered such other
documents or instruments as may be required to effect such admission. Any such successor shall,
subject to the terms hereof, carry on the business of the members of the Partnership Group without
dissolution.

     Section 10.3 Amendment of Agreement and Certificate of Limited Partnership. To effect the
admission to the Partnership of any Partner, the General Partner shall take all steps necessary
under the Delaware Act to amend the records of the Partnership to reflect such admission and, if
necessary, to prepare as soon as practicable an amendment to this Agreement and, if required by
law, the General Partner shall prepare and file an amendment to the Certificate of Limited
Partnership.

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ARTICLE XI

WITHDRAWAL OR REMOVAL OF PARTNERS

     Section 11.1 Withdrawal of the General Partner.

          (a) The General Partner shall be deemed to have withdrawn from the Partnership upon the
occurrence of any one of the following events (each such event herein referred to as an “Event
of Withdrawal”):

     (i) The General Partner voluntarily withdraws from the Partnership by giving written
notice to the other Partners;

     (ii) The General Partner transfers all of its rights as General Partner pursuant to
Section 4.5(d);

     (iii) The General Partner is removed pursuant to Section 11.2;

     (iv) The General Partner (A) makes a general assignment for the benefit of creditors;
(B) files a voluntary bankruptcy petition for relief under Chapter 7 of the United States
Bankruptcy Code; (C) files a petition or answer seeking for itself a liquidation,
dissolution or similar relief (but not a reorganization) under any law; (D) files an answer
or other pleading admitting or failing to contest the material allegations of a petition
filed against the General Partner in a proceeding of the type described in clauses (A)
through (C) of this Section 11.1(a)(iv); or (E) seeks, consents to or acquiesces in the
appointment of a trustee (but not a debtor-in-possession), receiver or liquidator of the
General Partner or of all or any substantial part of its properties;

     (v) A final and non-appealable order of relief under Chapter 7 of the United States
Bankruptcy Code is entered by a court with appropriate jurisdiction pursuant to a voluntary
or involuntary petition by or against the General Partner; or

     (vi) (A) in the event the General Partner is a corporation, a certificate of
dissolution or its equivalent is filed for the General Partner, or 90 days expire after the
date of notice to the General Partner of revocation of its charter without a reinstatement
of its charter, under the laws of its state of incorporation; (B) in the event the General
Partner is a limited liability company or a partnership, the dissolution and commencement of
winding up of the General Partner; (C) in the event the General Partner is acting in such
capacity by virtue of being a trustee of a trust, the termination of the trust; (D) in the
event the General Partner is a natural person, his death or adjudication of incompetency;
and (E) otherwise in the event of the termination of the General Partner.

          If
an Event of Withdrawal specified in Sections 11.1(a)(iv),
11.1(a)(v), 11.1(a)(vi)(A),
11.1(a)(vi)(B), 11.1(a)(vi)(C) or 11.1(a)(vi)(E) occurs, the withdrawing General Partner shall give notice to the
Partners within 30 days after such occurrence. The Partners hereby agree that only the Events of
Withdrawal described in this Section 11.1 shall result in the withdrawal of the General Partner
from the Partnership.

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          (b) Withdrawal of the General Partner from the Partnership upon the occurrence of an Event of
Withdrawal shall not constitute a breach of this Agreement under the following circumstances: (i)
at any time during the period beginning on the Closing Date and ending at 11:59 pm, prevailing
Central Time, on March 31, 2021, the General Partner voluntarily withdraws by giving at least 90
days’ advance notice of its intention to withdraw to the Partners; provided, that prior to the
effective date of such withdrawal, the withdrawal is approved by Unitholders holding at least a
majority of the Outstanding Common Units (excluding Common Units held by the General Partner and
its Affiliates) and the General Partner delivers to the
Partnership an Opinion of Counsel (“Withdrawal Opinion of Counsel”) that such
withdrawal (following the selection of the successor General Partner) would not result in the loss
of the limited liability of any Limited Partner under the Delaware Act or cause any Group Member to
be treated as an association taxable as a corporation or otherwise to be taxed as an entity for
U.S. federal income tax purposes (to the extent not previously so treated or taxed); (ii) at any
time after 11:59 pm, prevailing Central Time, on March 31, 2021, the General Partner voluntarily
withdraws by giving at least 90 days’ advance notice to the Partners, such withdrawal to take
effect on the date specified in such notice; (iii) at any time that the General Partner ceases to
be the General Partner pursuant to Section 11.1(a)(ii) or is removed pursuant to Section 11.2; or
(iv) notwithstanding clause (i) of this sentence, at any time that the General Partner voluntarily
withdraws by giving at least 90 days’ advance notice of its intention to withdraw to the other
Partners, such withdrawal to take effect on the date specified in the notice, if at the time such
notice is given one Person and its Affiliates (other than the General Partner and its Affiliates)
own beneficially or of record or control at least 50% of the Outstanding Units. The withdrawal of
the General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall also
constitute the withdrawal of the General Partner as general partner or managing member, if any, to
the extent applicable, of the other Group Members. If the General Partner gives notice of
withdrawal pursuant to Section 11.1(a)(ii), the holders of a Unit Majority, may, prior to the
effective date of such withdrawal, elect a successor General Partner. The Person so elected as
successor General Partner shall automatically become the successor general partner or managing
member, to the extent applicable, of the other Group Members of which the General Partner is a
general partner or a managing member. If, prior to the effective date of the General Partner’s
withdrawal, a successor is not selected by the Partners as provided herein or the Partnership does
not receive a Withdrawal Opinion of Counsel, the Partnership shall be dissolved in accordance with
Section 12.1, unless the business of the Partnership is continued pursuant to Section 12.2. Any
successor General Partner elected in accordance with the terms of this Section 11.1 shall be
subject to the provisions of Section 10.2.

     Section 11.2 Removal of the General Partner. The General Partner may be removed if such
removal is approved by the Partners holding at least 66 2/3% of the Outstanding Units (including
Units held by the General Partner and its Affiliates) voting as a single class. Any such action by
such holders for removal of the General Partner must also provide for the election of a successor
General Partner by the Partners holding a majority of the outstanding Common Units (including
Common Units held by the General Partner and its Affiliates). Such removal shall be effective
immediately following the admission of a successor General Partner pursuant to Section 10.2. The
removal of the General Partner shall also automatically constitute the removal of the General
Partner as general partner or managing member, to the extent applicable, of the other Group Members
of which the General Partner is a general partner or a managing member. If a Person is elected as a
successor General Partner in accordance with the terms of this Section

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11.2, such Person shall,
upon admission pursuant to Section 10.2, automatically become a successor general partner or
managing member, to the extent applicable, of the other Group Members of which the General Partner
is a general partner or a managing member. The right of the Partners to remove the General Partner
shall not exist or be exercised unless the Partnership has received an opinion opining as to the
matters covered by a Withdrawal Opinion of Counsel. Any successor General Partner elected in
accordance with the terms of this Section 11.2 shall be subject to the provisions of Section 10.2.

     Section 11.3 Interest of Departing General Partner and Successor General Partner.

          (a) In the event of (i) withdrawal of the General Partner under circumstances where such
withdrawal does not violate this Agreement or (ii) removal of the General Partner by the Partners
under circumstances where Cause does not exist, if the successor General Partner is elected in
accordance with the terms of Section 11.1 or 11.2, the Departing General Partner shall have the
option, exercisable prior to the effective date of the withdrawal or removal of such Departing
General Partner, to require its successor to purchase its General Partner Interest and its or its
Affiliates’ general partner interest (or equivalent interest), if any, in the other Group Members
(collectively, the “Combined Interest”) in exchange for an amount in cash equal to the fair
market value of such Combined Interest, such amount to be determined and payable as of the
effective date of its withdrawal or removal. If the General Partner is removed by the Partners
under circumstances where Cause exists or if the General Partner withdraws under circumstances
where such withdrawal violates this Agreement, and if a successor General Partner is elected in
accordance with the terms of Section 11.1 or 11.2 (or if the business of the Partnership is
continued pursuant to Section 12.2 and the successor General Partner is not the former General
Partner), such successor shall have the option, exercisable prior to the effective date of the
departure of such Departing General Partner (or, in the event the business of the Partnership is
continued, prior to the date the business of the Partnership is continued), to purchase the
Combined Interest for such fair market value of such Combined Interest. In either event, the
Departing General Partner shall be entitled to receive all reimbursements due such Departing
General Partner pursuant to Section 7.4, including any employee related liabilities (including
severance liabilities), incurred in connection with the termination of any employees employed by
the Departing General Partner or its Affiliates (other than any Group Member) for the benefit of
the Partnership or the other Group Members.

          For purposes of this Section 11.3(a), the fair market value of the Combined Interest shall be
determined by agreement between the Departing General Partner and its successor or, failing
agreement within 30 days after the effective date of such Departing General Partner’s withdrawal or
removal, by an independent investment banking firm or other independent expert selected by the
Departing General Partner and its successor, which, in turn, may rely on other experts, and the
determination of which shall be conclusive as to such matter. If such parties cannot agree upon one
independent investment banking firm or other independent expert within 45 days after the effective
date of such withdrawal or removal, then the Departing General Partner shall designate an
independent investment banking firm or other independent expert, the Departing General Partner’s
successor shall designate an independent investment banking firm or other independent expert, and
such firms or experts shall mutually select a third independent investment banking firm or
independent expert, which third independent investment banking firm or other independent expert
shall determine the fair market value of the Combined Interest.

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In making its determination, such
third independent investment banking firm or other independent expert may consider the then current
trading price of Units on any National Securities Exchange on which Units are then listed or
admitted to trading, the value of the Partnership’s assets, the rights and obligations of the
Departing General Partner and other factors it may deem relevant.

          (b) If the Combined Interest is not purchased in the manner set forth in Section 11.3(a), the
Departing General Partner (or its transferee) shall become a Limited Partner and the Combined
Interest shall be converted into Common Units pursuant to a valuation made by an investment banking
firm or other independent expert selected pursuant to Section 11.3(a), without reduction in such
Partnership Interest (but subject to proportionate dilution by reason of the admission of its
successor). Any successor General Partner shall indemnify the Departing General Partner (or its
transferee) as to all debts and liabilities of the Partnership arising on or after the date on
which the Departing General Partner (or its transferee) becomes a Limited Partner. For purposes of
this Agreement, conversion of the Combined Interest to Common Units will be characterized as if the
Departing General Partner (or its Affiliates) contributed the Combined Interest to the Partnership
in exchange for the newly issued Common Units.

     Section 11.4 Withdrawal of Limited Partners. No Limited Partner shall have any right to
withdraw from the Partnership; provided, however, that when a transferee of a Limited Partner’s
Partnership Interest becomes a Record Holder of the Partnership Interest so transferred, such
transferring Limited Partner shall cease to be a Limited Partner with respect to the Partnership
Interest so transferred.

ARTICLE XII

DISSOLUTION AND LIQUIDATION

     Section 12.1 Dissolution. The Partnership shall not be dissolved by the admission of
additional Partners or by the admission of a successor General Partner in accordance with the terms
of this Agreement. Upon the removal or withdrawal of the General Partner, if a successor General
Partner is elected pursuant to Section 11.1 or 11.2, the Partnership shall not be dissolved and
such successor General Partner shall continue the business of the Partnership. The Partnership
shall dissolve, and (subject to Section 12.2) its affairs shall be wound up, upon:

          (a) an Event of Withdrawal of the General Partner as provided in Section 11.1(a) (other than
Section 11.1(a)(ii)), unless a successor is elected and such successor is admitted to the
Partnership pursuant to Section 10.2;

          (b) an election to dissolve the Partnership by the General Partner that is approved by the
holders of a Unit Majority;

          (c) the entry of a decree of judicial dissolution of the Partnership pursuant to the
provisions of the Delaware Act; or

          (d) at any time there are no Limited Partners, unless the Partnership is continued without
dissolution in accordance with the Delaware Act.

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     Section 12.2 Continuation of the Business of the Partnership After Dissolution. Upon (a) an
Event of Withdrawal caused by the withdrawal or removal of the General Partner as provided in
Sections 11.1(a)(i) or 11.1(a)(iii) and the failure of the Partners to select a
successor to such Departing General Partner pursuant to Sections 11.1 or 11.2, then within 90
days thereafter, or (b) an event constituting an Event of Withdrawal as defined in Sections
11.1(a)(iv), 11.1(a)(v) or 11.1(a)(vi), then, to the maximum extent permitted by law, within 180
days thereafter, a Unit Majority may elect to continue the business of the Partnership on the same
terms and conditions set forth in this Agreement by appointing as the successor General Partner a
Person approved by a Unit Majority. Unless such an election is made within the applicable time
period as set forth above, the Partnership shall conduct only activities necessary to wind up its
affairs. If such an election is so made, then:

     (i) the Partnership shall continue without dissolution unless earlier dissolved in
accordance with this Article XII;

     (ii) if the successor General Partner is not the former General Partner, then the
interest of the former General Partner shall be treated in the manner provided in Section
11.3; and

     (iii) the successor General Partner shall be admitted to the Partnership as General
Partner, effective as of the Event of Withdrawal, by agreeing in writing to be bound by this
Agreement;

provided, that the right of a Unit Majority to approve a successor General Partner and to continue
the business of the Partnership shall not exist and may not be exercised unless the Partnership has
received an Opinion of Counsel that (x) the exercise of the right would not result in the loss of
the limited liability of any Limited Partner under the Delaware Act and (y) neither the Partnership
nor any successor limited partnership would be treated as an association taxable as a corporation
or otherwise be taxable as an entity for U.S. federal income tax purposes upon the exercise of such
right to continue (to the extent not already so treated or taxed).

     Section 12.3 Liquidator. Upon dissolution of the Partnership, unless the business of the
Partnership is continued pursuant to Section 12.2, the General Partner shall select one or more
Persons to act as Liquidator. The Liquidator (if other than the General Partner) shall be entitled
to receive such compensation for its services as may be approved by holders of at least a majority
of the Outstanding Common Units voting as a single class. The Liquidator (if other than the
General Partner) shall agree not to resign at any time without 15 days’ prior notice and may be
removed at any time, with or without cause, by notice of removal approved by holders of at least a
majority of the Outstanding Common Units. Upon dissolution, removal or resignation of the
Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers
and duties of the original Liquidator) shall within 30 days thereafter be approved by holders of at
least a majority of the Outstanding Common Units. The right to approve a successor or substitute
Liquidator in the manner provided herein shall be deemed to refer also to any such successor or
substitute Liquidator approved in the manner herein provided. Except as expressly provided in this
Article XII, the Liquidator approved in the manner provided herein shall have and may exercise,
without further authorization or consent of any of the parties hereto, all of the powers conferred
upon the General Partner under the terms of this Agreement (but subject to all

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of the applicable
limitations, contractual and otherwise, upon the exercise of such powers, other
than the limitation on sale set forth in Section 7.3) necessary or appropriate to carry out
the duties and functions of the Liquidator hereunder for and during the period of time required to
complete the winding up and liquidation of the Partnership as provided for herein.

     Section 12.4 Liquidation. The Liquidator shall proceed to dispose of the assets of the
Partnership, discharge its liabilities, and otherwise wind up its affairs in such manner and over
such period as determined by the Liquidator, subject to Section 17-804 of the Delaware Act and the
following:

          (a) The assets may be disposed of by public or private sale or by distribution in kind to one
or more Partners on such terms as the Liquidator and such Partner or Partners may agree. If any
property is distributed in kind, the Partner receiving the property shall be deemed for purposes of
Section 12.4(c) to have received cash equal to its fair market value; and contemporaneously
therewith, appropriate cash distributions must be made to the other Partners. The Liquidator may
defer liquidation or distribution of the Partnership’s assets for a reasonable time if it
determines that an immediate sale or distribution of all or some of the Partnership’s assets would
be impractical or would cause undue loss to the Partners. The Liquidator may distribute the
Partnership’s assets, in whole or in part, in kind if it determines that a sale would be
impractical or would cause undue loss to the Partners.

          (b) Liabilities of the Partnership include amounts owed to the Liquidator as compensation for
serving in such capacity (subject to the terms of Section 12.3) and amounts to Partners otherwise
than in respect of their distribution rights under Article VI. With respect to any liability that
is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator
shall either settle such claim for such amount as it thinks appropriate or establish a reserve of
cash or other assets to provide for its payment. When paid, any unused portion of the reserve shall
be distributed as additional liquidation proceeds.

          (c) All property and all cash in excess of that required to discharge liabilities as provided
in Section 12.4(b) shall be distributed to the Partners in accordance with, and to the extent of,
the positive balances in their respective Capital Accounts, as determined after taking into account
all Capital Account adjustments (other than those made by reason of distributions pursuant to this
Section 12.4(c)) for the taxable period of the Partnership during which the liquidation of the
Partnership occurs (with such date of occurrence being determined pursuant to Treasury Regulation
Section 1.704-1(b)(2)(ii)(g)), and such distribution shall be made by the end of such taxable
period (or, if later, within 90 days after said date of such occurrence).

     Section 12.5 Cancellation of Certificate of Limited Partnership. Upon the completion of the
distribution of Partnership cash and property as provided in Section 12.4 in connection with the
liquidation of the Partnership, the Certificate of Limited Partnership and all qualifications of
the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware
shall be canceled and such other actions as may be necessary to terminate the Partnership shall be
taken.

     Section 12.6 Return of Contributions. The General Partner shall not be personally liable for, and shall have no obligation to
contribute or loan any monies or property to the

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Partnership to enable it to effectuate, the return
of the Capital Contributions of the Partners or Unitholders, or any portion thereof, it being
expressly understood that any such return shall be made solely from Partnership assets.

     Section 12.7 Waiver of Partition. To the maximum extent permitted by law, each Partner hereby
waives any right to partition of the Partnership property.

     Section 12.8 Capital Account Restoration. No Limited Partner shall have any obligation to
restore any negative balance in its Capital Account upon liquidation of the Partnership.

ARTICLE XIII

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE

     Section 13.1 Amendments to be Adopted Solely by the General Partner. Each Partner agrees that
the General Partner, without the approval of any other Partner, may amend any provision of this
Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be
required in connection therewith, to reflect:

          (a) a change in the name of the Partnership, the location of the principal place of business
of the Partnership, the registered agent of the Partnership or the registered office of the
Partnership;

          (b) admission, substitution, withdrawal or removal of Partners in accordance with this
Agreement;

          (c) a change that the General Partner determines to be necessary or appropriate to qualify or
continue the qualification of the Partnership as a limited partnership or a partnership in which
the Limited Partners have limited liability under the laws of any state or to ensure that the Group
Members will not be treated as associations taxable as corporations or otherwise taxed as entities
for U.S. federal income tax purposes;

          (d) a change that the General Partner determines (i) does not adversely affect the Partners
(including any particular class of Partnership Interests as compared to other classes of
Partnership Interests) in any material respect, (ii) to be necessary or appropriate to (A) satisfy
any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or
regulation of any federal or state agency or judicial authority or contained in any federal or
state statute (including the Delaware Act) or (B) facilitate the trading of the Units (including
the division of any class or classes of Outstanding Units into different classes to facilitate
uniformity of tax consequences within such classes of Units) or comply with any rule, regulation,
guideline or requirement of any National Securities Exchange on which any class of Partnership
Interests are or will be listed or admitted to trading, (iii) to be necessary or appropriate in
connection with action taken by the General Partner pursuant to Section 5.6 or (iv) is required to
effect the intent
expressed in the Registration Statement or the intent of the provisions of this Agreement or
is otherwise contemplated by this Agreement;

          (e) a change in the fiscal year or taxable period of the Partnership and any other changes
that the General Partner determines to be necessary or appropriate as a result of a change

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in the fiscal year or taxable period of the Partnership including, if the General Partner shall so
determine, a change in the definition of “Quarter” and the dates on which distributions are to be
made by the Partnership;

          (f) an amendment that is necessary, in the Opinion of Counsel, to prevent the Partnership, or
the General Partner or CVR Energy, Inc. or their directors, officers, trustees or agents from in
any manner being subjected to the provisions of the Investment Company Act of 1940, as amended, the
Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the Employee
Retirement Income Security Act of 1974, as amended, regardless of whether such are substantially
similar to plan asset regulations currently applied or proposed by the United States Department of
Labor;

          (g) an amendment that the General Partner determines to be necessary or appropriate in
connection with the creation, authorization or issuance of any class or series of Partnership
Interests or any options, rights, warrants and appreciation rights relating to an equity interest
in the Partnership pursuant to Section 5.4;

          (h) any amendment expressly permitted in this Agreement to be made by the General Partner
acting alone;

          (i) an amendment effected, necessitated or contemplated by a Merger Agreement approved in
accordance with Section 14.3;

          (j) an amendment that the General Partner determines to be necessary or appropriate to reflect
and account for the formation by the Partnership of, or investment by the Partnership in, any
corporation, partnership, joint venture, limited liability company or other entity, in connection
with the conduct by the Partnership of activities permitted by the terms of Section 2.4;

          (k) a merger or conveyance pursuant to Section 14.3(d); or

          (l) any other amendments substantially similar to the foregoing.

     Section 13.2 Amendment Procedures. Amendments to this Agreement may be proposed only by the
General Partner. To the fullest extent permitted by law, the General Partner shall have no duty or
obligation to propose or approve any amendment to this Agreement and may decline to do so in its
sole discretion and, in declining to propose or approve an amendment, to the fullest extent
permitted by law shall not be required to act in good faith or pursuant to any other standard
imposed by this Agreement, any Group Member Agreement, any other agreement contemplated hereby or
under the Delaware Act or any other law, rule or regulation or at equity. An amendment shall be
effective upon its approval by the General Partner and a Unit Majority, unless a greater or
different percentage is
required under this Agreement or by Delaware law. Each proposed amendment that requires the
approval of Partners holding a specified Percentage Interest shall be set forth in a writing that
contains the text of the proposed amendment. If such an amendment is proposed, the General Partner
shall seek the written approval of Partners holding the specified Percentage Interest or call a
meeting of the Partners to consider and vote on such proposed amendment. The General

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Partner shall
notify all Record Holders upon final adoption of any such proposed amendments. The General Partner
shall be deemed to have notified all Record Holders as required by this Section 13.2 if it has
either (i) filed such amendment with the Commission via its Electronic Data Gathering, Analysis and
Retrieval system and such amendment is publicly available on such system or (ii) made such
amendment available on any publicly available website maintained by the Partnership.

     Section 13.3 Amendment Requirements.

          (a) Notwithstanding the provisions of Sections 13.1 and 13.2, no provision of this Agreement
that requires a vote or approval of Partners (or a subset of the Partners) holding a specified
Percentage Interest to take any action shall be amended, altered, changed, repealed or rescinded in
any respect that would have the effect of, in the case of any provision of this Agreement other
than Section 11.2 or Section 13.4, reducing such percentage unless such amendment is approved by
the written consent or the affirmative vote of Partners whose aggregate Percentage Interest
constitutes not less than the voting requirement sought to be reduced.

          (b) Notwithstanding the provisions of Sections 13.1 and 13.2, no amendment to this Agreement
may (i) enlarge the obligations of any Partner without its consent, unless such shall be deemed to
have occurred as a result of an amendment approved pursuant to Section 13.3(c), or (ii) enlarge the
obligations of, restrict, change or modify in any way any action by or rights of, or reduce in any
way the amounts distributable, reimbursable or otherwise payable to, the General Partner or any of
its Affiliates without its consent, which consent may be given or withheld in its sole discretion.

          (c) Except as provided in Section 14.3 or Section 13.1, any amendment that would have a
material adverse effect on the rights or preferences of any class of Partnership Interests in
relation to other classes of Partnership Interests must be approved by the holders of not less than
a majority of the Outstanding Partnership Interests of the class affected. If the General Partner
determines an amendment does not satisfy the requirements of Section 13.1(d)(i) because it
adversely affects one or more classes of Partnership Interests, as compared to other classes of
Partnership Interests, in any material respect, such amendment shall only be required to be
approved by the adversely affected class or classes.

          (d) Notwithstanding any other provision of this Agreement, except for amendments pursuant to
Section 13.1 and except as otherwise provided by Section 14.3(b), no amendments shall become
effective without the approval of the holders of at least 90% of the Percentage Interests of all
Partners voting as a single class unless the Partnership obtains an Opinion of Counsel to the
effect that such amendment will not affect the limited liability of any Limited
Partner under applicable partnership law of the state under whose laws the Partnership is
organized.

          (e) Except as provided in Section 13.1, this Section 13.3 shall only be amended with the
approval of Partners (including the General Partner and its Affiliates) holding at least 90% of the
Percentage Interests of all Partners.

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     Section 13.4 Special Meetings. All acts of Partners to be taken pursuant to this Agreement
shall be taken in the manner provided in this Article XIII. Special meetings of the Partners may be
called by the General Partner or by Limited Partners owning 20% or more of the Outstanding Units of
the class or classes for which a meeting is proposed. Limited Partners shall call a special meeting
by delivering to the General Partner one or more requests in writing stating that the signing
Partners wish to call a special meeting and indicating the general or specific purposes for which
the special meeting is to be called. Within 60 days after receipt of such a call from Partners or
within such greater time as may be reasonably necessary for the Partnership to comply with any
statutes, rules, regulations, listing agreements or similar requirements governing the holding of a
meeting or the solicitation of proxies for use at such a meeting, the General Partner shall send a
notice of the meeting to the Partners either directly or indirectly through the Transfer Agent. A
meeting shall be held at a time and place determined by the General Partner on a date not less than
10 days nor more than 60 days after the mailing of notice of the meeting. Limited Partners shall
not vote on matters that would cause the Limited Partners to be deemed to be taking part in the
management and control of the business and affairs of the Partnership so as to jeopardize the
Limited Partners’ limited liability under the Delaware Act or the law of any other state in which
the Partnership is qualified to do business.

     Section 13.5 Notice of a Meeting. Notice of a meeting called pursuant to Section 13.4 shall
be given to the Record Holders of the class or classes of Partnership Interests for which a meeting
is proposed in writing by mail or other means of written communication in accordance with Section
16.1. The notice shall be deemed to have been given at the time when deposited in the mail or sent
by other means of written communication.

     Section 13.6 Record Date. For purposes of determining the Partners entitled to notice of or
to vote at a meeting of the Partners or to give approvals without a meeting as provided in Section
13.11 the General Partner may set a Record Date, which shall not be less than 10 nor more than 60
days before (a) the date of the meeting (unless such requirement conflicts with any rule,
regulation, guideline or requirement of any National Securities Exchange on which the Partnership
Interests are listed or admitted to trading or U.S. federal securities laws, in which case the
rule, regulation, guideline or requirement of such National Securities Exchange or U.S. federal
securities laws shall govern) or (b) in the event that approvals are sought without a meeting, the
date by which Partners are requested in writing by the General Partner to give such approvals. If
the General Partner does not set a Record Date, then (a) the Record Date for determining the
Partners entitled to notice of
or to vote at a meeting of the Partners shall be the close of business on the day next
preceding the day on which notice is given, and (b) the Record Date for determining the Partners
entitled to give approvals without a meeting shall be the date the first written approval is
deposited with the Partnership in care of the General Partner in accordance with Section 13.11.

     Section 13.7 Adjournment. When a meeting is adjourned to another time or place, notice need
not be given of the adjourned meeting and a new Record Date need not be fixed, if the time and
place thereof are announced at the meeting at which the adjournment is taken, unless such
adjournment shall be for more than 45 days. At the adjourned meeting, the Partnership may transact
any business which might have been transacted at the original meeting. If the adjournment is for
more than 45 days or if a new Record Date is fixed for the adjourned meeting, a notice of the
adjourned meeting shall be given in accordance with this Article XIII.

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     Section 13.8 Waiver of Notice; Approval of Meeting; Approval of Minutes. The transactions of
any meeting of Partners, however called and noticed, and whenever held, shall be as valid as if it
had occurred at a meeting duly held after regular call and notice, if a quorum is present either in
person or by proxy. Attendance of a Partner at a meeting shall constitute a waiver of notice of
the meeting, except (i) when the Partner attends the meeting for the express purpose of objecting,
at the beginning of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened and (ii) that attendance at a meeting is not a waiver of any right to
disapprove the consideration of matters required to be included in the notice of the meeting, but
not so included, if the disapproval is expressly made at the meeting.

     Section 13.9 Quorum and Voting. The holders of a majority, by Percentage Interest, of the
Partnership Interests of the class or classes for which a meeting has been called (including
Partnership Interests deemed owned by the General Partner) represented in person or by proxy shall
constitute a quorum at a meeting of Partners of such class or classes unless any such action by the
Partners requires approval by holders of a greater Percentage Interest, in which case the quorum
shall be such greater Percentage Interest. At any meeting of the Partners duly called and held in
accordance with this Agreement at which a quorum is present, the act of Partners holding
Partnership Interests that in the aggregate represent a majority of the Percentage Interest of
those present in person or by proxy at such meeting shall be deemed to constitute the act of all
Partners, unless a greater or different percentage is required with respect to such action under
the provisions of this Agreement, in which case the act of the Partners holding Partnership
Interests that in the aggregate represent at least such greater or different percentage shall be
required; provided, however, that if, as a matter of law or amendment to this Agreement, approval
by plurality vote of Partners (or any class thereof) is required to approve any action, no minimum
quorum shall be required. The Partners present at a duly called or held meeting at which a quorum
is present may continue to transact business until adjournment, notwithstanding the withdrawal of
enough Partners to leave less than a quorum, if any action taken (other than adjournment) is
approved by Partners holding the required Percentage Interest specified in this Agreement. In the
absence of a
quorum any meeting of Partners may be adjourned from time to time by the affirmative vote of
Partners with at least a majority, by Percentage Interest, of the Partnership Interests entitled to
vote at such meeting (including Partnership Interests deemed owned by the General Partner)
represented either in person or by proxy, but no other business may be transacted, except as
provided in Section 13.7.

     Section 13.10 Conduct of a Meeting. The General Partner shall have full power and authority
concerning the manner of conducting any meeting of the Partners or solicitation of approvals in
writing, including the determination of Persons entitled to vote, the existence of a quorum, the
satisfaction of the requirements of Section 13.4, the conduct of voting, the validity and effect of
any proxies and the determination of any controversies, votes or challenges arising in connection
with or during the meeting or voting. The General Partner shall designate a Person to serve as
chairman of any meeting and shall further designate a Person to take the minutes of any meeting.
All minutes shall be kept with the records of the Partnership maintained by the General Partner.
The General Partner may make such other regulations consistent with applicable law and this
Agreement as it may deem advisable concerning the conduct of any meeting of the Partners or
solicitation of approvals in writing, including regulations in regard to the appointment of
proxies, the appointment and duties of inspectors of votes and approvals, the

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submission and
examination of proxies and other evidence of the right to vote, and the revocation of approvals in
writing.

     Section 13.11 Action Without a Meeting. If authorized by the General Partner, any action that
may be taken at a meeting of the Partners may be taken without a meeting, without a vote and
without prior notice, if an approval in writing setting forth the action so taken is signed by
Partners owning Partnership Interests representing not less than the minimum Percentage Interest
that would be necessary to authorize or take such action at a meeting at which all the Partners
were present and voted (unless such provision conflicts with any rule, regulation, guideline or
requirement of any National Securities Exchange on which Partnership Interests are listed or
admitted to trading, in which case the rule, regulation, guideline or requirement of such National
Securities Exchange shall govern). Prompt notice of the taking of action without a meeting shall be
given to the Partners who have not approved in writing. The General Partner may specify that any
written ballot submitted to Partners for the purpose of taking any action without a meeting shall
be returned to the Partnership within the time period, which shall be not less than 20 days,
specified by the General Partner. If a ballot returned to the Partnership does not vote all of the
Partnership Interests held by the Partners, the Partnership shall be deemed to have failed to
receive a ballot for the Partnership Interests that were not voted. If approval of the taking of
any action by the Partners is solicited by any Person other than by or on behalf of the General
Partner, the written approvals shall have no force and effect unless and until (a) they are
deposited with the Partnership in care of the General Partner and (b) an Opinion of Counsel is
delivered to the General Partner to the effect that the exercise of such right and the action
proposed to be taken with respect to any particular matter (i) will not cause the Limited Partners
to be deemed to be taking part in the management and control of the business and affairs of the
Partnership so as to jeopardize the Limited Partners’ limited liability, and (ii) is otherwise
permissible under the state statutes then governing the rights, duties and liabilities of the
Partnership and the Partners. Nothing contained
in this Section 13.11 shall be deemed to require the General Partner to solicit all Partners
in connection with a matter approved by the requisite percentage of Partnership Interests acting by
written consent without a meeting.

     Section 13.12 Right to Vote and Related Matters.

          (a) Only those Record Holders of Partnership Interests on the Record Date set pursuant to
Section 13.6 (and also subject to the limitations contained in the definition of “Outstanding”)
shall be entitled to notice of, and to vote at, a meeting of Partners or to act with respect to
matters as to which the Partners have the right to vote or to act. All references in this Agreement
to votes of, or other acts that may be taken by, the Partners shall be deemed to be references to
the votes or acts of the Record Holders of Partnership Interests.

          (b) With respect to Partnership Interests that are held for a Person’s account by another
Person (such as a broker, dealer, bank, trust company or clearing corporation, or an agent of any
of the foregoing), in whose name such Partnership Interests are registered, such other Person
shall, in exercising the voting rights in respect of such Partnership Interests on any matter, and
unless the arrangement between such Persons provides otherwise, vote such Partnership Interests in
favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership
shall be entitled to assume it is so acting without further inquiry. The

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provisions of this Section
13.12(b) (as well as all other provisions of this Agreement) are subject to the provisions of
Section 4.3.

ARTICLE XIV

MERGER

     Section 14.1 Authority. The Partnership may merge or consolidate with or into one or more
corporations, limited liability companies, business trusts or associations, real estate investment
trusts, common law trusts or unincorporated businesses, including a general partnership or limited
partnership, formed under the laws of the State of Delaware or any other state of the United States
of America, pursuant to a written agreement of merger or consolidation (“Merger Agreement”)
in accordance with this Article XIV.

     Section 14.2 Procedure for Merger or Consolidation.

          (a) Merger or consolidation of the Partnership pursuant to this Article XIV requires the prior
consent of the General Partner, provided, however, that, to the fullest extent permitted by law,
the General Partner shall have no duty or obligation to consent to any merger or consolidation of
the Partnership and may decline to do so free of any fiduciary duty or obligation whatsoever to the
Partnership or any Partner and, in declining to consent to a merger or consolidation, shall not be
required to act in good faith or pursuant to any other standard imposed
by this Agreement, any Group Member Agreement, any other agreement contemplated hereby or
under the Delaware Act or any other law, rule or regulation or at equity.

          (b) If the General Partner shall determine to consent to the merger or consolidation, the
General Partner shall approve the Merger Agreement, which shall set forth:

     (i) the names and jurisdictions of formation or organization of each of the business
entities proposing to merge or consolidate;

     (ii) the name and jurisdiction of formation or organization of the business entity that
is to survive the proposed merger or consolidation (the “Surviving Business
Entity”);

     (iii) the terms and conditions of the proposed merger or consolidation;

     (iv) the manner and basis of exchanging or converting the equity interests of each
constituent business entity for, or into, cash, property or general or limited partner
interests, rights, securities or obligations of the Surviving Business Entity; and (i) if
any general or limited partner interests, securities or rights of any constituent business
entity are not to be exchanged or converted solely for, or into, cash, property or general
or limited partner interests, rights, securities or obligations of the Surviving Business
Entity, the cash, property or general or limited partner interests, rights, securities or
obligations of any limited partnership, corporation, trust or other entity (other than the
Surviving Business Entity) which the holders of such general or limited partner interests,
securities or rights are to receive in exchange for, or upon conversion of their general or

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limited partner interests, securities or rights, and (ii) in the case of equity interests
represented by certificates, upon the surrender of such certificates, which cash, property
or general or limited partner interests, rights, securities or obligations of the Surviving
Business Entity or any general or limited partnership, corporation, trust or other entity
(other than the Surviving Business Entity), or evidences thereof, are to be delivered;

     (v) a statement of any changes in the constituent documents or the adoption of new
constituent documents (the articles or certificate of incorporation, articles of trust,
declaration of trust, certificate or agreement of limited partnership or other similar
charter or governing document) of the Surviving Business Entity to be effected by such
merger or consolidation;

     (vi) the effective time of the merger, which may be the date of the filing of the
certificate of merger pursuant to Section 14.4 or a later date specified in or determinable
in accordance with the Merger Agreement (provided, that if the effective time of the merger
is to be later than the date of the filing of the certificate of merger, the effective time
shall be fixed no later than the time of the filing of the certificate of merger and stated
therein); and

     (vii) such other provisions with respect to the proposed merger or consolidation that
the General Partner determines to be necessary or appropriate.

     Section 14.3 Approval by Partners of Merger or Consolidation.

          (a) Except as provided in Sections 14.3(d) or 14.3(e), the General Partner, upon its approval
of the Merger Agreement, shall direct that the Merger Agreement be submitted to a vote of Partners,
whether at a special meeting or by written consent, in either case in accordance with the
requirements of Article XIII. A copy or a summary of the Merger Agreement shall be included in or
enclosed with the notice of a special meeting or the written consent.

          (b) Except as provided in Sections 14.3(d) or 14.3(e), the Merger Agreement shall be approved
upon receiving the affirmative vote or consent of a Unit Majority unless the Merger Agreement
contains any provision that, if contained in an amendment to this Agreement, the provisions of this
Agreement or the Delaware Act would require for its approval the vote or consent of Partners
holding a greater Percentage Interest or the vote or consent of a specified percentage of any class
of Partners, in which case such greater Percentage Interest or percentage vote or consent shall be
required for approval of the Merger Agreement.

          (c) Except as provided in Sections 14.3(d) and 14.3(e), after such approval by vote or consent
of the Partners, and at any time prior to the filing of the certificate of merger pursuant to
Section 14.4, the merger or consolidation may be abandoned pursuant to provisions therefor, if any,
set forth in the Merger Agreement.

          (d) Notwithstanding anything else contained in this Article XIV or in this Agreement, the
General Partner is permitted, without Partner approval, to convert the Partnership or any Group
Member into a new limited liability entity, to merge the Partnership or any Group Member into, or
convey all of the Partnership’s assets to, another limited liability entity that shall be newly
formed and shall have no assets, liabilities or operations at the time of such conversion, merger
or conveyance other than those it receives from the Partnership or other Group Member if (i) the
General Partner has received an Opinion of Counsel that the conversion, merger or

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conveyance, as
the case may be, would not result in the loss of the limited liability of any Limited Partner or
any Group Member under the Delaware Act or cause the Partnership or any Group Member to be treated
as an association taxable as a corporation or otherwise to be taxed as an entity for U.S. federal
income tax purposes (to the extent not already treated as such), (ii) the sole purpose of such
conversion, merger or conveyance is to effect a mere change in the legal form of the Partnership
into another limited liability entity and (iii) the governing instruments of the new entity provide
the Partners with the same rights and obligations as are herein contained.

          (e) Additionally, notwithstanding anything else contained in this Article XIV or in this
Agreement, the General Partner is permitted, without Partner approval, to merge or consolidate the
Partnership with or into another entity if (A) the General Partner has received an Opinion of
Counsel that the merger or consolidation, as the case may be, would not result in the loss of the
limited liability under the Delaware Act of any Limited Partner or cause the Partnership to be
treated as an association taxable as a corporation or otherwise to be taxed as an entity for U.S.
federal income tax purposes (to the extent not already treated as such), (B) the merger or
consolidation would not result in an amendment to this Agreement, other than any amendments that
could be adopted pursuant to Section 13.1, (C) the Partnership is the Surviving
Business Entity in such merger or consolidation, (D) each Partnership Interest outstanding
immediately prior to the effective date of the merger or consolidation is to be an identical
Partnership Interest of the Partnership after the effective date of the merger or consolidation,
and (E) the number of Partnership Interests to be issued by the Partnership in such merger or
consolidation does not exceed 20% of the Partnership Interests Outstanding immediately prior to the
effective date of such merger or consolidation.

     Section 14.4 Certificate of Merger. Upon the required approval by the General Partner and the
Partners of a Merger Agreement, a certificate of merger shall be executed and filed with the
Secretary of State of the State of Delaware in conformity with the requirements of the Delaware
Act.

     Section 14.5 Amendment of Partnership Agreement. Pursuant to Section 17-211(g) of the
Delaware Act, an agreement of merger or consolidation approved in accordance with this Article XIV
may (a) effect any amendment to this Agreement or (b) effect the adoption of a new partnership
agreement for the Partnership if it is the Surviving Business Entity. Any such amendment or
adoption made pursuant to this Section 14.5 shall be effective at the effective time or date of the
merger or consolidation.

     Section 14.6 Effect of Merger.

          (a) At the effective time of the certificate of merger:

     (i) all of the rights, privileges and powers of each of the business entities that has
merged or consolidated, and all property, real, personal and mixed, and all debts due to any
of those business entities and all other things and causes of action belonging to each of
those business entities, shall be vested in the Surviving Business Entity and after the
merger or consolidation shall be the property of the Surviving Business Entity to the extent
they were of each constituent business entity;

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     (ii) the title to any real property vested by deed or otherwise in any of those
constituent business entities shall not revert and is not in any way impaired because of the
merger or consolidation;

     (iii) all rights of creditors and all liens on or security interests in property of any
of those constituent business entities shall be preserved unimpaired; and

     (iv) all debts, liabilities and duties of those constituent business entities shall
attach to the Surviving Business Entity and may be enforced against it to the same extent as
if the debts, liabilities and duties had been incurred or contracted by it.

          (b) A merger or consolidation effected pursuant to this Article shall not be deemed to result
in a transfer or assignment of assets or liabilities from one entity to another.

ARTICLE XV

RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS

     Section 15.1 Right to Acquire Limited Partner Interests.

          (a) Notwithstanding any other provision of this Agreement, if at any time the General Partner
and its Affiliates hold more than 80% of the total Limited Partner Interests of any class then
Outstanding, the General Partner shall then have the right, which right it may assign and transfer
in whole or in part to the Partnership or any Affiliate of the General Partner, exercisable in its
sole discretion, to purchase all, but not less than all, of such Limited Partner Interests of such
class then Outstanding held by Persons other than the General Partner and its Affiliates, at the
greater of (x) the Current Market Price as of the date three days prior to the date that the notice
described in Section 15.1(b) is mailed and (y) the highest price paid by the General Partner or any
of its Affiliates for any such Limited Partner Interest of such class purchased during the 90-day
period preceding the date that the notice described in Section 15.1(b) is mailed.

          (b) If the General Partner, any Affiliate of the General Partner or the Partnership elects to
exercise the right to purchase Limited Partner Interests granted pursuant to Section 15.1(a), the
General Partner shall deliver to the Transfer Agent notice of such election to purchase (the
“Notice of Election to Purchase”) and shall cause the Transfer Agent to mail a copy of such
Notice of Election to Purchase to the Record Holders of Limited Partner Interests of such class (as
of a Record Date selected by the General Partner) at least 10, but not more than 60, days prior to
the Purchase Date. Such Notice of Election to Purchase shall also be published for a period of at
least three consecutive days in at least two daily newspapers of general circulation printed in the
English language and circulated in the Borough of Manhattan, New York. The Notice of Election to
Purchase shall specify the Purchase Date and the price (determined in accordance with Section
15.1(a)) at which Limited Partner Interests will be purchased and state that the General Partner,
its Affiliate or the Partnership, as the case may be, elects to purchase such Limited Partner

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Interests, upon surrender of Certificates representing such Limited Partner Interests in exchange
for payment (in the case of Limited Partner Interests evidenced by Certificates), at such office or
offices of the Transfer Agent as the Transfer Agent may specify, or as may be required by any
National Securities Exchange on which such Limited Partner Interests are listed or admitted to
trading. Any such Notice of Election to Purchase mailed to a Record Holder of Limited Partner
Interests at his address as reflected in the records of the Transfer Agent shall be conclusively
presumed to have been given regardless of whether the owner receives such notice. On or prior to
the Purchase Date, the General Partner, its Affiliate or the Partnership, as the case may be, shall
deposit with the Transfer Agent cash in an amount sufficient to pay the aggregate purchase price of
all of such Limited Partner Interests to be purchased in accordance with this Section 15.1. If the
Notice of Election to Purchase shall have been duly given as aforesaid at least 10 days prior to
the Purchase Date, and if on or prior to the Purchase Date the deposit described in the preceding
sentence has been made for the benefit of the holders of Limited Partner Interests subject to
purchase as provided herein, then from and after the Purchase Date, notwithstanding that any
Certificate shall not have been surrendered for purchase, all rights of the holders of such Limited
Partner Interests (including any rights pursuant
to Articles IV, V, VI, and XII) shall thereupon cease, except the right to receive the
purchase price (determined in accordance with Section 15.1(a)) for Limited Partner Interests
therefor, without interest, upon surrender to the Transfer Agent of the Certificates representing
such Limited Partner Interests (in the case of Limited Partner Interests evidenced by
Certificates), and such Limited Partner Interests shall thereupon be deemed to be transferred to
the General Partner, its Affiliate or the Partnership, as the case may be, on the record books of
the Transfer Agent and the Partnership, and the General Partner or any Affiliate of the General
Partner, or the Partnership, as the case may be, shall be deemed to be the owner of all such
Limited Partner Interests from and after the Purchase Date and shall have all rights as the owner
of such Limited Partner Interests (including all rights as owner of such Limited Partner Interests
pursuant to Articles IV, V, VI, and XII).

ARTICLE XVI

GENERAL PROVISIONS

     Section 16.1 Addresses and Notices. Any notice, demand, request, report or proxy materials
required or permitted to be given or made to a Partner under this Agreement shall be in writing and
shall be deemed given or made when delivered in person or when sent by first class United States
mail or by other means of written communication to the Partner at the address described below.

          Any notice, payment or report to be given or made to a Partner hereunder shall be deemed
conclusively to have been given or made, and the obligation to give such notice or report or to
make such payment shall be deemed conclusively to have been fully satisfied, upon sending of such
notice, payment or report to the Record Holder of such Partnership Interests at his address as
shown on the records of the Transfer Agent or as otherwise shown on the records of the Partnership,
regardless of any claim of any Person who may have an interest in such Partnership Interests by
reason of any assignment or otherwise.

          Notwithstanding the foregoing, if (i) a Partner shall consent to receiving notices, demands,
requests, reports or proxy materials via electronic mail or by the Internet or (ii) the rules of
the Commission shall permit any report or proxy materials to be delivered electronically or made
available via the Internet, any such notice, demand, request, report or proxy materials shall be
deemed given or made when delivered or made available via such mode of delivery.

67

 

          An affidavit or certificate of making of any notice, payment or report in accordance with the
provisions of this Section 16.1 executed by the General Partner, the Transfer Agent or the mailing
organization shall be prima facie evidence of the giving or making of such notice, payment or
report. If any notice, payment or report given or made in accordance with the provisions of this
Section 16.1 is returned marked to indicate that such notice, payment or report was unable to be
delivered, such notice, payment or report and, in the case of notices, payments or reports returned
by the United States Postal Service (or other physical mail delivery mail service outside the
United States of America), any subsequent notices, payments and reports shall be deemed to have
been duly given or made without further mailing (until such time as such Record Holder or another
Person notifies the Transfer Agent or the Partnership of a change in his address) or other delivery
if they are available for the Partner at the principal office of the
Partnership for a period of one year from the date of the giving or making of such notice,
payment or report to the other Partners. Any notice to the Partnership shall be deemed given if
received by the General Partner at the principal office of the Partnership designated pursuant to
Section 2.3. The General Partner may rely and shall be protected in relying on any notice or other
document from a Partner or other Person if believed by it to be genuine.

          The terms “in writing,” “written communications,” “written notice” and words of similar import
shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic
communication.

     Section 16.2 Further Action. The parties shall execute and deliver all documents, provide all
information and take or refrain from taking action as may be necessary or appropriate to achieve
the purposes of this Agreement.

     Section 16.3 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their heirs, executors, administrators, successors, legal representatives
and permitted assigns.

     Section 16.4 Integration. This Agreement constitutes the entire agreement among the parties
hereto pertaining to the subject matter hereof and supersedes all prior agreements and
understandings pertaining thereto.

     Section 16.5 Creditors. None of the provisions of this Agreement shall be for the benefit of,
or shall be enforceable by, any creditor of the Partnership.

     Section 16.6 Waiver. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition.

     Section 16.7 Counterparts. This Agreement may be executed in counterparts, all of which
together shall constitute an agreement binding on all the parties hereto, notwithstanding that all
such parties are not signatories to the original or the same counterpart. Each party shall become
bound by this Agreement immediately upon affixing its signature hereto or, in the case of a Person
acquiring a Partnership Interest, pursuant to Section 10.1(a) without execution hereof.

68

 

     Section 16.8 Applicable Law; Forum, Venue and Jurisdiction.

          (a) This Agreement shall be construed in accordance with and governed by the laws of the State
of Delaware, without regard to the principles of conflicts of law.

          (b) Each of the Partners and each Person holding any beneficial interest in the Partnership
(whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any
of the foregoing or otherwise):

     (i)
irrevocably agrees that any claims, suits, actions or proceedings (A) arising out
of or relating in any way to this Agreement (including any claims, suits or actions to
interpret, apply or enforce the provisions of this Agreement or the duties, obligations or
liabilities among Partners or of Partners to the Partnership, or the rights or powers of, or
restrictions on, the Partners or the Partnership), (B) brought in a derivative manner on
behalf of the Partnership, (C) asserting a claim of breach of a fiduciary duty owed by any
director, officer, or other employee of the Partnership or the General Partner, or owed by
the General Partner, to the Partnership or the Partners, (D) asserting a claim arising
pursuant to any provision of the Delaware Act or (E) asserting a claim governed by the
internal affairs doctrine shall be exclusively brought in the Court of Chancery of the State
of Delaware, in each case regardless of whether such claims, suits, actions or proceedings
sound in contract, tort, fraud or otherwise, are based on common law, statutory, equitable,
legal or other grounds, or are derivative or direct claims;

     (ii) irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the
State of Delaware in connection with any such claim, suit, action or proceeding; and

     (iii) agrees not to, and waives any right to, assert in any such claim, suit, action or
proceeding that (A) it is not personally subject to the jurisdiction of the Court of
Chancery of the State of Delaware or of any other court to which proceedings in the Court of
Chancery of the State of Delaware may be appealed, (B) such claim, suit, action or
proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action
or proceeding is improper, (iv) expressly waives any requirement for the posting of a bond
by a party bringing such claim, suit, action or proceeding, and (v) consents to process
being served in any such claim, suit, action or proceeding by mailing, certified mail,
return receipt requested, a copy thereof to such party at the address in effect for notices
hereunder, and agrees that such services shall constitute good and sufficient service of
process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any
right to serve process in any other manner permitted by law.

     Section 16.9 Invalidity of Provisions. If any provision or part of a provision of this
Agreement is or becomes, for any reason, invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions and part thereof contained herein
shall not be affected thereby, and this Agreement shall, to the fullest extent permitted by law, be
reformed and construed as if such
invalid, illegal or unenforceable provision, or part of a provision, had never been contained
herein, and such provision or part reformed so that it would be valid, legal and enforceable to the
maximum extent possible.

69

 

     Section 16.10 Consent of Partners. Each Partner hereby expressly consents and agrees that,
whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or
consent of less than all of the Partners, such action may be so taken upon the concurrence of less
than all of the Partners and each Partner shall be bound by the results of such action.

     Section 16.11 Facsimile Signatures. The use of facsimile signatures affixed in the name and
on behalf of the transfer agent and registrar of the Partnership on Certificates representing Units
is expressly permitted by this Agreement.

     Section 16.12 Third Party Beneficiaries. Each Partner agrees that (a) any Indemnitee shall be
entitled to assert rights and remedies hereunder as a third-party beneficiary hereto with respect
to those provisions of this Agreement affording a right, benefit or privilege to such Indemnitee,
(b) any Unrestricted Person shall be entitled to assert rights and remedies hereunder as a
third-party beneficiary hereto with respect to those provisions of this Agreement affording a
right, benefit or privilege to such Unrestricted Person and (c) Goldman, Sachs & Co., Kelso &
Company, L.P. and their respective Affiliates and successors and assigns shall be entitled to
assert rights and remedies hereunder as a third-party beneficiary hereto with respect to Section
7.5(g).

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

70

 

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

	 	 	 	 	 
	 	GENERAL PARTNER:

CVR GP, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward A. Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	LIMITED PARTNER:

COFFEYVILLE RESOURCES, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward A. Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 

Second Amended and Restated Partnership Agreement

of

CVR Partners, LP

 

 

EXHIBIT A

to the Second Amended and Restated

Agreement of Limited Partnership of

CVR Partners, LP

Certificate Evidencing Common Units

Representing Limited Partner Interests in

CVR Partners, LP

			
	No. __________
	 	__________ Common Units
	 	 	 

In accordance with Section 4.1 of the Second Amended and Restated Agreement of Limited Partnership
of CVR Partners, LP, as amended, supplemented or restated from time to time (the “Partnership
Agreement”), CVR Partners, LP, a Delaware limited partnership (the “Partnership”), hereby certifies
that _______________________ (the “Holder”) is the registered owner of ________ Common Units
representing limited partner interests in the Partnership (the “Common Units”) transferable on the
books of the Partnership, in person or by duly authorized attorney, upon surrender of this
Certificate properly endorsed. The rights, preferences and limitations of the Common Units are set
forth in, and this Certificate and the Common Units represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the
Partnership Agreement are on file at, and will be furnished without charge on delivery of written
request to the Partnership at, the principal office of the Partnership located at 2277 Plaza Drive,
Suite 500, Sugar Land, Texas 77479. Capitalized terms used herein but not defined shall have the
meanings given them in the Partnership Agreement.

     THE HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF CVR PARTNERS, LP THAT THIS
SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IF SUCH TRANSFER WOULD
(A) VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE
SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL
AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B) TERMINATE THE EXISTENCE OR QUALIFICATION OF CVR
PARTNERS, LP UNDER THE LAWS OF THE STATE OF DELAWARE, OR (C) CAUSE CVR PARTNERS, LP TO BE TREATED
AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR U.S. FEDERAL
INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). CVR GP LLC, THE GENERAL
PARTNER OF CVR PARTNERS, LP, MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF
IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT RISK
OF CVR PARTNERS, LP BECOMING TAXABLE AS A CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN ENTITY
FOR U.S. FEDERAL INCOME TAX PURPOSES. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE
SETTLEMENT OF ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY
NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED TO TRADING.

A-1

 

     The Holder, by accepting this Certificate, is deemed to have (i) requested admission as, and
agreed to become, a Limited Partner and to have agreed to comply with and be bound by and to have
executed the Partnership Agreement, (ii) represented and warranted that the Holder has all right,
power and authority and, if an individual, the capacity necessary to enter into the Partnership
Agreement and (iii) made the waivers and given the consents and approvals contained in the
Partnership Agreement.

     This Certificate shall not be valid for any purpose unless it has been countersigned and
registered by the Transfer Agent and Registrar. This Certificate shall be governed by and
construed in accordance with the laws of the State of Delaware.

	 	 	 	 	 	 	 	 	 

	Dated:                                         	 	CVR Partners, LP	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Countersigned and Registered by:	 	By:	 	CVR GP LLC	 	 
	 
	 	 	 	 	 	 	 	 
	[Transfer Agent],

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	As Transfer Agent and Registrar

	 	 	 	Name:	 	 	 
	 

	 	 	 	Title:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 
	 

	 	 	 	Title:	 	 	 

A-2

 

[Reverse of Certificate]

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this Certificate,
shall be construed as follows according to applicable laws or regulations:

	 	 	 

	TEN COM — as tenants in common

	 	UNIF GIFT/TRANSFERS MIN ACT
	TEN ENT — as tenants by the entireties

	 	__________ Custodian _________
	JT TEN —      as joint tenants with right of

                        survivorship and not as tenants in

                   
    common

	 	(Cust)                       (Minor) 

Under Uniform Gifts/Transfers to CD Minors Act

(State)

               Additional abbreviations, though not in the above list, may also be used.

ASSIGNMENT OF COMMON UNITS OF

CVR PARTNERS, LP

FOR VALUE RECEIVED, _________ hereby assigns, conveys, sells and transfers unto

	 	 	 

	(Please print or typewrite name and
address of assignee)

	 	(Please insert Social Security
or other identifying number of
assignee)
	 
	 	 
	                     Common Units representing limited partner interests evidenced by
this Certificate, subject to the Partnership Agreement, and does hereby
irrevocably constitute and appoint ___________ as its attorney-in-fact with
full power of substitution to transfer the same on the books of CVR Partners,
LP
	 
	 	 
	Date:                   

	 	NOTE: The signature to any
endorsement hereon must
correspond with the name as
written upon the face of this
Certificate in every
particular. without
alteration, enlargement or
change.
	 
	 	 
	 
	 	 
	THE SIGNATURE(S) MUST BE
GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT
TO S.E.C. RULE 17Ad-15

	 	 

(Signature)

 

(Signature)
	 
	 	 
	 
	No transfer of the Common Units evidenced hereby will be registered on the
books of the Partnership, unless the Certificate evidencing the Common Units
to be transferred is surrendered for registration or transfer.

A-3

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