Document:

Exhibit 10.3

 

Execution Version

 

RELEASE AND AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This Release and Amendment  No. 2 dated as of September 25, 2012 (this “Amendment”) to the Credit Agreement (as defined herein), is entered into by Susser Holdings, L.L.C., a Delaware limited liability company (the “Borrower”), Susser Holdings Corporation, a Delaware corporation, as Parent Guarantor (the “Parent Guarantor”), other guarantors parties hereto, the lenders parties hereto (collectively, the “Lenders”), Bank of America, N.A., as Administrative Agent for the Lenders (in such capacity, the “Revolving Administrative Agent”), Swing Line Lender and L/C Issuer.

 

INTRODUCTION

 

Reference is made to the Amended and Restated Credit Agreement dated as of May 7, 2010 (as amended by Amendment No. 1 dated as of June 9, 2011 and as further modified from time to time, the “Credit Agreement”), among the Borrower, the Revolving Administrative Agent, and the lenders parties thereto.  The Borrower has requested, and the Lenders and the Revolving Administrative Agent have agreed, to make certain amendments to the Credit Agreement as set forth herein.

 

THEREFORE, in connection with the foregoing and for other good and valuable consideration, the Borrower, the Lenders, and the Revolving Administrative Agent hereby agree as follows:

 

Section 1.              Definitions; References.  Unless otherwise defined in this Amendment, each term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.

 

Section 2.              Amendments to Credit Agreement.

 

(a)           Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:

 

“Amendment No. 2 Effective Date” means September 25, 2012.

 

“Holdings Guaranty” means the Guaranty of Collection, dated as of September 25, 2012 made by Parent Guarantor, in favor of (i) the Lender (as defined in the Lakehead Loan Documents) and (ii) the Administrative Agent (as defined in the MLP Credit Agreement), for the benefit of the Lenders (as defined in the MLP Credit Agreement), in an aggregate amount not to exceed $180,665,967.

 

“Lakehead Loan” means, collectively, the up to $180,665,967 of term loans made to the MLP pursuant to the Lakehead Loan Documents.

 

 

“Lakehead Loan Collateral” means the cash equivalents pledged by the MLP as security for the Lakehead Loan.

 

“Lakehead Loan Documents” means (a) the Term Loan and Security Agreement dated as of 25 between the MLP and Bank of America, N.A., as lender b) the Collateral Account Control Agreement dated of even date herewith among the MLP, Bank of America, N.A., as secured party, and Bank of America, N.A. as securities intermediary and (c) the Collateral Account Control Agreement dated of even date herewith among the MLP, Bank of America, N.A., as secured party, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as securities intermediary.

 

“MLP” means Susser Petroleum Partners LP, a Delaware limited partnership.

 

“MLP Credit Agreement” means the Credit Agreement dated as of September 25, 2012 among the MLP, Bank of America, N.A., as administrative agent and the lenders party thereto.

 

“MLP Entities” means MLP GP, the MLP and their respective Subsidiaries.

 

“MLP GP” means Susser Petroleum Partners GP LLC, a Delaware limited liability company.

 

“MLP Partnership Agreement” means that certain First Amended and Restated Agreement of Limited Partnership of Susser Petroleum Partners LP dated as of September 25, 2012, among the MLP GP, the Parent Guarantor, and the other limited partners party thereto.

 

“MLP Registration Statement” means that certain Form S-1 Registration Statement No. 333-182276 filed on June 21, 2012 with the Securities and Exchange Commission with respect to the sale of common units in the MLP, as amended from time to time through September 10, 2012.

 

“Parent Credit Agreement” means the $12,500,000 Term Loan and Pledge Agreement dated as of September 25, 2012 between the Parent Guarantor, as borrower, and Bank of America, N.A., as lender.

 

“Permitted Sale/Leaseback Transactions” means (a) sale-leaseback transactions between the MLP or any Subsidiary Guarantor (as defined in the MLP Credit Agreement), as owner/lessor and Stripes as lessee with respect to Stripes Properties and (b) sale-leaseback transactions with respect to Stripes Properties provided that the aggregate fair market value of the properties Disposed of by Susser PropCo or other Loan Parties (as defined in the MLP Credit Agreement) in reliance on this clause (b) shall not exceed $10,000,000.

 

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“SHC Disinterested Directors” means the members of the board of directors of the Parent Guarantor that are not also members of the board of directors (or other governing body) of the MLP GP.

 

“Stripes” means Stripes LLC, a Texas limited liability company.

 

“Stripes 1009” means Stripes No. 1009 LLC, a Texas limited liability company.

 

“Stripes Properties” means (a) up to 75 new or recently constructed convenience stores which may be acquired by the MLP or its Subsidiaries pursuant to a right of first refusal contained in the Susser Omnibus Agreement, and (b) any other convenience stores which may be constructed by the MLP or its Subsidiaries or acquired by the MLP or its Subsidiaries from the Parent Guarantor or any of its Subsidiaries or Affiliates (other than the MLP Entities) after the Closing Date pursuant to the Susser Omnibus Agreement or other arrangements.

 

“Susser Contribution Agreement” means the Contribution Agreement dated as of September 25, 2012 among the MLP, the MLP GP, the Parent Guarantor, the Borrower, Stripes and Susser Petroleum Company, pursuant to which the Parent Guarantor and its subsidiaries, including Susser Petroleum Company, will contribute to Susser Operating the Contributed Assets (as defined therein) in exchange for the Parent Guarantor and its subsidiaries contributing 100% of the Equity Interests of Susser Operating to the MLP.

 

“Susser Distribution Contract” means the Fuel Distribution Agreement dated as of September 25, 2012 among Susser Operating and the Parent Guarantor.

 

“Susser Omnibus Agreement” means the Omnibus Agreement, dated as of September 25, 2012 among the Parent Guarantor, the MLP GP and the MLP.

 

“Susser Operating” means Susser Petroleum Operating Company LLC, a Delaware limited liability company.

 

“Susser Petroleum Company” means Susser Petroleum Operating Company LLC, a Delaware limited liability company.

 

“Susser PropCo” means Susser Petroleum Property Company LLC, a Delaware limited liability company.

 

“Susser Transportation Contract” means the Transportation Agreement dated as of September 25, 2012 among Susser Petroleum Company, Susser Operating and one or more of Susser Operating’s wholly-owned Subsidiaries.

 

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(b)           The definition of “Commitment” in Section 1.1 of the Credit Agreement is hereby amended by replacing the last sentence thereof with “As of the Amendment No. 2 Effective Date, the aggregate Commitments equal $100,000,000.”.

 

(c)           The definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby amended by adding “(before reduction for non-controlling interests of the MLP)” after the first instance phrase “consolidated net income for such period”.

 

(d)           The definition of “Consolidated Funded Debt” in Section 1.1 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:

 

“Consolidated Funded Debt shall not include any obligations or Guarantees arising under the Lakehead Loan or the Holdings Guaranty, except to the extent that the Lakehead Loan ceases to be secured by the Lakehead Loan Collateral.”.

 

(e)           The definition of “Consolidated Senior Secured Net Debt” in Section 1.1 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:

 

“The foregoing adjustments for cash held by the Parent Guarantor and its Subsidiaries and Permitted Investments shall not include the Lakehead Loan Collateral.”.

 

(f)            The definition of “Consolidated Total Leverage Ratio” in Section 1.1 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:

 

“The foregoing adjustments for cash held by the Parent Guarantor and its Subsidiaries and Permitted Investments shall not include the Lakehead Loan Collateral.”.

 

(g)           The definition of “Guarantors” in Section 1.1 of the Credit Agreement is hereby amended by adding “, the MLP Entities and, for so long as it is not a Restricted Entity, Stripes 1009.” to the end thereof.

 

(h)           The definition of “Material Adverse Effect” in Section 1.1 of the Credit Agreement is hereby amended by inserting “that are Restricted Entities” following “the Borrower and its Subsidiaries.

 

(i)            The definition of “Permitted Debt” in Section 1.1 of the Credit Agreement is hereby amended by:

 

(i)            Inserting “that are Restricted Entities” following “any of its Subsidiaries” in clauses (l), (m) and (n);

 

(ii)           Deleting the “and” at the end of clause (o);

 

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(iii)          Replacing the period at the end of clause (p) with a semicolon; and

 

(iv)          Adding the following clauses (q) through (u) to the end thereof:

 

(q)           Debt of the Parent Guarantor under the Parent Credit Agreement in a maximum aggregate principal amount not to exceed $12,500,000;

 

(r)            Debt of the Parent Guarantor in respect of the Holdings Guaranty;

 

(s)            Attributable Debt of the Borrower and any Subsidiary that is a Restricted Entity in respect of Permitted Sale/Leaseback Transactions;

 

(t)            Debt of the Parent Guarantor constituting indemnification obligations in favor of the Partnership Group and each Partnership Indemnitee (each as defined in the Susser Omnibus Agreement)  pursuant to the Susser Omnibus Agreement; and

 

(u)           Guarantees of the Parent Guarantor or any other Restricted Entity in respect of obligations of a Subsidiary arising under fuel supply agreements to which such Subsidiary is a party and entered into in the ordinary course of business.

 

(j)            The definition of “Permitted Dispositions” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Permitted Dispositions” means all the following Dispositions: (a) sales of inventory in the ordinary course of business, (b) Dispositions of real property or non-operating assets, (c) Dispositions of obsolete or worn-out assets and assets no longer useful in the conduct of the business of the Borrower and the Restricted Entities, (d) Dispositions pursuant to any sale-leaseback transaction, (e) (i) Dispositions of property by the Borrower or any Subsidiary to the Borrower or to a Subsidiary of the Borrower; provided that if the transferor of such property is the Borrower or a Guarantor, the transferee thereof must either be the Borrower or a Guarantor or such transfer must otherwise be permitted under Section 5.13 and (ii) Dispositions of property by the Borrower to Stripes Holdings or the Parent Guarantor solely to the extent such Disposition would be permitted as a Restricted Payment under Section 5.6(a), (f) Dispositions to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property, (g) Dispositions permitted by Sections 5.6, 5.10 and 5.13 and Liens permitted by Section 5.9, (h) Dispositions of accounts receivable in connection with the collection or compromise thereof, (i) leases, subleases, licenses or sublicenses of property in the ordinary

 

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course of business and which do not materially interfere with the business of the Borrower or any of the Subsidiaries, (j) transfers of property subject to casualty or condemnation proceeding (including in lieu thereof) upon receipt of the Net Cash Proceeds therefor, (k) Dispositions not otherwise permitted hereunder; provided, that (i) at the time of such Dispositions, no Event of Default shall exist or would result therefrom, (ii) the aggregate fair market value of all property Disposed of in reliance on this clause (k) shall not exceed $20,000,000 in any fiscal year and (iii) the purchase price for such property (if in excess of $2,000,000) shall be paid to the Borrower or such Subsidiary for not less than 75% cash consideration, (l) Dispositions in the ordinary course of business consisting of the abandonment of intellectual property rights which, in the reasonable good faith determination of the Borrower, are not material to the conduct of the business of the Borrower or any of the Subsidiaries, (m) Dispositions of investments in joint ventures to the extent required by, or made pursuant to buy/sell arrangements between the joint venture parties set forth in, joint venture arrangements and similar binding arrangements in substantially the form as such arrangements are in effect on the Closing Date, (n) voluntary terminations of Swap Contracts other than those required to be maintained by this Agreement, (o) Dispositions by the Credit Parties to the MLP Entities for cash, Cash Equivalents, assumed obligations or Equity Interests in the MLP or pursuant to the Susser Contribution Agreement, (p) other Dispositions of property or assets in connection with the formation or operation of joint ventures not to exceed, in the aggregate since the Closing Date, a fair market value of $30,000,000; provided that, in the case of clauses (a) through (p) above, (A) with respect to any sale-leaseback transaction or series of related transactions (other than any Permitted Sale/Leaseback Transaction or the sale-leaseback transactions entered into with the MLP on or prior to the Amendment No. 2 Effective Date), the Borrower shall have delivered the Compliance Certificate, if any, required by Section 5.5 prior to the effective date of such transaction, (B) in the case of any sale of Eligible Real Property, the Borrower shall have delivered to the Revolving Administrative Agent a completed Borrowing Base Certificate, duly certified by a Responsible Officer of the Borrower on the effective date of such sale, giving effect to the Disposition of such Eligible Real Property demonstrating that no prepayment is due under Section 2.5(b) in connection with such sale (unless made concurrently), and (C) in the case of any Disposition, such Disposition is made for fair market value.

 

(k)           The definition of “Permitted Investments” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Permitted Investments” means all of the following: (a) investments in and loans to the Credit Parties, (b) investments in the form of extensions of trade credit in the ordinary course of business, (c) investments in Cash Equivalents, (d) investments in commercial paper and bankers’

 

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acceptances maturing in twelve months or less from the date of issuance and which, at the time of acquisition are accorded the highest rating by S&P or Moody’s, (e) investments in time deposits, certificates of deposit, or Eurodollar certificates of deposit maturing in twelve months or less from the date such investment is made, issued by a bank or trust company organized under the laws of the United States or any state thereof having capital, surplus, and undivided profits aggregating at least $500,000,000 or a foreign branch thereof and whose long-term certificates of deposit are, at the time of acquisition thereof, rated A by S&P or by Moody’s, (f) investments in money market funds which invest solely in the types of investments described in paragraphs (c) through (e) above, (g) advances to the directors, officers, and employees of Parent Guarantor and any other Restricted Entity in the ordinary course of business, in an aggregate outstanding amount not to exceed $500,000, (h) other investments to which the Revolving Administrative Agent has consented in writing, (i) Guarantees for and on behalf of Credit Parties permitted under Section 5.8, (j) 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, (k) investments permitted as Capital Expenditures pursuant to Section 5.7, (l) investments by way of Acquisitions permitted pursuant to Section 5.10, (m) investments consisting of any deferred portion of the sales price received by any Borrower or any Subsidiary that is a Restricted Entity in connection with any Disposition permitted pursuant to Section 5.10, (n) investments in Susser Company, Ltd. that are existing as of the date of this Agreement and additional investments made in Susser Company, Ltd. after the date of this Agreement in an aggregate amount not to exceed $250,000, (o) investments by C&G Investments LLC in any Cash and Go Entity that are existing as of the date of this Agreement and additional investments by C&G Investments, LLC in each Cash and Go Entity consisting of repurchasing the remaining equity interests of each Cash and Go Entity provided that, after such repurchase, each Cash and Go Entity complies with the requirements of Section 5.19, (p) other investments (including dealer joint ventures, and new store developments) that are in the same or a similar or complimentary line of business as the Borrower or the Guarantors, provided that neither the Parent Guarantor nor any other Restricted Entity may enter into any such other investments if after giving effect to thereto any Default would exist, (q) the Borrower and its Subsidiaries that are Restricted Entities may enter into Swap Contracts that are not speculative in nature and are entered into to hedge or mitigate risks to which the Borrower or any of its Subsidiaries that are Restricted Entities is exposed in the conduct of its business, (r) investments consisting of Debt, Liens, sale and leaseback transactions, fundamental changes, Dispositions and Restricted Payments permitted under Section 5.8, 5.9, 5.10 and 5.6, respectively, (s) investments in the MLP GP that are existing as of the Amendment No. 2 Effective Date, (t)

 

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investments in the MLP that are existing as of the Amendment No. 2 Effective Date and described in the MLP Registration Statement, (u) investments in Stripes 1009 that are existing as of the Amendment No. 2 Effective Date and (v) additional investments not to exceed $30,000,000 in the aggregate during the term of this Agreement.

 

(l)            The definition of “Permitted Liens” in Section 1.1 of the Credit Agreement is hereby amended by replacing clause (t) with the following:

 

(t)            Liens on the Equity Interests in Stripes 1009 granted to secure the Parent Credit Agreement (and any guarantee obligations of Stripes 1009 thereof) for so long as, and to the extent that, such Property secures the Parent Credit Agreement (and any guarantee obligations of Stripes 1009 thereof); and

 

(u)           other liens on property (other than property subject to a Mortgage) of the Restricted Entities, provided that 60% of the fair market value of the property encumbered by Liens described in this clause (u), and the Debt and other obligations secured thereby, does not exceed $10,000,000.

 

(m)          The definition of “Restricted Entities” in Section 1.1 of the Credit Agreement is hereby amended by inserting “, the MLP Entities and, for so long as it guarantees and secures the Parent Credit Agreement, Stripes 1009” after “Susser Company, Ltd.”.

 

(n)           Section 4.18 of the Credit Agreement is hereby amended by replacing “any Subsidiary” with “any Restricted Entity”.

 

(o)           Section 5.2(h) of the Credit Agreement is hereby amended by adding “against any Restricted Entity” immediately after the word “judgment”.

 

(p)           Section 5.5(a) of the Credit Agreement is hereby amended by replacing “2.00” with “3.00”.

 

(q)           Section 5.5(c) of the Credit Agreement is hereby amended by adding the phrase “other than Permitted Sale/Leaseback Transactions” after the first instance of the phrase “sale-leaseback transaction”.

 

(r)            Section 5.6 of the Credit Agreement is hereby amended by:

 

(i)            Inserting “that are Restricted Entities” after “Subsidiaries of the Parent Guarantor” in clause (a);

 

(ii)           Inserting “that is a Restricted Entity” after “and any Subsidiary” in clause (a);

 

(iii)          Inserting “that is a Restricted Entity and” after “Subsidiary of the Parent Guarantor” in clause (a);

 

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(iv)          Replacing “of its Subsidiaries” with “other Restricted Entity” in clause (b); and

 

(v)           Replacing “Subsidiary” with “other Restricted Entity” in clause (d).

 

(s)            Clause (b) of Section 5.7 of the Credit Agreement is hereby amended by adding the following after the phrase “not exceeding, for the Parent Guarantor and its Subsidiaries”:

 

“the sum of (i) the aggregate cash proceeds of issuances of Equity Interests by the Parent Guarantor made since the Closing Date, to the extent such cash proceeds have not previously been applied to make Capital Expenditures pursuant to this Section 5.7 and (ii)”.

 

(t)            Section 5.7 of the Credit Agreement is hereby amended by replacing each instance of “its Subsidiaries” with “the Restricted Entities”.

 

(u)           Section 5.9 of the Credit Agreement is hereby amended by inserting a comma after “any Restricted Entity”.

 

(v)           Section 5.10 of the Credit Agreement is hereby amended by:

 

(i)            Deleting “and its Subsidiaries” in clause (ii)(C) and inserting “that are Restricted Entities” after each other instance of “its Subsidiaries” in clause (ii);

 

(ii)           Inserting “that is a Restricted Entity” after each instance of “any Subsidiary” in clauses (iii) and (iv); and

 

(iii)          Inserting “that are Restricted Entities” after “other Subsidiaries” in clause (iii).

 

(w)          Section 5.11 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

5.11        Transactions with Affiliates.  The Parent Guarantor shall not, and shall not permit any Restricted Entity to, enter into any transaction directly or indirectly with or for the benefit of an Affiliate except (a) transactions with an Affiliate on terms substantially as favorable to the Parent Guarantor or such Subsidiary that is a Restricted Entity as would be obtainable by the Parent Guarantor or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, (b) transactions among Credit Parties, (c) transactions listed on Schedule 5.11, (d) Restricted Payments and transactions permitted under Section 5.6, (e) the payment of fees and expenses in connection with the consummation of the Transaction, (f) issuances by Parent Guarantor and the Subsidiaries that are Restricted Entities of Equity Interests not

 

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prohibited under this Agreement, (g) customary fees payable to any directors of Stripes Holdings and Parent Guarantor and reimbursement of reasonable out-of-pocket costs of the directors of Stripes Holdings and Parent Guarantor, in the case of Parent Guarantor, to the extent attributable to the operations of Parent Guarantor and its Subsidiaries, (h) employment and severance arrangements entered into by Parent Guarantor and its Subsidiaries that are Restricted Entities with their officers and employees in the ordinary course of business, (i) the payment of customary fees and indemnities to directors, officers and employees of Parent Guarantor and its Subsidiaries that are Restricted Entities in the ordinary course of business (j) loans and other transactions among Parent Guarantor and its Subsidiaries that are Restricted Entities to the extent permitted under this Article V, (k) the Holdings Guaranty, (l) transactions pursuant to the Susser Omnibus Agreement, Susser Contribution Agreement, Susser Distribution Contract and the Susser Transportation Contract, in each case, as in effect on the Amendment No. 2 Effective Date or as otherwise permitted to be amended or modified by Section 7.14(b) of the MLP Credit Agreement (unless such amendments and modifications, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect), (m) any transaction with the MLP Entities involving the disposition of master limited partnership qualifying assets (which shall not include, in any event, any Collateral) provided that (i) with respect to any such transaction, the Parent Guarantor shall have delivered to the Administrative Agent a resolution of a majority of the SHC Disinterested Directors approving such transaction and (ii) with respect to any such individual transaction in excess of $5,000,000 or any series of related transactions involving aggregate consideration in excess of $15,000,000, the Parent Guarantor delivers to the Administrative Agent a copy of an opinion as to fairness to the Parent Guarantor or such Restricted Entity from a financial point of view issued by an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is reasonably satisfactory to the Administrative Agent and (n) non-material transactions with the MLP Entities entered into in the ordinary course of business so long as, in each case, after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and each such transaction is entered into in good faith and is in the best interests of the Borrower.

 

(x)           Section 5.19 of the Credit Agreement is hereby amended by:

 

(i)            Inserting “that is a Restricted Entity” after “indirect Subsidiary” in clause (a); and

 

(ii)           Inserting “(for purpose of this paragraph, reference to such formation or acquisition shall include Stripes 1009 ceasing to be a Subsidiary that is not a Restricted Entity)” following “by any Credit Party in clause (a).

 

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(y)           Section 5.24 of the Credit Agreement is hereby amended by inserting “that is a Restricted Entity” after “any Subsidiary”.

 

(z)           Section 5.25 of the Credit Agreement is hereby amended by:

 

(i)            Inserting “that is a Restricted Entity” after each instance of “any Subsidiary;

 

(ii)           Replacing “provided for or” with “provided for,”; and

 

(iii)          Inserting “or (C) any negative pledge contained in the Parent Credit Agreement with respect to the Equity Interests in Stripes 1009 held by the Parent Guarantor” after “after the date hereof”.

 

(aa)         Section 5.27 of the Credit Agreement is hereby amended by inserting “that are Restricted Entities” after “any of its Subsidiaries”.

 

(bb)         Section 5.29 of the Credit Agreement is hereby amended by inserting “that are Restricted Entities” after “its applicable Subsidiaries”.

 

(cc)         Section 6.1 of the Credit Agreement is hereby amended by:

 

(i)            Inserting “(other than an MLP Entity)” following each instance of “any Subsidiary thereof” in clauses (f), (h), (i) and (j);

 

(ii)           Replacing clause (g) with the following:

 

(g)           Material Agreement Default.  There shall occur any breach by any Restricted Entity of the Distribution Service Agreement dated as of August 21, 1997, as amended, with McLane Company, Inc. or any restatements or replacements of the foregoing, including any subsequent agreements with different suppliers for comparable quantities of the applicable products, in each case, which breach both (A) could reasonably be expected to cause a Material Adverse Effect and (B) is not cured within the applicable grace period, if any; or

 

(dd)         Schedule 2.1 (Commitments and Applicable Percentages) to the Credit Agreement is hereby replaced with Schedule 2.1 to Annex A attached hereto.

 

Section 3.              Amendment to Security Agreement.  The definition of “Excluded Equity Interests” in the Security Agreement is hereby amended and restated in its entirety to read as follows:

 

“Excluded Equity Interests” means (a) 35% of the capital stock, membership interests or other equity or ownership interests in each direct foreign Subsidiary of the Debtors that is a “controlled foreign corporation” under the Code, (b) until such partnership interests are acquired in accordance with clause (o) of the definition of “Permitted Investments” in the

 

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Credit Agreement, the partnership interests of Cash and Go, Ltd., (c) the partnership interest of Susser Company, Ltd., (d) the Equity Interests in the MLP Entities and (e) the Equity Interests in Stripes 1009 (for so long as, and to the extent that it secures, the Parent Credit Agreement).

 

Section 4.              Releases.

 

(a)           From and after the effectiveness of this Amendment:

 

(i)            (A) The obligations of Stripes No. 1009 LLC under the Security Agreement, the Guaranty and each other Credit Document are hereby released, terminated and no longer of any force and effect, and (B) the lien on and security interest in the Collateral granted by Stripes No. 1009 pursuant to the Security Agreement and any other Credit Document are hereby released, terminated and no longer of any force and effect.

 

(ii)           (A) The obligations of T&C Wholesale LLC (f/k/a T&C Wholesale Inc.) under the Security Agreement, the Guaranty and each other Credit Document are hereby released, terminated and no longer of any force and effect, and (B) the lien on and security interest in the Collateral granted by T&C Wholesale Inc. pursuant to the Security Agreement and any other Credit Document are hereby released, terminated and no longer of any force and effect.

 

(iii)          The Revolving Administrative Agent’s lien on, and security interests in, the Equity Interests in each of Susser Petroleum Partners GP LLC and Stripes No. 1009 LLC are hereby released to the extent such Equity Interests constitute Excluded Equity Interests (as defined in the Security Agreement as amended hereby).

 

(iv)          The Revolving Administrative Agent’s lien on, and security interests in, any assets that are Disposed of pursuant to a Disposition described in clause (o) of the definition of “Permitted Disposition” (as that definition is amended by this Amendment) are automatically released upon the consummation of such Permitted Disposition.

 

(v)           The Revolving Administrative Agent hereby confirms that it will execute and deliver, following the reasonable request of the Borrower and at the sole cost and expense of the Borrower, all releases or other documents necessary or desirable for the release of any lien or security interest described in this Section 4.

 

Section 5.              Representations and Warranties.  The Borrower and the Parent Guarantor each represent and warrant that (a) the execution, delivery, and performance by each Credit Party of this Amendment and the consummation of the transactions contemplated thereby (i) do not contravene the organizational documents of such Credit Party, (ii) have been duly authorized by all necessary partnership, limited liability company or corporate action of each Credit Party, and (iii) are within each Credit Party’s partnership, limited liability company or corporate powers, (b) the Liens under the Security Documents are valid and subsisting and secure the Obligations; (c)

 

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this Amendment constitutes the legal, valid and binding obligation of each Credit Party, enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws at the time in effect affecting the rights of creditors generally and subject to the availability of equitable remedies; and (d) the representations and warranties contained in each Credit Document, after giving effect to this Amendment, are true and correct in all material respects, no Event of Default exists under the Credit Documents, and there has occurred no event which with notice or lapse of time would become an Event of Default under the Credit Documents.

 

Section 6.              Effect on Credit Documents.

 

(a)           Except as heretofore amended and in effect and amended herein, the Credit Agreement and all other Credit Documents remain in full force and effect as originally executed.  Nothing herein shall act as a waiver of any of the Revolving Administrative Agent’s or any Lender’s rights under the Credit Documents as amended, including the waiver of any default or event of default, however denominated.  The Borrower acknowledges and agrees that this Amendment shall in no manner impair or affect the validity or enforceability of the Credit Agreement.  This Amendment is a Credit Document for the purposes of the provisions of the other Credit Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a default or event of default under the other Credit Documents.

 

(b)           Upon effectiveness of this Amendment, each Lender shall have the Commitment set forth opposite such Lender’s name on Annex A attached hereto under the caption “Commitment”.

 

Section 7.              Effectiveness.  This Amendment shall become effective and the Credit Agreement shall be amended as provided for herein upon satisfaction of each of the following:

 

(a)           receipt by the Revolving Administrative Agent of this amendment executed and delivered by each of the parties hereto, together with any other documents or items reasonably requested by the Revolving Administrative Agent to document the agreements and intent of this Amendment and the other Credit Documents, each in form and with substance satisfactory to the Revolving Administrative Agent;

 

(b)           After giving effect to this Amendment, the representations and warranties contained in each Credit Document are true and correct in all material respects; and

 

(c)           the consummation of the transactions contemplated by the Susser Contribution Agreement (as defined in the Credit Agreement as amended hereby) and the initial sale of the public common and subordinated units in Susser Petroleum Partners, LP, a Delaware limited partnership, pursuant to the MLP Registration Statement (as defined in the Credit Agreement as amended hereby).

 

Section 8.              Reaffirmation of Guaranties.  By its signature hereto, each Guarantor represents and warrants that it has no defense to the enforcement of its Guaranty, and that according to its terms each Guaranty will continue in full force and effect to guaranty the

 

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Borrower’s Obligations under the Credit Agreement and the other amounts described in such Guaranty following the execution of this Amendment.

 

Section 9.              Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

Section 10.            Miscellaneous.  The miscellaneous provisions set forth in Article VIII of the Credit Agreement apply to this Amendment.  This Amendment may be signed in any number of counterparts, each of which shall be an original, and may be executed and delivered by telecopier.

 

[Signature pages follow.]

 

14

 

THIS WRITTEN AMENDMENT AND THE OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

EXECUTED as of the first date above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
SUSSER HOLDINGS, L.L.C., a Delaware limited   liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ E.V. Bonner, Jr.
    
	
 
    	
 
    	
E.V. Bonner, Jr.
    
	
 
    	
 
    	
Executive Vice President, Secretary and   General Counsel
    
	
 
    	
 
    
	
 
    	
PARENT GUARANTOR:
    
	
 
    	
 
    
	
 
    	
SUSSER HOLDINGS CORPORATION, a Delaware   corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ E.V. Bonner, Jr.
    
	
 
    	
 
    	
E.V. Bonner, Jr.
    
	
 
    	
 
    	
Executive Vice President, Secretary and   General Counsel
    
	
 
    	
 
    
	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
APPLIED PETROLEUM TECHNOLOGIES LTD.
    
	
 
    	
 
    
	
 
    	
By: APT Management Company, LLC, its general   partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ E.V. Bonner, Jr.
    
	
 
    	
 
    	
E.V. Bonner, Jr.
    
	
 
    	
 
    	
Executive Vice President, Secretary and   General Counsel
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
APT MANAGEMENT COMPANY, LLC
    
	
 
    	
C&G INVESTMENTS, LLC
    
	
 
    	
CORPUS CHRISTI REIMCO, LLC
    
	
 
    	
STRIPES LLC
    
	
 
    	
STRIPES ACQUISITION LLC
    
	
 
    	
STRIPES HOLDINGS LLC
    
	
 
    	
SUSSER FINANCE CORPORATION
    
	
 
    	
SUSSER FINANCIAL SERVICES LLC
    
	
 
    	
SUSSER PETROLEUM COMPANY LLC
    
	
 
    	
TCFS HOLDINGS, INC.
    
	
 
    	
TOWN & COUNTRY FOOD   STORES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ E.V. Bonner, Jr.
    
	
 
    	
 
    	
E.V. Bonner, Jr.
    
	
 
    	
 
    	
Executive Vice President, Secretary and   General Counsel
    
	
 
    	
 
    
	
 
    	
GOPETRO TRANSPORT LLC
    
	
 
    	
SSP BEVCO I LLC
    
	
 
    	
SSP BEVCO II LLC
    
	
 
    	
SSP BEVERAGE, LLC
    
	
 
    	
TND BEVERAGE, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ E.V. Bonner, Jr.
    
	
 
    	
 
    	
E.V. Bonner, Jr.
    
	
 
    	
 
    	
Executive Vice President, Secretary and   General Counsel
    
	
 
    	
 
    
	
 
    	
QUICK STUFF OF TEXAS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ E.V. Bonner, Jr.
    
	
 
    	
 
    	
E.V. Bonner, Jr.
    
	
 
    	
 
    	
Executive Vice President, Secretary and   General Counsel
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
REVOLVING ADMINISTRATIVE AGENT:
    
	
 
    	
 
    
	
 
    	
BANK OF AMERICA, N.A., as Revolving   Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Denise Jones
    
	
 
    	
 
    	
Denise Jones
    
	
 
    	
 
    	
Assistant Vice President
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
LENDER / L/C ISSUER / SWING LINE LENDER:
    
	
 
    	
 
    
	
 
    	
BANK OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gary L. Mingle
    
	
 
    	
 
    	
Gary L. Mingle
    
	
 
    	
 
    	
Senior Vice President
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Sally Hoffman
    
	
 
    	
Name: Sally Hoffman
    
	
 
    	
Title: Managing Director
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
BANK OF MONTREAL
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Philip Langheim
    
	
 
    	
Name: Philip Langheim
    
	
 
    	
Title: Managing Director
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

 

 

	
 
    	
ROYAL BANK OF CANADA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Flores
    
	
 
    	
Name: John Flores
    
	
 
    	
Title: Authorized Signtory
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
REGIONS BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robin Ingari
    
	
 
    	
 
    	
Robin Ingari
    
	
 
    	
 
    	
Senior Vice President
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

	
 
    	
COMPASS BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Collis Sanders
    
	
 
    	
Name: Collis Sanders
    
	
 
    	
Title: Executive Vice President
    

 

Signature Page to Amendment No. 2 to Credit Agreement

 

 

ANNEX A

 

SCHEDULE 2.1

 

COMMITMENTS
 AND PRO RATA SHARES

 

	
Lender
    	
 
    	
Commitment
    	
 
    	
Pro Rata Share
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
$
    	
25,000,000.00
    	
 
    	
25.000000000
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Wells Fargo Bank,   N.A.
    	
 
    	
$
    	
22,916,666.67
    	
 
    	
22.916666670
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bank of Montreal
    	
 
    	
$
    	
22,916,666.67
    	
 
    	
22.916666670
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Royal Bank of   Canada
    	
 
    	
$
    	
12,500,000.00
    	
 
    	
12.500000000
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Regions Bank
    	
 
    	
$
    	
8,333,333.33
    	
 
    	
8.333333330
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Compass Bank
    	
 
    	
$
    	
8,333,333.33
    	
 
    	
8.333333330
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total
    	
 
    	
$
    	
100,000,000.00
    	
 
    	
100.000000000
    	
%Exhibit 10.4

 

$12,500,000 TERM LOAN AND PLEDGE AGREEMENT

 

This TERM LOAN AND PLEDGE AGREEMENT is entered into as of September 25, 2012 between SUSSER HOLDINGS CORPORATION, a Delaware corporation  (the “Borrower”), and BANK OF AMERICA, N.A. (the “Lender”).

 

PRELIMINARY STATEMENTS:

 

A.           The Borrower has requested that the Lender provide a term loan facility, and the Lender has indicated its willingness to lend on the terms and subject to the conditions set forth herein.

 

B.             Terms not defined herein have the meanings assigned to them in Exhibit A hereto.

 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

Section 1.                  The Facility.

 

(a)                                  The Commitment.  Subject to the terms and conditions set forth herein, the Lender agrees to make a single loan (the “Loan”) to the Borrower on the Closing Date in an amount up to $12,500,000.  Amounts borrowed under this Section 1(a) and repaid or prepaid may not be reborrowed.  The Loan may be a Base Rate Loan or a Eurodollar Rate Loan, as further provided herein.

 

(b)                                 Borrowings, Conversions, Continuations.  The Borrower may request that the Loan be (i) made as or converted to a Base Rate Loan by irrevocable notice to be received by the Lender not later than 11:00 a.m.  on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, a Eurodollar Rate Loan by irrevocable notice to be received by the Lender not later than 11:00 a.m. three Business Days prior to the Business Day of the borrowing, continuation or conversion.  Subject to the following paragraph, if the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of a Eurodollar Rate Loan, the Borrower shall be deemed to have requested that such Loan be continued as a Eurodollar Loan with a one month interest period.  If the Borrower requests that a Loan be continued as or converted to a Eurodollar Rate Loan, but fails to specify an Interest Period with respect thereto, then, subject to the following paragraph, the Borrower shall be deemed to have selected an Interest Period of one month with respect to the Loan.  Notices pursuant to this Section 1(b) may be given by telephone if promptly confirmed in writing.

 

Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During the existence of a Default, the Loan may not be converted to or continued as a Eurodollar Rate Loan without the consent of the Lender.

 

 

(c)                                  Interest; Computations.  At the option of the Borrower, the Loan shall bear interest at a rate per annum equal to (i) the Eurodollar Rate plus the Applicable Rate; or (ii) the Base Rate plus the Applicable Rate.

 

The Borrower promises to pay interest (i) for any Eurodollar Rate Loan, (A) on the last day of the applicable Interest Period, and, if the Interest Period is longer than three months, on the respective dates that fall every three months after the beginning of the Interest Period, and (B) on the date of any conversion of such Loan to a Base Rate Loan, and (ii) for any Base Rate Loan, on the last Business Day of each calendar quarter.  The Borrower further promises to pay all accrued and unpaid interest on the Loan on the Maturity Date.

 

If any amount of principal of the Loan is not paid when due (after giving effect to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Law.  If any amount (other than principal of the Loan) payable by the Borrower under any Loan Document is not paid when due (after giving effect to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Lender, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Law.  Upon the request of the Lender, while any Event of Default exists (other than as set forth in the previous two sentences), the Borrower shall pay interest on the principal amount of all outstanding Obligations at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Law.  Accrued and unpaid interest on past due amounts shall be payable on demand.

 

All computations of interest for a Base Rate Loan (including a Base Rate Loan determined by reference to the Eurodollar Rate)  shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).

 

(d)                                 Evidence of Loan.  The Loan and all payments thereon shall be evidenced by the Lender’s loan accounts and records; provided, however, that upon the request of the Lender, the Loan may be evidenced by a promissory note in the form of Exhibit B hereto (the “Note”), in addition to such loan accounts and records.  Such loan accounts, records and Note shall be conclusive absent manifest error of the amount of the Loan and payments thereon.  Any failure to record the Loan or payment thereon or any error in doing so shall not limit or otherwise affect the obligation of the Borrower to pay any amount owing with respect to the Loan.

 

(e)                                  Repayment; Payments Generally.  The Borrower shall repay to the Lender on the Maturity Date the aggregate principal amount of the Loan outstanding on such date.

 

2

 

The Borrower shall make all payments required hereunder not later than 2:00 p.m.  on the date of payment in immediately available funds in Dollars at the office of the Lender located at Bank of America, N.A., 700 Louisiana, 8th Floor, Houston, TX 77002  or such other address as the Lender may from time to time notify the Borrower in writing (the “Lending Office”).  All payments received by the Lender after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.

 

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

 

All payments by the Borrower to the Lender hereunder shall be made to the Lender in full without set-off or counterclaim and free and clear of and exempt from, and without deduction or withholding for or on account of, any present or future taxes, levies, imposts, duties or charges of whatsoever nature imposed by any government or any political subdivision or taxing authority thereof.  The Borrower shall reimburse the Lender, within 10 days after demand, for any taxes imposed on or withheld from such payments (other than taxes imposed on the Lender’s income, and franchise taxes imposed on the Lender, by the jurisdiction under the laws of which the Lender is organized or any political subdivision thereof).

 

(f)                                    Prepayments.  The Borrower may, upon three Business Days’ notice, in the case of a Eurodollar Rate Loan, and upon same-day notice in the case of a Base Rate Loan, prepay the Loan on any Business Day; provided that, in the case of a prepayment of a Eurodollar Rate Loan, the Borrower pays all Breakage Costs (if any) associated with such prepayment on the date of such prepayment.  Prepayments of the Loan must be accompanied by a payment of interest on the amount so prepaid.  Prepayments of (i) a Eurodollar Rate Loan must be in a principal amount of $2,000,000 or a whole multiple of $500,000 in excess thereof, and (ii) a Base Rate Loan must be in a principal amount of at least $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount of the Loan then outstanding.

 

Section 2.                  Conditions Precedent to the Loan. The obligation of the Lender to make the Loan hereunder is subject to satisfaction of the following conditions precedent:

 

(a)                                  Receipt by the Lender of the following items, each in form and substance satisfactory to the Lender:

 

(i)                                     executed counterparts of this Agreement and the Guaranty, duly executed and delivered by each Loan Party that is a party thereto;

 

(ii)                                  if requested by the Lender, the Note executed by the Borrower in favor of the Lender;

 

3

 

(iii)          evidence that all action that the Lender may deem necessary or desirable in order to perfect the Liens created hereunder has been taken;

 

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

 

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

 

(vi)          a favorable opinion of Vinson & Elkins LLP, counsel to the Loan Parties, addressed to the Lender, as to the matters concerning the Loan Parties and the Loan Documents as the Lender may reasonably request;

 

(vii)         a certificate signed by a Responsible Officer of the Borrower certifying as to the matters set forth in Section 2(b) below;

 

(viii)        a certificate from the chief financial officer of the Borrower attesting to the Solvency of the Borrower and its Subsidiaries on a consolidated basis before and after giving effect to the execution and delivery of the Loan Documents, the making of the Loan, and the consummation of the Transactions; and

 

(ix)           all documentation and other information that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer” an anti-money laundering rules and regulations, including the Act.

 

(b)           The Specified Representations shall be true and correct in all respects.

 

(c)           The Transactions shall have been completed in accordance with the terms of the Transfer Documents and applicable Law.

 

(d)           The “Closing Date” as defined in the Revolving Credit Agreement shall have occurred or shall occur substantially simultaneously with the Closing Date.

 

4

 

(e)                                  The Borrower shall have paid all fees, charges and disbursements of counsel to the Lender (directly to such counsel if requested by the Lender) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Lender).

 

Section 3.                  Representations and Warranties.  The Borrower represents and warrants to the Lender on the Closing Date that:

 

(a)                                  Existence, Qualification and Power.  The Borrower (i) is duly incorporated, validly existing and in good standing under the Laws of the jurisdiction of its incorporation, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (A) own or lease its assets and carry on its business and (B) execute, deliver and perform its obligations under the Loan Documents and Transfer Documents to which it is a party and consummate the Transactions, and (iii) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (ii)(A) or (iii), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b)                                 Authorization; No Contravention.  The execution, delivery and performance by the Borrower of each Loan Document and Transfer Document to which it is or is to be a party (i) have been duly authorized by all necessary corporate action, and (ii) do not and will not (A) contravene the terms of the Borrower’s certificate of incorporation or bylaws; (B) result in the creation of any Lien (other than the Lien created pursuant to the Loan Documents), conflict with or result in any breach or contravention of, or require any payment to be made under (1) any material note, indenture, credit agreement, security agreement, credit support agreement, or other similar agreement to which the Borrower is a party or (2) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (C) violate any Law applicable to the Borrower or its property.

 

(c)                                  Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (i) the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement or any other Loan Document or Transfer Document, or for the consummation of the Transactions, (ii) the grant by the Borrower of the Liens pursuant to the Loan Documents, (iii) the perfection or maintenance of the Liens created under the Loan Documents (including the first priority nature thereof) or (iv) the exercise by the Lender of its rights under the Loan Documents or the remedies in respect of the Collateral except for (A)

 

5

 

authorizations, approvals, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect and (B) authorizations, approvals, actions, notices and filings which are not required by the express terms of the Loan Documents to be taken or delivered by the Borrower as of the Closing Date.  All applicable waiting periods in connection with the Transactions have expired without any action having been taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon the Transactions or the rights of the Borrower freely to transfer or otherwise dispose of, or to create any Lien on, any properties now owned or hereafter acquired by it.

 

(d)                                 Binding Effect.  This Agreement has been, and each other Loan Document to which the Borrower is a party, when delivered hereunder, will have been, duly executed and delivered by the Borrower.  This Agreement constitutes, and each other Loan Document to which the Borrower is a party when so delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally or by general principles of equity.

 

(e)                                  No Default.  No Default has occurred and is continuing or would result from the consummation of the Transactions, the transactions contemplated by this Agreement or any other Loan Document.

 

(f)                                    Margin Regulations; Investment Company Act.

 

(i)         The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.  None of the proceeds of the Loan will be used by the Borrower or any Subsidiary to purchase or carry margin stock (within the meaning of Regulation U issued by the FRB).

 

(ii)        None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

(g)                                 Solvency.  The Borrower, together with its Subsidiaries on a consolidated basis, before and after giving effect to the execution and delivery of the Loan Documents, the making of the Loan on the Closing Date and the consummation of the Transactions, is Solvent.

 

(h)                                 Disclosure.  The Borrower has disclosed to the Lender all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  No report, financial statement, certificate or other written information (other than third-party data and information of a general

 

6

 

nature made available in any electronic data room) furnished by or on behalf of the Borrower to the Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains, as of the date such information was furnished (or, if such information expressly relates to an earlier date, such earlier date) any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading taken as a whole; provided that with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that such forecasts are estimates and are subject to significant uncertainties and contingencies, and that actual results during the period or periods covered by any such forecasts may differ significantly from the projected results and such differences may be material).

 

(i)            Title to Collateral; No Other Liens; Investment Property.  The Borrower is the legal and beneficial owner of the Collateral and owns the Collateral free and clear of any and all Liens or claims of others except for Liens in favor of the Lender created by the Loan Documents.  The Collateral has been duly authorized and validly issued and is fully paid and non-assessable and is not subject to any limitations to purchase similar rights by any person other than the Lender.  None of the Collateral constitutes margin stock (within the meaning of Regulation U issued by the Federal Reserve Board).  The Collateral constitutes all of the issued and outstanding shares of stock or other Equity Interests of the issuer thereof, and the issuer has no obligation to issue any additional shares of stock or other Equity Interests or rights or options thereto.  No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been filed in favor of the Lender pursuant to the Loan Documents.  Except as may be required in connection with any disposition of any portion of the Collateral by laws affecting the offering and sale of securities generally, no consent of any Person and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any Governmental Authority (other than the filing of UCC financing statements in the Borrower’s jurisdiction of organization) is required in connection with (i) the execution, delivery, performance, validity or enforceability of this Agreement, (ii) the perfection or maintenance of the security interest created hereby (including the first priority nature thereof), or (iii) the exercise by the Lender of the rights provided for in this Agreement.

 

(j)            Perfected First Priority Liens.  The security interests granted pursuant to this Agreement and any other Loan Document, upon completion of the filing of financing statements describing the Collateral in the office of the Secretary of State of the State of Delaware, and the taking of all applicable actions in respect of creation, attachment, perfection or priority contemplated by Section 4(g) in respect of Collateral in which a security interest cannot be perfected by the filing of a financing statement, will constitute valid perfected security interests in all of

 

7

 

the Collateral in favor of the Lender as collateral security for the Obligations, enforceable in accordance with the terms hereof against all creditors of the Borrower and any Persons purporting to purchase any Collateral from the Borrower to the extent provided in the UCC.

 

(k)           Borrower’s Legal Name; Jurisdiction of Organization; Chief Executive Office; Taxpayer Identification Number.  The Borrower’s exact legal name is set forth on the signature page hereof.  The Borrower’s jurisdiction of organization, type of organization, identification number from the jurisdiction of organization, U.S. taxpayer identification number and the location of the Borrower’s chief executive office or sole place of business are specified on Schedule I hereto.

 

Section 4.                  Affirmative Covenants.  So long as principal of and interest on the Loan or any other amount payable hereunder or under any other Loan Document remains unpaid or unsatisfied, the Borrower shall:

 

(a)                                  Financial Statements.  Deliver to the Lender, in form and detail satisfactory to the Lender:

 

(i)         as soon as available and in any event not later than 90 days after the end of each fiscal year of the Borrower, (i) a copy of the annual audit report for such fiscal year of the Borrower and its Subsidiaries, including therein the consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal year and the consolidated statements of income or operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth the consolidated financial position and results of the Borrower and its Subsidiaries for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP and certificated, without any qualification or exception or limit of the scope of the examination of matters relevant to the financial statements, by Ernst & Young LLP or any other nationally or regionally recognized certified public accounting firm reasonably acceptable to the Lender and (ii) a copy of the internally prepared unaudited fiscal year-end report for such fiscal year of the Borrower and its Subsidiaries; and

 

(ii)        as soon as available and in any event not later than 45 days after the end of each fiscal quarter of the Borrower of each year, a copy of the internally prepared consolidated financial statements of the Borrower and its Subsidiaries for such fiscal quarter and for the fiscal year to date period ending on the last day of such fiscal quarter, including therein the consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal quarter and the consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for such fiscal year to date period, setting forth the consolidated financial position and results of the Borrower and its Subsidiaries for such fiscal quarter and fiscal year to date period, setting forth in each case in comparative form the figures for the

 

8

 

corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and duly certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower as fairly presenting, in all material respects, the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.

 

As to any information contained in materials furnished pursuant to Section 4(b)(ii), the Borrower shall not be separately required to furnish such information under Section 4(a)(i) or 4(a)(ii) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 4(a)(i) and 4(a)(ii) above at the times specified therein.  Additionally, the Borrower shall not be separately required to deliver the information or materials under Section 4(a)(i) or 4(a)(ii) to the extent such information or materials have previously been delivered to the Administrative Agent if the Lender is the Administrative Agent at the time of such delivery.

 

(b)                                 Certificates; Other Information.  Deliver to Lender, in form and detail satisfactory to the Lender:

 

(i)         concurrently with the delivery of the financial statements referred to in Sections 4(a)(i) and 4(a)(ii), a duly completed certificate, in form and substance satisfactory to the Lender, signed by a Responsible Officer of the Borrower and certifying that no Default or Event of Default has occurred and is continuing;

 

(ii)        promptly after (A) the same are available, copies of each annual report, proxy or financial statement sent to the equityholders and other creditors of the Borrower or Susser Holdings, L.L.C., and (B) the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Credit Party (as defined in the Revolving Credit Agreement) pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant hereto;

 

(iii)       within (A) 45 days after the end of each fiscal year of the Borrower, the business plan of the Borrower and its Subsidiaries for the immediately succeeding calendar year and (B) within 120 days after the end of each fiscal year of the Borrower, updated forecasts prepared by the management of the Borrower as to the Borrower and its Subsidiaries for the term of the Revolving Credit Facility (as defined in the Revolving Credit Agreement), including balance sheets, income statements and cash flow statements, prepared on an annual basis for such periods, it being understood that such forecasts, as to future events, are not to be viewed as facts, that actual results during the period or periods covered by any such forecasts may differ significantly from the forecasted results and that such differences may be material and that such forecasts are not a guarantee of financial performance;

 

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(iv)       promptly, but in any event within five Business Days after a Responsible Officer of any Restricted Entity obtains knowledge thereof, a notice of any facts known to a Responsible Officer of such Restricted Entity which constitute a Default, together with a statement of a Responsible Officer of the Borrower setting forth the details of such facts and the actions which the Borrower has taken and proposes to take with respect thereto;

 

(v)        promptly, but in any event within 10 Business Days after the commencement thereof, notice of all actions, suits, and proceedings before any court or Governmental Authority, affecting the Borrower or any of its Subsidiaries which could reasonably be expected to result in a judgment in excess of $5,000,000 after the application of any undisputed insurance coverage payable in connection with such claim or cause a Material Adverse Effect;

 

(vi)       promptly, but in any event within 10 Business Days after a Responsible Officer of any Restricted Entity obtains knowledge thereof, notice of any breach by the Borrower or any of its Subsidiaries of any contract or agreement which breach could reasonably be expected to cause a Material Adverse Effect;

 

(vii)      prompt written notice of any other condition or event, including any ERISA Event (as defined in the Revolving Credit Agreement) or any Environmental Liabilities (as defined in the Revolving Credit Agreement) of which a Responsible Officer of any Restricted Entity has knowledge, which condition or event has resulted in, or could reasonably be expected to cause a Material Adverse Effect;

 

(viii)              such other information respecting the business, operations, or property of the Borrower or any of its Subsidiaries, financial or otherwise, as the Lender may from time to time reasonably request.

 

Documents required to be delivered (a) pursuant to Section 4(a)(i) or 4(a)(ii) or Section 4(b)(ii) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered to the Lender on the date on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address www.susser.com; and (b) pursuant to Section 4(b) (other than Section 4(b)(i) or (viii)) shall be deemed to have been delivered to the Lender on the date on which such documents are delivered to the Administrative Agent if the Lender is the Administrative Agent at the time of such delivery.

 

(c)                    Notices.  Promptly notify the Lender:

 

(i)                           of the occurrence of any Default; and

 

(ii)                        of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

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Each notice pursuant to this Section 4(c) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 4(c)(i) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

(d)                                 Preservation of Existence, Etc.  (i)  Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization; (ii) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (iii) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

 

(e)                                  Use of Proceeds.  Use the proceeds of the Loan solely to make a payment to Susser Holdings, L.L.C. or its affiliates as partial payment for the Contributed Assets.

 

(f)                                    Ownership of Collateral. Borrower will maintain good and indefeasible title to all Collateral free and clear of all Liens, encumbrances or adverse claims except those created hereby.

 

(g)                                 Perfection of Security Interest in Collateral.  The Borrower shall maintain the security interests created by the Loan Documents as perfected first priority security interests subject to no other Liens, and shall defend such security interests against the claims and demands of all Persons.  The Borrower further agrees to take all action reasonably requested by the Lender to insure the attachment, perfection and priority of, and the ability of the Lender to enforce in accordance with the Loan Documents and under applicable Law, the security interest in any and all of the Collateral, including, without limitation, (i) executing, delivering and, where appropriate, filing financing statements and amendments relating thereto under the UCC, to the extent, if any, that the Borrower’s signature thereon is required therefor; and (ii) complying with any provision of any statute, law, regulation or treaty of the United States, including the UCC as to any Collateral if compliance with such provision is a condition to the attachment, perfection or priority of, or the ability of the Lender to enforce, the security interest in such Collateral.  If any of the Collateral consists of certificated securities (as defined in the UCC), the Borrower shall immediately deliver the same to the Lender, accompanied by such instruments of transfer or assignment duly executed in blank as the Lender may from time to time specify.

 

(h)                                 Further Assurances.  Promptly upon request by the Lender, (i) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as

 

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the Lender may reasonably require from time to time in order to (A) carry out more effectively the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable Law, subject any Collateral to the Liens now or hereafter intended to be covered by any of the Loan Documents, (C) perfect and maintain the validity, effectiveness and priority of any of the Loan Documents and any of the Liens intended to be created thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Lender the rights granted or now or hereafter intended to be granted to the Lender under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party is or is to be a party.

 

Section 5.                  Negative Covenants.  So long as principal of and interest on the Loan or any other amount payable hereunder or under any other Loan Document remains unpaid or unsatisfied, the Borrower shall not:

 

(a)                                  Use of Proceeds.  Use the proceeds of the Loan, directly or indirectly, immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 

(b)                                 Liens.  Create, incur, assume or suffer to exist any Lien upon any of the Collateral, whether now owned or hereafter acquired, other than the Lien created in favor of the Lender pursuant to the Loan Documents.

 

(c)                                  Disposition of Collateral.  Make any Disposition of Collateral or enter into any agreement to make any Disposition of Collateral.

 

(d)                                 Burdensome Agreements.  Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of the Borrower to create, incur, assume or suffer to exist Liens on the Collateral.

 

(e)                                  Change in Name, etc.  Except upon 30 days’ prior written notice to the Lender (or such lesser period to which the Lender may agree in writing), (i) change its type of organization, jurisdiction of organization or other legal structure, (ii) change its organizational number if it has one, or (iii) change its name.  Promptly following such notice to the Lender, the Borrower shall deliver to the Lender all additional approved financing statements and other executed documents reasonably requested by the Lender to maintain the validity, perfection and priority of the security interests provided for or required herein or in any other Loan Document.

 

Section 6.                  Security.

 

(a)                                  Grant of Security.  To secure the prompt payment in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Obligations, the Borrower hereby grants to the Lender, a continuing security

 

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interest in, and a right to set off against, any and all right, title and interest of the Borrower in and to the Collateral.

 

(b)                                 Exercise of Remedies.  Upon the occurrence and during the continuance of an Event of Default, the Lender may, at the Lender’s option, exercise all the rights and remedies of a secured party under the UCC or otherwise available to the Lender under applicable Law.

 

(c)                                  Application of Proceeds.  Unless otherwise specified herein, any cash proceeds received by the Lender from the sale of, collection of, or other realization upon any part of the Collateral or any other amounts received by the Lender hereunder may be, at the discretion of the Lender (i) held by the Lender as cash collateral for the Obligations or (ii) applied to the Obligations in such order as the Lender may determine.  Any surplus cash collateral or cash proceeds held by the Lender after payment in full of the Obligations shall be paid over to the Borrower or to whomever may be lawfully entitled to receive such surplus.

 

(d)                                 Reinstatement.  The obligations of the Borrower under this Section 6 shall continue to be effective or automatically be reinstated, as the case may be, if at any time payment of any of the Obligations is rescinded or otherwise must be restored or returned by the Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any other obligor or otherwise, all as though such payment had not been made.

 

(e)                                  Voting.  So long as no Event of Default has occurred and is continuing, the Borrower shall be entitled (i) to exercise, in a manner not inconsistent with the terms hereof, the voting power with respect to the Collateral, and for that purpose the Lender shall (if any Collateral shall be registered in the name of the Revolving Lender or its nominee) execute or cause to be executed from time to time, at the expense of the Borrower, such proxies or other instruments in favor of the Borrower or its nominee, in such form and for such purposes as shall be reasonably requested by the Borrower, to enable it to exercise such voting power with respect to the Collateral; and (ii) except as otherwise provided herein, to receive and retain for its own account any and all payments, proceeds, dividends, distributions, property, assets, or rights to the extent such are permitted pursuant to the terms of this Agreement.

 

Section 7.                  Events of Default.  The following are “Events of Default”:

 

(a)                                  The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein, any amount of principal of the Loan, (ii) pay within three days after the same becomes due, any interest on the Loan or any fee due hereunder, or (iii) pay within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

(b)                                 Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Sections 4(d), 4(e), 4(f) or Section 5 of this Agreement or Section 13(b) of the Guaranty;

 

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(c)                                  Any Loan Party fails to perform or observe any other covenant or agreement contained in (i) Sections 4(a), 4(b)(i), 4(b)(ii) or 4(c) of this Agreement and such failure continues for 10 days after the earlier to occur of (A) notice thereof from the Lender to the Borrower or (B) a Responsible Officer of the Borrower becomes aware of any such failure or (ii) any covenant (not specified in clause (i) above or in Sections 7(a) or 7(b) above) in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier to occur of (A) notice thereof from the Lender to the Borrower or (B) a Responsible Officer of the Borrower becomes aware of any such failure; or

 

(d)                                 (i) Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith that does not have a materiality or Material Adverse Effect qualification shall be incorrect or misleading in any material respect when made or deemed made or (ii) any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith that has a materiality or Material Adverse Effect qualification shall be incorrect or misleading in any respect when made or deemed made; or

 

(e)                                  There occurs any “Event of Default” as such term is defined in (i) the Revolving Credit Agreement (or, if the Revolving Credit Agreement has ceased to be in effect, there occurs any event or there exists any circumstance that would have constituted an “Event of Default” under and as defined in the Revolving Credit Agreement were the Revolving Credit Agreement then in effect) or (ii) the MLP Credit Agreement; or

 

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

 

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

 

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(h)                                 There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $10,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)                                     Any provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or

 

(j)                                     The Lender shall cease to have a valid, perfected, first priority Lien on the Collateral for any reason; or

 

(k)                                  A Change of Control occurs.

 

Upon the occurrence of an Event of Default, the Lender may (i) declare all sums outstanding hereunder and under the other Loan Documents, including all interest thereon, to be immediately due and payable, whereupon the same shall become and be immediately due and payable, without notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands of any kind or character, all of which are hereby expressly waived; provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the unpaid principal amount of the outstanding Loan and all interest and other amounts as aforesaid shall automatically become due and payable, without further act of the Lender, (ii) liquidate the Collateral and apply the proceeds thereof to repay the Loan, (iii) exercise in respect of the Collateral all rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral), (iv) require Borrower to, and Borrower hereby agrees that it will upon request of the Lender forthwith, assemble all or part of the Collateral as directed by the Lender and make it available to Lender at a place to be designated by Lender which is reasonably convenient to both parties, (v) reduce its claim to judgment against Borrower or foreclose or otherwise enforce, in whole or in part, the security interest hereby created by any available judicial procedure, (vi) dispose of, at its office, on the premises of Borrower or elsewhere, all or any part of the Collateral, as a unit or in parcels, by public or private proceedings, and by way of one or more contracts (it being agreed that the sale of any part of the Collateral shall not exhaust Lender’s power of sale, but sales may be made from time to time, and at any time, until all of the Collateral has been sold or until the Obligations have been paid and performed

 

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in full), and at any such sale it shall not be necessary to exhibit any of the Collateral, (vii) sell the Collateral, or any part thereof, at any public sale, as permitted by the UCC, (viii) sell the Collateral, or any part thereof, at any private sale, as permitted by the UCC if the Collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations, and (ix) apply by appropriate judicial proceedings for appointment of a receiver for the Collateral, or any part thereof, and Borrower hereby consents to any such appointment.  Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.  Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

 

Upon the occurrence of an Event of Default, (A) all rights of Borrower to receive and retain the dividends, distributions and interest payments which Borrower would otherwise be authorized to receive and retain shall automatically cease, and all such rights shall thereupon become vested in Lender which shall thereupon have the right to receive and hold as Collateral such dividends, distributions and interest payments, (B) without limiting the generality of the foregoing, Lender may at its option exercise any and all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any of the Collateral as if it were the absolute owner thereof, including the right to exchange, in its discretion, any and all of the Collateral upon the merger, consolidation, reorganization, recapitalization or other adjustment of Borrower or any Subsidiary, or upon the exercise by Borrower or any Subsidiary of any right, privilege or option pertaining to any Collateral, and, in connection therewith, to deposit and deliver any and all of the Collateral with any committee, depository, transfer, agent, registrar or other designated agent upon such terms and conditions as it may determine; and (C) all dividends and interest payments which are received by Borrower contrary to the provisions of clause (A) above shall be received in trust for the benefit of Lender, shall be segregated from other funds of Borrower, and shall be forthwith paid over to Lender as Collateral in the exact form received, to be held by Lender as collateral.

 

The Lender shall have the right to sell any or all of the Collateral in accordance with the terms of this Agreement.  If the Lender shall determine to exercise the right to sell any or all of the Collateral pursuant to this Agreement, and if in the reasonable opinion of the Lender it is necessary or advisable to have the Collateral, or that portion thereof to be sold, registered under the provisions of the Securities Act of 1933 (the “Securities Act”), as amended, the Borrower will cause the issuer thereof to (i) execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the reasonable opinion of the Lender, necessary or advisable to register the Collateral, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Collateral, or that portion thereof to be sold, and (iii) make all amendments thereto and/or

 

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to the related prospectus which, in the reasonable opinion of the Lender, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto. The Borrower recognizes that the Lender may be unable to effect a public sale of any or all the Collateral, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof.  The Borrower acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner.  The Lender shall be under no obligation to delay a sale of any of the Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such issuer would agree to do so.  The Borrower agrees to use its commercially reasonable best efforts to do or cause to be done all such other acts as may be necessary to make such private sale or sales of all or any portion of the Collateral pursuant to this Agreement valid and binding and in compliance with any and all other applicable laws.

 

Section 8.                  Yield Protection and Illegality.

 

(a)                                  The Borrower shall be obligated to pay to the Lender all Breakage Costs.

 

(b)                                 If the Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Lender or its Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of the Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower, (i) any obligation of the Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of the Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of the Lender shall, if necessary to avoid such illegality, be determined by the Lender without reference to the Eurodollar Rate component of the Base Rate, in each case until the Lender notifies the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (A) the Borrower shall, upon demand from the Lender, prepay or, if applicable, convert any Eurodollar Rate Loan to a Base Rate Loan (the interest rate on which Base Rate Loan shall, if necessary to avoid such illegality, be determined by the Lender without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if the Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if the Lender may not lawfully continue to maintain

 

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such Eurodollar Rate Loans and (B) if such notice asserts the illegality of the Lender determining or charging interest rates based upon the Eurodollar Rate, the Lender shall during the period of such suspension compute the Base Rate without reference to the Eurodollar Rate component thereof until the Lender determines that it is no longer illegal for the Lender to determine or charge interest rates based upon the Eurodollar Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

(c)                                  If the Lender determines, in its sole discretion, that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (i) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (ii) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (iii) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to the Lender of funding such Loan, the Lender will promptly so notify the Borrower.  Thereafter, (A) the obligation of the Lender to make or maintain a Eurodollar Rate Loan shall be suspended, and (B) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Lender revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of a Eurodollar Rate Loan or, failing that, will be deemed to have converted such request into a request for a borrowing of a Base Rate Loan in the amount specified therein.

 

(d)                                 If any Change in Law shall:

 

(i)         impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, the Lender,

 

(ii)        subject the Lender to any taxes (other than taxes imposed on the Lender’s income, and franchise taxes imposed on the Lender by the jurisdiction under the laws of which the Lender is organized or any political subdivision thereof) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or

 

(iii)       impose on the Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by the Lender,

 

and the result of any of the foregoing shall be to increase the cost to the Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such

 

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Lender (whether of principal, interest or any other amount) then, upon request of the Lender, the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.

 

(e)                                  If the Lender determines that any Change in Law affecting the Lender or its Lending Office or the Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the Lender’s capital or on the capital of the Lender’s holding company, if any, as a consequence of this Agreement, the commitment of the Lender hereunder or the Loan made by the Lender to a level below that which the Lender or the Lender’s holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender or the Lender’s or the Lender’s holding company for any such reduction suffered.

 

(f)                                    A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in Section 8(d) or 8(e) of this Section and delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay to the Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(g)                                 Failure or delay on the part of the Lender to demand compensation pursuant to the foregoing provisions of Section 8(d) or 8(e) shall not constitute a waiver of the Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate the Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

(h)                                 All of the Borrower’s obligations under this Section 8 shall survive termination of this Agreement and repayment of the Obligations.

 

Section 9.                  Miscellaneous.

 

(a)                                  All financial computations required under this Agreement shall be made, and all financial information required under this Agreement shall be prepared, in accordance with GAAP.

 

(b)                                 Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable).

 

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(c)                                  Any definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document).

 

(d)                                 No amendment or waiver of any provision of this Agreement or of any other Loan Document and no consent by the Lender to any departure therefrom by the Borrower shall be effective unless such amendment, waiver or consent shall be in writing and signed by a duly authorized officer of the Lender, and any such amendment, waiver or consent shall then be effective only for the period and on the conditions and for the specific instance specified in such writing.  No failure or delay by the Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other rights, power or privilege.

 

(e)                                  Except as otherwise expressly provided herein, notices and other communications to each party provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed or sent by facsimile to the address provided from time to time by such party.  Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notwithstanding anything to the contrary contained herein, all notices (by whatever means) to the Lender pursuant to Section 1(b) hereof shall be effective only upon receipt.  Any notice or other communication permitted to be given, made or confirmed by telephone hereunder shall be given, made or confirmed by means of a telephone call to the intended recipient at the number specified in writing by such Person for such purpose, it being understood and agreed that a voicemail message shall in no event be effective as a notice, communication or confirmation hereunder.

 

(f)                                    The Lender shall be entitled to rely and act upon any notices (including telephonic notices of borrowings, conversions and continuations) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify each Indemnitee from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower.  All telephonic notices to and other communications with the Lender may be recorded by the Lender, and the Borrower hereby consents to such recording.

 

20

 

(g)                                 This Agreement shall inure to the benefit of the parties hereto and their respective successors and assigns, except that the Borrower may not assign its rights and obligations hereunder without the prior written consent of the Lender.  The Lender may at any time (i) assign all or any part of its rights and obligations hereunder to any other Person with the consent of the Borrower, provided that no such consent shall be required if the assignment is to an Affiliate of the Lender or if an Event of Default exists, (ii) grant to any other Person participating interests in all or part of its rights and obligations hereunder without notice to the Borrower, and (iii) pledge or assign a security interest in all or any portion of its rights under this Agreement (including under the Note, if any) to secure obligations of the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank (provided that no such pledge or assignment referred to in this clause (iii) shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto).  The Borrower agrees to execute any documents reasonably requested by the Lender in connection with any assignment referred to in the foregoing clause (i).  All information provided by or on behalf of the Borrower to the Lender or its Affiliates may be furnished by the Lender to its Affiliates and to any actual or proposed assignee or participant.

 

(h)                                 The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Lender and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Lender), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all and documented out of pocket expenses incurred by the Lender (including the fees, charges and disbursements of any counsel for the Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loan made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loan.

 

(i)                                     The Borrower shall indemnify the Lender and its Related Parties (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any Loan Party or any of its Subsidiaries) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the other Loan Documents, (ii) the Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged

 

21

 

presence or release of Hazardous Materials on or from any property owned or operated by either Loan Party or any of its Subsidiaries, or any Environmental Liability arising with respect to either Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party or Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

 

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

 

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

 

(l)                                     The agreements in this Section and the indemnity provisions of Section 9(i) shall survive the termination of this Agreement and the repayment, satisfaction or discharge of the Obligations.

 

(m)                               To the extent that any payment by or on behalf of the Borrower is made to the Lender, or the Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its discretion) to be repaid to a trustee,

 

22

 

receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

 

(n)                                 If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(o)                                 All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Lender, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default at the time of the making of the Loan, and shall continue in full force and effect as long as the Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

(p)                                 This Agreement may be executed in one or more counterparts, and each counterpart, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same instrument.

 

(q)                                 THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(r)                                    THE BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE LENDER OR ANY OF ITS RELATED PARTIES IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE

 

23

 

OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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 OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(s)                                   EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 9(R).  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(t)                                    EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 9(E).  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

(u)                                 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE

 

24

 

EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

(v)                                 The Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.L. 107-56 (signed into law October 26, 2001)) (the “Act”), the Lender is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Lender to identify the Borrower in accordance with the Act.  The Borrower shall, promptly following a request by the Lender, provide all documentation and other information that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

(W)                            THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[Remainder of Page Intentionally Left Blank]

 

25

 

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

 

 

	
 
    	
SUSSER   HOLDINGS CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   E.V. Bonner, Jr.
    
	
 
    	
Name:
    	
E.V.   Bonner, Jr.
    
	
 
    	
Title:
    	
Executive   Vice President, Secretary and General Counsel
    

 

Signature Page to Term Loan and Pledge Agreement

(Susser Holdings Corporation)

 

 

	
 
    	
BANK OF AMERICA, N.A., as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gary L. Mingle
    
	
 
    	
Name:
    	
Gary L. Mingle
    
	
 
    	
Title:
    	
Senior Vice President
    

 

Signature Page to Term Loan and Pledge Agreement

(Susser Holdings Corporation)

 

 

EXHIBIT A

 

DEFINITIONS

 

	
Act:
    	
 
    	
Has the meaning set forth in Section 9(v).
    
	
 
    	
 
    	
 
    
	
Administrative Agent:
    	
 
    	
The Person acting as Administrative Agent   from time to time under and as defined in the Revolving Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Affiliate:
    	
 
    	
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.
    
	
 
    	
 
    	
 
    
	
Agreement:
    	
 
    	
This Term Loan and Pledge Agreement, as   amended, restated, extended, supplemented or otherwise modified in writing   from time to time.
    
	
 
    	
 
    	
 
    
	
Applicable Rate:
    	
 
    	
An applicable percentage per annum equal to   (a) in the case of a Eurodollar Rate Loan, 2.25% and (b) in the   case of a Base Rate Loan, 1.25%.
    
	
 
    	
 
    	
 
    
	
Base Rate:
    	
 
    	
For any day a fluctuating rate per annum equal   to the highest of (a) the Federal Funds Rate plus 1/2 of 1%,   (b) the rate of interest in effect for such day as publicly announced   from time to time by the Lender as its “prime rate”, and (c) the   Eurodollar Rate (as set forth in clause (b) of the definition thereof)   plus 1.00%. The “prime rate” is a rate set by the Lender based upon various   factors including the Lender’s costs and desired return, general economic   conditions and other factors, and is used as a reference point for pricing   some loans, which may be priced at, above, or below such announced rate. Any   change in such prime rate announced by the Lender shall take effect at the   opening of business on the day specified in the public announcement of such   change.
    
	
 
    	
 
    	
 
    
	
Base Rate Loan:
    	
 
    	
A Loan bearing interest based on the Base   Rate.
    
	
 
    	
 
    	
 
    
	
Borrower:
    	
 
    	
Has the meaning set forth in the preamble   hereto.
    

 

Exhibit A to Term Loan and Pledge Agreement

(Susser Holdings Corporation)

 

1

 

	
Breakage Costs:
    	
 
    	
Any loss, cost or expense incurred by the   Lender (including any loss of anticipated profits and any loss or expense   arising from the liquidation or reemployment of funds obtained by the Lender   to maintain the relevant Eurodollar Rate Loan or from fees payable to terminate   the deposits from which such funds were obtained) as a result of (i) any   continuation, conversion, payment or prepayment of any Eurodollar Rate Loan   on a day other than the last day of the Interest Period therefor (whether   voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or   (ii) any failure by the Borrower (for a reason other than the failure of   the Lender to make the Loan when all conditions to making the Loan have been   met by the Borrower in accordance with the terms hereof) to prepay, borrow,   continue or convert any Eurodollar Rate Loan on a date or in the amount   notified by the Borrower. A certificate of the Lender as to its costs of   funds, losses and expenses incurred shall be conclusive absent manifest   error.
    
	
 
    	
 
    	
 
    
	
Business Day:
    	
 
    	
Any day other than a Saturday, Sunday or   other day on which commercial banks are authorized to close under the Laws   of, or are in fact closed in, the state where the Lending Office is located   and, if such day relates to any Eurodollar Rate Loan, means any such day that   is also a London Banking Day.
    
	
 
    	
 
    	
 
    
	
Change in Law:
    	
 
    	
The occurrence, after the date of this   Agreement, of any of the following: (a) the adoption or taking effect of   any law, rule, regulation or treaty, (b) any change in any law, rule,   regulation or treaty or in the administration, interpretation, implementation   or application thereof by any Governmental Authority or (c) the making   or issuance of any request, rule, guideline or directive (whether or not   having the force of law) by any Governmental Authority; provided that   notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall   Street Reform and Consumer Protection Act and all requests, rules, guidelines   or directives thereunder or issued in connection therewith and (y) all   requests, rules, guidelines or directives promulgated by the Bank for   International Settlements, the Basel Committee on Banking Supervision (or any   successor or similar authority) or the United States or foreign regulatory   authorities, in each case pursuant to Basel III, shall in each case be deemed   to be a “Change in Law”, regardless of the date enacted, adopted or issued.
    

 

2

 

	
Change of Control:
    	
 
    	
Any of the following events or conditions:   (a) any “person” or “group” (as such terms are used in Sections   13(d) and 14(d) of the Securities Exchange Act of 1934, but   excluding any employee benefit plan of such person or its subsidiaries, and   any person acting in its capacity as trustee, agent or other fiduciary or   administrator of any such plan), other than Wellspring and/or its successors   and assigns, becomes the “beneficial owner” (as defined in Rules 13d-3   and 13d-5 under the Securities Exchange Act of 1934, except that a person or   group shall be deemed to have “beneficial ownership” of all securities that   such person or group has the right to acquire, whether such right is   exercisable immediately or only after the passage of time (such right, an   “option right”)), directly or indirectly, of 35% or more of the equity   securities of the Borrower entitled to vote for members of the board of   directors or equivalent governing body of the Borrower on a fully-diluted   basis (and taking into account all such securities that such person or group   has the right to acquire pursuant to any option right) or (b) during any   period of 12 consecutive months, a majority of the members of the board of   directors or other equivalent governing body of the Borrower cease to be   composed of individuals (i) who were members of that board or equivalent   governing body on the first day of such period, (ii) whose election or   nomination to that board or equivalent governing body was approved by   individuals referred to in clause (i) above constituting at the time of   such election or nomination at least a majority of that board or equivalent   governing body or who received the vote or approval of the Permitted Holders   in such election or nomination, or (iii) whose election or nomination to   that board or other equivalent governing body was approved by individuals   referred to in clauses (i) and (ii) above constituting at the time   of such election or nomination at least a majority of that board or   equivalent governing body or who received the vote or approval of the   Permitted Holders in such election or nomination.
    
	
 
    	
 
    	
 
    
	
Closing Date:
    	
 
    	
The first date all the conditions precedent   in Section 2 are satisfied or waived in accordance with Section 9(d).
    
	
 
    	
 
    	
 
    
	
Collateral:
    	
 
    	
Borrower’s right, title and interest in   (a) all of the issued and outstanding Equity Interests of Stripes   No. 1009 LLC, a Texas limited liability company; (b) any and all   proceeds or other sums arising from or by virtue of, and all dividends and   distributions (cash or otherwise) payable and/or distributable with respect   to, all or any of the foregoing; and (c) all cash, securities, dividends   and other property at any time and from time to time receivable or otherwise   distributed in respect of or in exchange for any or all of the foregoing and   any other property 
    

 

3

 

	
 
    	
 
    	
substituted or exchanged therefor.
    
	
 
    	
 
    	
 
    
	
Common Units:
    	
 
    	
The common units and subordinated units   representing limited partner interests in the MLP.
    
	
 
    	
 
    	
 
    
	
Contractual Obligation:
    	
 
    	
As to any Person, any provision of any   security issued by such Person or of any agreement, instrument or other   undertaking to which such Person is a party or by which it or any of its   property is bound.
    
	
 
    	
 
    	
 
    
	
Contributing Affiliates:
    	
 
    	
The Borrower, Susser Petroleum Company and   any other Affiliate of the Borrower that contributes or otherwise transfers   assets to the MLP or any of its Subsidiaries, whether on, prior to or after   the Closing Date as described in the Registration Statement.
    
	
 
    	
 
    	
 
    
	
Contributed Assets:
    	
 
    	
The assets contributed or otherwise   transferred by the applicable Contributing Affiliate to the MLP or any of its   Subsidiaries whether on, prior to or after the Closing Date, including   without limitation the assets contributed by certain Contributing Affiliates   to the MLP and its Subsidiaries on or prior to the Closing Date as described   in the Registration Statement.
    
	
 
    	
 
    	
 
    
	
Control:
    	
 
    	
The possession, directly or indirectly, of   the power to direct or cause the direction of the management or policies of a   Person, whether through the ability to exercise voting power, by contract or   otherwise. “Controlling” and “Controlled” have meanings correlative thereto.
    
	
 
    	
 
    	
 
    
	
Debtor Relief Laws:
    	
 
    	
The Bankruptcy Code of the United States,   and all other liquidation, conservatorship, bankruptcy, assignment for the   benefit of creditors, moratorium, rearrangement, receivership, insolvency,   reorganization, or similar debtor relief Laws of the United States or other   applicable jurisdictions from time to time in effect.
    
	
 
    	
 
    	
 
    
	
Default:
    	
 
    	
Any event or condition that constitutes an   Event of Default or that, with the giving of any notice, the passage of time,   or both, would be an Event of Default.
    
	
 
    	
 
    	
 
    
	
Default Rate:
    	
 
    	
An interest rate equal to (i) the Base   Rate plus (ii) the Applicable Rate, if any, applicable to Base   Rate Loans plus (iii) 2% per annum; provided, however,   that with respect to a Eurodollar Rate Loan, the Default Rate shall be an   interest rate equal to the interest rate (including any Applicable Rate)   otherwise applicable to such Loan plus 2% per annum.
    

 

4

 

	
Disposition or Dispose:
    	
 
    	
The sale, transfer, license, lease or other   disposition (including any sale and leaseback transaction) of any property by   any Person (or the granting of any option or other right to do any of the   foregoing), including any sale, assignment, transfer or other disposal, with   or without recourse, of any notes or accounts receivable or any rights and   claims associated therewith.
    
	
 
    	
 
    	
 
    
	
Dollar or $:
    	
 
    	
The lawful currency of the United States of   America.
    
	
 
    	
 
    	
 
    
	
Environmental Laws:
    	
 
    	
Any and all applicable Federal, state,   local, and foreign statutes, laws, regulations, ordinances, rules, judgments,   orders, decrees, permits, licenses or governmental restrictions relating to   pollution and the protection of the environment or the release of any   materials into the environment, including those related to hazardous   substances or wastes, air emissions and discharges to waste or public   systems.
    
	
 
    	
 
    	
 
    
	
Environmental Liability:
    	
 
    	
Any liability,   contingent or otherwise (including any liability for damages, costs of   environmental remediation, fines, penalties or indemnities), of the Borrower,   any other Loan Party or any of their respective Subsidiaries or any   Contributing Affiliate directly or indirectly resulting from or based upon   (a) violation of any Environmental Law, (b) the generation, use,   handling, transportation, storage, treatment or disposal of any Hazardous   Materials, (c) exposure to any Hazardous Materials, (d) the release   or threatened release of any Hazardous Materials into the environment or   (e) any contract, agreement or other written consensual arrangement   pursuant to which liability is assumed or imposed with respect to any of the   foregoing.
    
	
 
    	
 
    	
 
    
	
Equity Interests:
    	
 
    	
With respect to any Person, all of   the shares of capital stock of (or other ownership or profit interests in)   such Person, all of the warrants, options or other rights for the purchase or   acquisition from such Person of shares of capital stock of (or other   ownership or profit interests in) such Person, all of the securities   convertible into or exchangeable for shares of capital stock of (or other   ownership or profit interests in) such Person or warrants, rights or options   for the purchase or acquisition from such Person of such shares (or such   other interests), and all of the other ownership or profit interests in such   Person (including partnership, member or trust interests therein), whether   voting or nonvoting, and whether or not such shares, warrants, options,   rights or other interests are outstanding on any date of determination   (provided, however, that debt securities that are or by their terms may be   convertible or exchangeable into or for Equity Interests shall not constitute   Equity Interests prior to conversion or exchange thereof).
    

 

5

 

	
Eurodollar Rate:
    	
 
    	
(a) For any Interest Period with   respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the   British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by   Reuters (or such other commercially available source providing quotations of   BBA LIBOR as may be designated by the Lender from time to time) at   approximately 10:00 a.m., London time, two London Banking Days prior to   the commencement of such Interest Period, for Dollar deposits (for delivery   on the first day of such Interest Period) with a term equivalent to such   Interest Period or, (ii) if such rate is not available at such time for   any reason, the rate per annum determined by the Lender to be the rate at   which deposits in Dollars for delivery on the first day of such Interest   Period in same day funds in the approximate amount of the Eurodollar Rate   Loan being made, continued or converted and with a term equivalent to such   Interest Period would be offered by the Lender’s London Branch to major banks   in the London interbank Eurodollar market at their request at approximately   10:00 a.m. (London time) two London Banking Days prior to the   commencement of such Interest Period; and 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b) For any interest calculation with   respect to a Base Rate Loan on any date, the rate per annum equal to   (i) BBA LIBOR, at approximately 10:00 a.m., London time determined   two London Banking Days prior to such date for Dollar deposits being   delivered in the London interbank market for a term of one month commencing   that day or (ii) if such published rate is not available at such time   for any reason, the rate per annum determined by the Lender to be the rate at   which deposits in Dollars for delivery on the date of determination in same   day funds in the approximate amount of the Base Rate Loan being made or   maintained and with a term equal to one month would be offered by the   Lender’s London Branch to major banks in the London interbank Eurodollar   market at their request at the date and time of determination.
    
	
 
    	
 
    	
 
    
	
Eurodollar Rate Loan:
    	
 
    	
A Loan bearing interest based on the   Eurodollar Rate.
    
	
 
    	
 
    	
 
    
	
Event of Default:
    	
 
    	
Has the meaning set forth in Section 7.
    

 

6

 

	
Federal Funds Rate:
    	
 
    	
For any day, the rate per annum equal to the   weighted average of the rates on overnight Federal funds transactions with   members of the Federal Reserve System arranged by Federal funds brokers on   such day, as published by the Federal Reserve Bank of New York on the   Business Day next succeeding such day; provided that (a) if such day is   not a Business Day, the Federal Funds Rate for such day shall be such rate on   such transactions on the next preceding Business Day as so published on the   next succeeding Business Day, and (b) if no such rate is so published on   such next succeeding Business Day, the Federal Funds Rate for such day shall   be the average rate (rounded upward, if necessary, to a whole multiple of   1/100 of 1%) charged to the Lender on such day on such transactions as   determined by the Lender.
    
	
 
    	
 
    	
 
    
	
FRB:
    	
 
    	
The Board of   Governors of the Federal Reserve System of the United States.
    
	
 
    	
 
    	
 
    
	
GAAP:
    	
 
    	
Generally accepted   accounting principles in the United States set forth in the opinions and pronouncements   of the Accounting Principles Board and the American Institute of Certified   Public Accountants and statements and pronouncements of the Financial   Accounting Standards Board or such other principles as may be approved by a   significant segment of the accounting profession in the United States, that   are applicable to the circumstances as of the date of determination,   consistently applied.
    
	
 
    	
 
    	
 
    
	
Governmental Authority:
    	
 
    	
The government of   the United States or any other nation, or of any political subdivision   thereof, whether state or local, and any agency, authority, instrumentality,   regulatory body, court, central bank or other entity exercising executive,   legislative, judicial, taxing, regulatory or administrative powers or   functions of or pertaining to government (including any supra-national bodies   such as the European Union or the European Central Bank).
    
	
 
    	
 
    	
 
    
	
Guarantor:
    	
 
    	
Stripes   No. 1009 LLC, a Texas limited liability company.
    
	
 
    	
 
    	
 
    
	
Guaranty:
    	
 
    	
The Guaranty dated   as of the date hereof made by the Guarantor in favor of the Lender, as amended, restated, extended, supplemented or otherwise modified   in writing from time to time.
    
	
 
    	
 
    	
 
    
	
Hazardous Materials:
    	
 
    	
All explosive or   radioactive substances or wastes and all hazardous or toxic substances,   wastes or other pollutants, including petroleum or petroleum distillates,   asbestos or asbestos-containing materials, polychlorinated biphenyls, radon   gas, infectious or medical wastes and all other substances or wastes of any   nature regulated pursuant to any Environmental Law.
    

 

7

 

	
Indemnitee:
    	
 
    	
Has the meaning set forth in Section 9(i).
    
	
 
    	
 
    	
 
    
	
Interest Period:
    	
 
    	
For a Eurodollar Rate Loan, the period   commencing on the date such Eurodollar Rate Loan is disbursed or converted to   or continued as a Eurodollar Rate Loan and ending on the date one, two,   three, six, nine or twelve months thereafter, as selected by the Borrower in   accordance with the terms hereof  or such   other period requested by the Borrower and consented to by the Lender; provided   that: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)       any   Interest Period that would otherwise end on a day that is not a Business Day   shall be extended to the next succeeding Business Day unless, in the case of   a Eurodollar Rate Loan, such Business Day falls in another calendar month, in   which case such Interest Period shall end on the next preceding Business Day;   
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)       any   Interest Period pertaining to a Eurodollar Rate Loan that begins on the last   Business Day of a calendar month (or on a day for which there is no   numerically corresponding day in the calendar month at the end of such   Interest Period) shall end on the last Business Day of the calendar month at   the end of such Interest Period; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)       no   Interest Period shall extend beyond the Maturity Date.
    
	
 
    	
 
    	
 
    
	
Laws:
    	
 
    	
Collectively, all international, foreign,   Federal, state and local statutes, treaties, rules, guidelines, regulations,   ordinances, codes and administrative or judicial precedents or authorities,   including the interpretation or administration thereof by any Governmental   Authority charged with the enforcement, interpretation or administration   thereof, and all applicable administrative orders, directed duties, requests,   licenses, authorizations and permits of, and agreements with, any   Governmental Authority, in each case whether or not having the force of law.
    
	
 
    	
 
    	
 
    
	
Lender:
    	
 
    	
Has the meaning set forth in the preamble   hereto.
    
	
 
    	
 
    	
 
    
	
Lending Office:
    	
 
    	
Has the meaning set forth in Section 1(e).
    

 

8

 

	
Lien:
    	
 
    	
Any interest in property securing an   obligation owed to, or a claim by, a Person other than the owner of the   property, whether such interest is based on the common law, statute or   contract, and whether such obligation or claim is fixed or contingent, and   including but not limited to the lien or security interest arising from any   mortgage, pledge, hypothecation, assignment, deposit arrangement,   encumbrance, charge, or preference, priority or other security interest or   preferential arrangement in the nature of a security interest. The term   “Lien” shall include any conditional sale or other title retention agreement,   any easement, right of way or other encumbrance on title to real property,   and any financing lease having substantially the same economic effect as any   of the foregoing.
    
	
 
    	
 
    	
 
    
	
Loan Documents:
    	
 
    	
This Agreement, the Guaranty, the Note (if   any), and each other document executed and delivered in connection with the   granting, attachment and perfection of the Lender’s security interest in the   Collateral.
    
	
 
    	
 
    	
 
    
	
Loan Parties:
    	
 
    	
The Borrower and the Guarantor.
    
	
 
    	
 
    	
 
    
	
London Banking Day:
    	
 
    	
Any day on which dealings in Dollar deposits   are conducted by and between banks in the London interbank Eurodollar market.
    
	
 
    	
 
    	
 
    
	
Material Adverse Effect:
    	
 
    	
A material adverse change in, or a material   adverse effect on (a) the operations, business, properties, liabilities   (actual or contingent) or condition (financial or otherwise) of the Borrower   and its Subsidiaries that are Restricted Entities taken as a whole;   (b) the rights and remedies of the Lender under any Loan Document or the   ability of any Loan Party to perform its obligations under the Loan Documents   to which it is a party; or (c) the legality, validity, binding effect or   enforceability against the Borrower or the Guarantor of, or material rights   and remedies of the Lender under, the Loan Documents to which the Borrower or   such Guarantor is a party.
    
	
 
    	
 
    	
 
    
	
Maturity Date:
    	
 
    	
January 31, 2014; provided,   however, that if such date is not a Business Day, the Maturity Date shall be   the next preceding Business Day.
    
	
 
    	
 
    	
 
    
	
MLP:
    	
 
    	
Susser Petroleum Partners LP, a Delaware   limited partnership.
    
	
 
    	
 
    	
 
    
	
MLP Credit Agreement:
    	
 
    	
The Credit Agreement dated as of   September 25, 2012 among the MLP, Bank of America, N.A., as   administrative agent, and the lenders party thereto, as amended, modified,   refinanced or replaced.
    
	
 
    	
 
    	
 
    
	
MLP General Partner:
    	
 
    	
Susser Petroleum Partners GP LLC, a Delaware   limited liability company.
    

 

9

 

	
MLP IPO:
    	
 
    	
An initial registered public offering of the   Common Units of the MLP to the public pursuant to the Registration Statement   which results in the Common Units of the MLP being traded on a national   securities exchange.
    
	
 
    	
 
    	
 
    
	
Note:
    	
 
    	
Has the meaning set forth in Section 1(d).
    
	
 
    	
 
    	
 
    
	
Obligations:
    	
 
    	
All advances to, and debts, liabilities,   obligations, covenants and duties of, any Loan Party arising under any Loan   Document or otherwise with respect to the Loan, in each case whether direct   or indirect (including those acquired by assumption), absolute or contingent,   due or to become due, now existing or hereafter arising and including   interest and fees that accrue after the commencement by or against any Loan   Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws   naming such Person as the debtor in such proceeding, regardless of whether   such interest and fees are allowed claims in such proceeding.
    
	
 
    	
 
    	
 
    
	
Person:
    	
 
    	
Any natural person, corporation, limited   liability company, trust, joint venture, association, company, partnership,   Governmental Authority or other entity.
    
	
 
    	
 
    	
 
    
	
Permitted Holders:
    	
 
    	
Wellspring, Sam L. Susser, Affiliates of Sam   L. Susser, and current and former members of senior management of the   Borrower.
    
	
 
    	
 
    	
 
    
	
Registration Statement:
    	
 
    	
That certain Form S-1 Registration   Statement No. 333-182276 filed on June 21, 2012 with the SEC with   respect to the Common Units, as amended from time to time through   September 10, 2012.
    
	
 
    	
 
    	
 
    
	
Related Parties:
    	
 
    	
With respect to any Person, such Person’s   Affiliates and the partners, directors, officers, employees, agents,   trustees, administrators, managers, advisors and representatives of such   Person and of such Person’s Affiliates.
    
	
 
    	
 
    	
 
    
	
Responsible Officer:
    	
 
    	
With respect to any Person, the chief   executive officer, president, chief financial officer, any executive vice   president, treasurer, assistant treasurer or controller of such Person (or   its general partner or other governing body, as applicable) and, solely for   purposes of the delivery of incumbency certificates pursuant to Section 2(a)(iv),   the secretary or any assistant secretary of a Loan Party. Any document   delivered hereunder that is signed by a Responsible Officer of a Loan Party   shall be conclusively presumed to have been authorized by all necessary   corporate, partnership and/or other action on the part of such Loan Party,   and such Responsible Officer shall be conclusively presumed to have acted on   behalf of such Loan Party.
    

 

10

 

	
Restricted Entity:
    	
 
    	
Has the meaning set forth in the Revolving   Credit Agreement.
    
	
 
    	
 
    	
 
    
	
Revolving Credit Agreement:
    	
 
    	
The Amended and Restated Credit Agreement   dated as of May 7, 2010 among Susser Holdings, L.L.C., as borrower, the   Borrower, as parent guarantor, Bank of America, N.A., as administrative   agent, and the lenders party thereto, as amended, modified, refinanced or   replaced.
    
	
 
    	
 
    	
 
    
	
SEC:
    	
 
    	
The Securities and Exchange Commission, or   any Governmental Authority succeeding to any of its principal functions.
    
	
 
    	
 
    	
 
    
	
Specified Representations:
    	
 
    	
The representations and warranties set forth   in Sections 3(a)(i), 3(a)(ii)(B), 3(b)(i), 3(b)(ii)(A),   3(d), 3(f) and 3(g).
    
	
 
    	
 
    	
 
    
	
Solvent and Solvency:
    	
 
    	
With respect to any Person on any date of   determination, that on such date (a) the fair value of the property of such   Person is greater than the total amount of liabilities, including contingent   liabilities, of such Person, (b) the present fair salable value of the   assets of such Person is not less than the amount that will be required to   pay the probable liability of such Person on its debts as they become   absolute and matured, (c) such Person does not intend to, and does not   believe that it will, incur debts or liabilities beyond such Person’s ability   to pay such debts and liabilities as they mature, (d) such Person is not   engaged in business or a transaction, and is not about to engage in business   or a transaction, for which such Person’s property would constitute an   unreasonably small capital, and (e) such Person is able to pay its debts   and liabilities, contingent obligations and other commitments as they mature   in the ordinary course of business. The amount of contingent liabilities at   any time shall be computed as the amount that, in the light of all the facts   and circumstances existing at such time, represents the amount that can   reasonably be expected to become an actual or matured liability.
    
	
 
    	
 
    	
 
    
	
Subsidiary:
    	
 
    	
With respect to any Person, a corporation,   partnership, joint venture, limited liability company or other business   entity of which a majority of the shares of securities or other interests   having ordinary voting power for the election of directors or other governing   body (other than securities or interests having such power only by reason of   the happening of a contingency) are at the time beneficially owned, or the   management of which is otherwise controlled, directly, or indirectly through   one or more intermediaries, or both, by such Person. Unless otherwise   specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall   refer to a Subsidiary or Subsidiaries of the Borrower.
    

 

11

 

	
Susser Contribution Agreement:
    	
 
    	
The Contribution Agreement dated as of   September 25, 2012 among the MLP, the MLP General Partner, the Borrower,   Susser Holdings, L.L.C., Stripes LLC and Susser Petroleum Company, pursuant   to which Susser Petroleum Company will contribute to Susser Operating the   Contributed Assets (as defined therein) in exchange for the Borrower and its   Subsidiaries contributing 100% of the Equity Interests of Susser Operating to   the MLP.
    
	
 
    	
 
    	
 
    
	
Susser Operating:
    	
 
    	
Susser Petroleum Operating Company LLC, a   Delaware limited liability company and a wholly owned Subsidiary of the MLP.
    
	
 
    	
 
    	
 
    
	
Susser Petroleum Company:
    	
 
    	
Susser Petroleum Company LLC, a Texas   limited liability company and a wholly owned Subsidiary of the Borrower.
    
	
 
    	
 
    	
 
    
	
Stripes LLC
    	
 
    	
Stripes LLC, a Texas limited liability   company.
    
	
 
    	
 
    	
 
    
	
Transactions:
    	
 
    	
Collectively, the contribution of   Contributed Assets on or prior to the Closing Date, the consummation of the   MLP IPO and the execution and delivery by the MLP of the Revolving Credit   Agreement and the borrowing of any loans thereunder on the Closing Date.
    
	
 
    	
 
    	
 
    
	
Transfer Documents:
    	
 
    	
Collectively, the Susser Contribution   Agreement and any other material documents, agreements and instruments   executed by the MLP, any Subsidiary thereof or any Contributing Affiliate in   connection with the transfer of the Contributed Assets to the MLP or any   Subsidiary thereof whether on, prior to or after the Closing Date.
    
	
 
    	
 
    	
 
    
	
UCC:
    	
 
    	
The Uniform Commercial Code as in effect in   the State of New York; provided that, if perfection or the effect of   perfection or non-perfection or the priority of any security interest in any   Collateral is governed by the Uniform Commercial Code as in effect in a   jurisdiction other than the State of New York, “UCC” means the Uniform   Commercial Code as in effect from time to time in such other jurisdiction for   purposes of the provisions hereof relating to such perfection, effect of   perfection or non-perfection or priority.
    
	
 
    	
 
    	
 
    
	
Wellspring:
    	
 
    	
Wellspring Capital Partners III, LP and its   Affiliates
    

 

12

 

EXHIBIT B

 

FORM OF PROMISSORY NOTE

 

	
$12,500,000
    	
                          ,         
    

 

FOR VALUE RECEIVED, the undersigned, SUSSER HOLDINGS CORPORATION, a corporation (the “Borrower”), hereby promises to pay to the order of BANK OF AMERICA, N.A. (the “Lender”) the principal sum of Twelve Million Five Hundred Thousand Dollars ($12,500,000) or, if less, the aggregate unpaid principal amount of the Loan made by the Lender to the Borrower pursuant to the $12,500,000 Term Loan and Pledge Agreement dated as of September 25, 2012 (as it may be amended, restated, extended, supplemented or otherwise modified from time to time, being hereinafter called the “Agreement”), between the Borrower and the Lender, on the Maturity Date.  The Borrower further promises to pay interest on the unpaid principal amount of the Loan evidenced hereby from time to time at the rates, on the dates, and otherwise as provided in the Agreement.

 

All payments of principal and interest shall be made to the Lender for its account in Dollars in immediately available funds at the Lending Office.  If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

 

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

 

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

 

Unless otherwise defined herein, terms defined in the Agreement are used herein with their defined meanings therein.

 

Exhibit B to Term Loan Credit Facility

(Susser Holdings Corporation)

 

1

 

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

 

 

	
 
    	
SUSSER   HOLDINGS CORPORATION, AS BORROWER
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

1

 

SCHEDULE I

 

CERTAIN BORROWER INFORMATION

 

	
Jurisdiction of Organization:
    	
 
    	
Delaware
    
	
 
    	
 
    	
 
    
	
Type of Organization:
    	
 
    	
Corporation
    
	
 
    	
 
    	
 
    
	
Organizational Identification Number:
    	
 
    	
4152497
    
	
 
    	
 
    	
 
    
	
Location of Chief Executive Office or Sole Place   of Business:
    	
 
    	
555 East Airtex Drive  

 

Houston, Texas 77073
    

 

Schedule I to Term Loan Credit Facility

(Susser Holdings Corporation)

 

1

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