Document:

exv10w1

 

Exhibit 10.1

EXECUTION

 

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of March 14, 2008

among

HOLLY CORPORATION,

as the Borrower,

BANK OF AMERICA, N.A.,

as Administrative Agent and L/C Issuer,

PNC BANK, NATIONAL ASSOCIATION

and

GUARANTY BANK,

as Co-Documentation Agents,

UNION BANK OF CALIFORNIA, N.A.

and

COMPASS BANK,

as Co-Syndication Agents,

The Other Lenders Party Hereto,

and

BANC OF AMERICA SECURITIES LLC,

as Lead Arranger and Sole Book Manager

 

 

 

 

EXECUTION

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	 	 	5	 
	1.01 Defined Terms
	 	 	5	 
	1.02 Other Interpretive Provisions
	 	 	34	 
	1.03 Accounting Terms
	 	 	35	 
	1.04 Rounding
	 	 	35	 
	1.05 References to Agreements and Laws
	 	 	35	 
	1.06 Times of Day
	 	 	35	 
	1.07 Letter of Credit Amounts
	 	 	35	 
	 
	 	 	 	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	 	 	36	 
	2.01 Loans
	 	 	36	 
	2.02 Borrowings, Conversions and Continuations of Loans
	 	 	36	 
	2.03 Letters of Credit
	 	 	38	 
	2.04 Repayment of Loans as of the Closing Date
	 	 	46	 
	2.05 Prepayments; Reduction of Commitments
	 	 	46	 
	2.06 Termination or Reduction of Commitments
	 	 	47	 
	2.07 Repayment of Loans
	 	 	47	 
	2.08 Interest
	 	 	48	 
	2.09 Fees
	 	 	48	 
	2.10 Computation of Interest and Fees
	 	 	49	 
	2.11 Evidence of Debt
	 	 	49	 
	2.12 Payments Generally
	 	 	50	 
	2.13 Sharing of Payments
	 	 	51	 
	2.14 Increase in Commitments
	 	 	52	 
	 
	 	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	53	 
	3.01 Taxes
	 	 	53	 
	3.02 Illegality
	 	 	56	 
	3.03 Inability to Determine Rates
	 	 	56	 
	3.04 Increased Costs; Reserves on Eurodollar Rate Loans
	 	 	57	 
	3.05 Compensation for Losses
	 	 	58	 
	3.06 Matters Applicable to all Requests for Compensation
	 	 	59	 
	3.07 Survival
	 	 	59	 
	 
	 	 	 	 
	ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	 	 	59	 
	4.01 Conditions of Initial Credit Extension
	 	 	59	 
	4.02 Conditions to all Credit Extensions
	 	 	62	 
	 
	 	 	 	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES
	 	 	62	 
	5.01 Existence, Qualification and Power; Compliance with Laws
	 	 	62	 
	5.02 Authorization; No Contravention
	 	 	62	 
	5.03 Governmental Authorization; Other Consents
	 	 	63	 
	5.04 Binding Effect
	 	 	63	 
	5.05 Financial Statements; No Material Adverse Effect
	 	 	63	 
	5.06 Litigation
	 	 	64	 
	5.07 No Default
	 	 	64	 
	5.08 Ownership of Property; Liens
	 	 	64	 
	5.09 Environmental Matters
	 	 	64	 

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	Section	 	Page	 
	5.10 Insurance
	 	 	64	 
	5.11 Taxes
	 	 	64	 
	5.12 ERISA Compliance
	 	 	65	 
	5.13 Subsidiaries
	 	 	65	 
	5.14 Margin Regulations; Investment Company Act; Public Utility Holding Company Act
	 	 	65	 
	5.15 Disclosure
	 	 	66	 
	5.16 Compliance with Laws
	 	 	66	 
	5.17 Guarantee and Collateral Agreement
	 	 	66	 
	5.18 Solvency
	 	 	66	 
	5.19 Use of Proceeds
	 	 	66	 
	 
	 	 	 	 
	ARTICLE VI. AFFIRMATIVE COVENANTS
	 	 	66	 
	6.01 Financial Statements
	 	 	67	 
	6.02 Certificates; Other Information
	 	 	67	 
	6.03 Notices
	 	 	69	 
	6.04 Payment of Obligations
	 	 	70	 
	6.05 Preservation of Existence, Etc
	 	 	70	 
	6.06 Maintenance of Properties
	 	 	70	 
	6.07 Maintenance of Insurance
	 	 	70	 
	6.08 Compliance with Laws
	 	 	71	 
	6.09 Books and Records
	 	 	71	 
	6.10 Inspection Rights
	 	 	71	 
	6.11 Use of Proceeds
	 	 	71	 
	6.12 Additional Guarantors
	 	 	71	 
	6.13 Borrowing Base Certificate and Related Reports
	 	 	72	 
	6.14 Borrowing Base Verification
	 	 	73	 
	6.15 Further Assurances
	 	 	73	 
	6.16 Designation of Subsidiaries
	 	 	73	 
	6.17 Post-Closing Obligations
	 	 	74	 
	 
	 	 	 	 
	ARTICLE VII. NEGATIVE COVENANTS
	 	 	74	 
	7.01 Liens
	 	 	74	 
	7.02 Investments
	 	 	76	 
	7.03 Indebtedness
	 	 	76	 
	7.04 Fundamental Changes
	 	 	77	 
	7.05 Dispositions
	 	 	78	 
	7.06 Restricted Payments
	 	 	79	 
	7.07 Change in Nature of Business
	 	 	79	 
	7.08 Transactions with Affiliates
	 	 	79	 
	7.09 Burdensome Agreements
	 	 	80	 
	7.10 Use of Proceeds
	 	 	80	 
	7.11 Financial Covenants
	 	 	80	 
	7.12 Fiscal Periods
	 	 	80	 
	7.13 Change Name; State of Formation
	 	 	80	 
	 
	 	 	 	 
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	 	 	81	 
	8.01 Events of Default
	 	 	81	 
	8.02 Remedies Upon Event of Default
	 	 	83	 
	8.03 Application of Funds
	 	 	83	 
	 
	 	 	 	 
	ARTICLE IX. ADMINISTRATIVE AGENT
	 	 	84	 

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	Section	 	Page	 
	9.01 Appointment and Authority
	 	 	84	 
	9.02 Rights as a Lender
	 	 	85	 
	9.03 Exculpatory Provisions
	 	 	85	 
	9.04 Reliance by Administrative Agent
	 	 	86	 
	9.05 Delegation of Duties
	 	 	86	 
	9.06 Resignation of Administrative Agent
	 	 	87	 
	9.07 Non-Reliance on Administrative Agent and Other Lenders
	 	 	88	 
	9.08 No Other Duties, Etc
	 	 	88	 
	9.09 Administrative Agent May File Proofs of Claim
	 	 	88	 
	9.10 Collateral and Guarantee Matters
	 	 	89	 
	9.11 Indemnification of the Administrative Agent
	 	 	89	 
	 
	 	 	 	 
	ARTICLE X. MISCELLANEOUS
	 	 	90	 
	10.01 Amendments, Etc
	 	 	90	 
	10.02 Notices; Effectiveness; Electronic Communications
	 	 	91	 
	10.03 No Waiver; Cumulative Remedies
	 	 	93	 
	10.04 Expenses; Indemnity; Damage Waiver
	 	 	93	 
	10.05 Payments Set Aside
	 	 	95	 
	10.06 Successors and Assigns
	 	 	95	 
	10.07 Confidentiality
	 	 	98	 
	10.08 Right of Set-off
	 	 	99	 
	10.09 Interest Rate Limitation
	 	 	100	 
	10.10 Counterparts
	 	 	100	 
	10.11 Integration
	 	 	100	 
	10.12 Survival of Representations and Warranties
	 	 	100	 
	10.13 Severability
	 	 	100	 
	10.14 Replacement of Lenders
	 	 	101	 
	10.15 Governing Law
	 	 	101	 
	10.16 Waiver of Right to Trial by Jury
	 	 	102	 
	10.17 No Advisory or Fiduciary Responsibility
	 	 	102	 
	10.18 USA PATRIOT Act Notice
	 	 	103	 
	10.19 Amendment and Restatement
	 	 	103	 
	 
	 	 	 	 
	SIGNATURES
	 	 	S-1	 

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SCHEDULES

	 	 	 
	1.01(a)

	 	Approved Account Debtors
	 
	 	 
	1.01(b)

	 	Designated Customers
	 
	 	 
	1.01(c)

	 	Eligible Government Contracts
	 
	 	 
	1.01(d)

	 	Existing Letters of Credit
	 
	 	 
	2.01

	 	Commitments and Pro Rata Shares
	 
	 	 
	5.06

	 	Litigation
	 
	 	 
	5.09

	 	Environmental Matters
	 
	 	 
	5.13

	 	Subsidiaries and Other Equity Investments
	 
	 	 
	6.16

	 	Unrestricted Subsidiaries
	 
	 	 
	7.01

	 	Existing Liens
	 
	 	 
	7.02

	 	Investments
	 
	 	 
	7.03

	 	Existing Indebtedness
	 
	 	 
	7.05

	 	Permitted Dispositions
	 
	 	 
	7.08

	 	Transactions with Affiliates
	 
	 	 
	10.02

	 	Administrative Agent’s Office, Certain Addresses for Notices

EXHIBITS

               Form of

	 	 	 
	A

	 	Loan Notice
	 
	 	 
	B

	 	Note
	 
	 	 
	C

	 	Compliance Certificate
	 
	 	 
	D

	 	Assignment and Assumption
	 
	 	 
	E

	 	Guarantee and Collateral Agreement
	 
	 	 
	F

	 	Opinion Matters
	 
	 	 
	G

	 	Borrowing Base Certificate
	 
	 	 
	H

	 	Reaffirmation And Assumption Agreement

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AMENDED AND RESTATED CREDIT AGREEMENT

     This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of March
14, 2008, among HOLLY CORPORATION, a Delaware corporation (the
“Borrower”), each lender
from time to time party hereto (collectively, the “Lenders” and individually, a
“Lender”), and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer, PNC Bank,
National Association and Guaranty Bank, as co-documentation agents (together, in such capacity, the
“Co-Documentation Agents” and each, in such capacity, a “Co-Documentation Agent”),
and Union Bank of California, N.A. and Compass Bank, as co-syndication agents (together, in such
capacity, the “Co-Syndication Agents” and each, in such capacity, a “Co-Syndication
Agent”).

     The Borrower, the lenders party thereto (the “Existing Lenders”), the Administrative
Agent, the Co-Documentation Agents and Union Bank of California, N.A., as Syndication Agent are
parties to a credit agreement dated as of July 1, 2004 (as amended prior to the date hereof, the
“Original Credit Agreement”), pursuant to which the Existing Lenders made available to the
Borrower a $175,000,000 revolving credit facility in accordance with the terms and conditions
thereof (the “Existing Loans”);

     The Administrative Agent and certain of the Existing Lenders wish to amend and restate the
Original Credit Agreement in its entirety to (i) extend the term of the Original Credit Agreement
and (ii) modify certain other terms applicable to the Existing Loans as more fully set forth herein
to be effective as of the date the conditions contained in Section 4.01 are satisfied (the
“Closing Date”);

     (i) the Original Credit Agreement is being amended and restated pursuant to this Agreement,
(ii) certain indebtedness under the Original Credit Agreement, as amended and restated in
connection with this Agreement, will be continued under this Agreement, (iii) all Obligations of
the Borrower and the Guarantors under the Loan Documents and all liens and security interests
created under the Security Documents will be continued, amended and restated as provided herein and
therein and will not be cancelled or discharged, and (iv) each of the Borrower and the Guarantors
has agreed to secure all of its Obligations by reaffirming its grant to the Administrative Agent,
for the benefit of the Lenders, of a Lien on the collateral specified in each of the Security
Documents; and

     It is the intent of the parties hereto that this Agreement not constitute a novation of the
obligations and liabilities of the parties under the Original Credit Agreement;

     NOW, THEREFORE, for good and valuable consideration of the premises and the mutual agreements,
provisions and covenants hereinafter contained, the parties hereto hereby amend and restate the
Original Credit Agreement (which is hereby superseded in all respects by this Agreement) in its
entirety as follows:

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

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

     “Acceptable Issuer” means a United States domestic bank or United States branch of a
foreign bank, in either case rated “A-” or higher by S&P and “A3” or higher by Moody’s.

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     “Account Control Default” means (a) any Event of Default arising under Section
8.01(a), (f), or (g), or (b) any other Event of Default to the extent so
designated in writing by the Supermajority Lenders.

     “Account Debtor” means, with respect to any Receivable, the Person or Persons
obligated to make payments with respect to such Receivable, including any guarantor thereof.

     “Acquisition Consideration” means the purchase consideration for any Permitted
Acquisition and all other payments by the Borrower or any other Loan Party in exchange for, or as
part of, or in connection with, such Permitted Acquisition, whether paid in cash or by exchange of
equity interests or of properties or otherwise and whether payable at or prior to the consummation
of such Permitted Acquisition or deferred for payment at any future time, whether or not any such
future payment is subject to the occurrence of any contingency, and includes any and all payments
representing the purchase price and any assumptions of Indebtedness, “earn-outs” and other
agreements to make any payment the amount of which is, or the terms of payment of which are, in any
respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of
any Person or business; provided that any such future payment that is subject to a
contingency shall be considered Acquisition Consideration only to the extent of the reserve, if
any, required under GAAP at the time of such sale to be established in respect thereof by the
Borrower or any other Loan Party.

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

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as
the Administrative Agent may from time to time notify the Borrower and the Lenders.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto.

     “Agent-Related Persons" means the Administrative Agent, the
Co-Documentation Agents and the Co-Syndication Agents, together with each of their respective
Affiliates (including, in the case of Bank of America in its capacity as the Administrative Agent,
the Arranger), and the officers, directors, employees, agents and attorneys-in-fact of such Persons
and Affiliates.

     “Aggregate Commitments” means the Commitments of all the Lenders.

     “Agreement” means this Amended and Restated Credit Agreement.

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     “Applicable Rate” means the following percentages per annum, based upon the
Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the
Administrative Agent pursuant to Section 6.02(b):

Applicable Rate

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Eurodollar	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Rate +	 	 	 
	Pricing	 	 	 	 	Consolidated	 	 	 	 	 	 	 	Letters of	 	 	 
	Level	 	 	 	 	Leverage Ratio	 	 	Commitment Fee	 	 	Credit	 	 	Base Rate +
	         
	1	 	 	 
	 	£1.00:1	 	 	 	0.30	%	 	 	 	1.25	%	 	 	 	0.25	%
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	 	 
	 	>1.00:1 but £ 1.75:1	 	 	 	0.35	%	 	 	 	1.50	%	 	 	 	0.50	%
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	 	 
	 	>1.75:1 but £ 2.50:1	 	 	 	0.375	%	 	 	 	1.75	%	 	 	 	0.75	%
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	 	 
	 	>2.50:1	 	 	 	0.50	%	 	 	 	2.00	%	 	 	 	1.00	%

     Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 6.02(b); provided,
however, that if a Compliance Certificate is not delivered when due in accordance with such
Section, then Pricing Level 4 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered until the first Business Day after such
Compliance Certificate is actually delivered. The Applicable Rate in effect from the Closing Date
through the delivery of the first Compliance Certificate (other than the Compliance Certificate to
be delivered on the Closing Date) shall be determined based upon Pricing Level 1.

     Notwithstanding anything herein to the contrary, for the sole purpose of determining the
Applicable Rate hereunder, the Consolidated Leverage Ratio shall be calculated without giving
effect to any obligations arising under the Indemnification Agreements to the extent that such
obligations do not exceed $210,000,000 in the aggregate.

     “Approved Account Debtor” means (a) an Account Debtor of any Loan Party approved by
the Administrative Agent (at the direction of the Required Lenders in their reasonable discretion),
(b) an Account Debtor which is an Investment Grade Customer or the obligations of which are fully
and unconditionally guaranteed by an Investment Grade Customer and (c) each Account Debtor listed
on Schedule 1.01(a).

     “Approved Account Debtor Receivable” means (a) an Eligible Receivable carried on the
books of a Loan Party as to which the applicable Account Debtor is an Approved Account Debtor and
(b) any Eligible Receivable as to which an Acceptable Issuer has issued an irrevocable standby
letter of credit in the amount of such Eligible Receivable for the benefit of the applicable Loan
Party to be drawn in the event of a default by the applicable Account Debtor;
provided that from and after the occurrence and during the continuance of an Event of
Default, all amounts received by any Loan Party in respect of any such letter of credit shall be
held in

7

 

EXECUTION

trust for the benefit of the Administrative Agent and immediately after receipt thereof
delivered to the Administrative Agent by such Loan Party in accordance with Section 6.3 of the
Guarantee and Collateral Agreement.

     “Arranger” means Banc of America Securities LLC, in its capacity as lead arranger and
sole book manager.

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

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

     “Audited Financial Statements” means the audited consolidated balance sheet of the
Borrower and its Consolidated Subsidiaries for the fiscal year ended December 31, 2006, and the
related consolidated statements of income or operations, Shareholders’ Equity and cash flows for
such fiscal year of the Borrower and its Consolidated Subsidiaries, including the notes thereto.

     “Availability Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments
pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to
Section 8.02.

     “Bank of America” means Bank of America, N.A. and its successors.

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

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

     “Borrower” has the meaning specified in the introductory paragraph hereto.

     “Borrower Materials” has the meaning specified in Section 6.02.

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EXECUTION

     “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and,
in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01.

     “Borrowing Base” means, as of the date of the most recent Borrowing Base Certificate
delivered to the Administrative Agent by the Borrower, an amount equal to the sum of

     (a)  85% of the outstanding balance of Eligible Commercial Receivables (90% with
respect to any Approved Account Debtor Receivables); plus

     (b)  95% of the outstanding balance of Eligible Government Receivables; plus

     (c)  80% of Eligible Inventory; plus

     (d)  80% of Eligible Product In Transit; plus

     (e)  100% of Pledged Cash;

provided, however, that the aggregate amount included in the Borrowing Base
pursuant to clauses (c) and (d) above shall not exceed 60% of the Borrowing Base then in effect.

     The Borrowing Base as set forth in the Borrowing Base Certificate most recently delivered to
the Administrative Agent by the Borrower hereunder shall constitute the “Borrowing Base” for all
purposes hereunder.

     “Borrowing Base Certificate” means a certificate substantially in the form set forth
on Exhibit G executed by a Responsible Officer of the Borrower.

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

     “Cash Collateralize” has the meaning specified in Section 2.03(g).

     “Cash Equivalents” means (a) securities issued or fully guaranteed or insured by the
United States Government or any agency thereof and backed by the full faith and credit of the
United States having maturities of not more than twenty-four (24) months from the date of
acquisition; (b) corporate and bank debt of an issuer rated at least A- (or then equivalent grade,
in each case with stable outlook) by

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S&P and A3 (or then equivalent grade, in each case with stable
outlook) by Moody’s at the time of acquisition and having maturities of not more than twenty-four
(24) months from the date of acquisition; (c) certificates of deposit, time deposits, Eurodollar
time deposits, or bankers’ acceptances, having in each case a tenor of not more than twenty-four
(24) months from the date of acquisition, issued by any U.S. commercial bank or any branch or
agency of a non-U.S. commercial bank licensed to conduct business in the United
States having combined capital and surplus of not less than $500,000,000 whose long term
securities are rated at least A- (or then equivalent grade, in each case with stable outlook) by
S&P and A3 (or then equivalent grade, in each case with stable outlook) by Moody’s at the time of
acquisition; (d) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s at the
time of acquisition, or guaranteed by a letter of credit issued by a financial institution meeting
the requirements in (c) and in either case having a tenor of not more than 270 days; (e) taxable
and tax-exempt municipal securities rated at least A (or then equivalent grade) by S&P and A2 (or
then equivalent grade) by Moody’s, including variable rate municipal securities, having maturities
or put rights of not more than twenty-four (24) months from the date of acquisition; (f) repurchase
agreements relating to any of the investments listed in clauses (a) through (e) above with a market
value at least equal to the consideration paid in connection therewith, with any Person who
regularly engages in the business of entering into repurchase agreements and has a combined capital
and surplus of not less than $500,000,000 whose long term securities are rated at least A- (or then
equivalent grade) by S&P and A3 (or then equivalent grade) by Moody’s at the time of acquisition;
(g) asset-backed securities having as the underlying asset securities issued or guaranteed by the
Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association rated at least
A- (or then equivalent grade, in each case with stable outlook) by S&P and A3 (or then equivalent
grade, in each case with stable outlook) by Moody’s at the time of acquisition and having
maturities of not more than twenty-four (24) months from the date of acquisition; and (h) money
market mutual or similar funds having assets in excess of $100,000,000, at least 95% of the assets
of which are comprised of assets specified in clauses (a), (c), (d) and (e) above.

     “Cash Management Obligations” means liabilities of any Loan Party owing to any
Agent-Related Persons or to any Lender (or an Affiliate of a Lender in reliance on such Lender’s
agreement to indemnify such Affiliate) relating to or arising out of the provision by such
Agent-Related Person, such Lender or such Affiliate, as applicable, of Cash Management Products.

     “Cash Management Products” means (a) cash and treasury management services, including
controlled disbursement and lockbox services and (b) services relating to the establishment and
maintenance of deposit accounts.

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

     “Change of Control” means, with respect to any Person, an event or series of events by
which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or
its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other
fiduciary or administrator of any such plan) other than the Permitted Holders becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of
1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to
acquire (such right, an “option right”), whether such right is exercisable
immediately or only after

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EXECUTION

the passage of time), directly or indirectly, of 35% or more of
the equity securities of such Person entitled to vote for members of the board of directors
or equivalent governing body of such Person on a fully-diluted basis (and taking into
account all such securities that such person or group has the right to acquire pursuant to
any option right); or

     (b) during any period of 24 consecutive months, a majority of the members of the board
of directors or other equivalent governing body of such Person cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body
was approved by individuals referred to in clause (i) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was
approved by individuals referred to in clauses (i) and (ii) above constituting at the time
of such election or nomination at least a majority of that board or equivalent governing
body (excluding, in the case of both clause (ii) and clause (iii), any individual whose
initial nomination for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other
than a solicitation for the election of one or more directors by or on behalf of the board
of directors).

     “Closing Date” means March 14, 2008.

     “Code” means the Internal Revenue Code of 1986.

     “Co-Documentation Agent” has the meaning specified in the introductory paragraph
hereto.

     “Co-Syndication Agent” has the meaning specified in the introductory paragraph hereto.

     “Collateral” has the meaning given to that term in the Guarantee and Collateral
Agreement.

     “Collateral Account” has the meaning given to that term in the Guarantee and
Collateral Agreement.

     “Commitment” means, as to each Lender, its obligation to (a) make Loans to the
Borrower pursuant to Section 2.01 and (b) purchase participations in L/C Obligations, in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which
such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time
in accordance with this Agreement.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
C.

     “Consolidated EBITDA” means, for any period, for the Borrower and its Restricted
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such

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period
plus (a) the following to the extent deducted in calculating such Consolidated Net Income:
(i) Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and
foreign income taxes payable by the Borrower and its Restricted Subsidiaries for such period, (iii)
the amount of depreciation and amortization expense deducted in determining such Consolidated Net
Income, (iv) any other non-cash charges and other non-recurring expenses of the Borrower and its
Restricted Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in
such period and (v) any cash payment received during such period and not otherwise included in
Consolidated Net Income for such period in respect of non-cash items deducted during a prior period
pursuant to clause (b)(i) below and minus (b) (i) all non-cash items increasing
Consolidated Net Income for such period and (ii) all cash payments made during such period in
respect of non-cash charges or other non-recurring expenses added to Consolidated Net Income
pursuant to clause (a)(iv) above in a prior period; provided, however, that the
results of operations of all Persons in which the Borrower or any Restricted Subsidiary has an
ownership interest (other than such Restricted Subsidiary) shall only be included in Consolidated
EBITDA to the extent that the Borrower or any other Loan Party actually receives cash distributions
in respect of its ownership interests in such Person during such period for which Consolidated
EBITDA is being calculated. EBITDA shall be calculated for each period, on a pro forma basis,
after giving effect to, without duplication, any Permitted Acquisition occurring during each period
commencing on the first day of such period to and including the date of such transaction to be
included in Consolidated EBITDA, as the case may be (the “Reference Period”) and,
regardless of whether or not such acquired Person or property was operated during such Reference
Period, as if such Permitted Acquisition occurred or was completed on the first day of the
Reference Period. In making the calculation contemplated by the preceding sentence, Consolidated
EBITDA generated or to be generated by such acquired Person or by such acquired property shall be
determined in good faith by the Borrower based on reasonable assumptions; provided,
however, that (A) such pro forma calculations shall be reasonably acceptable to the Administrative
Agent if such pro forma adjustments to Consolidated EBITDA exceed twenty percent (20%) of the
Consolidated EBITDA for the Borrower and its Restricted Subsidiaries on a consolidated basis prior
to such adjustment and (B) no such pro forma adjustments shall be allowed unless, not less than
thirty (30) days after the end of such period, the Administrative Agent shall have received such
written documentation as the Administrative Agent may reasonably request, all in form and substance
reasonably satisfactory to the Administrative Agent, supporting such pro forma adjustments.

     “Consolidated Indebtedness” means, as of any date of determination, for the Borrower
and its Restricted Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal
amount of all obligations, whether current or long-term, for borrowed money (including Obligations
hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other
similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under
letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety
bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of
property or services (other than trade accounts payable in the ordinary course of business), (e)
Attributable Indebtedness, (f) without duplication, all Guarantees with respect to outstanding
Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the
Borrower or any Restricted Subsidiary, and (g) all
Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or
joint venture (other than a joint venture that is itself a corporation or limited liability
company) in

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which the Borrower or a Restricted Subsidiary is a general partner or joint venturer,
unless such Indebtedness is expressly made non-recourse to the Borrower or such Restricted
Subsidiary; provided, however, that any Indebtedness of any joint venture included
in the calculation of Consolidated Indebtedness by virtue of the Borrower’s or any Restricted
Subsidiary’s liability therefor pursuant to its equity or ownership interest therein shall be
limited to the product obtained by multiplying (x) the aggregate principal amount of such
Indebtedness by (y) the percentage corresponding to the Borrower’s or such Restricted Subsidiary’s
equity or other ownership interest in such joint venture unless such joint venture is a general
partnership in which case the limitation provided herein shall not be applicable.

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

     “Consolidated Interest Coverage Ratio” means, as of any date of determination, the
ratio of (a) Consolidated EBITDA for the period of the four prior fiscal quarters ending on such
date to (b) Consolidated Interest Charges for such period.

     “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four
fiscal quarters most recently ended for which the Borrower has delivered financial statements
pursuant to Section 6.01(a) or (b).

     “Consolidated Net Income” means, for any period, for the Borrower and its Restricted
Subsidiaries on a consolidated basis, the net income of the Borrower and its Restricted
Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period.

     “Consolidated Subsidiary” means, at any date with respect to any Person, any
Subsidiary or other entity the accounts of which would be consolidated with those of such Person in
its consolidated financial statements if such financial statements were prepared as of such date.

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

     “Control” has the meaning specified in the definition of “Affiliate.”

     “Credit Extension” means each of the following: (a) a Loan and (b) an L/C Credit
Extension.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the

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United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

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

     “Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if
any, applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan
plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to
the Applicable Rate plus 2% per annum, in all cases to the fullest extent permitted by
applicable Laws.

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

     “Designated Customer” means a Person set forth in Schedule 1.01(b) or any
supplement to Schedule 1.01(b) delivered by the Borrower to the Administrative Agent;
provided that the long term unsecured and unguaranteed debt of each Person included in any
such supplement is rated at least A- by S&P or at least A3 by Moody’s or such Person is otherwise
approved by the Required Lenders. The Administrative Agent, acting at the direction of the
Required Lenders, may at any time remove any Person from Schedule 1.01(b) (other than any
Person then satisfying the ratings requirements set forth in this definition) upon written notice
thereof to the Borrower. The revocation by the Required Lenders of approval of any Designated
Customer shall be effective prospectively and shall not affect any Eligible Receivables with
respect to which such Designated Customer is the entity obligated to make payments with respect to
such Eligible Receivables, including any guarantor thereof, included in the Borrowing Base at the
time such revocation is effective.

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

     “Dollar” and “$” mean lawful money of the United States.

     “Eligible Assignee” has the meaning specified in Section 10.06(g).

     “Eligible Commercial Receivable” means, at any date of determination thereof, any
Eligible Receivable which is identified as a “trade receivable” (and not as a “crude oil
receivable”) on the balance sheet of the Borrower and its Consolidated Subsidiaries at such
date (or would be so identified if such balance sheet were prepared at such date).

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     “Eligible Government Contract” means a contract between the Borrower or any Guarantor
and the U.S. Government; provided that if such contract calls for total payments by the U.S.
Government in excess of $1,000,000, then such contract shall only be an Eligible Government
Contract if such contract:

     (a) is set forth in Schedule 1.01(c) (or in a supplement to Schedule
1.01(c) delivered by the Borrower to the Administrative Agent not less than three
Business Days prior to any delivery of a Borrowing Base Certificate in which such contract
is sought to be included);

     (b) does not include a provision, substantially to the effect of Federal Acquisition
Regulation 52.232-24, prohibiting assignment of amounts due from the U.S. Government under
such contract; and

     (c) is the subject of an instrument of assignment duly completed and executed by the
Borrower or the applicable Guarantor party to such contract in the form specified in the
Guarantee and Collateral Agreement or otherwise in form and substance reasonably
satisfactory to the Administrative Agent and a notice of assignment duly completed and
executed by the Administrative Agent, in the form specified in the Guarantee and Collateral
Agreement or otherwise in form and substance reasonably satisfactory to the Administrative
Agent, in each case and for each such notice, delivered to the U.S. Government for
acknowledgment by the U.S. Government, not less than three Business Days prior to any
delivery of a Borrowing Base Certificate in which such contract is sought to be included.

     “Eligible Government Receivable” means, at any date of determination thereof, any
Eligible Receivable created pursuant to an Eligible Government Contract.

     “Eligible Inventory” means an amount equal to the lower of (i) the sum of the net
values of the inventory determined on a FIFO basis or (ii) the Market Value of petroleum products
(other than petroleum products located at a service station or other retail outlet), as to which
the Borrower or any Guarantor has title, as to which the Administrative Agent, for the benefit of
the Secured Parties, has a valid and perfected first priority security interest and as to which the
Borrower has furnished to the Administrative Agent reasonably detailed information in a Borrowing
Base Certificate, determined after taking into account all charges and liens (other than those of
the Administrative Agent, for the benefit of the Lenders, or those of producers arising under the
New Mexico Oil and Gas Products Lien Act or any similar statute in any other jurisdiction or under
section 9-319 of the UCC in effect in the States of Texas, Kansas, Montana, Utah and Wyoming or any
other applicable jurisdiction, held in suspense or in existence less than 90 days from the date of
creation thereof, in either case in respect of obligations of the Borrower or the applicable
Guarantor not yet overdue), of all kinds against such inventory, reductions in market value
thereof, and transportation, processing and other handling charges affecting the value thereof, and
excluding therefrom any such petroleum products in the possession of (or located in or upon assets
that are owned or otherwise controlled by) any Person other than a
Loan Party (other than pursuant to Pipeline Transportation Services being provided by such
Person) with an aggregate value (as determined pursuant to clause (i) or (ii) above, as applicable)
in excess of $10,000,000, unless and to the extent that the Borrower has delivered a duly

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executed
collateral access agreement (or similar document) in respect thereof in form and substance
reasonably satisfactory to the Administrative Agent, all as determined by the Administrative Agent
in its sole discretion using its reasonable credit judgment, which, absent manifest error, shall be
final and binding upon the Borrower.

     “Eligible Product In Transit” means petroleum products which any Person is obligated
under contract to supply to the Borrower or any Guarantor, the payment for which is backed by a
Letter of Credit issued hereunder, valued at the lower of (i) the contract price on a FIFO basis or
(ii) Market Value, as if such products were inventory of the Borrower or the applicable Guarantor,
as to which the Administrative Agent, for the benefit of the Secured Parties, has a valid and
perfected first priority security interest in the related contract or other rights of the Borrower
or such Guarantor and as to which the Borrower has furnished to the Lenders reasonably detailed
information in a Borrowing Base Certificate, determined after taking into account all charges and
liens (other than those of the Lenders or those of producers arising under the New Mexico Oil and
Gas Products Lien Act or any similar statute in any other jurisdiction or under section 9-319 of
the UCC in effect in the States of Texas, Kansas, Montana, Utah and Wyoming or any other applicable
jurisdiction, held in suspense or in existence less than 90 days from the date of creation thereof,
in either case in respect of obligations of the Borrower or the applicable Guarantor not yet
overdue), of all kinds against such products, reductions in market value thereof, and
transportation, processing and other handling charges affecting the value thereof, all as
determined by the Administrative Agent in its sole discretion using its reasonable credit judgment,
which absent manifest error, shall be final and binding upon the Borrower.

     “Eligible Receivable” means, at any date of determination thereof, any Receivable
other than the following:

     (a) solely in the case of a Receivable created pursuant to an Eligible Government
Contract, any such Receivable for which all necessary government funding has not been
appropriated at the time such Receivable is invoiced;

     (b) any Receivable that is not invoiced and payable by the applicable Account Debtor in
Dollars unless the currency exchange risk in respect of such Receivable has been hedged to
the reasonable satisfaction of the Required Lenders;

     (c) any Receivable due from an Account Debtor (i) organized under the laws of any
jurisdiction other than a jurisdiction located in the United States or Canada or (ii) whose
principal place of business is located in any jurisdiction other than a jurisdiction located
in the United States or Canada, other than, in either case, (x) Receivables as to which
Pemex or any Affiliate of Pemex is the applicable Account Debtor in an aggregate amount not
to exceed $5,000,000 for all such Receivables, (y) Receivables as to which the
Administrative Agent, for the benefit of the Secured Parties, has been provided with a
perfected first priority lien (as confirmed by a favorable opinion of local counsel in the
applicable jurisdiction in form and substance reasonably satisfactory to the
Administrative Agent) and (z) any Receivable that is invoiced to and paid from an
office of the applicable Account Debtor located within the United States;

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EXECUTION

     (d) any Receivable that does not comply with all applicable legal requirements,
including, without limitation, all laws, rules, regulations and orders of any Governmental
Authority;

     (e) any Receivable whose original due date is more than 90 days after the date of the
original issuance of the invoice therefor;

     (f) any Receivable that remains unpaid for more than 90 days from the original due date
specified at the time of the original issuance of the invoice therefor;

     (g) any Receivables from any Account Debtor if the total value of all Receivables owing
from such Account Debtor which remain unpaid for more than 90 days from the original due
date specified at the time of the original issuance of the invoice therefor and which are
not being contested in good faith exceeds 10% of the value of all such Receivables owing
from such Account Debtor;

     (h) any Receivable arising outside the ordinary course of business of the Borrower and
the Guarantors;

     (i) any Receivable as to which the applicable Account Debtor is a Person other than the
U.S. Government, an Investment Grade Customer, or a Designated Customer, to the extent the
aggregate amount of all Receivables due from such Account Debtor at such date exceeds 5% of
the aggregate amount of the Borrowing Base at such date;

     (j) any Receivable as to which the applicable Account Debtor is an Investment Grade
Customer, to the extent the aggregate amount of all Receivables due from such Account Debtor
at such date exceeds 10% of the aggregate amount of the Borrowing Base at such date;

     (k) any Receivable as to which the applicable Account Debtor is a Designated Customer,
to the extent the aggregate amount of all Receivables due from such Account Debtor at such
date exceeds 15% of the aggregate amount of the Borrowing Base at such date;

     (l) any Receivable evidenced by an “instrument” (as defined in the UCC) not in the
possession of the Administrative Agent;

     (m) any Receivable that is not an “account” as defined in the UCC;

     (n) any Receivable that is not subject to a perfected first priority Lien in favor of
the Administrative Agent, for the benefit of the Secured Parties (under all applicable laws
and subject only to Permitted Liens), including without limitation any Receivable which
constitutes an “account” under the UCC subject to subsection (5) of Section 9-103 of the UCC
in effect in any applicable jurisdiction and with respect to which Receivable
all necessary actions (including without limitation the filing of all necessary UCC-1
financing statements in the proper form) necessary to perfect such Lien have not been taken;

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     (o) any Receivable as to which the Borrower or any Guarantor does not have good title,
free and clear of all Liens other than Permitted Liens;

     (p) any Receivable that is not at all times the legal and valid payment obligation of
the Account Debtor thereon, enforceable against such Account Debtor in accordance with its
terms, subject to the effect of any applicable Debtor Relief Laws;

     (q) any Receivable which is subject to any asserted offset, or other defense but only
to the extent of such offset, or other defense;

     (r) any Receivable from an Account Debtor that to the Borrower’s knowledge is the
subject of a bankruptcy, insolvency or similar proceeding;

     (s) any Receivable prohibiting assignment of such Receivable if the U.S. Government is
the Account Debtor; and

     (t) any Receivable from an Account Debtor who is an Affiliate of the Borrower or any
Guarantor (other than Receivables as to which any MLP Party is the applicable Account Debtor
in an aggregate amount not to exceed $7,500,000 for all such Receivables).

     All Eligible Receivables shall be determined after deducting from the aggregate amount thereof
all payments, adjustments or credits applicable thereto (but without any deduction for credits or
adjustments backed by a Letter of Credit issued hereunder); provided that the amount of
Eligible Receivables from any Account Debtor shall be reduced by the aggregate net dollar amount of
all accounts payable to such Account Debtor (for the avoidance of doubt, excluding any Affiliates
of such Account Debtor that are separate legal entities). A Receivable which is an Eligible
Receivable, but which subsequently fails to meet any of the foregoing requirements shall
immediately cease to be an Eligible Receivable.

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to Hazardous Materials, human or worker exposure to Hazardous Materials, air emissions and
discharges to soils, surface or subsurface waters or public wastewater treatment systems.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Restricted Subsidiaries directly or
indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation,
use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c)
exposure to any Hazardous Materials, (d) the release or threatened release of any
Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed on any such Loan Party with respect
to any of the foregoing.

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

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

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

     “Eurodollar Rate” means, for any Interest Period with respect to a Eurodollar Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or other commercially available source providing quotations of BBA LIBOR as
designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.
If such rate is not available at such time for any reason, then the “Eurodollar Rate” for such
Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate
at which deposits in Dollars for delivery on the first day of such Interest Period in same day
funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by
Bank of America and with a term equivalent to such Interest Period would be offered by Bank of
America’s London Branch to major banks in the London interbank eurodollar market at their request
at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period.

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

     “Event of Default” has the meaning specified in Section 8.01.

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of the
Borrower hereunder or any other Loan Document, (a) taxes imposed on or measured by its overall
net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes),
by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient
is organized or in which its principal office is located or, in the case of any

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Lender, in which
its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States
or any other jurisdiction described in clause (a), (c) any backup withholding that is required by
the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A)
of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under Section 10.14), any United States withholding
tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the
Laws in force at the time such Foreign Lender becomes a party hereto (or designates a new Lending
Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 3.01(a)(ii).

     “Existing Lenders” has the meaning specified in the introductory paragraph hereto.

     “Existing Letters of Credit” means each letter of credit set forth on Schedule
1.01(d).

     “Existing Loans” has the meaning specified in the introductory paragraph hereto.

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

     “Fee Letter” means the letter agreement, dated January 31, 2008, among the Borrower,
the Administrative Agent and the Arranger.

     “FIFO” means the first-in, first-out method of accounting.

     “Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction
other than the United States of America, any State thereof or the District of Columbia.

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

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

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

     “Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise,
of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect
(including, without limitation, any obligations arising under the Indemnification Agreements), (i)
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a
corresponding meaning.

     “Guarantee and Collateral Agreement” means the Guarantee and Collateral Agreement
entered into by the Borrower, each Guarantor and the Administrative Agent, substantially in the
form of Exhibit E.

     “Guarantors” means, collectively, the Restricted Subsidiaries of the Borrower that now
or hereafter become a party to the Guarantee and Collateral Agreement in accordance with
Section 6.12. The MLP Parties shall not be Restricted Subsidiaries and shall not become
parties to the Guarantee and Collateral Agreement.

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

     “Holly Energy Partners” means Holly Energy Partners, L. P., currently a Subsidiary of
the Borrower.

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EXECUTION

     “Holly UNEV” means Holly UNEV Pipeline Company, a Delaware corporation and currently a
Subsidiary of the Borrower.

     “Increase Effective Date” has the meaning specified in Section 2.14(b).

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

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

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

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

     (d) all obligations of such Person to pay the deferred purchase price of property or
services (other than trade accounts payable in the ordinary course of business);

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

     (f) capital leases and Synthetic Lease Obligations; and

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

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person; provided, however, that
any Indebtedness of any joint venture included in the calculation of Consolidated Indebtedness by
virtue of the Borrower’s or any Restricted Subsidiary’s liability therefor pursuant to its equity
or ownership interest therein shall be limited to the product obtained by multiplying (x) the
aggregate principal amount of such Indebtedness by (y) the percentage corresponding to the
Borrower’s or such Restricted Subsidiary’s equity or other ownership interest in such joint venture
unless such joint venture is a general partnership in which case the limitation provided herein
shall not be applicable. The amount of any net obligation under any Swap Contract on
any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount
of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount
of Attributable Indebtedness in respect thereof as of such date.

     “Indemnification Agreements” means (i) that certain Indemnification Agreement dated as
of July 8, 2005 (as amended, amended and restated, supplemented or otherwise modified from

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EXECUTION

time to
time), executed by Navajo Pipeline Co., L.P., a Delaware limited partnership, for the benefit of
HEP Logistics Holdings, L.P., a Delaware limited partnership, (ii) that certain Indemnification
Agreement dated as of February 29, 2008 (as amended, amended and restated, supplemented or
otherwise modified from time to time), executed by Navajo Pipeline Co., L.P., for the benefit of
HEP Logistics Holdings, L.P., (iii) that certain Indemnification Agreement dated as of February 29,
2008 (as amended, amended and restated, supplemented or otherwise modified from time to time),
executed by Navajo Refining Company, L.L.C., a Delaware limited liability company, for the benefit
of HEP Logistics Holdings, L.P. and (iv) that certain Indemnification Agreement dated as of
February 29, 2008 (as amended, amended and restated, supplemented or otherwise modified from time
to time), executed by Woods Cross Refining Company, L.L.C., a Delaware limited liability company,
for the benefit of HEP Logistics Holdings, L.P.

     “Indemnified Taxes” means all Taxes other than Excluded Taxes.

     “Indemnitee” has the meaning specified in Section 10.04(b).

     “Intangible Assets” means assets that are considered to be intangible assets under
GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks,
patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and
capitalized research and development costs.

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

     “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date 14 days (to the extent available from each Lender) or one, two, three, six
or, to the extent available from each Lender, nine months thereafter, as selected by the Borrower
in its Loan Notice; provided that:

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

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

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

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EXECUTION

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit or one or more refineries. For
purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment,
excluding any return of capital with respect to such Investment that has actually been received by
the Borrower or any other Loan Party in cash or Cash Equivalents or has been converted into cash or
Cash Equivalents by the Borrower or any other Loan Party.

     “Investment Grade Customer” means any Account Debtor other than the U.S. Government or
a Designated Customer (i) whose long term unsecured and unguaranteed debt is rated at least “BBB-”
by S&P or at least “Baa3” by Moody’s or (ii) the direct or indirect parent of which is so rated by
S&P or Moody’s; provided that, with respect to an Account Debtor described in clause (ii)
above, such Account Debtor must be approved as an “Investment Grade Customer” by the Administrative
Agent, acting in its sole discretion after consultation with the Lenders, which approval may be
revoked by the Administrative Agent, acting in its sole discretion after consultation with the
Lenders, at any time upon written notice thereof to the Borrower. The revocation by the
Administrative Agent of its approval of any Account Debtor described in clause (ii) above as an
“Investment Grade Customer” shall be effective prospectively and shall not affect any Eligible
Receivables with respect to which such Investment Grade Customer is the Account Debtor included in
the Borrowing Base at the time such revocation is effective.

     “IRS” means the United States Internal Revenue Service.

     “ISP” means, with respect to any standby Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice (or such later
version thereof as may be in effect at the time of issuance).

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Borrower (or any Restricted Subsidiary) or in favor the L/C Issuer and relating to any such
Letter of Credit.

     “Joint Venture Investments” means Investments in joint ventures or similar entities or
Guarantors that are general partners of a joint venture or similar entity; provided that the
applicable joint venture or similar entity engages in a business permitted under Section
7.07.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and

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EXECUTION

permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Pro Rata Share.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder.

     “L/C Obligations” means, as at any date of determination, the aggregate undrawn amount
of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts,
including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason
of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

     “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the L/C Issuer.

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

     “Letter of Credit” means any letter of credit issued hereunder and shall include the
Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby
letter of credit.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business
Day).

     “Letter of Credit Fee” has the meaning specified in Section 2.03(i).

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest
or
preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, and any financing lease having
substantially the same economic effect as any of the foregoing).

     “Loan” has the meaning specified in Section 2.01.

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EXECUTION

     “Loan Documents” means this Agreement, each Note, each Issuer Document, the Fee
Letter, and the Security Documents.

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

     “Loan Parties” means, collectively, the Borrower and each Guarantor.

     “Market Value” means the fair market value of petroleum products determined by
reference to indices and data acceptable to the Administrative Agent, after consultation with the
Lenders.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual or contingent) or
condition of the Borrower or the Borrower and its Restricted Subsidiaries taken as a whole; (b) a
material impairment of the ability of any Loan Party to perform its obligations under any Loan
Document to which it is a party; or (c) a material adverse effect upon the legality, validity,
binding effect or enforceability against any Loan Party of any Loan Document to which it is a
party.

     “Material Subsidiary” means any Subsidiary, the assets of which comprise more than 5%
of the total assets of the Borrower and its Subsidiaries on a consolidated basis (in the case of a
Subsidiary that is not wholly owned directly or indirectly by the Borrower, determined on a pro
rata basis based on the Borrower’s or the applicable Subsidiary’s relative ownership interests), as
determined in accordance with GAAP.

     “Maturity Date” means the earlier of (a) March 14, 2013 and (b) the date of
termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuer
to make L/C Credit Extensions pursuant to Section 8.02.

     “MLP Documents” means (a) the Contribution, Conveyance and Assumption Agreement, (b)
the Omnibus Agreement, and (c) the Pipelines and Terminals Agreement, in each case executed by the
Borrower and certain of its Subsidiaries.

     “MLP Parties” means, collectively, Holly Logistic Services, L.L.C., HEP Logistics
Holdings, L.P., HEP Logistics GP, L.L.C., Holly Energy Partners and each of its Subsidiaries.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

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

     “Note” means any promissory note made by the Borrower in favor of a Lender, to the
extent requested by such Lender pursuant to Section 2.11(a), evidencing Loans made by such
Lender substantially in the form of Exhibit B.

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EXECUTION

     “Obligations” means (a) all advances to, and debts, liabilities, obligations,
covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect
to any Loan or Letter of Credit; (b) all amounts constituting Cash Management Obligations; and (c)
all amounts owing by any Loan Party to a Qualified Counterparty that is a Secured Party in respect
of any interest rate protection Swap Contract, in each case, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest and fees that accrue after the commencement by or against
any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding.

     “Original Credit Agreement” has the meaning specified in the introductory paragraph
hereto.

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

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies (and interest, fines, penalties or other
additions to tax related thereto) arising from any payment made hereunder or under any other Loan
Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document.

     “Outstanding Amount” means (i) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of Loans, occurring on such date; and (ii) with respect to any L/C Obligations on any
date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the aggregate amount of the L/C
Obligations as of such date, including as a result of any reimbursements of outstanding unpaid
drawings under any Letters of Credit or any reductions in the maximum amount available for drawing
under Letters of Credit taking effect on such date.

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

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by the Borrower or any ERISA Affiliate or to which
the

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EXECUTION

Borrower or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

     “Permitted Acquisition” means any transaction or series of related transactions for
the direct or indirect acquisition of all or substantially all of the property of any Person, or of
any business unit or refineries of any Person; the acquisition of in excess of 50% of the capital
stock of any Person, and otherwise causing such Person to become a Subsidiary of such Person; or
the merger or consolidation or any other combination with any Person, if each of the following
conditions is met:

     (i) no Default then exists or would result therefrom;

     (ii) after giving effect to such transaction or series of related transactions on a pro
forma basis, the Borrower shall be in compliance with all covenants set forth in
Section 7.11 as of the first day of the applicable period covered by the most
recently delivered Compliance Certificate (for purposes of Section 7.11, as if such
transaction or series of related transactions, and all other Permitted Acquisitions
consummated since the first day of such applicable period, had occurred on the first day of
such applicable period);

     (iii) no Loan Party shall, in connection with any such transaction or series of
transactions, assume or remain liable with respect to any Indebtedness of the related seller
or the business, Person or properties acquired except to the extent permitted under
Section 7.03;

     (iv) the Person or business to be acquired shall be, or shall be engaged in, a business
of the type that the Borrower and its Subsidiaries are permitted to be engaged in under
Section 7.07 and the property acquired in connection with any such transaction or
series of transactions to be included in the Borrowing Base shall be made subject to the
Lien of the Guarantee and Collateral Agreement in a manner reasonably satisfactory to the
Administrative Agent and shall be free and clear of any Liens, other than Permitted Liens;

     (v) any Person that becomes a Restricted Subsidiary of the Borrower in connection with
such transaction or series of transactions shall have executed a supplement to the Guarantee
and Collateral Agreement and become a Loan Party hereunder on terms and conditions
satisfactory to the Administrative Agent;

     (vi) the board of directors of the Person to be acquired shall not have indicated
publicly its opposition to the consummation of such acquisition unless such opposition has
been publicly withdrawn;

     (vii) all transactions in connection therewith shall be consummated in all material
respects in accordance with all applicable laws of all applicable Governmental Authorities;

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EXECUTION

     (viii) to the extent the aggregate Acquisition Consideration paid or to be paid by the
Loan Parties in such proposed transaction or series of transactions exceeds $25,000,000 and
to the extent available, the Borrower shall have provided the Administrative Agent and the
Lenders with (A) audited financial statements for the last three fiscal years of the Person
or business to be acquired and unaudited financial statements thereof for the most recent
interim period, (B) updated projections for the Borrower after giving effect to such
transaction or series of transactions, and (C) such other information and data relating to
such transaction or series of transactions or the Person or business to be acquired as may
be reasonably requested by the Administrative Agent; and

     (ix) to the extent the aggregate Acquisition Consideration paid or to be paid by the
Loan Parties in such proposed transaction or series of transactions exceeds $25,000,000, at
least 5 Business Days prior to the date of consummation of the proposed transaction or
series of transactions, the Borrower shall have delivered to the Administrative Agent and
the Lenders a certificate signed by a Responsible Officer of the Borrower certifying that
(A) such transaction or series of transactions complies with this definition (which shall
have attached thereto reasonably detailed backup data and calculations showing such
compliance), and (B) such transaction or series of transactions would not reasonably be
expected to result in a Material Adverse Effect.

     “Permitted Holders” means (a) Lamar Norsworthy, David Norsworthy, Nona Barrett, Betty
Regard, Margaret Simmons and Suzanne Bartolucci, (b) the parents, spouses, children and other
lineal descendants of any Person listed in clause (a) and (c) any estate or any trust established
for the benefit of any one or more of the Persons described in clauses (a) and (b).

     “Permitted Liens” has the meaning specified in Section 7.01.

     “Permitted Unsecured Indebtedness” means unsecured Indebtedness of the Borrower and/or
its Restricted Subsidiaries; provided that such Indebtedness (a) does not mature or require
any scheduled payments in excess of 1% per annum of the principal amount thereof prior to June 30,
2013, (b) bears no greater than a market interest rate as of the time of its issuance or incurrence
(as determined in good faith by the Borrower), (c) contains covenants and defaults no less
favorable to, or more restrictive upon, the Borrower or any of its Restricted Subsidiaries than the
covenants and defaults set forth in the Loan Documents and (d) after giving effect to the issuance
or incurrence of such Indebtedness on a pro forma basis, the Borrower shall be in compliance with
all covenants set forth in Section 7.11 as of the first day of the applicable period
covered by the most recently delivered Compliance Certificate (for purposes of
Section 7.11, as if such Indebtedness, and all other Permitted Unsecured Indebtedness
issued or incurred since the
first day of such applicable period, had been issued or incurred on the first day of such
applicable period).

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

     “Pipeline Transportation Services” means pipeline transportation services in respect
of petroleum products provided to the Borrower or a Restricted Subsidiary pursuant to which the

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EXECUTION

provider of such services delivers such petroleum products from a designated point of origination
to a delivery point specified by the Borrower or such Restricted Subsidiary; provided that
(i) any Instrument, Negotiable Document or Tangible Chattel Paper (in each case, as defined in the
Guarantee and Collateral Agreement) evidencing or representing such petroleum products shall have
been delivered to the Administrative Agent in accordance with, and to the extent required by,
Section 5.2(a) of the Guarantee and Collateral Agreement and (ii) all actions shall have been taken
as required by Section 5.2(b) of the Guarantee and Collateral Agreement with respect to any related
Electronic Chattel Paper (as defined in the Guarantee and Collateral Agreement).

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

     “Platform” has the meaning specified in Section 6.02.

     “Pledged Cash” means, on any date, the aggregate amount of cash and Cash Equivalents
on deposit in the Collateral Account on such date; provided that the Borrower shall at all
times maintain cash and Cash Equivalents in one or more Collateral Accounts in an amount not less
than the amount specified as “Pledged Cash” in the most recently delivered Borrowing Base
Certificate.

     “Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of
the Commitment of such Lender at such time and the denominator of which is the amount of the
Aggregate Commitments at such time; provided that if the commitment of each Lender to make
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02, then the Pro Rata Share of each Lender shall be determined based
on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect
to any subsequent assignments made pursuant to the terms hereof. The initial Pro Rata Share of
each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

     “Public Lender” has the meaning specified in Section 6.02.

     “Qualified Counterparty” has the meaning given to that term in the Guarantee and
Collateral Agreement.

     “Reaffirmation And Assumption Agreement” means the Reaffirmation And Assumption
Agreement entered into by the Borrower, each Guarantor and the Administrative Agent, substantially
in the form of Exhibit H.

     “Receivable” means, at any date of determination thereof, the amount of the unpaid
portion of an obligation, as stated in the invoice to a customer of the Borrower or any Guarantor
which the Borrower or such Guarantor has issued with respect thereto, in respect of goods sold or
services rendered in the ordinary course of business, which amount has been earned by performance
under the terms of the contract between the Borrower or such Guarantor and such customer relating
to such goods or services, as the case may be, net of any credits, rebates or offsets owed to such
customer.

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EXECUTION

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

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

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

     “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Loans, a Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of
Credit Application.

     “Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings
(with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations being deemed “held” by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

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

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other equity interest of the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other equity interest or of
any option, warrant or other right to acquire any such capital stock or other equity interest.

     “Restricted Subsidiary” means, at any time, any Subsidiary that is not an Unrestricted
Subsidiary at such time.

     “Sale and Leaseback Transaction” means any transaction or series of related
transactions in which the Borrower or any Subsidiary sells or transfers any of its property to any
other Person (other than to the Borrower or any Restricted Subsidiary) and concurrently with such
sale or transfer, or thereafter, rents or leases such transferred property or substantially similar
property from such Person.

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     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor thereto.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Secured Parties” has the meaning given to that term in the Guarantee and Collateral
Agreement.

     “Security Documents” means the Guarantee and Collateral Agreement, each other security
agreement, pledge, control agreement, consent and any other instrument or document executed and
delivered pursuant thereto.

     “Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of the Borrower and its Subsidiaries or Restricted Subsidiaries, as
applicable, as of that date determined in accordance with GAAP.

     “Solvent” means that, with respect to any Person, as of any date of determination, (a)
the amount of the “present fair saleable value” of the assets of such Person will, as of such date,
exceed the amount of all “liabilities of such Person, contingent or otherwise,” as of such date, as
such quoted terms are determined in accordance with applicable federal and state Debtor Relief
Laws, (b) the present fair saleable value of the assets of such Person will, as of such date, be
greater than the amount that will be required to pay the liability of such Person on its debts as
such debts become absolute and matured, (c) such Person will not have, as of such date, an
unreasonably small amount of capital with which to conduct its business, (d) such Person will be
able to pay its debts as they mature and (e) such Person is not insolvent within the meaning of any
applicable legal requirement. For purposes of this definition, (i) “debt” means liability on a
“claim,” and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed,
legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of
performance if such breach gives rise to a right to payment, whether or not such right to an
equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed,
undisputed, secured or unsecured.

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a
Subsidiary or Subsidiaries of the Borrower.

     “Supermajority Lenders” means, as of any date of determination, Lenders having more
than 66 2/3% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and
the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02, Lenders holding in the aggregate more than 66 2/3% of the Total

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Outstandings
(with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations being deemed “held” by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Supermajority
Lenders.

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

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

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

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges now or
hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority,
including any interest, additions to tax or penalties applicable thereto.

     “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.

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

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     “UCC” means the Uniform Commercial Code, as in effect from time to time in the State
of New York or, to the extent otherwise specified, as in effect in such other jurisdiction or
jurisdictions.

     “U.S. Government” means the federal government of the United States or any agency or
instrumentality thereof, the obligations of which are backed by the full faith and credit of the
United States.

     “UNEV Pipeline” means UNEV Pipeline, LLC, a Delaware limited liability company.

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

     “Unrestricted Subsidiary” means the MLP Parties, UNEV Pipeline and any other
Subsidiary designated by the board of directors of the Borrower as an “Unrestricted Subsidiary”
pursuant to Section 6.16 on or after the date hereof; provided, however,
that no Indebtedness or other obligation (other than a Cash Management Obligation) of any such
Unrestricted Subsidiary is Guaranteed by the Borrower or any Restricted Subsidiary, directly or
indirectly, contingent or otherwise.

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

     (a) The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms.

     (b) (i) The words “herein,” “hereto,” “hereof” and
“hereunder” and words of similar import when used in any Loan Document shall refer to such
Loan Document as a whole and not to any particular provision thereof.

     (ii) Article, Section, Exhibit and Schedule references are to the Loan Document in
which such reference appears.

     (iii) The term “including” is by way of example and not limitation.

     (iv) The term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings, however
evidenced, whether in physical or electronic form.

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

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

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     1.03 Accounting Terms.

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

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

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

     1.05 References to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including the Loan Documents) and other contractual instruments shall be deemed to
include all subsequent amendments, restatements, extensions, supplements and other modifications
thereto, but only to the extent that such amendments, restatements, extensions, supplements and
other modifications are not prohibited by any Loan Document; and (b) references to any Law shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing
or interpreting such Law.

     1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Central time in the United States (daylight or standard, as applicable).

     1.07 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of
Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at
such time; provided, however, that with respect to any Letter of Credit that, by
its terms or the terms of any Issuer Document related thereto, provides for one or more automatic
increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

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ARTICLE II.

THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01 Loans. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make loans (each such loan, a “Loan”) to the Borrower from time to time, on any
Business Day during the Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Commitment; provided, however, that after
giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the lesser of (x) the
Borrowing Base and (y) the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the
Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C
Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s
Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under
this Section 2.01, prepay under Section 2.05, and reborrow under this Section
2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

     2.02 Borrowings, Conversions and Continuations of Loans.

     (a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation
of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative
Agent not later than 11:00 a.m. (i) three Business Days prior to the
requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or
of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of
any Borrowing of Base Rate Loans; provided, however, that if the Borrower wishes to
request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months in
duration as provided in the definition of “Interest Period,” the applicable notice must be received
by the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested
date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give
prompt notice to the Lenders of such request and determine whether the requested Interest Period is
acceptable to all of them. Not later than 11:00 a.m., three Business Days before the requested
date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the
Borrower (which notice may be by telephone) whether or not the requested Interest Period has been
consented to by all the Lenders. Each telephonic notice by the Borrower pursuant to this
Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a
written Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower.
Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal
amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in
Section 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal
amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether
telephonic or written) shall specify (i) whether the Borrower is requesting a Borrowing, a
conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii)
the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be
a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv)
the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if
applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to
specify a Type of Loan in a Loan Notice or if the Borrower fails to give a

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timely notice requesting
a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base
Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day
of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the
Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any
such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.

     (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Pro Rata Share of the applicable Loans, and if no timely notice of a
conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each
Lender of the details of any automatic conversion to Base Rate Loans described in the preceding
subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan available to
the Administrative Agent in immediately available funds at the Administrative Agent’s Office not
later than 12:00 noon on the Business Day specified in the applicable Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing
is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all
funds so received available to the Borrower in like funds as received by the Administrative Agent
either by (i) crediting the account of the Borrower on the books of Bank of America with the amount
of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower;
provided, however, that if, on the date the Loan Notice with respect to such
Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the
proceeds of such Borrowing, first, shall be applied to the payment in full of any such
L/C Borrowings, and second, shall be made available to the Borrower as provided above.

     (c) During the existence of an Event of Default, no Loans may be requested as, converted to or
continued as Eurodollar Rate Loans without the consent of the Required Lenders.

     (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. The determination of the Eurodollar Rate by the Administrative Agent shall be
conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the
Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s
prime rate used in determining the Base Rate promptly following the public announcement of such
change.

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

     (f) Subject to the terms and conditions of this Agreement, Existing Loans made under the
Original Credit Agreement shall remain outstanding on and after the Closing Date as Loans made
pursuant to this Agreement, and the excess of the Existing Lenders’ Existing Loans shall be deemed
to have been repaid with funds available to the Borrower, including all of the proceeds of Loans
made pursuant to this Agreement on the Closing Date, and each Existing Loan of the Existing Lender
shall be deemed to satisfy, dollar for dollar, the Existing Lender’s obligation to make Loans on
the

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Closing Date. Such Existing Loans shall on and after the Closing Date have all of the rights
and benefits of Loans as set forth in this Agreement and the other Loan Documents.

     2.03 Letters of Credit.

     (a) The Letter of Credit Commitment.

     (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the other Lenders set forth in this Section 2.03,
(1) from time to time on any Business Day during the period from the Closing Date until the
Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower
or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued
by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters
of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued
for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder;
provided that after giving effect to any L/C Credit Extension with respect to any
Letter of Credit, (x) the Total Outstandings shall not exceed the lesser of (i) the
Borrowing Base and (ii) the Aggregate Commitments and (y) the aggregate Outstanding Amount
of the Loans of any Lender plus such Lender’s Pro Rata Share of the Outstanding
Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Each request by
the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a
representation by the Borrower that the L/C Credit
Extension so requested complies with the conditions set forth in the proviso to the
preceding sentence. Within the foregoing limits, and subject to the terms and conditions
hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and
accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to
replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

     (ii) The L/C Issuer shall not issue any Letter of Credit, if:

     (A) subject to Section 2.03(b)(iii), the expiry date of such requested
Letter of Credit would occur more than twelve months after the date of issuance or
last extension, unless the Required Lenders have approved such expiry date;

     (B) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date; or

     (C) after giving effect to such issuance, the Total Outstandings shall exceed
the lesser of (x) the Borrowing Base and (y) the Aggregate Commitments.

     (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit
if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any

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Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of Credit
in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is
not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material
to it;

     (B) the issuance of such Letter of Credit would violate any Laws or one or more
policies of the L/C Issuer applicable to letters of credit generally;

     (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
such Letter of Credit is in an initial face amount less than $100,000;

     (D) such Letter of Credit is to be denominated in a currency other than
Dollars;

     (E) such Letter of Credit contains any provisions for automatic reinstatement
of the stated amount after any drawing thereunder; or

     (F) a default of any Lender’s obligations to fund under Section 2.03(c)
exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C
Issuer has entered into satisfactory arrangements with the Borrower or such Lender
to eliminate the L/C Issuer’s risk with respect to such Lender.

     (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue such Letter of Credit in its amended form under the terms
hereof.

     (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

     (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative
Agent) in the form of a Letter of Credit Application, appropriately completed and signed by
a Responsible Officer of the Borrower. Such Letter of Credit Application must be received
by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two
Business Days (or such later date and time as the Administrative Agent and the L/C Issuer
may agree in a particular instance in their sole discretion) prior to the proposed issuance
date or date of amendment, as the case may be. In the case of a request for an initial
issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and
detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the

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requested
Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry
date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be
presented by such beneficiary in case of any drawing thereunder; (F) the full text of any
certificate to be presented by such beneficiary in case of any drawing thereunder; and (G)
such other matters as the L/C Issuer may reasonably require. In the case of a request for
an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall
specify in form and detail satisfactory to the L/C Issuer (w) the Letter of Credit to be
amended; (x) the proposed date of amendment thereof (which shall be a Business Day); (y) the
nature of the proposed amendment; and (z) such other matters as the L/C Issuer may
reasonably require. Additionally, the Borrower shall furnish to the L/C Issuer and the
Administrative Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or
the Administrative Agent may reasonably require.

     (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from the Borrower and, if
not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the
L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan
Party, at least one Business Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more
applicable conditions contained in Article IV shall not then be satisfied, then,
subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Borrower (or the applicable Subsidiary) or
enter into the applicable amendment, as the case may be, in each case in accordance with the
L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each
Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an
amount equal to the product of such Lender’s Pro Rata Share times the amount of such
Letter of Credit.

     (iii) If the Borrower so requests in any applicable Letter of Credit Application, the
L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that
has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to
prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof
not later than a day (the “Non-Extension Notice Date”) in each such twelve-month
period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise
directed by the L/C Issuer, the Borrower shall not be required to make a specific request to
the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been
issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer
to permit the extension of such Letter of Credit at any time to an expiry date not later
than the Letter of Credit Expiration Date; provided, however, that the L/C
Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it
would not be permitted, or would have no obligation, at such time to issue such Letter of
Credit in its revised form (as extended) under the terms hereof (by reason of the

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provisions
of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is five Business
Days before the Non-Extension Notice Date (1) from the Administrative Agent that the
Required Lenders have elected not to permit such extension or (2) from the Administrative
Agent, any Lender or any Loan Party that one or more of the applicable conditions specified
in Section 4.02 is not then satisfied, and in each such case directing the L/C
Issuer not to permit such extension.

     (iv) If the Borrower so requests in any applicable Letter of Credit Application, the
L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that
permits the automatic reinstatement of all or a portion of the stated amount thereof after
any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”). Unless
otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific
request to the L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter
of Credit has been issued, except as provided in the following sentence, the Lenders shall
be deemed to have authorized (but may not require) the L/C Issuer to reinstate all or a
portion of the stated amount thereof in accordance with the provisions of such Letter of
Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits
the L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after
a drawing thereunder by giving notice of such
non-reinstatement within a specified number of days after such drawing (the
“Non-Reinstatement Deadline”), the L/C Issuer shall not permit such reinstatement if
it has received a notice (which may be by telephone or in writing) on or before the day that
is five Business Days before the Non-Reinstatement Deadline (A) from the Administrative
Agent that the Required Lenders have elected not to permit such reinstatement or (B) from
the Administrative Agent, any Lender or the Borrower that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as
an L/C Credit Extension for purposes of this clause) and, in each case, directing the L/C
Issuer not to permit such reinstatement.

     (v) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower and the
Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the
L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower
shall reimburse the L/C Issuer through the Administrative Agent in an
amount equal to the
amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time,
the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of
the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such
Lender’s Pro Rata Share thereof. In such event, the Borrower shall be deemed to have
requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an

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amount
equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in
Section 2.02 for the principal amount of Base Rate Loans, but subject to the
Borrowing Base and the amount of the unutilized portion of the Aggregate Commitments and the
conditions set forth in Section 4.02 (other than the delivery of a Loan Notice).
Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section
2.03(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.

     (ii) Each Lender (including the Lender acting as L/C Issuer) shall upon any notice
pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for
the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its
Pro Rata Share of the Unreimbursed Amount not later than 12:00 noon on the Business Day
specified in such notice by the Administrative Agent, whereupon, subject to the provisions
of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed
to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent
shall remit the funds so received to the L/C Issuer.

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot
be satisfied (and have not been waived) or for any other reason, the Borrower shall be
deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate from the date
such amount is so demanded until the date on which such amount is paid in full. In such
event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer
pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.03.

     (iv) Until each Lender funds its Loan or L/C Advance pursuant to this Section
2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit,
interest in respect of such Lender’s Pro Rata Share of such amount shall be solely for the
account of the L/C Issuer.

     (v) Each Lender’s obligation to make Loans or L/C Advances to reimburse the L/C Issuer
for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c),
shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have
against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each
Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the
satisfaction or waiver of the conditions set forth in Section 4.02 (other than
delivery by the Borrower of a Loan Notice). No such making of an L/C Advance shall relieve
or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for

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the
amount of any payment made by the L/C Issuer under any Letter of Credit, together with
interest as provided herein.

     (vi) If any Lender fails to make available to the Administrative Agent for the account
of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is
immediately available to the L/C Issuer at a rate per annum equal to the Federal Funds Rate
from time to time in effect. A certificate of the L/C Issuer submitted to any Lender
(through the Administrative Agent) with respect to any amounts owing under this clause (vi)
shall be conclusive absent manifest error.

     (d) Repayment of Participations.

     (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such payment in
accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Borrower or otherwise, including proceeds of
Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent
will distribute to such Lender its Pro Rata Share thereof (appropriately adjusted, in the
case of interest payments, to reflect the period of time during which such Lender’s L/C
Advance was outstanding) in the same funds as those received by the Administrative Agent.

     (ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the
circumstances described in Section 10.06 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Lender shall pay to the
Administrative Agent for the account of the L/C Issuer its Pro Rata Share thereof on demand
of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate
from time to time in effect.

     (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer
for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

     (ii) the existence of any claim, counterclaim, set-off, defense or other right that the
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any

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such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

     (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any Subsidiary.

     The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The
Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, any
Agent-Related Person nor any of the respective correspondents, participants or assignees of the L/C
Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at
the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any
action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due
execution, effectiveness, validity or enforceability of any document or instrument related to any
Letter of Credit or Letter of Credit Application. The Borrower hereby assumes all risks of the
acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude
the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. None of the L/C Issuer, any Agent-Related Person,
nor any of the respective correspondents, participants or assignees of the L/C Issuer, shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section
2.03(e); provided, however, that anything in such clauses to the contrary
notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may

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be
liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused
by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to
pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In
furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity
or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part,
which may prove to be invalid or ineffective for any reason.

     (g) Cash Collateral. Upon the written request of the Administrative Agent, (i) if the
L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such
drawing has resulted in an L/C Borrowing, or (ii) if, as of the date that is 10 Business Days prior
to the Letter of Credit Expiration Date, any Letter of Credit for any reason remains outstanding
and partially or wholly undrawn, the Borrower shall immediately Cash Collateralize such amount as
the Administrative Agent may request, up to a maximum amount equal to the then Outstanding Amount
of all L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of
such L/C Borrowing or the Letter of Credit Expiration Date, as the case may be). Sections
2.05 and 8.02(c) set forth certain additional requirements to deliver Cash Collateral
hereunder. For purposes of this Section 2.03, Section 2.05 and Section
8.02(c), “Cash  Collateralize” means to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations,
cash or deposit account balances pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the L/C Issuer (which documents are hereby consented
to by the Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby
grants to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a security
interest in all such cash, deposit accounts and all balances therein and all proceeds of the
foregoing. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts at
Bank of America. Upon the indefeasible payment in full in cash of the Obligations, the
Administrative Agent shall immediately release the security interest in the cash, deposit accounts
and balances therein and proceeds thereof maintained as Cash Collateral pursuant to this
Section 2.03(g).

     (h) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the L/C
Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable
to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of
Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most
recently published by the International Chamber of Commerce at the time of issuance shall apply to
each commercial Letter of Credit.

     (i) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Pro Rata Share a Letter of Credit fee (the
“Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate
times the daily maximum amount available to be drawn under such Letter of Credit (whether
or not such maximum amount is then in effect under such Letter of Credit). Letter of Credit Fees
shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first
Business Day after the end of each 

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 March, June, September and December, commencing with the first
such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter,
the daily maximum amount of each Letter of Credit shall be computed and multiplied by the
Applicable Rate separately for each period during such quarter that such Applicable Rate was in
effect. Notwithstanding anything to the contrary contained herein, while any Event of Default
exists, all Letter of Credit Fees shall accrue at the Default Rate.

     (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit in the amount specified in the Fee Letter, payable on the actual daily
maximum amount available to be drawn under such Letter of Credit (whether or not such maximum
amount is then in effect under such Letter of Credit). Such fronting fee shall be computed on a
quarterly basis in arrears. Such fronting fee shall be due and payable on the first Business Day
after the end of each
March, June, September and December, commencing with the first such date to
occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and
thereafter on demand. In addition, the Borrower shall pay directly to the L/C Issuer for its own
account the customary issuance, presentation, amendment and other processing fees, and other
standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in
effect. Such customary fees and standard costs and charges are due and payable on demand and are
nonrefundable.

     (k) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

     (l) Letters of Credit Issued for Restricted Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the
account of, a Restricted Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer
hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges
that the issuance of Letters of Credit for the account of Restricted Subsidiaries inures to the
benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the
businesses of such Restricted Subsidiaries.

     2.04 Repayment of Loans as of the Closing Date. Notwithstanding the foregoing provisions of
this Article II upon its receipt of the proceeds of the Loans, the Borrower shall apply a portion
of such proceeds sufficient to (i) prepay in full the Existing Loans which are not being converted
by Existing Lenders into Loans hereunder, (ii) pay all accrued and unpaid interest and fees, if
any, on all such Existing Loans held by Existing Lenders that are being prepaid and (iii) pay to
all Existing Lenders all other amounts then due and owing as a result of the prepayment of such
Existing Loans.

     2.05 Prepayments; Reduction of Commitments.

     (a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Loans in whole or in part without premium or penalty; provided that
(i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three
Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the

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date of
prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal
amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (iii) any prepayment of
Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.
Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to
be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such
notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. If such notice is
given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in
such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar
Rate Loan shall be accompanied by all accrued interest thereon, together with any additional
amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the
Loans of the Lenders in accordance with their respective Pro Rata Shares.

     (b) If for any reason the Total Outstandings at any time exceed the lesser of (x) the
Borrowing Base and (y) the Aggregate Commitments then in effect, the Borrower shall immediately
prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such
excess; provided, however, that the Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless after the
prepayment in
full of the Loans, the Total Outstandings exceed the lesser of (x) the Borrowing Base and (y)
the Aggregate Commitments then in effect.

     (c) If the Borrower or any Guarantor sells any assets permitted under Section 7.05
and, after giving effect to such sale, the Total Outstandings exceed the Borrowing Base then in
effect, the Net Cash Proceeds of such sale shall be applied to the prepayment of the Loans in an
amount necessary to eliminate any such excess.

     2.06 Termination or Reduction of Commitments. The Borrower may, upon notice to the
Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce
the Aggregate Commitments; provided that (i) any such notice shall be received by the
Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination
or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any
whole multiple of $500,000 in excess thereof and (iii) the Borrower shall not terminate or reduce
the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Outstandings would exceed the lesser of (x) the Borrowing Base and (y) the
Aggregate Commitments. The Administrative Agent will promptly notify the Lenders of any such
notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate
Commitments shall be applied to the Commitment of each Lender according to its Pro Rata Share. All
fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid
on the effective date of such termination.

     2.07 Repayment of Loans. The Borrower shall repay to the Lenders on the Maturity Date the
aggregate principal amount of Loans outstanding on such date.

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     2.08 Interest.

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

     (b) (i) If any amount of principal of any Loan is not paid when due (after giving effect to
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such
amount shall thereafter, and until paid, bear interest at a fluctuating interest rate per annum
equal to the Default Rate to the fullest extent permitted by applicable Laws.

     (ii) If any amount (other than principal of any Loan) payable by the Borrower under any
Loan Document is not paid when due (after giving effect to any applicable
grace periods), whether at stated maturity, by acceleration or otherwise, then upon the
written request of the Required Lenders, such amount shall thereafter, and until paid, bear
interest at a fluctuating interest rate per annum equal to the Default Rate to the fullest
extent permitted by applicable Laws.

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

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

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

     2.09 Fees. In addition to certain fees described in subsections (i) and (j) of Section
2.03:

     (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Pro Rata Share, a commitment fee equal to the
Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed the
Total Outstandings. The commitment fee shall accrue at all times during the Availability Period,
including at any time during which one or more of the conditions in Article IV is not met
or otherwise waived, and shall be due and payable quarterly in arrears on the last Business Day of
each March, June, September and December, commencing with the first such date to occur after the
Closing Date, and on the Maturity Date. The commitment fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily
amount shall be computed and multiplied by the Applicable Rate separately for each period during
such quarter that such Applicable Rate was in effect.

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     (b) Other Fees. (i) The Borrower shall pay to the Arranger and the Administrative
Agent for their own respective accounts fees in the amounts and at the times specified in the Fee
Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

     (ii) The Borrower shall pay to the Lenders such fees as shall have been separately
agreed upon in writing in the amounts and at the times so specified. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

     2.10 Computation of Interest and Fees.

     All computations of interest for Base Rate Loans when the Base Rate is determined by Bank of
America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be,
and actual days elapsed. All other computations of fees and interest shall be made on the basis of
a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan
for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for
the day on which the Loan or such portion is paid, provided that any Loan that is repaid on
the same day on which it is made shall, subject to Section 2.12(a), bear interest for one
day.

     2.11 Evidence of Debt.

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

     (b) In addition to the accounts and records referred to in subsection (a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the
event of any conflict between the accounts and records maintained by the Administrative Agent and
the accounts and records of any Lender in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error.

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     2.12 Payments Generally.

     (a) All payments to be made by the Borrower shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein,
all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account
of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in
Dollars and in immediately available funds not later than 12:00 noon on the date specified herein.
The Administrative Agent will promptly distribute to each
Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in
like funds as received by wire transfer to such Lender’s Lending Office. All payments received by
the Administrative Agent after 12:00 noon shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue.

     (b) If any payment to be made by the Borrower shall come due on a day other than a Business
Day, payment shall be made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be.

     (c) Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date
any payment is required to be made by it to the Administrative Agent hereunder, that the Borrower
or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume
that the Borrower or such Lender, as the case may be, has timely made such payment and may (but
shall not be so required to), in reliance thereon, make available a corresponding amount to the
Person entitled thereto. If and to the extent that such payment was not in fact made to the
Administrative Agent in immediately available funds, then:

     (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand
repay to the Administrative Agent the portion of such assumed payment that was made
available to such Lender in immediately available funds, together with interest thereon in
respect of each day from and including the date such amount was made available by the
Administrative Agent to such Lender to the date such amount is repaid to the Administrative
Agent in immediately available funds at the Federal Funds Rate from time to time in effect;
and

     (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand
pay to the Administrative Agent the amount thereof in immediately available funds, together
with interest thereon for the period from the date such amount was made available by the
Administrative Agent to the Borrower to the date such amount is recovered by the
Administrative Agent (the “Compensation Period”) at a rate per annum equal to the
Federal Funds Rate from time to time in effect. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in the
applicable Borrowing. If such Lender does not pay such amount forthwith upon the
Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor
upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent,
together with interest thereon for the Compensation Period at a rate per annum equal to the
rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to
relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights
which the Administrative Agent or the

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Borrower may have against any Lender as a result of
any default by such Lender hereunder.

     A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this subsection (c) shall be conclusive, absent manifest error.

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

     (e) The obligations of the Lenders hereunder to make Loans and to fund participations in
Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund
any such participation on any date required hereunder shall not relieve any other Lender of its
corresponding obligation to do so on such date, and no Lender shall be responsible for the failure
of any other Lender to so make its Loan or purchase its participation.

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

     2.13 Sharing of Payments.

     If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of
the Loans made by it, or the participations in L/C Obligations held by it, any payment (whether
voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of
its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately
(a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such
participations in the Loans made by them and/or such subparticipations in the participations in L/C
Obligations held by them, as the case may be, as shall be necessary to cause such purchasing Lender
to share the excess payment in respect of such Loans or such participations, as the case may be,
pro rata with each of them; provided, however, that if all or any portion of such
excess payment is thereafter recovered from the purchasing Lender under any of the circumstances
described in Section 10.06 (including pursuant to any settlement entered into by the
purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each
other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with
an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the
amount of such paying Lender’s required repayment to (ii) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in
respect of the total amount so recovered, without further interest thereon. The Borrower agrees
that any Lender so purchasing a participation from another Lender may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of set-off, but subject
to Section 10.08) with respect to such participation as fully as if such Lender were the
direct creditor of the Borrower in the amount of such participation. The Administrative Agent will
keep records (which shall be conclusive and binding in the absence of manifest error)

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of
participations purchased under this Section and will in each case notify the Lenders following any
such purchases or repayments. Each Lender that purchases a participation pursuant to this Section
shall from and after such purchase have the right to give all notices, requests, demands,
directions and other communications under this Agreement with respect to the portion of the
Obligations purchased to the same extent as though the purchasing Lender were the original owner of
the Obligations purchased.

     2.14 Increase in Commitments.

     (a) Provided there exists no Default, upon notice to the Administrative Agent (which shall
promptly notify the Lenders), the Borrower may request an increase in the Aggregate Commitments by
an amount (for all such requests) not exceeding $125,000,000; provided that each request
for an increase shall be in a minimum amount of $25,000,000. At the time of sending any such
notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period
within which each Lender is requested to respond (which shall in no event be less than ten Business
Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Commitment
and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Share of such
requested increase. Any Lender not responding within such time period shall be deemed to have
declined to increase its Commitment. The Administrative Agent shall promptly thereafter notify the
Borrower and each Lender of the Lenders’ responses (or non-responses) to each request made
hereunder. To achieve the full amount of a requested increase, the Borrower may also invite
additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and
substance reasonably satisfactory to the Administrative Agent and its counsel.

     (b) If the Aggregate Commitments are increased in accordance with this Section, the
Administrative Agent and the Borrower shall determine the effective date (the “Increase
Effective Date”) and the final allocation of such increase. The Administrative Agent shall
promptly notify the Borrower and the Lenders of the final allocation of such increase and the
Increase Effective Date and provide to each Lender and the Borrower a revised Schedule 2.01
reflecting such increase. As a condition precedent to such increase, the Borrower shall deliver to
the Administrative Agent a certificate of the Borrower dated as of the Increase Effective Date (in
sufficient copies for each Lender) signed by a Responsible Officer of the Borrower (i) certifying
and attaching the resolutions adopted by the Borrower approving or consenting to such increase, and
(ii) certifying that, before and after giving effect to such increase, (A) the representations and
warranties contained in Article V and the other Loan Documents are true and correct in all
material respects on and as of the Increase Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true
and correct in all material respects as of such earlier date, and except that for purposes of this
Section 2.15, the representations and warranties contained in subsections (a) and (b) of
Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to
subsections (a) and (b), respectively, of Section 6.01, and (B) no Default exists. In the
event that there are any Loans outstanding on the Increase Effective Date, upon notice from the
Administrative Agent to each Lender, the amount of Loans owing to each Lender shall be
appropriately adjusted to the extent necessary to keep the outstanding Loans ratable with any
revised Pro Rata Shares arising from

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any nonratable increase in the Commitments under this Section
and the Borrower shall pay any amounts required pursuant to Section 3.05.

     (c) This Section shall supersede any provisions in Sections 2.13 or 10.01 to
the contrary.

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 Taxes.

     (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

     (i) Any and all payments by or on account of any obligation of the Borrower hereunder
or under any other Loan Document shall to the extent permitted by applicable Laws be made
free and clear of and without reduction or withholding for any Taxes. If, however,
applicable Laws require the Borrower, any Guarantor or the Administrative Agent to withhold
or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws upon
the basis of the information and documentation to be delivered pursuant to subsection (e)
below.

     (ii) If the Borrower, any Guarantor or the Administrative Agent shall be required by
applicable Laws to withhold or deduct any Taxes, including both United States Federal backup
withholding and withholding taxes, from any payment, then (A) the Borrower, such Guarantor
or the Administrative Agent, as the case may be, shall withhold or make such deductions as
it determines to be required based upon the information and documentation it has received
pursuant to subsection (e) below, (B) the Borrower, such Guarantor or the Administrative
Agent, as the case may be, shall timely pay the full amount withheld or deducted to the
relevant Governmental Authority in accordance with applicable Laws, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes,
the sum payable by the Borrower or such Guarantor shall be increased as necessary so that
after any required withholding or the making of all required deductions (including
deductions applicable to additional sums payable under this Section) the Administrative
Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it
would have received had no such withholding or deduction been made.

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

     (c) Tax Indemnifications. Without limiting the provisions of subsection (a) or (b)
above, the Borrower shall, and does hereby agree to, indemnify the Administrative Agent, each
Lender and the L/C Issuer, and shall make payment in respect thereof within 10 days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
paid by the Administrative Agent, such Lender, the L/C Issuer or any of their respective
Affiliates, as the case may be, and any penalties, interest and reasonable expenses

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arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of any such payment or liability delivered to the Borrower by a Lender or the L/C
Issuer (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent
manifest error.

     (d) Evidence of Payments. Upon reasonable request by the Borrower or the
Administrative Agent, as the case may be, after any payment of Taxes by the Borrower or the
Administrative Agent to a Governmental Authority as provided in this Section 3.01, the
Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the
Borrower, as the case may be, the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return required by Laws to report
such payment or other evidence of such payment reasonably satisfactory to the Borrower or the
Administrative Agent, as the case may be.

     (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the
Borrower and to the Administrative Agent, at the time or times prescribed by applicable Laws, on or
before it becomes a party to this Agreement and when reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation prescribed by applicable
Laws or by the taxing authorities of any jurisdiction and such other reasonably requested
information as will permit the Borrower or the Administrative Agent, as the case may be, to
determine (A) whether or not payments made hereunder or under any other Loan Document are subject
to withholding or deduction of Taxes, (B) if applicable, the required rate of withholding or
deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of,
applicable Taxes in respect of all payments to be made to such Lender by the Borrower pursuant to
this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the
applicable jurisdiction.

     (ii) Without limiting the generality of the foregoing,

     (A) any Lender that is a “United States person” within the meaning of Section
7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent
executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable Laws or reasonably requested by the Borrower
or the Administrative Agent as will enable the Borrower or the Administrative Agent,
as the case may be, to determine whether or not such Lender is subject to backup
withholding or information reporting requirements; and

     (B) each Foreign Lender that is entitled under the Code or any applicable
treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon

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the request of the
Borrower or the Administrative Agent, but only if such Foreign Lender is legally
entitled to do so), whichever of the following is applicable:

     (I) executed originals of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States
is a party,

     (II) executed originals of Internal Revenue Service Form W-8ECI,

     (III) executed originals of Internal Revenue Service Form W-8IMY and
all required supporting documentation,

     (IV) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank”
within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of
the Code, or (C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue
Service Form W-8BEN, or

     (V) executed originals of any other form prescribed by applicable Laws
as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as
may be prescribed by applicable Laws to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to
be made.

     In addition, in the case of the forgoing clauses (A) and (B), each Lender shall
deliver new such forms and documentation on or before the obsolescence, expiration
or invalidity of any such form or documentation previously delivered by such Lender.

     (iii) Each Lender shall promptly (A) notify the Borrower and the Administrative Agent
of any change in circumstances which would modify or render invalid any claimed exemption or
reduction, and (B) take such steps as shall not be disadvantageous to it, in the sole
judgment of such Lender, and as may be reasonably necessary (including the re-designation of
its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that the
Borrower or the Administrative Agent make any withholding or deduction for Taxes from
amounts payable to such Lender.

     (iv) Notwithstanding anything herein to the contrary, a Lender shall not be required to
deliver any form, document or other information pursuant to this Section 3.01(e) if
such Lender is not legally able to deliver such form.

     (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time
shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a

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Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund
of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as
the case may be. If the Administrative Agent, any Lender or the L/C Issuer
determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or
Other Taxes as to which it has been indemnified by the Borrower or with respect to which the
Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an
amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the Borrower under this Section with respect to the Indemnified Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by the Administrative
Agent, such Lender or the L/C Issuer, as the case may be, (including any Taxes imposed with respect
to such refund) as is determined by the Administrative Agent, such Lender or the L/C Issuer, as the
case may be, in good faith and in its sole discretion, and as will leave the Administrative Agent,
such Lender or the L/C Issuer in no worse position than it would be in if no such Indemnified Taxes
or Other Taxes had been imposed and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Borrower, upon the
request of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid
over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent, such Lender or the L/C Issuer in the event the
Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such
Governmental Authority. This subsection shall not be construed to require the Administrative
Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Borrower or any other Person.

     3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates
based upon the Eurodollar Rate, then, on written notice thereof by such Lender to the Borrower
through the Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate
Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender
notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from
such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all
Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest
Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to
such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate
Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the
amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if such
designation will avoid the need for such notice and will not, in the good faith judgment of such
Lender, otherwise be materially disadvantageous to such Lender.

     3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason
adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan, or that the Eurodollar Rate for
any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately
and fairly reflect the cost to such Lenders of funding such Loan, the Administrative

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

     3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

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

     (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer; or

     (ii) impose on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender or any Letter of Credit or participation therein;

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

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

     (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer
setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its

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holding company, as the case may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such
Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof.

     (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer
to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or the L/C Issuer’s right to demand such compensation,
provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer
pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions
suffered more than six months prior to the date that such Lender or the L/C Issuer, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the
six-month period referred to above shall be extended to include the period of retroactive effect
thereof).

     (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long
as such Lender shall be required to maintain reserves with respect to liabilities or assets
consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), which shall be due and payable
on each date on which interest is payable on such Loan, provided the Borrower shall have
received at least 15 days’ prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender. If a Lender fails to give notice 15 days prior to the
relevant Interest Payment Date, such additional interest shall be due and payable 15 days from
receipt of such notice.

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

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

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

     (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.16;

including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate

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the
deposits from which such funds were obtained. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the
Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded.

     3.06 Matters Applicable to all Requests for Compensation.

     (a) A certificate of the Administrative Agent or any Lender claiming compensation or other
amounts under this Article III and setting forth the additional amount or amounts to be
paid to it hereunder shall be conclusive in the absence of manifest error. In determining such
amount, the Administrative Agent or such Lender may use any reasonable averaging and attribution
methods.

     (b) Upon any Lender’s making a claim for compensation under Section 3.01 or
3.04, the Borrower may replace such Lender in accordance with Section 10.14.

     3.07 Survival.

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

ARTICLE IV.

CONDITIONS PRECEDENT TO Credit Extensions

     4.01 Conditions of Initial Credit Extension. The obligation of each Lender to make its
initial Credit Extension hereunder is subject to satisfaction (or waiver) of the following
conditions precedent:

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

     (i) executed counterparts of this Agreement and the Reaffirmation And Assumption
Agreement, sufficient in number for distribution to the Administrative Agent, each Lender
and the Borrower;

     (ii) a Note executed by the Borrower in favor of each Lender requesting a Note,
provided, that each such Lender has returned its Note received pursuant to the Existing
Credit Agreement, if any, as required by Section 2.11;

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

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

     (v) favorable opinions of (A) Vinson & Elkins L.L.P., outside counsel to the Borrower,
and (B) John Glancy, General Counsel of the Borrower, in each case addressed to the
Administrative Agent and each Lender, as to the matters set forth in Exhibit F and
such other matters concerning the Loan Parties and the Loan Documents as the Administrative
Agent or the Required Lenders may reasonably request;

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

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

     (viii) a duly completed Borrowing Base Certificate as of December 31, 2007;

     (ix) a duly completed Compliance Certificate as of December 31, 2007, signed by a
Responsible Officer of the Borrower;

     (x) evidence that all insurance required to be maintained pursuant to the Loan
Documents has been obtained and is in effect;

     (xi) evidence that, subject to the initial Borrowing hereunder, the excess of the
Existing Lenders’ Existing Loans made under the Original Credit Agreement which shall not
remain outstanding on and after the Closing Date as Loans under this Agreement shall have
been repaid in full;

     (xii) evidence that all of the Aggregate Commitments shall have been obtained and are
in effect ; and

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     (xiii) such other assurances, certificates, documents, consents or opinions as the
Administrative Agent, the L/C Issuer or the Required Lenders reasonably may require.

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

     (c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable
fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if
requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date.

     (d) All governmental and third party approvals (including landlords’ and other consents)
necessary in connection with the continuing operations of the Loan Parties and the transactions
contemplated hereby shall have been obtained and be in full force and effect, and all applicable
waiting periods shall have expired without any action being taken or threatened by any competent
authority which would restrain, prevent or otherwise impose adverse conditions on the financing
contemplated hereby.

     (e) The Administrative Agent shall have received the results of a recent lien, tax lien,
judgment and litigation search in each of the jurisdictions or offices in which UCC financing
statements or other filings or recordations should be made to evidence or perfect (with the
priority required under the Loan Documents) security interests in the Collateral, and such search
shall be reasonably satisfactory to the Lenders.

     (f) Each document (including, without limitation, any UCC financing statement) required by the
Guarantee and Collateral Agreement or under law or reasonably requested by the Administrative Agent
to be filed, registered or recorded in order to create in favor of the Administrative Agent, for
the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and
superior in right to any other Person (other than with respect to Permitted Liens), shall have been
filed, registered or recorded or shall have been delivered to the Administrative Agent in proper
form for filing, registration or recordation.

     (g) There shall be no litigation, public or private, or administrative proceedings,
governmental investigation or other legal or regulatory developments, actual or threatened, that,
singly or in the aggregate, would reasonably be expected to result in a Material Adverse Effect on
the Borrower and its Subsidiaries, taken as a whole, or would materially and adversely affect the
ability of the Borrower and its Subsidiaries to fully and timely perform their respective
obligations under the Loan Documents, or the rights and remedies of the Administrative Agent or the
Lenders under the Loan Documents.

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

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     4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request
for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other
Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:

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

     (b) No Default shall exist, or would result from such proposed Credit Extension.

     (c) The Administrative Agent and, if applicable, the L/C Issuer shall have received a Request
for Credit Extension in accordance with the requirements hereof.

     (d) the Total Outstandings, after giving effect to such Credit Extension, shall not exceed the
lesser of (x) the Borrowing Base and (y) the Aggregate Commitments then in effect.

     Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of
Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall
be deemed to be a representation and warranty that the conditions specified in Sections
4.02(a) and (b) have been satisfied (or waived) on and as of the date of the applicable
Credit Extension.

ARTICLE V.

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Administrative Agent and the Lenders that:

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

     5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan
Party of each Loan Document to which such Person is party, have been duly

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authorized by all
necessary corporate or other organizational action, and do not and will not (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, (i) any Contractual Obligation to which such
Person is a party or (ii) any order, injunction, writ or
decree of any Governmental Authority or any arbitral award to which such Person or its
property is subject; or (c) violate any Law.

     5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, any Loan Party of this Agreement or any other Loan Document, except for
those that have previously been obtained and are currently in full force and effect.

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

     5.05 Financial Statements; No Material Adverse Effect.

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

     (b) The unaudited consolidated balance sheet of the Borrower and its Consolidated Subsidiaries
dated September 30, 2007, and the related consolidated statements of income or operations,
Shareholders’ Equity and cash flows for the fiscal quarter ended on that date (i) were prepared in
accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein, and (ii) fairly present the financial condition of the Borrower
and its Consolidated Subsidiaries as of the date thereof and their results of operations for the
period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes
and to normal year-end audit adjustments. Such unaudited consolidated balance sheet sets forth all
material indebtedness and other liabilities, direct or contingent, of the Borrower and its
Consolidated Subsidiaries as of the date of such financial statements, including liabilities for
taxes, material commitments and Indebtedness.

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

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

     5.07 No Default. Neither the Borrower nor any Restricted Subsidiary is in default under or
with respect to any Contractual Obligation that would, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is
continuing or would result from the consummation of the transactions contemplated by this Agreement
or any other Loan Document.

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

     5.09 Environmental Matters. The Borrower and its Subsidiaries conduct in the ordinary course
of business a review of the effect of existing Environmental Laws and pending or threatened claims
alleging potential Environmental Liability on their respective businesses, operations and
properties, and as a result thereof the Borrower has reasonably concluded that, except as
specifically disclosed in Schedule 5.09, and after taking into account the availability of
any insurance proceeds or other amounts recovered from third parties, such Environmental Laws and
claims could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

     5.10 Insurance. The properties of the Borrower and its Restricted Subsidiaries are insured
with financially sound and reputable insurance companies not Affiliates of the Borrower, in such
amounts, with such deductibles and covering such risks as are customarily carried by companies
engaged in similar businesses and owning similar properties in localities where the Borrower or the
applicable Subsidiary operates.

     5.11 Taxes. The Borrower and its Subsidiaries have filed all Federal and state income tax
returns and other material tax returns and reports required to be filed, and have paid all Federal
and state income taxes and other material taxes, assessments, fees and other governmental charges
levied or imposed upon them or their properties, income or assets otherwise due and payable, except
(a) those which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been

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provided in accordance with GAAP or (b) to the extent
that a failure to do so would not reasonably be expected to result in a Material Adverse Effect.
There is no proposed tax assessment against the Borrower or any Subsidiary that would, if made,
have a Material Adverse Effect.

     5.12 ERISA Compliance.

     (a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under
Section 401(a) of the Code (i) has received a favorable determination letter from the IRS, (ii) has
outstanding an application for such a letter that is currently being processed by the IRS with
respect thereto, or (iii) has a remedial amendment period for submitting such an application that
has not closed. To the best knowledge of the Borrower, nothing has occurred which would prevent,
or cause the loss of, Plan qualification. The Borrower and each ERISA Affiliate have made all
required contributions to each Plan subject to Section 412 of the Code, and no application for a
funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has
been made with respect to any Plan.

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

     (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) neither the
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under
Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent
under Section 4007 of ERISA and normal funding obligations); (iii) neither the Borrower nor any
ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such
liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv)
neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to
Sections 4069 or 4212(c) of ERISA.

     5.13 Subsidiaries. The Borrower has no Subsidiaries other than those specifically disclosed
in Part (a) of Schedule 5.13 and has no equity investments in any other corporation or
entity other than those specifically disclosed in Part(b) of Schedule 5.13, in each case,
other than as otherwise subsequently disclosed to the Administrative Agent in accordance with the
terms of Loan Documents.

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

     (a) The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

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     (b) None of the Borrower, any Person Controlling the Borrower, or any Restricted Subsidiary
(i) is a “holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of
a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the
Public Utilities Holding Company Act of 2005, as amended, or (ii) is or is
required to be registered as an “investment company” under the Investment Company Act of 1940.

     5.15 Disclosure. All information, other than projections, which has been or is hereafter made
available to the Administrative Agent or the Lenders by the Borrower or any Restricted Subsidiary
in accordance with the terms of this Agreement or any other Loan Document is and will be complete
and correct in all material respects. No report, financial statement, certificate or other
information furnished (in writing) by or on behalf of any Loan Party to the Administrative Agent or
any Lender in connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder (as modified or supplemented by other information so furnished)
contains any material misstatement of fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that, with respect to projected financial information, the Borrower
represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time.

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

     5.17 Guarantee and Collateral Agreement. The Guarantee and Collateral Agreement is effective
to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal,
valid, binding and enforceable security interest in the Collateral described therein, prior to all
other Liens except Permitted Liens.

     5.18 Solvency. Each Loan Party is, and after giving effect to all Indebtedness and
obligations being incurred in connection herewith will be and will continue to be, Solvent.

     5.19 Use of Proceeds. The Borrower intends to use the proceeds of the Credit Extensions for
working capital, capital expenditures and general corporate purposes (including Permitted
Acquisitions) not in contravention of any Law or of any Loan Document and to refinance all amounts
owing under the Original Credit Agreement.

ARTICLE VI.

AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the
Borrower shall, and shall (except in the case of the covenants set forth in

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Sections 6.01,
6.02, 6.03, 6.09, 6.11, 6.13 and 6.14) cause each
Subsidiary, or, where specifically limited in a covenant, each Restricted Subsidiary to:

     6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and
detail reasonably satisfactory to the Administrative Agent:

     (a) as soon as available, but in any event within 90 days after the end of each fiscal year of
the Borrower (commencing with the fiscal year ended December 31, 2007), a consolidated balance
sheet of the Borrower, its Consolidated Subsidiaries, and at any time that the MLP Parties (x) are
not then consolidated or (y) are required to file periodic reports with the SEC, the MLP Parties as
at the end of such fiscal year, and the related consolidated statements of income or operations,
Shareholders’ Equity and cash flows for such fiscal year, setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which
report and opinion shall be prepared in accordance with generally accepted auditing standards and
shall not be subject to any “going concern” or like qualification or exception or any qualification
or exception as to the scope of such audit; and

     (b) as soon as available, but in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended
March 31, 2008), a consolidated balance sheet of the Borrower, its Subsidiaries, and at any time
that the MLP Parties (x) are not then consolidated or (y) are required to file periodic reports
with the SEC, the MLP Parties as at the end of such fiscal quarter, and the related consolidated
statements of income or operations, Shareholders’ Equity and cash flows for such fiscal quarter and
for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative
form the figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail and certified by a
Responsible Officer of the Borrower as fairly presenting the financial condition, results of
operations, Shareholders’ Equity and cash flows of the Borrower, its Subsidiaries, and at any time
that the MLP Parties (x) are not then consolidated or (y) are required to file periodic reports
with the SEC, the MLP Parties in accordance with GAAP, subject only to normal year-end audit
adjustments and the absence of footnotes.

     As to any information contained in materials furnished pursuant to Section 6.02(d), the
Borrower shall not be separately required to furnish such information under clause (a) or (b)
above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish
the information and materials described in subsections (a) and (b) above at the times specified
therein. As to the information and materials described in subsections (a) and (b) above, the
Borrower shall provide, on an unaudited basis, corresponding consolidating financial statements.
As to the information and materials described in subsections (a) and (b) above, the Borrower shall
provide, on an unaudited basis, corresponding information and materials representative of the
Borrower and the Loan Parties (excluding therefrom any amounts attributable to the Unrestricted
Subsidiaries).

     6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in
form and detail reasonably satisfactory to the Administrative Agent:

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     (a) concurrently with the delivery of the financial statements referred to in
Sections 6.01(a) and (b) (commencing with the delivery of the financial statements
for the fiscal
year ended December 31, 2007), a duly completed Compliance Certificate signed by a Responsible
Officer of the Borrower;

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

     (c) promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of the Borrower, and copies of
all annual, regular, periodic and special reports and registration statements which the Borrower
may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange
Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant
hereto;

     (d) promptly after the furnishing thereof, copies of any statement or report furnished to any
holder of debt securities of any Loan Party or any Restricted Subsidiary thereof pursuant to the
terms of any indenture, loan or credit or similar agreement and not otherwise required to be
furnished to the Lenders pursuant to Section 6.01 or any other clause of this Section
6.02;

     (e) promptly, and in any event within five Business Days after receipt thereof by any Loan
Party or any Restricted Subsidiary thereof, copies of each notice or other correspondence received
from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any
investigation or possible investigation or other material inquiry by such agency regarding
financial or other operational results of any Loan Party or any Restricted Subsidiary thereof; and

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

     Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(c) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on
the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or
(ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet
website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided
that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or
any Lender that requests the Borrower to deliver such paper copies until a written request to cease
delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower
shall notify (which may be by facsimile or electronic mail) the Administrative Agent

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and each
Lender of the posting of any such documents and provide to the Administrative Agent by electronic
mail electronic versions (i.e., soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper
copies of the Compliance Certificates required by Section 6.02(a) to the Administrative
Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrower with any such request for
delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

     The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders and the L/C Issuer materials and/or information provided by or on
behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to
receive material non-public information with respect to the Borrower or its Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other
market-related activities with respect to such Persons’ securities. The Borrower hereby agrees
that it will use commercially reasonable efforts to identify that portion of the Borrower Materials
that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be
clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the
Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, the L/C Issuer
and the Lenders to treat such Borrower Materials as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the Borrower or its
securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 10.08); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor;” and
(z) the Administrative Agent and the Arranger shall treat any Borrower Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Investor.”

     6.03 Notices. Promptly, but in any event within five Business Days of the date on which any
Responsible Officer of the Borrower or any Restricted Subsidiary obtains knowledge thereof, notify
the Administrative Agent and each Lender:

     (a) of the occurrence of any Default;

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

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     (c) of the occurrence of any ERISA Event; and

     (d) of any material change in accounting policies or financial reporting practices by the
Borrower or any Restricted Subsidiary.

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

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

     6.05 Preservation of Existence, Etc.

     (a) Preserve, renew and maintain in full force and effect the legal existence and good
standing of the Borrower and each Restricted Subsidiary under the Laws of the applicable
jurisdiction of organization except in a transaction permitted by Section 7.04 or
7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses
and franchises necessary or desirable in the normal conduct of the business of the Borrower and
each Restricted Subsidiary, except to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect; and (c) preserve or renew all of the registered
patents, trademarks, trade names and service marks of the Borrower and each Restricted Subsidiary,
the non-preservation of which would reasonably be expected to have a Material Adverse Effect.

     6.06 Maintenance of Properties.

     Except with respect to transactions permitted by Section 7.04 or 7.05, (a)
maintain, preserve and protect all material properties and equipment necessary in the operation of
the Borrower’s or any Restricted Subsidiary’s business in good working order and condition,
ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and
replacements thereof except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation
and maintenance of all facilities of the Borrower and the Restricted Subsidiaries.

     6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance
companies not Affiliates of the Borrower, insurance with respect to properties and business of the
Borrower and each Restricted Subsidiary against loss or damage of the kinds customarily insured
against by Persons engaged in the same or similar business, of such types and in such amounts as
are customarily carried under similar circumstances by
such other

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Persons and providing for not less than 30 days’ prior notice to the Administrative
Agent of termination, lapse or cancellation of such insurance.

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

     6.09 Books and Records. Maintain (a) proper books of record and account, in which full, true
and correct entries in conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of the Borrower or any Restricted
Subsidiary, as the case may be, and (b) such books of record and account in material conformity
with all applicable requirements of any Governmental Authority having regulatory jurisdiction over
the Borrower or any Restricted Subsidiary, as the case may be.

     6.10 Inspection Rights. Permit representatives and independent contractors of the
Administrative Agent and each Lender to concurrently visit and inspect any of the properties of the
Borrower or any Restricted Subsidiary, to examine the corporate, financial and operating records of
the Borrower or any Restricted Subsidiary, and make copies thereof or abstracts therefrom, and to
discuss the affairs, finances and accounts of the Borrower or any Restricted Subsidiary with the
directors, officers, and independent public accountants of the Borrower or such Restricted
Subsidiary, the reasonable expenses incurred by the Administrative Agent in connection therewith to
be paid by the Borrower, at such reasonable times during normal business hours so long as no
Default or Event of Default shall have occurred and be continuing, not more than twice during any
calendar year, in each case upon reasonable advance notice to the Borrower; provided,
however, that when an Event of Default exists the Administrative Agent or any Lender (or
any of their respective representatives or independent contractors) may do any of the foregoing at
the expense of the Borrower at any time as often as may be reasonably desired during normal
business hours and without advance notice.

     6.11 Use of Proceeds. Use the proceeds of the Credit Extensions in accordance with
Section 5.19.

     6.12 Additional Guarantors. Notify the Administrative Agent at the time that any Person
becomes a Restricted Subsidiary, and promptly thereafter (and in any event within 30 days), cause
such Person to (a) become a Guarantor by executing and delivering to the Administrative Agent a
counterpart of the Guarantee and Collateral Agreement or such other document as the Administrative
Agent shall reasonably deem appropriate for such purpose, and (b) upon the request of the
Administrative Agent, deliver to the Administrative Agent documents of the types referred to in
clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to such Person
(which shall cover, among other things, the legality, validity, binding effect and enforceability
of the documentation referred
to in clause (a)), all in form, content and scope reasonably satisfactory to the
Administrative Agent.

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     6.13 Borrowing Base Certificate and Related Reports. The Borrower shall deliver or cause to
be delivered (at the expense of the Borrower) to the Administrative Agent the following:

     (a) in no event less frequently than 30 days after the end of each month for the month most
recently ended, a Borrowing Base Certificate from the Borrower accompanied by such supporting
detail and documentation as shall be requested by the Administrative Agent in its reasonable credit
judgment;

     (b) upon request by the Administrative Agent, and in no event less frequently than 30 days
after the end of (i) each month, a monthly trial balance showing Receivables outstanding aged from
the statement date as follows: 1 to 30 days, 31 to 60 days, 61 to 90 days and 91 days or more,
accompanied by a comparison to the prior month’s trial balance and such supporting detail and
documentation as shall be requested by the Administrative Agent in its reasonable credit judgment
and (ii) each quarter, a summary of Eligible Inventory and Eligible Product in Transit by location
and type accompanied by such supporting detail and documentation as shall be requested by the
Administrative Agent in its reasonable credit judgment (in each case, together with a copy of all
or any part of such delivery requested by any Lender in writing after the Closing Date);

     (c) on the date any Borrowing Base Certificate is delivered pursuant to Section
6.13(a), a collateral report with respect to the Loan Parties, including all additions and
reductions (cash and non-cash) with respect to Receivables of the Loan Parties, accompanied by such
supporting detail and documentation as shall be requested by the Administrative Agent in its
reasonable credit judgment;

     (d) at each time of delivery of financial statements pursuant to Section 6.01(a) or
(b): (i) a reconciliation of the Receivables trial balance and quarter-end Eligible
Inventory reports of the Loan Parties to the general ledger of the Loan Parties, in each case,
accompanied by such supporting detail and documentation as shall be requested by the Administrative
Agent in its reasonable credit judgment, and (ii) a general description of any property included in
the Collateral that has been disposed of other than in the ordinary course of business since the
date of the most recent collateral audit conducted pursuant to Section 6.13(e) and the
aggregate book value thereof;

     (e) on or before June 30 of each calendar year, a collateral audit to be conducted by an
auditor (which may include any Agent-Related Person), and in form, scope and substance, reasonably
satisfactory to the Administrative Agent; and

     (f) such other reports, statements and reconciliations with respect to the Borrowing Base or
Collateral of any or all Loan Parties as the Administrative Agent shall from time to time request
in its reasonable credit judgment.

     The delivery of each certificate and report or any other information delivered pursuant to
this Section 6.13 shall constitute a representation and warranty by the Borrower that the
statements and information contained therein are true and correct in all material respects on
and as of such date.

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     6.14 Borrowing Base Verification. Any of the Administrative Agent’s officers, employees or
agents (which shall include any Agent-Related Person) shall have the right, not more than two times
in any calendar year during normal business hours (or at any time during normal business hours when
an Event of Default shall have occurred and be continuing), in the name of the Administrative
Agent, any designee of the Administrative Agent or the Borrower, to verify the validity, amount or
any other matter relating to Receivables, Eligible Inventory or Eligible Product in Transit by
mail, telephone, electronic communication, personal inspection or otherwise. The Borrower shall
take reasonable steps necessary to cooperate with the Administrative Agent in an effort to
facilitate and promptly conclude any such verification process. Notwithstanding the foregoing,
none of the Administrative Agent’s officers, employees or agents (which shall include any
Agent-Related Person) shall have the right to contact any third parties without the prior consent
of the Borrower (which consent may be granted or withheld in the Borrower’s sole discretion);
provided that no such consent shall be required following the occurrence and during the
continuance of an Event of Default. For the avoidance of doubt, any rights granted under this
Section 6.14 to any of the Administrative Agent’s officers, employees or agents (which
shall include any Agent-Related Person), shall be in addition to, and in supplement of, any rights
granted pursuant to Section 6.10.

     6.15 Further Assurances. From time to time execute and deliver, or cause to be executed and
delivered, such additional instruments, certificates or documents, and take all such actions, as
the Administrative Agent may reasonably request for the purposes of implementing or effectuating
the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or
renewing the rights of the Administrative Agent and the Lenders with respect to the Collateral (or
with respect to any additions thereto or replacements or proceeds or products thereof or with
respect to any other property or assets hereafter acquired by the Borrower or any Restricted
Subsidiary which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the
exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy
pursuant to this Agreement or the other Loan Documents which requires any consent, approval,
recording, qualification or authorization of any Governmental Authority, the Borrower will execute
and deliver, or will cause the execution and delivery of, all applications, certifications,
instruments and other documents and papers that the Administrative Agent or such Lender may be
required to obtain from the Borrower or any of its Restricted Subsidiaries for such governmental
consent, approval, recording, qualification or authorization.

     6.16 Designation of Subsidiaries. The board of directors of the Borrower may at any time
designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as
a Restricted Subsidiary, subject in each case to the definitions of Restricted Subsidiary and
Unrestricted Subsidiary; provided that each Restricted Subsidiary shall at all times be a
Guarantor under the Guarantee and Collateral Agreement and, provided further, that
except for the Subsidiaries listed on Schedule 6.16 hereof which are, as of the date hereof
and until designated otherwise in accordance with
the terms hereof, Unrestricted Subsidiaries, no designation by the board of directors of the
Borrower of any Restricted Subsidiary as an Unrestricted Subsidiary shall be effective unless:

     (a) the Borrower shall have delivered to the Administrative Agent written notice of
such designation, together with (i) a Borrowing Base Certificate, calculating the Borrowing
Base as of the date of the proposed effectiveness of such designation,

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demonstrating that
the Total Outstandings will not exceed the Borrowing Base after giving effect to such
designation (and any applicable prepayment of Total Outstandings pursuant to Section
2.05(b))and (ii) a certificate, dated the date of such designation, setting forth
reasonably detailed calculations demonstrating pro forma compliance with the financial
covenants set forth in Section 7.11 after giving effect to such designation; and

     (b) immediately before and after giving effect to such designation, no Default or Event
of Default shall have occurred and be continuing.

     For avoidance of doubt, the designation of any Restricted Subsidiary as an Unrestricted
Subsidiary shall constitute for purposes of Sections 7.02 and 7.06 an Investment
therein as of the date of such designation in an amount equal to the net book value of the
Borrower’s or the applicable Restricted Subsidiary’s investment therein, and the designation of any
Unrestricted Subsidiary as a Restricted Subsidiary shall constitute, inter alia, the incurrence at
the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time.

     6.17 Post-Closing Obligations. Within 30 Business Days following the Closing Date, deliver or cause to be delivered (a)
account control agreements, duly executed and delivered by Bank of America, N.A. for each of the
following entities and accounts: (i) Holly Refining & Marketing Company (Acct # 442-632-5970), and
(ii) Holly Refining & Marketing Company (Acct # 442-632-7143) and (b) an updated perfection
certificate, each in form and substance reasonably satisfactory to the Administrative Agent.

ARTICLE VII.

NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the
Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly:

     7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or
revenues, whether now owned or hereafter acquired, other than the following (collectively,
“Permitted Liens”):

     (a) Liens securing the Obligations pursuant to any Loan Document;

     (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or
extensions thereof, provided that the property covered thereby is not increased and any
renewal or extension of the obligations secured or benefited thereby is permitted by Section
7.03(b);

     (c) Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP;

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     (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period of more than 30 days
or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person;

     (e) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien
imposed by ERISA;

     (f) deposits to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or
litigation), performance bonds and other obligations of a like nature incurred in the ordinary
course of business;

     (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do not in any case
materially detract from the value of the property subject thereto or materially interfere with the
ordinary conduct of the business of the applicable Person;

     (h) Liens securing Indebtedness permitted under Section 7.03(e); provided that
(i) such Liens do not at any time encumber any property other than the property financed by such
Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market
value, whichever is lower, of the property being acquired on the date of acquisition;

     (i) Liens on property of a Person existing at the time such Person is acquired or merged into
or consolidated with any Loan Party to the extent such acquisition, merger or consolidation is
otherwise permitted hereunder; provided that such Liens (i) are not created in anticipation
or contemplation of such acquisition, merger or consolidation, (ii) do not extend to property not
subject to such Liens at the time of such acquisition, merger or consolidation, (iii) are not more
favorable to the applicable lienholders than their existing Liens and (iv) secure Indebtedness or
other obligations in an aggregate amount not to exceed $25,000,000;

     (j) Liens of producers arising in the ordinary course of business under the New Mexico Oil and
Gas Products Lien Act or any similar statute in any other jurisdiction or under section 9-319 of
the UCC in effect in the States of Texas, Kansas, Montana, Utah and Wyoming or any other applicable
jurisdiction;

     (k) Liens on cash and Cash Equivalents securing Swap Contracts; provided that the
aggregate amount of cash and Cash Equivalents subject to such Liens may at no time exceed
$10,000,000; and

     (l) other Liens securing obligations in an aggregate amount not to exceed $25,000,000;
provided that such Liens do not in the aggregate materially detract from the value of any Loan
Party’s assets or materially impair the use thereof in the operation of its business.

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     7.02 Investments. Make any Investments, except:

     (a) Investments held by the Borrower or such Subsidiary in the form of Cash Equivalents;

     (b) advances to officers, directors and employees of the Borrower and its Subsidiaries in an
aggregate amount not to exceed $2,500,000 at any time outstanding, for travel, entertainment,
relocation and analogous ordinary business purposes;

     (c) Investments of the Borrower in any Guarantor (other than Joint Venture Investments) and
Investments of any Guarantor in the Borrower or in another Guarantor (other than Joint Venture
Investments);

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

     (e) Investments (including Joint Venture Investments) outstanding on the date hereof and
identified on Schedule 7.02;

     (f) Investments in any MLP Party in the form of debt instruments or equity interests issued by
such MLP Party that are received in consideration for logistics assets of the Borrower or any
Restricted Subsidiary; provided that fair market value is received by the Borrower and its
Restricted Subsidiaries in consideration for such assets;

     (g) Investments in UNEV Pipeline in an aggregate amount not in excess of $270,000,000;

     (h) other Joint Venture Investments in an aggregate amount not to exceed $25,000,000;

     (i) Guarantees permitted by Section 7.03;

     (j) Investments (other than Joint Venture Investments) consisting of Permitted Acquisitions;
and

     (k) other Investments (other than Joint Venture Investments) in an aggregate amount not to
exceed $25,000,000.

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

     (a) Indebtedness under the Loan Documents;

     (b) Indebtedness outstanding on the date hereof and listed on Schedule 7.03 and any
refinancings, refundings, renewals or extensions thereof; provided that (i) the amount of
such Indebtedness to be refinanced, refunded, renewed or extended is not increased at the time of
such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium

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or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such
refinancing and by an amount equal to any existing commitments unutilized thereunder and (ii) any
such refinancing, refunding, renewal or extension of Indebtedness that is subordinated to the
Obligations shall continue to be subordinated to the Obligations on terms no less favorable to the
Lenders than the terms of such Indebtedness to be refinanced, refunded, renewed or extended;

     (c) Guarantees of any Loan Party in respect of Indebtedness of any other Loan Party otherwise
permitted hereunder;

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

     (e) Indebtedness in respect of capital leases, Synthetic Lease Obligations and purchase money
obligations for fixed or capital assets within the limitations set forth in Section
7.01(h); provided, however, that the aggregate amount of all such Indebtedness
at any one time outstanding shall not exceed $25,000,000;

     (f) Indebtedness of any Person existing at the time such Person is acquired or merged into or
consolidated with any Loan Party to the extent such acquisition, merger or consolidation is
otherwise permitted hereunder and any refinancings, refundings, renewals or extensions thereof;
provided that (i) any Liens in respect of such Indebtedness are otherwise permitted under Section 7.01(i), (ii) such
Indebtedness is not incurred in anticipation or contemplation of such acquisition, merger or
consolidation and (iii) with respect to any refinancings, refundings, renewals or extensions, the
amount of such Indebtedness to be refinanced, refunded, renewed or extended is not increased at the
time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection
with such refinancing and by an amount equal to any existing commitments unutilized thereunder;

     (g) secured Indebtedness in an aggregate principal amount not to exceed $25,000,000 at any
time outstanding;

     (h) Permitted Unsecured Indebtedness; and

     (i) obligations (contingent or otherwise) of the Borrower or any Subsidiary existing or
arising under the Indemnification Agreements in an aggregate amount not to exceed $210 million.

     7.04 Fundamental Changes. Except as otherwise permitted by Section 7.05, merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series
of transactions) all or substantially all of its assets (whether now owned

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or hereafter acquired)
to or in favor of any Person, except that, so long as no Default exists or would result therefrom:

     (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall
be the continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided
that when any Guarantor is merging with another Subsidiary which is not a Guarantor, the Guarantor
shall be the continuing or surviving Person; and

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

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

     (a) Dispositions of obsolete or other property that is no longer materially beneficial in its
business, whether now owned or hereafter acquired, in the ordinary course of business;

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

     (c) Dispositions of equipment or real property to the extent that (i) such property is
exchanged for credit against the purchase price of other property used in the ordinary course of
business or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase
price of such other property;

     (d) Dispositions of property by any Subsidiary to the Borrower or by any Loan Party to any
other Loan Party;

     (e) Dispositions consisting of Investments permitted by Section 7.02(a);

     (f) Dispositions (i) permitted by Section 7.04 or (ii) described on Schedule
7.05;

     (g) Dispositions by the Borrower and its Restricted Subsidiaries (i) of logistics assets and
other master limited partnership qualifying assets (which shall not include, in any event, any
refineries owned by the Borrower and/or its Restricted Subsidiaries on the date hereof) of the
Borrower or any such Restricted Subsidiary to any MLP
Party (subject to the receipt of cash or the other consideration described in Section
7.02(f)) and (ii) not otherwise permitted under this Section 7.05; provided
that (A) at the time of such Disposition, no Default shall exist or would result from such
Disposition and (B) except with respect to Dispositions of assets to any MLP Party pursuant to the
MLP Documents or otherwise permitted under clause (i) above, the aggregate book value of all
property Disposed of in reliance on this clause (g) in any fiscal year shall not exceed
$25,000,000;

     (h) Dispositions by the Borrower or any Restricted Subsidiary of assets in a Sale and
Leaseback Transaction if and to the extent that the corresponding lease obligation is permitted
under Section 7.03(e); and

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     (i) the Disposition of Holly UNEV pursuant to the terms set forth in the Option Agreement
dated as of January 31, 2008, by and among the Borrower, Holly UNEV, Navajo Pipeline Co., L.P., a
Delaware limited partnership, Holly Logistic Services, L.L.C., a Delaware limited liability
company, HEP Logistics Holdings, L.P., a Delaware limited partnership, Holly Energy Partners, HEP
Logistics GP, L.L.C., a Delaware limited liability company, and Holly Energy Partners Operating,
L.P., a Delaware limited partnership.

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

     7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that:

     (a) each Subsidiary may make Restricted Payments to the Borrower and any Guarantor (and, in
the case of a Restricted Payment by a non-wholly-owned Subsidiary, to the Borrower and any
Subsidiary and to each other owner of capital stock or other equity interests of such Subsidiary on
a pro rata basis based on their relative ownership interests);

     (b) the Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common equity interests of such Person;

     (c) the Borrower and each Subsidiary may purchase, redeem or otherwise acquire shares of its
common stock or other common equity interests or warrants or options to acquire any such shares
with the proceeds received from the substantially concurrent issue of new shares of its common
stock or other common equity interests; and

     (d) the Borrower may declare or pay cash dividends to its stockholders and purchase, redeem or
otherwise acquire shares of its capital stock or warrants, rights or options to acquire any such
shares for cash in an aggregate amount of all such dividends, purchases, redemptions and other
acquisitions made after the Closing Date not to exceed the sum of (x) $300,000,000, plus
(y) an amount equal to 50% of Consolidated Net Income of the Borrower and its Restricted
Subsidiaries arising after December 31, 2007, plus (z) an amount equal to 50% of the
aggregate increases in Shareholders’ Equity of the Borrower and its Restricted Subsidiaries arising
after December 31, 2007 by reason of the issuance and sale of capital stock or other equity
interests of the Borrower or any Restricted Subsidiary (other than issuances to the Borrower or any
Restricted Subsidiary), including upon any conversion of debt securities of the Borrower into such
capital stock or other equity interests, and computed on a cumulative consolidated basis with other
such transactions by the Borrower since that date; provided that immediately after giving
effect to such proposed action, no Default would exist.

     7.07 Change in Nature of Business. Engage in any material line of business substantially different from those lines of
business conducted by the Borrower and its Restricted Subsidiaries on the date hereof or any
business substantially related or incidental thereto.

     7.08 Transactions with Affiliates. Except as set forth on Schedule 7.08, enter into any transaction of any kind with
any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on
fair and reasonable terms substantially as favorable to the

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Borrower or such Restricted Subsidiary
as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable
arm’s length transaction with a Person other than an Affiliate.

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

     7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of
Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying
margin stock or to refund indebtedness originally incurred for such purpose or for any other
purpose not specifically permitted hereunder.

     7.11 Financial Covenants.

     (a) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage
Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.00:1.00.

     (b) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at any time
during any period of four fiscal quarters of the Borrower set forth below to be greater than
3.50:1.00.

     7.12 Fiscal Periods. Change its fiscal year, any fiscal quarter or any other fiscal period.

     7.13 Change Name; State of Formation. Without having given the Administrative Agent not less than 10 Business Days’ prior written
notice thereof and after having executed and delivered to the Administrative Agent such further
instruments and documents in connection therewith as may be required by the Administrative Agent,
change the Borrower’s or any Guarantor’s name, reincorporate, reform or otherwise reorganize the
Borrower or any Guarantor, or change the Borrower’s or any Guarantor’s jurisdiction of
organization.

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ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

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

     (a) Non-Payment. The Borrower or any other Loan Party (as applicable) fails to pay
(i) when and as required to be paid herein, any amount of principal of any Loan or any L/C
Obligation, or (ii) within five days after the same becomes due, any interest on any Loan or on any
L/C Obligation, or any fee due hereunder, or (iii) within ten days after the same becomes due, any
other amount payable hereunder or under any other Loan Document; or

     (b) Specific Covenants. The Borrower fails to perform or observe any term, covenant
or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05,
6.10, 6.11, 6.12, 6.13 or 6.14 or Article VII; or
in Section 5 (other than Sections 5.3, 5.4 and 5.5(c) thereof) of the Guarantee and Collateral
Agreement; or

     (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part
to be performed or observed and such failure continues for 30 days; provided,
however, that if such failure is not reasonably capable of cure within such 30-day period
and the Borrower has undertaken promptly to cure such failure and is thereafter diligently pursuing
such cure, the period referred to above shall be extended for an additional 30 days; or

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

     (e) Cross-Default. (i) The Borrower or any Restricted Subsidiary (A) fails to make
any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or
otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and
Indebtedness under Swap Contracts) having an aggregate principal amount for all such Indebtedness
and Guarantees (including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than $25,000,000, or (B) fails to observe or perform any other agreement or
condition relating to any such Indebtedness or Guarantee or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which
default or other event is to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or
holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such
Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under
such Swap Contract as to which the Borrower or any Restricted Subsidiary is the Defaulting Party
(as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap
Contract as to which the Borrower or any Restricted

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Subsidiary is an Affected Party (as so defined)
and, in either event, the Swap Termination Value owed by the Borrower or such Restricted Subsidiary
as a result thereof is greater than $25,000,000; or

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

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

     (h) Judgments. There is entered against the Borrower or any Restricted Subsidiary (i)
a final judgment or order for the payment of money in an aggregate amount exceeding $25,000,000 (in
each case, to the extent such final judgment or order remains unpaid or is not covered by
independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any
one or more non-monetary final judgments that have, or would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement
proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of
10 consecutive days during which a stay of enforcement of such judgment, by reason of a pending
appeal or otherwise, is not in effect; or

     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or would reasonably be expected to result in liability of the Borrower
under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of $25,000,000, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its
withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount
in excess of $25,000,000; or

     (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full
of all the Obligations, ceases to be in full force and effect; or any Loan Party (or any other
Person in any judicial or administrative proceeding to the extent that any such judicial or
administrative proceeding is not dismissed within 180 days) contests in any manner the validity or
enforceability of any Loan Document; or any Loan Party denies in writing that it has any or further
liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any
Loan Document; or

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     (k) Change of Control. There occurs any Change of Control with respect to the
Borrower; or

     (l) Security Interest; Guarantee. The Guarantee and Collateral Agreement shall cease,
for any reason (other than by reason of the express release in accordance with the terms and
conditions thereof), to be in full force and effect, or any Loan Party or any Affiliate of any Loan
Party shall so assert, or any Lien created or purported to be created under the Guarantee and
Collateral Agreement shall cease to be enforceable and of the same effect and priority created or
purported to be created thereby. The Guarantee contained in Section 2 of the Guarantee and
Collateral Agreement shall cease, for any reason (other than by reason of the express release in
accordance with the terms and conditions thereof), to be in full force and effect or any Loan Party
or any Affiliate of any Loan Party shall so assert.

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

     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;

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

     (c) require that the Borrower Cash Collateralize the L/C Obligations in accordance with
Section 2.03(g); and

     (d) subject to the terms of the Guarantee and Collateral Agreement which provide that certain
rights and remedies may only be exercised upon the occurrence and during the continuance of an
Account Control Default, exercise on behalf of itself and the Lenders all rights and remedies
available to it and the Lenders under the Loan Documents or applicable law;

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

     8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans
have automatically become immediately due and payable and the L/C Obligations have automatically
been required to be Cash Collateralized as set forth in the proviso to Section 8.02) or as
otherwise permitted under Section 6.4 of the Guarantee and Collateral

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Agreement, any amounts
received on account of the Obligations shall be applied by the Administrative Agent in the
following order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including reasonable fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders
and the L/C Issuer (including reasonable fees, charges and disbursements of counsel to the
respective Lenders and the L/C Issuer) and amounts payable under Article III, ratably among
them in proportion to the respective amounts described in this clause Second payable to
them;

     Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably
among the Lenders and the L/C Issuer in proportion to the respective amounts described in this
clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Borrowings, ratably among the Lenders in proportion to the respective amounts
described in this clause Fourth held by them;

     Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit;

     Sixth, to payment of that portion of the Obligations constituting amounts payable to
Qualified Counterparties that are Secured Parties in respect of interest rate protection Swap
Contracts and to that portion of the Obligations constituting Cash Management Obligations, in each
case, ratably among them in proportion to the respective amounts described in this clause
Sixth payable to them; and

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

Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount
of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Obligations, if any, in the order set forth above or otherwise promptly
returned to the Borrower.

ARTICLE IX.

ADMINISTRATIVE AGENT

     9.01 Appointment and Authority. (a) Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to
act on its behalf as the Administrative Agent

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hereunder and under the other Loan Documents and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article are solely
for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the
Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such
provisions.

     (b) The Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders and the L/C Issuer hereby irrevocably appoints and authorizes
the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of
acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties
to secure any of the Obligations, together with such powers and discretion as are reasonably
incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any
co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to
Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any
portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies
thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all
provisions of this Article IX and Article X (including Sections 10.04(b) and
10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral
agent” under the Loan Documents) as if set forth in full herein with respect thereto.

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

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

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

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

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

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

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

     9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any

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such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent.

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

     Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer
shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make other arrangement
satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C
Issuer with respect to such Letters of Credit.

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

     9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Persons listed on the cover
page hereof or identified on the signature pages hereto as “co-syndication agent,”
“co-documentation agent,” “co-agent,” “book manager,” “lead manager,” “arranger” or “lead arranger”
shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C
Issuer hereunder.

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

     (a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing
and unpaid and to
file such other documents as may be necessary or advisable in order to have the claims
of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer
and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(i)
and (j), 2.09 and 10.04) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Administrative Agent and, if the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
under Sections 2.09 and 10.04.

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     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the L/C Issuer or in any such proceeding.

     9.10 Collateral and Guarantee Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its
option and in its discretion,

     (a) to release any Lien on any property granted to or held by the Administrative Agent
under any Loan Document (i) upon termination of the Aggregate Commitments and payment in
full of all Obligations (other than contingent indemnification obligations) and the
expiration or termination of all Letters of Credit, (ii) that is sold or to be sold as part
of or in connection with any sale permitted hereunder or under any other Loan Document, or
(iii) subject to Section 10.01, if approved, authorized or ratified in writing by
the Required Lenders;

     (b) to subordinate any Lien on any property granted to or held by the Administrative
Agent under any Loan Document to the holder of any Lien on such property that is permitted
by Section 7.01(i); and

     (c) to release any Guarantor from its obligations under the Guarantee and Collateral
Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted
hereunder.

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Guaranty and
Collateral Agreement pursuant to this Section 9.10. In each case as specified in this
Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver
to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence
the release of such item of Collateral from the assignment and security interest granted under the
Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from
its obligations under the Guaranty and Collateral Agreement, in each case in accordance with the
terms of the Loan Documents and this Section 9.10.

     9.11 Indemnification of the Administrative Agent. To the extent required by any applicable Law, the Administrative Agent may withhold from
any payment to any Lender or the L/C Issuer an amount equivalent to any applicable withholding tax.
If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts
a claim that the Administrative Agent did
not properly withhold tax from amounts paid to or for the account of any Lender or the L/C
Issuer (because the appropriate form was not delivered, was not properly executed, or because such
Lender or the L/C Issuer failed to notify the Administrative Agent of a change in circumstances
which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other
reason), such Lender or the L/C Issuer shall indemnify and hold the Administrative Agent harmless,
and shall make payment in respect thereof within ten (10) days after demand therefor, for all
amounts paid, directly or indirectly, by the Administrative Agent,

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as tax or otherwise, including
penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable
to the Administrative Agent under this Section 9.11, together with all costs and expenses
(including attorneys fees and expenses). Each Lender and the L/C Issuer hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or
the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any
amount due to the Administrative Agent under this Section 9.11. The obligations of the
Lenders and the L/C Issuer under this Section 9.11 shall survive the payment of all
Obligations and the resignation or replacement of the Administrative Agent.

ARTICLE X.

MISCELLANEOUS

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

     (a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

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

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

     (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iii) of the final proviso to this Section 10.01) any fees
or other amounts payable hereunder or under any other Loan Document, or (subject to Section
1.03(b)) change the manner of computation of any financial ratio (including any change in any
applicable defined term) used in determining the Applicable Rate that would result in a reduction
of any interest rate on any Loan or any fee payable hereunder without the written consent of each
Lender directly affected thereby; provided, however, that only the consent of the
Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any
obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate;

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

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

     (g) except as expressly provided in Section 9.10, release any Guarantor from the
Guarantee and Collateral Agreement without the written consent of each Lender or release all or a
material part of the Collateral, in each case except to the extent expressly permitted under the
Loan Documents;

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

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

     (i) if to the Borrower, the Administrative Agent or the L/C Issuer, to the address,
telecopier number, electronic mail address or telephone number specified for such Person on
Schedule 10.02; and

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

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

          (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures

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approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

          Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     (e) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF
THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY
ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have
any liability to the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out
of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the
Internet, except to the extent that such losses, claims, damages, liabilities or expenses are
determined by a court of competent jurisdiction by a final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to the Borrower, any
Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrower, the Administrative Agent and the
L/C Issuer may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Lender may change its
address, telecopier or telephone number for notices and other communications hereunder by notice to
the Borrower, the Administrative Agent and the L/C Issuer. In addition, each Lender agrees to
notify the Administrative Agent from time to time to ensure that the Administrative Agent has on
record (i) an effective address, contact name, telephone number, telecopier number

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and electronic
mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one
individual at or on behalf of such Public Lender to at all times have selected the “Private Side
Information” or similar designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the
Borrower or its securities for purposes of United States Federal or state securities laws.

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

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

     10.04 Expenses; Indemnity; Damage Waiver. (a) Costs and Expenses. The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the
reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection
with the syndication of the credit facilities provided for herein, the
preparation, negotiation, execution, delivery and administration of this Agreement and the
other Loan Documents or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
(ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or
the L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative
Agent, any Lender or the L/C Issuer) in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all
such out-of-

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pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit.

     (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each
Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges
and disbursements of counsel for any Indemnitee), incurred by any Indemnitee or asserted against
any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any
sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of
Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or
any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or
(iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a
party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE
COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party
against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under
any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction.

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

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The obligations of the Lenders under
this subsection (c) are subject to the provisions of Section 2.12(e).

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

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

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

     10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or
any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by the Administrative Agent, the L/C
Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative
Agent upon demand its applicable share (without duplication) of any amount so recovered from or
repaid by the Administrative Agent, plus interest thereon from the date of such demand to
the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time
in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding
sentence shall survive the payment in full of the Obligations and the termination of this
Agreement.

     10.06 Successors and Assigns.

     (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that no Loan
Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender and no Lender may assign or

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otherwise
transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in
accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of subsection (f) of this Section
(and any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

     (b) Any Lender may at any time assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment and
the Loans (including for purposes of this subsection (b), participations in L/C Obligations) at the
time owing to it); provided that (i) except in the case of an assignment of the entire
remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in
the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined
in subsection (g) of this Section) with respect to a Lender, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the
Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii)
each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment
assigned; (iii) any assignment of a Commitment must be approved by the Administrative Agent and the
L/C Issuer unless the Person that is the proposed assignee is itself a Lender (whether or not the
proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 payable by the applicable assignor, and
the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. Subject to acceptance and recording thereof by the Administrative
Agent pursuant to subsection (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement
and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05, and 10.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall
execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this subsection shall be
treated for purposes of this Agreement as a sale by such

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Lender of a participation in such rights
and obligations in accordance with subsection (d) of this Section.

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

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

     (e) A Participant shall not be entitled to receive any greater payment under Section
3.01 or 3.04 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent. A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01
unless the Borrower is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrower, to comply with Section 10.14 and Section
3.01(e) as though it were a Lender.

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

     (g) As used herein, the following terms have the following meanings:

     “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an
Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the
Administrative Agent and the L/C Issuer, and (ii) unless an Event of Default has occurred
and is continuing, the Borrower (each such approval not to be unreasonably withheld or
delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

     “Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers
or manages a Lender.

     (h) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     (i) Resignation as L/C Issuer. Notwithstanding anything to the contrary contained
herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to
subsection (b) above, Bank of America may, upon 30 days’ notice to the Borrower and the Lenders,
resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be
entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided,
however, that no failure by the Borrower to appoint any such successor shall affect the
resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall
retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to
all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all
L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate
Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).

     10.07 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may

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be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisors and representatives (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other
party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this
Section or (y) becomes available to the Administrative Agent or any Lender on a nonconfidential
basis from a source other than the Borrower. For purposes of this Section, “Information”
means all information received from any Loan Party or any Subsidiary thereof relating to any Loan
Party or any Subsidiary thereof or their respective businesses, other than any such information
that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential
basis prior to disclosure by any Loan Party or any Subsidiary thereof, provided that, in
the case of information received from a Loan Party or any such Subsidiary after the date hereof,
such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same
degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

     Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the
Information may include material non-public information concerning the Borrower or a Subsidiary, as
the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance
with applicable Law, including United States Federal and state securities Laws.

     10.08 Right of Set-off. If an Event of Default shall have occurred and be continuing, each
Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by applicable law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final, in whatever currency) at
any time held and other obligations (in whatever currency) at any time owing by such Lender, the
L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower against any
and all of the obligations of the Borrower now or hereafter existing under this Agreement or any
other Loan Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or
the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and
although such obligations of the Borrower may be contingent or unmatured or are owed to a branch or
office of such Lender or the L/C Issuer different from the branch or office holding such deposit or
obligated on such indebtedness. The rights of each Lender, the L/C Issuer and their respective
Affiliates under this Section are in addition to other

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rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or
their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower
and the Administrative Agent promptly after any such setoff and application, provided that
the failure to give such notice shall not affect the validity of such setoff and application.

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

     10.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     10.11 Integration. This Agreement, together with the other Loan Documents, comprises the
complete and integrated agreement of the parties on the subject matter hereof and thereof and
supersedes all prior agreements, written or oral, on such subject matter. In the event of any
conflict between the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document
shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint
participation of the respective parties thereto and shall be construed neither against nor in favor
of any party, but rather in accordance with the fair meaning thereof.

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

     10.13 Severability. If any provision of this Agreement or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the

100

 

EXECUTION

illegal, invalid or unenforceable provisions with valid provisions the economic effect of
which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

     10.14 Replacement of Lenders. If any Lender requests compensation under Section 3.04,
or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a
Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by,
Section 10.06), all of its interests, rights and obligations under this Agreement and the
related Loan Documents to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that:

     (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b);

     (b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

     (d) such assignment does not conflict with applicable Laws.

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

     10.15 Governing Law.

     (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK;
PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING
UNDER FEDERAL LAW.

     (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE COUNTY OF NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN

101

 

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RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, THE
ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO
THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN
DOCUMENT OR OTHER DOCUMENT RELATED THERETO. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER
WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER
MEANS PERMITTED BY THE LAW OF SUCH STATE.

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

     10.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and
acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services
regarding this Agreement provided by the Administrative Agent and the Arranger are arm’s-length
commercial transactions between the Borrower and its Affiliates, on the one hand, and the
Administrative Agent and the Arranger, on the other hand, (B) the Borrower has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the
Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of
the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative
Agent and the Arranger each is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B)
neither the Administrative Agent nor the Arranger has any obligation to the Borrower or any of its
Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and the
Arranger and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower and its Affiliates, and neither the
Administrative Agent nor the Arranger has any obligation to disclose any of such interests to the
Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and
releases any claims that it may have against the Administrative

102

 

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Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby.

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

     10.19 Amendment and Restatement. It is the intention of each of the parties hereto that the
Original Credit Agreement be amended and restated so as to preserve the perfection and priority of
all security interests securing indebtedness and obligations under the Original Credit Agreement
and the other Loan Documents and that all Indebtedness and Obligations of the Borrower hereunder
and thereunder shall continue to be secured by the Security Documents. The parties hereto further
acknowledge and agree that this Agreement constitutes an amendment of the Original Credit Agreement
made under and in accordance with the terms of Section 10.01 of the Original Credit Agreement. In
addition, unless specifically amended hereby, each of the Loan Documents, the Exhibits and
Schedules shall continue in full force and effect and, from and after the Closing Date, all
references to the “Credit Agreement” contained therein shall be deemed to refer to this Agreement.

[Remainder of Page Intentionally Left Blank]

103

 

EXECUTION

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

	 	 	 	 	 
	 	HOLLY CORPORATION, a Delaware 

corporation, as Borrower

 	 
	 	By:  	/s/ Bruce R. Shaw
 	 
	 	 	Bruce R. Shaw 	 
	 	 	Senior Vice President

and Chief Financial Officer 	 
	 

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

BANK OF AMERICA, N.A., as

Administrative Agent, L/C Issuer and a Lender

By: /s/ Ronald E. McKaig                         

Name: Ronald E. McKaig

Title: Senior Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

PNC BANK, NATIONAL ASSOCIATION, as a

Lender and Co-Documentation Agent

By: /s/ Robert Rease                         

Name: Robert Rease

Title: Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

GUARANTY BANK, as a

Lender and Co-Documentation Agent

By: /s/ Jim R. Hamilton                         

Name: Jim R. Hamilton

Title: Senior Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

UNION BANK OF CALIFORNIA, N.A., as a

Lender and Co-Syndication Agent

By: /s/ Sean M. Murphy                         

Name: Sean M. Murphy

Title: Senior Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

COMPASS BANK, as a

Lender and Co-Syndication Agent

By: /s/ Key Coker                         

Name: Key Coker

Title: Executive Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

COMERICA BANK, as a Lender

By: /s/ Gerald R. Finney, Jr.                         

Name: Gerald R. Finney, Jr.

Title: Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

WELLS FARGO BANK, N.A., as a Lender

By: /s/ Matt Coleman                         

Name: Matt Coleman

Title: Portfolio Manager

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

CAPITAL ONE NATIONAL ASSOCIATION,

as a Lender

By: /s/ Stan G. Weiser Jr.                         

Name: Stan G. Weiser Jr.

Title: Vice-President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By: /s/ Tyler Fauerbach                         

Name: Tyler Fauerbach

Title: Vice President

[Signature Page to Holly Corporation Amended and Restated Credit Agreement]

 

 

EXECUTION

SCHEDULE 1.01(a)

APPROVED ACCOUNT DEBTORS

 

 

EXECUTION

SCHEDULE 1.01(b)

DESIGNATED CUSTOMERS

 

 

EXECUTION

SCHEDULE 1.01(c)

ELIGIBLE GOVERNMENT CONTRACTS

 

 

EXECUTION

SCHEDULE 1.01(d)

EXISTING LETTERS OF CREDIT

	1.	 	Letter of Credit No. 7414568 in the amount of $1,830,000, dated as of 7/2/2004, as amended,
issued for the benefit of Zurich American Insurance Company, expires on 4/30/2008.
	 
	2.	 	Letter of Credit No. 7414569 in the amount of $340,000, dated as of 7/2/2004, as amended,
issued for the benefit of Pacific Employers Insurance Company, expires on 4/30/2008.
	 
	3.	 	Letter of Credit No. 3077312 in the amount of $300,000, dated as of 9/21/2005, as amended,
issued for the benefit of New Mexico Self-Insurers’ Guarantee, expires on 6/20/2008.

 

 

EXECUTION

SCHEDULE 2.01

COMMITMENTS

AND PRO RATA SHARES

	 	 	 	 	 	 	 	 	 
	Lender	 	Commitment	 	 	Pro Rata Share	 
	Bank of America, N.A.
	 	$	27,500,000.00	 	 	 	15.71	%
	Compass Bank
	 	$	26,000,000.00	 	 	 	14.86	%
	PNC Bank, National Association
	 	$	24,000,000.00	 	 	 	13.71	%
	Guaranty Bank
	 	$	17,500,000.00	 	 	 	10.00	%
	Comerica Bank
	 	$	17,500,000.00	 	 	 	10.00	%
	Wells Fargo Bank, N.A.
	 	$	17,500,000.00	 	 	 	10.00	%
	Capital One, National Association
	 	$	15,000,000.00	 	 	 	8.57	%
	Union Bank of California, N.A.
	 	$	15,000,000.00	 	 	 	8.57	%
	U.S. Bank National Association
	 	$	15,000,000.00	 	 	 	8.57	%
	Total
	 	$	175,000,000.00	 	 	 	100.000000000	%
	 
	 	 	 	 	 	 	 

 

 

EXECUTION

SCHEDULE 5.06

LITIGATION

 

 

EXECUTION

SCHEDULE 5.09

ENVIRONMENTAL MATTERS

 

 

EXECUTION

SCHEDULE 5.13

SUBSIDIARIES

AND OTHER EQUITY INVESTMENTS

Part (a). Subsidiaries.

Part (b). Other Equity Investments.

 

 

EXECUTION

SCHEDULE 6.16

UNRESTRICTED SUBSIDIARIES

 

 

EXECUTION

SCHEDULE 7.01

EXISTING LIENS

 

 

EXECUTION

SCHEDULE 7.02

INVESTMENTS

 

 

EXECUTION

SCHEDULE 7.03

EXISTING INDEBTEDNESS

 

 

EXECUTION

SCHEDULE 7.05

PERMITTED DISPOSITIONS

 

 

EXECUTION

SCHEDULE 7.08

TRANSACTIONS WITH AFFILIATES

 

 

EXECUTION

SCHEDULE 10.02

ADMINISTRATIVE AGENT’S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

BORROWER:

Holly Corporation

100 Crescent Court

Suite 1600

Dallas, Texas 75201-6927

Attention: Stephen D. Wise

Telephone: 214-871-3877

Facsimile: 214-237-3051

Electronic Mail: steve.wise@hollycorp.com

Website Address: www.hollycorp.com

ADMINISTRATIVE AGENT:

Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

901 Main Street

Mail Code: TX1-492-14-05

Dallas, TX 75202

Attention: Ramon Gomez Jr

Telephone: 214-209-2627

Facsimile: 214-290-8367

Electronic Mail: ramon.gomez_jr@bankofamerica.com

Ref: Holly Corporation

ABA# 026009593

Other Notices as Administrative Agent:

Bank of America, N.A.

Agency Management

901 Main Street

Mail Code: TX1-492-14-11

Dallas ,Texas 75202

Attention: Renita Cummings

Telephone: 214-209-4130

Facsimile: 214-290-8371

Electronic Mail: renita.m.cummings@bankofamerica.com

1

 

EXECUTION

L/C ISSUER:

Bank of America

Mail Code: CA9-705-07-05

1000 W. Temple St

Los Angeles, Ca 90012-1514

Phone: 1.213.580.8369

Fax: 1.213.457.8841

Attention: Sandra M. Leon

               Vice President; Operations Consultant

Email: sandra.leon@bankofamerica.com

with a copy to:

Bank of America, N.A.

700 Louisiana, 8th Floor

Mail Code: TX4-213-08-14

Houston, Texas 77002

Attention: Pam Rodgers

                Assistant Vice President

Telephone: 713-247-7246

Facsimile: 713-247-7286

Email: pamela.rodgers@bankofamerica.com

2

 

EXECUTION

EXHIBIT A

FORM OF LOAN NOTICE

Date:                     ,
          

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

Ladies and Gentlemen:
Reference is made to that certain Amended and Restated Credit Agreement, dated as of March 14, 2008
(as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Agreement;” the terms defined therein being used herein as therein defined), among
Holly Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time
party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.

The undersigned hereby requests (select one):

	 	 	 
	o A Borrowing of Loans

	
o A conversion or continuation of Loans
	 
	 	 
	1.
	 	On
                                        
                                       
  (a Business Day).
	 
	 	 
	2.

	 	In the amount of $
                                        
                    .
	 
	 	 
	3.

	 	Comprised of
                                        
                     .
	 

	 	               
[Type of Loan requested]
	 
	 	 
	4.

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

     [The Borrowing requested herein complies with the proviso to the first sentence of Section
2.01 of the Agreement.]

	 	 	 	 	 	 	 
	 	 	HOLLY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Form of Loan Notice

A- 1

 

 

EXECUTION

EXHIBIT B

FORM OF NOTE

     FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to
                                        
 or registered assigns (the “Lender”), in accordance with the
provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time
to time made by the Lender to the Borrower under that certain Amended and Restated Credit
Agreement, dated as of March 14, 2008 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being
used herein as therein defined), among the Borrower, the Lenders from time to time party thereto,
and Bank of America, N.A., as Administrative Agent and L/C Issuer.

     The Borrower promises to pay interest on the unpaid principal amount of each Loan from the
date of such Loan (or if such Loan is outstanding under the Original Credit Agreement (as defined
below), from the last day that interest was paid under such Original credit Agreement) until such
principal amount is paid in full, at such interest rates and at such times as provided in the
Agreement. All payments of principal and interest shall be made to the Administrative Agent for
the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s
Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear
interest, to be paid upon demand, from the due date thereof until the date of actual payment (and
before as well as after judgment) computed at the per annum rate set forth in the Agreement.

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

     This Note is issued as a replacement to, and not in satisfaction of, any Notes issued for
obligations under that certain credit agreement among the Borrower, the Existing Lenders, the
Administrative Agent, the Co-Documentation Agents and Union Bank of California, N.A., as
Syndication Agent dated as of July 1, 2004 (as amended prior to the date hereof, the “Original
Credit Agreement”).

Form of Note

B - 1

 

 

EXECUTION

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

Form of Note

B - 2

 

 

EXECUTION

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

	 	 	 	 	 	 	 
	 	 	HOLLY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Form of
Note

B - 3

 

 

EXECUTION

LOANS AND PAYMENTS WITH RESPECT THERETO

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	 	 	 	 	 	 	Principal or	 	Outstanding	 	 
	 	 	 	 	 	 	End of	 	Interest	 	Principal	 	 
	 	 	Type of	 	Amount of	 	Interest	 	Paid This	 	Balance	 	Notation
	Date	 	Loan Made	 	Loan Made	 	Period	 	Date	 	This Date	 	Made By
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

Form of Note

B - 4

 

 

EXECUTION

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:                ,

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

Ladies and Gentlemen:

Reference is made to that certain Amended and Restated Credit Agreement, dated as of March 14, 2008
(as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Agreement;” the terms defined therein being used herein as therein defined), among
Holly Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to time
party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                                        
                 
    of
the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to
the Administrative Agent on the behalf of the Borrower, and that:

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

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

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

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

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

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

[select one:]

Form of Compliance Certificate

C - 1

 

 

EXECUTION

     [to the best knowledge of the undersigned during such fiscal period, the Borrower performed
and observed each covenant and condition of the Loan Documents applicable to it.]

—or—

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

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

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

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

	 	 	 	 	 	 	 
	 

	 	HOLLY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Form of Compliance Certificate

C - 2

 

 

EXECUTION

For the Quarter/Year ended
                                        
(“Statement Date”)

SCHEDULE 2

to the Compliance Certificate

($ in 000’s)

	I.	 	Section 7.11 (a) – Consolidated Interest Coverage Ratio.

	 	 	 	 	 	 	 	 	 
	A.	 	Consolidated EBITDA for four consecutive fiscal quarters
ending on above date (“Subject Period”):	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	1.	 	 	Consolidated Net Income for Subject Period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	2.	 	 	Consolidated Interest Charges for Subject Period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	3.	 	 	Provision for income taxes for Subject Period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	4.	 	 	Depreciation and amortization expenses for Subject Period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	5.	 	 	Non-recurring non-cash reductions of
Consolidated Net Income for Subject Period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	6.	 	 	Cash payments received in respect of non-cash
items increasing Consolidated Net Income and deducted in a
prior period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	7.	 	 	Less: Non-cash additions to
Consolidated Net Income for Subject Period:
	 	$                     
	 
	 	 	 	 	 	 	 	 
	 

	 	 	8.	 	 	Less: Cash payments made during
Subject Period in respect of non-recurring non-cash reductions
of Consolidated Net Income and added in a prior period:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	9.	 	 	Consolidated EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6 — 7 — 8 ):
	 	$                     
	 
	 	 	 	 	 	 	 	 
	B.	 	Consolidated Interest Charges for Subject Period:	 	$                     
	 
	 	 	 	 	 	 	 	 
	C.	 	Consolidated Interest Coverage Ratio (Line II.A.9  ̧
Line II.B):	 	                  to 1
	 
	 	 	 	 	 	 	 	 
	 	 	Minimum required:	 	 

	 	 	 
	 	 	Minimum
	 	 	Consolidated
	 	 	Interest Coverage
	Four Fiscal Quarters Ending	 	Ratio
	 
	Closing Date through           ,     

	 	 
	          ,      through
          ,     
	 	 
	          ,      and each fiscal quarter thereafter
	 	 

III. Section 7.11 (b) – Consolidated Leverage Ratio.

Form of Compliance Certificate

C - 3

 

 

EXECUTION

	 	 	 	 	 	 	 
	 

	 	A.
	 	Consolidated Indebtedness at Statement Date:
	 	$                    
	 
	 	 	 	 	 	 
	 

	 	B.
	 	Consolidated EBITDA for Subject Period (Line II.A.9 above):
	 	$                    
	 
	 	 	 	 	 	 
	 

	 	C.
	 	Consolidated Leverage Ratio (Line III.A  ̧ Line III.B):
	 	           to 1
	 

	 	 	 	Maximum permitted:	 	 

	 	 	 
	 	 	Maximum
	 	 	Consolidated
	Four Fiscal Quarters Ending	 	Leverage Ratio
	 
	Closing Date through           ,     

	 	 
	          ,      through
          ,     
	 	 
	          ,      and each fiscal quarter thereafter
	 	 

Form of Compliance Certificate

C - 4

 

 

EXECUTION

For the Quarter/Year ended
                                        
                    (“Statement Date”)

SCHEDULE 3

to the Compliance Certificate

($ in 000’s)

Consolidated EBITDA

(in accordance with the definition of Consolidated EBITDA

as set forth in the Agreement)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Twelve	 	 
	 	Consolidated	 	 	Quarter	 	 	 	Quarter	 	 	 	Quarter	 	 	 	Quarter	 	 	 	Months	 	 
	 	EBITDA	 	 	Ended	 	 	 	Ended	 	 	 	Ended	 	 	 	Ended	 	 	 	Ended	 	 
	 	Consolidated
Net Income
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	+ Consolidated
Interest Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	+ Income taxes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	+ Depreciation and
amortization
expenses
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	+ Non-recurring
non-cash expenses
for Subject Period
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	+ Cash payments
received during
Subject Period for
prior period
non-cash income
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	- Non-cash income
for Subject Period
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	- Cash payments
made during Subject
Period for
non-recurring
non-cash expenses
in prior period
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	= Consolidated
EBITDA
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

Form of Compliance Certificate

C - 5

 

 

EXECUTION

EXHIBIT D

ASSIGNMENT AND ASSUMPTION

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

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

	 	 	 
	1.

	 	Assignor:                                
               
                  
	 
	 	 
	2.

	 	Assignee:                                    
                             
[ and is an Affiliate/Approved Fund of [identify Lender]1]
	 
	 	 
	3.

	 	Borrower(s):
                                        
                         
	 
	 	 
	4.

	 	Administrative Agent:
                                        
, as the administrative agent under the
Amended and Restated Credit Agreement

 

			
	1	 	Select as applicable.

Form of Assignment and Assumption

D - 1

 

 

EXECUTION

	 	 	 
	5.

	 	Credit Agreement: Amended and Restated Credit Agreement, dated as of March 14, 2008,
among Holly Corporation, a Delaware corporation, the Lenders from time to time party thereto,
and Bank of America, N.A., as Administrative Agent and L/C Issuer
	 
	 	 
	6.

	 	Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Aggregate	 	 	 	 	 	 	 	 	 	 
	 	Amount of	 	 	Amount of	 	 	Percentage	 	 	 	 
	 	Commitment	 	 	Commitment/Loans	 	 	Assigned of	 	 	 	 
	 	for all Lenders*	 	 	Assigned*	 	 	Commitment/Loans2	 	 	CUSIP Number	 
	 	$                     
	 	 	$                    
	 	 	                    %
	 	 	 	 
	 	$                    
	 	 	$                    
	 	 	                    %	 	 	 	 
	 	$                    
	 	 	$                    
	 	 	                    %	 	 	 	 
	 

[7.           Trade
Date:                         ]3

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

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

	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE	 	 
	 	 	[NAME OF ASSIGNEE]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 

[Consented to and] Accepted:

[NAME OF ADMINISTRATIVE AGENT], as

   Administrative Agent

By:
                                        
                    

       Title:

 

			
	2	 	Set forth, to at least 9 decimals, as a percentage of
the Commitment/Loans of all Lenders thereunder.
	 
	3	 	To be completed if the Assignor and the Assignee intend
that the minimum assignment amount is to be determined as of the Trade Date.

Form of Assignment and Assumption

D - 2

 

 

EXECUTION

[Consented to:]

[NAME OF L/C ISSUER], as
  L/C Issuer

By:
                                        
                                       
 
     Title:

Form of Assignment and Assumption

D - 3

 

 

EXECUTION

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

HOLLY CORPORATION

AMENDED AND RESTATED REVOLVING CREDIT FACILITY

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

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

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such
other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached hereto is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

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

Form of Assignment and Assumption

D - 4

 

 

EXECUTION

Effective Date and to the Assignee for amounts which have accrued from and after the Effective
Date.

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

Form of Assignment and Assumption

D - 5

 

 

EXECUTION

EXHIBIT E

FORM OF GUARANTEE AND COLLATERAL AGREEMENT

Form of Guarantee and Collateral Agreement

E - 1

 

 

EXECUTION

EXHIBIT F

OPINION MATTERS

The matters contained in the following Sections of the Amended and Restated Credit Agreement, among
others, should be covered by the legal opinion:

	 	•	 	Section 5.01(a), (b) and (c)
	 
	 	•	 	Section 5.02
	 
	 	•	 	Section 5.03
	 
	 	•	 	Section 5.04
	 
	 	•	 	Section 5.06
	 
	 	•	 	Section 5.14(b)

Opinion Matters

F - 1

 

 

EXECUTION

EXHIBIT G

BORROWING BASE CERTIFICATE

Borrowing Base Certificate

G - 1

 

 

EXECUTION

EXHIBIT H

REAFFIRMATION AND ASSUMPTION AGREEMENT

Reaffirmation And Assumption Agreement

H - 1exv4w1

 

Exhibit 4.1

ONCOTHYREON INC.

TO

 

AS TRUSTEE

INDENTURE

DATED AS OF                     , 20___

SENIOR DEBT SECURITIES

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Compliance Certificates and Opinions
	 	 	8	 
	Section 1.3 Form of Documents Delivered to Trustee
	 	 	9	 
	Section 1.4 Acts of Holders; Record Dates
	 	 	9	 
	Section 1.5 Notices, etc., to Trustee and Company
	 	 	11	 
	Section 1.6 Notice to Holders; Waiver
	 	 	12	 
	Section 1.7 Conflict with Trust Indenture Act
	 	 	12	 
	Section 1.8 Effect of Headings and Table of Contents
	 	 	12	 
	Section 1.9 Successors and Assigns
	 	 	13	 
	Section 1.10 Separability Clause
	 	 	13	 
	Section 1.11 Benefits of Indenture
	 	 	13	 
	Section 1.12 Governing Law
	 	 	13	 
	Section 1.13 Legal Holidays
	 	 	13	 
	Section 1.14 Indenture and Securities Solely Corporate Obligations
	 	 	13	 
	Section 1.15 Indenture May be Executed in Counterparts
	 	 	14	 
	 
	 	 	 	 
	ARTICLE 2 SECURITY FORMS
	 	 	14	 
	 
	 	 	 	 
	Section 2.1 Forms Generally
	 	 	14	 
	Section 2.2 Form of Face of Security
	 	 	14	 
	Section 2.3 Form of Reverse of Security
	 	 	16	 
	Section 2.4 Form of Legend for Global Securities
	 	 	20	 
	Section 2.5 Form of Trustee’s Certificate of Authentication
	 	 	20	 
	Section 2.6 Form of Conversion Notice
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 3 THE SECURITIES
	 	 	22	 
	 
	 	 	 	 
	Section 3.1 Amount Unlimited; Issuable in Series
	 	 	22	 
	Section 3.2 Denominations
	 	 	25	 
	Section 3.3 Execution, Authentication, Delivery and Dating
	 	 	25	 
	Section 3.4 Temporary Securities
	 	 	26	 
	Section 3.5 Registration; Registration of Transfer and Exchange
	 	 	27	 
	Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	29	 
	Section 3.7 Payment of Interest; Interest Rights Preserved
	 	 	29	 
	Section 3.8 Persons Deemed Owners
	 	 	30	 
	Section 3.9 Cancellation
	 	 	31	 
	Section 3.10 Computation of Interest
	 	 	31	 
	 
	 	 	 	 
	ARTICLE 4 SATISFACTION AND DISCHARGE
	 	 	31	 
	 
	Section 4.1 Satisfaction and Discharge of Indenture
	 	 	31	 

-i-

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 4.2 Application of Trust Money
	 	 	32	 
	 
	 	 	 	 
	ARTICLE 5 REMEDIES
	 	 	32	 
	 
	Section 5.1 Events of Default
	 	 	33	 
	Section 5.2 Acceleration of Maturity; Rescission and Annulment
	 	 	34	 
	Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	35	 
	Section 5.4 Trustee May File Proofs of Claim
	 	 	36	 
	Section 5.5 Trustee May Enforce Claims Without Possession of Securities
	 	 	36	 
	Section 5.6 Application of Money Collected
	 	 	36	 
	Section 5.7 Limitation on Suits
	 	 	37	 
	Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and Interest
and to Convert
	 	 	37	 
	Section 5.9 Restoration of Rights and Remedies
	 	 	38	 
	Section 5.10 Rights and Remedies Cumulative
	 	 	38	 
	Section 5.11 Delay or Omission Not Waiver
	 	 	38	 
	Section 5.12 Control by Holders
	 	 	38	 
	Section 5.13 Waiver of Past Defaults
	 	 	39	 
	Section 5.14 Undertaking for Costs
	 	 	39	 
	Section 5.15 Waiver of Usury, Stay or Extension Laws
	 	 	39	 
	 
	 	 	 	 
	ARTICLE 6 THE TRUSTEE
	 	 	40	 
	 
	 	 	 	 
	Section 6.1 Certain Duties and Responsibilities
	 	 	40	 
	Section 6.2 Notice of Defaults
	 	 	40	 
	Section 6.3 Certain Rights of Trustee
	 	 	41	 
	Section 6.4 Not Responsible for Recitals or Issuance of Securities
	 	 	42	 
	Section 6.5 May Hold Securities and Act as Trustee under Other Indentures
	 	 	42	 
	Section 6.6 Money Held in Trust
	 	 	42	 
	Section 6.7 Compensation and Reimbursement
	 	 	42	 
	Section 6.8 Conflicting Interests
	 	 	43	 
	Section 6.9 Corporate Trustee Required; Eligibility
	 	 	43	 
	Section 6.10 Resignation and Removal; Appointment of Successor
	 	 	43	 
	Section 6.11 Acceptance of Appointment by Successor
	 	 	45	 
	Section 6.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	46	 
	Section 6.13 Preferential Collection of Claims Against Company
	 	 	46	 
	Section 6.14 Appointment of Authenticating Agent
	 	 	46	 
	 
	 	 	 	 
	ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	48	 
	 
	 	 	 	 
	Section 7.1 Company to Furnish Trustee Names and Addresses of Holders
	 	 	48	 
	Section 7.2 Preservation of Information; Communications to Holders
	 	 	48	 
	Section 7.3 Reports by Trustee
	 	 	49	 

-ii-

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 7.4 Reports by Company
	 	 	49	 
	 
	 	 	 	 
	ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	49	 
	 
	 	 	 	 
	Section 8.1 Company May Consolidate, etc., Only on Certain Terms
	 	 	49	 
	Section 8.2 Successor Substituted
	 	 	50	 
	 
	 	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES
	 	 	50	 
	 
	 	 	 	 
	Section 9.1 Supplemental Indentures Without Consent of Holders
	 	 	50	 
	Section 9.2 Supplemental Indentures with Consent of Holders
	 	 	52	 
	Section 9.3 Execution of Supplemental Indentures
	 	 	53	 
	Section 9.4 Effect of Supplemental Indentures
	 	 	53	 
	Section 9.5 Conformity with Trust Indenture Act
	 	 	53	 
	Section 9.6 Reference in Securities to Supplemental Indentures
	 	 	53	 
	 
	 	 	 	 
	ARTICLE 10 COVENANTS
	 	 	54	 
	 
	 	 	 	 
	Section 10.1 Payment of Principal, Premium and Interest
	 	 	54	 
	Section 10.2 Maintenance of Office or Agency
	 	 	54	 
	Section 10.3 Money for Securities Payments to be Held in Trust
	 	 	54	 
	Section 10.4 Statement by Officers as to Default
	 	 	55	 
	Section 10.5 Existence
	 	 	56	 
	Section 10.6 Waiver of Certain Covenants
	 	 	56	 
	 
	 	 	 	 
	ARTICLE 11 REDEMPTION OF SECURITIES
	 	 	56	 
	 
	 	 	 	 
	Section 11.1 Applicability of Article
	 	 	56	 
	Section 11.2 Election to Redeem; Notice to Trustee
	 	 	56	 
	Section 11.3 Selection by Trustee of Securities to Be Redeemed
	 	 	57	 
	Section 11.4 Notice of Redemption
	 	 	57	 
	Section 11.5 Deposit of Redemption Price
	 	 	59	 
	Section 11.6 Securities Payable on Redemption Date
	 	 	59	 
	Section 11.7 Securities Redeemed in Part
	 	 	59	 
	 
	 	 	 	 
	ARTICLE 12 SINKING FUNDS
	 	 	60	 
	 
	 	 	 	 
	Section 12.1 Applicability of Article
	 	 	60	 
	Section 12.2 Satisfaction of Sinking Fund Payments with Securities
	 	 	60	 
	Section 12.3 Redemption of Securities for Sinking Fund
	 	 	60	 
	 
	 	 	 	 
	ARTICLE 13 DEFEASANCE AND COVENANT DEFEASANCE
	 	 	61	 
	 
	 	 	 	 
	Section 13.1 Company’s Option to Effect Defeasance or Covenant Defeasance
	 	 	61	 
	Section 13.2 Defeasance and Discharge
	 	 	61	 
	Section 13.3 Covenant Defeasance
	 	 	62	 
	Section 13.4 Conditions to Defeasance or Covenant Defeasance
	 	 	62	 

-iii-

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 13.5 Deposited Money, U.S. Government Obligations and Foreign Government
Obligations to be Held in Trust; Miscellaneous Provisions
	 	 	64	 
	Section 13.6 Reinstatement
	 	 	65	 
	 
	 	 	 	 
	ARTICLE 14 CONVERSION OF SECURITIES
	 	 	65	 
	 
	 	 	 	 
	Section 14.1 Applicability of Article
	 	 	65	 
	Section 14.2 Exercise of Conversion Privilege
	 	 	65	 
	Section 14.3 No Fractional Shares
	 	 	66	 
	Section 14.4 Adjustment of Conversion Price or Conversion Rate
	 	 	67	 
	Section 14.5 Notice of Certain Corporate Actions
	 	 	67	 
	Section 14.6 Reservation of Shares of Common Stock
	 	 	68	 
	Section 14.7 Payment of Certain Taxes upon Conversion
	 	 	68	 
	Section 14.8 Nonassessability
	 	 	69	 
	Section 14.9 Provision in Case of Consolidation, Merger or Sale of Assets
	 	 	69	 
	Section 14.10 Duties of Trustee Regarding Conversion
	 	 	70	 
	Section 14.11 Repayment of Certain Funds upon Conversion
	 	 	70	 

-iv-

 

     Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the
Trust Indenture Act of 1939:

	 	 	 	 	 
	Section 310
	 	(a)(1)	  6.9
	 
	 	(a)(2)	    6.9
	 
	 	(a)(3)	Not Applicable

	 
	 	(a)(4)	 Not Applicable
	 
	 	(b)	 6.8, 6.10
	Section 311
	 	(a)	6.13
	 
	 	(b)	6.13
	Section 312
	 	(a)	7.1, 7.2 
	 
	 	(b)	7.2
	 
	 	(c)	 7.2
	Section 313
	 	(a)	7.3
	 
	 	(b)	7.3
	 
	 	(c)	7.3
	 
	 	(d)	7.3
	Section 314
	 	(a)	7.4 
	 
	 	(a)(4)	1.1, 10.4
	 
	 	(b)	Not Applicable

	 
	 	(c)(1)	1.2
	 
	 	(c)(2)	1.2
	 
	 	(c)(3)	      Not Applicable

	 
	 	(d)	Not Applicable

	 
	 	(e)	        1.2
	Section 315
	 	(a) 	6.1
	 
	 	(b)	6.2
	 
	 	(c)	6.1
	 
	 	(d)	       6.1

	 
	 	(e)	5.14
	Section 316
	 	(a)	1.1
	 
	 	(a)(1)(A)	5.2, 5.12
	 
	 	(a)(1)(B)	5.13
	 
	 	(a)(2)	Not Applicable

	 
	 	(b)	5.8
	 
	 	(c)	1.4
	Section 317
	 	(a)(1)	 5.3
	 
	 	(a)(2)	5.4
	 
	 	(b)	10.3
	Section 318
	 	(a)	1.7

	NOTE:	 	 This reconciliation and tie shall not, for any purpose, be
deemed to be a part of the Indenture.

-v-

 

     INDENTURE, dated as of                     , 20___, between Oncothyreon Inc., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”),
having its principal executive office at 110-110th Avenue NE, Suite 685, Bellevue,
Washington 98004, and                     , as Trustee (herein called the “Trustee”).

RECITALS OF THE COMPANY

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more series as provided in
this Indenture.

     All things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof appertaining, as follows:

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1 Definitions. 

     For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

     (1) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;

     (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in the United States of
America, and, except as otherwise herein expressly provided, the term “generally accepted
accounting principles” with respect to any computation required or permitted hereunder shall
mean such accounting principles in the United States of America as are generally accepted at
the date of such computation;

     (4) all references to “$” refer to the lawful currency of the United States of America;

 

     (5) unless the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture; and

     (6) the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

     “Act,” when used with respect to any Holder, has the meaning specified in Section 1.4.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person.

     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to
act on behalf of the Trustee to authenticate Securities of one or more series.

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board empowered to act for it with respect to this Indenture.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee.

     “Business Day,” when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close.

     “Commission” means the Securities and Exchange Commission, from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

     “Common Stock” includes any stock of any class of the Company which has no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the
Company; provided, however, subject to the provisions of Section 14.9, shares
issuable upon conversion of Securities shall include only shares of the class designated as Common
Stock of the Company at the date of this Indenture or shares of any class or classes resulting from
any reclassification or reclassifications thereof and which have no preference in respect of
dividends or of amounts payable in the event of any voluntary or involuntary liquidation,
dissolution or winding-up of the Company and which are not subject to redemption by the Company;
provided, further, that if at any time there shall be more than one such resulting
class, the shares of each such class then so issuable shall be substantially in the proportion
which the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes resulting from all
such reclassifications.

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     “Company” means the corporation named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Company” shall mean such successor Person.

     “Company Request” or “Company Order” means a written request or order signed in the name of
the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive
Officer, its President or a Vice President, and by its principal financial officer, its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

     “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

     “Corporate Trust Office” means the corporate trust office of the Trustee at
                    , Attention: Corporate Trust Department, or such other office,
designated by the Trustee by written notice to the Company, at which at any particular time its
corporate trust business shall be administered.

     “corporation” means a corporation, association, company, joint-stock company or business
trust.

     “Covenant Defeasance” has the meaning specified in Section 13.3.

     “Defaulted Interest” has the meaning specified in Section 3.7.

     “Defeasance” has the meaning specified in Section 13.2.

     “Depositary” means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under the Exchange Act that
is designated to act as Depositary for such Securities as contemplated by Section 3.1.

     “euro” or “euros” means the currency adopted by those nations participating in the third stage
of the economic and monetary union provisions of the Treaty on European Union, signed at Maastricht
on February 7, 1992.

     “European Economic Area” means the member nations of the European Economic Area pursuant to
the Oporto Agreement on the European Economic Area dated May 2, 1992, as amended.

     “European Union” means the member nations of the European Union established by the Treaty of
European Union, signed at Maastricht on February 2, 1992, which amended the Treaty of Rome
establishing the European Community.

     “Event of Default” has the meaning specified in Section 5.1.

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     “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

     “Expiration Date” has the meaning specified in Section 1.4.

     “Foreign Government Obligation” means with respect to Securities of any series which are not
denominated in the currency of the United States of America (x) any security which is (i) a direct
obligation of the government which issued or caused to be issued the currency in which such
security is denominated and for the payment of which obligations its full faith and credit is
pledged, or, with respect to Securities of any series which are denominated in euros, a direct
obligation of any member nation of the European Union for the payment of which obligation the full
faith and credit of the respective nation is pledged so long as such nation has a credit rating at
least equal to that of the highest rated member nation of the European Economic Area, or (ii) an
obligation of a Person controlled or supervised by or acting as an agency or instrumentality of a
government specified in clause (i) above the timely payment of which is unconditionally guaranteed
as a full faith and credit obligation by the such government, which, in either case (i) or (ii), is
not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to
any Foreign Government Obligation which is specified in clause (x) above and held by such bank for
the account of the holder of such depositary receipt, or with respect to any specific payment of
principal of or interest on any Foreign Government Obligation which is so specified and held,
provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the Foreign Government Obligation or the specific payment of principal or
interest evidenced by such depositary receipt.

     “Global Security” means a Security that evidences all or part of the Securities of any series
and bears the legend set forth in Section 2.4 (or such legend as may be specified as contemplated
by Section 3.1 for such Securities).

     “Holder” means a Person in whose name a Security is registered in the Security Register.

     “Indenture” means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively. The term “Indenture”
shall also include the terms of particular series of Securities established as contemplated by
Section 3.1; provided, however, that if at any time more than one Person is acting
as Trustee under
this Indenture due to the appointment of one or more separate Trustees for any one or more
separate series of Securities, “Indenture” shall mean, with respect to such series of Securities
for which any such Person is Trustee, this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof and shall include the terms of particular series of
Securities for

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which such Person is Trustee established as contemplated by Section 3.1, exclusive,
however, of any provisions or terms which relate solely to other series of Securities for which
such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures supplemental hereto executed
and delivered after such Person had become such Trustee, but to which such person, as such Trustee,
was not a party; provided, further that in the event that this Indenture is
supplemented or amended by one or more indentures supplemental hereto which are only applicable to
certain series of Securities, the term “Indenture” for a particular series of Securities shall only
include the supplemental indentures applicable thereto.

     “interest,” when used with respect to an Original Issue Discount Security, which by its terms
bears interest only after Maturity, means interest payable after Maturity.

     “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

     “Investment Company Act” means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time.

     “Maturity,” when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, repurchase at the option of the
Holder, upon redemption or otherwise.

     “Notice of Default” means a written notice of the kind specified in Section 5.1(4).

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the Chief Executive Officer, the President or a Vice President, and by the
principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’
Certificate given pursuant to Section 10.4 shall be the principal executive, financial or
accounting officer of the Company.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for, or an
employee of, the Company, and who shall be reasonably acceptable to the Trustee.

     “Original Issue Discount Security” means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2.

     “Outstanding,” when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture, except

     (1) Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

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     (2) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities
are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made;

     (3) Securities as to which Defeasance has been effected pursuant to Section 13.2; and

     (4) Securities which have been paid pursuant to Section 3.6 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a bona
fide purchaser in whose hands such Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the
principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding
shall be the amount of the principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date,
the principal amount payable at the Stated Maturity of a Security is not determinable, the
principal amount of such Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 3.1, (C) the principal amount of a Security
denominated in one or more non-U.S. dollar currencies or currency units which shall be deemed to be
Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided
as contemplated by Section 3.1, of the principal amount of such Security (or, in the case of a
Security described in clause (A) or (B) above, of the amount determined as provided in such
clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent, waiver or other action, only
Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company.

     “Person” means any individual, corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization or government or any agency or political subdivision
thereof.

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     “Place of Payment,” when used with respect to the Securities of any series, means the place or
places where the principal of and any premium and interest on the Securities of that series are
payable as specified as contemplated by Section 3.1.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

     “Record Date” means any Regular Record Date or Special Record Date.

     “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture.

     “Redemption Price,” when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.1.

     “Responsible Officer” means, when used with respect to the Trustee, an officer of the Trustee
in the Corporate Trust Office assigned and duly authorized by the Trustee to administer its
corporate trust matters.

     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

     “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

     “Security Register” and “Security Registrar” have the respective meanings specified in
Section 3.5.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     “Stated Maturity,” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

     “Subsidiary” means a Person of which more than 50% of the outstanding voting stock having the
power to elect a majority of the board of directors of such Person (in the case of a corporation)
is, or of which more than 50% of the equity interests (in the case of a Person which is not a
corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other
Subsidiaries,

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or by a combination of the Company and one or more other Subsidiaries. For the
purposes of this definition, “voting stock” means stock or other similar interests to the Company
which ordinarily has or have voting power for the election of directors, or persons performing
similar functions, whether at all times or only so long as no senior class of stock or other
interests has or have such voting power by reason of any contingency.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities of that series.

     “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the
United States of America for the payment of which the full faith and credit of the United States of
America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either
case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and
held by such bank for the account of the holder of such depositary receipt, or with respect to any
specific payment of principal of or interest on any U.S. Government Obligation which is so
specified and held, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of
principal or interest evidenced by such depositary receipt.

     “Vice President,” when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president.”

Section 1.2 Compliance Certificates and Opinions. 

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this Indenture.

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     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include,

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such individual, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

Section 1.3 Form of Documents Delivered to Trustee. 

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his or her certificate or opinion is
based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Company stating that the information with respect to such factual matters is in the
possession of the Company,
unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

Section 1.4 Acts of Holders; Record Dates. 

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,

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such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to
the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section.

     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by a signer acting in a capacity other than his or her individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his or her authority. The fact
and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner that the Trustee deems sufficient.

     The ownership of Securities shall be proved by the Security Register.

     Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.

     The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, vote, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such series, provided
that the
Company may not set a record date for, and the provisions of this paragraph shall not apply
with respect to, the giving or making of any notice, declaration, request or direction referred to
in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall be construed to
prevent the Company from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed

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action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6.

     The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of
Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to
institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in
Section 5.12, in each case with respect to Securities of such series. If any record date is set
pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the applicable Expiration
Date by Holders of the requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a
new record date for any action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with no action by any
Person be canceled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities
of the relevant series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date to be given to the
Company in writing and to each Holder of Securities of the relevant series in the manner set forth
in Section 1.6.

     With respect to any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the “Expiration Date” and from time to time may change the
Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the other party hereto in
writing, and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated
with respect to any record date set pursuant to this Section, the party hereto which set such
record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding
the foregoing, no Expiration Date shall be later than the 180th day after the applicable record
date.

     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of the principal amount
of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.

Section 1.5 Notices, etc., to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

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     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (or by facsimile transmissions,
provided that oral confirmation of receipt shall have been received) to or with the
Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or

     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, personally delivered or sent via overnight courier to the Company addressed
to it at the address of its principal office specified in the first paragraph of this
instrument or at any other address previously furnished in writing to the Trustee by the
Company, Attention: Chief Financial Officer.

Section 1.6 Notice to Holders; Waiver. 

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, or delivered by hand or overnight courier to each Holder affected by
such event, at its address as it appears in the Security Register, not later than the latest date
(if any), and not earlier than the earliest date (if any), prescribed for the giving of such
notice. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any
defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon such waiver.

     In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 1.7 Conflict with Trust Indenture Act. 

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, the
latter provision shall control. If any provision of this Indenture modifies or excludes any
provision of the Trust Indenture Act, which may be so modified or excluded, the latter provision
shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

Section 1.8 Effect of Headings and Table of Contents. 

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

-12-

 

Section 1.9 Successors and Assigns. 

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

Section 1.10 Separability Clause. 

     In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 1.11 Benefits of Indenture. 

     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit or any
legal or equitable right, remedy or claim under this Indenture.

Section 1.12 Governing Law. 

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE
STATE OF NEW YORK.

Section 1.13 Legal Holidays. 

     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security or the last date on which a Holder has the right to convert a Security at a particular
conversion price or conversion rate, as the case may be, shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other
than a provision of any Security which specifically states that such provision shall apply in lieu
of this Section)) payment of interest or principal (and premium, if any) or, if applicable to a
particular series of Securities, conversion need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, at the Stated Maturity or on
such last day for conversion, as the case may be.

Section 1.14 Indenture and Securities Solely Corporate Obligations. 

     No recourse for the payment of the principal of or premium, if any, or interest on any
Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture or in any Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, employee, agent, officer, or director or
subsidiary, as such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being

-13-

 

expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Securities.

Section 1.15 Indenture May be Executed in Counterparts. 

     This instrument may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument.

ARTICLE 2

SECURITY FORMS

Section 2.1 Forms Generally. 

     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication
and delivery of such Securities. Any such Board Resolution or record of such action shall have
attached thereto a true and correct copy of the form of Security referred to therein approved by or
pursuant to such Board Resolution.

     The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

Section 2.2 Form of Face of Security. 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE

CODE AND THE REGULATIONS THEREUNDER.]

ONCOTHYREON INC.

	 	 	 
	NO.                     

	 	$                    
	 
	 	 
	 

	 	CUSIP:                    

-14-

 

     Oncothyreon Inc., a corporation duly organized and existing under the laws of Delaware (herein
called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                      dollars on                      [if
the Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on ___and ___in each year, commencing ___, at
the rate of ___% per annum, until the principal hereof is paid or made available for payment [if
applicable, insert — , provided that any principal and premium, and any such installment
of interest, which is overdue shall bear interest at the rate of ___% per annum (to the extent that
the payment of such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be payable on demand].
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest, which shall be the ___or ___(whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture].

     [If the Security is not to bear interest prior to Maturity, insert — The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any
overdue premium shall bear interest at the rate of ___% per annum (to the extent that the payment
of such interest shall be legally enforceable), from the dates such amounts are due until they are
paid or made available for payment. Interest on any overdue principal or premium shall be payable
on demand. [Any such interest on overdue principal or premium which is not paid on demand shall
bear interest at the rate of ___% per annum (to the extent that the payment of such interest on
interest shall be legally enforceable), from the date of such demand until the amount so demanded
is paid or made available for payment. Interest on any overdue interest shall be payable on
demand.]]

     Payment of the principal of (and premium, if any) and [if applicable, insert — any such]
interest on this Security will be made at the office or agency of the Company maintained for that
purpose in ___, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts [if applicable, insert — ;
provided,

-15-

 

however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register].

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	Dated:                     	 	ONCOTHYREON INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 

	 	Title:	 	 
	 

	 	 	 	 

ATTEST:

                                                            

Section 2.3 Form of Reverse of Security. 

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
                    , 20___(herein called the “Indenture,” which term shall have the meaning assigned to it in
such instrument), between the Company and                     , as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof [if
applicable, insert  — , limited in aggregate principal amount to $                    ].

     [If applicable, insert  — The Securities of this series are subject to redemption upon not
less than [if applicable, insert — 30] days’ notice by mail, [if applicable, insert— (1) on
                     in any year commencing with the year ___and ending with the year ___through
operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal
amount, and (2)] at any time [if applicable, insert— on or after ___, 20___], as a whole or
in part, at the election of the Company, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [if applicable, insert— on or before ___,
___%, and if redeemed] during the 12-month period beginning                      of the years indicated,

-16-

 

	 	 	 	 	 	 	 
	Year	 	Redemption Price	 	Year	 	Redemption Price
	 
	 	 	 	 	 	 

and thereafter at a Redemption Price equal to ___% of the principal amount, together in the case of
any such redemption [if applicable, insert— (whether through operation of the sinking fund or
otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on the relevant Record
Dates referred to on the face hereof, all as provided in the Indenture.]

     [If applicable, insert— The Securities of this series are subject to redemption upon not less
than [if applicable, insert— 30] days’ notice by mail, (1) on ___in any year commencing
with the year ___and ending with the year ___through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at any time [if
applicable, insert— on or after ___], as a whole or in part, at the election of the
Company, at the Redemption Prices for redemption otherwise than through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning ___of the years indicated,

	 	 	 	 	 
	 	 	 	 	Redemption Price for
	 	 	Redemption Price for	 	Redemption Otherwise than
	 	 	Redemption Through	 	Through
	 	 	Operation of the	 	Operation of the
	Year	 	Sinking Fund	 	Sinking Fund
	 
	 	 	 	 

and thereafter at a Redemption Price equal to ___% of the principal amount, together in the case
of any such redemption (whether through operation of the sinking fund or otherwise) with accrued
interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.]

     [If applicable, insert  — Notwithstanding the foregoing, the Company may not, prior to
___, redeem any Securities of this series as contemplated by [if applicable, insert—
clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation
by the application, directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of less than ___% per
annum.]

-17-

 

     [If applicable, insert— The sinking fund for this series provides for the redemption on
                     in each year beginning with the year ___and ending with the year ___of [if
applicable, insert— not less than $___(“mandatory sinking fund”) and not more than] $___
aggregate principal amount of Securities of this series. Securities of this series acquired or
redeemed by the Company otherwise than through [if applicable, insert— mandatory] sinking fund
payments may be credited against subsequent [if applicable, insert — mandatory] sinking fund
payments otherwise required to be made [if applicable, insert— , in the inverse order in which
they become due].]

     [If the Security is subject to redemption of any kind, insert — In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

     [If applicable, insert— The Indenture contains provisions for defeasance at any time of [the
entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default
with respect to this Security] [, in each case] upon compliance with certain conditions set forth
in the Indenture.]

     [If the Security is convertible into other securities of the Company, specify the conversion
features.]

     [If the Security is not an Original Issue Discount Security, insert — If an Event of Default
with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture.]

     [If the Security is an Original Issue Discount Security, insert — If an Event of Default with
respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. Such amount shall be equal to — insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of
interest on any overdue principal, premium and interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Company’s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities of this
series shall terminate.]

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of more than 50% in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under
the Indenture and

-18-

 

their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than a majority in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $___and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

-19-

 

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     All terms used in this Security that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

Section 2.4 Form of Legend for Global Securities. 

     Unless otherwise specified as contemplated by Section 3.1 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

Section 2.5 Form of Trustee’s Certificate of Authentication. 

     The Trustee’s certificates of authentication shall be in substantially the following form:

     This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	 	                                                            ,

as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

Section 2.6 Form of Conversion Notice. 

     Unless otherwise as contemplated by Section 3.1, or in a supplemental indenture for the
Securities evidenced hereby, conversion notices shall be in substantially the following form:

To Oncothyreon Inc.:

     The undersigned owner of this Security hereby irrevocably exercises the option to convert this
Security, or portion hereof (which is $1,000 or an integral multiple thereof) below designated,

-20-

 

into shares of Common Stock of the Company in accordance with the terms of the Indenture referred
to in this Security, and directs that the shares issuable and deliverable upon the conversion,
together with any check in payment for fractional shares and any Securities representing any
unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless
a different name has been indicated below. If shares are to be issued in the name of a person
other than the undersigned, the undersigned will pay all transfer taxes payable with respect
hereto. Any amount required to be paid by the undersigned on account of interest accompanies this
Security.

     Principal Amount to be Converted

(in an integral multiple of $1,000, if less than all)

     U.S. $                    

Dated:                     

	 	 	 	 	 
	 

	 	 	 	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 Securities and
Exchange Commission Rule 17Ad-15.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Signature Guaranty

     Fill in for registration of shares of Common Stock and Security if to be issued otherwise than
to the registered Holder.

	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 
	(Name)

	 	 	 	Social Security or Other Taxpayer Identification
Number
	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Please print Name and Address

(including zip code)
	 	 	 	 	 	 

[The above conversion notice is to be modified, as appropriate, for conversion into other
securities or property of the Company.]

-21-

 

ARTICLE 3

THE SECURITIES

Section 3.1 Amount Unlimited; Issuable in Series. 

     The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series,

     (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from Securities of any other series);

     (2) any limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any
Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and
delivered hereunder);

     (3) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest;

     (4) the date or dates on which the principal of any Securities of the series is
payable;

     (5) the rate or rates (which may be fixed or variable) at which any Securities of the
series shall bear interest, if any, the date or dates from which any such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the
Regular Record Date for any such interest payable on any Interest Payment Date (or the
method for determining the dates and rates);

     (6) the place or places where the principal of and any premium and interest on any
Securities of the series shall be payable;

     (7) the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed, in whole or in part,

-22-

 

at the option of the Company and, if other than by a Board Resolution, the manner in which any
election by the Company to redeem the Securities shall be evidenced;

     (8) the obligation, if any, of the Company to redeem or purchase any Securities of the
series pursuant to any sinking fund or analogous provisions or at the option of the Holder
thereof and the period or periods within which, the price or prices at which and the terms
and conditions upon which any Securities of the series shall be redeemed or purchased, in
whole or in part, pursuant to such obligation;

     (9) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which any Securities of the series shall be issuable;

     (10) if the amount of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index or pursuant to a formula, the manner in
which such amounts shall be determined;

     (11) if other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or any premium or interest on any
Securities of the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose, including for
purposes of the definition of “Outstanding” in Section 1.1 and, whether the Company or the
Holder thereof may elect payment to be made in a different currency;

     (12) if the principal of or any premium or interest on any Securities of the series is
to be payable, at the election of the Company or the Holder thereof, in one or more
currencies or currency units other than that or those in which such Securities are stated to
be payable, the currency, currencies or currency units in which the principal of or any
premium or interest on such Securities as to which such election is made shall be payable,
the periods within which and the terms and conditions upon which such election is to be made
and the amount so payable (or the manner in which such amount shall be determined);

     (13) if other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 5.2;

     (14) if the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated Maturity,
the amount which shall be deemed to be the principal amount of such Securities as of any
such date for any purpose thereunder or hereunder, including the principal amount thereof
which shall be due and payable upon any Maturity other than the Stated Maturity or which
shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
such case, the manner in which such amount deemed to be the principal amount shall be
determined);

     (15) if applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section 13.2 or Section 13.3 or both such Sections, or any

-23-

 

other defeasance provisions applicable to any Securities of the series, and, if other than
by a Board Resolution, the manner in which any election by the Company to defease such
Securities shall be evidenced;

     (16) if applicable, the terms of any right to convert or exchange Securities of the
series into shares of Common Stock of the Company or other securities or property;

     (17) if applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the respective
Depositaries for such Global Securities, the form of any legend or legends which shall be
borne by any such Global Security in addition to or in lieu of that set forth in Section 2.4
and any circumstances in addition to or in lieu of those set forth in clause (2) of the last
paragraph of Section 3.5 in which any such Global Security may be exchanged in whole or in
part for Securities registered, and any transfer of such Global Security in whole or in part
may be registered, in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof;

     (18) any deletion of, addition to or change in the Events of Default which applies to
any Securities of the series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant
to Section 5.2;

     (19) any deletion of, addition to or change in the covenants set forth in Article 10
which applies to Securities of the series;

     (20) any Authenticating Agents, Paying Agents, Security Registrars or such other agents
necessary in connection with the issuance of the Securities of such series, including,
without limitation, exchange rate agents and calculation agents;

     (21) if applicable, the terms of any security that will be provided for a series of
Securities, including any provisions regarding the circumstances under which collateral may
be released or substituted;

     (22) if applicable, the terms of any guaranties for the Securities and any
circumstances under which there may be additional obligors on the Securities; and

     (23) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.1(5)).

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto.

-24-

 

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

Section 3.2 Denominations. 

     The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section 3.1. In the absence of
any such specified denomination with respect to the Securities of any series, the Securities of
such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

Section 3.3 Execution, Authentication, Delivery and Dating. 

     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its Chief Executive Officer, its principal financial officer, its
President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its
Assistant Treasurers or Assistant Secretaries. The signature of any of these officers on the
Securities may be manual or facsimile.

     Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be
fully protected in relying upon, a copy of such Board Resolution, the Officers’ Certificate setting
forth the terms of the series and an Opinion of Counsel, with such Opinion of Counsel stating,

     (1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 2.1, that such form has been established in conformity
with the provisions of this Indenture;

     (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been established in conformity
with the provisions of this Indenture; and

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     (3) that such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable in
accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles.

     If such form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

     Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.

     Each Security shall be dated the date of its authentication.

     No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for
all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.

     Neither the Company nor the Trustee shall have any responsibility for any defect in the CUSIP
number that appears on any Security, check, advice of payment or redemption notice, and any such
document may contain a statement to the effect that CUSIP numbers have been assigned by an
independent service for convenience of reference and that neither the Company nor the Trustee shall
be liable for any inaccuracy in such numbers.

Section 3.4 Temporary Securities. 

     Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions

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and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.

     If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series and tenor.

Section 3.5 Registration; Registration of Transfer and Exchange. 

     The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company in a Place
of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee is hereby appointed
“Security Registrar” for the purpose of registering Securities and transfers of Securities as
herein provided.

     Upon surrender for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount.

     At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of like tenor and aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities that the Holder making the exchange is entitled to receive.

     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

     Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or its attorney duly authorized in writing.

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     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

     If the Securities of any series (or of any series and specified tenor) are to be redeemed in
part, the Company shall not be required (A) to issue, register the transfer of or exchange any
Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 11.3 and ending at the
close of business on the day of such mailing, or (B) to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.

     The provisions of clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

     (1) Each Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and each such
Global Security shall constitute a single Security for all purposes of this Indenture.

     (2) Notwithstanding any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has
notified the Company that it is unwilling or unable to continue as Depositary for such
Global Security or (ii) has ceased to be a clearing agency registered under the Exchange
Act, (B) there shall have occurred and be continuing an Event of Default with respect to
such Global Security or (C) there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as contemplated by
Section 3.1.

     (3) Subject to clause (2) above, any exchange of a Global Security for other Securities
may be made in whole or in part, and all Securities issued in exchange for a Global Security
or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

     (4) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to
this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is
registered in the name of a Person other than the Depositary for such Global Security or a
nominee thereof.

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Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities. 

     If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

     If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding.

     In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

     Upon the issuance of any new Security under this Section, the Company 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 Trustee) connected
therewith.

     Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.

     The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.

Section 3.7 Payment of Interest; Interest Rights Preserved. 

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities or in a supplemental indenture with respect to any series of Securities, interest on any
Security which is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

     Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such

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Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given to each Holder of Securities of
such series in the manner set forth in Section 1.6, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2).

     (2) The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

     Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

Section 3.8 Persons Deemed Owners. 

     Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and
any

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premium and (subject to Section 3.7) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.

Section 3.9 Cancellation. 

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in
accordance with its customary procedures.

Section 3.10 Computation of Interest. 

     Except as otherwise specified as contemplated by Section 3.1 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

ARTICLE 4

SATISFACTION AND DISCHARGE

Section 4.1 Satisfaction and Discharge of Indenture. 

     This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

          (1) either

                         (A) all Securities theretofore authenticated and delivered (other than (i) Securities which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6
and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation;
or

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                         (B) all such Securities not theretofore delivered to the Trustee for cancellation

                                   (i) have become due and payable, or

                                   (ii) will become due and payable at their Stated Maturity within one year, or

                                   (iii) are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of
the Company,

and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited
with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and
discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and any premium and interest to the date of such deposit (in the case
of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as
the case may be;

          (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company;
and

          (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and
the last paragraph of Section 10.3 shall survive.

Section 4.2 Application of Trust Money. 

     Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee.

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ARTICLE 5

REMEDIES

Section 5.1 Events of Default. 

     “Event of Default,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body),
unless in the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series, it is provided that such series shall not have the benefit of said Event of Default:

     (1) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or

     (2) default in the payment of the principal of or any premium on any Security of that
series at its Maturity; or

     (3) default in the deposit of any sinking fund payment, when and as due by the terms of
a Security of that series; or

     (4) default in the performance, or breach, of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of Securities other than that
series), and continuance of such default or breach for a period of 90 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

     (5) the entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of
or in respect of the Company under any applicable Federal or State law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 90 consecutive days;
or

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     (6) the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State law, or the consent
by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the
Company in furtherance of any such action; or

     (7) any other Event of Default provided with respect to Securities of that series in
the Board Resolution, supplemental indenture or Officers’ Certificate establishing that
series.

Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

     Unless the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series provides otherwise, if an Event of Default (other than an Event of Default specified in
Section 5.1(5) or 5.1(6)) with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the principal amount of
all the Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal amount (or specified amount), and
premium, if any, together with accrued and unpaid interest, if any, thereon, shall become
immediately due and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with
respect to Securities of any series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof), and premium, if any, together
with accrued and unpaid interest, if any, thereon, shall automatically, and without any
declaration or other action on the part of the Trustee or any Holder, become immediately due and
payable.

     At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if

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     (1) the Company has paid or deposited with the Trustee a sum sufficient to pay

               (A) all overdue interest on all Securities of that series,

               (B) the principal of (and premium, if any, on) any Securities of that series which have
become due otherwise than by such declaration of acceleration and any interest thereon at
the rate or rates prescribed therefor in such Securities,

               (C) to the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Securities, and

               (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel; and

     (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series that have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 5.13.

     No such rescission shall affect any subsequent default or impair any right consequent thereon.

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

     The Company covenants that if

     (1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days, or

     (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal and
any premium and interest and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal and premium and on any overdue interest, at
the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

     If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any

-35-

 

covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy.

Section 5.4 Trustee May File Proofs of Claim. 

     In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.7.

     No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the
election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other
similar committee.

Section 5.5 Trustee May Enforce Claims Without Possession of Securities. 

     All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect
of which such judgment has been recovered.

Section 5.6 Application of Money Collected. 

     Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any premium or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 6.7;

     SECOND: To the payment of the amounts then due and unpaid for principal of and any premium,
if any, and interest on the Securities in respect of which or for the benefit of which such

-36-

 

money
has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium, if any, and interest,
respectively; and

     THIRD: The balance, if any, to the Company or any other Person or Persons entitled thereto.

Section 5.7 Limitation on Suits. 

     No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless

     (1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;

     (2) the Holders of at least a majority in aggregate principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;

     (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

     (4) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such Holders.

Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and Interest and to
Convert. 

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date), to convert such
Securities in accordance with Article 14 to the extent that such right to convert is applicable to
such

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Security, and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

Section 5.9 Restoration of Rights and Remedies. 

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.

Section 5.10 Rights and Remedies Cumulative. 

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

Section 5.11 Delay or Omission Not Waiver. 

     No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee (subject to the limitations contained in this
Indenture) or by the Holders, as the case may be.

Section 5.12 Control by Holders. 

     The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such series, provided that

     (1) such direction shall not be in conflict with any rule of law or with this Indenture
and the Trustee shall not have determined that the action so directed would be unjustly
prejudicial to Holders of Securities of that series, or any other series, not taking part in
such direction; and

     (2) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction or this Indenture.

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Section 5.13 Waiver of Past Defaults. 

     The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series may on behalf of the Holders of all the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except

     (1) a default in the payment of the principal of or any premium or interest on any
Security of such series as and when the same shall become due and payable by the terms
thereof, otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest, principal and premium, if any, has
been deposited with the Trustee), or

     (2) to the extent such right is applicable to such Security, a failure by the Company
on request to convert any Security into Common Stock; or

     (3) in respect of a covenant or provision hereof which under Article 9 cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.

     Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.

Section 5.14 Undertaking for Costs. 

     In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs against any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that neither this Section nor the Trust Indenture Act shall
be deemed to authorize any court to require such an undertaking or to make such an assessment in
any suit instituted by the Company or in any suit for the enforcement of the right to convert any
Security in accordance with Article 14.

Section 5.15 Waiver of Usury, Stay or Extension Laws. 

     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.

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ARTICLE 6

THE TRUSTEE

Section 6.1 Certain Duties and Responsibilities. 

     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section.

Section 6.2 Notice of Defaults. 

     If a default occurs hereunder with respect to Securities of any series, the Trustee shall give
the Holders of Securities of such series notice of such default as and to the extent provided by
the Trust Indenture Act; provided, however, that except in the case of a default in
the payment of principal of (or premium, if any) or interest on any Securities of such series or in
the payment of any sinking fund installment or any conversion right applicable to Securities of
such series, the Trustee shall be protected in withholding such notice if and so long as a trust
committee of directors and/or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interests of the holders of Securities of such series;
provided, further, however, that in the case of any default of the
character specified in Section 5.1(4) with respect to Securities of such series, no such notice to
Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this
Section, the term “default” means any event that is, or after notice or lapse of time or both would
become, an Event of Default with respect to Securities of such series.

     Except with respect to Section 10.1, the Trustee shall have no duty to inquire as to the
performance of the Company with respect to the covenants contained in Article 10. In addition, the
Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or
Event of Default occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on
the Securities) or (ii) any Default or Event of Default of which the Trustee shall have received
written notification or obtained actual knowledge.

     Delivery of reports, information and documents to the Trustee under Section 7.4 is for
informational purposes only and the Trustee’s receipt of the foregoing shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of their covenants hereunder (as to which the
Trustee is entitled to rely conclusively on Officers’ Certificates).

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Section 6.3 Certain Rights of Trustee. 

     Subject to the provisions of Section 6.1:

     (1) in the absence of bad faith on the part of the Trustee, the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;

     (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Board of
Directors shall be sufficiently evidenced by a Board Resolution;

     (3) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is
entitled to and may, in the absence of bad faith on its part, rely upon an Officers’
Certificate;

     (4) the Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

     (5) the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

     (6) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney; and

     (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

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Section 6.4 Not Responsible for Recitals or Issuance of Securities. 

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity, sufficiency or priority of this Indenture or of the Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by
the Company of Securities or the proceeds thereof.

Section 6.5 May Hold Securities and Act as Trustee under Other Indentures. 

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.

     Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall
prohibit the Trustee from becoming and acting as trustee under other indentures under which other
securities, or certificates of interest of participation in other securities, of the Company are
outstanding in the same manner as if it were not Trustee hereunder.

Section 6.6 Money Held in Trust. 

     Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

Section 6.7 Compensation and Reimbursement. 

     The Company agrees:

     (1) to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

     (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on its part, arising out of or in
connection

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with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder.

     When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any applicable bankruptcy, insolvency, reorganization or similar law.

Section 6.8 Conflicting Interests. 

     If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act and there is an Event of Default under the Securities of that series, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted
by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by
virtue of being a trustee under this Indenture with respect to Securities of more than one series.

Section 6.9 Corporate Trustee Required; Eligibility. 

     There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one or more other
series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such and has (or if the Trustee is a member of a bank holding company system, its bank holding
company has) a combined capital and surplus of at least $50,000,000. If any such Person or bank
holding company publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of this Section and
to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person
or bank holding company shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Trustee with respect to the
Securities of any series shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter specified in
this Article.

Section 6.10 Resignation and Removal; Appointment of Successor. 

     No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 6.11.

     The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving
of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.

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     The Trustee may be removed at any time with respect to the Securities of any series by Act of
the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company.

     If at any time:

     (1) the Trustee shall fail to comply with Section 6.8 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for at least six
months, or

     (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

     If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, the retiring Trustee may petition, or any Holder who has
been a bona fide Holder of a Security of such series for at least six months may petition, on
behalf of himself and all others
similarly situated, any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

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     The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series to all Holders of Securities of such series in the manner provided in
Section 1.6. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

Section 6.11 Acceptance of Appointment by Successor. 

     In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.

     In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates.

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     Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in the first or second preceding paragraph, as the case may be.

     No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article.

Section 6.12 Merger, Conversion, Consolidation or Succession to Business. 

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee (including the administration of the trust created by this
Indenture), shall be the successor of the Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Securities. In the event that any Securities shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver
such Securities in either its own name or that of such predecessor Trustee, with the full force and
effect which this Indenture provides for the certificate of authentication of the Trustee.

Section 6.13 Preferential Collection of Claims Against Company. 

     If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).

Section 6.14 Appointment of Authenticating Agent. 

     The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or
partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws
to act as Authenticating Agent,

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having (or if the Authenticating Agent is a member of a bank
holding company system, its bank holding company has) a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any
time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

     Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.

     The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section 6.7.

     If an appointment with respect to one or more series is made pursuant to this Section 6.12,
the Securities of such series may have endorsed thereon, in lieu of the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form:

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	                                        ,	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

as Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

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ARTICLE 7

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. 

     The Company will furnish or cause to be furnished to the Trustee

     (1) semi-annually, not later than 15 days after the Regular Record Date for each
respective series of Securities, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Securities of each series as of such Regular
Record Date, as the case may be, or if there is no Regular Record Date for such series of
Securities, semi-annually, and

     (2) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished;

provided that no such list need be furnished by the Company to the Trustee so long as the
Trustee is acting as Security Registrar.

Section 7.2 Preservation of Information; Communications to Holders. 

     The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

     The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.

     Every Holder of Securities, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made
pursuant to the Trust Indenture Act.

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Section 7.3 Reports by Trustee. 

     The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.

     Reports so required to be transmitted at stated intervals of not more than 12 months shall be
transmitted no later than July 15 in each calendar year, commencing with the first July 15 after
the first issuance of Securities pursuant to this Indenture.

     A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, with the Commission and with
the Company. The Company will notify the Trustee when any Securities are listed on any stock
exchange.

Section 7.4 Reports by Company. 

     The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture
Act; provided that any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee
within 15 days after the same is so required to be filed with the Commission.

ARTICLE 8

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.1 Company May Consolidate, etc., Only on Certain Terms.

     The Company shall not consolidate with or merge into any other Person (in a transaction in
which the Company is not the surviving corporation) or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, unless:

     (1) in case the Company shall consolidate with or merge into another Person (in a
transaction in which the Company is not the surviving corporation) or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety shall be a corporation, limited liability company,
partnership, trust or other business entity, shall be organized and validly existing under
the laws of the United States of America, any State thereof or the District of Columbia and
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal
of and any

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premium and interest on all the Securities and the performance or observance of
every covenant of this Indenture on the part of the Company to be performed or observed and
the conversion rights shall be provided for in accordance with Article 14, if applicable, or
as otherwise specified pursuant to Section 3.1, by supplemental indenture satisfactory in
form to the Trustee, executed and delivered to the Trustee, by the Person (if other than the
Company) formed by such consolidation or into which the Company shall have been merged or by
the Person which shall have acquired the Company’s assets;

     (2) immediately after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company or any Subsidiary as a result of such transaction
as having been incurred by the Company or such Subsidiary at the time of such transaction,
no Event of Default, and no event which, after notice or lapse of time or both, would become
an Event of Default, shall have occurred and be continuing; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if
a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with.

Section 8.2 Successor Substituted. 

     Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.

ARTICLE 9

SUPPLEMENTAL INDENTURES

Section 9.1 Supplemental Indentures Without Consent of Holders. 

     Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

     (1) to evidence the succession of another Person to the Company, or successive
successions, and the assumption by any such successor of the covenants of the Company herein
and in the Securities in compliance with Article 8; or

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     (2) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company; or

     (3) to add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such additional Events of Default are to be for the benefit
of less than all series of Securities, stating that such additional Events of Default are
expressly being included solely for the benefit of such series); or

     (4) to add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form, registrable
or not registrable as to principal, and with or without interest coupons, or to permit or
facilitate the issuance of Securities in uncertificated form; or

     (5) to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any such addition, change or
elimination (A) shall neither (i) apply to any Security of any series created prior to the
execution of such supplemental indenture and entitled to the benefit of such provision nor
(ii) modify the rights of the Holder of any such Security with respect to such
provision or (B) shall become effective only when there is no such Security Outstanding; or

     (6) to secure the Securities, including provisions regarding the circumstances under
which collateral may be released or substituted; or

     (7) to add or provide for a guaranty of the Securities or additional obligors on the
Securities; or

     (8) to establish the form or terms of Securities of any series as permitted by
Sections 2.1 and 3.1; or

     (9) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11; or

     (10) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, provided
that such action pursuant to this clause (10) shall not adversely affect the
interests of the Holders of Securities of any series in any material respect; or

     (11) to supplement any of the provisions of the Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of Securities

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pursuant to Articles 4 and 13, provided that any such action shall not adversely
affect the interests of the Holders of Securities of such series or any other series of
Securities in any material respect.

Section 9.2 Supplemental Indentures with Consent of Holders. 

     With the consent of the Holders of a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal or premium amount thereof or the rate
of interest thereon or any amount payable upon the redemption or repurchase thereof, or
reduce the amount of the principal of an Original Issue Discount Security or any other
Security which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.2 or reduce the amount of any sinking fund payment, or change
the place of payment or the coin or currency in which, any Security or any premium or
interest thereon is payable, or impair the right to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on
or after the Redemption Date), or modify the provisions of this Indenture in the case of
Securities of any series that are convertible into Securities or other securities of the
Company, adversely affect the right of Holders to convert any of the Securities of such
series other than as provided in or pursuant to this Indenture, or

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or

     (3) modify any of the provisions of this Section, Section 5.13 or Section 10.8, except
to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder with respect to changes in the references to
“the Trustee” and concomitant changes in this Section and Section 10.8, or the deletion of
this proviso, in accordance with the requirements of Sections 6.11 and 9.1(8), or

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     (4) if applicable, make any change that adversely affects the right to convert any
security as provided in Article 14 or pursuant to Section 3.1 (except as permitted by
Section 9.1(9)).

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

     It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

Section 9.3 Execution of Supplemental Indentures. 

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated
to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

Section 9.4 Effect of Supplemental Indentures. 

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

Section 9.5 Conformity with Trust Indenture Act. 

     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.

Section 9.6 Reference in Securities to Supplemental Indentures. 

     Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

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ARTICLE 10

COVENANTS

Section 10.1 Payment of Principal, Premium and Interest. 

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.

Section 10.2 Maintenance of Office or Agency. 

     The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange, where
Securities of that series may be surrendered for conversion and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental
indenture or pursuant to Section 3.1 hereof, the Place of Payment for any series of Securities
shall be the Corporate Trust Office of the Trustee.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in each Place of Payment for Securities of any series for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency.

Section 10.3 Money for Securities Payments to be Held in Trust. 

     If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

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     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, on or prior to each due date of the principal of or any premium or interest on any Securities
of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be
held as
provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to act.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, upon the written request
of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.

     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or any premium or interest on any Security of any series
and remaining unclaimed for a period ending on the earlier of the date that is ten Business Days
prior to the date such money would escheat to the State or two years after such principal, premium
or interest has become due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation in each Place of
Payment, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

Section 10.4 Statement by Officers as to Default. 

     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the
best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of
grace

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or requirement of notice provided hereunder) and, if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.
The fiscal year of
the Company currently ends on December 31; and the Company will give the Trustee prompt
written notice of any change of its fiscal year.

Section 10.5 Existence. 

     Subject to Article 8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its existence.

Section 10.6 Waiver of Certain Covenants. 

     Except as otherwise specified as contemplated by Section 3.1 for Securities of such series,
the Company may, with respect to the Securities of any series, omit in any particular instance to
comply with any term, provision or condition set forth in any covenant provided pursuant to
Section 3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such series if before the time
for such compliance the Holders of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such term, provision or condition, but no such waiver
shall extend to or affect such term, provision or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

ARTICLE 11

REDEMPTION OF SECURITIES

Section 11.1 Applicability of Article. 

     Securities of any series that are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for such Securities) in accordance with this Article.

Section 11.2 Election to Redeem; Notice to Trustee. 

     The election of the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section 3.1 for such Securities. In case of any
redemption at the election of the Company of less than all the Securities of any series (including
any such redemption affecting only a single Security), the Company shall, at least 45 days
prior to the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount
of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to
be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption

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provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such
restriction.

Section 11.3 Selection by Trustee of Securities to Be Redeemed. 

     If less than all the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected not more than 45 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by lot, or in the Trustee’s discretion, on a pro-rata basis,
provided that the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security. If less than all the Securities of such series and of a specified tenor are to be
redeemed (unless such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series and specified tenor not previously called for redemption
in accordance with the preceding sentence.

     If any Security selected for partial redemption is converted in part before termination of the
conversion right with respect to the portion of the Security so selected, the converted portion of
such Security shall be deemed (so far as may be) to be the portion selected for redemption.
Securities that have been converted during a selection of Securities to be redeemed shall be
treated by the Trustee as Outstanding for the purpose of such selection.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption as aforesaid and, in case of any Securities selected for partial redemption as
aforesaid, the principal amount thereof to be redeemed.

     The provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.

Section 11.4 Notice of Redemption. 

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not fewer
than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in
the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address
appearing in the Security Register.

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     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price (including accrued interest, if any),

     (3) if less than all the Outstanding Securities of any series consisting of more than a
single Security are to be redeemed, the identification (and, in the case of partial
redemption of any such Securities, the principal amounts) of the particular Securities to be
redeemed and, if less than all the Outstanding Securities of any series consisting of a
single Security are to be redeemed, the principal amount of the particular Security to be
redeemed,

     (4) in case any Security is to be redeemed in part only, that on and after the
Redemption Date, upon surrender of such Security, the Holder of such Security will receive,
without charge, a new Security or Securities of authorized denominations for the principal
amount thereof remaining unredeemed,

     (5) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,

     (6) the place or places where each such Security is to be surrendered for payment of
the Redemption Price,

     (7) if applicable, the conversion price or the conversion rate, as the case may be, the
date on which the right to convert the principal of the Securities or the portions thereof
to be redeemed will terminate, and the place or places where such Securities may be
surrendered for conversion,

     (8) that the redemption is for a sinking fund, if such is the case, and

     (9) the CUSIP number or numbers and/or common codes of the Security being redeemed;
provided that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other identification
numbers
printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers.

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company and shall be irrevocable.

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Section 11.5 Deposit of Redemption Price. 

     On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.

     If any Security called for redemption is converted, any money deposited with the Trustee or
with a Paying Agent or so segregated and held in trust for the redemption of such Security shall
(subject to the right of any Holder of such Security to receive interest as provided in the last
paragraph of Section 3.7) be paid to the Company on Company Request, or if then held by the
Company, shall be discharged from such trust.

Section 11.6 Securities Payable on Redemption Date. 

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 3.1, installments of
interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the provisions of Section 3.7.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.

Section 11.7 Securities Redeemed in Part. 

     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or its attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

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ARTICLE 12

SINKING FUNDS

Section 12.1 Applicability of Article. 

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of any series except as otherwise specified as contemplated by Section 3.1 for such
Securities.

     The minimum amount of any sinking fund payment provided for by the terms of any Securities is
herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of such Securities is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be
applied to the redemption of Securities as provided for by the terms of such Securities.

Section 12.2 Satisfaction of Sinking Fund Payments with Securities. 

     The Company (1) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Securities of a series which have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to any Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities; provided that
the Securities to be so credited have not been previously so credited. The Securities to be so
credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as
specified in the Securities so to be redeemed, for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.

Section 12.3 Redemption of Securities for Sinking Fund. 

     Not fewer than 60 days prior to each sinking fund payment date for any Securities, the Company
will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for such Securities pursuant to the terms of such Securities, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities pursuant to Section 12.2 and will also
deliver to the Trustee any Securities to be so delivered. Not fewer than 30 days prior to each such
sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in

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Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.6 and 11.7.

ARTICLE 13

DEFEASANCE AND COVENANT DEFEASANCE

Section 13.1 Company’s Option to Effect Defeasance or Covenant Defeasance. 

     The Company may elect, at its option at any time, to have Section 13.2 or Section 13.3 applied
to any Securities or any series of Securities, as the case may be, designated pursuant to
Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with any
applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions
set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in
another manner specified as contemplated by Section 3.1 for such Securities.

Section 13.2 Defeasance and Discharge. 

     Upon the Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its obligations with respect to such Securities as provided in this Section on
and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called
“Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Securities and to have satisfied
all its other obligations under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until otherwise terminated or
discharged hereunder:

     (1) the rights of Holders of such Securities to receive, solely from the trust fund
described in Section 13.4 and as more fully set forth in such Section, payments in respect
of the principal of and any premium and interest on such Securities when payments are due,

     (2) the Company’s obligations with respect to such Securities under Sections 3.4, 3.5,
3.6, 10.2 and 10.3, and, if applicable, Article 14,

     (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder, and

     (4) this Article.

     Subject to compliance with this Article, the Company may exercise its option (if any) to have
this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to
have Section 13.3 applied to such Securities.

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Section 13.3 Covenant Defeasance. 

     Upon the Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be,

     (1) the Company shall be released from its obligations under any covenants provided
pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such
Securities and

     (2) the occurrence of any event specified in Section 5.1(4) (with respect to any such
covenants provided pursuant to Section 3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any
other Event of Default specified pursuant to Section 3.1 shall be deemed not to be or result
in an Event of Default,

in each case with respect to such Securities or any series of Securities as provided in this
Section on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter
called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect
to such Securities, the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such specified Section (to the extent so
specified in the case of Section 5.1(4) and the occurrence of any Event of Default specified
pursuant to Section 3.1), whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or by reason of any reference in any such Section to any other provision
herein or in any other document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

Section 13.4 Conditions to Defeasance or Covenant Defeasance. 

     The following shall be the conditions to the application of Section 13.2 or Section 13.3 to
any Securities or any series of Securities, as the case may be:

     (1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9 and
agrees to comply with the provisions of this Article applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security
for, and dedicated solely to, the benefits of the Holders of such Securities,

     (A) in the case of Securities of a series denominated in currency of the United
States of America,

     (i) cash in currency of the United States of America in an amount, or

     (ii) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, an amount
in cash, or

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     (iii) a combination thereof, or

     (B) in the case of Securities of a series denominated in currency other than
that of the United States of America,

     (i) cash in the currency in which such series of Securities is
denominated in an amount, or

     (ii) Foreign Government Obligations which through the scheduled payment
of principal and interest in respect thereof in accordance with their terms
will provide, not later than one day before the due date of any payment, an
amount in cash, or

     (iii) a combination thereof,

in each case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge, and which shall be applied by the Trustee (or any such other qualifying
trustee) to pay and discharge, the principal of and any premium and interest on such
Securities on the respective Stated Maturities, in accordance with the terms of this
Indenture and such Securities.

     (2) For Securities denominated in United States dollars, in the event of an election to
have Section 13.2 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel stating that

     (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or

     (B) since the date of this instrument, there has been a change in the applicable
Federal income tax law,

in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm
that, the Holders of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit, Defeasance and discharge to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in the same
manner and at the same times as would be the case if such deposit, Defeasance and discharge
were not to occur.

     (3) For Securities denominated in United States dollars, in the event of an election to
have Section 13.3 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities will not recognize gain or loss for Federal income tax purposes
as a result of the deposit and Covenant Defeasance to be effected with respect to such
Securities

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and will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would be the case if such deposit and Covenant Defeasance were not
to occur.

     (4) The Company shall have delivered to the Trustee an Officers’ Certificate to the
effect that neither such Securities nor any other Securities of the same series, if then
listed on any securities exchange, will be delisted as a result of such deposit.

     (5) No event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to such Securities or any other Securities shall have occurred and
be continuing at the time of such deposit or, with regard to any such event specified in
Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until after
such 90th day).

     (6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities
are in default within the meaning of such Act).

     (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under, this Indenture or any other agreement or instrument to
which the Company is a party or by which it is bound.

     (8) Such Defeasance or Covenant Defeasance shall not result in the trust arising from
such deposit constituting an investment company within the meaning of the Investment Company
Act unless such trust shall be registered under such Act or exempt from registration
thereunder.

     (9) The Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent with respect to such
Defeasance or Covenant Defeasance have been complied with.

Section 13.5 Deposited Money, U.S. Government Obligations and Foreign Government Obligations to be
Held in Trust; Miscellaneous Provisions.

     Subject to the provisions of the last paragraph of Section 10.3, all money, U.S. Government
Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the
Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to
Section 13.4 in respect of any Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Holders of such Securities, of all sums due and to become due
thereon in respect of principal and any premium and interest, but money so held in trust need not
be segregated from other funds except to the extent required by law. The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S.

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Government Obligations or Foreign Government Obligations deposited pursuant to Section 13.4 or the
principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities. Anything in this Article
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time
upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held
by it as provided in Section 13.4 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof which would then be required
to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to such Securities.

Section 13.6 Reinstatement. 

     If the Trustee or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 13.2 or 13.3 shall be revived and reinstated as though no deposit had
occurred pursuant to this Article with respect to such Securities, until such time as the Trustee
or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect
to such Securities in accordance with this Article; provided, however, that if the
Company makes any payment of principal of or any premium or interest on any such Security following
such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Securities to receive such payment from the money so held in trust.

ARTICLE 14

CONVERSION OF SECURITIES

Section 14.1 Applicability of Article. 

     The provisions of this Article shall be applicable to the Securities of any series which are
convertible into shares of Common Stock of the Company, and the issuance of such shares of Common
Stock upon the conversion of such Securities, except as otherwise specified as contemplated by
Section 3.1 for the Securities of such series or in a supplemental indenture for the Securities of
such series.

Section 14.2 Exercise of Conversion Privilege. 

     In order to exercise a conversion privilege, the Holder of a Security of a series with such a
privilege shall surrender such Security to the Company at the office or agency maintained for that
purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company
substantially in the form set forth in Section 2.6 stating that the Holder elects to convert

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such
Security or a specified portion thereof. Such notice shall also state, if different from the name
and address of such Holder, the name or names (with address) in which the certificate or
certificates for shares of Common Stock, which shall be issuable on such conversion, shall be
issued. Securities surrendered for conversion shall (if so required by the Company or the Trustee)
be duly endorsed by or accompanied by instruments of transfer in forms satisfactory to the Company
and the Trustee duly executed by the Holder or its attorney duly authorized in writing. As
promptly as practicable after the receipt of such notice and of any payment required pursuant to a
Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided, in
an Officers’ Certificate, or established in one or more indentures supplemental hereto setting
forth the terms of such series of Security, and the surrender of such Security in accordance with
such reasonable regulations as the Company may prescribe, the Company shall issue and shall
deliver, at the office or agency at which such Security is surrendered, to such Holder or on its
written order, a certificate or certificates for the number of full shares of Common Stock issuable
upon the conversion of such Security (or specified portion thereof), in accordance with the
provisions of such Board Resolution, Officers’ Certificate or supplemental indenture, and cash as
provided therein in respect of any fractional share of such Common Stock otherwise issuable upon
such conversion. Such conversion shall be deemed to have been effected immediately prior to the
close of business on the date on which such notice and such payment, if required, shall have been
received in proper order for conversion by the Company and such Security shall have been
surrendered as aforesaid (unless such Holder shall have so surrendered such Security and shall have
instructed the Company to effect the conversion on a particular date following such surrender and
such Holder shall be entitled to convert such Security on such date, in which case such conversion
shall be deemed to be effected immediately prior to the close of business
on such date) and at such time the rights of the Holder of such Security as such Security
Holder shall cease and the person or persons in whose name or names any certificate or certificates
for shares of Common Stock of the Company shall be issuable upon such conversion shall be deemed to
have become the Holder or Holders of record of the shares represented thereby. Except as set forth
above and subject to the final paragraph of Section 3.7, no payment or adjustment shall be made
upon any conversion on account of any interest accrued on the Securities (or any part thereof)
surrendered for conversion or on account of any dividends on the Common Stock of the Company issued
upon such conversion. In the case of any Security which is converted in part only, upon such
conversion the Company shall execute and the Trustee shall authenticate and deliver to or on the
order of the Holder thereof, at the expense of the Company, a new Security or Securities of the
same series, of authorized denominations, in aggregate principal amount equal to the unconverted
portion of such Security.

Section 14.3 No Fractional Shares. 

     No fractional share of Common Stock of the Company shall be issued upon conversions of
Securities of any series. If more than one Security shall be surrendered for conversion at one time
by the same Holder, the number of full shares which shall be issuable upon conversion shall be
computed on the basis of the aggregate principal amount of the Securities (or specified portions
thereof to the extent permitted hereby) so surrendered. If, except for the provisions of this
Section 14.3, any Holder of a Security or Securities would be entitled to a fractional share of
Common Stock of the Company upon the conversion of such Security or Securities, or specified

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portions thereof, the Company shall pay to such Holder an amount in cash equal to the current
market value of such fractional share computed, (i) if such Common Stock is listed or admitted to
unlisted trading privileges on a national securities exchange or market, on the basis of the last
reported sale price regular way on such exchange or market on the last trading day prior to the
date of conversion upon which such a sale shall have been effected, or (ii)  if such Common Stock
is not at the time so listed or admitted to unlisted trading privileges on a national securities
exchange or market, on the basis of the average of the bid and asked prices of such Common Stock in
the over-the-counter market, on the last trading day prior to the date of conversion, as reported
by the National Quotation Bureau, Incorporated or similar organization if the National Quotation
Bureau, Incorporated is no longer reporting such information, or if not so available, the fair
market price as determined by the Board of Directors. For purposes of this Section, “trading day”
shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the
Common Stock is not traded on the Nasdaq National Market, or if the Common Stock is not traded on
the Nasdaq National Market, on the principal exchange or market on which the Common Stock is traded
or quoted.

Section 14.4 Adjustment of Conversion Price or Conversion Rate. 

     The conversion price or conversion rate, as the case may be, of Securities of any series that
is convertible into Common Stock of the Company shall be adjusted for any stock dividends, stock
splits, reclassifications, combinations or similar transactions in accordance with the terms of the
supplemental indenture or Board Resolutions setting forth the terms of the Securities of such
series. Whenever the conversion price or conversion rate, as the case may be, is adjusted, the
Company shall compute the adjusted conversion price or conversion rate, as the case may be, in
accordance with terms of the applicable Board Resolution or supplemental indenture and shall
prepare an Officers’ Certificate setting forth the adjusted conversion price or conversion rate, as
the case may be, and showing in reasonable detail the facts upon which such adjustment is based,
and such certificate shall forthwith be filed at each office or agency maintained for the purpose
of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The
Company shall forthwith cause a notice setting forth the adjusted conversion price or conversion
rate, as the case may be, to be mailed, first class postage prepaid, to each Holder of Securities
of such series at its address appearing on the Security Register and to any conversion agent other
than the Trustee.

Section 14.5 Notice of Certain Corporate Actions. 

     In case:

     (1) the Company shall declare a dividend (or any other distribution) on its Common
Stock payable otherwise than in cash out of its retained earnings (other than a dividend for
which approval of any shareholders of the Company is required) that would require an
adjustment pursuant to Section 14.4; or

     (2) the Company shall authorize the granting to all or substantially all of the holders
of its Common Stock of rights, options or warrants to subscribe for or purchase any

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shares
of capital stock of any class or of any other rights (other than any such grant for which
approval of any shareholders of the Company is required); or

     (3) of any reclassification of the Common Stock of the Company (other than a
subdivision or combination of its outstanding shares of Common Stock, or of any
consolidation, merger or share exchange to which the Company is a party and for which
approval of any shareholders of the Company is required), or of the sale of all or
substantially all of the assets of the Company; or

     (4) of the voluntary or involuntary dissolution, liquidation or winding up of the
Company;

then the Company shall cause to be filed with the Trustee, and shall cause to be mailed to all
Holders at their last addresses as they shall appear in the Security Register, at least 20 days (or
10 days in any case specified in clause (1) or (2) above) prior to the applicable record date
hereinafter specified, a notice stating (i) the date on which a record is to be taken for the
purpose of such dividend, distribution, rights, options or warrants, or, if a record is not to be
taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution, rights, options or
warrants are to be determined, or (ii) the date on which such reclassification, consolidation,
merger, share exchange, sale, dissolution, liquidation or winding up is expected to become
effective, and the date as of which it is expected that holders of Common Stock of record shall be
entitled to exchange their shares of Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of
such notice shall also forthwith be filed by the Company with the Trustee.

Section 14.6 Reservation of Shares of Common Stock. 

     The Company shall at all times reserve and keep available, free from preemptive rights, out of
its authorized but unissued Common Stock, for the purpose of effecting the conversion of
Securities, the full number of shares of Common Stock of the Company then issuable upon the
conversion of all outstanding Securities of any series that has conversion rights.

Section 14.7 Payment of Certain Taxes upon Conversion. 

     Except as provided in the next sentence, the Company will pay any and all taxes that may be
payable in respect of the issue or delivery of shares of its Common Stock on conversion of
Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be
payable in respect of any transfer involved in the issue and delivery of shares of its Common Stock
in a name other than that of the Holder of the Security or Securities to be converted, and no such
issue or delivery shall be made unless and until the person requesting such issue has paid to the
Company the amount of any such tax, or has established, to the satisfaction of the Company, that
such tax has been paid.

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Section 14.8 Nonassessability. 

     The Company covenants that all shares of its Common Stock that may be issued upon conversion
of Securities will upon issue in accordance with the terms hereof be duly and validly issued and
fully paid and nonassessable.

Section 14.9 Provision in Case of Consolidation, Merger or Sale of Assets. 

     In case of any consolidation or merger of the Company with or into any other Person, any
merger of another Person with or into the Company (other than a merger which does not result in
any reclassification, conversion, exchange or cancellation of outstanding shares of Common
Stock of the Company) or any conveyance, sale, transfer or lease of all or substantially all of the
assets of the Company, the Person formed by such consolidation or resulting from such merger or
which acquires such assets, as the case may be, shall execute and deliver to the Trustee a
supplemental indenture providing that the Holder of each Security of a series then Outstanding that
is convertible into Common Stock of the Company shall have the right thereafter (which right shall
be the exclusive conversion right thereafter available to said Holder), during the period such
Security shall be convertible, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger, conveyance, sale,
transfer or lease by a holder of the number of shares of Common Stock of the Company into which
such Security might have been converted immediately prior to such consolidation, merger,
conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i) is not
a Person with which the Company consolidated or merged with or into or which merged into or with
the Company or to which such conveyance, sale, transfer or lease was made, as the case may be (a
“Constituent Person”), or an Affiliate of a Constituent Person and (ii) failed to exercise his
rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if
the kind or amount of securities, cash and other property receivable upon such consolidation,
merger, conveyance, sale, transfer, or lease is not the same for each share of Common Stock of the
Company held immediately prior to such consolidation, merger, conveyance, sale, transfer or lease
by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of
election shall not have been exercised (“Non-electing Share”), then for the purpose of this
Section 14.9 the kind and amount of securities, cash and other property receivable upon such
consolidation, merger, conveyance, sale, transfer or lease by the holders of each Non-electing
Share shall be deemed to be the kind and amount so receivable per share by a plurality of the
Non-electing Shares). Such supplemental indenture shall provide for adjustments which, for events
subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article or in accordance with the terms
of the supplemental indenture or Board Resolutions setting forth the terms of such adjustments. The
above provisions of this Section 14.9 shall similarly apply to successive consolidations, mergers,
conveyances, sales, transfers or leases. Notice of the execution of such a supplemental indenture
shall be given by the Company to the Holder of each Security of a series that is convertible into
Common Stock of the Company as provided in Section 1.6 promptly upon such execution. Neither the
Trustee nor any conversion agent, if any, shall be under any responsibility to determine the
correctness of any provisions

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contained in any such supplemental indenture relating either to the
kind or amount of shares of stock or other securities or property or cash receivable by Holders of
Securities of a series convertible into Common Stock of the Company upon the conversion of their
Securities after any such consolidation, merger, conveyance, transfer, sale or lease or to any such
adjustment, but may accept as conclusive evidence of the correctness of any such provisions, and
shall be protected in relying upon, an Opinion of Counsel with respect thereto, which the Company
shall cause to be furnished to the Trustee upon request.

Section 14.10 Duties of Trustee Regarding Conversion. 

     Neither the Trustee nor any conversion agent shall at any time be under any duty or
responsibility to any Holder of Securities of any series that is convertible into Common Stock of
the Company to determine whether any facts exist which may require any adjustment of the conversion
price or conversion rate, as the case may be, or with respect to the nature or extent of any such
adjustment when made, or with respect to the method employed, whether herein or in any supplemental
indenture, any resolutions of the Board of Directors or written instrument executed by one or more
officers of the Company provided to be employed in making the same. Neither the Trustee nor any
conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock of the Company, or of any securities or property, which may at any
time be issued or delivered upon the conversion of any Securities and neither the Trustee nor any
conversion agent makes any representation with respect thereto. Subject to the provisions of
Section 6.1, neither the Trustee nor any conversion agent shall be responsible for any failure of
the Company to issue, transfer or deliver any shares of its Common Stock or stock certificates or
other securities or property upon the surrender of any Security for the purpose of conversion or to
comply with any of the covenants of the Company contained in this Article 14 or in the applicable
supplemental indenture, resolutions of the Board of Directors or written instrument executed by one
or more duly authorized officers of the Company.

Section 14.11 Repayment of Certain Funds upon Conversion. 

     Any funds which at any time shall have been deposited by the Company or on its behalf with the
Trustee or any other paying agent for the purpose of paying the principal of, and premium, if any,
and interest, if any, on any of the Securities (including, but not limited to, funds deposited for
the sinking fund referred to in Article 12 hereof and funds deposited pursuant to Article 13
hereof) and which shall not be required for such purposes because of the conversion of such
Securities as provided in this Article 14 shall after such conversion be repaid to the Company by
the Trustee upon the Company’s written request.

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

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     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written.

	 	 	 	 	 	 	 
	 	 	ONCOTHYREON INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	                                        ,	 	 
	 
	 	 	 	 	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:

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