Document:

exv10w85

Exhibit 10.85

SEPARATION AND RELEASE AGREEMENT

     THIS SEPARATION AND RELEASE AGREEMENT (this “Agreement”) is entered into on December 29, 2009,
by and between Jonathan Fels (the “Employee”) and Avatar Properties Inc., a Florida corporation
(the “Company”).

WITNESSETH:

     WHEREAS, the Employee has been employed by the Company to serve as the President of the
Company pursuant to an Amended and Restated Employment Agreement made as of December 22, 2008 (the
“Employment Agreement”); and

     WHEREAS, the Company and the Employee have agreed that Employee shall no longer hold any
position with the Company as an executive officer and employee effective as of the end of business
on December 31, 2009, and will receive compensation pursuant to the terms and conditions contained
herein;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth,
the parties hereto agree as follows:

     1. TERMINATION OF EMPLOYMENT. Employee and the Company agree that the Employee’s
employment with the Company shall be terminated by mutual agreement of both parties effective as of
the end of business on December 31, 2009 (the “Resignation Date”).

     2. RESIGNATION. The Employee agrees to resign (i) from his position as the President
of the Company and (ii) from any other positions that he holds with the Company or any other
affiliated company (each an “Affiliated Company”) of the Company, effective as of the Resignation
Date. The Employee acknowledges and agrees that after the Resignation Date he will not have the
authority to represent or bind the Company, or any Affiliated Company, as an officer or employee.

     3. TERMINATION OF EMPLOYMENT AGREEMENT AND OTHER ITEMS.

          3.1 Employee acknowledges and agrees that this Agreement shall terminate the Employment
Agreement, except as described herein, and this Agreement sets forth all of the compensation
payable to him effective as of the date of this Agreement.

          3.2 The Employee acknowledges and agrees that the Company has paid him all wages and any other
compensation that is payable to him under the Employment Agreement including, but not limited to,
all salary payments, bonuses, incentive compensation, reimbursement for the business expenses and
vacation pay, to which he is entitled under the Employment Agreement or otherwise in connection
with his employment with the Company. The Employee further acknowledges that, except as described
in this Agreement, his eligibility to participate in any of the Company’s benefit programs
including, but not limited to, participation in employee benefits plans, such as 401(k), savings,
pension, shared and deferred

 

 

compensation plans and health insurance benefits, such as medical, dental, hospitalization,
disability, life insurance and other plans offered to the Company’s executives, will be terminated
as of the Resignation Date as a result of the termination of the Employment Agreement.

          3.3 The Company and Employee acknowledge and agree that Employee will continue to have until
March 13, 2013, to exercise the 60,000 options to purchase common stock (the “Common Stock”) of
Avatar Holdings Inc. (“Avatar”) at a price of $25.00 per share that have been granted to Employee
pursuant to the Non-Qualified Stock Option Agreement dated March 13, 2003.

          3.4 The Company agrees that the 47,708 shares of Common Stock issued to Employee, which are
subject to the Amended and Restated Restricted Stock Unit Agreement dated December 22, 2008, are
fully vested. These shares shall be delivered to Employee as promptly as practicable after the
date of this Agreement. Employee agrees not to sell, pledge, gift, transfer or hypothecate or
enter into any agreement to sell, pledge, gift, transfer or hypothecate any such shares prior to
December 31, 2010.

          3.5 The Company and the Employee acknowledge the termination of the Employment Agreement as of
the Resignation Date, except for the covenants and obligations set forth in Section 4 of the
Employment Agreement, which by its terms survives the termination of the Employment Agreement and
are incorporated herein by reference. The Employee acknowledges and agrees that he will comply
with the obligations and covenants set forth in Section 4 of the Employment Agreement for the
applicable time periods set forth in the Employment Agreement.

          3.6 In exchange for $1.00 and other good and valuable consideration, the Company hereby
transfers, without representation or warranty, all of the Company’s or any Affiliated Companies’,
right, title and interest in and to the “Brookman-Fels” name, and all common law rights thereto.

          3.7 It is understood that Employee either directly or indirectly through one or more entities
with respect to which he may be involved in any manner (an “Employee Entity”) may engage in the
development, construction, purchase and sale of real estate in areas not subject to Section 4 of
the Employment Agreement. If prior to January 1, 2011 Employee or any Employee Entity seeks to
invest by means of equity or debt in any real estate investment of (a) more than ten (10) developed
or undeveloped residential units or (b) an investment of more than $5,000,000 in the aggregate,
then Employee shall send a right of first refusal notice (a “Right of First Refusal Notice”) to the
Company by email, overnight courier or regular mail to Gerald Kelfer with copy to Michael Levy at
the following addresses: Gerry Kelfer, 201 Alhambra Circle, 12th Floor, Coral Gables,
Florida 33134 or Maria_Zaret@avatarholdings.com with a copy to Michael Levy, 201 Alhambra Circle,
12th Floor, Coral Gables, Florida 33134 or Michael_Levy@avatarholdings.com.

          3.8 Any Right of First Refusal Notice shall state (a) the purpose of the investment, (b) the
amount and nature of such investment, and (c) the timing of such investment. If the Company
desires to make such investment, the Company shall respond to Employee within thirty (30) days of
receipt by the Right of First Refusal Notice and the parties thereafter

2

 

will negotiate a joint venture arrangement respecting such investment. If the Company does
not respond within such period or affirmatively declines to make such investment, Employee shall be
entitled to make such investment on the terms set forth in the Right of First Refusal Notice
without any participation by the Company.

          3.9 Employee agrees, upon reasonable request by the Company, to provide consulting services to
the Company at no charge for up to twenty (20) hours in any calendar month during calendar year
2010. In the event the Company desires Employee to perform more than twenty (20) hours of
consulting services in any calendar month, Employee and the Company shall negotiate in good faith
the compensation for such arrangement. Whenever Employee is performing consulting services for the
Company, he shall be reimbursed for his direct out-of-pocket expenses in accordance with standard
Company policy. In the event that the Employee does provide any consulting services to the Company
under this Agreement, Employee shall not be an employee of the Company and shall at all times be
self-employed or the employee of an Employee Entity.

     4. PAYMENT AND BENEFITS.

          4.1 Payment. In consideration of the covenants set forth herein, the Company agrees to
pay the Employee, not later than December 31, 2009, an amount equal to 50% of the cash compensation
otherwise payable to him for calendar year 2010 in the amount of $450,000 pursuant to the Amended
and Restated Employment Agreement, dated as of December 22, 2008, between the Company and Employee,
which is hereby terminated. This compensation payable to the Employee hereunder is stated in gross
amount and shall be subject to all applicable withholding taxes, other normal payroll and any other
amounts required by law to be withheld.

          4.2 Benefits. The Company will provide the Employee with information regarding any
benefits which may be converted to individual coverage and/or coverage which includes his spouse in
accordance with Consolidated Omnibus Budget Reconciliation Act (“COBRA”) regulations. Employee
acknowledges and agrees that he will not be entitled to any perquisites, benefits or other
compensation whatsoever after the Resignation Date, except as described in this Agreement.

     5. WAIVER AND RELEASE IN FAVOR OF COMPANY.

          5.1 Waiver and Release by Employee. For good and valuable consideration, the receipt
and sufficiency of which is acknowledged by the Employee, including the payments to the Employee as
described in Section 4, Employee hereby agrees that his separation of employment from the Company
was not due in any way to age or any other type of discrimination or any wrongful act of the
Company, and Employee and his Releasors, as hereinafter defined, do hereby voluntarily and fully
release and forever discharge the Company, together with its past and current predecessors,
successors, shareholders, officers, directors, employees, attorneys, trustees, insurers,
representatives, contractors, representatives, related organizations and affiliates (collectively,
the “Released Parties”), jointly and individually, from any and all claims, demands, debts, causes
of action, claims for relief, and damages, of whatever kind or nature, known or unknown, developed
or undeveloped, which Employee had, now has or may hereinafter have from the beginning of the world
to the date hereof including, without limitation, all claims and all rights which the Employee may
have under Title VII of the Civil

3

 

Rights Act of 1964; the Equal Employment Opportunity Act of 1972; the Civil Rights Act of
1991; the Age Discrimination and Employment Act of 1967; the Employee Retirement Security Act 42
U.S.C. § 1981; the Older Workers’ Benefit Protection Act; the Americans with Disabilities Act; the
Family Medical Leave Act of 1993; the Equal Pay Act; the Fair Labor Standards Act; and any and all
other federal and state statutes which regulate employment; and the laws of contracts, tort and
other subjects but excluding any claims not waivable by law.

          5.2 Releasors. For purposes of paragraph 5, “Releasors” shall mean, collectively, the
spouse of the Employee and the Employee’s dependents, heirs, executors administrators and assigns,
past and present and each of them and their trustees, directors, officers, agents, attorneys,
insurers, employees, stockholders, representatives, successors, assigns and all persons acting by,
through, under or in connection with them, past and present. Execution of this Agreement and
payment of the payments specified in paragraph 4 of this Agreement does not constitute an admission
by any Released Party of any violation of any civil rights or other employment discrimination
statute, or any other legal statute, provision, regulation, ordinance, order or action under common
law. Rather, this Agreement expresses the intention of the parties to resolve all possible issues
and other claims related to or arising out of Employee’s employment by the Company without the time
and expense of litigation.

          5.3 Directors and Officer Insurance. The Company currently has in place directors and
officers insurance that covers those persons that are currently officers of the Company as well as
those persons who were formerly officers of the Company. Notwithstanding the foregoing release,
the Company agrees that so long as the Company is maintaining directors and officers insurance
covering past officers, such insurance shall also cover Employee for his actions as an officer of
the Company subject to the limitations applicable to all present and prior officers contained in
such policies.

     6. WAIVER AND RELEASE IN FAVOR OF EMPLOYEE. For good and valuable consideration, the
receipt and sufficiency of which is acknowledged by the Company, including the early termination of
the Employment Agreement, the Company does hereby voluntarily and fully release and forever
discharge the Employee from any and all claims, demands, debts, causes of action, claims for
relief, and damages, of whatever kind or nature, known or unknown, developed or undeveloped, which
Company had, now has or may hereinafter have from the beginning of the world to the date hereof,
excluding any claims not waivable by law or arising from the Employee’s gross negligence, criminal
or other intentional wrongful acts (e.g., fraud) to the detriment of the Company. Notwithstanding
the foregoing, Employee agrees to assist the Company (without any cost to Employee) in defending
any claim against the Company or the Employee related to his status as an employee including,
without limitation, helping with any investigation or appearing as a witness in any litigation
involving the Company.

     7. GOVERNING LAW. The law of the State of Florida shall govern the validity of this
Agreement, the construction of its terms and the interpretation of the rights and duties of the
parties. This Agreement constitutes the entire agreement and understanding between the Employee and
the Company regarding the Employee’s resignation from employment with the Company. Any agreement to
amend or modify the terms and conditions of this Agreement must be in writing and executed by the
parties hereto. This Agreement may be specifically enforced in judicial proceedings and may be used
as evidence in a subsequent proceeding in which a breach is alleged.

4

 

     8. CONFIDENTIALITY. The Employee agrees that he will keep confidential all information
regarding the Company, its business operations and this Agreement including, but not limited to,
information about pricing, customers, current and former employees and will not disclose such
information to anyone unless such information is (i) published and becomes public knowledge (other
than through or by the Employee on his behalf), (ii) required by legal process in formal legal
proceeding, or (iii) is necessary to report income to the appropriate taxing authorities. The
provisions of this paragraph are in addition to, and not in lieu of, any other obligations of
confidentiality entered into by the Employee and the Company.

     9. NON-DISPARAGEMENT. (a) The Employee agrees that he will not directly or
indirectly, individually or in concert with others for a period of five years from the date of this
Agreement, (i) disparage, interfere with or attempt to interfere with, the reputation, goodwill,
services or business of the Company or any of the Affiliated Companies and/or the stockholders,
directors, officers, employees, agents or representatives of the Company or any Affiliated
Companies or (ii) engage in any conduct, take any actions or make any statements (oral or written)
to the public, future employers, customers, vendors, the investment community, the media, current,
former or future employees or the Company or any Affiliated Company, or any other third party
whatsoever that is calculated to have, or reasonably likely or possibly having, the effect of
undermining, disparaging or otherwise reflecting negatively or could reasonably be considered to
undermine, disparage or reflect negatively, on the Company or the Affiliated Companies or the
reputation, goodwill, services and business of the Company or the Affiliated Companies.

          (b) The Company agrees that it will not directly or indirectly, individually or in concert
with others for a period of five years from the date of this Agreement, (i) disparage, interfere
with or attempt to interfere with, the reputation, goodwill, services or business of the Employee
or (ii) engage in any conduct, take any actions or make any statements (oral or written) to the
public, future employers, customers, vendors, the investment community, the media, current, former
or future employees or the Company or any Affiliated Company, or any other third party whatsoever
that is calculated to have, or reasonably likely or possibly having, the effect of undermining,
disparaging or otherwise reflecting negatively or could reasonably be considered to undermine,
disparage or reflect negatively, on the Employee or the reputation, goodwill, services and business
of the Employee.

     10. KNOWING AND VOLUNTARY SETTLEMENT. IN EXECUTING THIS AGREEMENT, EMPLOYEE HEREBY
REPRESENTS THAT HE HAS BEEN AFFORDED A REASONABLE OPPORTUNITY TO CONSIDER THIS AGREEMENT; THAT HE
HAS COMPLETELY AND CAREFULLY READ THIS AGREEMENT; THAT HE HAS BEEN ADVISED BY THE COMPANY TO
CONSULT WITH AN ATTORNEY OF HIS OWN CHOICE PRIOR TO EXECUTING THIS AGREEMENT, AND RELIED ON THE
LEGAL ADVICE OF HIS ATTORNEY; THAT HE HAD THE OPPORTUNITY TO HAVE AN ATTORNEY EXPLAIN TO HIM THE
TERMS OF THIS AGREEMENT; THAT HE KNOWS AND UNDERSTANDS THE CONTENTS OF THIS AGREEMENT; THAT THE
TERMS OF THIS AGREEMENT ARE SATISFACTORY TO AND FULLY UNDERSTOOD AND VOLUNTARILY ACCEPTED BY HIM.

     11. EFFECT OF AGREEMENT AND INTERPRETATION. The Company and Employee intend this
Agreement to be legally binding upon and inure to the benefit of each of

5

 

them and their respective heirs, administrators, executors, successors and assigns. The
language of this Agreement shall be construed as a whole, according to its fair meaning and intent
and not strictly for or against any party hereto, regardless of who drafted or was principally
responsible for drafting this Agreement. The recitals contained at the beginning of this Agreement
are expressly made a part of this Agreement. Headings are for convenience only and should not be
used in interpreting this Agreement.

     12. SEVERABILITY AND JURY WAIVER. Should any provision of this Agreement be declared
illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be
enforceable, including the general release language, such provision shall immediately become null
and void, leaving the remainder of the Agreement in full force and effect. The Company and the
Employee each knowingly, intentionally, and irrevocably waive any and all rights to a jury trial
for any litigation or legal proceeding in any way relating to or arising out of this Agreement or
the Employment Agreement.

     13. SECTION HEADINGS. The section headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement.

     14. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but a complete set of which taken together shall
constitute one and the same instrument.

     15. ATTORNEYS’ FEES. In the event that either party hereto commences litigation
against the other to enforce such party’s rights hereunder, the prevailing party shall be entitled
to recover all costs, expenses and fees, including reasonable attorneys’ fees (including in-house
counsel), paralegals’ fees, and legal assistants’ fees through all appeals.

     16. NEUTRAL CONSTRUCTION. Each party to this Agreement was represented by counsel, or
had the opportunity to consult with counsel. No party may rely on any drafts of this Agreement in
any interpretation of the Agreement. Each party to this Agreement has reviewed this Agreement and
has participated in its drafting and, accordingly, no party shall attempt to invoke the normal rule
of construction to the effect that ambiguities are to be resolved against the drafting party in any
interpretation of this Agreement.

     IN WITNESS WHEREOF, the aforesaid parties have hereunto set their hands and seals as of the
day below written.

	 	 	 	 	 
	 	AVATAR PROPERTIES INC.

 	 
	 	By:  	/s/ Gerald D. Kelfer
 	 
	 	 	Name:  	Gerald D. Kelfer 	 
	 	 	Title:  	Chairman of the Board 	 
	 
	 	 	 
	 	By:  	                                          /s/ Jonathan Fels
 	 
	 	 	Jonathan Fels 	 
	 	 	 	 
	 

6exv10w35

Exhibit 10.35

EXECUTION VERSION

$65,000,000

CREDIT AGREEMENT

dated as of

March 15, 2010

By and among

ALON REFINING KROTZ SPRINGS, INC.,

and

EACH OTHER PARTY JOINED AS A BORROWER HEREUNDER

as Borrower,

The Lenders Party Hereto

and

BANK HAPOALIM B.M.,

as Administrative Agent

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	 	 	 	 
	Definitions; Construction; Incorporation by Reference

	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Terms Generally
	 	 	26	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	The Credits

	 
	 	 	 	 
	SECTION 2.01. Commitments and Loans
	 	 	27	 
	SECTION 2.02. Loans
	 	 	27	 
	SECTION 2.03. Borrowing Procedure
	 	 	28	 
	SECTION 2.04. Evidence of Debt; Repayment of Loans
	 	 	28	 
	SECTION 2.05. [Intentionally Omitted]
	 	 	29	 
	SECTION 2.06. Interest on Loans
	 	 	29	 
	SECTION 2.07. Default Interest
	 	 	29	 
	SECTION 2.08. Termination of Commitments
	 	 	30	 
	SECTION 2.09. Conversion of Borrowings
	 	 	30	 
	SECTION 2.10. Repayment of Borrowings
	 	 	31	 
	SECTION 2.11. Optional Prepayments
	 	 	31	 
	SECTION 2.12. Mandatory Prepayments
	 	 	31	 
	SECTION 2.13. Reserve Requirements; Change in Circumstances
	 	 	33	 
	SECTION 2.14. Change in Legality
	 	 	33	 
	SECTION 2.15. Indemnity
	 	 	34	 
	SECTION 2.16. Pro rata Treatment
	 	 	34	 
	SECTION 2.17. Sharing of Setoffs
	 	 	34	 
	SECTION 2.18. Payments
	 	 	35	 
	SECTION 2.19. Taxes
	 	 	35	 
	SECTION 2.20. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate
	 	 	37	 

 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE III

	 
	 	 	 	 
	Representations and Warranties

	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	38	 
	SECTION 3.02. Authorization
	 	 	38	 
	SECTION 3.03. Enforceability
	 	 	39	 
	SECTION 3.04. Governmental Approvals
	 	 	39	 
	SECTION 3.05. Financial Statements
	 	 	39	 
	SECTION 3.06. No Material Adverse Change
	 	 	39	 
	SECTION 3.07. Title to Properties; Possession Under Leases
	 	 	39	 
	SECTION 3.08. Subsidiaries
	 	 	40	 
	SECTION 3.09. Litigation; Compliance with Laws
	 	 	40	 
	SECTION 3.10. Agreements
	 	 	40	 
	SECTION 3.11. Federal Reserve Regulations
	 	 	40	 
	SECTION 3.12. Investment Company Act
	 	 	41	 
	SECTION 3.13. Use of Proceeds
	 	 	41	 
	SECTION 3.14. Tax Returns
	 	 	41	 
	SECTION 3.15. No Material Misstatements
	 	 	41	 
	SECTION 3.16. Employee Benefit Plans
	 	 	41	 
	SECTION 3.17. Environmental Matters
	 	 	42	 
	SECTION 3.18. Insurance
	 	 	42	 
	SECTION 3.19. Security Documents
	 	 	42	 
	SECTION 3.20. Labor Matters
	 	 	42	 
	SECTION 3.21. Solvency
	 	 	43	 
	SECTION 3.22. Senior Indebtedness
	 	 	43	 
	SECTION 3.23. Sanctioned Persons
	 	 	43	 
	SECTION 3.24. Intellectual Property
	 	 	43	 
	SECTION 3.25. First Purchaser Liens
	 	 	43	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	Conditions of Lending

	 
	 	 	 	 
	SECTION 4.01. Conditions of Lending
	 	 	43	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	Affirmative Covenants

	 
	 	 	 	 
	SECTION 5.01. Existence; Businesses and Properties
	 	 	46	 
	SECTION 5.02. Insurance
	 	 	47	 
	SECTION 5.03. Obligations and Taxes
	 	 	48	 

ii

 

	 	 	 	 	 
	 	 	Page
	SECTION 5.04. Financial Statements, Reports, etc
	 	 	48	 
	SECTION 5.05. Litigation and Other Notices
	 	 	49	 
	SECTION 5.06. Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings
	 	 	49	 
	SECTION 5.07. Use of Proceeds
	 	 	50	 
	SECTION 5.08. Senior Indebtedness Designation
	 	 	50	 
	SECTION 5.09. Collateral
	 	 	50	 
	SECTION 5.10. [Intentionally Omitted]
	 	 	51	 
	SECTION 5.11. Crack Spread Hedging Agreement
	 	 	51	 
	SECTION 5.12. Additional Subsidiaries
	 	 	51	 
	SECTION 5.13. Compliance with Law; Maintenance of Licenses
	 	 	52	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	Negative Covenants

	 
	 	 	 	 
	SECTION 6.01. Limitation on Indebtedness
	 	 	52	 
	SECTION 6.02. Liens
	 	 	53	 
	SECTION 6.03. Sale/Leaseback Transactions
	 	 	54	 
	SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	 	 	54	 
	SECTION 6.05. Mergers, Consolidations and Other Fundamental Changes
	 	 	56	 
	SECTION 6.06. Asset Sales
	 	 	56	 
	SECTION 6.07. Hedging Agreement
	 	 	57	 
	SECTION 6.08. Restricted Payments
	 	 	58	 
	SECTION 6.09. Transactions with Affiliates
	 	 	61	 
	SECTION 6.10. Permitted Business
	 	 	62	 
	SECTION 6.11. Restrictive Agreements
	 	 	62	 
	SECTION 6.12. Amendment of Material Documents
	 	 	63	 
	SECTION 6.13. Fiscal Year
	 	 	63	 
	SECTION 6.14. [Intentionally Omitted]
	 	 	63	 
	SECTION 6.15. Parent Credit Agreement
	 	 	63	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	Events of Default

	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	The Administrative Agent and the Collateral Agent

iii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE IX

	 
	 	 	 	 
	Miscellaneous

	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	68	 
	SECTION 9.02. Survival of Agreement
	 	 	69	 
	SECTION 9.03. Binding Effect
	 	 	70	 
	SECTION 9.04. Successors and Assigns
	 	 	70	 
	SECTION 9.05. Expenses; Indemnity
	 	 	73	 
	SECTION 9.06. Right of Setoff
	 	 	74	 
	SECTION 9.07. Applicable Law
	 	 	75	 
	SECTION 9.08. Waivers; Amendment
	 	 	75	 
	SECTION 9.09. Interest Rate Limitation
	 	 	75	 
	SECTION 9.10. Entire Agreement
	 	 	76	 
	SECTION 9.11. WAIVER OF JURY TRIAL
	 	 	76	 
	SECTION 9.12. Severability
	 	 	76	 
	SECTION 9.13. Counterparts
	 	 	77	 
	SECTION 9.14. Headings
	 	 	77	 
	SECTION 9.15. Jurisdiction; Consent to Service of Process
	 	 	77	 
	SECTION 9.16. Confidentiality
	 	 	77	 
	SECTION 9.17. Termination and Release
	 	 	78	 
	SECTION 9.18. Patriot Act Notice
	 	 	79	 
	SECTION 9.19. Intercreditor Agreement
	 	 	79	 
	SECTION 9.20. Certifications Regarding Indenture
	 	 	80	 
	SECTION 9.21. Reinstatement of Liability
	 	 	80	 

SCHEDULES:

Schedule 2.01  —  Commitments

Schedule 3.09  —  Litigation

Schedule 3.17  —  Environmental Matters

Schedule 3.18  —  Insurance

Schedule 6.01  —  Indebtedness

Schedule 6.02  —  Existing Liens

Schedule 6.04  —  Existing Investments

EXHIBITS:

Exhibit A  —  Form of Administrative Questionnaire

Exhibit B  —  Form of Assignment and Acceptance

Exhibit C  —  Form of Borrowing Request

Exhibit D  —  Form of Note

Exhibit E  —  Form of BH Letter of Credit Termination Letter

iv

 

CREDIT AGREEMENT dated as of March 15, 2010, among ALON REFINING KROTZ SPRINGS, INC., a Delaware
corporation (and together with each other party joined as a borrower pursuant to Section 5.12, the
“Borrower”), the Lenders (as defined in Article I), and BANK HAPOALIM B.M., a bank organized under
the laws of Israel, acting through its New York branch, as administrative agent (in such capacity,
the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for
the Lenders.

          The Borrower has requested the Lenders to provide a term loan facility (the “Facility”)
available in the form of a single Borrowing on the Closing Date in an aggregate principal amount of
$65,000,000 to be used to repay the Revolving Credit Facility and for the general corporate
purposes of the Borrower. Capitalized terms used but not defined in this paragraph shall have the
meanings given them in Article I.

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

ARTICLE I

Definitions; Construction; Incorporation by Reference

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

          “1-Month LIBOR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the 1-Month LIBOR Rate.

          “1-Month LIBOR Rate” shall mean the LIBOR Rate applicable to an Interest Period of one month,
plus 3.00%.

          “2-Week LIBOR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the 2-Week LIBOR Rate.

          “2-Week LIBOR Rate” shall mean the LIBOR Rate applicable to an Interest Period of two weeks,
plus 3.00%.

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

          “Acquisition” shall mean the acquisition of (A) a controlling equity interest in another
person (including the purchase of an option, warrant or convertible or similar type security to
acquire such a controlling interest at the time it becomes exercisable by the holder thereof),
whether by purchase of such equity interest or upon

 

 

exercise of an option or warrant for, or conversion of securities into, such equity interest,
or (B) assets of another person which constitute all or substantially all of the assets of such
person or of a line or lines of business conducted by such person.

          “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of
Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent.

          “Affiliate” shall mean, when used with respect to a specified 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; provided, however, that, for purposes of Section
6.09, the term “Affiliate” shall also include any person that directly or indirectly owns 10% or
more of any class of Equity Interests of the person specified.

          “Asset Sale” shall have the meaning assigned to such term in Section 6.06.

          “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender
and an assignee and accepted by the Administrative Agent substantially in the form of Exhibit B or
such other form as shall be approved by the Administrative Agent.

          “Average Life” shall mean, as of the date of determination, with respect to any Indebtedness,
the quotient obtained by dividing:

	 	(1)	 	the sum of the products of the numbers of years from the date of
determination to the dates of each successive scheduled principal payment of or
redemption or similar payment with respect to such Indebtedness multiplied by the
amount of such payment by

	 	(2)	 	the sum of all such payments.

          “Bankruptcy Code” shall mean Title 11 of the United States Code.

          “BH Letters of Credit” shall mean (i) that certain irrevocable standby letter of credit No.
459-02-000069/2 for $20,000,000 issued on June 26, 2008, as amended, (ii) that certain irrevocable
standby letter of credit No. 459-02-000070/9 for $20,000,000 issued on June 26, 2008, as amended,
(iii) that certain irrevocable standby letter of credit No. 459-02-000071/8 for $15,000,000 issued
on June 26, 2008, as amended and (iv) that certain irrevocable standby letter of credit No.
459-02-000087/0 for $10,000,000 issued on March 16, 2009, as amended, each issued by Bank Hapoalim
B.M., Tel Aviv, at the request of Alon Fuel Supply in Jerusalem (1998) Ltd. in favor of Bank of
America N.A.

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

          “Board of Directors” with respect to a person shall mean the Board of Directors of such person
or any committee thereof duly authorized to act on behalf of

2

 

such Board; provided, however, that for purposes of the definition of “Change of Control”, the
term “Board of Directors” with respect to a person shall mean the Board of Directors of such
person, but not any committee thereof.

          “Borrowed Money” shall mean, with respect to any Obligor, without duplication, its (a)
Indebtedness that (A) arises from the lending of money by any person to such Obligor, (B) is
evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (C)
accrues interest or is a type upon which interest charges are customarily paid (excluding trade
payables owing in the ordinary course of business), or (D) was issued or assumed as full or
partial payment for property; (b) Capital Lease Obligations and Synthetic Lease Obligations; (c)
reimbursement obligations with respect to letters of credit; and (d) guaranties of any
Indebtedness of the foregoing types owing by another person.

          “Borrowing” shall mean Loans of the same Type (i) made on the same date or (ii) converted into
Loans of another Type on the same date, in each case, as to which a single Interest Period is in
effect.

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

          “Business Day” shall mean any day other than a Saturday, Sunday or day on which banks in New
York City are authorized or required by law to close.

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

          “CFC” shall mean (a) each subsidiary of the Borrower that is a “controlled foreign
corporation” for purposes of the Code and (b) each subsidiary of each such controlled foreign
corporation.

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

	 	(1)	 	any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934), other than one or more Permitted Holders, is or
becomes the beneficial owner, as defined in Rules 13d-3 and 13d-5 under the Exchange
Act (except that for purposes of this clause (1) such person shall be deemed to have
“beneficial ownership” of all shares that any such person has the right to acquire,
whether such right is exercisable immediately or only after the passage of time),
directly or indirectly, of more than 50% of the total voting power of the Voting Stock
of the Borrower (for the purposes of this clause (1), such other person shall be
deemed to beneficially own any Voting Stock of a specified

3

 

	 	 	 	person held by a parent entity, if such other person is the beneficial owner (as
defined in this clause (1)), directly or indirectly, of more than 50% of the voting
power of the Voting Stock of such parent entity or has the right or ability by
voting power, contract or otherwise to elect or designate for election a majority
of the board of directors of such parent entity);

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

	 	(3)	 	the adoption of a plan relating to the liquidation or dissolution of the
Borrower; or

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

          “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the date of
this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 2.13, by any lending office of such Lender or
by such Lender’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the date of this
Agreement.

4

 

          “Closing Date” shall mean March 15, 2010, or such other date designated by the Borrower, in a
notice delivered to the Administrative Agent not fewer than two Business Days prior to such date,
as the date on which the Borrowing is to be made under this Agreement.

          “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

          “Collateral” shall mean all the “Collateral” as defined in any Security Document.

          “Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make
Loans hereunder as set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which
such Lender assumed its Commitment, as applicable.

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

          “Control” shall mean 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 ownership of voting
securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have
meanings correlative thereto.

          “Crack Spread Hedging Agreement” shall mean any Hedging Agreement or combination of Hedging
Agreements to which any Obligor is a party that hedges against fluctuations in the difference
between the price of crude oil and the price of refined petroleum products, together with the
schedules and exhibits thereto.

          “Crack Spread Hedging Cash Collateral” shall mean cash deposited by the Borrower or its
Affiliates with, or for the benefit of, (a) the Crack Spread Hedging Counterparty as support for
the Borrower’s obligations under the Crack Spread Hedging Agreement or (b) the issuer of the Crack
Spread Hedging Support LC as support for the Borrower’s obligations under the Crack Spread Hedging
Support LC as the account party thereunder; provided, that the total amount of such cash shall not
exceed the lesser of (i) $50,000,000, or (ii) the sum of (1) the net proceeds retained by the
Borrower from issuance of the Notes following repayment of the Term Loan Facility and (2) cash
collateral contributed for such purpose by Parent and its Affiliates (other than Holdings and its
subsidiaries, except to the extent such cash collateral was originally contributed to Holdings or
its subsidiaries by Parent and its Affiliates (other than Holdings and its subsidiaries)).

          “Crack Spread Hedging Cash Collateral Account” shall be as defined in the Intercreditor
Agreement.

5

 

          “Crack Spread Hedging Counterparty” shall mean any person that is party to a Crack Spread
Hedging Agreement as the counterparty to any Obligor thereunder and a party to the Intercreditor
Agreement pursuant to an intercreditor joinder agreement.

          “Crack Spread Hedging Documents” shall be as defined in the Intercreditor Agreement.

          “Crack Spread Hedging Liens” shall be as defined in the Intercreditor Agreement.

          “Crack Spread Hedging Obligations” shall be as defined in the Intercreditor Agreement.

          “Crack Spread Hedging Secured Party” shall be as defined in the Intercreditor Agreement.

          “Crack Spread Hedging Support LC” shall mean one or more letters of credit issued for the
benefit of a Crack Spread Hedging Counterparty as support for the Borrower’s obligations under any
Crack Spread Hedging Agreement in the aggregate face amount not to exceed the lesser of (a)
$50,000,000, or (b) the sum of (i) the net proceeds retained by the Borrower from issuance of the
Notes following repayment of the Term Loan Facility and (ii) cash collateral contributed by Parent
and its Affiliates (other than Holdings and its subsidiaries, except to the extent such cash
collateral was originally contributed to Holdings or its subsidiaries by Parent and its Affiliates
(other than Holdings and its subsidiaries)) to support reimbursement obligations in respect of such
letters of credit.

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

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

          “Deposit Account” shall be as defined in accordance with the UCC in effect in the State of New
York from time to time.

          “Deposit Account Control Agreements” shall mean the deposit account control agreements, in
form and substance acceptable to the Administrative Agent, to be executed by each institution
maintaining a Deposit Account for the Borrower (to the extent the financial institution at which
such Deposit Account is maintained does not prohibit such Deposit Accounts from being subject to
control agreements) and to the extent required under the Guarantee and Collateral Agreement, in
favor of the Administrative Agent, for the benefit of Secured Parties, as security for the
Obligations incurred under the Loan Documents, and in favor of such other parties as is
contemplated by the Intercreditor Agreement.

6

 

          “Disqualified Stock” means any capital stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case, at the option
of the holder of the capital stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the capital stock, in whole or in part, in any such case on or prior to the date that is
91 days after the date on which the Loans hereunder mature. Notwithstanding the preceding sentence,
any capital stock that would constitute Disqualified Stock solely because the holders of the
capital stock have the right to require the Borrower to repurchase such capital stock upon the
occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the
terms of such capital stock provide that the Borrower may not repurchase or redeem any such capital
stock pursuant to such provisions unless such repurchase or redemption complies with Section 6.08.
The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this
Agreement will be the maximum amount that the Borrower and its subsidiaries may become obligated to
pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified
Stock, exclusive of accrued dividends.

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

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

          “Earnout Agreement” shall mean the Earnout Agreement entered into on July 3, 2008 by and
between the Borrower and Valero pursuant to the Stock Purchase Agreement, as amended from time to
time.

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

7

 

insurance received by the Borrower or any of its consolidated subsidiaries during such period;
and minus (c) without duplication and to the extent included in determining such net
income, (i) any extraordinary gains for such period and (b) noncash items of income for such period
(excluding any noncash items of income (i) in respect of which cash was received in a prior period
or will be received in a future period or (ii) that represents the reversal of any accrual for, or
cash reserves for, anticipated cash charges in any prior period), all determined on a consolidated
basis in accordance with GAAP; provided, that EBITDA for any period shall be calculated to
exclude any unrealized non-cash gain or loss for such period in respect of Hedging Agreements
resulting from the application of the Statement of Financial Accounting Standards No. 133,
“Accounting for Derivative Instruments and Hedging Activities”, or a successor thereto, and the
related tax effects.

          “Effective Date” shall mean the date on which the conditions to the initial borrowing
hereunder set forth in Section 4.01 shall have been satisfied.

          “Environment” shall mean soil, land surface, subsurface, surface waters (whether permanent or
ephemeral), groundwater, drinking water, wetlands, sediments, ambient air (including, without
limitation, indoor air), plant life, animal life, microorganisms and any and all other natural
media or resources.

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

          “Environmental Liability” shall mean all liabilities, obligations, prohibitions, damages,
losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs
(including, without limitation, administrative oversight costs, natural resource damages, financial
assistance and remediation costs necessary to meet state, federal or local cleanup levels,
regardless of whether there may be a current obligation to remediate), whether contingent or
otherwise, arising out of or relating to actual or alleged (a) compliance or non-compliance with
any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of
any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to
which liability is assumed or imposed with respect to any of the foregoing.

          “Equipment” shall be as defined in the UCC.

          “Equity Interests” shall mean shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity interests
in any person, or any obligations convertible into or exchangeable for, or

8

 

giving any person a right, option or warrant to acquire, such equity interests or such
convertible or exchangeable obligations.

          “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time.

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

          “ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan or the withdrawal or partial withdrawal of the Borrower or any of its
ERISA Affiliates from any Plan or Multiemployer Plan; (e) the receipt by the Borrower or any of its
ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to
terminate any Plan or Plans or to appoint a Administrative Agent to administer any Plan; (f) the
adoption of any amendment to a Plan that would require the provision of security pursuant to
Section 401(a)(29) of the Code or Section 307 of ERISA; (g) the receipt by the Borrower or any of
its ERISA Affiliates of any notice, or the receipt from any Multiemployer Plan by the Borrower or
any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA; (h) the occurrence of a “prohibited transaction” with
respect to which the Borrower or any of its subsidiaries is a “disqualified person” (within the
meaning of Section 4975 of the Code) or with respect to which the Borrower or any such subsidiary
could otherwise be liable; or (i) any other event or condition with respect to a Plan or
Multiemployer Plan that could result in liability of the Borrower or any subsidiary.

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

          “Excluded Contributions” means net cash proceeds or marketable securities received by the
Borrower from contributions to its common equity capital designated as Excluded Contributions
pursuant to an Officers’ Certificate on the date such capital contributions are made.

          “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other
recipient of any payment to be made by or on account of any obligation of the Borrower hereunder,
(a) income or franchise taxes imposed on (or

9

 

measured by) its net income by the United States of America or any State or political
subdivision thereof, or by the jurisdiction under the laws of which such recipient is organized or
in which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located, (b) any branch profits taxes imposed by the United States of America or
any similar tax imposed by any other jurisdiction described in clause (a) above and (c) in the case
of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section
2.19(a)), any withholding tax that is imposed by the United States of America on amounts payable to
such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or
designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with
Section 2.21(e), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 2.19(a).

          “Existing Parent Revolving Credit Agreement” shall mean that certain Amended Revolving Credit
Agreement, dated as of June 22, 2006 by and among Alon USA, LP, f/k/a SWBU, L.P., a Texas limited
partnership, as a borrower, such other subsidiaries of the Parent as may be designated as a
borrower thereunder, Parent and all direct and indirect subsidiaries of the Parent (other than the
“Excluded Subsidiaries” as defined therein), each as a guarantor, the financial institutions from
time to time party thereto as lenders, Israel Discount Bank of New York, as administrative agent,
co-arranger and collateral agent for the lenders, and Bank Leumi USA, as co-arranger for the
lenders, as amended and as the same may from time to time be amended, restated or otherwise
modified.

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

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

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

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

10

 

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

          “First Purchaser Lien” shall mean a statutory Lien created in connection with the sale and
purchase of Petroleum Product, including the statutory Liens, if any, created under the laws of
Texas, New Mexico, Wyoming, Kansas, Oklahoma, or any other state.

          “Foreign Lender” shall mean any Lender that is organized under the laws of, or the applicable
lending office of which is located in, a jurisdiction outside the United States of America.

          “GAAP” shall mean United States generally accepted accounting principles applied on a
consistent basis.

          “Governmental Authority” shall mean any federal, state, local or foreign court or governmental
agency, authority, instrumentality or legislative or regulatory body.

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

          “Guarantee and Collateral Agreement” shall mean a Guarantee and Collateral Agreement
reasonably satisfactory in form and substance to each Lender and the Borrower under which (i) the
Borrower and the Subsidiary Guarantors shall assign and pledge the Collateral (as defined therein)
to secure the Obligations (as defined therein) and (ii) each Subsidiary Guarantor shall guarantee
the due and punctual payment and performance of the Obligations (as defined therein) for the
ratable benefit of the Secured Parties.

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

          (a) the Administrative Agent shall have received from each Obligor either (i) a counterpart of
the Guarantee and Collateral Agreement, duly executed on behalf of such Obligor or (ii) in the case
of any person that becomes a Obligor after the Effective

11

 

Date, a supplement to such agreement, in the form specified therein, duly executed on behalf
of such Obligor;

          (b) all outstanding Equity Interests held by the Borrower and any Subsidiary Guarantor
(limited, in the case of any CFC, to 65% of the voting Equity Interests of such subsidiary), shall
have been pledged pursuant to the Guarantee and Collateral Agreement or another agreement in form
and substance reasonably satisfactory to the Administrative Agent, and the Collateral Agent shall
have received, in the case of any certificated Equity Interests (except to the extent otherwise
provided in the Intercreditor Agreement), the certificates or other instruments representing such
Equity Interests, together with stock powers or other instruments of transfer with respect thereto
duly endorsed in blank;

          (c) all Indebtedness of the Borrower, any of its subsidiaries or any other person that is
owing to any Obligor shall have been pledged pursuant to the Guarantee and Collateral Agreement and
any obligation in an amount greater than $250,000 included in such Indebtedness shall be evidenced
by a writing (which, if such writing is a promissory note, shall have been delivered to the
Collateral Agent, except to the extent otherwise provided in the Intercreditor Agreement, together
with instruments of transfer with respect thereto endorsed in blank);

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

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

The Collateral Agent may grant, in its discretion, extensions of time for the perfection of
security interests in or the obtaining of necessary consents (including extensions beyond the
Effective Date for the perfection of security interests in or the obtaining of necessary consents
with respect to the assets of the Obligors on such date).

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

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

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          “Hedging Obligations” of any person shall mean the obligations of such person pursuant to any
Hedging Agreement.

          “Holdings” shall mean Alon Refining Louisiana, Inc., a Delaware corporation.

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

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

          “Incur” shall mean issue, assume, Guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Equity Interests of a person existing at the time such person
becomes a subsidiary of the Borrower (whether by merger, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such person at the time it becomes a subsidiary of the Borrower.
The term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of
determining compliance with Section 6.01:

	 	(1)	 	amortization of debt discount or the accretion of principal with respect to a
non-interest bearing or other discount security;

	 	(2)	 	the payment of regularly scheduled interest in the form of additional
Indebtedness of the same instrument or the payment of regularly scheduled dividends on
Equity Interests in the form of additional Equity Interests of the same class and with
the same terms; and

	 	(3)	 	the obligation to pay a premium in respect of Indebtedness arising in
connection with the issuance of a notice of redemption or making of a mandatory offer
to purchase such Indebtedness;

will each not be deemed to be the Incurrence of Indebtedness.

          “Indebtedness” shall mean, with respect to any person on any date of determination (without
duplication), (a) all obligations of such person for borrowed money or with respect to deposits or
advances by other persons of any kind, (b) all monetary obligations of such person evidenced by
bonds, debentures, notes or similar instruments, (c) all monetary obligations of such person under
conditional sale or other title retention agreements relating to property acquired by such person
(excluding trade accounts payable incurred in the ordinary course of business), (d) all monetary
obligations of such person in respect of the deferred purchase price of property or services
(excluding (i) current accounts payable incurred in the ordinary course of business, (ii) deferred
compensation, (iii) any purchase price adjustment under the Stock Purchase Agreement and (iv) any
earnout payment under the Earnout Agreement), (e) all

13

 

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

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

          “Indenture” shall mean the Indenture dated as of October 22, 2009 between the Borrower and
Wilmington Trust FSB, as trustee, as amended, supplemented, restated or otherwise modified from
time to time, pursuant to which the Borrower issued the Notes.

          “Intellectual Property” shall mean all intellectual and similar property of a person,
including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade
secrets, confidential or proprietary information, customer lists, know-how, software and databases;
all embodiments or fixations thereof and all related documentation, applications, registrations and
franchises; all licenses or other rights to use any of the foregoing; and all books and records
relating to the foregoing.

          “Intellectual Property Claim” shall mean any claim or assertion (whether in writing, by suit
or otherwise) that the Borrower’s or any of its subsidiaries’ ownership, use, marketing, sale or
distribution of any Inventory, Equipment, Intellectual Property or other property violates another
person’s Intellectual Property.

          “Intercreditor Agreement” shall mean the Intercreditor Agreement, dated as of October 22,
2009, as amended, by and between the Note Collateral Agent, each Crack Spread Hedging Secured Party
a party thereto from time to time, and, upon execution of a joinder agreement thereto on the date
hereof, the Administrative Agent.

          “Interest Payment Date” shall mean, with respect to any Loan, the last Business Day of each
Interest Period applicable to the Borrowing of which such Loan is a part.

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          “Interest Period” shall mean (a) with respect to any 1-Month LIBOR Loan, the period commencing
on the date of such Borrowing and ending on the numerically corresponding day (or, if there is no
numerically corresponding day, on the last day) in the calendar month that is 1 month thereafter,
(b) with respect to any 2-Week LIBOR Loan, the period commencing on the date of such Borrowing and
ending two weeks thereafter or (c) with respect to any Prime Rate Loan, the period commencing on
the date of such Borrowing and ending one day thereafter; provided, however, that if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day;
provided, further, that such Interest Period shall end on the date on which such Loan is repaid or
prepaid in full. Interest shall accrue from and including the first day of an Interest Period to
but excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing.

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

          “Inventory” shall be as defined in the UCC, including all goods intended for sale, lease,
display or demonstration; all work in process; and all raw materials, crude oil, natural gas,
natural gas liquids, gasoline, diesel, aviation fuel, fuel oil, propane, ethanol, and other
hydrocarbons and other refined products and other materials and supplies of any kind that are or
could be used in connection with the manufacture, printing, packing, shipping, advertising, sale,
lease or furnishing of such goods, or otherwise used or consumed in the Borrower’s business (but
excluding Equipment).

          “Investment” in any person shall mean any direct or indirect advance, loan (other than
advances to customers in the ordinary course of business that are recorded as accounts receivable
on the balance sheet of the lender and extensions of trade credit) or other extension of credit
(including by way of Guarantee or similar arrangement) or capital contribution to (by means of any
transfer of cash or other property to others or any payment for property or services for the
account or use of others), or any purchase or acquisition of Equity Interests, Indebtedness or
other similar instruments issued by such person. Except as otherwise provided for herein, the
amount of an Investment shall be its fair value at the time the Investment is made and without
giving effect to subsequent changes in value.

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

          “LIBOR Rate” shall mean, for any Interest Period, (a) the rate per annum (expressed as a
percentage per annum and rounded upwards, if necessary, to the next 1/16

15

 

of 1%) equal to the rate determined by the Administrative Agent to be the offered rate on a
page or service (whether provided by Bridge Telerate, Reuters, Bloomberg or any other service) that
displays a British Bankers Association Interest Settlement Rate for U.S. Dollar deposits in the
London interbank market in the approximate amount of such Borrowing to be outstanding during such
Interest Period and for a period equal to such Interest Period, determined as of approximately
11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period,
or, if the Administrative Agent determines that for any reason such rate is not available, (b) the
rate determined (i) on the basis of the offered rates for dollar deposits approximately equal to
the Borrowing and for a maturity comparable to such Interest Period, which are offered by four
major banks selected by the Administrative Agent in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period or
(ii) by applying such other recognized source of London eurodollar deposit rates as the
Administrative Agent may determine from time to time.

          “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
encumbrance, charge or security interest in or on such asset, and (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities, any purchase option, call or similar right of a third
party with respect to such securities.

          “Loan Documents” shall mean this Agreement and the Security Documents.

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

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

          “Material Adverse Effect” shall mean (a) a materially adverse effect on the business, assets,
results of operations or financial condition of the Borrower and its subsidiaries taken as a whole,
(b) a material impairment of the ability of the Obligors to perform any of their material
obligations under any Loan Document to which any of them is or will be a party or (c) a material
impairment of the rights of or benefits available to the Lenders under any Loan Document.

          “Material Indebtedness” shall mean Indebtedness (other than the Loans), or obligations in
respect of one or more Hedging Agreements, of any one or more of the Borrower and its subsidiaries
in an aggregate principal amount exceeding $20,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Borrower or any of its subsidiaries
in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving
effect to any

16

 

netting agreements) that the Borrower or such subsidiary would be required to pay if
such Hedging Agreement were terminated at such time.

          “Maturity Date” shall mean June 15, 2010, provided, however, that if such date falls on a day
other than a Business Day, the Maturity Date shall be extended to the next succeeding Business Day
with interest continuing to accrue at the rate in effect on the date falling three months from the
Closing Date.

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

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

          “Net Cash Proceeds” shall mean, with respect to an Asset Sale, proceeds (including, when
received, any deferred or escrowed payments) received by any Obligor in cash from such disposition,
net of (a) reasonable and customary costs and expenses actually incurred in connection therewith,
including legal fees and sales commissions; (b) amounts applied to repayment of Indebtedness
secured by a Permitted Lien senior to Agent’s Liens on Collateral sold; (c) transfer or similar
taxes; and (d) reserves for indemnities and post-closing purchase price adjustments, until such
reserves are no longer needed.

          “Non-ABL Obligations” shall mean the Note Obligations and the Crack Spread Hedging
Obligations.

          “Non-ABL Priority Collateral” shall be as defined in the Intercreditor Agreement.

          “Note Collateral Agent” shall mean Wilmington Trust FSB acting in its capacity as collateral
agent for the secured parties under the Notes and any successor or assignee thereof.

          “Note Documents” shall be as defined in the Intercreditor Agreement.

          “Note Obligations” shall be as defined in the Intercreditor Agreement.

          “Notes” shall mean the Borrower’s 131/2% Secured Notes due 2014 issued pursuant to the terms and
conditions of the Indenture, as amended from time to time.

          “Obligations” shall mean, with respect to any Indebtedness, all obligations for principal,
premium, interest, penalties, fees, indemnifications, reimbursements, and other amounts payable
pursuant to the documentation governing such Indebtedness.

          “Obligor” shall mean the Borrower and each Subsidiary Guarantor.

          “Officer” shall mean the Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Financial Officer, any Vice President, the Treasurer or the Secretary of the
Borrower.

17

 

          “Officers’ Certificate” shall mean a certificate signed by two Officers.

          “Offtake Agreement” shall mean the Offtake Agreement dated on July 3, 2008 by and among the
Borrower, Valero Refining Company-Louisiana and Valero Marketing and Supply Company, a Delaware
corporation.

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

          “Parent” shall mean Alon USA Energy, Inc. a Delaware corporation.

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

          “Perfection Certificate” shall mean a certificate in a form approved by the Administrative
Agent setting forth information required or reasonably requested by the Collateral Agent to enable
the Collateral Agent to determine whether the Liens created by the Security Documents have been
properly perfected.

          “Permitted Acquisition” shall mean any Acquisition with respect to which (a) the person to be
(or whose assets are to be) acquired does not oppose such Acquisition and the line or lines of
business of the person to be acquired are substantially the same as one or more line or lines of
business conducted by the Borrower, (b) the person to be acquired has reported positive EBITDA
(calculated substantially as defined in this Agreement) for the period of four consecutive fiscal
quarters most recently preceding such Acquisition, (c) no Default or Event of Default shall have
occurred and be continuing either immediately prior to or immediately after giving effect to such
Acquisition, (d) the Borrower shall have furnished to the Administrative Agent a certificate of a
Financial Officer certifying that no none of the liabilities or other obligations assumed, acquired
or arising in connection with the Acquisition could reasonably be expected to have a Material
Adverse Effect, and (e) the person acquired shall become a subsidiary of the Borrower or be merged
into the Borrower or a subsidiary of the Borrower immediately upon consummation of the Acquisition
(or if assets are being acquired, the acquiror shall be a subsidiary of the Borrower).

          “Permitted Business” means any business that is the same as, or reasonably related, ancillary
or complementary to, any of the businesses in which the Borrower is engaged on the Closing Date and
any business activities reasonably incidental thereto.

          “Permitted Encumbrances” shall mean the following:

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

18

 

          (b) (i) Liens imposed or arising by operation of law and (ii) Liens, such as landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, consignors’, repairmen’s and other like
Liens, arising in the ordinary course of business;

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

          (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds, completion bonds and other obligations of
a like nature, in each case in the ordinary course of business, provided that such obligations
otherwise are in compliance with this Agreement and the other Loan Documents;

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

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

          (g) banker’s liens, rights of setoff and similar Liens with respect to cash and Temporary Cash
Investments on deposit in one or more bank accounts in the ordinary course of business incurred in
connection with the maintenance of such bank accounts;

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

          (j) any Liens to which any underlying fee interest of the owners of real property leased by
the Borrower or any of its subsidiaries is subject, including any Liens that apply to the leasehold
interests of the Borrower or any of its subsidiaries by virtue of the underlying fee interests
being subject to such Liens, subject, however, to the terms of such leases and any fee owner
consent delivered with respect thereto;

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

          “Permitted Holders” means, individually or collectively in any combination, Alon Israel Oil
Company, Ltd., a private company organized under the laws of Israel, any person that controls Alon
Israel Oil Company, Ltd. as of the Effective Date,

19

 

and David Wiessman (or any trustee acting on
behalf of David Wiessman), together with any Person that is controlled by any of the foregoing,
individually or collectively in any combination and any “person” (as that term is used in Section
13(d)(3) of the Exchange
Act) that is comprised primarily (in terms of economic interests) of any of the foregoing,
individually, collectively or in any combination.

          “Permitted Investment” shall mean an Investment by the Borrower or any of its subsidiaries in:

	 	(1)	 	the Borrower, any of its subsidiaries or a person that will, upon the making
of such Investment, become a subsidiary of the Borrower; provided, however, that the
primary business of such subsidiary is a Related Business;

	 	(2)	 	another person if, as a result of such Investment, such other person is
merged or consolidated with or into, or transfers or conveys all or substantially all
its assets to, the Borrower or a subsidiary of the Borrower; provided, however, that
such person’s primary business is a Related Business;

	 	(3)	 	cash and Temporary Cash Investments;

	 	(4)	 	receivables owing to the Borrower or any subsidiary of the Borrower if
created or acquired in the ordinary course of business and payable or dischargeable in
accordance with customary trade terms; provided, however, that such trade terms may
include such concessionary trade terms as the Borrower or any such subsidiary deems
reasonable under the circumstances;

	 	(5)	 	payroll, travel and similar advances to cover matters that are expected at
the time of such advances ultimately to be treated as expenses for accounting purposes
and that are made in the ordinary course of business;

	 	(6)	 	loans or advances to officers, directors or employees made in the ordinary
course of business of the Borrower or such subsidiary in an aggregate amount not to
exceed $750,000;

	 	(7)	 	stock, obligations or securities received in settlement of debts created in
the ordinary course of business and owing to the Borrower or any of its subsidiaries
or in satisfaction of judgments;

	 	(8)	 	any person to the extent such Investment represents the non-cash portion of
the consideration received for an Asset Sale as permitted pursuant to Section 6.06;

	 	(9)	 	any person where such Investment is acquired by the Borrower or any of its
subsidiaries (a) in exchange for any other Investment or accounts receivable held by
the Borrower or any such subsidiary in connection with

20

 

	 		 	or as a result of a bankruptcy,
workout, reorganization or recapitalization of the issuer of such other Investment or
accounts receivable or (b) as a result of a foreclosure by the Borrower or any of its
subsidiaries with
respect to any secured Investment or other transfer of title with respect to any
secured Investment in default;

	 	(10)	 	any person to the extent such Investment consists of prepaid expenses,
negotiable instruments held for collection and lease, utility and workers’
compensation, performance and other similar deposits made in the ordinary course of
business by the Borrower or any of its subsidiaries;

	 	(11)	 	any person to the extent such Investment consists of Hedging Obligations
otherwise permitted by Section 6.01;

	 	(12)	 	loans or advances in the ordinary course of business and consistent with past
practice to distributors or wholesalers of products of the Borrower or any of its
subsidiaries in an aggregate amount not to exceed $15,000,000;

	 	(13)	 	any person to the extent such Investment is in existence on the Closing Date;
and

	 	(14)	 	so long as no Default has occurred and is continuing (or would result
therefrom), any person in an aggregate amount which, when added together with the
amount of all the Investments made pursuant to this clause (14), does not exceed
$5,000,000.

          “Permitted Liens” shall be as defined in Section 6.02.

          “Permitted Parent Payments” means payments in cash to Parent or any of its subsidiaries on
account of Parent’s corporate expense allocation to the Borrower and its subsidiaries; provided
that such payments shall not exceed $8,000,000 per annum.

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

          “Petroleum Product” shall mean crude oil, intermediate feedstocks, blendstocks, and finished
and unfinished petroleum products, including without limitation, asphalt, gasoline, diesel fuels,
fuel oil, jet fuels, and atmospheric gas oil; provided that such term shall not include
solvents.

          “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 307 of ERISA, and in
respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

21

 

          “Prime Rate” when used in reference to any Loan or Borrowing, refers to whether such Loan, or
the Loans comprising such Borrowing, are bearing interest, for any day, at the rate determined from
time to time by the Administrative Agent’s New York branch and which is stated as the “prime rate”
in its books and records, plus 1.75%.
The Administrative Agent’s New York branch’s determination of its prime rate shall be
conclusive and final and such prime rate is a reference rate and does not necessarily reflect the
lowest interest rate charged by the Administrative Agent’s New York branch. Promptly after the
Borrower’s request, the Administrative Agent will advise the Borrower of the then applicable Prime
Rate.

          “Refinance” shall mean, in respect of any Indebtedness, to refinance, extend, renew, refund,
repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement
for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings.

          “Refinancing Indebtedness” shall mean Indebtedness that Refinances any Indebtedness of the
Borrower or any of its subsidiaries outstanding or permitted to be Incurred by the Borrower on the
Closing Date under the terms of this Agreement or Incurred after the Closing Date in compliance
with this Agreement, including Indebtedness that Refinances Refinancing Indebtedness; provided,
however, that:

	 	(1)	 	such Refinancing Indebtedness has a Stated Maturity no earlier than the
Stated Maturity of the Indebtedness being Refinanced;

	 	(2)	 	such Refinancing Indebtedness has an Average Life at the time such
Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life
of the Indebtedness being Refinanced; and

	 	(3)	 	such Refinancing Indebtedness has an aggregate principal amount (or if
Incurred with original issue discount, an aggregate issue price) that is equal to or
less than the aggregate principal amount (or if Incurred with original issue discount,
the aggregate accreted value) then outstanding or committed (plus fees and expenses,
including any premium and defeasance costs) under the Indebtedness being Refinanced;

          provided further, however, that Refinancing Indebtedness shall not include Indebtedness of a
subsidiary of the Borrower that Refinances Indebtedness of the Borrower.

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

          “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

          “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

22

 

          “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

          “Related Business” shall mean any business in which the Borrower or any of its subsidiaries
was engaged on the Closing Date and any business related, ancillary or complementary to any
business of the Borrower or any of its subsidiaries in which the Borrower or any of its
subsidiaries was engaged on the Closing Date.

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

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

          “Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring,
deposit, disposal, discharge, dispersal, leaching or migration (1) into or through the Environment,
(2) from any vehicle (including, without limitation, surface vehicles, ships and aircraft) or (3)
within or upon any building, structure, facility, vehicle or fixture.

          “Required Lenders” shall mean, at any time, Lenders holding a majority in principal amount of
the Loans outstanding at such time or, if no Loans shall be outstanding, Lenders representing a
majority in principal amount of the Commitments.

          “Responsible Officer” of any person shall mean any of the chairman of the board of directors,
chief executive officer and chief financial officer of such person and, with respect to the
Borrower only, Harlin Dean (Vice President and Secretary of the Borrower).

          “Restricted Payment” shall be as defined in Section 6.08.

          “Revolving Credit Facility” shall mean the Amended and Restated Loan and Security Agreement,
dated as of October 22, 2009, by and among, inter alia, the Borrower, Holdings, certain financial
institutions and Bank of America, N.A., as agent thereunder.

          “S&P” shall mean Standard & Poor’s Rating Service.

          “Sale/Leaseback Transaction” shall mean an arrangement relating to property owned by the
Borrower or any of its subsidiaries on the Closing Date or thereafter acquired by the Borrower or
any of its subsidiaries whereby the Borrower or any such subsidiary transfers such property to a
person (other than to the Borrower or any other subsidiary) and the Borrower or any such
subsidiary, as applicable, leases it from such person.

23

 

          “SEC” shall mean the U.S. Securities and Exchange Commission.

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

          “Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

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

          “Stated Maturity” shall mean, with respect to any security or obligation, the date specified
in such security as the fixed date on which the final payment of principal of such security or
obligation is due and payable, including pursuant to any mandatory redemption provision (but
excluding any provision providing for the repurchase of such security or obligation at the option
of the holder thereof upon the happening of any contingency unless such contingency has occurred).

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

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

          “Subsidiary Guarantor” shall mean each subsidiary of the Borrower other than any subsidiary
that is a CFC. There are no Subsidiary Guarantors as of the Closing Date.

          “Subsidiary Guaranty” shall mean a Guarantee by a Subsidiary Guarantor of the Borrower’s
obligations with respect to the Loans.

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

          “Synthetic Lease Obligations” shall mean as to any person, an amount equal to the capitalized
amount of the remaining lease payments under any Synthetic

24

 

Lease (determined, in the case of a
Synthetic Lease providing for an option to purchase the leased property, as if such purchase were
required at the end of the term thereof) that
would appear on a balance sheet of such person prepared in accordance with GAAP if such
obligations were accounted for as Capital Lease Obligations.

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

          “Temporary Cash Investments” shall mean any of the following:

	 	(1)	 	any investment in direct obligations of the United States of America or any
agency thereof or obligations guaranteed by the United States of America or any agency
thereof;

	 	(2)	 	investments in demand and time deposit accounts, certificates of deposit and
money market deposits maturing within 365 days of the date of acquisition thereof
issued by a bank or trust company which is organized under the laws of the United
States of America, any State thereof or any foreign country recognized by the United
States of America, and which bank or trust company has capital, surplus and undivided
profits aggregating in excess of $50,000,000 (or the foreign currency equivalent
thereof) and has outstanding debt which is rated “A” (or such similar equivalent
rating) or higher by at least one nationally recognized statistical rating
organization (as defined in Rule 436 under the Securities Act), Israel Discount Bank
of New York, Bank Leumi USA, Bank Hapoalim or any money-market fund sponsored by a
registered broker dealer or mutual fund distributor;

	 	(3)	 	repurchase obligations with a term of not more than 30 days for underlying
securities of the types described in clause (1) above entered into with a bank meeting
the qualifications described in clause (2) above;

	 	(4)	 	investments in commercial paper, maturing not more than 180 days after the
date of acquisition, issued by a corporation (other than an Affiliate of the Borrower)
organized and in existence under the laws of the United States of America or any
foreign country recognized by the United States of America with a rating at the time
as of which any investment therein is made of “P-1” (or higher) according to Moody’s
or “A-1” (or higher) according to S&P; and

	 	(5)	 	investments in securities with maturities of 365 days or less from the date
of acquisition issued or fully guaranteed by any state, commonwealth or territory of
the United States of America, or by any political subdivision or taxing authority
thereof, and rated at least “A” by S&P or “A” by Moody’s.

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          “Term Loan Facility” shall mean that certain term loan agreement entered into by the Borrower
and Holdings that provided for a term loan facility in the aggregate
principal amount of $302,000,000 in connection with the acquisition by the Borrower of all the
issued and outstanding Equity Interests Valero Refining Company-Louisiana.

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

          “Transactions” shall have the meaning assigned to such term in Section 3.02.

          “Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to
which interest on such Loan or on the Loans comprising such Borrowing is determined. For purposes
hereof, the term “Rate” shall include the 1-Month LIBOR Rate, the 2-Week LIBOR Rate and the Prime
Rate.

          “Valero” means Valero Refining and Marketing Company, a Delaware corporation

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

          “wholly owned” shall mean, in respect of any subsidiary of any person, that Equity Interests
representing 100% of the Equity Interests (except for directors’ qualifying shares and shares
issued to management or employees) of such subsidiary are, at the time any determination is being
made, owned, controlled or held by such person or one or more wholly owned subsidiaries of such
person or by such person and one or more wholly owned subsidiaries of such person.

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

          SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply equally to both
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”; and the
words “asset” and “property” shall be construed as having the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts
and contract rights. All references herein to Articles, Sections, Exhibits and Schedules shall be
deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless
the context shall otherwise require. Except as otherwise expressly provided herein, (a) any
reference to any document, instrument or agreement includes

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any amendments, waivers and other
modifications, extensions or renewals thereto and (b) all terms of an accounting or financial
nature shall be construed in accordance with
GAAP, as in effect from time to time; provided, however, that if the Borrower notifies the
Administrative Agent that the Borrower wishes to amend any covenant in Article VI or any related
definition to eliminate the effect of any change in GAAP occurring after the date of this Agreement
on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the
Required Lenders wish to amend Article VI or any related definition for such purpose), then the
Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect
immediately before the relevant change in GAAP became effective, until either such notice is
withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required
Lenders.

ARTICLE II

The Credits

          SECTION 2.01. Commitments and Loans. (a) Subject to the terms and conditions and relying upon
the representations and warranties herein set forth, each Lender agrees, severally and not jointly,
to make a Loan in dollars to the Borrower on the Closing Date in a principal amount equal to such
Lender’s Commitment under the Facility. Amounts paid or prepaid in respect of the Loans may not be
reborrowed.

          SECTION 2.02. Loans. (a) Each Loan shall be made as part of a single Borrowing consisting of
the Loans made by the Lenders ratably in accordance with their applicable Commitments; provided,
however, that the failure of any Lender to make any Loan shall not in itself relieve any other
Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be
responsible for the failure of any other Lender to make any Loan required to be made by such other
Lender).

          (a) Subject to Section 2.14, each Borrowing shall be comprised entirely of 1-Month
LIBOR Loans, 2-Week LIBOR Loans or Prime Rate Loans as the Borrower may request pursuant to Section
2.03 or 2.09. Each Lender may at its option make any Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option
shall not (i) affect the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement or (ii) be inconsistent with the obligations of such Lender under Section 2.20.

          (b) Each Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds to such account in New York City as the
Administrative Agent may designate not later than 12:00 noon, New York City time, and the
Administrative Agent shall promptly credit the amounts so received to an account designated by the
Borrower in the Borrowing Request or, if a Borrowing shall not occur on such date because any
condition precedent herein specified shall not have been met, return the amounts so received to the
respective Lenders.

          (c) Unless the Administrative Agent shall have received notice from a Lender prior
to the date of the Borrowing that such Lender will not make available to the

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Administrative Agent
such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has
made such portion available to the
Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above and
the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on
such date a corresponding amount. If the Administrative Agent shall have so made funds available
then, to the extent that such Lender shall not have made such portion available to the
Administrative Agent, such Lender agrees to repay to the Administrative Agent forthwith on demand
such corresponding amount together with interest thereon, for each day from the date such amount is
made available to the Borrower until the date such amount is repaid to the Administrative Agent at
a rate determined by the Administrative Agent to represent its cost of overnight or short-term
funds (which determination shall be conclusive absent manifest error). If such Lender shall repay
to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s
Loan as part of such Borrowing for purposes of this Agreement.

          SECTION 2.03. Borrowing Procedure.

          (a) In order to request the Borrowing under Section 2.01, the Borrower shall hand
deliver, telecopy or send by electronic communication to the Administrative Agent a duly completed
Borrowing Request prior to the Closing Date. The Borrowing Request shall be irrevocable, shall be
signed by or on behalf of the Borrower and shall specify the following information: (i) whether the
Borrowing is to be a 1-Month LIBOR Loan, a 2-Week LIBOR Loan or a Prime Rate Loan and (ii) the
number and location of the account to which funds are to be disbursed; and (iii) the amount of the
Borrowing; provided, however, that, notwithstanding any contrary specification in the Borrowing
Request, the Borrowing shall comply with the requirements set forth in Section 2.02. If no
election as to the Type of Borrowing is specified in the notice, then the requested Borrowing shall
be a Prime Rate Borrowing. The Administrative Agent shall promptly advise the Lenders of any
notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s portion
of the requested Borrowing.

          (b) If the conditions of lending set forth at Article IV have been satisfied on or
before the Closing Date, the Lenders shall, on the Closing Date, make a Loan in dollars to the
Borrower in a principal amount equal to such Lender’s Commitment under the Facility.

          SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender the principal amount of
the Loan of such Lender as provided in Section 2.10.

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

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

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

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

          SECTION 2.05. [Intentionally Omitted]

          SECTION 2.06. Interest on Loans. (a) Subject to the provisions of Section 2.07 and 9.09, the
Loans comprising each 1-Month LIBOR Borrowing, 2-Week LIBOR Borrowing and Prime Rate Borrowing
shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365
or 366 days, as the case may be, when a Borrowing bears interest at the Prime Rate and over a year
of 360 days at all other times and, in all cases, calculated from and including the date of such
Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the 1-Month
LIBOR Rate, the 2-Week LIBOR Rate or the Prime Rate, respectively.

          (b) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such
Loan except as otherwise provided in this Agreement.

          (c) The applicable 1-Month LIBOR Rate, 2-Week LIBOR Rate or Prime Rate for each Interest
Period or day within an Interest Period, as the case may be, shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error.

          SECTION 2.07. Default Interest. At any time when a Default or an Event of Default shall have
occurred and be continuing, each of the interest rates referred to in Section 2.06 shall be
increased by 2.00% per annum. If the Borrower shall default in the payment of any amount (other
than the principal of any Loan) becoming due hereunder or

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under any other Loan Document, the
Borrower shall on demand from time to time pay interest, to the extent permitted by law, on such
defaulted amount to but excluding the
date of actual payment (after as well as before judgment), at the rate per annum that would be
applicable to a Loan under Section 2.06 plus 2.00% per annum.

          SECTION 2.08. Termination of Commitments. The Commitments shall automatically terminate at
5:00 p.m., New York City time, on March 19, 2010.

          SECTION 2.09. Conversion of Borrowings. (a) The Borrower shall have the right at any time
upon prior irrevocable telephonic notice to the Administrative Agent (i) not later than 12:00
(noon), New York City time, three Business Days prior to conversion, to convert any Borrowing into
another Type of Borrowing, followed by prompt written notice, subject in each case to the
following:

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

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

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

          (iv) if any Borrowing is converted at a time other than the end of the Interest Period
applicable thereto, the Borrower shall pay, upon demand, any amounts due to the Lenders
pursuant to Section 2.15; and

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

          (b) Each notice pursuant to this Section shall be irrevocable and shall refer to this
Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be
converted, (ii) the Type of Borrowing to which such Borrowing is to be converted, and (iii) the
date of such conversion (which shall be a Business Day). The Administrative Agent shall advise the
Lenders of any notice given pursuant to this

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Section and of each Lender’s portion of any converted
Borrowing. If the Borrower shall not have given notice in accordance with this Section to continue
any Borrowing into a
subsequent Interest Period (and shall not otherwise have given notice in accordance with this
Section to convert such Borrowing), such Borrowing shall, at the end of the Interest Period
applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued as a
Borrowing of the same Type it was immediately prior to such continuation into a new Interest
Period.

          SECTION 2.10. Repayment of Borrowings. (a) To the extent not previously paid, the Borrower
shall pay to the Administrative Agent, for the account of the Lenders, on the Maturity Date, the
principal amount of all outstanding Loans, together with accrued and unpaid interest on the
principal amount to be paid to but excluding the date of such payment.

          (b) All repayments pursuant to this Section 2.10 shall be subject to Section 2.15, but shall
otherwise be without premium or penalty.

          SECTION 2.11. Optional Prepayments(a) . (a) The Borrower may at any time prepay
any Borrowing, in whole or in part, upon, either (i) in the case of any 1-month LIBOR Loan or a
2-Week LIBOR Loan, at least three Business Days’ or (ii) in the case of any PRIME Rate Loan, at
least one Business Day’s, prior written or telecopy notice or notice by electronic communication
(or telephone notice promptly confirmed by written or telecopy notice or notice by electronic
communication); provided, however, that each partial prepayment shall be in an amount that is an
integral multiple of $1,000,000 and not less than $5,000,000. The Administrative Agent shall
promptly advise the Lenders of any notice given pursuant to this Section 2.11 and of each Lender’s
portion of any prepayment.

          (b) Optional prepayments of Loans shall be applied pro rata against the outstanding
principal due in respect of the Loans under Section 2.10(a).

          (c) Each notice of prepayment shall specify the prepayment date and the principal
amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit
the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein.

          (d) All prepayments under this Section shall be accompanied by accrued and unpaid
interest on the principal amount prepaid to but excluding the date of payment.

          SECTION 2.12. Mandatory Prepayments.

          (a) Subject to the terms and conditions of the Intercreditor Agreement, in the event
that the Borrower or any Subsidiary shall receive Net Cash Proceeds from any Asset Sale, the
Borrower shall, substantially simultaneously with (and in any event not later than the third
Business Day next following) the receipt of such Net Cash Proceeds, apply all such Net Cash
Proceeds to prepay outstanding Loans.

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          (b) Mandatory prepayments of outstanding Loans under this Agreement shall be
allocated pro rata among the Loans and applied pro rata against the remaining
scheduled installments of principal due in respect of the Loans under Sections 2.10(a)(i),
(ii) and (iii).

          (c) The Borrower shall, to the extent practicable, notify the Administrative Agent
by telephone (confirmed by telecopy or electronic communication) of any prepayment under this
Section, either (i) in the case of any 1-month LIBOR Loan or a 2-Week LIBOR Loan, at least three
Business Days or (ii) in the case of any PRIME Rate Loan, at least one Business Day, before the
date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date,
the principal amount to be prepaid and a reasonably detailed calculation of the amount of such
prepayment. Promptly following receipt of any such notice, the Administrative Agent shall advise
the Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to
the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest
on the amounts prepaid. All prepayments of Borrowings under this Section shall be subject to
Section 2.15, but shall otherwise be without premium or penalty.

          (d) Notwithstanding any other provision of this Section, the Borrower may defer any
prepayment of less than $1,000,000 that would otherwise be required to be made under this Section
until the aggregate amount of all prepayments so deferred shall exceed $1,000,000, at which time
the Borrower shall make all such deferred prepayments.

          (e) All amounts required to be paid pursuant to this Section 2.12 shall be applied
first, to prepay outstanding Loans of Lenders that accept the same. Any Lender may elect, by
notice to the Administrative Agent at or prior to the time and in the manner specified by the
Administrative Agent, prior to any prepayment of Loans required to be made by the Borrower pursuant
to this Section 2.12, to decline all (but not a portion) of its pro rata share of such prepayment
(such declined amounts, the “Declined Proceeds”). Any Declined Proceeds shall be offered to the
Lenders not so declining such prepayment (with such Lenders having the right to decline any
prepayment with Declined Proceeds at the time and in the manner specified by the Administrative
Agent). All such accepted prepayments shall be applied first, to the scheduled installments of
principal due in respect of the Loans under Section 2.10 within 12 months of the date on which such
prepayment is made and second, pro rata to the remaining scheduled installments of principal due in
respect of the Loans under Section 2.10. Thereafter, the remaining Declined Proceeds shall be
retained by the Borrower.

          (f) The Borrower shall deliver to the Administrative Agent, at the time of each
prepayment required under this Section 2.12, a certificate signed by a Financial Officer of the
Borrower setting forth in reasonable detail the calculation of the amount of such prepayment. If
at the time of any prepayment pursuant to Section 2.12 there shall be outstanding Borrowings of
different Types, and if some but not all Lenders shall have accepted such mandatory prepayment,
then the aggregate amount of such mandatory prepayment shall be allocated ratably to the
outstanding Borrowings of the accepting Lenders.

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          SECTION 2.13. Reserve Requirements; Change in Circumstances.
(a) Notwithstanding any other provision of this Agreement, if any Change in Law shall impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of,
deposits with or for the account of or credit extended by any Lender or shall impose on such Lender
or the London interbank market any other condition affecting this Agreement or Loans made by such
Lender, and the result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any Loan or to reduce the amount of any sum received or receivable by such
Lender hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender
to be material, then the Borrower will pay to such Lender upon demand such additional amount or
amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

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

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

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

          SECTION 2.14. Change in Legality. If it shall be unlawful for any Lender to make, maintain or
fund any Loan as contemplated by this Agreement, then such Lender shall forthwith give notice
thereof to the Administrative Agent and the Borrower describing such illegality. Effective
immediately upon the giving of such notice, the obligation of such Lender to make Loans shall be
suspended for the duration of such illegality and, if and when such illegality ceases to exist,
such suspension shall cease, and such Lender shall notify the Administrative Agent and the
Borrower.

33

 

          SECTION 2.15. Indemnity. The Borrower shall indemnify each Lender against any loss or expense
that such Lender may sustain or incur as a consequence of (a) any event, other than a default by
such Lender in the performance of its obligations hereunder, which results in (i) such Lender
receiving or being deemed to receive any amount on account of the principal of any 1-Month LIBOR
Loan or 2-Week LIBOR Loan prior to the end of the Interest Period in effect therefor, (ii) the
conversion of any 1-Month LIBOR Loan or 2-Week LIBOR Loan into a Prime Rate Loan, or (iii) any
1-Month LIBOR Loan or 2-Week LIBOR Loan to be made by such Lender (including any 1-Month LIBOR Loan
or 2-Week LIBOR Loan to be made pursuant to a conversion under Section 2.09) not being made after
notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to
in this clause (a) being called a “Breakage Event”) or (b) any default in the making of any payment
or prepayment required to be made hereunder. In the case of any Breakage Event, such loss shall
include an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of
obtaining funds for the Loan that is the subject of such Breakage Event for the period from the
date of such Breakage Event to the last day of the Interest Period in effect (or that would have
been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender
in redeploying the funds released or not utilized by reason of such Breakage Event for such period.
A certificate of any Lender setting forth any amount or amounts which such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error.

          SECTION 2.16. Pro rata Treatment. Except as required under Sections 2.12(f) and 2.14, each
Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on
the Loans, each reduction of the Commitments and each conversion of any Borrowing to or
continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the
Lenders in accordance with their respective applicable Commitments (or, if such Commitments shall
have expired or been terminated, in accordance with the respective principal amounts of their
outstanding Loans). Each Lender agrees that in computing such Lender’s portion of any Borrowing to
be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage
of such Borrowing to the next higher or lower whole dollar amount.

          SECTION 2.17. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise
of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Obligor, or
pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means,
obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the
unpaid principal portion of its Loans shall be proportionately less than the unpaid principal
portion of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from
such other Lender at face value, and shall promptly pay to such other Lender the purchase price
for, a participation in the Loans of such other Lender, so that the aggregate unpaid principal
amount of the Loans and participations in Loans held by each Lender shall be in the same proportion
to the aggregate unpaid principal amount of all Loans then outstanding as the principal amount of
its Loans prior to such exercise of

34

 

banker’s lien,
setoff or counterclaim or other event was to the principal amount of all Loans outstanding
prior to such exercise of banker’s lien, setoff or counterclaim or other event; provided, however,
that if any such purchase or purchases or adjustments shall be made pursuant to this Section and
the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or
adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or
adjustment restored without interest. The Borrower expressly consents to the foregoing
arrangements and agrees that any Lender holding a participation in a Loan deemed to have been so
purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to
any and all moneys owing by the Borrower to such Lender by reason thereof as fully as if such
Lender had made a Loan directly to the Borrower in the amount of such participation.

          SECTION 2.18. Payments. (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or other amounts) hereunder and under any other Loan Document not later
than 2:00 p.m., New York City time, on the date when due in immediately available dollars, without
setoff, defense or counterclaim. Each such payment shall be made to the Administrative Agent at
its offices at 1177 Avenue of the Americas, New York, NY 10036.

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

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

          SECTION 2.19. Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower or any Obligor hereunder or under any other Loan Document shall be made free and clear of
and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower or
any Obligor shall be required to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this Section) the

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Administrative Agent or such Lender (as the case may be) receives an amount equal to the sum
it would have received had no such deductions been made, (ii) the Borrower or such Obligor shall
make such deductions and (iii) the Borrower or such Obligor shall pay the full amount deducted to
the relevant Governmental Authority in accordance with applicable law.

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

          (c) The Borrower shall indemnify the Administrative Agent and each Lender, within 20 days
after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by
the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by
or on account of any obligation of the Borrower or any Obligor hereunder or under any other Loan
Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to the Borrower by a Lender, or by the
Administrative Agent on its behalf or on behalf of a Lender, shall be conclusive absent manifest
error. If the Administrative Agent or a Lender 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 2.19, it shall pay over such refund to the Borrower (but only to the extent of indemnity
payments made, or additional amounts paid, by the Borrower under this Section 2.19 with respect to
the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses
of the Administrative Agent or such Lender 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 or such Lender, 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 or such Lender in the event the Administrative Agent or such
Lender is required to repay such refund to such Governmental Authority. This Section shall not be
construed to require the Administrative Agent or any Lender to make available its tax returns (or
any other information relating to its taxes which it deems confidential) to the Borrower or any
other person.

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

          (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is

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located, or any treaty to which such jurisdiction is a party, with respect to payments under
this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time
or times prescribed by applicable law, such properly completed and executed documentation
prescribed by applicable law or reasonably requested by the Borrower as will permit such payments
to be made without withholding or at a reduced rate.

          SECTION 2.20. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate. (a)
In the event (i) any Lender delivers a certificate requesting compensation pursuant to Section
2.13, (ii) any Lender delivers a notice described in Section 2.14 or (iii) the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority on account of any Lender
pursuant to Section 2.19 or (iv) any Lender withholds its consent to any proposed amendment,
modification or waiver that cannot become effective without the consent of such Lender under
Section 9.08, and that has been consented to by the Required Lenders, the Borrower may, at its sole
expense and effort (including with respect to the processing and recordation fee referred to in
Section 9.04(b)), upon notice to such Lender and the Administrative Agent, (1) require such Lender
to transfer and assign, without recourse (in accordance with and subject to the restrictions
contained in Section 9.04), all of its interests, rights and obligations under this Agreement to an
assignee that shall assume such assigned obligations (which assignee may be another Lender, if a
Lender accepts such assignment) or (2) in the case of clause (iv) only, prepay all Loans of such
Lender; provided that (x) such assignment shall not conflict with any law, rule or regulation or
order of any court or other Governmental Authority having jurisdiction, (y) the Borrower shall have
received the prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld or delayed, and (z) the Borrower or such assignee shall have paid to the
affected Lender in immediately available funds an amount equal to the sum of the principal of and
interest accrued to the date of such payment on the outstanding Loans of such Lender plus all other
amounts accrued for the account of such Lender hereunder (including any amounts under Section 2.13
and Section 2.15; provided further that, if prior to any such transfer and assignment in accordance
with clause (i), (ii) or (iii), the circumstances or event that resulted in such Lender’s claim for
compensation under Section 2.13 or notice under Section 2.14 or the amounts paid pursuant to
Section 2.19, as the case may be, cease to cause such Lender to suffer increased costs or
reductions in amounts received or receivable or reduction in return on capital, or cease to have
the consequences specified in Section 2.14, or cease to result in amounts being payable under
Section 2.19, as the case may be (including as a result of any action taken by such Lender pursuant
to paragraph (b) below), or if such Lender shall waive its right to claim further compensation
under Section 2.13 in respect of such circumstances or event or shall withdraw its notice under
Section 2.14 or shall waive its right to further payments under Section 2.19 in respect of such
circumstances or event, as the case may be, then such Lender shall not thereafter be required to
make any such transfer and assignment hereunder.

          (b) If (i) any Lender shall request compensation under Section 2.13, (ii) any Lender delivers
a notice described in Section 2.14 or (iii) the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority on account of any Lender, pursuant to Section 2.19,
then such Lender shall use reasonable

37

 

efforts (which shall not require such Lender to incur an unreimbursed loss or unreimbursed
cost or expense or otherwise take any action inconsistent with its internal policies or legal or
regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (x) to
file any certificate or document reasonably requested in writing by the Borrower or (y) to assign
its rights and delegate and transfer its obligations hereunder to another of its offices, branches
or affiliates, if such filing or assignment would reduce its claims for compensation under Section
2.13 or enable it to withdraw its notice pursuant to Section 2.14 or would reduce amounts payable
pursuant to Section 2.19, as the case may be, in the future. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such filing or
assignment, delegation and transfer.

ARTICLE III

Representations and Warranties

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

          SECTION 3.01. Organization; Powers. Each Obligor (a) is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization, (b) has all requisite
power and authority to own its property and assets and to carry on its business as now conducted
and as proposed to be conducted, (c) is qualified to do business in, and is in good standing in,
every jurisdiction where such qualification is required, except where the failure so to qualify
could not reasonably be expected to result in a Material Adverse Effect, and (d) has the power and
authority to execute, deliver and perform its obligations under each of the Loan Documents and each
other agreement or instrument contemplated thereby to which it is or will be a party and, in the
case of the Borrower, to borrow hereunder.

          SECTION 3.02. Authorization. The execution, delivery and performance by each Obligor of each
of the Loan Documents to which it is a party, the borrowings hereunder, the use of the proceeds of
such borrowings, the creation of the Liens created by the Security Documents and the other
transactions contemplated hereby (collectively, the “Transactions”) (a) have been duly authorized
by all requisite corporate and, if required, stockholder action of such Obligor and (b) will not
(i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or
articles of incorporation or other constitutive documents or by-laws, of such Obligor, (B) any
order of any Governmental Authority or (C) any provision of any indenture, agreement or other
instrument in respect of Material Indebtedness or any other material agreement to which such
Obligor is a party or by which any of them or any of their property is or may be bound, (ii) be in
conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both)
a default under, or give rise to any right to accelerate or to require the prepayment, repurchase
or redemption of any obligation under any such indenture, agreement or other instrument in respect
of Material Indebtedness or any other material agreement or (iii) result in the creation or
imposition of any Lien upon or with respect to any property or assets now owned or hereafter
acquired by the Borrower or any of its subsidiaries

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(other than any Lien created hereunder or under the Security Documents). Each of the Borrower and
its subsidiaries has been duly designated as, and constitutes, an “Unrestricted Subsidiary” under,
and as defined in, the Existing Parent Term Credit Agreement. The Borrower and its subsidiaries
have been duly designated as, and constitute, “Alon Louisiana Subsidiaries” under, and as defined
in, the Existing Parent Revolving Credit Agreement, and the provisions of the Waiver, Consent,
Partial Release and Fourth Amendment dated as of July 2, 2008 executed in connection with the
Existing Parent Revolving Credit Agreement have not been amended or otherwise modified.

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

          SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or
material filing with or other action by any Governmental Authority is or will be required in
connection with the Transactions, except for (a) the filing of Uniform Commercial Code financing
statements and (b) those which will have been made or obtained and which will be in full force and
effect on the Closing Date.

          SECTION 3.05. Financial Statements. The financial statements of the Borrower contained in the
Borrower’s registration statement on Form S-4 (registration number 333-163942) filed with the SEC
on December 12, 2009, at the time such registration statement became effective, present fairly, in
all material respects, the financial condition and results of operations and cash flows of the
Borrower and its consolidated subsidiaries as of such dates and for such periods. The balance
sheets incorporated therein, and, with respect to the annual and quarterly statements, the notes
thereto incorporated therein, disclose all material liabilities, direct or contingent, of the
Borrower and its consolidated subsidiaries as of the dates thereof. Such financial statements were
prepared in accordance with GAAP applied on a consistent basis.

          SECTION 3.06. No Material Adverse Change. Since December 31, 2008, no event or condition has
occurred or existed that has resulted, or could reasonably be expected to result, in a materially
adverse effect on the business, assets, results of operations, financial condition or prospects of
the Borrower and its subsidiaries, taken as a whole.

          SECTION 3.07. Title to Properties; Possession Under Leases.

          (a) The Borrower and each of its subsidiaries has good and indefeasible title to, or
good and valid leasehold interests in, all its material properties and assets, except for Permitted
Liens and minor defects in title that in each case or in the aggregate do not materially interfere
with its ability to conduct its business as currently conducted

39

 

or to utilize such properties and assets for their intended purposes. All such material
properties and assets are free and clear of Liens, other than Liens expressly permitted by Section
6.02.

          (b) The Borrower and each of its subsidiaries has complied with all material
obligations under all leases to which it is a party and all such leases are in full force and
effect. The Borrower and each of its subsidiaries enjoys peaceful and undisturbed possession under
all such material leases where the Borrower and each of its subsidiaries is a lessee.

          SECTION 3.08. Subsidiaries. The Borrower has no subsidiaries.

          SECTION 3.09. Litigation; Compliance with Laws. (a) Except as set forth on Schedule 3.09,
there are not any actions, suits or proceedings at law or in equity or by or before any
Governmental Authority now pending or, to the knowledge of the Borrower, threatened against or
affecting the Borrower or any of its subsidiaries or any business, property or rights of any such
person (i) that involve any Loan Document or the Transactions or (ii) as to which there is a
reasonable possibility of an adverse determination and that, if adversely determined, could
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

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

          SECTION 3.10. Agreements. (a) Neither the Borrower nor any of its subsidiaries is a party
to any agreement or instrument or subject to any corporate restriction that has resulted or could
reasonably be expected to result in a Material Adverse Effect.

          (b) Neither the Borrower nor any of its subsidiaries (nor, to the knowledge of the
Borrower or any of its subsidiaries, any other person) is in default in any manner under any
provision of any indenture or other agreement or instrument evidencing Material Indebtedness
(including the Offtake Agreement or any ExxonMobil Pipeline Supply Contract), or any other material
agreement or instrument to which it is a party or by which it or any of its properties or assets
are or may be bound, where such default could reasonably be expected to result in a Material
Adverse Effect.

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

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          (b) No part of the proceeds of any Loan will be used, whether directly or
indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a
violation of, or that is inconsistent with, the provisions of the Regulations of the Board,
including Regulation T, U or X.

          SECTION 3.12. Investment Company Act. The Borrower is not an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940.

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

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

          SECTION 3.15. No Material Misstatements. No information, report, financial statement, exhibit
or schedule furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in
connection with the negotiation of any Loan Document or included therein or delivered pursuant
thereto contained or contains any material misstatement of fact or omitted or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under
which they were or are made, not misleading; provided that to the extent such information, report,
financial statement, exhibit or schedule was based upon or constitutes a forecast or projection,
the Borrower represents only that it acted in good faith and utilized assumptions believed to be
reasonable in light of the circumstances when made and due care in the preparation of such
information, report, financial statement, exhibit or schedule

          SECTION 3.16. Employee Benefit Plans. Each of the Borrower and its ERISA Affiliates is in
compliance in all material respects with the applicable provisions of ERISA and the Code and the
regulations and published interpretations thereunder, except where such noncompliance could not
reasonably be expected to result in a Material Adverse Effect. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events, could
reasonably be expected to result in material liability of the Borrower or any of its ERISA
Affiliates. The present value of all benefit liabilities under each Plan (based on the assumptions
used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the last
annual valuation date applicable thereto, exceed by more than $10,000,000 the fair market value of
the assets of such Plan, and the present value of all benefit liabilities of all underfunded Plans
(based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87)
did not, as of the last annual valuation dates applicable thereto, exceed by more than $10,000,000
the fair market value of the assets of all such underfunded Plans.

41

 

          SECTION 3.17. Environmental Matters. Except as set forth in Schedule 3.17 and except with
respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither the Borrower nor any of its subsidiaries
(i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any
permit, license or other approval required under any Environmental Law, (ii) is subject to any
Environmental Liability, (iii) has received notice of any claim with respect to any Environmental
Liability or (iv) knows of any basis for any Environmental Liability.

          SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct description of
all insurance maintained by the Borrower or by the Borrower for its subsidiaries or otherwise
covering the Collateral as of the date hereof and the Closing Date. As of such date, such
insurance is in full force and effect and all premiums have been duly paid. The Borrower and its
subsidiaries have insurance in such amounts and covering such risks and liabilities as are in
accordance with normal industry practice.

          SECTION 3.19. Security Documents. The Guarantee and Collateral Agreement is effective to
create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal,
valid and enforceable security interest in the Collateral (as defined in the Guarantee and
Collateral Agreement) and, when the deliveries of certificates representing pledged Equity
Interests and Indebtedness that are certificated have been made and financing statements in
appropriate form have been filed in the offices specified on Schedule 5 to the Perfection
Certificate, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the grantors thereunder in such Collateral
(other than the security interests in such Collateral not required to be perfected pursuant to the
terms of the Guarantee and Collateral Agreement), in each case prior and superior in right to any
other person, other than with respect to Liens expressly permitted by Section 6.02 and as otherwise
provided in the Intercreditor Agreement, where applicable.

          SECTION 3.20. Labor Matters. As of the date hereof and the Closing Date, there are no
strikes, lockouts or slowdowns against the Borrower or any of its subsidiaries pending or, to the
knowledge of the Borrower, threatened. The hours worked by and payments made to employees of the
Borrower and its subsidiaries have not been in violation of the Fair Labor Standards Act or any
other applicable federal, state, local or foreign law dealing with such matters, except where such
violation, either individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. All payments due from the Borrower or any of its subsidiaries, or for
which any claim may be made against the Borrower or any of its subsidiaries, on account of wages
and employee health and welfare insurance and other benefits, have been paid or accrued as a
liability on the books of the Borrower or such subsidiary, except where such violation, either
individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect. The consummation of the Transactions will not give rise to any right of termination or
right of renegotiation on the part of any union under any collective bargaining agreement to which
the Borrower or any of its subsidiaries is bound.

42

 

          SECTION 3.21. Solvency. Immediately after the consummation of the Transactions to occur on
the Closing Date and immediately following the making of each Loan and after giving effect to the
application of the proceeds of each Loan, (a) the fair value of the assets of the Borrower and each
Subsidiary Guarantor will exceed its debts and liabilities, subordinated, contingent or otherwise;
(b) the present fair saleable value of the property of the Borrower and each Subsidiary Guarantor
will be greater than the amount that will be required to pay the probable liability of its debts
and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (c) the Borrower and each Subsidiary Guarantor will be able to pay its
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and (d) the Borrower and each Subsidiary Guarantor will not have unreasonably
small capital with which to conduct the business in which it is engaged as such business is now
conducted and is proposed to be conducted following the date on which the Loans are made hereunder.

          SECTION 3.22. Senior Indebtedness. Obligations of the Borrower hereunder constitute senior
indebtedness (however denominated) in respect of any subordinated Indebtedness of the Borrower or
any Subsidiary Guarantor.

          SECTION 3.23. Sanctioned Persons. None of the Borrower or its subsidiaries or, to the
knowledge of the Borrower or its subsidiaries, any director, officer, agent, employee or Affiliate
of the Borrower or any of its subsidiaries is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”). The Borrower
will not directly or indirectly use the proceeds of the Loans, or otherwise make available such
proceeds to any person, for the purpose of financing the activities of any person currently subject
to any U.S. sanctions administered by OFAC.

          SECTION 3.24. Intellectual Property. The Borrower and each of its subsidiaries owns or has
the lawful right to use all Intellectual Property necessary for the conduct of its business,
without conflict with any rights of others. There is no pending or, to the Borrower’s knowledge,
threatened Intellectual Property Claim with respect to the Borrower, any of its subsidiaries or any
of their property (including any Intellectual Property) that has had or could reasonably be
expected to have a Material Adverse Effect.

          SECTION 3.25. First Purchaser Liens. None of the Petroleum Product owned or purchased by the
Obligors is subject to a First Purchaser Lien except as the Obligors may have previously notified
the Agent in accordance with Section 5.05(d).

ARTICLE IV

Conditions of Lending

          SECTION 4.01. Conditions of Lending. The obligations of the Lenders to make Loans as part of
any Borrowing hereunder are subject to the satisfaction of the following conditions:

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          (a) The Administrative Agent shall have received a notice of such Borrowing as
required by Section 2.03.

          (b) The representations and warranties set forth in Article III and in each other
Loan Document shall be true and correct in all material respects on and as of the date of such
Borrowing with the same effect as though made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date.

          (c) The Borrower and each other Obligor shall be in compliance with all the terms
and provisions set forth herein and in each other Loan Document on its part to be observed or
performed on or prior to the date of such Borrowing, and at the time of and immediately after such
Borrowing, no Event of Default or Default shall have occurred and be continuing.

          (d) The Administrative Agent shall have received to its satisfaction, on behalf of
itself and the Lenders, a written opinion of Jones Day.

          (e) All legal matters related to this Agreement, the other Loan Documents and the
Transactions shall be satisfactory to the Lenders and to the Administrative Agent and, to the
extent previously requested, the Lenders shall have received all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including Section 326 of the USA Patriot Act.

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

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          (g) The Administrative Agent shall have received a certificate, dated the Closing
Date and signed by a Responsible Officer of the Borrower, confirming satisfaction of the conditions
precedent set forth in paragraphs (b) and (c) above and paragraph (i) below.

          (h) The Administrative Agent shall have received all amounts due and payable on or
prior to the date of the initial borrowing hereunder, including, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrower hereunder or under any other Loan Document.

          (i) The Guarantee and Collateral Requirement shall be satisfied.

          (j) The Collateral Agent shall have received the results of a search of the Uniform
Commercial Code filings (or equivalent filings) made with respect to the Obligors in the states (or
other jurisdictions) specified by the Collateral Agent, together with copies of the financing
statements (or similar documents) disclosed by such search, and accompanied by evidence
satisfactory to the Collateral Agent that the Liens indicated in any such financing statement (or
similar document) are permitted under Section 6.02 or have been or will be contemporaneously
released or terminated.

          (k) The Collateral Agent shall have received a Perfection Certificate dated the
Closing Date and duly executed by a Responsible Officer of the Borrower.

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

          (m) The Administrative Agent shall have received one or more Environmental
assessment reports, in form and substance and from an independent Environmental assessment firm
satisfactory to the Administrative Agent, and the Administrative Agent shall be reasonably
satisfied as to the amount and nature of any Environmental and employee health and safety exposures
to which the Borrower and its subsidiaries may be subject after giving effect to the Transactions,
and with the plans of the Borrower or such subsidiaries with respect thereto.

          (n) The Lenders shall have received the audited and unaudited financial statements
and reports referred to in Section 3.05, which financial statements and reports shall not be
materially inconsistent with the financial statements or forecasts previously provided to the
Lenders.

          (o) All requisite Governmental Authorities shall have approved or consented to the
Transactions to the extent required by applicable law or regulation, all applicable appeal periods
shall have expired and there shall not be any pending or, to the knowledge of the Borrower,
threatened litigation or governmental, administrative or judicial action that could reasonably be
expected to prevent or impose materially burdensome conditions on the Transactions or to result in
a Material Adverse Effect.

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          (p) After giving effect to the Transactions, the Borrower and its subsidiaries shall
have outstanding no Indebtedness or preferred stock other than (i) the Loans hereunder and (ii) the
Indebtedness permitted under Section 6.01(a)(ii), (iii), (iv), (vii), (viii) and (x). All
Indebtedness under the Revolving Credit Facility shall be repaid on the Closing Date and all
lending commitments in respect thereof shall be terminated and all Liens securing such Indebtedness
shall be released or arrangements, to the satisfaction of the Administrative Agent, shall have been
made for such release.

          (q) The Administrative Agent shall have received a certificate from the Chief
Financial Officer of the Borrower, in form and substance satisfactory to the Administrative Agent,
certifying that the Borrower and its subsidiaries, on a consolidated basis after giving effect to
the Transactions and the other transactions contemplated hereby, are solvent.

          (r) The Administrative Agent shall have received from Bank Hapoalim B.M., Israel, a
letter of undertaking providing for cash collateral in an amount equal to the aggregate Commitments
to be held by Bank Hapoalim B.M., Israel, to secure the Obligations of the Borrower pursuant to
this Agreement.

          (s) Arrangements shall have been made, to the satisfaction of the Administrative
Agent, for the cancellation of the BH Letters of Credit and the delivery to the Administrative
Agent of (i) the BH Letters of Credit and (ii) a letter of termination in the form set forth at
Exhibit E.

ARTICLE V

Affirmative Covenants

          The Borrower covenants and agrees with each Lender that on the Closing Date and so long as
this Agreement shall remain in effect and until the principal of and interest on each Loan and all
other expenses or amounts payable under any Loan Document shall have been paid in full, unless the
Required Lenders shall otherwise consent in writing, the Borrower will, and will cause each of its
subsidiaries to:

          SECTION 5.01. Existence; Businesses and Properties. (a) Do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence.

          (b) Do or cause to be done all things necessary to obtain, preserve, renew, extend
and keep in full force and effect the rights, licenses, permits, franchises, authorizations,
patents, copyrights, trademarks and trade names material to the conduct of its business, except
where the failure to do so could not reasonably be expected to have a Material Adverse Effect;
maintain and operate such business in substantially the manner in which it is presently conducted
and operated; comply in all material respects with all applicable laws, rules, regulations and
decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted,
except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect; and at all times

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maintain and preserve all property material to the conduct of such business and keep such
property in good repair, working order and condition and from time to time make, or cause to be
made, all needful and proper repairs, renewals, additions, improvements and replacements thereto
necessary in order that the business carried on in connection therewith may be properly conducted
at all times, except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

          SECTION 5.02. Insurance. (a) Keep its insurable properties adequately insured at all times
by insurers reasonably acceptable to the Collateral Agent and in amounts and limits of deductibles
(if the Lender so permits) reasonably acceptable to the Lender and forms reasonably acceptable to
the Lender; maintain such other insurance, to such extent and against such risks, including fire
and other risks insured against by extended coverage, as is customary with companies in the same or
similar businesses operating in the same or similar locations, including public liability insurance
against claims for personal injury or death or property damage occurring upon, in, about or in
connection with the use of any properties owned, occupied or controlled by it; and maintain such
other insurance as may be required by law; provided, however that in no event shall the Borrower’s
insurance for property and business interruption be for less than a combined single limit of
$100,000,000.

          (b) Subject to the rights of the Trustee (as defined in the Indenture) and/or the
Note Collateral Agent (as defined in the Intercreditor Agreement) under the Indenture Documents (as
defined in the Indenture), use best efforts to cause all such policies covering any Collateral to
be endorsed or otherwise amended to include a customary lender’s loss payable/additional insured
endorsements, in form and substance reasonably satisfactory to the Administrative Agent and the
Collateral Agent, which endorsement shall provide that, from and after the Closing Date, if the
insurance carrier shall have received written notice from the Administrative Agent or the
Collateral Agent of the occurrence of an Event of Default, the insurance carrier shall pay all
proceeds otherwise payable to the Borrower or the Subsidiary Guarantors under such policies
directly to the Collateral Agent; cause any distribution payable under any such policy that is not
so endorsed to be payable for the joint account of the Borrower and the Collateral Agent (and not
payable individually to the Borrower) and promptly take all steps necessary to cause such
distribution to be payable for the sole account of the Collateral Agent, acting on behalf of the
Lenders; cause all such policies to provide that none of the Borrower, the Administrative Agent,
the Collateral Agent or any other party shall be a coinsurer thereunder and to contain a
“Replacement Cost Endorsement”, without any deduction for depreciation, and such other provisions
as the Administrative Agent or the Collateral Agent, on behalf of the Lenders and the Secured
Parties, respectively, may reasonably require from time to time to protect their interests; deliver
certificates of insurance evidencing the insurance required herein to the Collateral Agent; and
cause each such policy to provide that it shall not be canceled, modified or not renewed upon less
than 30 days’ prior written notice thereof by the insurer to the Borrower and the Lenders (which
notice the Borrower hereby agrees to deliver to the Collateral Agent within one Business Day of
receipt); and deliver to the Collateral Agent, ten Business Days prior to the cancellation,
modification or nonrenewal of any such policy of insurance, a copy of a renewal or replacement
policy (or other evidence of renewal reasonably satisfactory to

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

          SECTION 5.03. Obligations and Taxes. Pay its Indebtedness and other obligations promptly and
in accordance with their terms and pay and discharge promptly when due all Taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or in respect of its
property, before the same shall become delinquent or in default, as well as all lawful claims for
labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such
properties or any part thereof that would otherwise not be permitted by Section 6.02; provided,
however, that such payment and discharge shall not be required with respect to any such Tax,
assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in
good faith by appropriate proceedings and the Borrower shall have set aside on its books adequate
reserves with respect thereto in accordance with GAAP and such contest operates to suspend
collection of the contested obligation, Tax, assessment or charge and enforcement of a Lien.

          SECTION 5.04. Financial Statements, Reports, etc. In the case of the Borrower, furnish to the
Administrative Agent, which will distribute to each Lender:

          (a) within 45 days after the end of each fiscal quarter (or, if such fiscal quarter
end is also the end of the Borrower’s fiscal year, 90 days after the end of such fiscal year), the
Borrower’s consolidated and consolidating balance sheet and related consolidated and consolidating
statements of income and cash flows, showing the financial condition of the Borrower and its
consolidated subsidiaries as of the close of such fiscal quarter and the results of their
operations and cash flows for such fiscal quarter and the then elapsed portion of the fiscal year
with comparative figures for the same periods in the immediately preceding fiscal year, all
certified by a Financial Officer of the Borrower as fairly presenting the financial condition and
results of operations and cash flows of the Borrower and its consolidated subsidiaries on a
consolidated and consolidating basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of certain footnotes provided,
however, that such obligation shall be satisfied if the Borrower timely files with the SEC
all quarterly and annual reports that the Borrower is required to file with the SEC on Forms 10-Q
and 10-K, provided, further, that the availability of the foregoing materials on
the SEC’s EDGAR service (or its successor) will be deemed to satisfy the Borrower’s delivery
obligation;

          (b) concurrently with any delivery, or deemed delivery, of financial statements
under paragraph (a) above, a certificate of a Responsible Officer certifying that no Event of
Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying
the nature and extent thereof and any corrective action taken or proposed to be taken with respect
thereto;

          (c) promptly, following a request by any Lender, all documentation and other
information that such Lender reasonably requests in order to comply with its

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ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the USA Patriot Act; and

          (d) promptly, from time to time, such other information regarding the operations,
business affairs and financial condition of the Borrower or any of its subsidiaries, or compliance
with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably
request.

          SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent written
notice within five Business Days of the following:

          (a) any Event of Default or Default, specifying the nature and extent thereof and
the corrective action (if any) taken or proposed to be taken with respect thereto;

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

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

          (d) any purchase of Petroleum Product from a person who may be the beneficiary of a
First Purchaser Lien or may belong to the class of persons intended to be protected by a statute or
other law providing for a First Purchaser Lien, at least five (5) Business Days before the initial
purchase from such person; or

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

provided, however, that if the Borrower files with the SEC any notice or other filing relating to
any of the matters referenced in paragraph (a) above, the Borrower shall, by 5:30 p.m. New York
City time on the day of filing, furnish to the Administrative Agent a copy of such filing.

          SECTION 5.06. Maintaining Records; Access to Properties and Inspections; Maintenance of
Ratings. Keep proper books of record and account in which full, true and correct entries in
conformity with GAAP and all requirements of law are made of all dealings and transactions in
relation to its business and activities. Each Obligor will, and will cause each of its
subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender to
visit and inspect the financial records and the properties of the Borrower or any of its
subsidiaries during regular business hours upon reasonable prior notice and as often as reasonably
requested and to make extracts from and copies of such financial records, and permit any
representatives designated by the Administrative Agent or any Lender to discuss the affairs,
finances and

49

 

condition of the Borrower or any of its subsidiaries with the officers thereof and independent
accountants therefor.

          SECTION 5.07. Use of Proceeds. Use the proceeds of the Loans only for the purposes set forth
in Section 3.13.

          SECTION 5.08. Senior Indebtedness Designation. In the event that the Borrower or any of its
subsidiaries shall at any time issue or have outstanding any Indebtedness that by its terms is
subordinated to any other Indebtedness of the Borrower or such subsidiary, take all actions
necessary to cause the obligations of the Borrower hereunder to constitute senior indebtedness
(however denominated) in respect of such subordinated Indebtedness and to enable the Lenders to
exercise any payment blockage or other remedies available or potentially available to lenders of
senior indebtedness under the terms of such subordinated Indebtedness. Without limiting the
foregoing, the obligations of the Borrower hereunder are hereby designated as “senior indebtedness”
and, to the extent applicable, as “designated senior indebtedness” in respect of all such
subordinated Indebtedness and are further given all such other designations as shall be required
under the terms of any such subordinated Indebtedness in order that the Lenders may exercise any
payment blockage or other remedies available or potentially available to lenders of senior
indebtedness under the terms of such subordinated Indebtedness.

          SECTION 5.09. Collateral. (a) Execute any and all further documents, financing statements,
agreements and instruments, and take all such further actions (including the filing and recording
of financing statements and fixture filings and other documents), which may be required under any
applicable law, or which the Administrative Agent or the Collateral Agent may reasonably request,
to cause the Guarantee and Collateral Requirement to be and remain satisfied at all times, all at
the expense of the Borrower and the Subsidiary Guarantors. The Borrower also agrees to provide to
the Collateral Agent, from time to time upon request, evidence reasonably satisfactory to the
Collateral Agent as to the perfection and priority of the Liens created or intended to be created
by the Security Documents.

          (b) Furnish to the Collateral Agent prior written notice of any change (i) in the
corporate name of the Borrower or any Subsidiary Guarantor, (ii) in the identity or corporate
structure or jurisdiction of formation of the Borrower or any Subsidiary Guarantor and (iii) in the
Federal Taxpayer Identification Number of the Borrower or any Subsidiary Guarantor. The Borrower
agrees not to effect or permit any change referred to in the preceding sentence unless all filings
have been made (or are simultaneously made) under the Uniform Commercial Code or otherwise that are
required in order for the Collateral Agent to continue at all times following such change to have,
and the Borrower agrees to take all necessary action to ensure that the Collateral Agent does
continue at all times to have, a valid, legal and perfected security interest in all the
Collateral. The Borrower also agrees to notify the Administrative Agent, within five Business Days
of such occurrence, if any material portion of the Collateral is damaged or destroyed.

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          (c) In the case of the Borrower, upon request of the Administrative Agent, deliver
to the Administrative Agent a certificate of a Responsible Officer setting forth the information
required pursuant to Section 2 of the Perfection Certificate or confirming that there has been no
change in such information since the date of the Perfection Certificate delivered on the Closing
Date or the date of the most recent certificate delivered pursuant to this Section.

          (d) The Administrative Agent may request, at the Borrower’s expense, a market value
appraisal, in form and substance reasonably satisfactory to the Administrative Agent, of the
Collateral, with such appraisal conducted by an appraiser selected by the Borrower and reasonably
satisfactory to the Administrative Agent (i) after the occurrence, and during the continuance of a
Default or (ii) if the Administrative Agent provides a certificate to the Borrower to the effect
that it has reasonable grounds to believe that (x) there has been a material reduction in the value
of the Collateral or (y) any appraisal conducted with respect to the Collateral was inaccurate in
any material respect.

          SECTION 5.10. [Intentionally Omitted]

          SECTION 5.11. Crack Spread Hedging Agreement. Prior to entering into any Crack Spread Hedging
Agreement, the Borrower shall, if requested by the Administrative Agent, provide to the
Administrative Agent such Crack Spread Hedging Agreement for the Administrative Agent’s review and
approval to its reasonable satisfaction. In no event shall any Crack Spread Hedging Liens attach
to (a) any of the ABL Priority Collateral or (b) any cash or Permitted Investments of any
Obligor other than proceeds from the issuance of the Notes following repayment of the Term Loan
Facility and cash collateral contributed for such purpose by Parent and its Affiliates (other than
Holdings and any of its subsidiaries, except to the extent such cash collateral was originally
contributed to Holdings or any of its subsidiaries by Parent and its Affiliates (other than
Holdings and its subsidiaries)); provided, that it is acknowledged and agreed that any such
cash or Permitted Investments that become subject to Crack Spread Hedging Liens upon deposit in a
Crack Spread Hedging Cash Collateral Account will be ABL Priority Collateral prior to such deposit.

          SECTION 5.12. Additional Subsidiaries. If any subsidiary of the Borrower (other than any
Inactive Subsidiary or a subsidiary of the Borrower that is a CFC) is formed or acquired after the
Closing Date or if any such subsidiary that was previously an Inactive Subsidiary ceases to qualify
as an Inactive Subsidiary, the Borrower will, as promptly as practicable and in any event within 30
days (or such longer period as the Administrative Agent may agree to in writing) after such event,
notify the Administrative Agent thereof and cause such subsidiary to become a party to the
Guarantee and Collateral Agreement and execute and delivery such Loan Documents and other documents
as the Administrative Agent may reasonably request, and take such other actions as the
Administrative Agent shall require to evidence and perfect a Lien in favor of the Administrative
Agent (for the benefit of Secured Parties) on all assets of such subsidiary and any Equity
Interests issued by such subsidiary consistent with the terms of this Agreement, including delivery
of such Deposit Account Control Agreements and

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legal opinions as it shall deem appropriate, all in form and substance acceptable to the
Administrative Agent.

          SECTION 5.13. Compliance with Law; Maintenance of Licenses. Each Obligor shall comply, and
shall cause each of its subsidiaries to comply, in all material respects with all applicable laws
(including the Federal Fair Labor Standards Act, all Environmental Laws, and, to the extent
applicable to such Obligor or its subsidiaries, the Sarbanes-Oxley Act). Each Obligor shall, and
shall cause each of its subsidiaries to, obtain and maintain all material licenses, permits,
franchises, and governmental authorizations necessary to own its property and to conduct its
business as conducted on the Closing Date.

ARTICLE VI

Negative Covenants

          SECTION 6.01. Limitation on Indebtedness. (a) Neither Borrower nor any of its subsidiaries
will create, incur, assume or permit to exist, directly or indirectly, any Indebtedness, except the
following:

          (i) Indebtedness created under the Loan Documents;

          (ii) Indebtedness created under the Indenture, or Refinancing Indebtedness in respect
thereof, in an aggregate principal amount at any time outstanding not to exceed the
difference of (A) $320,000,000 less (B) 25% of all prepayments made of the principal amount
thereof (other than prepayments from proceeds of Refinancing Indebtedness) (the “Permitted
Note Facility”);

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

          (iv) Guarantees incurred in compliance with Section 6.04(f).

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

          (vi) Indebtedness of any person that becomes a subsidiary of the Borrower (or of any
person not previously a subsidiary of the Borrower that is merged or consolidated with or
into a subsidiary of the Borrower in a Permitted Acquisition) after the date hereof, or
Indebtedness of any person that is assumed

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by any such subsidiary in connection with an Acquisition of assets by such subsidiary
in a Permitted Acquisition; provided that (i) such Indebtedness exists at the time
such person becomes a subsidiary of the Borrower (or is so merged or consolidated) or such
assets are acquired and is not created in contemplation of or in connection with such
person becoming a subsidiary (or such merger or consolidation) or such assets being
acquired, (ii) the aggregate principal amount of Indebtedness permitted by this clause
(vi)(e) shall not exceed $15,000,000 at any time outstanding and (iii) neither the Borrower
nor any of its subsidiaries (other than such person or the subsidiary with which such
person is merged or consolidated or that so assumes such person’s Indebtedness) shall
Guarantee or otherwise become liable for the payment of such Indebtedness;

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

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

          (ix) any Crack Spread Hedging Support LC and reimbursement obligations incurred in
connection therewith;

          (x) Indebtedness incurred under Hedging Agreements permitted pursuant to Section 6.07;

          (xi) any other unsecured Indebtedness of the Borrower and/or its subsidiaries; and

          (xii) indebtedness secured by liens permitted under Section 6.02(h).

          (b) For purposes of determining compliance with Section 6.01(a) in the event that an
item of Indebtedness (or any portion thereof) meets the criteria of more than one of the types of
Indebtedness described herein, the Borrower, in its sole discretion, shall classify such item of
Indebtedness (or any portion thereof) at the time of Incurrence and shall only be required to
include the amount and type of such Indebtedness in one of the above clauses and (2) the Borrower
shall be entitled to divide and classify an item of Indebtedness in more than one of the types of
Indebtedness described herein, including under paragraph (a).

          SECTION 6.02. Liens. Neither the Borrower nor any of its subsidiaries will create, incur,
assume or permit to exist any Lien on any asset now owned or leased or hereafter acquired or leased
by it, or assign or sell any income or revenues (including accounts receivable) or rights in
respect of any thereof, except the following (collectively, “Permitted Liens”):

          (a) Liens created under the Loan Documents;

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          (b) Permitted Encumbrances;

          (c) any Lien on any asset of the Borrower or any of its subsidiaries existing on the
Closing Date and set forth on Schedule 6.02; provided, that (A) such Lien shall not apply
to any other asset of the Borrower or any of its subsidiaries and (B) such Lien shall secure only
those obligations that it secures on the Closing Date;

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

          (e) any Lien existing on any asset prior to the Acquisition thereof by the Borrower
or any of its subsidiaries; provided that (A) such Lien is not created in contemplation of
or in connection with such Acquisition, (B) such Lien shall not apply to any other asset of the
Borrower or any of its subsidiaries and (C) such Lien shall secure only those obligations that it
secures on the date of such Acquisition;

          (f) Liens created under the Note Documents or any other definitive documentation for
the Permitted Note Facility, or Refinancing Indebtedness in respect thereof; provided, that
(A) such Liens secure only Indebtedness permitted by Section 6.01(a) and other obligations
thereunder not constituting Indebtedness or are otherwise permitted under clause (g) below and (B)
such Liens on Collateral (as defined in the Intercreditor Agreement) are subject to the terms of
the Intercreditor Agreement;

          (g) Liens on the Non-ABL Priority Collateral to secure obligations of the Borrower
under any Crack Spread Hedging Agreement or any Crack Spread Hedging Support LC; provided,
that the aggregate principal amount of the Crack Spread Hedging Cash Collateral subject to the
Liens permitted by this clause (g) shall not exceed the limitations set forth in the definition of
Crack Spread Hedging Cash Collateral; and

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

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

          SECTION 6.03. Sale/Leaseback Transactions. Neither the Borrower nor any of its subsidiaries
will enter into any Sale/Leaseback Transaction.

          SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. Neither the Borrower
nor any of its subsidiaries will acquire (including

54

 

pursuant to any merger or consolidation with any person that was not a wholly owned subsidiary
prior thereto) assets other than in the ordinary course of business that, following the acquisition
thereof, would constitute a substantial portion of the assets of the Borrower and its subsidiaries,
taken as a whole, or make or otherwise permit to exist any Investment in any other person or any
Acquisition, except:

          (a) Permitted Acquisitions;

          (b) Investments in Permitted Investments;

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

          (d) Investments by the Borrower and its subsidiaries in the Equity Interests of
their respective subsidiaries; provided, that (A) such subsidiaries are subsidiaries
prior to such Investments and (B) any such Equity Interests held by any Obligor shall be pledged
pursuant to the Guarantee and Collateral Agreement;

          (e) loans or advances made by the Borrower or any of its subsidiaries to any
subsidiary;

          (f) Permitted Guarantees and Guarantees by the Borrower or any of its subsidiaries
of Indebtedness or other obligations of the Borrower or any other Obligor; provided, that
(A) a subsidiary of the Borrower that is not also a Subsidiary Guarantor hereunder shall not
Guarantee any Indebtedness or other obligations under or pursuant to the Indenture, and (B) no
subsidiary of the Borrower shall Guarantee any Indebtedness or other obligation of the Borrower
except for any such Guarantees under the Loan Documents or under the definitive documentation for
the Permitted Note Facility;

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

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

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

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

55

 

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

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

          (m) other Investments (other than Permitted Acquisitions).

          SECTION 6.05. Mergers, Consolidations and Other Fundamental Changes. Neither the Borrower nor
any of its subsidiaries will merge into or consolidate with any other person, or permit any other
person to merge into or consolidate with it, or liquidate or dissolve, except if, at the time
thereof and immediately after giving effect thereto no Default or Event of Default shall have
occurred and be continuing, (1) any subsidiary of the Borrower may merge into the Borrower in a
transaction in which the Borrower is the surviving corporation, (2) any subsidiary of the Borrower
(other than an Obligor) may merge into or consolidate with any other subsidiary (other than an
Obligor) in a transaction in which the surviving entity is a subsidiary and (3) any subsidiary
that is an Inactive Subsidiary may liquidate or dissolve if the Borrower determines in good faith
that such liquidation or dissolution is in the best interests of the Borrowers and is not adverse
to the interests of the Lenders.

          SECTION 6.06. Asset Sales. Neither the Borrower nor any of its subsidiaries will sell,
transfer, lease or otherwise dispose of (it being understood that a casualty to, or a condemnation
of, any asset shall not be deemed to be a disposition thereof) any asset, including any Equity
Interest owned by it, nor will any subsidiary of the Borrower issue any additional Equity Interest
in such subsidiary (other than to the Borrower or any other of subsidiary of the Borrower in
compliance with Sections 6.04 and 6.10) (each of the foregoing, an “Asset Sale”), except:

          (a) any single transaction or series of related transactions that involves the sale,
lease, transfer or other disposition of assets having a fair market value of less than $5,000,000;

          (b) any sale, lease, conveyance or other disposition of products, services,
inventory, accounts receivable or other assets or rights in the ordinary course of business and any
sale, conveyance or other disposition of damaged, worn-out or obsolete assets in the ordinary
course of business;

          (c) sales, leases, transfers and other dispositions (i) to the Borrower, (ii)
between or among the Borrower and the Subsidiary Guarantors (if any) and/or (iii) of assets of or
interests in Inactive Subsidiaries;

          (d) issuances and sales by the Borrower of its common stock to management or
employees of the Borrower or any of its subsidiaries (the common stock so issued and sold in
compliance with this clause (c) being referred to as the “Permitted Compensation Incentive Equity
Interests”); provided that the Permitted Compensation Incentive Equity Interests (A) shall
have no voting rights and (B) shall not, at any time,

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represent more than 5.0% of aggregate equity value represented by the issued and outstanding
common stock of the Borrower;

          (e) licenses and sublicenses by the Borrower or any of its subsidiaries of
intellectual property in the ordinary course of business;

          (f) any surrender or waiver of contract rights or settlement, release, recovery on
or surrender of contract, tort or other claims in the ordinary course of business;

          (g) the granting of Liens not prohibited by Section 6.02 and the exercise of any
power of sale or other remedy under any such Lien;

          (h) the sale or other disposition of cash and/or Permitted Investments;

          (i) Restricted Payments that do not violate Section 6.08;

          (j) the disposition of cash and Permitted Investments into a Crack Spread Hedging
Cash Collateral Account to the extent such cash and Permitted Investments constitute Crack Spread
Hedging Cash Collateral upon such deposit; and

          (k) sales, transfers and other dispositions of assets (other than Equity Interests
in any subsidiary of the Borrower) that are not permitted by any other clause of this Section;
provided, that (i) the Borrower or any of its subsidiaries, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the fair market value of the assets
or Equity Interests sold or issued or otherwise disposed of and (ii) at least 75% of the
consideration received in such Asset Sale by the Borrower or any of its subsidiaries, as the case
may be, is in the form of cash or Temporary Cash Investments; provided, however,
that, for purposes of this clause (k) (but not for purposes of determining the Net Cash Proceeds
from any Asset Sale), each of the following will be deemed cash: (A) any liabilities, as shown on
the Borrower’s most recent consolidated balance sheet or as would be reflected on a balance sheet,
of the Borrower or any such subsidiary (other than contingent liabilities and liabilities that are
by their terms subordinated to the Obligations incurred by the Borrower under this Agreement) that
are assumed by the transferee of any such assets pursuant to a novation agreement that releases the
Borrower or such subsidiary from further liability, (B) any securities, notes or other obligations
received by the Borrower or any such subsidiary from such transferee that are converted by the
Borrower or such subsidiary into cash within 90 days after their receipt, to the extent of the cash
received in that conversion, and (C) any stock or assets that (1) are not classified as current
assets under GAAP and are used or useful in a Permitted Business or (2) comprise the stock or
assets of a Permitted Business that is or becomes a subsidiary of the Borrower.

          SECTION 6.07. Hedging Agreements.

          (a) Neither the Borrower nor any of its subsidiaries will enter into any Hedging
Agreement except (A) Crack Spread Hedging Agreements, (B) Hedging Agreements entered into to
hedge or mitigate risks to which the Borrower or any of its

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subsidiaries has actual exposure (other than in respect of Indebtedness of the Borrower or any
such subsidiary) and not for speculative purposes and (C) Hedging Agreements entered into in order
to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of the Borrower or any of its subsidiaries and not for speculative purposes.

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

          SECTION 6.08. Restricted Payments.

          (a) The Borrower will not, and will not permit any of its subsidiaries (other than
Inactive Subsidiaries) to, directly or indirectly:

     (1) declare or pay any dividend or make any other payment or distribution on account
of the Borrower’s or any such subsidiaries’ Equity Interests (including, without
limitation, any payment in connection with any merger or consolidation involving the
Borrower or any of its subsidiaries) or to the direct or indirect holders of the Borrower’s
or any such subsidiaries’ Equity Interests solely in their capacity as such (other than
dividends or distributions payable in Equity Interests (other than Disqualified Stock) of
the Borrower and other than dividends, payments or distributions payable to the Borrower or
a subsidiary of the Borrower);

     (2) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Borrower) any
Equity Interests of the Borrower or any direct or indirect parent of the Borrower; or

     (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise
acquire or retire for value any Indebtedness of the Borrower or any Subsidiary Guarantor
that is contractually subordinated in right of payment to the Obligations of the Borrower
incurred under this Agreement (excluding any intercompany Indebtedness between or among the
Borrower and any of its subsidiaries), except payments of interest or principal at the
stated maturity thereof and payments of principal in anticipation of satisfying a sinking
fund obligation or final maturity, in each case within one year of the due date thereof;

(all such declarations, payments, distributions, purchases, redemptions, acquisitions,
retirements and defeasances set forth in these clauses (1) through (3) above being collectively
referred to as “Restricted Payments”), unless, at the time of and after giving effect to such
Restricted Payment:

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          (A) no Default or Event of Default has occurred and is continuing or would occur as a
consequence of such Restricted Payment;

          (B) the Borrower would, at the time of such Restricted Payment and after giving pro forma
effect thereto as if such Restricted Payment had been made at the beginning of the applicable
four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio, as defined in the Indenture, test set forth in
Section 4.09(a) of the Indenture; and

          (C) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Borrower and its subsidiaries (other than Inactive Subsidiaries) since the
Closing Date (excluding Restricted Payments permitted by clauses (2) through (11) of Section
6.08(b)), is less than the sum, without duplication, of:

          (1) 50% of the consolidated net income of the Borrower for the period (taken as one accounting
period) from the beginning of the first fiscal quarter commencing after the Closing Date to the end
of the Borrower’s most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Payment (or, if such consolidated net income for such
period is a deficit, less 100% of such deficit); plus

          (2) 100% of the aggregate net cash proceeds received by the Borrower since the Closing Date as
a contribution to its common equity capital or from (x) the issue or sale of Equity Interests of
the Borrower or (y) from the issue or sale of convertible or exchangeable Disqualified Stock of the
Borrower or convertible or exchangeable debt securities of the Borrower (including any additional
net proceeds received by the Borrower upon such conversion or exchange) that, in the case of this
clause (y), have been converted into or exchanged for Equity Interests of the Borrower (in each
case, other than Equity Interests and convertible or exchangeable Disqualified Stock or debt
securities sold to a subsidiary of the Borrower and Excluded Contributions); minus

          (3) 100% of the aggregate amount of payments made by the Company since the Closing Date to
Valero in respect of the Company’s obligations under the Earnout Agreement.

          (b) The provisions of Section 6.08(a) will not prohibit:

          (1) the payment of any dividend or the consummation of any irrevocable redemption within 60
days after the date of declaration of the dividend or giving of the redemption notice, as the case
may be, if at the date of declaration or notice, the dividend or redemption payment would have
complied with the provisions of this Agreement;

          (2) so long as no Event of Default has occurred and is continuing or would be caused thereby,
the making of any Restricted Payment by conversion into or in exchange for or for consideration
consisting of, or out of or with the net cash proceeds of the substantially concurrent sale (other
than to a subsidiary of the Borrower) of, Equity Interests of the Borrower (other than Disqualified
Stock) or from the substantially

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concurrent contribution of common equity capital to the Borrower; provided that the amount of
any such net cash proceeds that are utilized for any such Restricted Payment will not be considered
to be net proceeds of Equity Interests for purposes of clause (C)(2) of Section 6.08(a);

          (3) the payment of any dividend (or, in the case of any partnership or limited liability
company, any similar distribution) by a subsidiary of the Borrower to the holders of its Equity
Interests on a pro rata basis;

          (4) so long as no Event of Default has occurred and is continuing or would be caused thereby,
the payment, purchase, redemption, defeasance or other acquisition or retirement for value of
Indebtedness of the Borrower or any Subsidiary Guarantor that is contractually subordinated to the
Indebtedness incurred by the Borrower under this Agreement with the net cash proceeds from a
substantially concurrent incurrence of Indebtedness in connection with a Refinancing of such
subordinated Indebtedness;

          (5) the repurchase, redemption or other acquisition or retirement for value of any Equity
Interests of the Borrower or any of its subsidiaries held by any current or former officer,
director, consultant or employee (or any of their respective heirs or estates) of the Borrower or
any of its subsidiaries or of Parent or any of its other subsidiaries pursuant to any equity
subscription agreement, stock option agreement, shareholders’ agreement or similar agreement;
provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired
Equity Interests may not exceed $4.0 million;

          (6) the repurchase of Equity Interests deemed to occur upon the exercise of stock options,
warrants or other convertible or exchangeable securities to the extent such Equity Interests
represent all or a portion of the consideration received in connection with the exercise,
conversion or exchange thereof or any taxes required to be withheld in connection therewith;

          (7) so long as no Event of Default has occurred and is continuing or would be caused thereby,
the declaration and payment of regularly scheduled or accrued dividends to holders of any class or
series of Disqualified Stock of the Borrower issued on or after the Closing Date in accordance with
the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) of the Indenture;

          (8) payments of cash by the Borrower or any of its subsidiaries in lieu of the issuance of
fractional shares upon the exercise of options or warrants or the conversion or exchange of Equity
Interests of any such Person;

          (9) so long as no Event of Default has occurred and is continuing or would be caused thereby,
in the event of a Change of Control, the payment, purchase, redemption, defeasance or other
acquisition or retirement of Indebtedness that is subordinated to Indebtedness of the Borrower
incurred under this Agreement, in each case, at a purchase price not greater than 101% of the
principal amount of such

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Indebtedness (or, if such Indebtedness was issued with original issue discount, 101% of the
accreted value of such Indebtedness), plus any accrued and unpaid interest thereon;

          (10) Restricted Payments that are made with Excluded Contributions; and

          (11) other Restricted Payments in an aggregate amount not to exceed $5,000,000.

          SECTION 6.09. Transactions with Affiliates.

          (a) Neither the Borrower nor any of its subsidiaries will sell, lease, license or
otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from,
or otherwise engage in any other transactions with, any of its Affiliates (including Parent),
except the following:

          (i) transactions in the ordinary course of business that are at prices and on terms and
conditions not materially less favorable to the Borrower or such subsidiary than those that would
have been obtained in a comparable transaction by the Borrower or its subsidiaries with an
unrelated person;

          (ii) transactions between or among the Borrower and its subsidiaries not involving any other
Affiliate (including any person that becomes a subsidiary in connection with such transaction);

          (iii) any Restricted Payment that does not violate the provisions of Section 6.08;

          (iv) compensation and indemnification of, and other employment arrangements with, directors,
officers and employees of the Borrower or any of its subsidiaries entered in the ordinary course of
business;

          (v) Investments permitted under Section 6.04(d);

          (vi) loans, advances, payments and reimbursements permitted under Section 6.04(b), (c), (e),
(f), (j) and (k);

          (vii) any employment, secondment or consulting agreement, employee benefit plan, stock option,
stock repurchase, severance, officer or director indemnification agreement or any similar
arrangement entered into by the Borrower or any of its subsidiaries in the ordinary course of
business;

          (viii) transactions with a person that is an Affiliate of the Borrower solely because the
Borrower owns, directly or through a subsidiary, an Equity Interest in, or controls, such person;

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          (ix) payment of reasonable and customary fees and reimbursements of expenses to, and the
provision of indemnities (pursuant to indemnity arrangements or otherwise) to, officers, directors
or employees of the Borrower or any of its subsidiaries;

          (x) any issuance of Equity Interests (other than Disqualified Stock) of the Borrower or
contribution to the common equity capital of the Borrower;

          (xi) loans or advances to employees in the ordinary course of business not to exceed $750,000
in the aggregate at any one time outstanding;

          (xii) any Permitted Parent Payments;

          (xiii) reimbursements of costs and expenses (such as payroll) incurred by Parent or its
subsidiaries on behalf of the Borrower or its subsidiaries;

          (xiv) the incurrence of Indebtedness owing to an Affiliate not prohibited by Section 6.01;

          (xv) transactions pursuant to any contract, agreement or arrangement described in the Offering
Memorandum, as defined in the Indenture, under the caption “Certain Relationships and Related Party
Transactions” and in effect on the Issue Date, as defined in the Indenture, as the same may be
amended, modified or replaced from time to time so long as any such amendment, modification or
replacement is not, in the Borrower’s good faith judgment, materially more disadvantageous to the
Borrower or its subsidiaries than the contract, agreement or arrangement as in effect on the Issue
Date.

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

          SECTION 6.10. Permitted Business. Neither the Borrower nor any of its subsidiaries will engage
at any time in any business or activity other than the ownership and operation of a Permitted
Business and activities directly related or incidental thereto.

          SECTION 6.11. Restrictive Agreements. Neither the Borrower nor any of its subsidiaries will,
directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement
that prohibits, restricts or imposes any condition on (a) the ability of the Borrower or any of
its subsidiaries to create, incur or permit to exist any Lien on any of its assets to secure any
Obligations incurred under the Loan Documents or (b) the ability of any subsidiary of the Borrower
to pay dividends or other distributions with respect to its Equity Interests or to make or repay
loans or advances to the Borrower or any other Domestic Subsidiary or the ability of the Borrower
or any Domestic Subsidiary to Guarantee the Obligations incurred under the Loan Documents;
provided, that (1) the foregoing shall not apply to (A) restrictions and conditions
imposed by law or by any Loan Document and (B) restrictions and conditions imposed by the Note
Documents, as such restrictions and conditions are in effect on the Closing Date, or by

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the Intercreditor Agreement, and (2) clause (a) of the foregoing shall not apply to (A)
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by
this Agreement (other than the Permitted Note Facility) if such restrictions or conditions apply
only to the assets securing such Indebtedness or (B) customary provisions in leases and other
agreements restricting the assignment thereof.

          SECTION 6.12. Amendment of Material Documents. Neither the Borrower nor any of its
subsidiaries will amend, restate, supplement or otherwise modify any Note Document or any other
definitive documentation for the Permitted Note Facility, the Stock Purchase Agreement or the
Offtake Agreement, to the extent any of the foregoing could reasonably be expected to materially
impair (a) the rights of or benefits available to the Lenders under any Loan Document in respect
of any payment obligation of any Obligor thereunder or (b) the ability of any Obligor to perform
any of its material obligations under any Loan Document.

          SECTION 6.13. Fiscal Year. Neither the Borrower nor any of its subsidiaries will change its
Fiscal Year-end to a date other than December 31.

          SECTION 6.14. [Intentionally Omitted].

          SECTION 6.15. Parent Credit Agreement. Notwithstanding anything to the contrary set forth
herein, including in Sections 6.01 and 6.04, neither the Borrower nor any of its subsidiaries will
become a party to, or otherwise create, incur, assume or permit to exist any Indebtedness (whether
as a principal obligor or a guarantor) of the Borrower or any of its subsidiaries under the
Existing Parent Term Credit Agreement or the Existing Parent Revolving Credit Agreement.

ARTICLE VII

Events of Default

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

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

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

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

          (d) default shall be made in the due observance or performance by an Obligor of any
covenant, condition or agreement contained in Section 5.01(a) (with respect to the Borrower only),
5.02(a), 5.05(a) or 5.07 or in Article VI and such default shall continue unremedied for a period
of 10 Business Days after notice thereof from the Administrative Agent or any Lender to the
Borrower;

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

          (f) (i) any Obligor shall fail to pay any principal or interest, regardless of
amount, due in respect of any Material Indebtedness, when and as the same shall become due and
payable, and such failure shall not be waived and shall continue after any applicable grace period
therefor, or (ii) any other event or condition shall occur that results in any Material
Indebtedness of an Obligor becoming due prior to its scheduled maturity or that would enable or
permit (with or without the giving of notice, the lapse of time or both) the holder or lenders of
any such Material Indebtedness or any trustee or agent on its or their behalf to cause any such
Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity, and such event or condition shall not be
waived and shall continue after any applicable grace period therefor; provided that this clause
(ii) shall not apply to  secured Indebtedness that becomes due as a result of the voluntary
sale or transfer of the property or assets securing such Indebtedness;

          (g) any person shall make any demand for payment or otherwise seek to exercise or
enforce its rights under any Guarantee (and the amount so demanded or sought constitutes Material
Indebtedness) by an Obligor of any Material Indebtedness of any Obligor;

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

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          (i) an Obligor shall (i) voluntarily commence any proceeding or file any petition
seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended,
or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii)
consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or the filing of any petition described in (h) above, (iii) apply for or consent to the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for an
Obligor or for a substantial part of the property or assets of such Obligor, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make
a general assignment for the benefit of creditors, (vi) become unable, admit in writing its
inability or fail generally to pay its debts as they become due or (vii) take any action for the
purpose of effecting any of the foregoing;

          (j) one or more judgments for the payment of money in an aggregate amount in excess
of $15,000,000 (net of all amounts as to which any insurance company or other indemnifying party
(other than the Borrower or an Affiliate of the Borrower) has acknowledged liability) shall be
rendered against any or all of the Obligors and the same shall remain undischarged for a period of
60 consecutive days during which execution shall not be effectively stayed, or any action shall be
legally taken by a judgment creditor to levy upon assets or properties of the Obligors to enforce
any such judgment;

          (k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events, could reasonably be expected to result in a
Material Adverse Effect;

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

          (m) any security interest purported to be created by any Security Document shall
cease to be, or shall be asserted by the Borrower or any other Obligor not to be, a valid,
perfected, first priority (except as otherwise expressly provided in this Agreement, such Security
Document or the Intercreditor Agreement) security interest in any portion of the securities, assets
or properties covered thereby having a fair market value in excess of $5,000,000, except to the
extent that any such loss of perfection or priority results from the failure of the Collateral
Agent to maintain possession of certificates representing securities pledged under the Guarantee
and Collateral Agreement;

          (n) an Obligor or any of its senior officers is criminally indicted or convicted for
(A) a felony committed in the conduct of the Obligor’s business, or (B) violating any state or
federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and
Illegal Exportation of War Materials Act) that could lead to forfeiture of any material property or
any Collateral;

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          (o) the Intercreditor Agreement for any reason shall cease to be, or shall be
asserted in writing by Holdings or any of its subsidiaries, not to be, binding on or enforceable
against any party thereto (or on or against any person on whose behalf the Note Collateral Agent or
any Crack Spread Hedging Secured Party (following it becoming a party thereto) makes any covenant
or agreement therein), other than in accordance with its terms;

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

          (q) a Change of Control occurs;

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

ARTICLE VIII

The Administrative Agent and the Collateral Agent

          (a) Each of the Lenders hereby irrevocably appoints the Administrative Agent and the
Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral
Agent are referred to collectively as the “Agents”) its agent and authorizes the Agents to take
such actions on its behalf and to exercise such powers as are delegated to such Agents by the terms
of the Loan Documents, together with such actions

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and powers as are reasonably incidental thereto.
Without limiting the generality of the
foregoing, the Agents are hereby expressly authorized to execute any and all documents
(including releases) with respect to the Collateral and the rights of the Secured Parties with
respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the
Security Documents.

          (b) The bank serving as the Administrative Agent and/or the Collateral Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with the Borrower or any
of its subsidiaries or other Affiliate thereof as if it were not an Agent hereunder.

          (c) Neither Agent shall have any duties or obligations except those expressly set
forth in the Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent
shall be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) neither Agent shall have any duty to take any discretionary action
or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
hereby that such Agent is required to exercise in writing by the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.08), and (c) except as expressly set forth in the Loan Documents, neither Agent shall
have any duty to disclose, nor shall it be liable for the failure to disclose, any information
relating to the Borrower or any of its subsidiaries that is communicated to or obtained by the bank
serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.
Neither Agent shall be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.08) or in the absence of its own gross
negligence or willful misconduct. Neither Agent shall be deemed to have knowledge of any Default
unless and until written notice thereof is given to such Agent by the Borrower or a Lender, and
neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the
contents of any certificate, report or other document delivered thereunder or in connection
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms
or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or
genuineness of any Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than
to confirm receipt of items expressly required to be delivered to such Agent.

          (d) Each 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 believed by it to be genuine and to have been signed or sent by the proper person. Each
Agent may also 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. Each Agent
may consult with legal counsel (who may

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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.

          (e) Each Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may
perform any and all its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such
sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Agent.

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

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

ARTICLE IX

Miscellaneous

          SECTION 9.01. Notices. Notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service,

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mailed by certified or registered mail or sent by telecopy or electronic communication, as
follows:

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

          (b) if to the Administrative Agent or the Collateral Agent, Bank Hapoalim B.M. 1177
Avenue of the Americas, New York, New York 10036 Attention of Mr. Gabi Hamani, Executive Vice
President, Israeli Business Department and Maxine M. Levy, First President, Israeli Business
Department; Telephone No. (212) 782-2165 / (212) 782-2166; Telecopier No. (212) 782-2170; with a
copy to Arnold & Porter LLP, 399 Park Avenue, New York, New York 10022, Attention of Steven G.
Tepper, Esq; Telephone No. (212) 715-1140; Telecopier No. (212) 715-1399; and

          (c) if to a Lender, to it at its address (or telecopy number or email address) set
forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have
become a party hereto.

All notices and other communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or
overnight courier service or sent by telecopy or electronic communication or on the date five
Business Days after dispatch by certified or registered mail if mailed, in each case delivered,
sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance
with the latest unrevoked direction from such party given in accordance with this Section 9.01. As
agreed to among the Borrower, the Administrative Agent and the applicable Lenders from time to
time, notices and other communications may also be delivered by e-mail to the e-mail address of a
representative of the applicable person provided from time to time by such person. The Borrower,
the Administrative Agent and any Lender may each change the address or e-mail address for service
of notice and other communications by a notice in writing to the other parties hereto.

          SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Obligors herein and in the certificates or other instruments prepared or
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the Lenders and shall survive the making by the Lenders of
the Loans, regardless of any investigation made by the Lenders or on their behalf, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any other amount payable under this Agreement or any other Loan Document is outstanding and
unpaid. The provisions of Sections 2.13, 2.15, 2.19, 9.01, 9.05, 9.07, 9.11, 9.15 and 9.16 shall
remain operative and in full force and effect regardless of the expiration of the term of this
Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the
Loans, the expiration of the Commitments, the invalidity or unenforceability of any term or
provision of this Agreement or any other Loan Document, or any investigation made by or on behalf
of the Administrative Agent, the Collateral Agent or any Lender.

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

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

          (b) No Lender may assign all or any portion of its interests, rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans at the time owing
to it) without the Borrower’s express written consent, which consent the Borrower may withhold for
any reason in its sole discretion. Notwithstanding the foregoing, without the consent of the
Borrower, (i) any Lender may assign all or any portion of its interests, rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans at the time owing
to it) to an Affiliate of such Lender, but such Affiliate to which such assignment is made may not
further assign its interest in such Loan or Commitment to any person other than an Affiliate of
Bank Hapoalim B.M. and (ii) if there exists an Event of Default, any Lender may assign all or any
portion of its interests, rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans at the time owing to it) to any person. If a Lender is so
permitted to make a such assignment, or if the Borrower consents in writing to any other assignment
hereunder, (i) the assigning Lender shall provide notice to the Borrower and the Administrative
Agent of such assignment, (ii) the amount of the outstanding Loans, as the case may be, of the
assigning Lender and its Related Funds subject to each such assignment shall not be less than
$1,000,000 unless the Administrative Agent consents to a lower amount (or, if less, the entire
remaining amount of such Lender’s Commitment or outstanding Loans), (iii) the parties to each such
assignment shall electronically execute and deliver to the Administrative Agent an Assignment and
Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if
previously agreed with the Administrative Agent, manually execute and deliver to the Administrative
Agent an Assignment and Acceptance), and (iv) shall pay to the Administrative Agent a processing
and recordation fee of $3,500; provided that only one such fee shall be payable in connection with
simultaneous assignments to or by two or more Approved Funds, and (v) the assignee, if it shall not
be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and all
applicable tax documentation (whether pursuant to Section 2.19(e) or otherwise reasonably requested
by the Administrative Agent). Upon acceptance and recording pursuant to paragraph (e) of this
Section, from and after the effective date specified in each Assignment and Acceptance, (A) the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and (B)
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Acceptance, be released from its obligations under this Agreement (and, in the case of an

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Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 2.13, 2.15, 2.19 and 9.05). For purposes of
this Section 9.04(b), (i) “Approved Fund” shall mean (A) a CLO and (B) with respect to any Lender
that is a fund which invests in bank loans and similar extensions of credit, any other fund that
invests in bank loans and similar extensions of credit and is managed by the same investment
advisor as such Lender or by an Affiliate of such investment advisor and (ii) “CLO” shall mean any
entity (whether a corporation, partnership, trust or otherwise) that is engaged in making,
purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the
ordinary course of its business and is administered or managed by a Lender or an Affiliate of such
Lender.

          (c) By executing and delivering an Assignment and Acceptance, the assigning Lender
thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and
the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and
beneficial owner of the interest being assigned thereby free and clear of any adverse claim and
that its Commitment or the outstanding balances of its Loans, in each case without giving effect to
assignments thereof which have not become effective, are as set forth in such Assignment and
Acceptance, (ii) except as set forth in (i) above, such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or
representations made by the Borrower or any of its subsidiaries in or in connection with this
Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement, any other Loan Document or any other instrument or document furnished pursuant
hereto, or the financial condition of the Borrower or any of its subsidiaries or the performance or
observance by the Borrower or any of its subsidiaries of any of its obligations under this
Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto;
(iii) such assignee represents and warrants that it is legally authorized to enter into such
Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this
Agreement, together with copies of the most recent financial statements referred to in Section 3.05
or delivered pursuant to Section 5.04 and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such Assignment and
Acceptance; (v) such assignee will independently and without reliance upon the Administrative
Agent, the Collateral Agent, such assigning Lender 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 this Agreement; (vi) such assignee appoints and authorizes the
Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement as are delegated to the Administrative Agent and the
Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably
incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their
terms all the obligations which by the terms of this Agreement are required to be performed by it
as a Lender.

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

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

          (f) No Lender may without the Borrower’s express written consent, which consent the
Borrower may withhold for any reason in its sole discretion, sell participations to one or more
banks or other entities in all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it). Notwithstanding the
foregoing, without the consent of the Borrower, (i) any Lender may sell participations in all or a
portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it) to an Affiliate of such Lender, but such Affiliate purchasing
such participation may not sell its participation interest in such Loan or Commitment to any person
other than an Affiliate of Bank Hapoalim B.M. and (ii) if an Event of Default exists, any Lender
may sell participations in all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it) to any person. If a
Lender is so permitted to make a such participation, or if the Borrower consents in writing to any
other participation hereunder, (i) the obligations under this Agreement of the Lender selling such
participation shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, (iii) the participating banks or other
entities shall be entitled to the benefit of the cost protection provisions contained in Sections
2.13, 2.15 and 2.19 to the same extent as if they were Lenders and (iv) the Borrower, the
Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement, and such Lender shall
retain the sole right to enforce the obligations of the Borrower relating to the Loans and to
approve any amendment, modification or waiver of any provision of this Agreement (other than
amendments, modifications or waivers decreasing any fees payable hereunder or the amount of
principal of or the rate at which interest is payable on the Loans,

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extending any scheduled principal payment date or date fixed for the payment of interest on
the Loans, increasing or extending the Commitments or releasing all or substantially all the
Subsidiary Guarantors or all or substantially all the Collateral, except as expressly provided in
Section 9.17).

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

          (h) The Borrower shall not assign or delegate any of its rights or duties hereunder
without the prior written consent of the Administrative Agent and each Lender, and any attempted
assignment without such consent shall be null and void.

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

          (b) The Borrower agrees to defend, indemnify and hold harmless the Administrative
Agent, the Collateral Agent, each Lender and each Related Party of any of the foregoing persons
(each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel
fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in
any way connected with or as a result of (i) the execution or delivery of this Agreement or any
other Loan Document or any agreement or instrument contemplated thereby, the performance by the
parties thereto of their respective obligations thereunder or the consummation of the Transactions,
(ii) the use of the proceeds of the Loans, (iii) any claim, litigation, investigation or proceeding
relating to any of the foregoing, whether or not any Indemnitee is a party thereto, or (iv) any
actual or alleged presence or Release of Hazardous Materials on any property owned or operated by
the Borrower or any of its

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subsidiaries, or any Environmental Liability related in any way to the Borrower or its
subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, claims, damages, liabilities or related expenses are determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the
gross negligence or willful misconduct of such Indemnitee.

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

          (d) To the extent permitted by applicable law, 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 or any agreement or instrument contemplated
hereby, the Transactions, any Loan or the use of the proceeds thereof.

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

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

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

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

          (b) Neither this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the Borrower and
the Required Lenders; provided, however, that no such agreement shall (i) decrease the principal
amount of, or extend the maturity of or any scheduled principal payment date or date for the
payment of any interest on any Loan, or waive or excuse any such payment or any part thereof, or
decrease the rate of interest on any Loan, without the prior written consent of each Lender
affected thereby, (ii) increase or extend the Commitment or decrease or extend the date for payment
of any fees of any Lender, or waive or excuse any such payment or any part thereof, without the
prior written consent of such Lender, (iii) amend or modify the pro rata requirements of Section
2.16, the provisions of Section 9.04(h), the provisions of this Section or the definition of the
term “Required Lenders”, or (except as expressly provided in Section 9.17) release all or
substantially all the Subsidiary Guarantors or all or substantially all the Collateral, without the
prior written consent of each Lender or (iv) contractually subordinate any of the Collateral
Agent’s Liens without the prior written consent of each Lender; provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent
or the Collateral Agent hereunder or under any other Loan Document without the prior written
consent of the Administrative Agent or the Collateral Agent, respectively.

          SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if
at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts which are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest

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payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Loan but were not payable as a result of the
operation of this Section shall be cumulated and the interest and Charges payable to such Lender in
respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor)
until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to
the date of repayment, shall have been received by such Lender.

          SECTION 9.10. Entire Agreement. This Agreement and the other Loan Documents constitute the
entire contract between the parties relative to the subject matter hereof. Any other previous
agreement among the parties with respect to the subject matter hereof is superseded by this
Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents,
expressed or implied, is intended to confer upon any person (other than the parties hereto and
thereto, their respective successors and assigns permitted hereunder and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent
and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this
Agreement or the other Loan Documents.

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

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

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

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

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

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

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

          SECTION 9.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees and
agents, including accountants, legal counsel, trustees and other advisors (it being understood that
the persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep

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such Information confidential), (b) to the extent requested by any regulatory authority or
quasi-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) in connection with the exercise of any remedies hereunder or under the other Loan Documents or
any suit, action or proceeding relating to the enforcement of its rights hereunder or thereunder,
(e) subject to an agreement containing provisions substantially the same as those of this Section,
to (i) any actual or prospective assignee of or participant in any of its rights or obligations
under this Agreement and the other Loan Documents or (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to the Borrower or any of its
subsidiaries or any of their respective obligations, (f) with the consent of the Borrower or (g) to
the extent such Information becomes publicly available other than as a result of a breach of this
Section. For the purposes of this Section, “Information” shall mean all information received from
the Borrower and related to the Borrower or its business, other than any such information that was
available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential
basis prior to its disclosure by the Borrower. Any person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied with its obligation
to do so if such person has exercised the same degree of care to maintain the confidentiality of
such Information as such person would accord its own confidential information.

          (b) Notwithstanding anything herein to the contrary, any party subject to confidentiality
obligations hereunder or otherwise (and any Affiliate thereof and any employee, representative or
other agent of such party or such Affiliate) may disclose to any and all persons, without
limitation of any kind, the tax treatment and the tax structure of the transactions contemplated
hereby and all materials of any kind (including opinions or other tax analyses) that are or have
been provided to it relating to such tax treatment and tax structure; provided that with respect to
any document or similar item that in either case contains information concerning the tax treatment
or tax structure of the transaction as well as other information, this sentence shall only apply to
such portions of the document or similar item that relate to the tax treatment or tax structure of
the Loans and transactions contemplated hereby. For this purpose, the tax treatment of the
transactions contemplated hereby is the purported or claimed U.S. federal tax treatment of such
transactions and the tax structure of such transactions is any fact that may be relevant to
understanding the purported or claimed U.S. federal tax treatment of such transactions.

          SECTION 9.17. Termination and Release. (a) Notwithstanding any contrary provision herein or
in any other Loan Document, (i) this Agreement shall automatically terminate and the Liens on the
Collateral shall automatically be released under the applicable Loan Documents upon the payment in
full (or other satisfaction agreed to by the Administrative Agent and the Lenders) of all of the
Obligations owed to the Agents and the Lenders under this Agreement and the other Loan Documents
and (ii) the Borrower may request the release of Collateral to be sold, transferred or otherwise
disposed of in a transaction that is not prohibited by this Agreement by delivering to the
Collateral Agent a certificate to the effect that such sale or other disposition and the
application of the proceeds thereof will comply with the terms of this Agreement, then the
Collateral Agent, if satisfied that the applicable certificate is correct, shall, without the

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consent of any Lender, execute and deliver all such instruments, releases, financing
statements or other agreements, and take all such further actions, as shall be necessary to
effectuate the release of such Subsidiary from its Guarantee under the Guarantee and Collateral
Agreement or the release of such Collateral, as the case may be, substantially simultaneously with
or at any time after the completion of such sale or other disposition. Upon the Borrower’s written
request, the Collateral Agent shall execute and deliver all such instruments, releases, financing
statements or other agreements, and take all such further actions, as shall be necessary to
effectuate or further evidence the release of such Collateral.

          (b) Without limiting the provisions of Section 9.05, the Borrower shall reimburse
the Collateral Agent for all costs and expenses, including reasonable attorneys’ fees and
disbursements, incurred by it in connection with any action contemplated by this Section 9.17.

          SECTION 9.18. Patriot Act Notice. The Administrative Agent and the Lenders hereby notify the
Borrower that pursuant to the requirements of the USA Patriot Act, the Administrative Agent and the
Lenders are required to obtain, verify and record information that identifies the Borrower,
including its legal name, address, tax ID number and other information that will allow the
Administrative Agent and the Lenders to identify it in accordance with the USA Patriot Act. The
Administrative Agent and the Lenders will also require information regarding each personal
guarantor, if any, and may require information regarding the Borrower’s management and owners, such
as legal name, address, social security number and date of birth.

          SECTION 9.19. Intercreditor Agreement.

          (a) Notwithstanding anything herein to the contrary, the lien and security interest
granted pursuant to this Agreement and the exercise of any right or remedy hereunder are subject to
the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of
the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall
govern and control.

          (b) The Lenders acknowledge that obligations of the Borrower and their subsidiaries
under the Permitted Note Facility and the Crack Spread Hedging Documents, and certain obligations
related thereto, will be secured by Liens on assets of the Borrowers and their subsidiaries that
constitute Collateral (but, with respect to the Crack Spread Hedging Documents, such Liens shall be
limited to Non-ABL Priority Collateral). At the request of the Borrower, the Administrative Agent
shall enter into the Intercreditor Agreement establishing the relative rights of the Secured
Parties and of the secured parties under the Permitted Note Facility and the Crack Spread Hedging
Documents with respect to the Collateral. Each Lender hereby irrevocably (A) consents to the
subordination of Liens provided for under the Intercreditor Agreement, (B) authorizes and directs
the Administrative Agent to execute and deliver the Intercreditor Agreement and any
acknowledgements, agreements or documents relating thereto, in each case, on behalf of such Lender
and without any further consent, authorization or other action by such Lender, (C) agrees that,
upon the execution and delivery thereof, such Lender will

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be bound by the provisions of the Intercreditor Agreement as if it were a signatory thereto
and will take no actions contrary to the provisions of the Intercreditor Agreement and (D) agrees
that no Lender shall have any right of action whatsoever against the Administrative Agent as a
result of any action taken by the Administrative Agent pursuant to this Section or in accordance
with the terms of the Intercreditor Agreement. Each Lender hereby further irrevocably authorizes
and directs the Administrative Agent to enter into such amendments, supplements or other
modifications to the Intercreditor Agreement as are contemplated thereby in connection with any
extension, renewal, refinancing or replacement of the Notes or the Crack Spread Hedging Agreement,
in each case, on behalf of such Lender and without any further consent, authorization or other
action by such Lender. The Administrative Agent shall have the benefit of the provisions of
Article VIII with respect to all actions taken by it pursuant to this Section or in accordance with
the terms of the Intercreditor Agreement to the full extent thereof.

          SECTION 9.20. Certifications Regarding Indenture. The Borrower certifies to the
Administrative Agent and the Lenders that neither the execution nor the performance of the Loan
Documents nor the incurrence of any Obligations incurred under the Loan Documents by the Borrowers
violates the Indenture, including Section 4.09 thereof. The Borrower further certifies that the
Obligations incurred under the Loan Documents constitute “Permitted Debt” under the Indenture and
that the Commitments of the Lenders are not prohibited under the Indenture.

          SECTION 9.21. Reinstatement of Liability. If claim is ever made upon the Lenders for
repayment or recovery of any amount or amounts received by the Lenders in payment or on account of
any of the Obligations incurred under the Loan Documents of any Obligor and the Lenders repay all
or part of said amount by reason of (a) any judgment, decree or order of any court or
administrative body having jurisdiction over the Lenders or any of their property, or (b) any
settlement or compromise of any such claim effected by the Lenders with any such claimant
(including the Obligors), then any such judgment, decree, order, settlement or compromise shall be
binding upon the Obligors, notwithstanding any revocation hereof or the cancellation of any note or
other instrument evidencing any liability of such Obligor, and the Obligors shall be and remain
liable to the Lenders hereunder for the amount so repaid or recovered to the same extent as if such
amount had never originally been received by the Lenders.

(Signature Page Follows)

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

	 	 	 	 	 	 	 
	 	 	ALON REFINING KROTZ SPRINGS, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Jeff D. Morris	 
	 

	 	 	Name: 	Jeff D. Morris 	 	 
	 

	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	BANK HAPOALIM B.M., New York Branch, individually and as
Administrative Agent and Collateral Agent,	 	 
	 
	 	 	 	 	 	 
	 

	 	by: 
	/s/ Lee Stenner

	 	 
	 

	 	 	Name: Lee Stenner

Title: Senior Vice President

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